/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/180911.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, September 11, 2018, Vol. 22, No. 253 Headlines 1 GLOBAL CAPITAL: U.S. Trustee Forms 7-Member Committee 1098 BLUE HILL: Given Until Oct. 5 to Exclusively File Plan 2016 SALDANA FAMILY: Bid to Hire Ch.11 Counsel Denied, Case Nixed 2018 HOUSES: Buchholz Law Firm Approved as Counsel 3232 CENTRAL: Taps McCormick as Real Estate Broker AKC ENTERPRISES: Exclusive Plan Filing Period Moved to Sept. 25 AMERICAN FUEL: Taps Mike Kinard as Special Environmental Counsel ATIF INC: Creditor Trustee Taps Messana as Counsel BARKLEY CONSULTING: Seeks Final Approval to Use IRS Cash Collateral BIOSTAT LLC: Seeks Nov. 7 Plan Exclusivity Period Extension BLACK IRON: Taps Morley & McConkie as Appraiser BRANWELL INC: Agreed Third Interim Cash Collateral Order Entered BREDA: Seeks Authorization on Further Use of Cash Collateral CALHOUN SATELLITE: Oct. 25 Plan Confirmation Hearing Set CAPE MIAMI 32: Joel Aresty Approved as Counsel CENVEO INC: Completes Financial Restructuring, Exits Chapter 11 CITATION NORTHSTAR: U.S. Trustee Unable to Appoint Committee CLASSIC COMMUNITIES: Disclosure Statement Hearing Set for Oct. 25 COMMUNITY CHOICE: S&P Rates $42MM 1st Lien Notes Due 2020 'CCC' CONFLUENCE ENERGY: U.S. Trustee Unable to Appoint Committee CURAE HEALTH: U.S. Trustee Forms 7-Member Committee DANICA ASSOCIATES: Agreed 3rd Interim Cash Collateral Order Entered DISASTERS STRATEGIES: Second Interim Cash Collateral Order Entered DL REAL ESTATE: Seeks Dec. 10 Plan Filing Period Extension DON FRAME TRUCKING: Taps J.R. Militello as Real Estate Broker DRW SERVICES: Taps Quantum Global as Insurance Claim Appraiser DTV INC: U.S. Trustee Forms 3-Member Committee EXCO RESOURCES: Taps Arcadi Jackson as Special Litigation Counsel FORASTERO INC: Seeks Nov. 19 Solicitation Period Extension FOSTER ENTERPRISES: Judge Approves Cash Collateral Stipulation GIBSON BRANDS: Reaches Global Settlement, Files Amended Plan GO LAWN: Plan Outline OK'd; Oct. 4 Evidentiary Confirmation Hearing GOVERNMENT OF GUAM: S&P Affirms 'BB-' Rating on GO Bonds GRAND VIEW FINANCIAL: Plan Filing Period Extended to Dec. 12 GRIZZLY ACQUISITIONS: Moody's Gives B3 CFR, Rates $1B Term Loan Ba3 GRIZZLY ACQUISITIONS: S&P Assigns 'BB+' ICR, Outlook Stable GULF COAST MEDICAL: Exclusive Filing Period Extended Until Nov. 23 HARBORSIDE ASSOCIATES: 8th Interim Cash Collateral Order Entered HERMAN M. & AMANDA: Proposed Plan Not Feasible, PCB Complains HILLMAN GROUP: Moody's Affirms B3 CFR & Alters Outlook to Negative HOOPER HOLMES: U.S. Trustee Forms 3-Member Committee HOSPITALITY INTEGRATED: Seeks OK on Cash Collateral Stipulation INTEGER HOLDINGS: S&P Raises ICR to 'B+', Outlook Stable METRO PALISADES: Seeks Access to Western Highland Reserves NATIONAL VISION: Moody's Hikes CFR & Sr. Sec. Ratings to Ba3 NORDAM GROUP: Court OKs $45M DIP Financing, Cash Collateral Use NORDAM GROUP: Court OKs Agreements Critical to Gulfstream Deal NORDAM GROUP: DIP Credit Deal Amended to Include Pratt Resolution OPEN ROAD: September 14 Meeting Set to Form Creditors' Panel PACIFIC DRILLING: Subsidiary Intends to Offer $700M Senior Notes PARKER BUILDING: Taps Simbro & Stanley as Counsel PEPPERELL MILLS: Third Interim Cash Collateral Order Entered PEPPERTREE LAND: Seeks Approval on Cash Collateral Deal Amendment PETES CHICKEN: U.S. Trustee Unable to Appoint Committee PH BEAUTY: S&P Assigns 'B-' Issuer Credit Rating, Outlook Positive PLATTE COUNTY, MO: S&P Cuts 2007 Zona Rosa Bonds Rating to 'B-' PRODUCT QUEST: Case Summary & 20 Largest Unsecured Creditors PRODUCT QUEST: Files for Chapter 11, Shuts 2 Facilities PROFLO INDUSTRIES: Robison Curphey Okayed as Co-Counsel REAGOR-DYKES MOTORS: Seeks Authority on Cash Collateral Use RED ROSE TRANS: Plan Confirmation Hearing Set for Oct. 10 RENATO'S GRILL: Seeks Dec. 4 Exclusive Plan Period Extension RYNIC INC: Judge Signed Agreed 3rd Interim Cash Collateral Order SAMUELS JEWELERS: Seeks to Hire Berkeley Research, Appoint CROs SAMUELS JEWELERS: Taps Prime Clerk as Administrative Advisor SAMUELS JEWELERS: Taps SSG Advisors as Investment Banker SCHAHIN II: Seeks U.S. Court Recognition of Cayman Scheme SPA 810: Committee's Bid to Hire Special Franchise Counsel Denied STOLLINGS TRUCKING: Committee Objects to Approval of Plan Outline STRUSS FARMS: Gets Final Authority on Cash Collateral Use SUMMIT FINANCIAL: 5th Agreed Interim Cash Collateral Order Entered SUNCOAST INTERNAL: Oct. 18 Plan Confirmation Hearing SUNCREST STONE: Judge Signs Second Interim Cash Collateral Order TOYS R US: Taps A&G Realty Partners as Real Estate Advisor TRINIDAD DRILLING: S&P Places 'BB-' ICR on CreditWatch Positive W. W. CONSTRUCTION: Oct. 22 Approval Hearing on Plan Outline WESTMORELAND COAL: S&P Withdraws 'D' Issuer Credit Rating WILSON COLLEGE: Fitch Rates $34.5MM Facility Bonds 'BB' YANKEE CLIPPER: Allowed to Use IRS Cash Collateral Until Sept. 30 YOGA80 INC: Authorized to Use Cash Collateral on Interim Basis YOGA80 INC: Judge Has Not Approved Cash Collateral Use ZEKELMAN INDUSTRIES: S&P Puts 'B+' ICR on CreditWatch Positive [*] Andrew Parlen Joins Latham & Watkins as Restructuring Partner [*] Four AlixPartners Professionals Bag TMA Turnaround Awards [*] Mark That Calendar! Distressed Investing Conference on Nov. 26 [] Mark Your Calendar! Distressed Investing Conference on Nov. 26 [^] Large Companies with Insolvent Balance Sheet ********* 1 GLOBAL CAPITAL: U.S. Trustee Forms 7-Member Committee ------------------------------------------------------- The U.S. Trustee for Region 21 on Sept. 7 appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of 1 Global Capital LLC. The committee members are: (1) Charles Blackstone 19630 Southern Hills Ave. Baton Rouge, LA 70809 Phone: (225) 778-7520 Fax: (225) 756-5441 Email: cwblacks@cox.net (2) James A. Lochtefeld 8521 E. 700 St. Union City, IN 47390 Phone: (260) 335-2677 Email: jalochtefeld@gmail.com (3) Khosrow Sohraby IRA c/o Khosrow Sohraby 13172 Connell Drive Overland Park, KS 66213 Email: ksohraby@yahoo.com (4) Steven Ross Shelton IRA c/o Steven Ross Shelton 6425 Seaside Dr. Loveland, CO 80538 Phone: (970) 685-9797 Email: Steve69048@yahoo.com (5) Charles Carpenter IRA c/o Charles Carpenter 299 Cardinal Street Maryville, TN 37903 Phone: (865) 771-1329 Email: carpen@chartertn.net (6) Geoffrey Lipman Email: glipman@gmail.com 5 Arthur Grumiaux 1640 Rhode Saint Genese Brussels, Belgium Phone: (011) 32 495-250789 Phone: (011) 32 263-36269 (7) Donald Stec IRA c/o Donald Stec 2609 Oleander Way, Apt. 125 Knoxville, TN 7931 Phone: (609) 410-5606 Email: Donald.stec@libertymutual.com Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About 1 Global Capital 1 Global Capital, LLC -- https://1stglobalcapital.com/ -- is a direct small business funder offering an array of flexible funding solutions, specializing in unsecured business funding and merchant cash advances. 1 Global Capital LLC, based in Hallandale Beach, FL, and its debtor-affiliates sought Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 18-19121) on July 27, 2018. In the petition signed by Steven A. Schwartz and Darice Lang, authorized signatories, 1st Global Capital estimated $100 million to $500 million in assets and liabilities as of the bankruptcy filing. The Hon. Raymond B. Ray presides over the cases. Paul J. Keenan Jr., Esq., at Greenberg Traurig LLP serves as bankruptcy counsel; Epiq Corporate Restructuring, LLC, as claims and noticing agent. 1098 BLUE HILL: Given Until Oct. 5 to Exclusively File Plan ----------------------------------------------------------- The Hon. Frank J. Bailey of the U.S. Bankruptcy Court for the District of Massachusetts, at the behest of 1098 Blue Hill Avenue, LLC, has extended the exclusive period for the Debtor to file a plan of reorganization to and including October 5, 2018. The Troubled Company Reporter has previously reported that the Debtor sought for Aug. 23, 2018 exclusive period extension explaining that it has obtained a cure arrearage figure from the holder of the first mortgage on its property and is preparing an objection to said claim to file with the Court. The Debtor said that determining the amount of the banks claim is necessary to prepare and file a Plan. About 1098 Blue Hill Avenue Based in Boston, Massachusetts, 1098 Blue Hill Avenue LLC is a single asset real estate as that term is defined in 11 U.S.C. Section 101(51B). 1098 Blue Hill Avenue LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 17-13836) on Oct. 17, 2017. In the petition signed by Joseph D. Jeudy, its manager, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Frank J. Bailey presides over the case. Gary W. Cruickshank, Esq., at the Law Office Gary W. Cruickshank, serves as the Debtor's Counsel; and Cordover Browne, is the accountant to the Debtor. 2016 SALDANA FAMILY: Bid to Hire Ch.11 Counsel Denied, Case Nixed ----------------------------------------------------------------- The United States Bankruptcy Court for the Northern District of California denied the request of 2016 Saldana Family Trust, Dated 7/29/2016, to employ bankruptcy counsel. The Bankruptcy Court granted the request of the United States Trustee to dismiss the bankruptcy case, agreeing with the U.S. Trustee that the Debtor is not eligible to seek Chapter 11 protection and the case was filed in bad faith. The Court held that the Debtor's request to employ The Law Offices of Mark Lapham as its counsel is denied as moot. Tracy Hope Davis, United States Trustee for Region 17, cited these reasons to dismiss the case: 1. The 2016 Saldana Family Trust, Dated 7/29/2016 is not eligible to be a debtor under Chapter 11. The U.S. Trustee asserted that under California law, the Trust does not exhibit any of the attributes of a business trust. 2. The information reasonably requested by the United States Trustee has not been provided to date. 3. The Trust has failed to maintain appropriate insurance. 4. The chapter 11 case was filed in bad faith. A copy of the U.S. Trustee's request is available at https://is.gd/cvxd7U from PacerMonitor.com. The U.S. Trustee earlier prevailed in its objection to the Debtor's request to use cash collateral. The Debtor had required the firm to assist with the preparation of its Chapter 11 Petition, preparation of schedules, to provide advice and counseling as to the bankruptcy proceedings, respond to court documents and pleadings, to prepare a Chapter 11 plan and disclosure statement, to attend court hearings on Debtor behalf, and to prepare a final decree. The U.S. Trustee said the Court should deny the Trust's Application for the retention of Proposed Counsel because the Application does not meet the requirements of Bankruptcy Code section 327 and Rule 2014 of the Federal Rules of Bankruptcy Procedure. Specifically, Mr. Lapham: (1) has failed to disclose the qualifications of Proposed Counsel; (2) has failed to disclose the complete terms and conditions of his employment; (3) has failed to disclose his connections to the Trust's insiders; and (4) he does not appear to possess the proficiency required of a chapter 11 debtor's attorney. The Debtor's two-page application disclosed that it has selected Laphman as counsel "for the reason that the Attorney has agreed to assist Debtor with this bankruptcy filing and will be able to advise Debtor on obligations during this bankruptcy proceeding." The Application states that, to the best of Debtor's knowledge, neither Attorney nor any member of his office has any interest adverse in this case or in any of the matters upon which he is to be engaged, and Debtor believe attorney's employment would be in the best interests of this estate. Neither Attorney nor any member of his office is an insider, has or holds any interests of ours, is related to Debtor in any way except as Debtor's attorney, and otherwise has no stake in Debtor's assets or liabilities. Furthermore, neither Attorney nor any member of his staff is related to Debtor, Debtor's accountants or attorneys, except as Debtor's attorney, or to debtor's creditors, their respective attorneys or accountants, or to the U.S. trustee, the trustee's staff or members of its office, or any other party in interest. According to the U.S. Trustee, Lapham on June 5, 2018, filed his Rule 2016(b) Statement, which indicates that the Trust paid him $4,000 prior to the filing of the statement. The Application fails to state whether a retainer was received and the hourly rate. The Application also fails to state that any fee request is subject to review and approval of the Court. A copy of the U.S. Trustee's objection is available at https://is.gd/bLCFmk from PacerMonitor.com. The Law Offices of Mark Lapham can be reached at: Mark W. Lapham, Esq. Law Offices of Mark Lapham 751 Diablo Rd. Danville, CA 94526 Tel: (925) 837-9007 Fax: (925) 406-1616v About 2016 Saldana Family Trust 2016 Saldana Family Trust, Dated 7/29/2016, owns real property located at 1413 Spring Street, St. Helena, California 94574, valued at $1,025,000. 2016 Saldana Family Trust sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 18-10393) on June 5, 2018. In the petition signed by Jose G. Saldana, Jr., trustee, the Debtor disclosed between $1 million to $10 million in assets and $500,000 to $1 million in liabilities. The case is assigned to Judge Charles Novack. The Law Offices of Mark Lapham was hired as the Debtors' counsel. Amelia Saldana (trustor of the Trust) on September 14, 2017, filed a chapter 13 petition (Bankr. N.D. Cal. Case No. 17-10702-DM) in Santa Rosa. Mrs. Saldana was the fee simple owner of the 1413 Spring Street Property, among other assets, and valued it at $1,200,000. Her case was ultimately dismissed by order entered on February 27, 2018. Jose Saldana Jr. (trustee of the Trust) Jr. filed a chapter 13 petition (Bankr. N.D. Cal. Case No. 18-10099-DM) in Santa Rosa on February 20, 2018. He indicated an ownership interest in the 1314 Spring Street Property through the Trust. Then on May 7, 2018, Mr. Saldana Jr. filed a motion to voluntarily dismiss his chapter 13 case, which was granted by the Court on June 18, 2018, 13 days after the Trust's chapter 11 case was filed. 2018 HOUSES: Buchholz Law Firm Approved as Counsel -------------------------------------------------- 2018 Houses, LLC sought and obtained approval from the United States Bankruptcy Court for the Southern District of Texas, Houston Division, to employ The Law Office of Robert W. Buchholz, P.C., as counsel to the Debtor. Mr. Buchholz will be paid $275 per hour. His legal assistants bill at $100 per hour. He has been paid only the filing fee in this matter and has not otherwise been paid a retainer, at the time of the filing of the employment application. The hourly rates are those regularly charged by Counsel for services rendered by him and legal assistants for legal services rendered in similar bankruptcy matters. The hourly rates may be modified by Counsel in the ordinary course of his business. The Debtor has agreed to reimburse Counsel for all reasonable out-of-pocket expenses incurred on Debtor's behalf. The Debtor believes the employment of Counsel is in the best interest of its bankruptcy estate. 2018 Houses, LLC filed for Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 18-33028) on June 4, 2018, listing under $1 million in both assets and liabilities. A copy of the petition is available at http://bankrupt.com/misc/txsb18-33028.pdf The Debtor is represented by: Robert W. Buchholz 420 S. Cesar Chavez Blvd, Suite 300 Dallas, TX 75201 Tel: (214) 754-5500 Fax: (214) 754-9100 E-mail: bob@attorneybob.com 3232 CENTRAL: Taps McCormick as Real Estate Broker -------------------------------------------------- 3232 Central Avenue, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Indiana to hire a real estate broker. The Debtor proposes to employ McCormick Real Estate in connection with the sale or lease of its real property located at 3232 Central Avenue, Lake Station, Indiana. McCormick will get 5.9% of the sale or lease price. The firm will also receive 7% of any option payment. Jeff McCormick, a real estate broker employed with McCormick, disclosed in a court filing that his firm neither holds nor represents any interest adverse to the Debtor. The firm can be reached through: Jeff McCormick McCormick Real Estate 813 N. Superior Drive Crown Point, IN 46307 Phone: (219) 663-9300 About 3232 Central Avenue 3232 Central Avenue, LLC, a privately-held company in Lake Station, Indiana, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ind. Case No. 18-22070) on Aug. 2, 2018. In the petition signed by Zafar Sheikh, president, the Debtor estimated assets of $1 million to $10 million and liabilities of $1 million to $10 million. Judge James R. Ahler presides over the case. The Debtor tapped Hodges and Davis, P.C. as its legal counsel. AKC ENTERPRISES: Exclusive Plan Filing Period Moved to Sept. 25 --------------------------------------------------------------- The Hon. Kathy A. Surratt-States of the U.S. Bankruptcy Court for the Eastern District of Missouri, at the behest of AKC Enterprises, Inc., has extended up to and including Sept. 25, 2018, the Debtor's exclusive period for filing a plan. The Troubled Company Reporter has previously reported that the Debtor sought for exclusivity extension explaining to the Court that its goal is to confirm a plan of reorganization that will receive support from all or substantially all of its constituencies. However, negotiations and preparation of such a plan of reorganization are ongoing but require additional work and progress. Notwithstanding the additional work, the Debtor is confident that with the support of its main secured lender New Frontier Bank, it can confirm a plan within a reasonable period of time. About AKC Enterprises AKC Enterprises, Inc., doing business as Little Hills Winery, doing business as Little Hills Restaurant, doing business as Little Hills Wine Shop, is a locally owned and operated wine producer in Saint Charles, Missouri. Its wines are made from French/American Hybrids, German/American Hybrids and Native Missouri Grapes. The Company harvests grapes purchased from Missouri Grape Growers and some Illinois Grape Growers. It also produces its fruit wines from fruit purchased from local suppliers. The company -- https://www.littlehillswinery.com/ -- now produces 16 to 18 wines depending on the time of year, designated and paired with its menu served at its restaurant. The Restaurant offers banquets, catering, and delivery (Grubgo.com) services. The Restaurant accommodates 300 persons on its terraces and 100 inside its building. The company's Little Hills Wine Shop is located at 710 S. Main Street, just two blocks South of the Restaurant. The Shop features Little Hills Wines and many other Missouri Made Wines. AKC Enterprises filed a Chapter 11 petition (Bankr. E.D. Mo. Case No. 18-40472) on Jan. 29, 2018. In the petition signed by David Campbell, president, the Debtor disclosed $1.20 million in assets and $1.57 million in liabilities. Thomas H. Riske, Esq., at Carmody MacDonald P.C., serves as bankruptcy counsel to the Debtor. An official committee of unsecured creditors has not been appointed in the Chapter 11 case. AMERICAN FUEL: Taps Mike Kinard as Special Environmental Counsel ---------------------------------------------------------------- American Fuel Cell and Coated Fabrics Company has advised the United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division, that no party-in-interest has lodged an objection to its request to employ M. Mike Kinard as special environmental counsel. American Fuel Cell is seeking Court permission to employ Mr. Kinard to represent the Debtor before the Arkansas Department of Environmental Quality and other regulatory agencies charged with enforcement of environmental regulations; and render any other legal services necessary or appropriate to perform his role as special environmental counsel. The Debtor relates that due to its relocation to Magnolia, Arkansas, it has a need of qualified special environmental counsel with experience representing entities before the relevant agencies charged with regulating the Debtor's operations. Mr. Kinard previously was an owner of, and general counsel to, the Debtor, during which time he regularly handled those issues on the Debtor's behalf. Mr. Kinard will charge the Debtor for the legal services on an hourly basis at the rate of $200 per hour. Mr. Kinard attests that he holds no ownership interest in, nor claim against, the Debtor, and has not held any ownership interest in or claim against the Debtor during the pendency of this chapter 11 case, court documents say. Mr. Kinard also attests he has no connection with the Debtor, its creditors or any other parties-in-interest or their respective attorneys or accountants; and represents no interest adverse to the Debtor or to its estate in the matters for which he is proposed to be retained. The Debtor submits that its employment of Mr. Kinard would be in the best interests of the Debtor, its estate and its creditors. American Fuel Cell filed a Certificate of No Objection on September 10. About American Fuel Cell and Coated Fabrics Company Based in Wichita Falls, Texas, American Fuel Cell and Coated Fabrics Company -- http://amfuel.com/-- is engaged in the manufacturing of rubber products supplying fuel cells and flexible liquid storage equipment for the defense and commercial industries. In 1917, American Fuel Cells and Coated Fabrics Company, formerly known as Firestone Tire & Rubber Company, began as a supplier of fuel cells to the U.S. Signal Corp. for aviation needs. American Fuel Cell and Coated Fabrics Company filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 17-44766) on Nov. 26, 2017. In the petition signed by CEO and President Leonard J. Annaloro, the Debtor estimated assets and estimated liabilities at $1 million to $10 million each. The case is assigned to Judge Mark X. Mullin. The Debtor is represented by Robert J. Forshey, Esq., and Matthias Kleinsasser, Esq. Forshey & Prostok LLP. American Fuel Cell and Coated Fabrics Company hired SSG Advisors, LLC, as its investment banker. ATIF INC: Creditor Trustee Taps Messana as Counsel -------------------------------------------------- Daniel Stermer, the Creditor Trustee for the ATIF, Inc. sought and obtained approval from the United States Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to employ Thomas M. Messana and Messana, P.A. as counsel to the Creditor Trust, nunc pro tunc to July 5, 2018. Messana was originally hired as counsel to the Official Committee of Unsecured Creditors. On March 9, 2018, Messana, on the Committee's behalf, filed the Second Amended Chapter 11 Plan and explanatory Disclosure Statement for ATIF, Inc. The Plan establishes the ATIF Inc. Creditor Trust and appointed Daniel Stermer as the Creditor Trustee. On July 5, 2018, the Court entered an order confirming the Plan. The Plan and Creditor Trust Agreement authorize Creditor Trustee to retain professionals upon approval by this Court. On July 5, 2018, Messana commenced providing services to the Creditor Trustee. The Creditor Trustee needs Messana to: (a) advise the Creditor Trustee with respect to his rights, duties and powers in this bankruptcy case; (b) assist and advise the Creditor Trustee in his consultations with the Debtor; (c) assist the Creditor Trustee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor and other parties involved with the Debtor, and of the operation of the Debtor's business; (d) assist the Creditor Trustee in his analysis of, and negotiations with the Debtor or any other third party concerning matters related to the Debtor; (e) represent the Creditor Trustee at all hearings and other proceedings; (f) review, analyze, and advise the Creditor Trustee with respect to all applications, orders and statements of operations filed with the Court; (g) assist the Creditor Trustee in preparing pleadings and applications as may be necessary in furtherance of the Creditor Trustee's interests and objectives; (h) communicate with the Office of the United States Trustee and other constituencies regarding the bankruptcy case; and (i) perform other services as may be required and are deemed to be in the interests of the Creditor Trustee in accordance with the Creditor Trustee's powers and duties as set forth in the Bankruptcy Code. Messana will charge for its legal services on an hourly basis in accordance with its ordinary and customary hourly rates in effect on the date such services are rendered. The current hourly rates charged by Messana for professionals and paraprofessionals range from $195 for paralegals to $595 for partners. On June 28, 2018, the Bankruptcy Court entered the Order Approving on an Interim Basis "Second and Final Application of Messana, P.A. for Compensation for Services Rendered and Reimbursement of Expenses as Counsel to the Official Committee of Unsecured Creditors for the Period from August 1, 2017 through February 28, 2018." The Fee Order awards Messana an amount totaling $425,399.30 as interim compensation and reimbursement of expenses for the period through February 28, 2018. Upon the Effective Date of the Plan, the Estate shall pay $65,000.00 towards the Award. Messana, P.A. can be reached at: Thomas M. Messana, Esq. Chris M. Broussard, Esq. MESSANA, P.A. 401 East Las Olas Boulevard, Suite 1400 Fort Lauderdale, FL 33301 Telephone: (954) 712-7400 Facsimile: (954) 712-7401 About ATIF Inc. ATIF, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 17-01712) on March 2, 2017. In the petition signed by Gerard A. McHale, its chief executive officer, the Debtor estimated assets of less than $500,000 and liabilities of $10 million to $50 million. Michael C. Markham, Esq., at Johnson, Pope, Bokor, Ruppel & Burns LLP serves as the Debtor's legal counsel. The Debtor hired Buell & Elligett, P.A. as its special counsel. On April 13, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee retained Messana, P.A., as its bankruptcy counsel; and Becker & Poliakoff, P.A., as its special counsel. On July 5, 2018, the Bankruptcy Court entered an order confirming the Second Amended Chapter 11 Plan and explanatory Disclosure Statement filed by the Creditors' Committee for ATIF, Inc. The Plan establishes the ATIF Inc. Creditor Trust and appointed Daniel Stermer as the Creditor Trustee. Mr. Stermer has hired Buchanan Ingersoll & Rooney PC as special counsel. BARKLEY CONSULTING: Seeks Final Approval to Use IRS Cash Collateral ------------------------------------------------------------------- Barkley Consulting Engineers, Inc. requests the U.S. Bankruptcy Court for the Northern District of Florida for entry of the Consent Final Order Authorizing Use of Cash Collateral. The Debtor believes that it has one secured creditor, the Internal Revenue Service, who claims a security interest in accounts receivable, cash and personal property of the Debtor, with respect to its collateral. As of the Petition Date, the secured indebtedness owed to the IRS was in the approximate amount of $136,526 with a total debt of $328,559. The Debtor submits that based on its projected cash flow schedule, it has every reasonable likelihood of generating cash on a cumulative basis (with the use of the outstanding receivables equal to or in excess of its collections during that period) sufficient to maintain a receivables balance at month's end of each month sufficient to fund the next month. In addition, the Debtor would show that an excess of adequate protection exists for the IRS in the form of (i) equity in the collateral securing its indebtedness to the IRS, (ii) the Debtor's future earnings, and (iii) the Debtor will commence payments to the IRS pursuant to that separate Notice of Adequate Protection Payments as filed contemporaneously with the Cash Collateral Motion. The Debtor is making or has made provisions for the segregation of the proceeds from prepetition accounts receivable pending entry of an Order of the Court authorizing use of said cash collateral. A full-text copy of the Debtor's Motion is available at http://bankrupt.com/misc/flnb18-40315-86.pdf About Barkley Consulting Barkley Consulting Engineers, Inc., filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 18-40315), on June 12, 2018. In the petition signed by Douglas Barkley, president, the Debtor estimated $0 to $50,000 in assets and $500,000 to $1 million in liabilities. The Debtor is represented by Thomas B. Woodward, Esq. BIOSTAT LLC: Seeks Nov. 7 Plan Exclusivity Period Extension ----------------------------------------------------------- Biostat, LLC, requests the U.S. Bankruptcy Court for the Middle District of Florida to for an extension of the 120-day exclusivity period in which the Debtor has exclusivity to file and confirm a plan of reorganization to Nov. 7, 2018, and if a plan is filed by this date, continued exclusivity until the first hearing on confirmation of the Plan. The Debtor relates that since the Petition Date, it has been diligently administering its case as a debtor-in-possession. Specifically, the Debtor is in the final stages of negotiating agreements with third parties regarding the wholesale distribution of skincare and medical products, of which the Debtor has exclusive rights. The Debtor expects such negotiations to be complete by the end of September. These agreements will form the basis of a feasible and confirmable plan of reorganization. Thus, the Debtor intends to file that plan, after negotiations are finalized, before the end of October. About Biostat, LLC Founded in 2010, Biostat, LLC, maintains a presence in the biomedical field and holds assets that ultimately develop products used in cutting edge medical treatments for cancer and other conditions. Biostat sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-02800) on May 11, 2018. As of March 31, 2017, the Debtor had $900,560 in assets and $1.5 million in liabilities. The Debtor hired Latham, Shuker, Eden & Beaudine, LLP, as its legal counsel; and Murphy CPA Firm, as its accountant. BLACK IRON: Taps Morley & McConkie as Appraiser ----------------------------------------------- Black Iron, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire an appraiser. The Debtor proposes to employ Morley & McConkie, LC to prepare an appraisal report of its real property comprising the Iron Mountain Mine. The firm will receive a flat fee of $15,000. The flat fee does not cover future services to be provided by Morley in two adversary cases (Case Nos. 17-2088 and 17-2094) related to the Debtor's purchase of the Iron Mountain Mine. The hourly rates to be charged by the firm for these services are: Garrett Hannig $250 Craig Morley $250 Other Professional Staff $250 Garrett Hannig, an appraiser employed with Morley, disclosed in a court filing that none of the current clients of his firm holds any interest adverse to the Debtor and its estate. Morley can be reached through: Garrett Hannig Morley & McConkie, LC 393 E. Riverside Dr. 102 St. George, UT 84790 Phone: 435.673.7720 Email: mm@sutap.com About Black Iron Black Iron, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 17-24816) on June 1, 2017. In the petition signed by Steve L. Gilbert, its manager, the Debtor estimated its assets and debts at $1 million to $10 million. The Hon. William T. Thurman is the case judge. The Debtor hired Adelaide Maudsley, Esq., and Ralph R. Mabey, Esq., at Kirton McConkie P.C., as bankruptcy counsel. The Debtor tapped Gary Thorup, Esq., at Durham Jones, to serve as its special litigation counsel; WSRP, LLC, as its accountant; and Alysen Tarrant as its environmental consultant. BRANWELL INC: Agreed Third Interim Cash Collateral Order Entered ---------------------------------------------------------------- The Hon. Mindy A. Mora, of the U.S. Bankruptcy Court for the Southern District of Florida has entered an Agreed Third Interim Order authorizing Branwell, Inc., to use Valley National Bank's cash collateral through Oct. 29, 2018 in accordance with the budget. The Debtor is authorized to cash collateral to pay the monthly expenses in the budget and all fees required by the United States Trustee and Clerk of the Court. The Debtor will operate strictly in accordance with the Budget and will not exceed 10% above the amount of any line item shown in the Budget. Valley National Bank will have a first priority post-petition security interest in, and lien upon, all of the Debtor's personal property, and all cash and non-cash proceeds thereof, which are or have been acquired, generated or received by the Debtor after the filing of the petition commencing this case, to the same extent that Valley National Bank held a properly perfected prepetition security interest or lien in assets immediately prior to the filing of the petition commencing this case. In addition, on the first day of each month, the Debtor will deliver to Valley National Bank, through its counsel, monthly payments in the amount of $1,400 (for loan #8632) and $2,700 (for loan #0544), totaling $4,100. As additional adequate protection for the Debtor's use of cash collateral, the Debtor will promptly furnish Valley National Bank with such financial and other information as required by the underlying loan documents and such other information, documents and reports as Valley National Bank may reasonably request. A full-text copy of the Agreed Third Interim Order is available at http://bankrupt.com/misc/flsb18-12478-43.pdf 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. BREDA: Seeks Authorization on Further Use of Cash Collateral ------------------------------------------------------------ Breda, a Limited Liability Company, and Tempo Dulu LLC have filed with the U.S. Bankruptcy Court for the District of Maine their Second Joint Motion for continued authority to use cash collateral. The Debtors claim that cash collateral will be used as necessary to fund the operations of the hotel and restaurant facilities owned by the Debtors, including funding payroll and funding expenses necessary to repair and maintain the properties owned by the Debtors (all as more specifically set forth in the Breda Cash Plan and the Tempo Dulu Cash Plan). The Motion seeks authority to use cash collateral on a final basis for the following periods in accordance with the terms of the Breda Cash Plan and the Tempo Dulu Cash Plan: (i) as to Breda, the period of Sept. 3, 2018 to Dec. 30, 2018; and (ii) as to Tempo Dulu, the period of Sept. 3, 2018 to Dec. 23, 2018. The Debtors submit following entities may have purported interests in cash collateral: A. Breda: (i) Bar Harbor Bank & Trust; (ii) CP3 Lending, LLC; (iii) FC Marketplace, LLC; (iv) BFS Capital; and (v) American Express Bank, FSB. B. Tempo Dulu: (i) Bar Harbor Bank & Trust; (ii) Kennebec Cottage Associates, LLC; (iii) CP3 Lending, LLC; (iv) Merchant Cash and Capital, LLC d/b/a Bizfi Funding; and (v) PayPal Working Capital, administering a loan offered by WebBank. Bar Harbor Bank and CP Lending have mortgages on the real property owned by the Debtors (and on additional property owned by certain of the members of the Debtors). The Debtors assert that the Camden Harbour Inn was appraised on March 27, 2017 for $7,200,000 (real and personal property combined). The Debtors believe that the Danforth Inn, in turn, was appraised at approximately the same time for $2,165,000 (although the Debtors believe the value to be higher, and The Danforth Inn is currently on the market for approximately $2,595,000). In addition, 81 Bayview Street is worth approximately $450,000. From the above, the total collateral value is roughly $9,815,000. The Debtors contend that the total amount of the debt owed to Bar Harbor Bank and CP Lending combined is approximately $5,950,000, which means that Bar Harbor Bank and CP Lending are adequately protected in relation to the use of cash collateral by a loan to value of approximately 61%. In the event non-debtor collateral is considered, the loan to value improves further. Premised on the above, Bar Harbor Bank and CP Lending are adequately protected by an equity cushion in their collateral. Moreover, the Debtors contend that Kennebec Cottage Associates is adequately protected by an equity cushion as to its second position mortgage because the market value of the Danforth Inn exceeds the combined Bar Harbor Bank and Kennebec Cottage's indebtedness. In the event there is a diminution in cash collateral of Breda in particular, the lenders with an interest in the cash collateral of Breda will be granted replacement liens on the real property owned by Breda. In the event there is a diminution in cash collateral of Tempo Dulu in particular, the lenders with an interest in the cash collateral of Tempo Dulu will be granted replacement liens on the real property owned by Tempo Dulu. The Debtors request that the Court implement marshaling as needed to ensure that all lenders are adequately protected by equity cushions and/or replacement liens to the extent, and only to the extent, of any diminution in cash collateral over the course of these proceedings. A full-text copy of the Debtors' Second Joint Motion is available at http://bankrupt.com/misc/meb18-20157-146.pdf About Breda and Tempo Dulu Breda, a Limited Liability Company, and Tempo Dulu, LLC, own the Camden Harbour Inn and the Danforth Inn located in Camden and Portland, Maine, respectively. Breda and Tempo Dulu sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Maine Case No. 18-20157) on March 28, 2018. In the petitions signed by Raymond Brunyanszki, member, the Debtors each estimated assets of $1 million to $10 million and liabilities of $1 million to $10 million. Judge Michael A. Fagone presides over the case. The Debtors tapped Bernstein, Shur, Sawyer & Nelson, P.A., as their legal counsel. CALHOUN SATELLITE: Oct. 25 Plan Confirmation Hearing Set -------------------------------------------------------- Bankruptcy Judge Thomas P. Agresti entered an order approving Calhoun Satellite Communications, Inc.'s disclosure statement, dated June 5, 2018, explaining its chapter 11 plan. Oct. 6, 2018 is the last day for filing written ballots either accepting or rejecting the plan, and filing and serving written objections to confirmation of the plan. On Oct. 25, 2018 at 10:00 A.M., a plan confirmation hearing is scheduled in Courtroom C, 54th Floor, U.S. Steel Tower, 600 Grant Street, Pittsburgh, PA 15219. The Troubled Company Reporter previously reported that unsecured creditors will receive at least a 5% distribution on their allowed claims under the plan. A copy of the Disclosure Statement dated June 5, 2018 is available at: http://bankrupt.com/misc/pawb17-23389-374.pdf About Calhoun Satellite Communications Calhoun Satellite Communications, Inc. operates a satellite transmission business. Meanwhile, Transmission Solutions Group, Inc., was formed solely to hold Calhoun's stock. All of Transmission's creditors hold identical claims against Calhoun. Calhoun and Transmission sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Lead Case No. 17-23389) on Aug. 22, 2017. Kevin Husband, its president, signed the petitions. The Debtors estimated assets of less than $50,000 and liabilities of $1 million to $10 million. CAPE MIAMI 32: Joel Aresty Approved as Counsel ---------------------------------------------- Cape Miami 32 LLC (DE) sought and obtained authority from the United States Bankruptcy Court for the Southern District of Florida to employ Joel M. Aresty of the law firm of Joel M. Aresty, P.A. to represent the debtor-in-possession. Joel Aresty will perform these services: (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; (e) represent the debtor in negotiation with its creditors in the preparation of a plan. The Debtor noted in its application that it could only afford a very small prepetition retainer and the filing fee in this case, and has therefore been asked to contribute additional retainer from outside the estate of debtor going forward. Mr. Aresty attests that he is disinterested as required by 11 U.S.C. Sec. 327(a), and has no connection with the creditors or other parties-in-interest or their respective attorney in the case. Joel M. Aresty, P.A can be reached at: Joel M. Aresty, Esq. JOEL M. ARESTY, P.A. 309 1st Ave S Tierra Verde, FL 33715 Tel: 305-904-1903 Fax: 800-559-1870 E-mail: Aresty@Mac.com About Cape Miami 32 LLC (DE) Headquartered in Miami Beach, Florida, Cape Miami 32 LLC (DE) filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 18-17592) on June 25, 2018, estimating its assets at between $50,000 and $100,000 and its liabilities at between $100,000 and $500,000. Joel M. Aresty, Esq., at Joel M. Aresty P.A. serves as the Debtor's bankruptcy counsel. No official committee of unsecured creditors has been appointed in the case. CENVEO INC: Completes Financial Restructuring, Exits Chapter 11 --------------------------------------------------------------- Cenveo on Sept. 7, 2018, announced its emergence from bankruptcy following a successful financial restructuring and confirmation of the Chapter 11 Plan of Reorganization. As contemplated in the Plan, as approved by the United States Bankruptcy Court, Cenveo completed organizational streamlining and, going forward, will be doing business under the name Cenveo Worldwide Limited. Cenveo emerges with one of the strongest balance sheets in the industry as a result of strengthening its financial position and operational flexibility, including: -- Reducing debt by more than $800 million, from approximately $1.1 billion to about $300 million; -- Creating in excess of $65 million of liquidity; and -- Securing approximately $235 million of term loan exit financing. "[Fri]day marks the beginning of an exciting new chapter at Cenveo as we emerge a stronger company," said Robert G. Burton, Jr., Chief Executive Officer. "With a significant reduction of debt and increased financial flexibility, Cenveo will be able to invest in growing our core businesses and continue our focus on delivering high-quality products. I would like to express my appreciation to our vendors, employees, customers and creditors for their support as we completed our successful restructuring, and we look forward to continuing to strengthen our relationships." Upon emergence, the Company will be privately-held, with its largest shareholders comprised of institutional investors with significant capital under management. Cenveo's new equity owners have demonstrated continued support for the Company. Effective Sept. 7, and as previously announced, Robert G. Burton, Jr. will serve as Chief Executive Officer and Michael G. Burton will serve as President. In conjunction with the new ownership structure and management team, Cenveo also announced the formation of a new Board of Directors, comprised of Robert G. Burton Jr. and four new, highly qualified and experienced directors: -- James Continenza, Chief Executive Officer, Vivial -- Matthew Espe, Retired Chief Executive Officer, Radial -- Frank Sklarsky, Retired Executive Vice President, Chief Financial Officer & Member, Executive & Operating Committee, PPG Industries, Inc. -- Thomas Oliva, Retired Senior Vice President, Business Ink Mr. Continenza, who will serve as Chairman of the Board of Directors commented, "I look forward to working with and alongside the new board members and the Cenveo management team as we look to a bright future for this strong organization." Robert G. Burton, Jr., concluded, "To the entire Cenveo team, you have my sincerest thanks and gratitude. Throughout this process you have all demonstrated what commitment stands for, and, with your hard work and dedication, we are emerging in a position to grow and strengthen our Company. Mike and I, and the entire Cenveo management team are honored to lead our team as we work together to take Cenveo to the next level." The Company was advised by Kirkland & Ellis LLP as legal counsel, and Greenhill & Co., Rothschild Inc. and Zolfo Cooper, LLC as investment bankers and financial advisors. About Cenveo, Inc. Headquartered in Stamford, Connecticut, Cenveo (NASDAQ:CVO) -- http://www.cenveo.com/-- is a global provider of print and related resources, offering world-class solutions in the areas of custom labels, envelopes, commercial print, content management and publisher solutions. The Company provides a one-stop offering through services ranging from design and content management to fulfillment and distribution. With a worldwide distribution platform, the Company says it delivers quality solutions and services every day to its more than 100,000 customers. After reaching an agreement with holders of a majority of its first lien debt to support a Chapter 11 plan of reorganization, Cenveo Inc., and its domestic subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in White Plains, New York, on Feb. 2, 2018. The Chapter 11 filing does not include foreign entities, such as those located in India. As of Dec. 31, 2017, Cenveo disclosed total assets of $789,547,000 and total debt of $1,426,133,000. The Debtors tapped Kirkland & Ellis LLP as counsel; Rothschild Inc. as investment banker; Zolfo Cooper LLC as restructuring advisor; and Prime Clerk LLC as notice, claims & balloting agent, and administrative advisor. Greenhill & Co., LLC, as co-financial advisor and co-investment banker. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Debtors' cases. The committee hired Lowenstein Sandler LLP as its bankruptcy counsel; and FTI Consulting, Inc., as its financial advisor. CITATION NORTHSTAR: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ No official committee of unsecured creditors has been appointed in the Chapter 11 case of Citation Northstar Center LLC as of September 7, according to a court docket. About Citation Northstar Center Citation Northstar Center, LLC is engaged in activities related to real estate. Its principal assets are located at Northstar Center Subdivision-SEC State Highway 2 & 57th St. NW Williston, North Dakota. Citation Northstar Center sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 18-09753) on Aug. 14, 2018. At the time of the filing, the Debtor estimated assets of $50 million to $100 million and liabilities of $50 million to $100 million. Judge Brenda K. Martin presides over the case. The Debtor tapped Allen Barnes & Jones, PLC, as its legal counsel; and World Tax Partners, LLP as its accountant. CLASSIC COMMUNITIES: Disclosure Statement Hearing Set for Oct. 25 ----------------------------------------------------------------- Bankruptcy Judge Robert N. Opel, II is set to hold a hearing on Oct. 25, 2018 at 10:00 AM to consider approval of Classic Communities Corporation's disclosure statement dated August 27, 2018, explaining the Chapter 11 plan of liquidation proposed by the Debtor and the Official Committee of Unsecured Creditors. Oct. 3, 2018 is fixed as the last day for filing and serving written objections to the disclosure statement. General unsecured claims, classified in Class 4, are impaired. On the later of the Effective Date, or as soon as is reasonably practicable after all Allowed General Unsecured Claims are Allowed or Disallowed, the holders of Allowed General Unsecured Claims will receive their Pro Rata Share of all remaining distributions under the Plan after all Allowed Claims are paid in full or otherwise treated as provided for under the Plan, and Section 4.1 Claim holders to the extent any such Claim is secured. Class 4 are estimated to recoup 2% of the total allowed claim amount. The proceeds of the Global Settlement approved by the Court in November 2017 will be distributed to holders of Allowed Claims pursuant to the terms of the Plan. Pursuant to the Global Settlement: (a) West Hampden Rentals, LLC and the Magdules sold West Hampden The Estate has received $405,000.00 of the proceeds from the sale or refinance. Classic will be granted a Negative Pledge Agreement in the amount of $405,000.00 behind S&T Bank in and to West Hampden, West Hampden Rentals, LLC, MAG4, LLC, and the Magdules are granted a Conditional Release as the estate received the funds. The Magdules have released Classic, the Estate, and the Committee. (b) Weatherstone Associates LP, Weatherstone Associates, Inc., and Jim Halbert, Doug Halbert and Julie Halbert marketed and sold the Weatherstone Units. The Estate received 100% of the net proceeds at closing of the sale(s) of the Weatherstone Units. Classic has been granted a Negative Pledge agreement in the amount of $400,000.00 behind Centric Bank and Members 1st Federal Credit Union. Weatherstone Associates LP, Weatherstone Associates, Inc., the Halberts, Virginia Halbert and Certain Others Named are granted a Conditional Release as the units are sold and the estate received the funds, and they released Classic, the Estate, and the Committee. (c) Weatherstone Associates LP, Weatherstone Associates, Inc., and the Halberts will assign and transfer the QRB Escrow ($39,750.00) and the FireFly Fund ($16,000.00), and direct any other holder of the QRB Escrow or Firefly Fund, to pay the full amounts being held in such escrows to the Estate. (d) Admiral's Quay, LP and the Halberts have assigned and transferred a payment of $172,000.00 to Classic and the Estate, and will direct the Goodmans to pay the full amount of the Goodman Payment to the Estate. Admiral's Quay, LP and the Goodmans will release and discharge Classic, the Estate and the Committee. Such payment has been made. (e) Classic has obtained an Order from the Bankruptcy Court approving and authorizing the sale of 121 Presbyterian Drive, Mechanicsburg, Pennsylvania to Tri Corner Communities, LLC. The Estate will receive $345,000.00 at closing of the sale to Tri Corner Communities, LLC, or a subsequent purchaser in the event Tri Corner Communities, LLC fails to close. Certain conditional and unconditional releases are also provided for. (f) In addition to the Goodman Payment, the Goodmans have paid the Estate an additional $78,000.00. Craig Adler and the Knickerbockers will pay $32,000.00 to the Estate. The Halberts have paid an additional $25,000.00 to the Estate. (g) The remaining settling Defendants will also release Classic, the Estate and the Committee, and will releases when the Halberts are released. The Committee has pursued various avoidance proceedings against numerous parties. A number of these Avoidance Proceedings have been settled resulting in funds which are to be paid to the Estate. The Committee has also brought six Adversary Proceedings in the Bankruptcy Court seeking additional funds through Avoidance Proceedings alleging fraudulent conveyances and/or preferences. The funds from these Avoidance Proceedings will be distributed to holders of Allowed Claims pursuant to the terms of the Plan. A copy of the Disclosure Statement from PacerMonitor.com is available at https://tinyurl.com/y8fanyzx at no charge. About Classic Communities Corp. Classic Communities Corporation filed a Chapter 11 bankruptcy petition (Bankr. M.D. Pa. Case No. 16-02022) on May 10, 2016. The petition was signed by Douglas Halbert, president. The Debtor estimated assets and liabilities in the range of $10 million and debts of up to $50 million. Judge Mary D. France is the case judge. The Debtor tapped Cunningham, Chernicoff & Warshawsky, P.C., as counsel. Andrew Vara, acting U.S. trustee for Region 3, on June 7 appointed seven creditors of Classic Communities Corp. to serve on the official committee of unsecured creditors. The Committee tapped Cole Schotz P.C. as counsel. COMMUNITY CHOICE: S&P Rates $42MM 1st Lien Notes Due 2020 'CCC' --------------------------------------------------------------- S&P Global Ratings assigned its 'CCC' rating on Community Choice Financial Issuer LLC's $42 million first-lien senior secured loan due 2020, with a recovery rating of '1'. S&P said, "The '1' recovery rating reflects our expectation of very high recovery (95%) in a hypothetical default scenario given the seniority of the issuance in the capital structure. Community Choice Financial Issuer LLC is a core entity to Community Choice Financial Inc. (CCFI). We expect the issuance is a first step in the previously announced restructuring of CCFI's senior secured notes due 2019 and 2020." The issuing entity will lend the funds to CCFI, which will use the proceeds to pay down the existing revolving credit facility provided by Victory Park, effectively taking its place in the recovery waterfall, resulting in a debt neutral issuance on a consolidated basis. S&P said, "Our 'CC' issuer credit rating on CCFI remains unchanged, reflecting the company's proposed restructuring of its capital structure to be completed late 2018. We would likely view this transaction as a distressed exchange because the lenders would likely receive less than par." CONFLUENCE ENERGY: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of Confluence Energy, LLC, as of Sept. 4, according to a court docket. About Confluence Energy Confluence Energy, LLC, manufactures wood pellet for residential and commercial heating use. Founded in 2008, the company provides multiple types of products using biomass materials for a variety of purposes. It is headquartered in Kremmling, Colorado. Confluence Energy sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 18-17090) on Aug. 14, 2018. In the petition signed by Mark Mathis, managing member, the Debtor disclosed $11,204,345 in assets and $14,949,092 in liabilities. Aaron A. Garber, Esq., at Buechler & Garber, LLC, serves as the Debtor's bankruptcy counsel. Judge Elizabeth E. Brown presides over the case. CURAE HEALTH: U.S. Trustee Forms 7-Member Committee --------------------------------------------------- Paul Randolph, Acting U.S. Trustee for Region 8, on Sept. 6 appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Curae Health, Inc., and its debtor-affiliates. The committee members are: (1) Bill Anderson MEDHOST, Inc. 6550 Carothers Parkway, Suite 160 Franklin, TN 37067 Tel: (651) 761-1841 E-mail: Bill.anderson@medhost.com (2) Bill Ray and Peggy Jennings Owens Minor 9120 Lockwood Boulevard Mechanicsville, VA 23116 Tel: (804) 723-7532 (Ray) (804) 723-7932 (Jennings) E-mail: Bill.ray@ownens-minor.com peggy.jennings@owens-minor.com (3) Jerry Carpenter Morrison Management Specialists, Inc. 4721 Morrison Drive, Suite 300 Mobile, AL 36609 Tel: (251) 461-3020 E-mail: JerryCarpenter@iammorrison.com (4) Brad Phister Cardinal Health 110, LLC Cardinal Health 200, LLC Cardinal Health 414, LLC 7000 Cardinal Place Dublin, OH 43017 Tel: (614) 553-3315 E-mail: Brad.Phister@Cardinalhealth.com (5) Eddie Sorrells Dothan Security Inc. 600 W. Adams St. Dothan, AL 36303 Tel: (334) 793-5720 E-mail: esorrells@dsisecurity.com (6) Cliff Haigler Crown Health Care Laundry Services 25 W. Cedar Street, Suite 405 Pensacula, FL 22502 Tel: (850) 972-2413 E-mail: CliffH@CrownLaundry.com (7) Bob Perkins Boston Scientific Corporation 300 Boston Scientific Way, M-71 Marborough, MA 01752 Tel: (508) 382-0256 E-mail: Robert.perkins@bsci.com Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Curae Health Curae Health is a 501(c)(3) not-for-profit health system formed to address the needs of rural healthcare. Focusing on rural community hospitals in the Southeastern US, Curae collaborates with medical staff and communities to add new services and upgrade the facilities, alleviating the need for patients to travel long distances for their healthcare needs. On Aug. 24, 2018, Curae Health, Inc., and its affiliates sought Chapter 11 protection (Bankr. M.D. Tenn. Lead Case No. 18-05665). Curae Health estimated $10 million to $50 million in total assets and $50 million to $100 million in total liabilities. The cases are assigned to Judge Charles M. Walker. The Debtors tapped Polsinelli PC as counsel; Glassratner Advisory & Capital Group LLC, as financial advisors; Egerton McAfee Armistead & Davis, P.C., as special counsel; Morgan Stanley as investment banker; and BMC Group, Inc., as claims and noticing agent. DANICA ASSOCIATES: Agreed 3rd Interim Cash Collateral Order Entered ------------------------------------------------------------------- The Hon. Mindy A. Mora of the U.S. Bankruptcy Court for the Southern District of Florida has entered an Agreed Third Interim Order authorizing Danica Associates, LLC, to use Valley National Bank's cash collateral through October 29, 2018. The Debtor is authorized cash collateral to pay the monthly expenses set forth in the budget and all fees required by the United States Trustee and Clerk of the Court. The Debtor will operate strictly in accordance with the Budget and will not exceed 10% above the amount of any line item shown in the Budget. Valley National Bank will have a first priority post-petition security interest in, and lien upon, all of the Debtor's personal property, and all cash and non-cash proceeds thereof, which are or have been acquired, generated or received by the Debtor after the filing of the petition commencing this case, to the same extent that Valley National Bank held a properly perfected prepetition security interest or lien in assets immediately prior to the filing of the petition commencing this case. As additional adequate protection for the Debtor's use of cash collateral, the Debtor will deliver, on the first day of each month, to Valley National Bank, through its counsel, monthly payments in the amount of $3,100. As additional adequate protection for the Debtor's use of cash collateral, the Debtor will promptly furnish Valley National Bank with such financial and other information as required by the underlying loan documents and such other information, documents and reports as Valley National Bank may reasonably request. A full-text copy of the Agreed Third Interim Order is available at: http://bankrupt.com/misc/flsb18-12476-42.pdf 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. DISASTERS STRATEGIES: Second Interim Cash Collateral Order Entered ------------------------------------------------------------------ The Hon. Karen K. Specie of the U.S. Bankruptcy Court for the Northern District of Florida has signed a second interim order authorizing Disasters, Strategies and Ideas Group, LLC to use cash collateral through Nov. 30, 2018 on an interim and limited basis. The Debtor is authorized to use Hancock Whitney Bank's cash collateral to pay the monthly expenses in the budget and all fees required by the United States Trustee and Clerk of the Court. The Debtor will operate strictly in accordance with the Budget and will not exceed 10% above the amount of any line item shown in the Budget. Hancock Whitney Bank will have a first priority post-petition security interest in, and lien upon, all of the Debtor's personal property, and all cash and non-cash proceeds thereof, which are or have been acquired, generated or received by the Debtor after the filing of the petition commencing this case, to the same extent that Hancock Whitney Bank held a properly perfected prepetition security interest or lien in assets immediately prior to the filing of the petition commencing Debtor's case. On the first day of each month, the Debtor will, deliver to Hancock Whitney Bank, monthly payments in the amount of $5,627 (for loan #3183) and $2,373 (for loan #3188), totaling $8,000. This amount will be paid after normal and necessary business expenses and United States Trustee fees. As additional adequate protection for the Debtor's use of cash collateral, the Debtor will (i) maintain insurance coverage for its business operations and real and personal property in accordance with its obligations under the loan and security documents with Hancock Whitney Bank; (ii) promptly furnish Hancock Whitney Bank with such financial and other information as required by the underlying loan documents and such other information, documents and reports as the Bank may reasonably request. A copy of the Second Interim Order is available at http://bankrupt.com/misc/flnb18-40375-54.pdf About Disasters, Strategies and Ideas Group Disasters, Strategies and Ideas Group, LLC -- http://www.dsideas.com/-- is an emergency management and homeland security services consulting firm. DSI was established by former North Carolina and Florida Emergency Management Director Joe Myers in 2003 to provide emergency management services to state, local and federal agencies. Headquartered in Tallahassee, Florida, DSI serves Florida and the Southeast with a team of professionals that is expert in all aspects of homeland security and emergency management, with its primary focus being disaster recovery grant management services. Disasters, Strategies and Ideas Group filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 18-40375) on July 17, 2018. In the petition signed by Joseph Myers, vice president, the Debtor estimated less than $50,000 in assets and $1 million to $10 million in liabilities. The case is assigned to Judge Karen K. Specie. Bruner Wright, P.A., is the Debtor's counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case. DL REAL ESTATE: Seeks Dec. 10 Plan Filing Period Extension ---------------------------------------------------------- DL Real Estate Holdings LLC requests the United States Bankruptcy Court for the Southern District of Florida to extend (i) the exclusive period within which only the Debtor may propose a plan and within which only the Debtor may solicit acceptances to its plan through Dec. 10, 2018, (ii) the deadline to file a plan and disclosure statement or commence monthly interest payments through Dec. 10, 2018, and (iii) Debtor's period to solicit acceptances through Feb. 8, 2019. Pursuant to the July 12, 2018 Order, the Court has set the deadline for filing a plan and disclosure Statement for Oct. 9, 2018 and the deadline for soliciting acceptances of the plan for Dec. 10, 2018. Pursuant to 11 U.S.C Section 362(d)(3) single asset real estate debtors have 90 days from the date of filing to wit: Sept. 9, 2018 to file a plan or commence monthly payments to Palm Bay Partners Holdings, LLC. The Debtor tells the Court that it is in the process of marketing its principal asset for sale. Therefore, the Debtor requires additional time to file a plan. The Debtor expects the plan to be a plan of liquidation, whereby the real property will be sold and all proceeds will be distributed according to the priority scheme of the Code. About DL Real Estate DL Real Estate Holdings LLC is a real estate lessor that owns in fee simple a real property located at 4700 Dixie Highway NE Palm Bay, FL 32905, having an appraised value of $4.7 million. DL Real Estate Holdings filed a voluntary petition under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-16992) on June 11, 2018. In the petition signed by Lee Stein, manager, the Debtor disclosed $4.82 million in total assets and $2.88 million in total liabilities. Judge Erik P. Kimball is the case judge. Aaron A. Wernick, Esq., at Furr & Cohen, is the Debtor's counsel. SVN Moecker Realty Auctions and SVN Commercial Realty will serve as the broker and auctioneer. DON FRAME TRUCKING: Taps J.R. Militello as Real Estate Broker ------------------------------------------------------------- Don Frame Trucking, Inc., seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire a real estate broker. The Debtor proposes to employ J.R. Militello Realty, Inc., to sell its real property located at 5485 Route 5, Fredonia, New York. The property will be listed for $1.25 million. J.R. Militello will receive a 5% commission if it sells the property; a 6% commission if a co-broker is involved in the sale; and a 4% commission if the property is sold to A Sams Farms but only if the company is not represented by a broker. J.R. Militello is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: James R. Militello J.R. Militello Realty, Inc. 268 Main Street, Suite 301 Buffalo, NY 14202 Phone: 716-856-2872 Email: militello@militello.com About Don Frame Trucking Don Frame Trucking, Inc., is a trucking company in Fredonia, New York specializing in the transport of dry bulk commodities, construction and hazardous materials. Don Frame Trucking filed a Chapter 11 petition (Bankr. W.D.N.Y. Case No. 18-11147) on June 13, 2018. In the petition signed by John D. Frame, vice president/treasurer, the Debtor estimated $1 million to $10 million in assets and liabilities. The Hon. Carl L. Bucki presides over the case. Gross Shuman P.C., led by Robert J. Feldman, serves as bankruptcy counsel to the Debtor. Woods Oviatt Gilman LLP, is the special counsel. DRW SERVICES: Taps Quantum Global as Insurance Claim Appraiser -------------------------------------------------------------- DRW Services, Inc., seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire an insurance claim appraiser. The Debtor proposes to employ Quantum Global Advisors, LLC to appraise its claim for damage as a result of the fire that destroyed its premises. Steve Dimakos, principal of Quantum, disclosed in a court filing that he and other principals and employees of the firm are "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Steve Dimakos Quantum Global Advisors, LLC 445 North LaSalle Street Chicago IL, 60654 Phone: 312.467.9111 Email: Sdimakos@quantumglobaladvisors.com Email: info@quantumglobaladvisors.com About DRW Services DRW Services, Inc., filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ill. Case No. 18-18995) on July 5, 2018. The DRW Services case is jointly administered with the case of RLG & Son's, LLC (Case No. 18-bk-18998). DRW estimated under $50,000 in assets and $1 million to $10 million in liabilities. The Debtors hired Crane Simon Clar & Dan as bankruptcy counsel; Schoenberg Finkel Newman & Rosenberg, LLC as special counsel; and Scott R. Wheaton & Associates as special real estate counsel. DTV INC: U.S. Trustee Forms 3-Member Committee ---------------------------------------------- Daniel M. McDermott, U.S. Trustee for Region 9, on Sept. 4 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of DTV Inc. The committee members are: (1) EXACT COMMERCE USA, INC./LEGACY BILLIARDS c/o Christian Gould (Temporary Chairperson) 851 Progress Road Collierville, TN 38017 Tel: (901) 316-1323 Fax: (901) 854-1504 (2) McDERMOTT CUE MFG c/o Greg Knight N84W13660 Leon Road Menomonee Falls WI 53051 Tel: (262) 251-4090 Fax: (262) 251-9290 (3) TREASURE GARDEN INC. c/o Jocelyn G. Chavez 13401 Brooks Drive Baldwin Park CA 91706 Tel: (626) 814-0168 ext. 1198 Fax: (626) 338-6513 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About DTV Inc. Operating for 55 years, DTV Inc. is a retail store with one location, in Mayfield Heights, doing business as Danny Vegh's Home Entertainment, selling pool tables, ping-pong tables, and furniture, among other things. DTV Inc. filed a Chapter 11 bankruptcy petition (Bankr. E.D. Ohio Case No. 18-14052) on July 8, 2018. The Debtor hired Dahl Law LLC as counsel. EXCO RESOURCES: Taps Arcadi Jackson as Special Litigation Counsel ----------------------------------------------------------------- EXCO Resources, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Arcadi Jackson, LLP as special litigation counsel. Arcadi will represent EXCO Resources and its two affiliates in a lawsuit they filed against Chesapeake Energy Marketing, LLC and Chesapeake Energy Corp. (Civil Action No. 3:17CV-1516-N) in the U.S. District Court for the Northern District of Texas. The firm will also help EXCO get a flare permit from the Texas Railroad Commission. The firm will charge these hourly rates: T. Gregory Jackson $585 Ann Marie Arcadi $585 Aaron Christian $450 T. Gregory Jackson, Esq., a partner at Arcadi, disclosed in a court filing that his firm does not represent any interest adverse to the Debtors and their estates. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Jackson disclosed that his firm has not agreed to a variation of its standard billing arrangements; and that no Arcadi professional has varied his rate based on the geographic location of the Debtors' cases. Mr. Jackson also disclosed that the firm's rates have remained the same since its founding in August, which is less time than the 12 months preceding the filing of the Debtors' bankruptcy petition. The Debtors have approved the use of legal professionals and strategy in the litigation and that Arcadi is developing a budget and staffing plan that will be presented for approval by the Debtors, according to Mr. Jackson. The firm can be reached through: T. Gregory Jackson, Esq. Arcadi Jackson, LLP 2911 Turtle Creek Blvd., Suite 450 Dallas, TX 75219 Telephone: (214) 865-6458 Facsimile: (214) 865-6522 Email: greg.jackson@arcadijackson.com About EXCO Resources EXCO Resources, Inc. (otc pink:XCOO) -- http://www.excoresources.com/-- is an oil and natural gas exploration, exploitation, acquisition, development and production company headquartered in Dallas, Texas, with principal operations in Texas, North Louisiana and the Appalachia region. EXCO's headquarters are located at 12377 Merit Drive, Suite 1700, Dallas, Texas. EXCO Resources, Inc., and 14 of its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 18-30155) on Jan. 15, 2018. EXCO disclosed total assets of $829.1 million and total debt of $1.355 billion as of Sept. 30, 2017. The Debtors' cases have been assigned to the Honorable Marvin Isgur. The Debtors tapped Gardere Wynee Sewell LLP, and Kirkland & Ellis LLP, as bankruptcy counsel; PJT Partners LP as financial advisor; Alvarez & Marsal North America, LLC, as restructuring advisor; and Epiq Bankruptcy Solutions, LLC, as claims agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee is represented by lawyers at Jackson Walker LLP and Brown Rudnick LLP. Intrepid Partners LLC and Jefferies LLC serve as the committee's investment bankers. FORASTERO INC: Seeks Nov. 19 Solicitation Period Extension ---------------------------------------------------------- Forastero, Inc. requests the U.S. Bankruptcy Court for the Southern District of Florida to extend the Exclusivity Period for solicitation of acceptances of its Chapter 11 Plan by 60 days through and including Nov. 19, 2018. The Debtor filed its Chapter 11 Plan and Disclosure Statement on June 21, 2018 and has filed its Amended Chapter 11 Plan and Disclosure Statement on July 31. The deadline to solicit acceptances of the Chapter 11 Plan is September 19. The Debtor is in the process of negotiating plan treatment with creditors while attempting to sell the real property to pay its creditors. This process is still ongoing as the Debtor is attempting to finalize agreements that will provide for an acceptable plan to its creditors. Thus, the Debtor seeks this extension in order to provide for time to solicit acceptances for its Chapter 11 Plan. About Forastero, Inc. Forastero, Inc., listed its business as a single asset real estate as defined in 11 U.S.C. Section 101(51B). Based in Coral Gables, Florida, Forastero filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 18-13397) on March 23, 2018. In the petition signed by Marie C. Vallejo, authorized representative, the Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. The case is assigned to Judge Robert A Mark. Richard R. Robles, Esq., and Nicholas G. Rosoletti, Esq., at the law firm Richard R. Robles, PA, serve as the Debtor's counsel. Reiner & Reiner, P.A., is the special counsel. The Law Firm of Tinelli Fernandez represents the Debtor in the collection of a property damage insurance claim relating to damage suffered in Hurricane Irma. FOSTER ENTERPRISES: Judge Approves Cash Collateral Stipulation -------------------------------------------------------------- The Hon. Scott C. Clarkson of the U.S. Bankruptcy Court for the Central District of California has approved the Stipulation between Foster Enterprises and Howard and Anna Foster, on the one hand, and United States of America, on behalf of its agency, the Internal Revenue Service, and Allstar Financial Services, Inc., on the other hand, which authorizes the Debtors' use of cash collateral. The Debtors are authorized to use cash collateral from Aug. 1, 2018 through and including Sept. 30, 2018 with respect to the Stipulating Lienholders pursuant to and in accordance with the budgets attached to the Stipulation in all respects, including, without limitation, the weekly expenditures set forth in each line item thereof. The Debtors, however, will be permitted to (1) carry over any amounts not expended for a particular line item in any week to succeeding weeks, (2) expend up to 15% more than the amounts set forth in a particular line item for a specific week in such week, and (3) expend over 15% more than the amounts set forth in a particular line item for a specific week in such week so long as the aggregate expenditures during the period covered by the Order do not exceed the total shown on the Budgets for such period by more than 15%. Allstar and the IRS will each receive a replacement lien against the Debtors' assets, retroactive to the petition date, with such replacement liens to have the same extent, validity, scope, and priority as the prepetition liens held by these secured parties. As adequate protection for any post-petition diminution in value of secured creditors' interests in cash collateral, the Debtors will grant additional replacement liens to the Stipulating Lienholders (1) to the same extent, validity, and priority of the Stipulating Lienholders' respective prepetition liens, (2) to the extent of any Diminution in Value, and (3) to the extent of the Debtors’ use of Cash Collateral, in all property and assets of the Debtors and all proceeds, rents, or profits thereof, including any after-acquired property of any nature whatsoever. A full-text copy of the Order is available at http://bankrupt.com/misc/cacb17-15749-329.pdf About Foster Enterprises Foster Enterprises is a trucking company in Ontario, California. The principal business address of the Debtor is 13610 S. Archibald Avenue, Ontario, San Bernardino County, California. Foster Enterprises sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 17-15749) on July 10, 2017. In the petition signed by Jeffery Foster, general partner, the Debtor estimated assets and liabilities at $1 million to $10 million. The case is jointly administered with the Chapter 11 case of Howard Dean and Anna Mae Foster (Bankr. C.D. Cal. Case No. 17-15915) filed on July 10, 2017. Ms. Foster is also a general partner in Debtor. The cases are assigned to Judge Scott C. Clarkson. The Fosters are represented by Dean G. Rallis, Jr., Esq., at Angin, Flewelling, Rasmussen, Campbell & Trytten LLP. MGR Real Estate, Inc., serves as the real estate broker to the Debtor. GIBSON BRANDS: Reaches Global Settlement, Files Amended Plan ------------------------------------------------------------ Gibson Brands Inc., on Sept. 6, 2018, disclosed that all of the major stakeholders in the Company's Chapter 11 cases have reached a global settlement with respect to the Company's plan of reorganization, which settlement has been embodied in a newly filed amended plan. "With the Global Settlement in place, Gibson is on track to complete its restructuring and continue on its journey of crafting the highest quality of musical instruments known worldwide," said Henry Juszkiewicz, Chairman and Chief Executive Officer of Gibson Brands. "It is because of the united efforts of all of our stakeholders and their commitment to seek resolution that we expect Gibson can emerge from Chapter 11 during the fourth quarter of this year as a stronger company, focused on its core musical instruments business with essentially no debt." The Plan has been amended to provide the following, as summarized: -- Agreements by the Company, Ad Hoc Committee of Secured Notes and the Supporting Principals Henry Juszkiewicz and David Berryman with respect to adjustments to the Restructuring Support Agreement to facilitate improved recoveries for unsecured creditors under the amended plan; -- Commitments by GSO Capital Partners LP (GSO), Koninklijke Philips N.V. (Philips), and the Committee to support confirmation of the amended plan; -- Suspension of discovery and litigation over the plan and certain asserted claims; -- Settlement of threatened litigation against GSO, the Supporting Principals, and others; -- Agreed allowance and plan treatment for GSO's and Philips' claims against the Company. Jamie Baird of PJT Partners, speaking at the request of the Ad Hoc Committee of Secured Notes, said "As the future owners of Gibson Brands, we are pleased that the business has performed well throughout the restructuring. With an anticipated exit from bankruptcy less than one month away, Gibson is poised for growth on strong consumer demand, significant available liquidity, and a debt free balance sheet at emergence. We look forward to working with the Company's customers, employees, suppliers, vendors, and other partners as Gibson gets back to its roots and its next chapter begins." When the amended Plan is confirmed and goes effective, Mr. Juszkiewicz will step down from his position as CEO and assume the role of consultant to the Company. Effective Sept. 6, Brian Fox of Alvarez and Marsal, who has been working with Gibson since August 2017 and has served as Chief Restructuring Officer, will oversee Gibson's daily operations in his role as CRO until a CEO successor is appointed, while Mr. Juszkiewicz takes some time off before starting his consulting role. Commenting on his transition from CEO to a consultant, Mr. Juszkiewicz said, "I have been honored to lead such a dynamic company in an industry near and dear to my heart. I am excited about a great future for Gibson and its loyal employees, customers and partners." The Company will be sending new ballots to and extend the voting deadline for holders of claims in Classes 6 and 8 only. Additional information is available by calling Gibson's Restructuring Hotline, toll-free in the U.S. at 1-844-240-1258. For calls originating outside the U.S., please dial 1-929-477-8085. E-mail inquiries can be sent to gibsoninfo@primeclerk.com. Copies of the plan and disclosure statement materials and other court filings and documents related to the court proceedings are available on a separate website administered by Gibson's claims agent, Prime Clerk, at https://cases.primeclerk.com/gibson About Gibson Brands Founded in 1894 and headquartered in Nashville, Tennessee, Gibson Brands, Inc. -- http://www.gibson.com/-- and its subsidiaries design and manufacture guitars and other fretted instruments. Gibson's brands include the Les Paul, SG, Flying V, Explorer, J-45, Hummingbird, and ES-335, among others. Gibson Brands, Inc. and 11 affiliates commenced Chapter 11 cases (Bankr. D. Del. Lead Case No. 18-11025) on May 1, 2018. In the petition signed by CEO Henry E. Juszkiewicz, Gibson Brands estimated $100 million to $500 million in assets and liabilities. The Hon. Christopher S. Sontchi presides over the cases. The Debtors tapped Goodwin Procter LLP as their lead counsel; Pepper Hamilton LLP as Delaware and conflicts counsel; Alvarez & Marsal North America, LLC as restructuring advisor; Brian J. Fox, managing director of Alvarez & Marsal North America LLC, as chief restructuring officer; Jefferies LLC as investment banker; and Prime Clerk LLC as claims and noticing agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is providing legal counsel, and PJT Partners is the financial advisor, to the ad hoc group of unaffiliated noteholders that is supporting the Debtors' restructuring. The Office of the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors on May 9, 2018. The Committee tapped Lowenstein Sandler LLP as its legal counsel; and FTI Consulting serves as financial advisor. GO LAWN: Plan Outline OK'd; Oct. 4 Evidentiary Confirmation Hearing ------------------------------------------------------------------- Bankruptcy Judge Cynthia C. Jackson issued an order approving the disclosure statement of Go Lawn Inc., dba Greater Outdoors Lawn Care. The Court will conduct an evidentiary confirmation hearing on Oct. 4, 2018, at 02:45 PM in Courtroom 6D, 6th Floor, George C. Young Courthouse, 400 West Washington Street, Orlando, FL 32801. Creditors and other parties in interest must file their written acceptances or rejections of the plan (ballots) no later than seven days before the date of the Confirmation Hearing. Any party desiring to object to confirmation shall file its objection no later than seven days before the date of the Confirmation Hearing. About Go Lawn Inc. Based in Orlando, Florida, Go Lawn Inc. -- http://www.golawns.com/ -- provides lawn-care maintenance services. Go Lawn Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 17-04697) on July 17, 2017. In the petition signed by Howard Schwartz, president, the Debtor estimated assets of less than $1 million and liabilities of $1 million to $10 million. Judge Roberta A. Colton presides over the case. Lanigan & Lanigan, PL, is the Debtor's bankruptcy counsel. An official committee of unsecured creditors has not been appointed in the Chapter 11 case. GOVERNMENT OF GUAM: S&P Affirms 'BB-' Rating on GO Bonds -------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' long-term rating on the Government of Guam's (GovGuam) general obligation (GO) bonds and its 'B+' long-term rating on GovGuam's series 2010A certificates of participation (COPs; John F. Kennedy High School Project) and 2014 lease revenue bonds (Guam Facilities Foundation Inc. Project). At the same time, S&P affirmed its 'B+' long-term rating on Guam Education Financing Foundation's (GEFF) $13.3 million series 2016B COPs issued on behalf of GovGuam. At the same time, S&P Global Ratings removed the ratings from CreditWatch, where they had been placed with negative implications on March 5, 2018. The outlook is stable. "The removal of the ratings from CreditWatch reflects our view of GovGuam's improved general fund cash flow and estimated financial results for fiscal 2018 as a result of a fiscal realignment plan as well as its success in balancing its fiscal 2019 budget," said S&P Global Ratings credit analyst Paul Dyson. "Because of various revenue raising measures in place as well as expenditure reductions implemented, we view Guam's credit profile as having increased stability, with improving economic conditions and activity providing additional support," Mr. Dyson added. S&P said, "The ratings reflect our view of such factors as GovGuam's history of general fund imbalances, extremely large unassigned general fund balance deficit, extremely high debt burden, and lack of designated "rainy day" reserves and thin monthly available free cash. "The stable outlook reflects our anticipation that, during the next two years, the government will exercise fiscal discipline and control spending it deems necessary to better align revenue with expenditures and improve cash flow, especially given a reduced revenue outlook, rising debt service requirements, and uncertain revenue growth." GRAND VIEW FINANCIAL: Plan Filing Period Extended to Dec. 12 ------------------------------------------------------------ The Hon. Robert Kwan of the U.S. Bankruptcy Court for the Central District of California, at the behest of Grand View Financial LLC, has extended the exclusivity periods for the Debtor to file a plan and obtain acceptance thereof from Aug. 15, 2018 and Oct. 11, 2018, respectively, to Dec. 12, 2018 and Feb. 8, 2019, respectively. The Troubled Company Reporter has previously reported that the Debtor sought exclusivity extension to allow it to proceed with its litigation and certain property sales, and ascertain the success of such litigation and property sales which will eventually fund a plan from the funds that may be realized from the sale of properties. The Debtor filed the instant Chapter 11 bankruptcy case in order to, inter alia, (1) address and resolve various claims against the Debtor, including, but not limited to the Alleged Secured Claims, (2) where necessary, invalidate purported pre-Petition Date foreclosures on the Foreclosure Properties and/or avoid alleged transfers pursuant to purported pre-Petition Date foreclosures on the Foreclosure Properties and recover title to the Foreclosed Properties, (3) facilitate the sale of the Debtor's Properties free and clear of all liens, claims, and interests, and (4) propose and confirm a Chapter 11 plan of reorganization. While the Debtor disputes the enforceability and validity of the Alleged Secured Claims and Alleged Liens forming the purported basis for the foreclosures on the Foreclosure Properties and/or the standing of the parties effectuating the foreclosures and, therefore, the validity of the purported foreclosures on the Foreclosure Properties, the Debtor has decided to somewhat alter its original bankruptcy and exit strategy. Accordingly, the Debtor has decided to reject 22 of the 28 all of the Purchase Agreements relating to Foreclosed Properties, to stop seeking recovery on such Foreclosed Properties, and to instead focus on selling the 16 Properties that are non-Foreclosed Properties and continuing to litigate Adversary Proceedings and Claim Objections related to six of the Foreclosed Properties. The Debtor intended to sell such non-Foreclosed Properties free and clear of liens, claims, encumbrances, and interests (with certain exceptions), with such liens, claims, encumbrances, and interests attaching to the proceeds of sale. Once non-Foreclosed Properties are sold, to the extent a consensual resolution cannot be reached regarding the disposition of sale proceeds as among the Debtor and any holders of Alleged Secured Claims and Alleged Secured Liens (and possibly any Former Owners), the Debtor will litigate, in contested Claim Objections or Adversary Proceedings, with the holders of Alleged Secured Claims and Alleged Secured Liens (and possibly any Former Owners) pertaining to the non-Foreclosed Properties, to determine their claims and, therefore, the appropriate distribution of the proceeds from the sale of the subject non-foreclosed Property. While the Debtor has been pursuing sales on some the properties, there have been delays in getting sales approved and closed due the need for evidentiary hearings regarding certain requirements to sell free and clear, the need to obtain turnover of certain Properties to obtain access for marketing and transfer upon close of escrow (which turnovers the Debtor is pursuing), and the need to allow contingency and inspection periods to close in regard to other Properties. Further, in some instances, the Debtor needed to eliminate claims allegedly secured by a subject property and related deeds of trust allegedly securing the claims, or have alleged secured claims estimated, before the Debtor can proceed to sale. The Debtor said that it has initiated and will continue to initiate actions to clear such claims and deeds of trust. About Grand View Financial Formed in 2015, Grand View Financial LLC is a Wyoming limited liability company, which is in the business of acquiring distressed real property. Grand View Financial sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 17-20125) on Aug. 17, 2017. In the petition signed by Steve Rogers, its managing member, the Debtor disclosed $29.88 million in assets and $39.71 million in liabilities. Judge Julia W. Brand presides over the case. Levene, Neale, Bender, Yoo & Brill LLP serves as the Debtor's legal counsel. GRIZZLY ACQUISITIONS: Moody's Gives B3 CFR, Rates $1B Term Loan Ba3 ------------------------------------------------------------------- Moody's Investors Service assigned Grizzly Acquisitions LP a Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating and a Ba3 rating to the proposed first lien senior secured US$1 billion term loan. The rating outlook is stable. This is the first time Moody's has rated Grizzly. The rating is contingent upon the closing of the provincially-regulated assets. In the first step to acquire assets from Enbridge Inc. (Baa3 stable), Grizzly will use the proceeds of the proposed term loan to partially-fund the purchase of the provincially-regulated assets. In the second step, the federally-regulated assets will be acquired when the federal regulator approves the acquisition, which is expected to be at a date later than provincial approval. Assignments: Issuer: Grizzly Acquisitions LP Probability of Default Rating, Assigned Ba3-PD Corporate Family Rating, Assigned Ba3 Senior Secured Bank Credit Facility, Assigned Ba3 (LGD3) Outlook Actions: Outlook, Assigned Stable RATINGS RATIONALE Grizzly's credit profile (CFR Ba3) is supported by 1) take-or-pay contracts that contribute to over two-thirds of revenue in 2019 and 2020 with the balance of revenue tied to variable fees; 2) strong counterparties under its take-or-pay contracted volumes and a diverse customer base; 3) extensive natural gas pipeline and processing footprint across the central and northern Montney and Horn River; and 4) differentiating sour gas processing capacity. Grizzly is constrained by its 1) high leverage, with 5.5x debt to EBITDA in 2019 and 2020; 2) about one-third of revenue exposed to natural gas volumes: roughly one-third of the well inventory in Grizzly's operating area have strong economics that may attract capital under the currently low natural prices; 3) no stand-alone operating or financial history but current employee base working the assets will move to Grizzly; 4) high exposure to one regional commodity price (AECO) and to one commodity (natural gas). Grizzly's liquidity is adequate. Pro forma for the close of the assets, Moody's expects no cash and an undrawn C$400 million revolver due 2021. Moody's expects about C$170 million of negative free cash flow in 2019 that will be funded under the revolver. Grizzly will be in compliance with its two financial covenant through this period. Grizzly has limited alternate sources of liquidity as it has pledged all of its assets to the secured lenders under the term loans and revolver. Under Moody's Loss Given Default (LGD) Methodology, the US$1 billion term loan B is rated Ba3, the same as the CFR, as all debt is pari-passu, with first lien security. The stable outlook reflects its expectation that EBITDA and leverage will remain steady. The ratings could be upgraded if EBITDA is maintained around C$400 million and debt to EBITDA is below 5x (5.5x expected in 2019). The ratings could be downgraded if EBITDA consistently declines (from both provincially and federally-regulated assets, or if the federally-regulated assets does not close, then just from the provincially-regulated assets), or if debt to EBITDA is above 6.5x (5.5x expected in 2019). The principal methodology used in these ratings was Midstream Energy published in May 2017. Grizzly Acquisitions LP is a Calgary, Alberta-based privately owned natural gas transportation and processing business that operates in northeastern British Columbia and west central Alberta. GRIZZLY ACQUISITIONS: S&P Assigns 'BB+' ICR, Outlook Stable ----------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term issuer credit rating to Grizzly Acquisitions L.P. and Grizzly Operations L.P. (collectively, Grizzly). At the same time, S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Grizzly Acquisitions' proposed term loan B. The '3' recovery rating reflects S&P's expectation of average (50%-70%; rounded estimate 65%) recovery in a default scenario. The outlook is stable. Grizzly was formed to acquire some Canadian natural gas transportation and processing assets from Enbridge Inc. and its subsidiaries. S&P said, "The stable outlook reflects our view that throughput will not decline after the take-or-pay contracts expire and the projects under construction will be complete on time and on budget. We also expect that the transition to the new management team will be seamless and operational costs will not increase, because BIP and Enbridge have signed an agreement to ensure all necessary operating and corporate services are available from Enbridge to the Grizzly assets for about 30 months to maintain operational continuity. In our base-case scenario, we expect adjusted debt-to-EBITDA of 4.5x-5.0x in 2019 and 2020. We also expect that the approval of the federally regulated assets' sale will occur by mid-2019. "We could consider lowering the ratings if we expect sustained adjusted debt-to-EBITDA to stay above 5.5x, which would likely occur from lower-than-expected volumes or delays in the projects under construction. It could also result from higher-than-expected operational and maintenance costs, which could be caused by a disruption in operations as the company transitions to new management. We could also lower the ratings if we expect the federally regulated assets' sale approval to be significantly delayed beyond mid-2019, because our financial risk and business assessments will be weaker based only on the provincial assets. "We could raise the ratings if we project Grizzly deleverages ahead of our base-case forecast, such that adjusted debt-to-EBITDA is projected to stay below 4x. This could occur from higher-than-expected volumes and lower operating costs resulting from increased drilling in the region and BIP realizing higher synergies than anticipated. We could also consider an upgrade if the company maintains its percentage of take-or-pay contracts with creditworthy counterparties and if we see an increase in the scale and scope of operations." GULF COAST MEDICAL: Exclusive Filing Period Extended Until Nov. 23 ------------------------------------------------------------------ The Hon. Caryl E. Delano of the U.S. Bankruptcy Court for the Middle District of Florida, at the behest of Gulf Coast Medical Park, LLC, has extended through and including Nov. 23, 2018 the Debtor's Exclusive Filing Period and through and including Jan. 22, 2019, the Debtor's Exclusive Solicitation Period. About Gulf Coast Medical Park Gulf Coast Medical Park LLC, based in Punta Gorda, FL, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 18-02446) on March 28, 2018. In the petition signed by Magnus Karlstedt, managing member, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Hon. Caryl E. Delano presides over the case. Michael R. Dal Lago, Esq., at Dal Lago Law, serves as bankruptcy counsel to the Debtor. Holmes Fraser, P.A., is the special litigation counsel; and Webb, Lorah & McMillan, PLLC, CPAs, is the accountant. HARBORSIDE ASSOCIATES: 8th Interim Cash Collateral Order Entered ---------------------------------------------------------------- The Hon. Julie A. Manning of the U.S. Bankruptcy Court for the District of Connecticut has entered an eighth interim order authorizing Harborside Associates, LLC, to use any cash collateral, including rental proceeds, in accordance with the budget. As of the Petition Date, Sioux, LLC, alleges a first priority secured claim against certain real property owned by the Debtor and located at 946 Ferry Boulevard, Stratford, Connecticut, including the rents arising therefrom. The Debtor believes that there are multiple other liens covering the Property which are subsequent in right to the Mortgage including a lien allegedly held by Bal Harbour LLC, as assignee of The Salce Companies, LLC. Harbour filed an objection to the Debtor's use of cash collateral. The Court, however, finds that it is in the best interest of the estate, Sioux, Harbour, and all other creditors and parties-in-interest, and it is necessary to avoid irreparable harm to the Debtor and its estate, that the preliminary use by the Debtor of cash collateral on the terms and conditions set forth in the Eighth Interim Order be approved. Thus, in exchange for the preliminary use of cash collateral by the Debtor, Sioux, LLC is granted replacement and/or substitute liens in post-petition cash collateral, and such replacement liens will have the same validity, extent, and priority that Sioux possessed such liens on the Petition Date. The liens of Sioux, LLC and any replacement thereof pursuant to the Eighth Interim Order, and any priority to which Sioux, LLC may be entitled or become entitled under Section 507(b) of the Bankruptcy Code, will be subject and subordinate to a carve-out of such liens for amounts payable by the Debtor under Section 1930(a)(6) of Title 28 of the United States Code. A further hearing on the continued use of cash collateral has been scheduled for September 4, 2018 at 10:00 a.m. A copy of the Sixth Interim Order is available for free at: http://bankrupt.com/misc/ctb17-50749-142.pdf About Harborside Associates Harborside Associates, LLC, a single asset real estate as defined in 11 U.S.C. Section 101(51B), owns real property located at 946 Ferry Boulevard, Stratford, Connecticut. Harborside Associates first sought bankruptcy protection (Bankr. D. Conn. Case No. 11-50738) on April 12, 2017. Harborside Associates filed a Chapter 11 petition (Bankr. D. Conn. Case No. 17-50749) on June 28, 2017. In the petition signed by Luciano Coletta, duly authorized member of Hermanos, LLC, the Debtor estimated $1 million to $10 million in assets and liabilities. Judge Julie A. Manning presides over the case. Douglas S. Skalka, Esq., at Neubert Pepe & Monteith, P.C., serves as bankruptcy counsel to the Debtor. HERMAN M. & AMANDA: Proposed Plan Not Feasible, PCB Complains ------------------------------------------------------------- Creditor Putnam County Bank filed an objection to Herman M. & Amanda K. Warner, LLC's combined disclosure statement and plan of reorganization dated July 25, 2018. PCB holds liens on eight parcels of real property owned by Herman M. & Amanda K. Warner, LLC. PCB contends that the Debtor's plan is not feasible, not in the best interest of creditors, and is not proposed in good faith. The Debtor's sole source of income is from rents. The Operating Reports state that rents received in March 2018 and April 2018 are $400, while rents received in May 2018 are $1,000. With income this low, the Debtor cannot maintain properties, pay insurance and taxes and make payments to PCB, even if Debtor is successful in cramming down values of the property. In addition, failing to pay PCB, the Debtor is not paying the ad valorem real property taxes on the properties. PCB paid the 2016 real estate taxes for most of the properties and paid some 2014 real property taxes. The 2017 and 2018 property taxes are outstanding for the properties. 2016 property taxes are owed on a few properties. The Debtor is not maintaining the properties. Some of the properties have condemned notices on them, another is reported to have mold and another has been damaged by fire. The Debtor has not responded to PCB's request for information as to the date of the fire and whether an insurance claim has been filed. Further, the Debtor's valuation of the properties in the Schedules is for the most part much higher than the value in the Plan. It is assumed that the Debtor adopted the values PCB used for the properties in its Stay Relief Motion. PCB assigned liquidation values to the properties based upon drive-by assessments. The Plan should use market values of the properties since the Debtor seeks to retain the properties. Should the Plan be confirmed, it is foreseeable that the Debtor will continue to let the properties deteriorate and will fail to pay pre-confirmation and post-confirmation property taxes. PCB's position will worsen dramatically. PCB also objects to treatment of all of its claims in the Plan. Because the Debtor seeks to retain the properties, the secured claims of PCB should be based upon market value and not liquidation value. A full-text copy of PCB's Objection is available at: http://bankrupt.com/misc/wvsb3-17-30439-75.pdf Counsel for Putnam County Bank: Janet Smith Holbrook, Esq. Dinsmore & Shohl LLP Huntington, WV 25701 Tel: (304) 691-8330 Fax: (304) 522-4312 Email: janet.holbrook@dinsmore.com About Herman M. & Amanda K Warner Herman M. & Amanda K Warner, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 17-30439) on Sept. 28, 2017. Judge Frank W. Volk presides over the case. Turner & Johns, LLC, is the Debtor's counsel. HILLMAN GROUP: Moody's Affirms B3 CFR & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Investors Service changed the ratings outlook for The Hillman Group Inc. to negative from stable. Moody's also affirmed the company's existing ratings, including the B3 Corporate Family Rating and B3-PD Probability of Default Rating. The rating actions follows company's announcement that it has entered into a definitive agreement to acquire Big Time Products, LLC, for approximately $345 million. The company will issue a $365 million term loan B add-on, proceeds from which will be utilized to fund the acquisition of BTP, as well as associated transaction fees and expenses and cash to balance sheet. "The negative outlook reflects Hillman's aggressive acquisition strategy, resulting in a significant increase in debt and interest burden," said Vladimir Ronin, Moody's lead analyst for the company. "While the acquisition of Big Time Products will add scale and broaden Hillman's product offering, it will also increase leverage and constrain the company's free cash flow over the next year, which will be limited by the significant interest burden along with ongoing elevated capital expenditures," added Ronin. Additionally, the acquisition of BTP adds meaningful execution risk to fully realize the significant earnings and margin enhancement Hillman plans to achieve from acquisitions and other operating initiatives. Hillman will have to simultaneously integrate two of the largest deals in its history, following the recent acquisition of MinuteKey, Inc. The following ratings of The Hillman Group Inc. were affirmed: Corporate Family Rating at B3 Probability of Default Rating at B3-PD Gtd First lien senior secured term loan (including proposed upsize) due 2025 at B2 (LGD3) Gtd First lien senior secured delayed draw term loan due 2025 at B2 (LGD3) Senior unsecured notes due 2022 at Caa2 (LGD5) Speculative Grade Liquidity Rating at SGL-2 The ratings outlook was changed to negative from stable. RATINGS RATIONALE Hillman's B3 CFR reflects its very high debt leverage, aggressive financial policies and a history of a debt-funded acquisition strategy. Risks associated with private equity ownership and potential shareholder-friendly actions that could be detrimental to lenders also increase credit risk. At the same time, the rating is supported by the stable demand for Hillman's products as a result of their replenishment nature and low price points, and thus stable revenues with only modest cyclicality. The company also has a track record of successful integration of acquisitions, a demonstrated ability to modestly de-lever through EBITDA growth, long-standing relationships with well-recognized retailers and good geographic diversification within the US and Canada. The credit profile is also supported by the improvement in operating margins that Moody's expects will be sustained, along with modest positive projected free cash flow generation. Over the next 12-18 months, Moody's expects Hillman's revenues to grow in the low single-digits, and operating margins to modestly benefit from various cost initiatives, and pricing actions. These factors will allow debt to EBITDA leverage to decline from an above 8x range (pro forma for recent acquisitions) to high 7x range. A downgrade may occur if the company is unable to realize sufficient targeted earnings and margin enhancements from the acquisitions and operating initiatives to reduce debt to EBITDA sustainably below 8.0x, or if EBITA to interest coverage declines below 1.0x. Persistently weak operating margins or free cash flow generation, liquidity deterioration or a material debt-financed acquisition would also pressure the ratings. Ratings could be upgraded if the company demonstrates a commitment to more conservative financial policies and achieves solid revenue growth and margin gains that improve free cash flow, credit metrics and liquidity. Quantitatively, an upgrade would require adjusted debt to EBITDA sustained below 6.0x, EBITA to interest coverage above 2.0x, and free cash flow to debt over 5%. The principal methodology used in these ratings was Consumer Durables Industry published in April 2017. The Hillman Group Inc. headquartered in Cincinnati, OH, is a product and services provider in the hardware and home improvement industry. The company sells hardware including fasteners, rods, keys, tags and signs to retailers in the United States, Canada, Mexico, Latin America, and the Caribbean, and provides related services, including installing and maintaining key duplication and engraving machines. As of June 2014, Hillman is majority-owned by CCMP Capital Advisors with Oak Hill Capital Partners holding a minority interest ownership of approximately 17%. In the last twelve months ended June 30, 2018, the company generated approximately $1.1 billion in revenues (pro forma for recent acquisitions). HOOPER HOLMES: U.S. Trustee Forms 3-Member Committee ---------------------------------------------------- William K. Harrington, U.S. Trustee for Region 2, on Sept. 6 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Hooper Holmes, Inc. The committee members are: (1) MinuteClinic, L.L.C. Attn: Anne Lightfoot, Senior Director CVS Health 200 Highland Corporate Drive Cumberland, RI 02864 Tel: (401) 770-5321 (2) Moore Medical Attn: Ben Carlsen, Counsel, Credit & Bankruptcy 1564 Northeast Expressway Atlanta, GA 30329 Tel: (404) 461-4232 (3) ND Data Group of RI d/b/a New Directions Attn: Tom Anderson, President 1459 Stuart Engals Boulevard, Suite 303 Mt. Pleasant, SC 29464 Tel: (401) 300-5870 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor’s business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Hooper Holmes Headquartered in Olathe, Kansas, Hooper Holmes, Inc., provides comprehensive health and well-being programs offered through organizations' sponsorship. Hooper Holmes, founded in 1899, is a publicly-traded New York corporation (OTXQX: HPHW). In 2015, Hooper Holmes acquired substantially all of the assets of Accountable Health Solutions, Inc. In 2017, Hooper Holmes merged with Provant Health Solutions, LLC. Hooper Holmes, Inc., and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-23302) on Aug. 27, 2018. Hooper Holmes reported total assets of $30,232,000 and total debt of $46,839,000 as of June 30, 2018. The Hon. Robert D. Drain is the case judge. Foley & Lardner LLP, led by Richard J. Bernard, John P. Melko, Jill Nicholson, and Geoff Goodman, serves as counsel to the Debtors. The Debtors also tapped Halperin Battaglia Benzija, LLP, as their conflicts counsel; Spencer Fane LLP as securities counsel; Phoenix Management Services as financial advisor; Raymond James & Associates, Inc., as investment banker; and Epiq Corporate Restructuring, LLC, as claims agent. HOSPITALITY INTEGRATED: Seeks OK on Cash Collateral Stipulation --------------------------------------------------------------- Hospitality Integrated Services, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Arizona of its Stipulation with Deck Capital, Inc., regarding the use of cash collateral and adequate protection. On Deck entered into a business loan with Debtor with a current amount of $89,489, which is secured superior to other creditors for a continuing security interest in and to any and all collateral. The Parties acknowledge and believe that it is necessary to allow Debtor to use Secured Assets, including all cash and other cash collateral, in order to preserve and operate Debtor's business. The Parties have reached an arrangement whereby On Deck consents to the continued use of the Secured Assets, including any cash collateral, with the understanding that there is adequate protection provided for. Pursuant to the Stipulation, the Debtor may use the Cash Collateral and the Secured Assets for the preservation and operation of its business during the Chapter 11 Bankruptcy proceedings, and to pay Debtor's reasonable, necessary and ordinary costs and expenses incurred in operating its business without further order of the Court or approval by On Deck. On Deck also approves payments to the U.S. Trustee for quarterly fees and professional fees following approval by the Court. The obligations under the Loan Agreement will be as follows: (a) Beginning August 15, 2018, the Debtor will make a payment of $1,420 per week, with payment to be made each Wednesday thereafter until the loan balance is paid in full (approximately 63 payments). (b) The Terms of the Agreement will be incorporated into any Plan of Reorganization as to the terms and conditions. The Debtor will grant On Deck valid, enforceable, and perfected replacement liens on and in, any and all of Debtor's rights, title and interest in and to all of its property and interests in property. The liens and security interest granted to On Deck in the Post-Petition Collateral will have the same seniority and be entitled to the same level of priority of its liens against Debtor's property, which existed on the Petition Date. On Deck's Pre-Petition security interests and liens in the Pre-Petition Collateral will remain duly perfected, enforceable, unavoidable and effective as of the Petition Date without delivery, filing or recordation of any financing statements, instruments or other documents after the Petition Date. A full-text copy of the Debtor's Motion is available at http://bankrupt.com/misc/azb18-08776-9.pdf About Hospitality Integrated Services Hospitality Integrated Services, Inc., filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 18-08776) on July 24, 2018. In the petition signed by Daniel Taft, Sr., president and CEO, the Debtor estimated assets and liabilities of at least $50,000. The Debtor is represented by Douglas B. Price, Esq. of the Law Offices of Douglas B. Price, P.C. INTEGER HOLDINGS: S&P Raises ICR to 'B+', Outlook Stable -------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Plano, Texas-based Integer Holdings Corp. to 'B+' from 'B'. The outlook is stable. S&P said, "In addition, we affirmed our 'B+' issue-level rating on Integer's subsidiary Greatbatch Ltd.'s senior secured debt and revised the recovery rating to '3' from '2'. The '3' recovery rating indicates our expectation for meaningful (50% to 70%; rounded estimate: 60%) recovery in the event of a payment default. At the same time, we withdrew our 'CCC+' rating on the company's unsecured debt, which was repaid with asset sale proceeds." The upgrade follows the completion of Integer's AS&O product line sale and subsequent debt repayment from asset sale proceeds, reducing leverage to about 4.5x from 6.3x in 2017. Following the divestiture, S&P expects the company to continue prioritizing debt repayment over acquisitions, share repurchases, or dividends and for debt leverage to remain between 4x and 5x over the next two years. Integer's allocation of free cash flow for debt repayment over the last year and its public commitment to further reduce debt levels over the coming year support S&P's expectations. The stable rating outlook reflects S&P's expectation for Integer to maintain relatively stable EBITDA margins of about 21%, generate good free cash flow of at least bout $100 million in 2018 per year, and operate with adjusted debt leverage between 4x and 5x. METRO PALISADES: Seeks Access to Western Highland Reserves ---------------------------------------------------------- Metro Palisades, LLC, seeks authorization from the U.S. Bankruptcy Court for the Eastern District of California to allow use of the Western Highland reserves effective immediately, through October of 2018 to complete construction of the first unit and other three units thereafter. Construction has been halted for several months as a result of the action by Western Highland precipitating the present bankruptcy. Currently Western Highland (construction lender) has $365,000 remaining in the control fund. The Debtor wishes to resume construction so that the four units can be completed and sold within the 2018 selling season. The Debtor anticipates that this approach will result in 100% payment to all creditors by mid-October of 2018 and will be detailed more thoroughly in Debtors Plan of Reorganization, which is anticipated to be filed no later than the end of August 2018. The Plan is a "bootstrap plan" in that Western Highland presently has sufficient reserves to pay for completion of the first unit, which will be sold and the profits used for completion of the second unit and so forth until all four units are completed. While the lender advances would increase the funds actually disbursed, they would not increase Debtors current obligation of $1,555,000 as memorialized in the Deed of Trust. The plan is to complete the first unit which will cost $300,000 and sell at $700,000 leaving $661,000 in net proceeds. The first unit is front loaded with completion of site work, landscaping and mapping fees thus relieving the final three units of the extra costs. The cost to complete the final three units is $597,000 or $199,000 each. The net proceeds from the sale of the four units will be $2,660,000, which the Debtor proposes to be disbursed as follows: Western Highland $1,561,727 Hill Flat $215,034 Huffs Heat & Air $25,272 A full-text copy of the Debtor's Motion is available at http://bankrupt.com/misc/caeb18-23396-47.pdf About Metro Palisades Metro Palisades, LLC, is a privately held company that owns in fee simple a real property located at 10352 Palisades, Drive Truckee, CA 96161. Metro Palisades filed a Chapter 11 petition (Bankr. E.D. Cal. Case No. 18-23396) on May 31, 2018, disclosing liabilities of $2 million. The Hon. Robert S. Bardwil is the case judge. Richard A. Hall, Esq., at Bottomline Lawyers, in Auburn, California, serves as the Debtor's counsel. NATIONAL VISION: Moody's Hikes CFR & Sr. Sec. Ratings to Ba3 ------------------------------------------------------------ Moody's Investors Service upgraded its ratings for National Vision, Inc., including the company's Corporate Family Rating ("CFR", to Ba3 from B1), Probability of Default Rating (to Ba3-PD from B1-PD), and senior secured bank credit facility ratings (to Ba3 from B1). The SGL-2 Speculative Grade Liquidity rating was affirmed. The ratings outlook was changed to stable from positive. "National Vision's consistent earnings growth has led to further deleveraging following last year's IPO," said Moody's analyst Raya Sokolyanska. "Following the recent reduction in financial sponsor ownership below a controlling interest level, we expect that National Vision will maintain more balanced and conservative financial policies, and that key credit metrics will continue to improve as earnings grow further," added Sokolyanska. Moody's took the following rating actions for National Vision, Inc.: Corporate Family Rating, upgraded to Ba3 from B1 Probability of Default Rating, upgraded to Ba3-PD from B1-PD $100 million senior secured revolving credit facility due 2022, upgraded to Ba3 (LGD3) from B1 (LGD3) $570 million senior secured term loan due 2024, upgraded to Ba3 (LGD3) from B1 (LGD3) Speculative Grade Liquidity Rating, affirmed SGL-2 Outlook, changed to Stable from Positive RATINGS RATIONALE The Ba3 CFR reflects the stable consumer demand in the optical retail industry, National Vision's effective execution of its low-cost business model, and its track record of consistent comparable sales growth. The company has achieved low-double-digit revenue and earnings growth rates over the past several years, driven mainly by mid-single-digit average same-store sales increases and new store openings. Moody's expects that earnings growth will moderate but remain solid, resulting in debt/EBITDA declining below 4 times and EBITA/interest expense increasing above 2 times in the next 12-18 months. The rating also incorporates Moody's expectation that National Vision will maintain good liquidity and balanced financial policies following the reduction in ownership stake by its financial sponsors. At the same time, the rating incorporates National Vision's small scale compared to other rated retailers, its customer concentration with Wal-Mart, and the high degree of competition in the optical retail segment. Moody's expects that growing e-commerce penetration in the sector will increase pricing pressure and investment needs, leading to slower earnings growth. The stable rating outlook reflects Moody's expectations for high-single digit revenue and earnings growth, and maintenance of good liquidity and balanced financial policies over the next 12-18 months. The ratings could be downgraded if operating performance or liquidity weakens, or if the company engages in debt-funded acquisitions or shareholder distributions. Quantitatively, the ratings could be downgraded if debt/EBITDA is sustained above 4.5 times and EBITA/interest expense declines below 1.75 times. The ratings could be upgraded if revenue and earnings growth continue and the company demonstrates financial policies that sustain debt/EBITDA below 3 times and EBITA/interest expense above 3 times. An upgrade would also require an expectation for continued good liquidity. The principal methodology used in these ratings was Retail Industry published in May 2018. National Vision, Inc., headquartered in Duluth, Georgia, is a US optical retailer with a focus on low price-point eyeglasses and contacts. As of June 30, 2018, the company operated 1,050 locations, including its own retail chains of America's Best Contacts and Eyeglasses and Eyeglass World, as well as at host stores including Wal-Mart, Fred Meyer and US Military Bases. The company also sells contact lenses online. Revenues for the LTM period ended June 2018 were approximately $1.5 billion. NORDAM GROUP: Court OKs $45M DIP Financing, Cash Collateral Use --------------------------------------------------------------- BankruptcyData.com reported that the Court hearing the NORDAM Group case has approved on a final basis the Debtors' request to (i) enter into a superpriority senior secured revolving credit facility (the "DIP Financing”) in an aggregate principal amount of up to $45 million and (ii) use of prepetition cash collateral. The Court had previously authorized the Debtors' access to $25 million in interim DIP financing. BankruptcyData relayed that the interest rate is at the option of the Borrower, at one of the following rates: (i) the Alternate Base Rate + 3.00% per annum or (ii) the Adjusted LIBOR for a one-month interest period + 5.50% per annum; default interest is at 2.0% above the applicable rate. About The Nordam Group Founded in 1969 on family values with multiple, strategically-located operations and customer support facilities around the world, Tulsa-based NORDAM is a leading independently owned aerospace company. The firm designs, certifies and manufactures integrated propulsion systems, nacelles and thrust reversers for business jets; builds composite aircraft structures, interior shells, custom cabinetry and radomes; and manufactures aircraft transparencies, such as cabin windows, wing-tip lens assemblies and flight deck windows. NORDAM also is a major third-party provider of maintenance, repair and overhaul services to the military, commercial airline and air freight markets. The NORDAM Group, Inc. and certain of its affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 18-11699) on July 22, 2018. In the petition signed by CRO John C. DiDonato, The NORDAM Group estimated assets of $500 million to $1 billion and liabilities of $100 million to $500 million. The Debtors tapped Weil Gotshal & Manges LLP and Richards, Layton & Finger, P.A., as counsel; Huron Consulting, LLC as financial advisor; Guggenheim Securities, LLC as investment banker; and Epiq Corporate Restructuring, LLC, as the claims and noticing agent. NORDAM GROUP: Court OKs Agreements Critical to Gulfstream Deal -------------------------------------------------------------- BankruptcyData.com reported that the Court hearing The NORDAM Group case approved (i) the Debtors' interim postpetition financing arrangements with Gulfstream Aerospace Corporation ("GAC”) and (ii) related IP licensing arrangements. BankruptcyData relayed that "The Debtors have reached an agreement with GAC providing for GAC's acquisition of the Debtors' interest in the Program contemplated by the Nacelle Purchase Agreement in exchange for, among other things, GAC's undertaking to assume approximately $18 million of third party vendor and contract counterparty liabilities and a series of mutual releases terminating all disputes otherwise arising as between the Debtors, P&W, and GAC with respect to the Program. By this Motion, the Debtors seek approval for a related Interim Funding Agreement which is an integral component of that resolution which will permit the Debtors to resolve the single-largest issue in these chapter 11 cases on highly favorable terms for all stakeholders. The global resolution provided by these agreements contemplates a three-step process starting with the Debtors' requested approval of their proposed Interim Funding Agreement and related Interim IP License Agreement, including: (a) first, subject to the Court's approval of the relief requested by this Motion, an immediate restart of the Program, and a grant from NORDAM to GAC of an interim intellectual property license; (b) second, subject to the Court's approval of the Settlement Motion, a sale of the Program assets from NORDAM to GAC and entry into related agreements including a sublease for certain shared facilities, a shared services agreement, and a permanent intellectual property license agreement; and (c) third, upon consummation of their sale of the Program assets to GAC, mutual releases by GAC and P&W, and the Debtors, including with respect to any claims arising under the Nacelle Purchase Agreement." A hearing to consider the motion was scheduled for September 26, 2018. About The Nordam Group Founded in 1969 on family values with multiple, strategically-located operations and customer support facilities around the world, Tulsa-based NORDAM is a leading independently owned aerospace company. The firm designs, certifies and manufactures integrated propulsion systems, nacelles and thrust reversers for business jets; builds composite aircraft structures, interior shells, custom cabinetry and radomes; and manufactures aircraft transparencies, such as cabin windows, wing-tip lens assemblies and flight deck windows. NORDAM also is a major third-party provider of maintenance, repair and overhaul services to the military, commercial airline and air freight markets. The NORDAM Group, Inc. and certain of its affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 18-11699) on July 22, 2018. In the petition signed by CRO John C. DiDonato, The NORDAM Group estimated assets of $500 million to $1 billion and liabilities of $100 million to $500 million. The Debtors tapped Weil Gotshal & Manges LLP and Richards, Layton & Finger, P.A., as counsel; Huron Consulting, LLC as financial advisor; Guggenheim Securities, LLC as investment banker; and Epiq Corporate Restructuring, LLC, as the claims and noticing agent. NORDAM GROUP: DIP Credit Deal Amended to Include Pratt Resolution ----------------------------------------------------------------- BankruptcyData.com reported that the Court hearing the NORDAM Group case authorized the Debtors to (i) amend postpetition financing arrangements ("the DIP Credit Agreement”) and (ii) make certain fee payments thereunder [Docket No. 278]. The Debtors had argued that the amendments were necessary to facilitate the "Global Resolution"with Gulfstream Aerospace Corporation that resolves disputed claims arising under a purchase agreement for airplane parts between the Debtors and Pratt & Whitney Canada Distribution USA. To enable the Global Resolution, JPMorgan Chase Bank, as administrative and collateral agent on behalf of the Debtors' prepetition and postpetition secured lenders, has agreed to release the secured lenders' liens on the property affected by the Global Resolution and waive certain requirements under the DIP Credit Agreement. The amendment notes that in exchange for the release, "...the Debtors have agreed to provide the Secured Lenders with the following consideration: the DIP Lenders will receive amendment fees of $1,125,000 (the 'Amendment Fees'), with $450,000 payable upon September 6, 2018 (the 'Amendment Effective Date') and $675,000 payable upon consummation of the Sale; as additional adequate protection for the Prepetition Lenders, as of the Amendment Effective Date, the Debtors will agree to amend their existing DIP Credit Agreement to provide that the Debtors shall be prohibited from filing or otherwise supporting a chapter 11 plan that will "cram up"the secured obligations of the Prepetition Lenders (the 'Prepetition Obligations') pursuant to section 1129(b) of the Bankruptcy Code (the 'Anti-Cram Up Provision')." About The Nordam Group Founded in 1969 on family values with multiple, strategically-located operations and customer support facilities around the world, Tulsa-based NORDAM is a leading independently owned aerospace company. The firm designs, certifies and manufactures integrated propulsion systems, nacelles and thrust reversers for business jets; builds composite aircraft structures, interior shells, custom cabinetry and radomes; and manufactures aircraft transparencies, such as cabin windows, wing-tip lens assemblies and flight deck windows. NORDAM also is a major third-party provider of maintenance, repair and overhaul services to the military, commercial airline and air freight markets. The NORDAM Group, Inc. and certain of its affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 18-11699) on July 22, 2018. In the petition signed by CRO John C. DiDonato, The NORDAM Group estimated assets of $500 million to $1 billion and liabilities of $100 million to $500 million. The Debtors tapped Weil Gotshal & Manges LLP and Richards, Layton & Finger, P.A., as counsel; Huron Consulting, LLC as financial advisor; Guggenheim Securities, LLC as investment banker; and Epiq Corporate Restructuring, LLC, as the claims and noticing agent. OPEN ROAD: September 14 Meeting Set to Form Creditors' Panel ------------------------------------------------------------ Andy Vara, Acting United States Trustee for Region 3, will hold an organizational meeting on September 14, 2018, at 10:00 a.m. in the bankruptcy case of Open Road Films, LLC. The meeting will be held at: The Doubletree Hotel 700 King Street Wilmington, DE 19801 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. About Open Road Open Road Films, LLC, together with its affiliated debtors, is an independent distributor of motion pictures in the United States and licenses motion pictures in ancillary markets, principally to home entertainment, pay television, subscription and transactional video-on-demand, free television, and other non-theatrical entertainment distribution markets. Open Road Films, LLC, and its affiliates sought Chapter 11 protection (Bankr. D.Del. Lead Case No. 18-12012) on Sept. 6, 2018. Open Road reported total estimated assets of $100 million to $500 million and total estimated debt of $100 million to $500 million. Hon. Laurie Selber Silverstein is the case judge. Young Conaway Stargatt & Taylor, LLP, led by Robert F. Poppiti, Jr., Esq., Michael R. Nestor, Esq., Sean M. Beach, Esq., Ian J. Bambrick, Esq. serves as counsel to the Debtors. Klee, Tuchin, Bogdanoff & Stern LLP, led by Michael L. Tuchin, Esq., Jonathan M. Weiss, Esq., Sasha M. Gurvitz, Esq. also serves as counsel to the Debtors. FTI Consulting, Inc. acts as restructuring advisors and Donlin Recano & Company is claims and noticing agent to the Debtors. PACIFIC DRILLING: Subsidiary Intends to Offer $700M Senior Notes ---------------------------------------------------------------- Pacific Drilling S.A. on Sept. 6, 2018, disclosed that a special purpose wholly owned subsidiary (the "Escrow Issuer") of the Company intends to offer $700 million aggregate principal amount of senior secured first lien notes that mature five years following their issuance, subject to market conditions. The offering will be exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The notes are being offered in connection with the restructuring of Pacific Drilling as part of the First Amended Joint Plan of Reorganization filed with the U.S. Bankruptcy Court for the Southern District of New York on August 31, 2018 (the "Plan"). The net proceeds of the offering will be funded into an escrow account (the "Escrow Account") established and maintained by the Escrow Issuer. If Pacific Drilling's proposed Plan is confirmed and certain other conditions are satisfied on or before December 22, 2018 (the date on which such conditions are satisfied, the "Escrow Release Date"), the Escrow Issuer will merge with and into Pacific Drilling and Pacific Drilling will become the obligor under the notes. On the Escrow Release Date, the notes will be jointly and severally and fully and unconditionally guaranteed on a senior secured basis by each of Pacific Drilling's restricted subsidiaries (subject to certain exceptions) and will be secured on a first-priority basis by substantially all of Pacific Drilling's assets (subject to certain exceptions). Prior to the Escrow Release Date, the notes will be general obligations of the Escrow Issuer, secured only by a lien on the Escrow Account. On the Escrow Release Date, the net proceeds from the offering will be released from the Escrow Account to fund a portion of the payments to creditors provided for under the Plan. The notes and related guarantees will be offered only to qualified institutional buyers under Rule 144A of the Securities Act, and to non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act. The notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. About Pacific Drilling Pacific Drilling S.A. (OTC: PACDQ) a Luxembourg public limited liability company (societe anonyme), operates an international offshore drilling business that specializes in ultra-deepwater and complex well construction services. Pacific Drilling -- http://www.pacificdrilling.com/-- owns seven high-specification floating rigs: the Pacific Bora, the Pacific Mistral, the Pacific Scirocco, the Pacific Santa Ana, the Pacific Khamsin, the Pacific Sharav and the Pacific Meltem. All drillships are of the latest generations, delivered between 2010 and 2014, with a combined historical acquisition cost exceeding $5.0 billion. The average useful life of a drillship exceeds 25 years. On Nov. 12, 2017, Pacific Drilling S.A. and 21 affiliates each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-13193). The cases are pending before the Honorable Michael E. Wiles and are jointly administered. Pacific Drilling disclosed $5.46 billion in assets and $3.18 billion in liabilities as of Sept. 30, 2017. The Debtors tapped Sullivan & Cromwell LLP as bankruptcy counsel but was later replaced by Togut, Segal & Segal LLP; Evercore Partners International LLP as investment banker; AlixPartners, LLP, as restructuring advisor; Alvarez & Marsal Taxand, LLC as executive compensation and benefits consultant; Ince & Co LLP and Jones Walker LLP as special counsel; and Prime Clerk LLC as claims and noticing agent. The RCF Agent tapped Shearman & Sterling LLP, as counsel, and PJT Partners LP, as financial advisor. The ad hoc group of RCF Lenders engaged White & Case LLP as counsel. The SSCF Agent tapped Milbank Tweed, Hadley & McCloy LLP, as counsel, and Moelis & Company LLC, as financial advisor. The Ad Hoc Group of Various Holders of the Ship Group C Debt, 2020 Notes and Term Loan B tapped Paul, Weiss, Rifkind, Wharton & Garrison, in New York as counsel. PARKER BUILDING: Taps Simbro & Stanley as Counsel ------------------------------------------------- The Parker Building, LLC sought and obtained approval from the United States Bankruptcy Court for the District of Arizona to employ Simbro & Stanley, PLC as counsel to the Debtor. The Debtor needs the firm to provide legal services regarding: (a) plan confirmation and the formulation of a plan of reorganization; (b) selection and coordination of various experts that may be necessary to aid the Debtor in the Chapter 11 process; and (c) other activities as may be necessary or appropriate to safeguard the rights of the Debtor the estate generally. The Firm attests that it does not have any connection with the Debtor, any creditors or any other parties in interest, or their respective attorneys or accountants. In accordance with Bankruptcy Code Sections 327 and 328, the Firm does not represent any other entity in this case which has any adverse interest; and the Firm will not represent any entity during its representation of the Debtor. Simbro & Stanley, PLC can be reached at: Edwin B. Stanley, Esq. SIMBRO & STANLEY, PLC 8767 East Via de Commercio Suite #103 Scottsdale, AZ 85258-3374 Tel: (480) 607-0780 E-mail: bstanley@simbroandstanley.com About The Parker Building, LLC The Parker Building, LLC listed its business as Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). The Parker Building, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. AZ. Case No. 18-08370) on July 16, 2018. In the petition signed by Marc Parker, managing member, the Debtor disclosed between $1 million to $10 million in assets and $1 million to $10 million in liabilities. Edwin B. Stanley, Esq. at Simbro & Stanley, PLC serves as the Debtors' counsel. PEPPERELL MILLS: Third Interim Cash Collateral Order Entered ------------------------------------------------------------ The Hon. Joan N. Feeney of the U.S. Bankruptcy Court for the District of Massachusetts authorized Pepperell Mills Limited Partnership's use of cash collateral solely to pay its ordinary and necessary expenses as set forth on the Budget and subject to the terms and conditions of the Third Interim Order. Prior to Petition Date, the Debtor and MassDevelopment New Markets CDE #1, LLC, entered into certain loan arrangements. As of the Petition Date, the Debtor is liable to Massachusetts Development Finance Agency, successor by assignment to MassDevelopment New Markets CDE #1 ("Agency") for prepetition indebtedness an outstanding total amount of $3,247,744. The claim is secured by a valid, perfected, and unavoidable first priority security interest in the collateral and will constitute an allowed secured claim to the extent provided for under the Bankruptcy Code. In consideration of and as adequate protection for any diminution in the value of the Agency's cash and non-cash collateral: (a) The Agency is granted a security interest to the extent of any diminution in the value of Agency's cash and non-cash collateral in all of the Debtor's post-petition assets. The postpetition grant of the security interest will be supplemental of, and in addition to, the security interest, which the Agency possesses pursuant to the Loan Documents. Notwithstanding anything contained in the Second Interim Order, the Post-Petition Collateral will not include any cause of action or proceeds thereof recovered pursuant to Chapter 5 of the Bankruptcy Code. (b) The Debtor will maintain all necessary insurance, and obtain such additional insurance in an amount as is appropriate for the business in which the Debtor is engaged, naming the Agency as loss payee, additional insured and mortgagee with respect thereto. The Debtor will provide the Agency with proof of all such coverage, as well as prompt notification of any change in such coverage which may occur hereafter. (c) The Agency will have the right to inspect the Collateral and the Mortgaged Property, as well as the Debtor's books and records during normal business hours. (d) The Debtor will maintain the Collateral in good condition and will not permit waste to occur with respect to the Collateral. (e) The Debtor will pay any and all taxes, municipal charges, or other amounts accruing upon or with respect to the Collateral from and after the Petition Date if such amount, if unpaid, would have priority over the Agency's security interest in the Collateral under applicable law. (f) The Debtor will furnish to the Agency such financial and other information as the Agency will reasonable request. The Debtor's right to use its assets, sell its inventory and use the Agency's cash and non-cash collateral will terminate upon the earliest of: (i) Sept. 6, 2018; (ii) the Debtor's failure to maintain all necessary insurance; and (iii) upon the occurrence of any of following Termination Event: (a) The material breach by the Debtor of any of the terms, conditions or covenants of the First Interim Order or the Third Interim Order; (b) The filing of an objection to the Agency's Claim or the filing by the Debtor of a complaint against the Agency concerning the Pre-Petition Indebtedness in the Bankruptcy Court; (c) The appointment of a Trustee for the Debtor pursuant to Section 1104 of the Bankruptcy Code; (d) The conversion of the Debtor's case to a case under Chapter 7 of the Bankruptcy Code; (e) The dismissal of the Debtor's Case; (f) The appointment of an examiner with any of the powers of a Trustee for the Debtor; (g) The Debtor files a motion requesting authority to grant a third party a security interest or lien upon all or any part of the Property of the Debtor that has a priority which is senior to, or equal with, the Agency's liens; or (h) The allowance of a Motion for Relief from the Automatic Stay allowing a creditor of the Debtor to foreclosure upon any material asset of the Debtor. If the Debtor intends to seek authority for use of cash collateral beyond Sept. 6, the Debtor must file a new motion for the use of cash collateral and accompanying budget. The Debtor is required to file a reconciliation of actual income and expenses to projections for the period of Aug. 1 through Aug. 31, 2018 by Sept. 4, 2018 at 4:30 p.m. Objections to the Debtor's new cash collateral motion are due by Sept. 5, with a hearing on that motion and the further use of cash collateral to be held on Sept. 6, 2018 at 11:30 a.m. A copy of the Third Interim Order is available at http://bankrupt.com/misc/mab18-11804-67.pdf About Pepperell Mills Pepperell Mills Limited Partnership, based in Fall River, Massachusetts, filed for Chapter 11 bankruptcy (Bankr. D. Mass. Case No. 18-11804) on May 15, 2018. The Debtor estimated $1 million to $10 million in assets and liabilities. The petition was signed by Christine Laudon, president of Pepperell Mills Associates, general partner. Judge Joan N. Feeney presides over the case. John M. McAuliffe, Esq., at John McAuliffe & Associates, P.C., serves as counsel to the Debtor. PEPPERTREE LAND: Seeks Approval on Cash Collateral Deal Amendment ----------------------------------------------------------------- Peppertree Park Villages 9&10, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of California of the Amendment to its Stipulation with Farmers and Merchants Bank of Long Beach, a CA Corp ("FM Bank") authorizing Peppertree Park to continue to use funds that constitute cash collateral in accordance with the budget on the same terms previously approved in the Stipulation. Peppertree Park is seeking authorization to continue to use Cash Collateral for working capital and other general purposes in the ordinary course of its business, including payment of expenses associated with the planning and development of the Property (located in the urban town center of Fallbrook, California) and a portion of legal fees incurred in the chapter 11 cases in accordance with the terms of the Stipulation, the Amendment, and the Budget. Farmers and Merchants Bank provided a loan to Peppertree Park in the amount of $1,750,000 at an initial interest rate of 6.75% per annum. To secure the Prepetition Obligations and pursuant to the Prepetition Loan Documents, Peppertree Park granted to FM Bank security interests in and liens on the following collateral: (i) an interest reserve deposit account held at FM Bank described in an Assignment of Deposit Account; (ii) a deposit account held at FM Bank ending in 42856 ("Primary Account"); and (iii) the Property. The Prepetition Loan is guaranteed by: PLC, Northern Capital, and Duane Urquhart. As of the Petition Date, the principal amount outstanding under the Prepetition Loan Documents was $1,750,000. Peppertree Park continues to stipulate that FM Bank has a valid, duly perfected, and unavoidable first priority security interests in, and first priority lien upon, the collateral. Peppertree Park will continue to grant replacement liens to FM Bank on all proceeds of the cash collateral that were subject to the Prepetition Liens, to secure an amount of the Prepetition Obligations equal to the aggregate diminution in the Collateral occurring from and after the Petition Date, including without limitation, such diminution resulting from use of cash collateral. To the extent that the aggregate diminution in value of FM Bank's interest in the collateral from and after the Petition Date reduces the value of the Adequate Protection Liens below the outstanding balance of the Prepetition Obligations, then FM Bank will continue to be granted, to the extent of the net decrease, superpriority claims under Bankruptcy Code section 507(b), and the Superpriority Claim will have priority in payment over any and all administrative expense claims of any kind under the Bankruptcy Code. The Stipulation also provides for the payment of post-Petition Date interest. FM Bank is entitled to collect such interest from the Interest Account on a current basis. A full-text copy of the Cash Collateral Motion is available at http://bankrupt.com/misc/casb17-05137-345.pdf About Peppertree Park Villages Headquartered in Bonsall, California, Peppertree Park Villages 9&10, LLC, listed its business as a single asset real estate (as defined in 11 U.S.C. Section 101(51B)), whose principal assets are located at 1654 S. Mission Rd, Fallbrook, California. Peppertree Park is an affiliate of Northern Capital, Inc., which sought bankruptcy protection on Aug. 13, 2017 (Bankr. S.D. Cal. Case No. 17-04845). Peppertree Park Villages 9&10, LLC (Bankr. S.D. Cal. Case No. 17-05137) and affiliate Peppertree Land Company (Bankr. S.D. Cal. Case No. 17-05135) each filed for Chapter 11 bankruptcy protection on Aug. 28, 2017. The petitions were signed by Duane Urquhart as managing general partner, who also sought bankruptcy protection on Aug. 13, 2017 (Bankr. S.D. Cal. Case No. 17-04846). Peppertree Land and Peppertree Park each estimated their assets and liabilities at between $1 million and $10 million. Marwill Hogan, Esq., at Foley & Lardner, LLP, serves as the Debtors' bankruptcy counsel. PETES CHICKEN: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of Petes Chicken N More, Inc., as of Sept. 5, according to a court docket. Corpus Christi, Texas-based Petes Chicken N More, Inc., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 18-20350) on Aug. 6, 2018, estimating its assets and liabilities at up to $50,000 each. William Arthur Whittle, Esq., at The Whittle Law Firm, PLLC, serves as the Debtor's bankruptcy counsel. PH BEAUTY: S&P Assigns 'B-' Issuer Credit Rating, Outlook Positive ------------------------------------------------------------------ S&P Global Ratings assigned its 'B-' issuer credit rating to U.S.-based pH Beauty Holdings I Inc., the parent company, and pH Beauty Holdings III Inc., the proposed borrower and major operating entity. The outlook is positive. S&P said, "At the same time, we assigned a 'B-' issue-level and '3' recovery rating to the company's proposed $25 million senior secured first-lien revolving credit facility due 2023 and $260 million senior secured first-lien term loan facility due 2025. The '3' recovery rating indicates our expectation for meaningful (50%-70%, rounded estimate: 65%) recovery in the event of a payment default. "We also assigned a 'CCC' issue-level and '6' recovery rating to the company's proposed $100 million senior secured second-lien term loan facility due 2026. The '6' recovery rating indicates our expectation for negligible (0%-10%, rounded estimate: 5%) recovery in the event of a 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 credit facilities along with equity contributions to fund the acquisition and repay the existing debt. Pro forma for the transaction, the company will have about $364 million of adjusted debt outstanding. S&P's ratings on pH Beauty reflect its weak credit ratios and the risk of achieving meaningful improvement in these ratios due to the company's small scale, limited brand equity, significant customer concentration, and narrow product focus in the beauty accessories and personal care industry. The company mainly sells makeup brushes, cosmetics sponges, facial masks, and bath care products under its brands Real Techniques, EcoTools, Freeman Beauty, and Body Benefits by Body Image. Although it is a leading player in the U.S. makeup brushes, cosmetics sponges, and facial masks segments, its addressable market represents less than 1% of the $130 billion global cosmetics accessories and skin care market. The company competes with many small players in the industry such as e.l.f Cosmetics, and also large players such as L'Oreal and Estee Lauder, which are better capitalized, have access to greater financial resources to fund product development and marketing, enabling them to better differentiate their products and charge price premiums. The company has high customer concentration, with its top four customers contributing over 50% of its total sales. The loss of any one of these key customers could hurt the company's operations due to its small size and high debt burden. The company has modest geographic concentration, with about 70% of sales generated in the U.S. In addition, its sourcing concentration is very high, as a majority of its products are sourced offshore. Although S&P has not considered tariffs in its base-case analysis given the uncertainties around tariffs between the U.S. and China, this remains a potential risk that could affect the company's margins. The positive outlook reflects the likelihood for an upgrade over the next 12 months if the company successfully manages the merger of the two companies and achieves meaningful deleveraging resulting from continued sales growth, expanded margins, and improved cash flow generation. S&P said, "We could raise our rating over the next 12 months if we are confident in the company's ability to reduce leverage to below 7x on a sustained basis. This will occur if it can continue to grow revenues and increase profitability in line with our forecast. This will depend upon a successful merger highlighted by expected synergy realization, cost savings, and volume growth from its distribution channels. "We could revise the outlook to stable if the company is unable to drive its planned sales growth and margin expansion, such that leverage remains above 7.5x and we do not expect it to improve. This could be due to lower-than-expected earnings resulting from integration issues, loss of a major customer, weaker-than-expected demand for its products, or severe competition in the industry that erodes its market share. Leverage could also stay high if the company pursues a sizable debt-financed acquisition or dividend distribution." PLATTE COUNTY, MO: S&P Cuts 2007 Zona Rosa Bonds Rating to 'B-' --------------------------------------------------------------- S&P Global Ratings has lowered its long-term rating 10 notches to 'B-' from 'A' on the Platte County Industrial Development Authority, Mo.'s series 2007 transportation refunding and improvement revenue bonds (Zona Rosa Retail Project), issued for Platte County under our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" published Jan. 22, 2018. S&P also placed the rating on CreditWatch with negative implications, reflecting its view that there is at least a one-in-two likelihood that it could lower the rating further within the next 90 days. "The downgrade reflects the Board of Commissioners publicly stated unwillingness to appropriate for the series 2007 Zona Rosa bonds. We became aware of the board's unwillingness to pay debt service through annual appropriations upon hearing the audio of a recent county commission meeting," said S&P Global Ratings credit analyst Blake Yocom. The Dec. 1, 2018, payment is the first year of insufficient revenues from the intended payment sources. As recently as our review in May 2018, we understood from management that the 2007 Zona Rosa bonds would be appropriated for, and in fact are appropriated for in the 2018 budget. However, the board's long-term commitment is highly questionable after the Aug. 20, 2018, meeting. "The CreditWatch placement reflects pending confirmation of whether the county commissioners will make the debt service payment on the series 2007 Zona Rosa bonds due Dec. 1, 2018. Although the payment was already appropriated in the fiscal 2018 budget, the three-commissioner board must vote to approve the payment, which they have stated they may not be willing to do," added Mr. Yocom. At the public Board of Commissioners' meeting on Aug. 20, 2018 (audio of which is available on the county's website), the commission actively discussed and verbally conveyed that the county board would stop appropriating for the series 2007 Zona Rosa bonds' debt service (due annually Dec. 1), unless they found a long-term sustainable solution that did not involve the county annually budgeting for the debt service from operating funds. We understand that the commission has consulted with bond counsel to assess the legality of non-appropriation, and in our opinion, the county is using the legality of the obligation as a key determinate in whether or not to make future payments. S&P is unaware of any clear intent or support by the board to seek appropriations. S&P said, "If we confirm management plans to stop appropriating for debt service or retract the 2018 budgeted appropriation, which would likely result in a default of the next principal and interest payment due Dec. 1, 2018, we would likely further lower the rating on the series 2007 bonds to 'CC'. We rate an issue 'CC' when we expect default to be a virtual certainty, such as when an entity has announced that it will miss its next interest or principal payment, but is still current on these payments." If management corrects course, and proactively displays a commitment to annually appropriate for the series 2007 Zona Rosa bonds through 2032 and makes the 2018 payment, the rating could see marginal, and likely incremental, improvement in the future. PRODUCT QUEST: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Affiliated companies that have filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Product Quest Manufacturing, LLC (Lead Case) 18-50946 330 Carswell Avenue Holly Hill, FL 32117 Ei LLC 18-50945 DBA Ei Acquisition LLC DBA Ei, Inc. 2865 N. Cannon Blvd. Kannapolis, NC 28083-9124 Scherer Labs International, LLC 18-50948 Product Quest Logistics, LLC 18-50950 JBTRS, L.L.C. 18-50951 PQ Real Estate LLC 18-50952 Business Description: Product Quest Manufacturing, LLC is a manufacturer of over-the-counter drugs and cosmetics, as well as some prescription drugs and animal health products. Chapter 11 Petition Date: September 7, 2018 Court: United States Bankruptcy Court Middle District of North Carolina (Winston-Salem) Judge: Hon. Lena M. James Debtors' Counsel: John A. Northen, Esq. Vicki L. Parrott, Esq. John Paul H. Cournoyer, Esq. NORTHEN BLUE LLP PO Box 2208 Chapel Hill, NC 27515 Tel: (919) 968-4441 E-mail: jan@nbfirm.com vlp@nbfirm.com jpc@nbfirm.com Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petition was signed by Michael J. Musso, CEO. A full-text copy of Product Quest's petition is available at: http://bankrupt.com/misc/ncmb18-50946.pdf A full-text copy of Ei LLC's petition is available at: http://bankrupt.com/misc/ncmb18-50945.pdf A. List of Product Quest's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Blue Sun International Trade $82,987 BOV Solutions Trade $133,062 Central Florida Box Corp Trade $107,198 Condensa Aluminum Packaging Trade $74,045 Consolidated Labels Trade $327,027 Attn: Managing Agent 2001 East Lake Mary Blvd. Sanford, FL 32773 Cosphatech Trade $162,141 Custom Ingredients Inc. Trade $148,720 EmpireEmco Inc. Trade $112,726 Essential Ingredients Trade $276,232 Attn: Managing Agent 2408 Technology Center Parkway Suite 200 Lawrenceville, GA 30043 Liquid Environmental Solutions Trade $104,375 Microbac Laboratories Inc. Trade $166,839 MJS Packaging Trade $251,966 Attn: Managing Agent 35601 Veronica Street Livonia, MI 48150 Multi Packaging Solutions Inc. Trade $217,797 Packaging Concepts Associates LLC Trade $90,436 Remedy Intelligent Staffing Temp Labor $244,028 Shanghai Blopak Company Limited Trade $80,888 Summit Packaging Systems Trade $124,688 Tricor Braun Trade $442,618 Attn: Managing Agent Lockbox Identification 638369 PO Box 638369 Cincinnati, OH Water Recovery LLC Trade $103,158 XPO - Conway Freight Inc. Freight $114,999 B. A. List of Ei LLC's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Carton Service Inc. Trade $101,340 CCL Tube Inc. Trade $114,788 CEVA Animal Health LLC Trade $778,208 Attn: Managing Agent 8735 Rosehill Road Ste 300 Lenexa, KS 66215 CEVA Sante Animale Trade $1,311,076 Attn: Managing Agent La Ballasti re BP 126-33501 Libourne Decision Path HR Temp Labor $101,769 DKSH North America Inc. Trade $118,450 Grant Industries Inc. Trade $213,742 Hazmath Transportation Trade $153,899 and Disposal Henry Pak Inc. Trade $288,956 Attn: Managing Agent PO Box 941 Simpsonville, SC 29681 Innovate Graphics Trade $268,320 Att: Managing Agent 4600 Suite H Charlotte, NC 28227 Lalilab Inc. Trade $224,884 Montebello Packaging Inc. Trade $263,496 Attn: Managing Agent PO Box 503293 St Louis, MO 63150-3293 Richards Packaging Inc. Trade $107,466 Seppic Inc. Trade $190,244 Shanghai Blopak Company Limited Trade $114,147 Spectrum Trade $192,308 Staffmasters LLC Labor $136,385 Supplyone Rockwell Inc. Trade $106,937 Tri Tech Trade $136,272 Warneke Paper Box Company Trade $389,810 Attn: Managing Agent 4500 Joliet St Denver, CO 80239 PRODUCT QUEST: Files for Chapter 11, Shuts 2 Facilities ------------------------------------------------------- Product Quest Manufacturing, LLC, filed a voluntary petition for relief on Sept. 7, 2018, under chapter 11 of the United States Code at the U.S. Bankruptcy Court for the Middle District of North Carolina. The Debtors are authorized to operate their business as debtors-in-possession under the jurisdiction of the bankruptcy court for the purpose of winding down operations at the Company, which manufactured primarily over-the-counter (OTC) drugs and cosmetics, as well as some prescription drugs and animal health products. This filing was caused by financial distress created by product quality, regulatory compliance issues and product recalls affecting the company's Daytona (FL) Facility, which ceased operations as of July 30, 2018, as well as compliance issues under remediation at the Kannapolis (NC) Facility. As problems with the Daytona Facility were uncovered and became public, the costs associated with the Kannapolis remediation efforts continued to increase and the financial condition of the Kannapolis Facility began to falter. In mid-August, the Kannapolis Facility lost multiple key customers, and the Company determined that it was not generating sufficient cash to sustain its ongoing business operations. The Company engaged in discussions with its senior secured lenders regarding potential additional financing to fund the operations at the Kannapolis Facility while the Company sought a potential buyer for that facility. However, given the deteriorating financial performance and the significant costs associated with maintaining the operation through a sale process, the lenders were unwilling to advance additional funds to the Company. As a result, the Board decided that the best course for the Company in order to maximize value for its stakeholders was to cease operations at the Kannapolis Facility, in addition to the already closed Daytona Facility, and commence chapter 11 proceedings. PROFLO INDUSTRIES: Robison Curphey Okayed as Co-Counsel ------------------------------------------------------- ProFlo Industries, Inc. sought and obtained approval from the United States Bankruptcy Court for the Northern District of Ohio, Western Division, to employ W. David Arnold and the firm of Robison, Curphey & O'Connell, LLC, as co-counsel for the Debtor. The Debtor's current bankruptcy counsel, Scott A. Ciolek of Ciolek LTD, has requested additional assistance from Robison Curphey in light of the significant issues raised in this case and the time and resources that will be required to adequately represent the Debtor throughout the balance of this case. The Court held that ProFlo is authorized to pay the attorneys on an hourly basis, plus reimbursement of reasonable expenses that the firm incur, all subject to approval of the court. The Attorneys' initial hourly rate shall be $300 for Arnold and any other parties of the law firm who are engaged on behalf of the Debtor; $225 for associates; and $150 for paralegals. Any request for adjustment of these rates must be presented to the Court at least 30 days prior to the date of the proposed adjustment. ProFlo is authorized to provide the Attorneys with a retainer of $50,000 to be deposited in their IOLTA account. ProFlo is authorized to pay the retainer in increments of $10,000 per month for the five months succeeding the entry of the Court's Order. The Debtor proposed that the retainer would be paid out in increments over a five-month period, and supported by its monthly operating reports. The Debtor said it has the capacity to pay the requested retainer. Robison Curphey disclosed it has no connections with the Debtor, its creditors, any other party in interest or their attorneys or accountants, or the U.S. Trustee or any person employed by the U.S. Trustee; does not hold or represent any interest adverse to the Debtor or its estate; and is a disinterested person as defined in Section 101(14) of the Bankruptcy Code. Robison, Curphey & O'Connell, LLC can be reached at: W. David Arnold (0038260) Robison, Curphey & O'Connell, LLC Ninth Floor, Four SeaGate Toledo, Ohio 43604 (419) 249-7900 (419) 249-7911 (facsimile) darnold@rcolaw.com About ProFlo Industries Headquartered in Alvada, Ohio, ProFlo Industries, LLC, is an Ohio Limited Liability Company engaged in the airline refueling business. The principal customers of the business are multi-national companies providing goods, services and advice in the global aviation industry. ProFlo consists of one shareholder: Terry N. Bosserman who owns 100% of the shares. ProFlo Industries filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ohio Case No. 17-33184) on Oct. 8 2017. In the petition signed by Terry N. Bosserman, president, the Debtor estimated less than $1 million in assets and less than $500,000 in liabilities. The Debtor is represented by Patricia A. Kovacs, Esq., at Robison Curphey & O'Connell, LLC, as co-counsel. No official committee of unsecured creditors has been appointed in the Debtor's case. REAGOR-DYKES MOTORS: Seeks Authority on Cash Collateral Use ----------------------------------------------------------- Reagor-Dykes Motors, LP, and its debtor-affiliates have filed with the U.S. Bankruptcy Court for the Northern District of Texas their Joint Emergency Motion for Authority to Use Cash Collateral. The Motion seeks interim use of cash collateral to pay prepetition and postpetition wages of the employees of the Debtors, as well as the normal day-to-day expenses of the Debtors' operations such as payroll, office, supplies, utilities, taxes, rents, repairs and maintenance. It also provides for the purchase of inventory as the Debtors intend to keep operations going by selling vehicles at the dealership and generating gross profits. Ford Motor Credit Company asserts a security interest in the Debtors' inventory, as well as the proceeds, products, rents, issues and profits of such inventory of the Debtors to secure the repayment of various loans. Ford holds six loans against the Debtors and each loan provides various line limits on the new and used vehicles. Additionally, Ford provides financing to the Debtors' customer when a customer purchases a vehicle from the Debtors. However, Ford ceased providing indirect lending to the Debtors and their customers. This froze the Debtors' operations, dried up their cash and forced them to seek protection of the Court to keep their doors open and operating. Ford asserts that the Debtors have defaulted under the loans on account of being out of trust by $41 million. Due to the alleged default, Ford has stopped all funding on the loans. To the extent necessary and appropriate to provide adequate protection, the Debtors suggest that they be allowed to grant Ford post-petition replacement liens in the same nature, extent and priority as they prepetition and that the Court set a hearing to consider Debtors' continued use of cash collateral and to grant adequate protection to Ford in a manner consistent with the requirements of the Bankruptcy Code. The Debtors project that its ending cash based on the cash flow projections will be $598,593. A full-text copy of the Cash Collateral Motion is available at http://bankrupt.com/misc/txnb18-50214-8.pdf About Reagor-Dykes Motors Dykes Auto Group -- https://www.reagordykesautogroup.com/ -- is a dealer of automobiles headquartered in Lubbock, Texas. The Company offers new and used vehicles, automobile parts, and other related accessories, as well as car financing, leasing, repair, and maintenance services. Some of its new vehicles include brands like Ford, Toyota, GMC, Cadillac, Chevrolet and Buick. Reagor-Dykes Motors, LP, based in Lubbock, TX, and its debtor-affiliates sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 18-50214) on Aug. 1, 2018. In its petition, the Debtors estimated $10 million to $50 million in both assets and liabilities. The petition was signed by Bart Reagor, managing member of Reagor Auto Mall I, LLC, general manager and Rick Dykes, managing member of Reagor Auto Mall I, LLC, general partner. The Hon. Robert L. Jones presides over the case. David R. Langston, Esq., at Mullin Hoard & Brown, L.L.P., serves as bankruptcy counsel. BlackBriar Advisors LLC personnel is serving as CRO for the Debtor. RED ROSE TRANS: Plan Confirmation Hearing Set for Oct. 10 --------------------------------------------------------- Bankruptcy Judge Jeffrey J. Graham finds that Red Rose Trans, Inc.'s plan of reorganization, filed August 30, 2018, provides adequate information and that a separate disclosure statement is not necessary. A hearing to consider confirmation of the plan and any objection or modification to the plan will be held on Oct. 10, 2018 at 2:30 PM in Rm. 311 US Courthouse, 46 E. Ohio St., Indianapolis, IN 46204. Any objection to the confirmation of the plan, and any ballot accepting or rejecting the plan must be filed and served on or before October 5, 2018. About Red Rose Trans Inc. Red Rose Trans, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 18-02739) on April 13, 2018. At the time of the filing, the Debtor estimated assets of less than $500,000 and liabilities of less than $1 million. Judge Jeffrey J. Graham presides over the case. RENATO'S GRILL: Seeks Dec. 4 Exclusive Plan Period Extension ------------------------------------------------------------ Renato's Grill, Inc., asks the U.S. Bankruptcy Court for the Southern District of Florida to extend the exclusive periods during which only the Debtor can file a plan of reorganization and solicit acceptance of the plan for 60 days through and including Dec. 4, 2018, and Feb. 4, 2019, respectively. The Debtor claims it is not seeking this extension to delay the administration of the case or to pressure creditors to accept an unsatisfactory plan. To the contrary, the requested extension to the Exclusive Periods will permit the Debtor to move forward in an orderly, efficient and cost-effective manner to maximize the value of the Debtor's assets. The Debtor requests extension of the exclusivity deadline so that all claims be filed prior to Debtors being required to propose a Plan of Reorganization. The deadline for creditors in this case to file proofs of claims is August 21, 2018 and the deadline for governmental claims to be filed Oct. 9, 2018. About Renato's Grill Renato's Grill, Inc., filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 18-14119) on April 9, 2018. In the petition signed by Giuseppina Maira, vice-president, the Debtor estimated assets of less than $50,000 and liabilities of less than $1 million. Craig I. Kelley, Esq., at Kelley & Fulton, PL, serves as counsel to the Debtor. RYNIC INC: Judge Signed Agreed 3rd Interim Cash Collateral Order ---------------------------------------------------------------- The Hon. Mindy A. Mora of the U.S. Bankruptcy Court for the Southern District of Florida has entered an Agreed Third Interim Order authorizing Rynic, Inc., to use Valley National Bank's cash collateral through Oct. 29, 2018. The Debtor is authorized to cash collateral to pay the monthly expenses in the budget and all fees required by the United States Trustee and Clerk of the Court. The Debtor will operate strictly in accordance with the Budget and will not exceed 10% above the amount of any line item shown in the Budget. Valley National Bank will have a first priority post-petition security interest in, and lien upon, all of the Debtor's personal property, and all cash and non-cash proceeds thereof, which are or have been acquired, generated or received by the Debtor after the filing of the petition commencing this case, to the same extent that Valley National Bank held a properly perfected prepetition security interest or lien in assets immediately prior to the filing of the petition commencing this case. Additionally, the Debtor will, on the first day of each month, deliver to Valley National Bank, though its counsel, monthly payments in the amount of $1,700 (for loan #0536) and $1,200 (for loan #8059), totaling $2,900. In addition, the Debtor is required to promptly furnish Valley National Bank with such financial and other information as required by the underlying loan documents and such other information, documents and reports as Valley National Bank may reasonably request. A full-text copy of the Agreed Third Interim Order is available at: http://bankrupt.com/misc/flsb18-12477-45.pdf About Rynic, Inc. Rynic, Inc., filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 18-12477) 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. SAMUELS JEWELERS: Seeks to Hire Berkeley Research, Appoint CROs --------------------------------------------------------------- Samuels Jewelers, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Berkeley Research Group, LLC and appoint two of its managing directors as chief restructuring officers. The firm, through its managing directors, Robert Duffy and Kyle Richter who will serve as CROs, will provide interim management and advisory services to the Debtor in connection with its Chapter 11 case. These services include assisting the Debtor in the formulation of a bankruptcy plan; negotiating with lenders and creditors; overseeing the Debtors' daily cash management activities; and developing programs to ensure the retention of key employees. BRG will be paid $85,000 per month by the Debtor for the services of the CROs. Meanwhile, the firm will be paid for the services of the additional personnel it will provide at these standard hourly rates, subject to a monthly cap of $115,000: Managing Director $850 - $995 Director $665 - $800 Professional Staff $310 - $675 Support Staff $150 - $275 Mr. Duffy disclosed in a court filing that his firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert J. Duffy Berkeley Research Group, LLC 2200 Powell Street, Suite 1200 Emeryville, CA 94608 Phone: 510.285.3300 Fax: 510.654.7857 Email: ghalm@thinkbrg.com About Samuels Jewelers Samuels Jewelers, Inc. -- http://www.samuelsjewelers.com/-- operates a chain of jewelry stores with more than 120 stores in 23 states across the United States. These stores are located primarily in strip-mall centers, major shopping malls and as stand-alone stores. Samuels Jewelers filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 18-11818) on Aug. 7, 2018. In the petition signed by CEO Farhad K. Wadia, Samuels Jewelers estimated assets of $100 million to $500 million and liabilities of $100 million to $500 million. Jones Day and Richards, Layton & Finger, P.A., serve as counsel to the Debtor. Berkeley Research Group, LLC, acts as financial advisor, SSG Advisors, LLC, is the investment banker, and Prime Clerk LLC serves as claims and noticing agent to the Debtor. On Aug. 16, 2018, the U.S. Trustee appointed a seven-member panel to serve as the Official Committee of Unsecured Creditors in the Debtors' cases. SAMUELS JEWELERS: Taps Prime Clerk as Administrative Advisor ------------------------------------------------------------ Samuels Jewelers, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Prime Clerk LLC as its administrative advisor. The firm will provide bankruptcy administration services, which include the solicitation, balloting and tabulation of votes; the preparation of reports in support of a Chapter 11 plan; and managing and coordinating any distributions pursuant to the plan. The firm's hourly rates are: Claim and Noticing Rates: Analyst $30 - $50 Technology Consultant $35 - $95 Consultant/Senior Consultant $65 - $165 Director $175 - $195 COO/Executive VP No charge Solicitation, Balloting and Tabulation Rates: Solicitation Consultant $190 Director of Solicitation $210 Benjamin Steele, vice-president of Prime Clerk, disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Prime Clerk can be reached through: Benjamin J. Steele Prime Clerk LLC 830 3rd Avenue, 9th Floor New York, NY 10022 Tel: 212-257-5490 Email: bsteele@primeclerk.com About Samuels Jewelers Samuels Jewelers, Inc. -- http://www.samuelsjewelers.com/-- operates a chain of jewelry stores with more than 120 stores in 23 states across the United States. These stores are located primarily in strip-mall centers, major shopping malls and as stand-alone stores. Samuels Jewelers filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 18-11818) on Aug. 7, 2018. In the petition signed by CEO Farhad K. Wadia, Samuels Jewelers estimated assets of $100 million to $500 million and liabilities of $100 million to $500 million. Jones Day and Richards, Layton & Finger, P.A., serve as counsel to the Debtor. Berkeley Research Group, LLC, acts as financial advisor, SSG Advisors, LLC, is the investment banker, and Prime Clerk LLC serves as claims and noticing agent to the Debtor. On Aug. 16, 2018, the U.S. Trustee appointed a seven-member panel to serve as the Official Committee of Unsecured Creditors in the Debtors' cases. SAMUELS JEWELERS: Taps SSG Advisors as Investment Banker -------------------------------------------------------- Samuels Jewelers, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire SSG Advisors, LLC. The firm will provide investment banking services during the pendency of the Debtor's Chapter 11 case related to a sale of all or a portion of its assets. These include assisting the Debtor in negotiating and structuring a sale transaction, and soliciting competitive offers from potential buyers. SSG Advisors will be compensated according to this fee arrangement: (a) Initial Fee. An initial fee equal to $50,000, due upon the signing of an engagement agreement. (b) Monthly Fees. A monthly fee of $25,000, payable on the first of each month beginning September 1, 2018. In the event that the engagement agreement is terminated, the monthly fee will not be payable for the month of termination to the extent that notice has been provided within the first five business days of such month. The initial fee and monthly fees will not be credited against the sale or liquidation fee. (c) Sale Fee. Upon the consummation of a sale to any party, SSG Advisors will be entitled to a fee, payable in cash, at and as a condition of closing of such sale, equal to the greater of $500,000 or 1.75% of total consideration. In the event of a sale to Steve Maginnis, Versa Capital or David Barr, or any combination of the three, then the sale fee payable to SSG Advisors will be the greater of $350,000 or 1.75% of the total consideration. In the event that the Debtor determines to terminate the sale process and initiate a liquidation of substantially all of its assets, then SSG Advisors will be entitled to a liquidation fee of $150,000. J. Scott Victor, managing director of SSG Advisors, disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: J. Scott Victor SSG Advisors, LLC Five Tower Bridge, Suite 420 300 Barr Harbor Drive West Conshohocken, PA 19428 Phone: (610) 940-5802 / (610) 940-1094 Fax: (610) 940-3875 E-mail: jsvictor@ssgca.com About Samuels Jewelers Samuels Jewelers, Inc. -- http://www.samuelsjewelers.com/-- operates a chain of jewelry stores with more than 120 stores in 23 states across the United States. These stores are located primarily in strip-mall centers, major shopping malls and as stand-alone stores. Samuels Jewelers filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 18-11818) on Aug. 7, 2018. In the petition signed by CEO Farhad K. Wadia, Samuels Jewelers estimated assets of $100 million to $500 million and liabilities of $100 million to $500 million. Jones Day and Richards, Layton & Finger, P.A., serve as counsel to the Debtor. Berkeley Research Group, LLC, acts as financial advisor, SSG Advisors, LLC, is the investment banker, and Prime Clerk LLC serves as claims and noticing agent to the Debtor. On Aug. 16, 2018, the U.S. Trustee appointed a seven-member panel to serve as the Official Committee of Unsecured Creditors in the Debtors' cases. SCHAHIN II: Seeks U.S. Court Recognition of Cayman Scheme --------------------------------------------------------- Schahin II Finance Company (SPV) Limited on Sept. 6, 2018, disclosed that a Practice Statement Letter has been issued by Deutsche Bank Trust Company Americas (solely in its capacity as Indenture Trustee (the "Indenture Trustee") for the 5.875% notes due 2022 (the "Existing Notes") issued by the Company) with respect to a Cayman scheme of arrangement (the "Cayman Scheme") of the Company. The purpose of the Cayman Scheme is to raise an additional $15 million of new capital through the issuance of a new series of notes (the "New Notes"). The New Notes will be available, subject to certain conditions, to holders of the Existing Notes on a pro rata basis. The New Notes will have a senior position above the Existing Notes in the payment waterfall. The rights of the Existing Notes will generally remain unchanged; however, voting under the indenture will require a majority of holders of each series of notes. Holders of Existing Notes that wish to obtain further information about the Scheme should contact Epiq, the SPV's Information Agent or FFS, the SPV's Cayman Islands agent, as detailed below. The material terms of the New Notes are: -- $15 million cash proceeds -- 18 month maturity -- First priority in payment waterfall -- 7% OID -- PIK interest of 8% -- If the vessel is sold before the repayment of the New Notes, holder will receive the greater of the PIK interest and 22% of the net proceeds from the sale of the drillship Sertao (the "Vessel") after payment of the New Notes and costs. -- Secured pari passu over the Vessel and transaction cash accounts The full offering amount of the New Notes is being backstopped by certain members of a steering committee of holders of the Existing Notes (the "Steering Committee"). Such backstop parties will be paid a backstop fee of 3% of the $15 million investment, payable in New Notes. The investment in the New Notes will provide the Company with additional liquidity to continue to maintain the Vessel and weather the industry downturn, covering the "warm stacking" of the vessel, insurance costs and other advisor fees, and is estimated to provide liquidity through the maturity date of the New Notes. Earlier in 2018, the Indenture Trustee, acting at the direction of a majority of holders of the Existing Notes, obtained an order for the appraisement and sale of the Vessel in the English Admiralty Court. A sealed tender auction was held, with bids due by June 12, 2018. The bids received were well below the auction reserve price and thus the auction did not result in a sale. The liquidity provided by the New Notes will allow the owner of the Vessel, Dleif Drilling, LLC ("Dleif") (which is a party to the Indenture) to, in consultation with the Steering Committee, market the Sertao for sale in an improved industry environment. Pareto Securities remains engaged as broker to Dleif and continues to actively market the rig to interested parties. The Scheme is conditional on the requisite creditor approval, sanction by the Cayman Court, and being given effect by the U.S. Bankruptcy Court pursuant to a Chapter 15 proceeding to recognize the Cayman Scheme in the U.S. If the Scheme is not approved and the New Notes are not issued, there may not be sufficient liquidity to maintain the Vessel going forward, which would likely result in a loss of value to holders of the Existing Notes. For information on this press release, please contact Ben Hobden -- ben.hobden@conyersdill.com -- of Conyers Dill & Pearman, Cayman Islands legal counsel to the Issuer. SPA 810: Committee's Bid to Hire Special Franchise Counsel Denied ----------------------------------------------------------------- Bankruptcy Judge Daniel P. Collins of the United States Bankruptcy Court for the District of Arizona has denied the request of the Official Unsecured Creditors' Committee of Spa 810, LLC, for authority to retain Jeffrey W. Wheelock and the firm Dickinson & Wheelock, P.C. as its special franchise counsel after the Spa 810 and its affiliate Phoenix Global Consulting Group, Inc., challenged the request. The committee sought to retain the firm to provide these services: (a) give the Committee legal advice with respect to compliance with franchise law and regulation and consulting, as necessary, with Committee's General Counsel regarding those matters; (b) review and provide specialized legal advice on franchise law as it may bear on or relate to about Chapter 11 Plan of Reorganization and Disclosure Statement to ensure that they comply with all applicable franchise law and regulations. (c) confer, as necessary, with representatives any regulatory of governmental bodies regarding franchise law matters relating to any Plan or Disclosure Statement and any other franchise issues which may arise during the administration of these bankruptcy cases; and (d) perform other special services regarding franchise law issues as may be required in the interest of Committee and the Bankruptcy Estates. The Committee's application disclosed that the firm's professionals and their hourly rates are: Partners $425 Jeffrey W. Wheelock (Shareholder) $375 Gregory P. Propes and Christie Condara (Senior Associates) $275 Jan Williams (Paralegal) $75 Mr. Wheelock attests that he and his Firm do not represent or hold any interest adverse to the Debtors or to the Estate with respect to the matter on which they are to be employed and, as a result, their employment as special franchise counsel for the Committee is appropriate, pursuant Sections 327(e) and 1103. According to the Debtors, the Firm represented Jerome Malone of Sagemont Developers, Inc., and Angela Henry of Secured Legacy Franchise Development, Inc., who are members of the Unsecured Creditors' Committee, in obtaining a default judgment against Spa 810 LLC and John Dunatov prior to the bankruptcy filing. The Debtors argued that the Firm, among others, failed to disclose this and that it interfered in a negotiation between Spa 810 and a buyer and demanded that it receive a portion of the proceeds from the sale and any subsequent sale to that buyer. As a result, the Firm received a wire for $37,500 within the 90-day preference period. The Debtors commenced a preference complaint, Adversary case 2:18-ap-00312, against Dickinson & Wheelock, Jeffery W. Wheelock, Angela Henry, Jerome Malone, Secured Legacy Franchise Development, Inc., and Sagemont Developers, Inc., on August 3. "This is a material fact that must be disclosed. Further, to the extent the Firm intends to represent itself or the Creditors in the soon to be filed preference litigation, the Committee and the Court must evaluate if this is creates an adverse interest in connection with the case in contravention of the requirements of 11 U.S.C. Sec. 1103(b)," said Katherine Anderson Sanchez, Esq., at Dickinson Wright PLLC, counsel for the Debtors. The Debtors further argued that it is irrelevant that the Firm seeks only to advise the Committee on franchise matters. Section 1103(b) is not limited only to bankruptcy counsel, any attorney or accountant employed by the committee is disqualified from representing the committee if is represents any other entity having an adverse interest in connection with the case. If the Firm elects to represent Malone and Henry outside of bankruptcy in pursuing Mr. Dunatov, the Firm is disqualified from representing the Committee, even as limited franchise counsel. The Debtors also noted that the Firm will represent the Committee in the same capacity as Warshawsky Seltzer PLLC will represent the Debtors. The Debtors question the need for the both the Debtors and the Committee to retain special franchise counsel in this case. The Debtors are required to retain franchise counsel to prepare its franchise disclosure document, however, the Committee is able to receive the same advice from Warshawsky Seltzer that it will receive from the Firm. The employment of two franchise attorneys to represent the interests of the estate is an inappropriate use of the estate's limited resources. About Spa 810, LLC SPA 810, LLC -- https://www.spa810.com -- owns and operates spas. It is headquartered in Scottsdale, Arizona, with locations in Texas, Arkansas, Florida, Iowa, Minnesota, Georgia, Oklahoma, Colorado, and Kentucky. SPA 810 and affiliate Phoenix Global Consulting Services sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case Nos. 18-06718 and 18-06719) on June 11, 2018. At the time of the filing, SPA 810 estimated assets of less than $500,000 and liabilities of less than $1 million to $10 million; and Phoenix Global estimated less than $50,000 in assets and less than $1 million in liabilities. The Debtors tapped Dickinson Wright PLLC as their legal counsel and Warshawsky Seltzer, PLLC as special counsel. SPA 810 hired Jonathan Miller, CPA, PC as its accountant. On June 22, 2018, the Office of the U.S. Trustee appointed an official committee of unsecured creditors in the Debtors' cases. The committee hired Tiffany & Bosco, P.A. as its legal counsel. STOLLINGS TRUCKING: Committee Objects to Approval of Plan Outline ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Stollings Trucking Company, Inc. objects to the approval of Stollings Trucking Company, Inc.'s Amended Combined Disclosure Statement and Plan of Reorganization. The Committee complains that the Debtor has not filed Monthly Operating Reports for June 2018 and July 2018. A disclosure statement should not be approved, nor a plan advanced to confirmation until the debtor has filed all its monthly operating reports. During the case, Debtor has received substantial funds from the sales of equipment and the settlement of a lawsuit. These funds are the primary source of payments to creditors. The funds were deposited in an escrow account rather than a DIP account, with the disbursement of most of the funds subject to further order of the court. The Monthly Operating Reports have not included an accounting or statements for the account. The monthly reports have indicated balances in the account but provided only limited information on disbursements. The Disclosure Statement should contain an accounting of this important account, showing the date, amount, and source of all deposits, and the date, amount, payee and authority for all disbursements. Further, the Disclosure Statement should inform creditors whether Debtor has investigated if its management has engaged in any misconduct or mismanagement for which management may be liable to the estate. It should include the outcome of any such investigation, and the existence of any liability insurance that would protect the estate from any such misconduct or mismanagement. A full-text copy of the Committee's Objection is available at: http://bankrupt.com/misc/wvsb2-15-20624-613.pdf The Troubled Company Reporter previously reported that unsecured creditors will get $500,000 under the amended plan. Counsel for the Official Committee of Unsecured Creditors: Douglas A. Kilmer WV Bar No. 4561 14 Stonecove Road Charleston WV 25309 Phone: 304-552-2969 E-Mail: dougkilmerlaw@gmail.com About Stollings Trucking Stollings Trucking Company, Inc., began its operations in 1990. Throughout the years, it both hauled coal and mined coal for its own profit. As it grew, it acquired more equipment and rolling stock. Stollings also obtained mining permits on property in Logan County, West Virginia, and was a party to coal leases. Stollings Trucking sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 15-20624) on Dec. 7, 2015. In the petition signed by Rhonda Marcum, president, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Frank W. Volk presides over the case. Joseph W. Caaldwell, Esq., at Caldwell & Riffee, in Charleston, WV, is serving as counsel to the Debtor. STRUSS FARMS: Gets Final Authority on Cash Collateral Use --------------------------------------------------------- The Hon. Robert E. Nugent of the U.S. Bankruptcy Court for the District of Kansas has entered an order authorizing Struss Farms LLC and Kevin W. Struss to use cash collateral on final basis. The Debtors will be authorized for the use of an additional $526,241 in cash collateral to be withdrawn from the debtor-in-possession cash collateral account at The Bank of the West, Wichita, Kansas, subject to all of the conditions and requirements as set forth in the interim order for the use of cash collateral. Farm Credit Leasing is in possession of and holding in escrow, funds in the amount of $78,525 representing hail damage to buildings located on the property of Struss Farms LLC. Farm Credit Leasing is ordered to release the insurance proceeds as described above to Kevin W. Struss, manager of Struss Farms LLC. The interim order on Debtors' motion for use of cash collateral established certain criteria to apply to the use of the cash collateral provided for in said interim order. All of the criteria set forth therein are adopted in the Final Order. Additionally, the Debtor will provide evidence of insurance on the crops and the crops will either be sold or stored at Frontier Ag Inc., or self-stored, unless the bank is otherwise notified. Pursuant to the interim order on Debtors' motion for the use of cash collateral for debtors have used the following cash collateral for payment of operating expense on the farming operations: 2017 Milo at Frontier Ag. Inc. $30,085 2017 Milo Stored $11,712 Mlinek Check $2,998 Schreiner Check $1,454 =============== ======= Total $46,249 All proceeds of the 2017 milo crop were generated by farm leases of Struss Farms LLC, leases assigned to Struss Farms LLC by Struss & Cook Farms, or real estate owned by Struss Farms LLC, or real estate and farm leases owned by Kevin W. Struss. Pursuant to the Amended Cash Collateral, the Debtors have need of the following cash collateral for farming operations for the 2018 wheat crop harvested in July 2018: Est 2018 Wheat $289,937 Estimated 2018 Wheat – K. Struss $157,779 Farm Credit Leasing Insurance Proceeds $78,525 ========================== ======== Total $526,241 All proceeds of the 2018 wheat crop were generated by farm leases of Struss Farms LLC, leases assigned to Struss Farms LLC by Struss & Cook Farms, or real estate owned by Struss Farms LLC, or real estate and farm leases owned by Kevin W. Struss. Bank of Hays also has a lien for the 2018 Milo crop now being planted as well as the Wheat crop. The Debtor is ordered to provide harvest results of the Wheat and Milo once known. The Debtors will grant Bank of Hays a substitute security interest and repay the funds utilized, as follows: (a) A first security interest in Debtors' 2019 wheat crop; (b) The Debtors propose to repay said funds at an interest rate of 5% per annum, unless otherwise provided for in a confirmed plan of reorganization. A full-text copy of the Final Order is available at http://bankrupt.com/misc/ksb18-10770-83.pdf About Struss Farms LLC Struss Farms LLC, a corn producer in Wakeeney, Kansas, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 18-10770) on April 26, 2018. In the petition signed by by Kevin W. Struss, member/manager, the Debtor disclosed $9.57 million in total assets and $8.78 million total debts. The Debtor is represented by Dan W. Forker, Jr., Esq. at Forker Suter LLC. The Hon. Dale L. Somers presides over the case. SUMMIT FINANCIAL: 5th Agreed Interim Cash Collateral Order Entered ------------------------------------------------------------------ The Hon. Raymond B. Ray of the U.S. Bankruptcy Court for the Southern District of Florida has entered a 50th agreed interim order authorizing Summit Financial Corp. to use cash collateral for permitted purposes as set forth in the budget, pending a final hearing. The Debtor is authorized to purchase new loans as shown in the Budget as new loan origination funding, and to the extent that the Debtor does not purchase a loan in one week, the Debtor may purchase that loan in the immediately following week. In addition, the Debtor will deliver to Bank of America a list of new loans funded by the Debtor during the previous calendar week not to exceed the amount shown in the Budget for such previous calendar week, which list will show the original issue discount, the face amount of the contract, and the FICO score for each such loan. Bank of America will transfer to the Debtor on the Transfer Date the amount of such expenses in the Budget for the calendar week that includes the Transfer Date from the Debtor's Collection Account (xxxx8407) to the Debtor's Master Disbursement Account (xxxx8410). Pursuant that certain Third Amended and Restated Loan and Security Agreement, certain financial institutions in their capacity as lenders and Bank of America, N.A., as administrative and collateral agent, established a revolving credit facility for the Debtor in the approximate principal amount of up to $110,000,000. As of the Petition Date, the Debtor was indebted and liable under the Pre-Petition Loan Documents to Pre-Petition Credit Parties for revolving credit loans in the approximate principal amount of $101,382,098 and on a contingent basis in the approximate amount of $300,000 in face amount of standby letters of credit Bank of America is granted the following for the benefit of the Pre-Petition Credit Parties: (a) A valid and perfected replacement security interests in and liens on all of the Debtor's prepetition and post-petition real and personal property. (b) The Adequate Protection Claims are allowed as super-priority administrative claims pursuant to Sections 503(b) and 507(b) of the Bankruptcy Code and will have priority in payment over any and all administrative expenses of the kinds specified or ordered pursuant to any provision of the Bankruptcy Code. (c) The Debtor will pay to Bank of America, and Bank of America is authorized to deduct and recoup from Cash Collateral, on a weekly basis, the adequate protection payments shown in the Budget, and such payments may be applied by Bank of America to the unpaid Pre-Petition Debt in accordance with the Pre-Petition Loan Agreement. To the extent that available cash in the Debtor's collections account is not sufficient to make any adequate protection payment when due, then Pre-Petition Agent will be paid the resulting deficiency on any date thereafter on which there is cash in the collections account, after taking into account the required funding under paragraph 1(d) of the Fifth Agreed Interim Order. As additional adequate protection of the interests of Bank of America, the Debtor will timely comply with and satisfy each of the following covenants: (a) Excluding August 1, 2018, each Wednesday, the Debtor (and any investment banker or broker employed by the Debtor) and its counsel will attend a conference call with the Pre-Petition Credit Parties and their counsel to provide an update on discussions with all Interested Parties and the anticipated timeline for making progress and closing a refinancing. In addition, on each Wednesday, the Debtor will send to Bank of America copies of all non-disclosure agreements, term sheets and proposal letters sent to or received from any Interested Party; (b) No later than August 15, 2018, the Debtor will have obtained and delivered to Pre-Petition Agent at least two written proposals or term sheets from potential back-up or substitute servicers regarding the servicing of the Debtor's consumer loan portfolio; and (c) No later than August 24, 2018, pursuant to a fully executed contract the terms and conditions of which are acceptable to Pre-Petition Agent, the Debtor will have hired a back-up or substitute loan servicer, subject to Court approval, whose experience and qualifications are acceptable to Pre-Petition Agent, to manage, collect and service the Debtor's portfolio of consumer loans. A full-text copy of the Fifth Agreed Interim Order is available at http://bankrupt.com/misc/flsb18-13389-165.pdf About Summit Financial Corp Summit Financial Corp -- https://www.summitfinancialcorp.org/ -- provides financing by purchasing and servicing retail installment sales contracts originated at franchised automobile dealerships and select independent used car dealerships located throughout Florida, Alabama, and Georgia. From its location in Plantation, Florida, Summit Financial provides financing for automobile loans for customers that fail to meet the standards of financing from conventional sources, such as most banks, credit unions and other national finance companies. The Company was founded in 1984. Summit Financial filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 18-13389) on March 23, 2018. In the petition signed by David Wheeler, vice president, the Debtor estimated $100 million to $500 million in assets and liabilities. Judge Raymond B Ray presides over the case. Leiderman Shelomith Alexander + Somodevilla, PLLC, is serving as general bankruptcy counsel to the Debtor. Douglas J. Jeffrey, P.A., led by principal Douglas J. Jeffrey, is serving as general counsel and special counsel to the Debtor. Moecker Auctions, Inc., is the appraiser. Dinnall Fyne & Company Inc., is the accountant. Ideal Corporate Funding, Inc., has been tapped by the Debtor to evaluate its strategic options with respect to securing financing. The U.S. Trustee for Region 21 on April 20, 2018, appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 case. The Committee retained Craig A. Pugatch and Rice Pugatch Robinson Storfer & Cohen, PLLC as its counsel; and KapilaMukamal, LLP as its forensic accountant and financial advisor. SUNCOAST INTERNAL: Oct. 18 Plan Confirmation Hearing ---------------------------------------------------- Bankruptcy Judge Catherin Peek McEwen conditionally approved Suncoast Internal Medicine Consultants, PA's disclosure statement with respect to its chapter 11 plan. Any written objections to the Disclosure Statement must be filed and served no later than seven days prior to the date of the hearing on confirmation. The Court will conduct a hearing on confirmation of the Plan on Oct. 18, 2018 at 2:00 pm in Tampa, FL - Courtroom 8B, Sam M. Gibbons United States Courthouse, 801 N. Florida Avenue. Parties in interest must submit their written ballot accepting or rejecting the Plan no later than eight days before the date of the Confirmation Hearing. Objections to confirmation must be filed and served no later than seven days before the date of the Confirmation Hearing. About Suncoast Internal Medicine Consultants Based in Largo, Florida, Suncoast Internal Medicine Consultants, PA -- http://suncoastinternalmedicine.com/-- provides medical care to Pinellas County and the Greater Tampa Bay area. Its staff is composed of board-certified physicians focusing in the specialties of internal medicine, gastroenterology, and rheumatology. Suncoast was founded in 1965 by Dr. George Kotsch. Suncoast Internal Medicine Consultants sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-00399) on Jan. 19, 2018. In the petition signed by Robert L. DiGiovanni, DO, president, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Catherine Peek McEwen presides over the case. The Debtor hired Johnson, Pope, Bokor, Ruppel & Burns LLP as its bankruptcy counsel; and Appelt & Associates, CPAS, PA as its accountant. SUNCREST STONE: Judge Signs Second Interim Cash Collateral Order ---------------------------------------------------------------- The Hon. Austin E. Carter of the U.S. Bankruptcy Court for the Middle District of Georgia has signed a second interim order authorizing Suncrest Stone Products, LLC and 341 Stone Properties, LLC, to use of cash collateral on an interim basis in accordance with the budget. The Debtors will provide the following adequate protection to Respondents: Newtek Small Business Finance, LLC, CDS Business Services, Inc., and ERW & Company, LLC: (a) All prepetition liens of Respondents will continue until further order of the Court. (b) The Debtors will continue to operate and maintain their business and properties in accordance with the Budget and the Second Interim Order. (c) The Debtors will pay when due, post-petition property taxes with respect to the properties held by Respondents as collateral, in accordance with the Budget and the Second Interim Order. (d) The Debtors will maintain property insurance on the properties collateralizing Respondents' purported secured claims. (e) The Debtors will pay $6,000 to Newtek Small Business Finance, LLC as indicated on the Budget, with such payment constituting additional adequate protection of Newtek's purported interest in cash collateral. Newtek Small Business Finance, LLC may internally allocate the payment that it receives as its wishes. However, the allocation of the payment for the purposes of claims against Debtors or their estates will be determined under the Bankruptcy Code and applicable Bankruptcy Rules. A full-text copy of the Second Interim Order is available at http://bankrupt.com/misc/gamb18-10850-77.pdf About Suncrest Stone Products Suncrest Stone Products, LLC -- https://www.suncreststone.com/ -- is a stone supplier in Ashburn, Georgia. Its products include Ashlar, Country Ledge, Ledge, River Rock, Olde-Castle, Splitface, Stock, and Rubble. Suncrest Stone Products and 341 Stone Properties, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Lead Case No. 18-10850) on July 13, 2018. In the petition signed by Max Suter, authorized officer, Suncrest estimated assets of less than $1 million and liabilities of $1 million to $10 million. 341 Stone estimated $1 million to $10 million in assets and $1 million to $10 million in liabilities. Judge Austin E. Carter presides over the cases. Stone & Baxter, LLP, is the Debtors' counsel. McMurry Smith & Company has been hired as their accountant. TOYS R US: Taps A&G Realty Partners as Real Estate Advisor ---------------------------------------------------------- Toys R Us Property Company I, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire A&G Realty Partners, LLC, as real estate advisor. The firm will assist Toys R Us and its affiliates (the Propco I Debtors) in selling some of their leased properties and mitigating their bankruptcy claims under the leases pursuant to an auction process. A&G will be paid a fee of 2% of the gross proceeds from a sale of any of its leased properties. For any bankruptcy claim mitigated by A&G, the firm will be paid a fee of 2% of the amount. A&G will be paid a non-refundable retainer fee of $50,000, to be credited against all other fees earned by the firm. Emilio Amendola, co-president of A&G, disclosed in a court filing that his firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Emilio Amendola A&G Realty Partners, LLC 445 Broadhollow Road, Suite 410 Melville, NY 11747 Direct Dial: 631-465-9507 Mobile: 917-860-2192 Fax: 631-420-4499 Email: emilio@agrealtypartners.com About Toys R Us Inc. Toys "R" Us, Inc., was an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise was sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise was also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is a privately owned entity but still files with the U.S. Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, were not part of the Chapter 11 filing and CCAA proceedings. Grant Thornton is the monitor appointed in the CCAA case. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. Consensus Advisory Services LLC and Consensus Securities LLC, serve as sale process investment banker. A&G Realty Partners, LLC, serves as the Debtors' real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. The Committee retained Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott Rivers, P.C., as local counsel; FTI Consulting, Inc. as financial advisor; and Moelis & Company LLC as investment banker. Toys "R" Us UK Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and 3,000 employees, was sent into administration in the United Kingdom in February 2018. Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88 Wood Street, London, EC2V 7QF were appointed Joint Administrators on Feb. 28, 2018. The Administrators now manage the affairs, business and property of the Company. The Administrators act as agents only and without personal liability. The Administrators said they will make every effort to secure a buyer for all or part of the business. Liquidation of U.S. Stores Toys "R" Us, Inc., on March 15, 2018, filed with the U.S. Bankruptcy Court a motion seeking Bankruptcy Court approval to start the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all 735 of the Company's U.S. stores, including stores in Puerto Rico. Propco I Debtors Toys "R" Us Property Company I, LLC and its subsidiaries own fee and leasehold interests in more than 300 properties in the United States. The Debtors lease the properties on a triple-net basis under a master lease to Toys-Delaware, the operating entity for all of TRU's North American businesses, which operates the majority of the properties as Toys "R" Us stores, Babies "R" Us stores or side-by-side stores, or subleases them to alternative retailers. Toys "R" Us Property was founded in 2005 and is headquartered in Wayne, New Jersey. Toys 'R' Us Property operates as a subsidiary of Toys "R" Us Inc. Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE II Trust, and Wayne Real Estate Company LLC (collectively, "Propco I Debtors") sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 18-31429) on March 20, 2018. The Propco I Debtors sought and obtained procedural consolidation and joint administration of their Chapter 11 cases, separate from the Toys "R" Us Debtors' Chapter 11 cases. The Propco I Debtors estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Keith L. Phillips presides over the Propco I Debtors' cases. The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP; and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel. The Debtors also tapped Kutak Rock LLP. They hired Goldin Associates, LLC, as financial advisors. TRINIDAD DRILLING: S&P Places 'BB-' ICR on CreditWatch Positive --------------------------------------------------------------- S&P Global Ratings said it placed its 'BB-' long-term issuer credit rating and 'BB-' senior unsecured debt rating on Calgary, Alta.-based Trinidad Drilling Ltd. on CreditWatch with positive implications. The CreditWatch placement follows the announcement of Ensign Energy Services Inc.'s formal offer to acquire Trinidad for cash consideration of C$1.68 per common share in a transaction valued at C$947 million. Ensign has secured a US$700 million bridge loan and C$1.25 billion revolving credit facility to finance the acquisition. Trinidad's combination with Ensign could significantly improve the company's existing business risk profile, due to the larger market share and broadened diversity of the pro forma entity's rig fleet. S&P said, "We believe the pro forma business risk profile could strengthen to a level that would support a higher rating, even if the financial risk profile does not change. We expect the size of Trinidad's drilling rig fleet to more than double, increasing to 306 from about 140. In addition, Ensign's fleet of 106 service rigs should enhance operational diversity, given Trinidad's current fleet consists of land drilling rigs only. Exposure to rental equipment, well servicing, and production service segments should partially offset cyclicality inherent to the drilling business; however, we could expect margins to weaken, as service margins are smaller relative to drilling margins." S&P said, "The proposed combination is not a certainty, so we do not have the information needed to estimate a pro forma financial risk profile for the combined entity. Nevertheless, we believe the financial risk profile is unlikely to change, based on the debt financing for the transaction. Even if the financial risk profile remains the same, an improved business risk profile could in and of itself lead us to raise the ratings. "The CreditWatch placement reflects our view that Trinidad's credit profile could improve following a combination with Ensign, due to expanded market size and greater operational diversification. The significant improvement in the company's business risk profile could result in an upgrade of one notch. We expect to resolve the CreditWatch placement, at the latest, after the offer period ends Dec. 14." W. W. CONSTRUCTION: Oct. 22 Approval Hearing on Plan Outline ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Oregon will convene a hearing on Oct. 22, 2018 at 9:00 a.m. to consider and possibly approve W. W. Construction, LLC's disclosure statement dated August 28, 2018. Objections to the proposed disclosure statement must be made in writing and must be filed no less than seven days before the date of the hearing. 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. WESTMORELAND COAL: S&P Withdraws 'D' Issuer Credit Rating --------------------------------------------------------- S&P Global Ratings withdrew all ratings on Englewood, Colo.–based coal producer Westmoreland Coal Co. and its issuing subsidiary Oxford Mining Co. LLC at the issuer's request. S&P withdrew its 'D' issuer credit rating on Westmoreland Coal Co. and the 'D' issue-level rating on the company's first-lien term loan and 8.75% senior secured notes. S&P also withdrew its 'CC' issue-level rating on Oxford Mining Co. LLC's delayed draw bank loan and first-lien bank loan. WILSON COLLEGE: Fitch Rates $34.5MM Facility Bonds 'BB' ------------------------------------------------------- Fitch Ratings has assigned a 'BB' rating to $34.5 million of Chambersburg Area Municipal Authority Education Facility Revenue and Refunding Bonds, Series 2018 issued on behalf of Wilson College. The bonds are expected to price via negotiated sale on or about Sept. 24. Proceeds will refund Wilson's outstanding series 2007 bonds, fund a debt service reserve fund (DSRF), and pay costs of issuance. The Rating Outlook is Stable. SECURITY The bonds are a general obligation of the obligated group (Wilson is the sole member) payable from any legally available funds. The bonds are secured under a new master indenture by a pledge of the college's gross revenues and a mortgage on its core campus property. In addition, the bonds will have a cash-funded DSRF. KEY RATING DRIVERS OPERATING PRESSURE: A recent history of deficits (on both GAAP and cash flow bases) has required higher than typical draws from the endowment at levels Fitch considers unsustainable, which have diminished available funds (AF; cash and investments less permanently restricted net assets). Management currently projects balanced operations by fiscal 2020 on a cash basis, which appears reasonable based on improving enrollment-driven revenue prospects and cost containment plans. SOLID LIQUIDITY: Fiscal 2017 AF relative to expenses (94%) and pro-forma debt (73%) exceeds peers in the 'BB' rating category; however, reserve levels have declined in recent years due to unsustainable endowment draws and a growing expense base. AF erosion is expected to decline in the near term as a result of improving margins as well as fundraising efforts. STRESSED DEBT COVERAGE: The debt refunding transaction will give Wilson cash flow relief in the near term to execute its strategic plan, which does not project 1x MADS coverage until at least fiscal 2020. This pro-forma structure poses execution risk over the near term, and the college will need to continue growing enrollment and improve its bottom line to meet its expected 1.1x rate covenant (on annual debt service) by fiscal 2020. Wilson's debt burden will be high at about 11% of fiscal 2017 operating revenues. IMPROVING MARKET DEMAND: Wilson is experiencing substantial demand growth for adult degree, online and graduate programs, as well as moderate enrollment growth in traditional undergraduate classes. This trend has spurred increasing net tuition revenue and declining tuition discount rates in recent years with continued improvement expected for fall 2018. Fitch views Wilson's increasing enrollment and strengthening net student revenue trends favorably. RATING SENSITIVITIES EXECUTE PLANNED IMPROVEMENTS: Wilson College is expected to grow enrollment and improve cash flow to meet the 1.1x annual debt service coverage covenant in fiscal 2020. Failure to achieve coverage targets or erosion of balance sheet resources would likely result in a downgrade. Beyond 2020, a trend of sustained operating cash flow improvement, a sustainable annual endowment draw, and steady AF levels could warrant upward rating action. CREDIT PROFILE Wilson College, situated on 275 acres in Chambersburg, PA, was founded as a women's college in 1869 by two Presbyterian ministers with funds provided by Sarah Wilson. The college became coeducational in fall 2013 and currently offers undergraduate programs spanning 35 majors and 43 minors, as well as adult and graduate programs. Wilson is accredited by the Middle States Commission on Higher Education with additional recognition from the accrediting bodies related to the college's various undergraduate and graduate offerings. IMBALANCED OPERATIONS The college's operating results are historically weak and its budget is not yet structurally balanced. Net student revenues, which account for roughly half of operating revenues, have not kept pace with expenses over time. The college also relies heavily on spending from its endowment and other investments to support operations; these sources consistently make up about one third of operating revenues. Wilson has generated GAAP-basis operating margins ranging from -5% in fiscal 2014 to a slim .3% in fiscal 2017, inclusive of endowment spending. Improvement over time reflects Wilson's success in increasing enrollment and net tuition revenue in recent years, which grew 16% in fiscal 2017 following four years of over 10% growth annually. However, expense growth remains elevated, and the college has historically avoided reducing expenses during phases of growth and strategic investment. UNSUSTAINABLE ENDOWMENT SPENDING Wilson's high level of endowment spending for operations is not sustainable over the long run. The endowment draw has approximated $5 million in recent years. The fiscal 2017 draw was $5.3 million, or 10.7% of the endowment three-year average market value. Fitch considers spending rates above 6% to be unsustainably high and likely to deplete endowment value over time by outstripping average investment returns and inflation. Recent spending exceeds Wilson's formula-based policy which limits the draw at 7%, but the board has approved additional endowment draws to fund strategic initiatives and to support operations. Management plans to reduce total draws to sustainable levels by fiscal 2020 as net student revenues continue to grow relative to planned cost containment through curtailed discretionary spending. SOLID LIQUIDITY PROVIDES CUSHION Wilson's sound reserves remain its primary credit strength at the 'BB' rating level, providing the college financial flexibility and time at the current rating level to execute its competitive repositioning. AF totaled $23 million as of June 30, 2017, down about 8% from the prior year, following a recent trend of declining reserves. Despite the decline, AF still provides a strong cushion equal to 94% of operating expenses ($24.5 million) and 73% of debt ($31.7 million, including non-cancellable operating leases). Wilson's balance sheet metrics well exceed those of 'BB'-category peers, and Fitch believes the college could absorb some additional deficit spending over the near term. However, declines from endowment spending beyond those currently contemplated that result in balance sheet metrics more in line with (as opposed to stronger than) category peers would negatively pressure the rating. IMPROVING DEMAND; FURTHER GROWTH REQUIRED Wilson's strategic plan requires significant additional headcount enrollment growth, from approximately 1,100 to over 1,600 by fiscal 2022, to increase net student revenues to levels necessary to achieve balanced and sustainable operations over the long term. Wilson's recent programmatic repositioning includes the addition of the Eduspire program, partnering to offer mostly online courses geared toward IT degrees for educators, and significant growth in graduate and adult student offerings with a mix of online and on campus offerings. Fitch believes the strategy has shown initial success based on enrollment growth trends with FTE enrollment more than doubling between fiscal 2014 and fiscal 2017. However, the college is operating in a highly competitive market with generally stagnant state demographics. Fitch will monitor Wilson's progress in growing enrollment and net tuition closely. PRESSURED DEBT PROFILE The proposed 2018 transaction will refund all of Wilson's outstanding bonded debt, replacing the series 2007 variable rate demand debt (synthetically swapped to fixed) with traditional fixed-rate bonds, substantially deferring principal repayment to 2029 and extending final maturity by 10 years to 2048. The principal deferral eases near-term financial pressure on the college as it works to balance its budget with reduced endowment spending. However, Wilson's weak operating performance will still require material improvement to meet its first covenant tests on fiscal 2020 coverage and liquidity. Wilson will need to continue to grow enrollment and improve its cash flow to generate acceptable coverage over the next two years. Wilson's pro-forma debt burden will remain high after the deferral period, at 11.6% of fiscal 2017 operating revenue. Wilson's covenanted coverage based on fiscal 2017 results (which does not include endowment spending) is below 1x and will need to improve considerably to meet the 1.1x rate covenant on annual debt service starting in fiscal 2020. Failure to meet the 1.1x would result in a consultant call in. Debt service coverage below 1x would be an event of default. Wilson would need to generate additional revenue and improve its cash flow over the next two years to meet covenant obligations. There are no plans for additional debt at this time. YANKEE CLIPPER: Allowed to Use IRS Cash Collateral Until Sept. 30 ----------------------------------------------------------------- The Hon. Mark S. Wallace of the U.S. Bankruptcy Court for the Central District of California, having reviewed and considered the Third Stipulation for Adequate Protection and Use of Cash Collateral, has approved the Stipulation authorizing Yankee Clipper Distribution of California, Inc., to use of the cash collateral of the Internal Revenue Service through and including Sept. 30, 2018. A full-text copy of the Court's Order is available at: http://bankrupt.com/misc/cacb18-11664-68.pdf About Yankee Clipper Distribution of California 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 stimated $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. YOGA80 INC: Authorized to Use Cash Collateral on Interim Basis -------------------------------------------------------------- The Hon. Louise DeCarl Adler of the U.S. Bankruptcy Court for the Southern District of California authorized Yoga80 Inc. to use cash collateral on an interim basis. The Debtor is authorized to use cash on hand, cash in bank accounts, proceeds from accounts receivable, and any other receipts consistent with the Budget, subject to the following variances: (a) Cash Collateral is authorized to be used during the interim period on post-petition expenses and employee compensation. (b) As to each line in the budget, total actual expenditures may exceed total budgeted expenditures by up to 15%; and (c) The variance between total actual and total budgeted expenditures may not exceed 15% in the aggregate. The Debtor and its secured creditors have agreed on the consensual use of Cash Collateral without any present cash payments. The final hearing on the Cash Collateral Motion will be held before the Court on Sept. 6, 2018 at 2:00 p.m. A full-text copy of the Order is available at http://bankrupt.com/misc/casb18-04321-21.pdf About Yoga80 Inc. Yoga80 Inc. filed a Chapter 11 petition (Bankr. S.D. Cal. Case No. 18-04321) on July 20, 2018. In the petition signed by CFO Robert Bradley Pastor, the Debtor estimated less than $50,000 in assets and $100,000 to $500,000 in liabilities. The Debtor is represented by Vikrant Chaudhry, Esq., at VC Law Group, LLP. No official committee of unsecured creditors has been appointed in the Chapter 11 case. YOGA80 INC: Judge Has Not Approved Cash Collateral Use ------------------------------------------------------ The Hon. Louise DeCarl Adler of the U.S. Bankruptcy Court for the Southern District of California declined to approve Yoga80 Inc.'s first day motion for interim order authorizing its use of cash collateral. According to the order, "Not approved. Order after hearing to be submitted." About Yoga80 Inc. Yoga80 Inc. filed a Chapter 11 petition (Bankr. S.D. Cal. Case No. 18-04321) on July 20, 2018. The petition was signed by Robert Bradley Pastor, chief financial officer. The Debtor is represented by Vikrant Chaudhry, Esq., at VC Law Group, LLP. At the time of filing, the Debtor had less than $50,000 in estimated assets and $100,000 to $500,000 in estimated liabilities. No official committee of unsecured creditors has been appointed in the Chapter 11 case of Yoga80 Inc. ZEKELMAN INDUSTRIES: S&P Puts 'B+' ICR on CreditWatch Positive -------------------------------------------------------------- S&P Global Ratings placed all its ratings on Chicago-based Zekelman Industries Inc., including the 'B+' issuer credit rating, on CreditWatch with positive implications. The CreditWatch placement follows Zekelman's announcement that it expects to receive net IPO proceeds of approximately $470 million, which will be used to repay a portion of the company's $925 million senior secured term loan due in 2021 (approximately $907 million outstanding as of June 30, 2018). The expected proceeds are based upon an assumed IPO price of $18 per share, which is the midpoint of the estimated offering price range. CreditWatch S&P said, "We plan to resolve the CreditWatch after the IPO is complete and Zekelman has reduced leverage in its capital structure using the proceeds, which we expect will occur over the next 30 days. Given our expectation that operating performance will remain strong due to robust steel market conditions in North America, we expect to raise our issuer credit rating on Zekelman by at least one notch to 'BB-'. At the same time, we also expect to raise our issue-level ratings on the company's outstanding senior secured term loan due in 2021 and second-lien secured notes due in 2023 by one or more notches, as equity proceeds reduce secured debt. "Alternatively, if the IPO and debt reduction do not occur, we could affirm our ratings and maintain the positive outlook." [*] Andrew Parlen Joins Latham & Watkins as Restructuring Partner ----------------------------------------------------------------- Latham & Watkins LLP on Sept. 5, 2018, disclosed that Andrew Parlen has joined the firm's New York office in the Restructuring, Insolvency & Workouts Practice within the Finance Department. He has an extensive track record advising creditor groups as well as public and private companies on some of the most complex restructurings in- and out-of-court. Mr. Parlen has represented a broad array of clients as members of creditor groups in addition to representing market-leading companies in a range of industries including Power, E&P Services, Paper & Packaging, Retail, Mortgage Servicing, Healthcare, and Homebuilding. For this work, he has been recognized by numerous publications and organizations, including being called a "Rising Star" by both Law360 and The New York Law Journal, an "Outstanding Young Restructuring Lawyer" by Turnarounds & Workouts, among the "Best LGBT Lawyers Under 40" by the National LGBT Bar Association, and "very diligent and creative" by Legal 500. With Mr. Parlen's hire, Latham continues to expand its global Restructuring, Insolvency & Workouts Practice. Jeffrey Bjork joined the firm in Los Angeles in February, George Davis joined the firm in New York in March, and Yen Sum and Jennifer Brennan joined the firm in London in July. "Andrew is a respected restructuring and insolvency attorney," said Michele Penzer, Office Managing Partner of Latham & Watkins in New York, NY. "Clients will be well-served by his deep knowledge of restructuring across a wide variety of industries." "We are thrilled to add someone with Andrew's experience to our practice," said Mitchell Seider, Global Co-Chair of the firm's Restructuring, Insolvency & Workouts Practice. "His experience with creditors and companies and his reputation for offering thoughtful and well-tailored guidance will be welcomed by our clients." "I've had the pleasure of working with Andrew in the past, and have always been impressed by his commitment to clients and the results he achieves for them," said George Davis, Global Co-Chair of the firm's Restructuring, Insolvency & Workouts Practice. "His experience implementing value-maximizing strategies for distressed investors and the companies they invest in adds further depth to our platform." Scott Gottdiener, Global Chair of Latham's Finance Department noted: "We're pleased that Andrew will be joining our growing national and global bankruptcy practice in New York. He will be an excellent addition to our team as we help our clients through their most challenging business decisions." "Latham's integrated global platform provides an advantage to clients undergoing complex financial restructurings," said Mr. Parlen. "I'm excited to join such a highly regarded and expanding team that's known for its creative and business-minded approach to supporting clients during their most challenging times." Mr. Parlen joins Latham from O'Melveny & Myers LLP. He received his JD cum laude from Harvard Law school and clerked for U.S. District Court Judge Stephen V. Wilson of the Central District of California. Additionally, he graduated with the highest distinction from the University of California, Berkeley. About Latham & Watkins Latham & Watkins -- http://www.lw.com/-- delivers innovative solutions to complex legal and business challenges around the world. From a global platform, its lawyers advise clients on market-shaping transactions, high-stakes litigation and trials, and sophisticated regulatory matters. Latham is one of the world's largest providers of pro bono services, steadfastly supports initiatives designed to advance diversity within the firm and the legal profession, and is committed to exploring and promoting environmental sustainability. Latham & Watkins operates as a limited liability partnership worldwide with affiliated limited liability partnerships conducting the practice in France, Italy, Singapore, and the United Kingdom and as affiliated partnerships conducting the practice in Hong Kong and Japan. Latham & Watkins operates in South Korea as a Foreign Legal Consultant Office. Latham & Watkins works in cooperation with the Law Office of Salman M. Al-Sudairi in the Kingdom of Saudi Arabia. [*] Four AlixPartners Professionals Bag TMA Turnaround Awards ------------------------------------------------------------- AlixPartners, the global consulting firm, on Sept. 6, 2018, disclosed that four of its consultants have been selected as winners by the Turnaround Management Association (TMA) for its prestigious "Turnaround and Transaction of the Year" awards, to be presented in late September at the TMA's annual meeting, known as The Annual. The AlixPartners consultants are: * Randall Eisenberg, a Managing Director in AlixPartners' Turnaround and Restructuring practice, is being recognized in the "Mega Company Turnaround of the Year" category, for his role as Chief Restructuring Officer (CRO) of Caesars Entertainment Operating Company Inc. * Holly Etlin, a Managing Director in the same practice, is being recognized in the "Large Company Turnaround of the Year" category, for her role as CRO of BCBG Max Azria Group LLC. * Deb Rieger-Paganis, a Managing Director in the same practice, is also being recognized in the "Large Company Turnaround of the Year" category, for her role as Interim CFO of BCBG Max Azria Group. * Spencer Ware, a Director in the same practice, is being recognized in the "Mid-Sized Company Transaction" category, for his role as CRO of Eastern Outfitters LLC. The awards will be handed out at the conference called the TMA Annual, which this year also marks TMA's 30th anniversary, on Sept. 26 at The Broadmoor in Colorado Springs, Colo. "To have even one of our professionals recognized by the TMA for these awards is thrilling, but to have four of our people to be recognized, across three different engagements, is truly special," said Lisa Donahue, Global Leader of the Turnaround and Restructuring practice at AlixPartners and a Managing Director at the firm. "We like to think of AlixPartners as the 'when-it-really-matters' firm, and the experience, dedication, and hard work displayed not only by these professionals but by all the AlixPartners people involved in these engagements is a testament to the fact that's really true." Below is a brief synopsis of each engagement: Caesars Entertainment Operating Company Described by the bankruptcy court as a "monumental achievement," the reorganization was the result of a more than three-year, in- and out-of-court process during which the gaming and hospitality icon engaged with its creditors and equity-holders to reach a consensual resolution involving more than $18 billion of obligations. During that time and as part of the restructuring, a now publicly traded REIT was established which contained more than $8 billion in real-estate assets, a series of value-enhancing operational improvement programs were implemented, capital investments were made to preserve brand equity in this fiercely competitive industry, and a massive deleveraging of the company's balance sheet was also achieved. BCBG Max Azria At a time of unprecedented distress in the retail sector, BCBG Max Azria stands out as an example of a large retailer that successfully restructured through the bankruptcy process, resulting in a sale of the core business. The AlixPartners team was able to arrange a plan with Guggenheim Partners, the company's sponsor, to provide additional liquidity which assisted in stabilizing the business. The company was able to restore flow of product, shed excess costs and ancillary business operations, make key management changes, and show strong operating results. By creating a viable going‐forward business, the company attracted the interest of several buyers and was able to consummate a transaction, preserving jobs and providing recoveries for creditors beyond what they would have received had the company liquidated. Eastern Outfitters Eastern Outfitters comprised two separate retailers—Bob's Stores and Eastern Mountain Sports—and had first filed for bankruptcy in April 2016. Nine months later, after a potential buyer of the company backed out at the eleventh hour, the AlixPartners team was brought in to prepare, initially, for a liquidation of the business through another Chapter 11. However, the team also worked on a parallel path to extend timelines before liquidation, should another buyer emerge. After much work, and only hours before the liquidation was set to happen, a buyer did appear: Sports Direct International PLC, a leading British retailer. About AlixPartners AlixPartners -- http://www.alixpartners.com/-- is a results-driven global consulting firm that specializes in helping businesses successfully address their most complex and critical challenges. Its clients include companies, corporate boards, law firms, investment banks, private equity firms, and others. Founded in 1981, AlixPartners is headquartered in New York, and has offices in more than 20 cities around the world. About the Turnaround Management Association TMA Global is an organization dedicated to turnaround management, corporate restructuring, and distressed investing. Established in 1988, TMA celebrates its 30th anniversary with more than 9,000 members in 49 chapters worldwide, including 32 in North America. Members include turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters, and consultants, as well as academic, government, and judicial employees. [*] Mark That Calendar! Distressed Investing Conference on Nov. 26 ------------------------------------------------------------------ Come and join Beard Group's Distressed Investing conference on November 26, 2018. Now on its 25th year, this annual gathering is the oldest and most established New York restructuring conference. The day-long program will be held the Monday after Thanksgiving at The Harmonie Club, 4 E. 60th St. in Midtown Manhattan. Among the highlights of the Distressed Investing 2018 Conference -- https://www.distressedinvestingconference.com -- Nov. 26th in midtown Manhattan will be an Investors' Roundtable featuring: * Steven L. Gidumal, Managing Partner, VIRTUS CAPITAL, LP * Gary E. Hindes, Managing Director, THE DELAWARE BAY COMPANY LLC * Dave Miller, Portfolio Manager, ELLIOTT MANAGEMENT CORP. * Richard M. Fels, Managing Director, ODEON CAPITAL GROUP LLC There's a high probability that you'll want to call your broker with a buy or sell order following this roundtable discussion. The conference will also feature: * Luncheon presentation of the Harvey R. Miller Award to Edward I. Altman, Professor of Finance, Emeritus, New York University's Stern School of Business. (The award will be presented by last year's winner billionaire Marc Lasry, Altman's former student.) * Evening awards dinner recognizing the 12 Outstanding Young Restructuring Lawyers of 2018 Visit https://www.distressedinvestingconference.com/ for registration details and information about this year's conference agenda as well as highlights from past conferences. This year's corporate sponsors include: * Conway MacKenzie * DSI * Foley & Lardner * Longford Capital * Milford * Pacer Monitor Our media sponsors this year are Debtwire and Financial Times. To learn how you can be a sponsor and participate in shaping the day-long program, contact: Bernard Tolliver at bernard@beardgroup.com or Tel: (240) 629-3300 x-149 To learn about media sponsorship opportunities to bring your outlet into the view of leaders in corporate restructuring, lending and debt and equity investments, and to expand your network of news sources, contact: Jeff Baxt at jeff@beardgroup.com or (240) 629-3300, ext 150 Beard Group, Inc., publishes Turnarounds & Workouts, Troubled Company Reporter, and Troubled Company Prospector. Visit http://bankrupt.com/freetrial/for a free trial subscription to one or more of Beard Group's corporate restructuring publications. [] Mark Your Calendar! Distressed Investing Conference on Nov. 26 ----------------------------------------------------------------- Come and join Beard Group's Distressed Investing conference on November 26, 2018. Now on its 25th year, this annual gathering is the oldest and most established New York restructuring conference. The day-long program will be held the Monday after Thanksgiving at The Harmonie Club, 4 E. 60th St. in Midtown Manhattan. Among the highlights of the Distressed Investing 2018 Conference -- https://www.distressedinvestingconference.com -- Nov. 26th in midtown Manhattan will be an Investors' Roundtable featuring: * Steven L. Gidumal, Managing Partner, VIRTUS CAPITAL, LP * Gary E. Hindes, Managing Director, THE DELAWARE BAY COMPANY LLC * Dave Miller, Portfolio Manager, ELLIOTT MANAGEMENT CORP. * Richard M. Fels, Managing Director, ODEON CAPITAL GROUP LLC There's a high probability that you'll want to call your broker with a buy or sell order following this roundtable discussion. The conference will also feature: * Luncheon presentation of the Harvey R. Miller Award to Edward I. Altman, Professor of Finance, Emeritus, New York University's Stern School of Business. (The award will be presented by last year's winner billionaire Marc Lasry, Altman's former student.) * Evening awards dinner recognizing the 12 Outstanding Young Restructuring Lawyers of 2018 Visit https://www.distressedinvestingconference.com/ for registration details and information about this year's conference agenda as well as highlights from past conferences. This year's corporate sponsors include: * Conway MacKenzie * DSI * Foley & Lardner * Longford Capital * Milford * Pacer Monitor Our media sponsors this year are Debtwire and Financial Times. To learn how you can be a sponsor and participate in shaping the day-long program, contact: Bernard Tolliver at bernard@beardgroup.com or Tel: (240) 629-3300 x-149 To learn about media sponsorship opportunities to bring your outlet into the view of leaders in corporate restructuring, lending and debt and equity investments, and to expand your network of news sources, contact: Jeff Baxt at jeff@beardgroup.com or (240) 629-3300, ext 150 Beard Group, Inc., publishes Turnarounds & Workouts, Troubled Company Reporter, and Troubled Company Prospector. Visit http://bankrupt.com/freetrial/for a free trial subscription to one or more of Beard Group's corporate restructuring publications. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABBVIE INC ABBV US 61,641.0 (3,375.0) (3,379.0) ABBVIE INC ABBVUSD EU 61,641.0 (3,375.0) (3,379.0) ABBVIE INC 4AB GZ 61,641.0 (3,375.0) (3,379.0) ABBVIE INC 4AB TH 61,641.0 (3,375.0) (3,379.0) ABBVIE INC ABBVEUR EU 61,641.0 (3,375.0) (3,379.0) ABBVIE INC 4AB QT 61,641.0 (3,375.0) (3,379.0) ABBVIE INC 4AB GR 61,641.0 (3,375.0) (3,379.0) ABBVIE INC ABBV* MM 61,641.0 (3,375.0) (3,379.0) ABBVIE INC ABBV AV 61,641.0 (3,375.0) (3,379.0) ABBVIE INC 4AB TE 61,641.0 (3,375.0) (3,379.0) ABSOLUTE SOFTWRE ABT CN 97.0 (56.5) (35.2) ABSOLUTE SOFTWRE OU1 GR 97.0 (56.5) (35.2) ABSOLUTE SOFTWRE ALSWF US 97.0 (56.5) (35.2) ABSOLUTE SOFTWRE ABT2EUR EU 97.0 (56.5) (35.2) ACELRX PHARMA ACRX US 64.6 (49.0) 39.7 ACELRX PHARMA ACRXUSD EU 64.6 (49.0) 39.7 AIMIA INC AIM CN 3,521.5 (190.9) (1,254.4) AIMIA INC GAPFF US 3,521.5 (190.9) (1,254.4) AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMERICAN AIRLINE AAL US 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE AAL* MM 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE A1G GR 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE AAL1USD EU 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE A1G TH 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE AAL11EUR EU 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE AAL AV 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE AAL TE 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE A1G SW 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE AAL1CHF EU 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE A1G GZ 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE A1G QT 52,622.0 (869.0) (7,493.0) AMYRIS INC 3A01 GR 118.7 (249.0) (91.8) AMYRIS INC 3A01 TH 118.7 (249.0) (91.8) AMYRIS INC AMRS US 118.7 (249.0) (91.8) AMYRIS INC AMRSUSD EU 118.7 (249.0) (91.8) AMYRIS INC AMRSEUR EU 118.7 (249.0) (91.8) AMYRIS INC 3A01 QT 118.7 (249.0) (91.8) AQUESTIVE THERAP AQST US 39.8 (38.9) 3.2 ASPEN TECHNOLOGY AZPN US 264.9 (284.1) (371.1) ASPEN TECHNOLOGY AST GR 264.9 (284.1) (371.1) ASPEN TECHNOLOGY AZPNUSD EU 264.9 (284.1) (371.1) ASPEN TECHNOLOGY AST TH 264.9 (284.1) (371.1) ASPEN TECHNOLOGY AZPNEUR EU 264.9 (284.1) (371.1) ASPEN TECHNOLOGY AST QT 264.9 (284.1) (371.1) ATLATSA RESOURCE ATL SJ 170.1 (210.5) 6.1 AUTODESK INC ADSK US 3,833.0 (241.6) (316.3) AUTODESK INC AUD TH 3,833.0 (241.6) (316.3) AUTODESK INC AUD GR 3,833.0 (241.6) (316.3) AUTODESK INC ADSK AV 3,833.0 (241.6) (316.3) AUTODESK INC ADSKEUR EU 3,833.0 (241.6) (316.3) AUTODESK INC ADSKUSD EU 3,833.0 (241.6) (316.3) AUTODESK INC AUD GZ 3,833.0 (241.6) (316.3) AUTODESK INC ADSK* MM 3,833.0 (241.6) (316.3) AUTODESK INC AUD QT 3,833.0 (241.6) (316.3) AUTODESK INC ADSK TE 3,833.0 (241.6) (316.3) AUTOZONE INC AZ5 GR 9,301.8 (1,361.6) (247.1) AUTOZONE INC AZ5 TH 9,301.8 (1,361.6) (247.1) AUTOZONE INC AZO US 9,301.8 (1,361.6) (247.1) AUTOZONE INC AZOUSD EU 9,301.8 (1,361.6) (247.1) AUTOZONE INC AZOEUR EU 9,301.8 (1,361.6) (247.1) AUTOZONE INC AZ5 QT 9,301.8 (1,361.6) (247.1) AVALARA INC AVLR US 352.7 142.2 66.3 AVID TECHNOLOGY AVID US 254.0 (176.9) 3.8 AVID TECHNOLOGY AVD GR 254.0 (176.9) 3.8 BENEFITFOCUS INC BNFTEUR EU 181.3 (27.5) (2.3) BENEFITFOCUS INC BTF GR 181.3 (27.5) (2.3) BENEFITFOCUS INC BNFT US 181.3 (27.5) (2.3) BJ'S WHOLESALE C BJ US 3,220.9 (317.9) (11.9) BJ'S WHOLESALE C 8BJ GR 3,220.9 (317.9) (11.9) BJ'S WHOLESALE C 8BJ QT 3,220.9 (317.9) (11.9) BLOOM ENERGY C-A BE US 1,157.7 (564.8) 142.1 BLOOM ENERGY C-A 1ZB GR 1,157.7 (564.8) 142.1 BLOOM ENERGY C-A 1ZB QT 1,157.7 (564.8) 142.1 BLUE BIRD CORP BLBD US 331.5 (44.5) 10.8 BLUE RIDGE MOUNT BRMR US 1,060.2 (212.5) (62.4) BOEING CO-BDR BOEI34 BZ 113,195.0 (1,374.0) 8,676.0 BOEING CO-CED BA AR 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BOE LN 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BOEI BB 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BA US 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BCO TH 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BACHF EU 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BA SW 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BA* MM 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BA TE 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BCO GR 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BAEUR EU 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BA EU 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BA AV 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BAUSD SW 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BCO GZ 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BCO QT 113,195.0 (1,374.0) 8,676.0 BOEING CO/THE BA CI 113,195.0 (1,374.0) 8,676.0 BOMBARDIER INC-A BDRAF US 25,029.0 (3,829.0) 1,419.0 BOMBARDIER INC-A BBD/A CN 25,029.0 (3,829.0) 1,419.0 BOMBARDIER INC-B BDRBF US 25,029.0 (3,829.0) 1,419.0 BOMBARDIER INC-B BBD/B CN 25,029.0 (3,829.0) 1,419.0 BRINKER INTL EAT US 1,347.3 (718.3) (278.1) BRINKER INTL BKJ GR 1,347.3 (718.3) (278.1) BRINKER INTL BKJ QT 1,347.3 (718.3) (278.1) BRINKER INTL EAT2EUR EU 1,347.3 (718.3) (278.1) BROOKFIELD REAL BRE CN 101.1 (41.7) 5.6 BRP INC/CA-SUB V DOO CN 2,671.7 (445.7) - BRP INC/CA-SUB V B15A GR 2,671.7 (445.7) - BRP INC/CA-SUB V BRPIF US 2,671.7 (445.7) - BUFFALO COAL COR BUC SJ 31.9 (34.4) (49.1) CACTUS INC- A WHD US 406.1 265.3 141.5 CACTUS INC- A 43C GR 406.1 265.3 141.5 CACTUS INC- A 43C QT 406.1 265.3 141.5 CACTUS INC- A WHDEUR EU 406.1 265.3 141.5 CACTUS INC- A 43C TH 406.1 265.3 141.5 CACTUS INC- A 43C GZ 406.1 265.3 141.5 CADIZ INC CDZI US 74.7 (73.9) 17.7 CADIZ INC 2ZC GR 74.7 (73.9) 17.7 CAMBIUM LEARNING ABCD US 150.3 (6.5) (63.3) CARDLYTICS INC CDLX US 140.2 36.8 64.9 CARDLYTICS INC CDLXEUR EU 140.2 36.8 64.9 CARDLYTICS INC CYX TH 140.2 36.8 64.9 CARDLYTICS INC CYX QT 140.2 36.8 64.9 CARDLYTICS INC CYX GR 140.2 36.8 64.9 CARDLYTICS INC CYX GZ 140.2 36.8 64.9 CASELLA WASTE WA3 GR 652.6 (34.7) 1.1 CASELLA WASTE CWST US 652.6 (34.7) 1.1 CASELLA WASTE WA3 TH 652.6 (34.7) 1.1 CASELLA WASTE CWSTEUR EU 652.6 (34.7) 1.1 CASELLA WASTE CWSTUSD EU 652.6 (34.7) 1.1 CATASYS INC CATS US 7.9 (4.6) (0.7) CDK GLOBAL INC CDK US 3,008.4 (347.3) 818.9 CDK GLOBAL INC C2G QT 3,008.4 (347.3) 818.9 CDK GLOBAL INC CDKUSD EU 3,008.4 (347.3) 818.9 CDK GLOBAL INC C2G TH 3,008.4 (347.3) 818.9 CDK GLOBAL INC CDKEUR EU 3,008.4 (347.3) 818.9 CDK GLOBAL INC C2G GR 3,008.4 (347.3) 818.9 CEDAR FAIR LP FUN US 2,079.2 (70.1) (127.4) CEDAR FAIR LP 7CF GR 2,079.2 (70.1) (127.4) CHESAPEAKE ENERG CS1 TH 12,341.0 (117.0) (1,633.0) CHESAPEAKE ENERG CHK* MM 12,341.0 (117.0) (1,633.0) CHESAPEAKE ENERG CHKUSD EU 12,341.0 (117.0) (1,633.0) CHESAPEAKE ENERG CHK US 12,341.0 (117.0) (1,633.0) CHESAPEAKE ENERG CS1 GR 12,341.0 (117.0) (1,633.0) CHESAPEAKE ENERG CHKEUR EU 12,341.0 (117.0) (1,633.0) CHESAPEAKE ENERG CS1 GZ 12,341.0 (117.0) (1,633.0) CHESAPEAKE ENERG CS1 QT 12,341.0 (117.0) (1,633.0) CHOICE HOTELS CZH GR 1,123.0 (204.0) (3.5) CHOICE HOTELS CHH US 1,123.0 (204.0) (3.5) CINCINNATI BELL CBB US 2,166.1 (143.4) 331.1 CINCINNATI BELL CIB1 GR 2,166.1 (143.4) 331.1 CINCINNATI BELL CBBEUR EU 2,166.1 (143.4) 331.1 CLEAR CHANNEL-A CCO US 4,521.1 (2,079.0) 305.4 CLEAR CHANNEL-A C7C GR 4,521.1 (2,079.0) 305.4 CLEVELAND-CLIFFS CLF* MM 3,051.5 (306.3) 1,072.0 CLEVELAND-CLIFFS CLF US 3,051.5 (306.3) 1,072.0 CLEVELAND-CLIFFS CVA TH 3,051.5 (306.3) 1,072.0 CLEVELAND-CLIFFS CLF2 EU 3,051.5 (306.3) 1,072.0 CLEVELAND-CLIFFS CVA GR 3,051.5 (306.3) 1,072.0 CLEVELAND-CLIFFS CVA GZ 3,051.5 (306.3) 1,072.0 CLEVELAND-CLIFFS CLF2EUR EU 3,051.5 (306.3) 1,072.0 CLEVELAND-CLIFFS CVA QT 3,051.5 (306.3) 1,072.0 COGENT COMMUNICA OGM1 GR 700.2 (114.6) 221.8 COGENT COMMUNICA CCOI US 700.2 (114.6) 221.8 COLGATE-BDR COLG34 BZ 12,650.0 (189.0) 230.0 COLGATE-PALMOLIV CPA TH 12,650.0 (189.0) 230.0 COLGATE-PALMOLIV CL EU 12,650.0 (189.0) 230.0 COLGATE-PALMOLIV CLEUR EU 12,650.0 (189.0) 230.0 COLGATE-PALMOLIV CLCHF EU 12,650.0 (189.0) 230.0 COLGATE-PALMOLIV CL* MM 12,650.0 (189.0) 230.0 COLGATE-PALMOLIV CL SW 12,650.0 (189.0) 230.0 COLGATE-PALMOLIV CLUSD SW 12,650.0 (189.0) 230.0 COLGATE-PALMOLIV CPA GZ 12,650.0 (189.0) 230.0 COLGATE-PALMOLIV CL US 12,650.0 (189.0) 230.0 COLGATE-PALMOLIV CPA GR 12,650.0 (189.0) 230.0 COLGATE-PALMOLIV CPA QT 12,650.0 (189.0) 230.0 COLGATE-PALMOLIV CL TE 12,650.0 (189.0) 230.0 COLGATE-PALMOLIV COLG AV 12,650.0 (189.0) 230.0 COMMUNITY HEALTH CYH US 16,794.0 (289.0) 1,632.0 COMMUNITY HEALTH CYH1USD EU 16,794.0 (289.0) 1,632.0 COMMUNITY HEALTH CG5 TH 16,794.0 (289.0) 1,632.0 COMSTOCK RES INC CX9 GR 921.3 (442.4) 13.1 COMSTOCK RES INC CRK1EUR EU 921.3 (442.4) 13.1 COMSTOCK RES INC CRK US 921.3 (442.4) 13.1 CONVERGEONE HOLD CVON US 1,018.8 (128.2) 44.7 CUMULUS MEDIA-A CMLS US 2,413.5 (498.0) 342.7 DELEK LOGISTICS DKL US 650.3 (129.0) 29.0 DELEK LOGISTICS D6L GR 650.3 (129.0) 29.0 DENNY'S CORP DENN US 334.6 (117.9) (44.5) DENNY'S CORP DE8 GR 334.6 (117.9) (44.5) DENNY'S CORP DENNEUR EU 334.6 (117.9) (44.5) DINE BRANDS GLOB DIN US 1,650.3 (223.3) 65.6 DINE BRANDS GLOB IHP GR 1,650.3 (223.3) 65.6 DOLLARAMA INC DR3 GR 2,052.7 (146.6) 29.8 DOLLARAMA INC DLMAF US 2,052.7 (146.6) 29.8 DOLLARAMA INC DOL CN 2,052.7 (146.6) 29.8 DOLLARAMA INC DR3 GZ 2,052.7 (146.6) 29.8 DOLLARAMA INC DOLEUR EU 2,052.7 (146.6) 29.8 DOLLARAMA INC DR3 QT 2,052.7 (146.6) 29.8 DOLLARAMA INC DR3 TH 2,052.7 (146.6) 29.8 DOMINO'S PIZZA DPZ US 954.6 (2,929.2) 305.5 DOMINO'S PIZZA EZV GR 954.6 (2,929.2) 305.5 DOMINO'S PIZZA DPZEUR EU 954.6 (2,929.2) 305.5 DOMINO'S PIZZA DPZUSD EU 954.6 (2,929.2) 305.5 DOMINO'S PIZZA EZV QT 954.6 (2,929.2) 305.5 DOMINO'S PIZZA EZV TH 954.6 (2,929.2) 305.5 DOMO INC- CL B DOMO US 325.8 94.5 156.8 DOMO INC- CL B 1ON GR 325.8 94.5 156.8 DOMO INC- CL B 1ON GZ 325.8 94.5 156.8 DOMO INC- CL B DOMOEUR EU 325.8 94.5 156.8 DOMO INC- CL B DOMOUSD EU 325.8 94.5 156.8 DOMO INC- CL B 1ON TH 325.8 94.5 156.8 DUN & BRADSTREET DNB US 1,961.9 (758.1) (330.1) DUN & BRADSTREET DB5 GR 1,961.9 (758.1) (330.1) DUN & BRADSTREET DNB1USD EU 1,961.9 (758.1) (330.1) DUN & BRADSTREET DB5 QT 1,961.9 (758.1) (330.1) DUN & BRADSTREET DNB1EUR EU 1,961.9 (758.1) (330.1) DUNKIN' BRANDS G 2DB TH 3,298.7 (817.8) 226.5 DUNKIN' BRANDS G DNKN US 3,298.7 (817.8) 226.5 DUNKIN' BRANDS G 2DB GR 3,298.7 (817.8) 226.5 DUNKIN' BRANDS G DNKNUSD EU 3,298.7 (817.8) 226.5 DUNKIN' BRANDS G 2DB QT 3,298.7 (817.8) 226.5 DUNKIN' BRANDS G DNKNEUR EU 3,298.7 (817.8) 226.5 DUNKIN' BRANDS G 2DB GZ 3,298.7 (817.8) 226.5 EGAIN CORP EGAN US 39.6 (8.7) (8.0) EGAIN CORP EGCA GR 39.6 (8.7) (8.0) EGAIN CORP EGANEUR EU 39.6 (8.7) (8.0) ENPHASE ENERGY ENPH US 218.5 (30.1) 40.7 ENPHASE ENERGY E0P GR 218.5 (30.1) 40.7 ENPHASE ENERGY ENPHEUR EU 218.5 (30.1) 40.7 ENPHASE ENERGY ENPHUSD EU 218.5 (30.1) 40.7 ENPHASE ENERGY E0P QT 218.5 (30.1) 40.7 ENPHASE ENERGY E0P TH 218.5 (30.1) 40.7 ENPHASE ENERGY E0P GZ 218.5 (30.1) 40.7 EVERI HOLDINGS I G2C GR 1,439.8 (120.3) (3.8) EVERI HOLDINGS I G2C TH 1,439.8 (120.3) (3.8) EVERI HOLDINGS I EVRI US 1,439.8 (120.3) (3.8) EVERI HOLDINGS I EVRIUSD EU 1,439.8 (120.3) (3.8) EVERI HOLDINGS I EVRIEUR EU 1,439.8 (120.3) (3.8) EXELA TECHNOLOGI XELAU US 1,728.9 (62.1) (40.6) EXELA TECHNOLOGI XELA US 1,728.9 (62.1) (40.6) FUSION CONNECT I GVB GR 638.9 (118.9) (84.3) FUSION CONNECT I FSNN US 638.9 (118.9) (84.3) GAMCO INVESTO-A GBL US 140.2 (44.9) - GNC HOLDINGS INC GNC1USD EU 1,499.1 (166.1) 250.2 GNC HOLDINGS INC GNC* MM 1,499.1 (166.1) 250.2 GOGO INC GOGO US 1,304.3 (228.2) 310.1 GOGO INC GOGOEUR EU 1,304.3 (228.2) 310.1 GOGO INC G0G QT 1,304.3 (228.2) 310.1 GOGO INC G0G GR 1,304.3 (228.2) 310.1 GOOSEHEAD INSU-A GSHD US 32.0 (26.7) - GOOSEHEAD INSU-A 2OX GR 32.0 (26.7) - GOOSEHEAD INSU-A GSHDEUR EU 32.0 (26.7) - GORES HOLDINGS GRSHU US 0.3 (0.0) (0.0) GRAFTECH INTERNA EAF US 1,566.9 (991.0) 422.9 GRAFTECH INTERNA G6G GR 1,566.9 (991.0) 422.9 GRAFTECH INTERNA G6G TH 1,566.9 (991.0) 422.9 GRAFTECH INTERNA EAFEUR EU 1,566.9 (991.0) 422.9 GRAFTECH INTERNA G6G QT 1,566.9 (991.0) 422.9 GRAFTECH INTERNA EAFUSD EU 1,566.9 (991.0) 422.9 GREEN PLAINS PAR GPP US 92.2 (66.4) 4.0 GREEN PLAINS PAR 8GP GR 92.2 (66.4) 4.0 GREEN THUMB INDU R9U2 GR 1.1 (0.5) (0.5) GREEN THUMB INDU GTII CN 1.1 (0.5) (0.5) GREEN THUMB INDU GTBIF US 1.1 (0.5) (0.5) GREENSKY INC-A GSKY US 758.7 (46.5) (65.5) HANGER INC HNGR US 664.4 (35.3) 126.1 HCA HEALTHCARE I 2BH TH 37,742.0 (4,125.0) 2,769.0 HCA HEALTHCARE I HCA US 37,742.0 (4,125.0) 2,769.0 HCA HEALTHCARE I 2BH GR 37,742.0 (4,125.0) 2,769.0 HCA HEALTHCARE I HCA* MM 37,742.0 (4,125.0) 2,769.0 HCA HEALTHCARE I HCAUSD EU 37,742.0 (4,125.0) 2,769.0 HCA HEALTHCARE I 2BH QT 37,742.0 (4,125.0) 2,769.0 HCA HEALTHCARE I HCAEUR EU 37,742.0 (4,125.0) 2,769.0 HELIUS MEDICAL T HSM CN 17.1 (12.1) (12.4) HELIUS MEDICAL T HSDT US 17.1 (12.1) (12.4) HELIUS MEDICAL T 26H GR 17.1 (12.1) (12.4) HERBALIFE NUTRIT HLF US 2,421.5 (779.4) (133.9) HERBALIFE NUTRIT HOO GR 2,421.5 (779.4) (133.9) HERBALIFE NUTRIT HLFUSD EU 2,421.5 (779.4) (133.9) HERBALIFE NUTRIT HLFEUR EU 2,421.5 (779.4) (133.9) HERBALIFE NUTRIT HOO QT 2,421.5 (779.4) (133.9) HORTONWORKS INC 14K QT 291.4 (3.6) (5.2) HORTONWORKS INC HDPEUR EU 291.4 (3.6) (5.2) HORTONWORKS INC HDP US 291.4 (3.6) (5.2) HORTONWORKS INC 14K GR 291.4 (3.6) (5.2) HP COMPANY-BDR HPQB34 BZ 34,254.0 (1,767.0) (3,730.0) HP INC HPQ TE 34,254.0 (1,767.0) (3,730.0) HP INC HPQ US 34,254.0 (1,767.0) (3,730.0) HP INC 7HP TH 34,254.0 (1,767.0) (3,730.0) HP INC 7HP GR 34,254.0 (1,767.0) (3,730.0) HP INC HPQ SW 34,254.0 (1,767.0) (3,730.0) HP INC HPQ* MM 34,254.0 (1,767.0) (3,730.0) HP INC HPQUSD SW 34,254.0 (1,767.0) (3,730.0) HP INC HPQEUR EU 34,254.0 (1,767.0) (3,730.0) HP INC 7HP GZ 34,254.0 (1,767.0) (3,730.0) HP INC HWP QT 34,254.0 (1,767.0) (3,730.0) HP INC HPQUSD EU 34,254.0 (1,767.0) (3,730.0) HP INC HPQ CI 34,254.0 (1,767.0) (3,730.0) HP INC 7HP SW 34,254.0 (1,767.0) (3,730.0) IDEXX LABS IDXX AV 1,520.7 (40.8) (34.5) IDEXX LABS IX1 GZ 1,520.7 (40.8) (34.5) IDEXX LABS IX1 GR 1,520.7 (40.8) (34.5) IDEXX LABS IX1 QT 1,520.7 (40.8) (34.5) IDEXX LABS IDXX US 1,520.7 (40.8) (34.5) IDEXX LABS IX1 TH 1,520.7 (40.8) (34.5) IDEXX LABS IDXX TE 1,520.7 (40.8) (34.5) INFRASTRUCTURE A IEA US 180.2 (118.2) (20.7) INNOVIVA INC HVE GR 338.7 (155.4) 171.9 INNOVIVA INC INVAUSD EU 338.7 (155.4) 171.9 INNOVIVA INC INVA US 338.7 (155.4) 171.9 INNOVIVA INC INVAEUR EU 338.7 (155.4) 171.9 INNOVIVA INC HVE GZ 338.7 (155.4) 171.9 INNOVIVA INC HVE TH 338.7 (155.4) 171.9 INNOVIVA INC HVE QT 338.7 (155.4) 171.9 INSEEGO CORP INSG US 142.5 (64.6) (5.8) INSEEGO CORP INSGEUR EU 142.5 (64.6) (5.8) INSEEGO CORP INO GR 142.5 (64.6) (5.8) INTERNAP CORP INAP US 724.7 (5.0) (33.2) INTERNAP CORP INAPEUR EU 724.7 (5.0) (33.2) INTERNAP CORP IP9N GR 724.7 (5.0) (33.2) IRONWOOD PHARMAC IRWD US 618.2 (44.0) 184.6 IRONWOOD PHARMAC I76 GR 618.2 (44.0) 184.6 IRONWOOD PHARMAC IRWDEUR EU 618.2 (44.0) 184.6 IRONWOOD PHARMAC I76 QT 618.2 (44.0) 184.6 ISRAMCO INC IRM GR 110.2 (14.8) (7.3) ISRAMCO INC ISRL US 110.2 (14.8) (7.3) ISRAMCO INC ISRLEUR EU 110.2 (14.8) (7.3) JACK IN THE BOX JACK US 879.4 (490.5) (30.9) JACK IN THE BOX JBX GR 879.4 (490.5) (30.9) JACK IN THE BOX JBX QT 879.4 (490.5) (30.9) JACK IN THE BOX JBX GZ 879.4 (490.5) (30.9) JACK IN THE BOX JACK1EUR EU 879.4 (490.5) (30.9) JAMBA INC JMBA US 36.7 (10.3) (11.9) JAMBA INC XJA1 GR 36.7 (10.3) (11.9) KERYX BIOPHARM KERXUSD EU 145.7 (41.2) 70.6 KERYX BIOPHARM KERX US 145.7 (41.2) 70.6 L BRANDS INC LB US 7,620.0 (1,122.0) 859.0 L BRANDS INC LTD TH 7,620.0 (1,122.0) 859.0 L BRANDS INC LBUSD EU 7,620.0 (1,122.0) 859.0 L BRANDS INC LTD GR 7,620.0 (1,122.0) 859.0 L BRANDS INC LTD QT 7,620.0 (1,122.0) 859.0 L BRANDS INC LBEUR EU 7,620.0 (1,122.0) 859.0 L BRANDS INC LB* MM 7,620.0 (1,122.0) 859.0 L BRANDS INC LTD SW 7,620.0 (1,122.0) 859.0 LAMB WESTON 0L5 QT 2,752.6 (279.2) 411.7 LAMB WESTON LW-WUSD EU 2,752.6 (279.2) 411.7 LAMB WESTON LW US 2,752.6 (279.2) 411.7 LAMB WESTON 0L5 GR 2,752.6 (279.2) 411.7 LAMB WESTON LW-WEUR EU 2,752.6 (279.2) 411.7 LAMB WESTON 0L5 TH 2,752.6 (279.2) 411.7 LEGACY RESERVES LGCY US 1,510.6 (251.0) (589.8) LEGACY RESERVES LRT GR 1,510.6 (251.0) (589.8) LEGACY RESERVES LRT GZ 1,510.6 (251.0) (589.8) LEGACY RESERVES LRT QT 1,510.6 (251.0) (589.8) LENNOX INTL INC LII US 2,099.4 (180.2) 641.7 LENNOX INTL INC LXI TH 2,099.4 (180.2) 641.7 LENNOX INTL INC LII1USD EU 2,099.4 (180.2) 641.7 LENNOX INTL INC LII1EUR EU 2,099.4 (180.2) 641.7 LENNOX INTL INC LXI GR 2,099.4 (180.2) 641.7 LEXICON PHARMACE LX31 GR 332.9 (4.9) 138.9 LEXICON PHARMACE LXRX US 332.9 (4.9) 138.9 LEXICON PHARMACE LXRXUSD EU 332.9 (4.9) 138.9 LEXICON PHARMACE LXRXEUR EU 332.9 (4.9) 138.9 LEXICON PHARMACE LX31 QT 332.9 (4.9) 138.9 LIQUIDIA TECHNOL LQDA US 20.8 (12.9) (5.0) LIQUIDIA TECHNOL LT4 TH 20.8 (12.9) (5.0) MCDONALDS - BDR MCDC34 BZ 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCD US 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCD SW 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MDO GR 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCD* MM 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCD TE 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MDO TH 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCD AV 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCDUSD SW 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCDEUR EU 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MDO GZ 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MDO QT 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCDCHF EU 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCDUSD EU 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCD CI 32,708.4 (5,851.0) 1,385.3 MCDONALDS-CEDEAR MCD AR 32,708.4 (5,851.0) 1,385.3 MDC PARTNERS-A MD7A GR 1,788.6 (97.6) (177.0) MDC PARTNERS-A MDCA US 1,788.6 (97.6) (177.0) MDC PARTNERS-A MDCAEUR EU 1,788.6 (97.6) (177.0) MEDLEY MANAGE-A MDLY US 94.2 (54.1) 13.7 MICHAELS COS INC MIK US 2,192.5 (1,699.4) 501.7 MICHAELS COS INC MIM GR 2,192.5 (1,699.4) 501.7 MONEYGRAM INTERN 9M1N GR 4,526.8 (236.6) (52.3) MONEYGRAM INTERN 9M1N TH 4,526.8 (236.6) (52.3) MONEYGRAM INTERN MGIEUR EU 4,526.8 (236.6) (52.3) MONEYGRAM INTERN MGIUSD EU 4,526.8 (236.6) (52.3) MONEYGRAM INTERN MGI US 4,526.8 (236.6) (52.3) MONEYGRAM INTERN 9M1N QT 4,526.8 (236.6) (52.3) MOTOROLA SOLUTIO MOT TE 8,881.0 (1,492.0) 659.0 MOTOROLA SOLUTIO MSI US 8,881.0 (1,492.0) 659.0 MOTOROLA SOLUTIO MTLA TH 8,881.0 (1,492.0) 659.0 MOTOROLA SOLUTIO MSI1EUR EU 8,881.0 (1,492.0) 659.0 MOTOROLA SOLUTIO MTLA GZ 8,881.0 (1,492.0) 659.0 MOTOROLA SOLUTIO MTLA QT 8,881.0 (1,492.0) 659.0 MOTOROLA SOLUTIO MTLA GR 8,881.0 (1,492.0) 659.0 MSG NETWORKS- A MSGN US 849.6 (657.7) 227.2 MSG NETWORKS- A MSGNEUR EU 849.6 (657.7) 227.2 MSG NETWORKS- A 1M4 QT 849.6 (657.7) 227.2 MSG NETWORKS- A 1M4 TH 849.6 (657.7) 227.2 MSG NETWORKS- A 1M4 GR 849.6 (657.7) 227.2 NATERA INC NTRA US 194.4 (22.0) 67.2 NATERA INC 45E GR 194.4 (22.0) 67.2 NATHANS FAMOUS NATH US 79.4 (82.9) 58.3 NATHANS FAMOUS NFA GR 79.4 (82.9) 58.3 NATIONAL CINEMED NCMI US 1,132.7 (95.1) 100.6 NATIONAL CINEMED XWM GR 1,132.7 (95.1) 100.6 NATIONAL CINEMED NCMIEUR EU 1,132.7 (95.1) 100.6 NAVISTAR INTL IHR TH 6,924.0 (4,334.0) 596.0 NAVISTAR INTL IHR GR 6,924.0 (4,334.0) 596.0 NAVISTAR INTL NAV US 6,924.0 (4,334.0) 596.0 NAVISTAR INTL NAVEUR EU 6,924.0 (4,334.0) 596.0 NAVISTAR INTL NAVUSD EU 6,924.0 (4,334.0) 596.0 NAVISTAR INTL IHR QT 6,924.0 (4,334.0) 596.0 NAVISTAR INTL IHR GZ 6,924.0 (4,334.0) 596.0 NEOS THERAPEUTIC NEOS US 84.0 (18.6) 3.9 NEURONETICS INC STIM US 28.3 (18.1) 11.2 NEW ENG RLTY-LP NEN US 253.8 (35.6) - NII HOLDINGS INC NIHDEUR EU 966.0 (159.4) 132.4 NII HOLDINGS INC NIHD US 966.0 (159.4) 132.4 NII HOLDINGS INC NJJA GR 966.0 (159.4) 132.4 NORTHERN OIL AND NOG US 883.1 (147.8) 118.0 NORTHERN OIL AND NOG1USD EU 883.1 (147.8) 118.0 OMEROS CORP OMER US 106.3 (56.3) 72.1 OMEROS CORP 3O8 GR 106.3 (56.3) 72.1 OMEROS CORP OMERUSD EU 106.3 (56.3) 72.1 OMEROS CORP 3O8 TH 106.3 (56.3) 72.1 OMEROS CORP OMEREUR EU 106.3 (56.3) 72.1 OPTIVA INC RE6 GR 158.9 (16.7) 21.9 OPTIVA INC OPT CN 158.9 (16.7) 21.9 OPTIVA INC RKNEF US 158.9 (16.7) 21.9 OPTIVA INC 3230510Q EU 158.9 (16.7) 21.9 OPTIVA INC RKNEUR EU 158.9 (16.7) 21.9 PAPA JOHN'S INTL PZZAEUR EU 558.2 (243.0) 11.9 PAPA JOHN'S INTL PP1 GR 558.2 (243.0) 11.9 PAPA JOHN'S INTL PZZA US 558.2 (243.0) 11.9 PHILIP MORRIS IN 4I1 GR 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PM US 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PM1 EU 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PM1CHF EU 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PM1 TE 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN 4I1 TH 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PMI SW 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PM1EUR EU 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN 4I1 GZ 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN 4I1 QT 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PMOR AV 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PMI EB 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PMI1 IX 40,721.0 (10,168.0) 2,587.0 PINNACLE ENTERTA 65P GR 3,859.0 (281.5) (33.6) PINNACLE ENTERTA PNK US 3,859.0 (281.5) (33.6) PIVOTAL SYST-CDI PVS AU - - - PLANET FITNESS-A PLNT1USD EU 1,124.7 (91.2) 104.2 PLANET FITNESS-A PLNT1EUR EU 1,124.7 (91.2) 104.2 PLANET FITNESS-A 3PL QT 1,124.7 (91.2) 104.2 PLANET FITNESS-A PLNT US 1,124.7 (91.2) 104.2 PLANET FITNESS-A 3PL TH 1,124.7 (91.2) 104.2 PLANET FITNESS-A 3PL GR 1,124.7 (91.2) 104.2 PLURALSIGHT IN-A PS US 416.2 239.9 97.3 PROS HOLDINGS IN PRO US 281.4 (68.7) 74.6 PROS HOLDINGS IN PH2 GR 281.4 (68.7) 74.6 PROS HOLDINGS IN PRO1EUR EU 281.4 (68.7) 74.6 QUEBECOR INC-A QBR/A CN 9,142.5 (339.1) (1,076.3) QUEBECOR INC-B QB3 GR 9,142.5 (339.1) (1,076.3) QUEBECOR INC-B QBCRF US 9,142.5 (339.1) (1,076.3) QUEBECOR INC-B QBR/B CN 9,142.5 (339.1) (1,076.3) REATA PHARMACE-A 2R3 GR 174.7 (167.9) 116.7 REATA PHARMACE-A RETAEUR EU 174.7 (167.9) 116.7 REATA PHARMACE-A RETA US 174.7 (167.9) 116.7 RESOLUTE ENERGY REN US 826.6 (82.8) (152.0) RESOLUTE ENERGY R21 GR 826.6 (82.8) (152.0) RESOLUTE ENERGY RENEUR EU 826.6 (82.8) (152.0) RESVERLOGIX CORP RVXCF US 8.6 (78.5) (34.5) RESVERLOGIX CORP RVX CN 8.6 (78.5) (34.5) REVLON INC-A RVL1 GR 3,091.9 (980.7) 6.7 REVLON INC-A REV US 3,091.9 (980.7) 6.7 REVLON INC-A REVEUR EU 3,091.9 (980.7) 6.7 REVLON INC-A RVL1 TH 3,091.9 (980.7) 6.7 REVLON INC-A REVUSD EU 3,091.9 (980.7) 6.7 RIMINI STREET IN RMNI US 119.5 (229.9) (131.1) ROSETTA STONE IN RS8 TH 169.2 (4.2) (63.3) ROSETTA STONE IN RS8 GR 169.2 (4.2) (63.3) ROSETTA STONE IN RST US 169.2 (4.2) (63.3) ROSETTA STONE IN RST1EUR EU 169.2 (4.2) (63.3) ROSETTA STONE IN RST1USD EU 169.2 (4.2) (63.3) RR DONNELLEY & S DLLN TH 3,653.8 (247.5) 673.5 RR DONNELLEY & S RRDUSD EU 3,653.8 (247.5) 673.5 RR DONNELLEY & S RRDEUR EU 3,653.8 (247.5) 673.5 RR DONNELLEY & S DLLN GR 3,653.8 (247.5) 673.5 RR DONNELLEY & S RRD US 3,653.8 (247.5) 673.5 SALLY BEAUTY HOL S7V GR 2,095.7 (326.2) 615.4 SALLY BEAUTY HOL SBH US 2,095.7 (326.2) 615.4 SALLY BEAUTY HOL SBHEUR EU 2,095.7 (326.2) 615.4 SANCHEZ ENERGY C SN* MM 2,904.4 (67.7) 58.6 SANCHEZ ENERGY C SNUSD EU 2,904.4 (67.7) 58.6 SBA COMM CORP SBACUSD EU 7,289.4 (3,042.1) 49.1 SBA COMM CORP SBAC US 7,289.4 (3,042.1) 49.1 SBA COMM CORP 4SB GR 7,289.4 (3,042.1) 49.1 SBA COMM CORP 4SB GZ 7,289.4 (3,042.1) 49.1 SBA COMM CORP SBACEUR EU 7,289.4 (3,042.1) 49.1 SBA COMM CORP SBJ TH 7,289.4 (3,042.1) 49.1 SCIENTIFIC GAMES SGMS US 7,612.9 (2,268.4) 630.9 SCIENTIFIC GAMES SGMSUSD EU 7,612.9 (2,268.4) 630.9 SCIENTIFIC GAMES TJW GR 7,612.9 (2,268.4) 630.9 SCIENTIFIC GAMES TJW TH 7,612.9 (2,268.4) 630.9 SCIENTIFIC GAMES TJW GZ 7,612.9 (2,268.4) 630.9 SEALED AIR CORP SDA GR 4,859.2 (372.4) 156.9 SEALED AIR CORP SEE US 4,859.2 (372.4) 156.9 SEALED AIR CORP SEE1EUR EU 4,859.2 (372.4) 156.9 SEALED AIR CORP SDA TH 4,859.2 (372.4) 156.9 SEALED AIR CORP SDA QT 4,859.2 (372.4) 156.9 SERES THERAPEUTI MCRB1EUR EU 133.0 (13.3) 64.8 SERES THERAPEUTI MCRB US 133.0 (13.3) 64.8 SERES THERAPEUTI 1S9 GR 133.0 (13.3) 64.8 SHELL MIDSTREAM SHLX US 1,870.4 (320.8) 177.1 SHELL MIDSTREAM 49M QT 1,870.4 (320.8) 177.1 SHELL MIDSTREAM 49M GR 1,870.4 (320.8) 177.1 SHELL MIDSTREAM 49M TH 1,870.4 (320.8) 177.1 SIGA TECH INC SIGA US 128.3 (341.3) (258.9) SINO UNITED WORL SUIC US 0.0 (0.1) (0.1) SIRIUS XM HOLDIN RDO GR 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN RDO TH 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN SIRI AV 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN SIRIUSD EU 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN SIRIEUR EU 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN RDO GZ 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN RDO QT 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN SIRI US 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN SIRI TE 8,299.2 (1,370.6) (2,462.2) SIX FLAGS ENTERT 6FE GR 2,610.4 (152.0) (253.4) SIX FLAGS ENTERT SIXEUR EU 2,610.4 (152.0) (253.4) SIX FLAGS ENTERT SIX US 2,610.4 (152.0) (253.4) SLEEP NUMBER COR SNBR US 470.4 (21.2) (251.8) SLEEP NUMBER COR SL2 GR 470.4 (21.2) (251.8) SLEEP NUMBER COR SNBREUR EU 470.4 (21.2) (251.8) SONIC CORP SONC US 545.5 (273.3) 45.6 SONIC CORP SO4 GR 545.5 (273.3) 45.6 SONIC CORP SO4 TH 545.5 (273.3) 45.6 SONIC CORP SONCUSD EU 545.5 (273.3) 45.6 SONIC CORP SONCEUR EU 545.5 (273.3) 45.6 STARCO BRANDS IN STCB US 0.1 (0.8) (0.8) TAILORED BRANDS TLRDEUR EU 1,945.8 (37.2) 540.2 TAILORED BRANDS TLRD* MM 1,945.8 (37.2) 540.2 TAILORED BRANDS TLRD US 1,945.8 (37.2) 540.2 TAILORED BRANDS WRM GR 1,945.8 (37.2) 540.2 TAILORED BRANDS WRM TH 1,945.8 (37.2) 540.2 TAUBMAN CENTERS TU8 GR 4,362.2 (201.4) - TAUBMAN CENTERS TCO US 4,362.2 (201.4) - TENABLE HOLDINGS TENB US 169.4 (120.6) (95.0) TENABLE HOLDINGS TE7 GZ 169.4 (120.6) (95.0) TENABLE HOLDINGS TE7 GR 169.4 (120.6) (95.0) TENABLE HOLDINGS TE7 TH 169.4 (120.6) (95.0) TENABLE HOLDINGS TE7 QT 169.4 (120.6) (95.0) TESARO INC TSRO US 810.5 (21.5) 573.2 TESARO INC T8S TH 810.5 (21.5) 573.2 TESARO INC TSROUSD EU 810.5 (21.5) 573.2 TESARO INC T8S QT 810.5 (21.5) 573.2 TESARO INC TSROEUR EU 810.5 (21.5) 573.2 TESARO INC T8S GR 810.5 (21.5) 573.2 TOWN SPORTS INTE CLUB US 255.8 (72.5) (7.4) TOWN SPORTS INTE T3D GR 255.8 (72.5) (7.4) TOWN SPORTS INTE CLUBEUR EU 255.8 (72.5) (7.4) TRANSDIGM GROUP TDG US 11,804.5 (2,098.5) 2,568.2 TRANSDIGM GROUP T7D GR 11,804.5 (2,098.5) 2,568.2 TRANSDIGM GROUP T7D TH 11,804.5 (2,098.5) 2,568.2 TRANSDIGM GROUP T7D QT 11,804.5 (2,098.5) 2,568.2 TRANSDIGM GROUP TDGEUR EU 11,804.5 (2,098.5) 2,568.2 TRILOGY INTERNAT TRL CN 709.9 (12.5) (16.7) TRIUMPH GROUP TG7 GR 3,420.0 (226.6) 292.1 TRIUMPH GROUP TGI US 3,420.0 (226.6) 292.1 TRIUMPH GROUP TGIEUR EU 3,420.0 (226.6) 292.1 TUPPERWARE BRAND TUP GR 1,338.1 (175.5) (64.2) TUPPERWARE BRAND TUP US 1,338.1 (175.5) (64.2) TUPPERWARE BRAND TUP TH 1,338.1 (175.5) (64.2) TUPPERWARE BRAND TUP1EUR EU 1,338.1 (175.5) (64.2) TUPPERWARE BRAND TUP1USD EU 1,338.1 (175.5) (64.2) TUPPERWARE BRAND TUP GZ 1,338.1 (175.5) (64.2) TUPPERWARE BRAND TUP QT 1,338.1 (175.5) (64.2) UNISYS CORP UIS EU 2,370.9 (1,244.1) 413.1 UNISYS CORP USY1 TH 2,370.9 (1,244.1) 413.1 UNISYS CORP USY1 GR 2,370.9 (1,244.1) 413.1 UNISYS CORP UIS US 2,370.9 (1,244.1) 413.1 UNISYS CORP UIS1 SW 2,370.9 (1,244.1) 413.1 UNISYS CORP UISEUR EU 2,370.9 (1,244.1) 413.1 UNISYS CORP UISCHF EU 2,370.9 (1,244.1) 413.1 UNISYS CORP USY1 QT 2,370.9 (1,244.1) 413.1 UNISYS CORP USY1 GZ 2,370.9 (1,244.1) 413.1 UNITI GROUP INC 8XC GR 4,471.7 (1,289.8) - UNITI GROUP INC UNIT US 4,471.7 (1,289.8) - VALVOLINE INC 0V4 GR 1,849.0 (288.0) 365.0 VALVOLINE INC 0V4 TH 1,849.0 (288.0) 365.0 VALVOLINE INC VVVEUR EU 1,849.0 (288.0) 365.0 VALVOLINE INC 0V4 QT 1,849.0 (288.0) 365.0 VALVOLINE INC VVV US 1,849.0 (288.0) 365.0 VECTOR GROUP LTD VGR US 1,333.9 (428.7) 164.9 VECTOR GROUP LTD VGR GR 1,333.9 (428.7) 164.9 VECTOR GROUP LTD VGREUR EU 1,333.9 (428.7) 164.9 VECTOR GROUP LTD VGR QT 1,333.9 (428.7) 164.9 VERISIGN INC VRSN US 1,911.6 (1,381.0) 307.7 VERISIGN INC VRS GR 1,911.6 (1,381.0) 307.7 VERISIGN INC VRS TH 1,911.6 (1,381.0) 307.7 VERISIGN INC VRSNEUR EU 1,911.6 (1,381.0) 307.7 VERISIGN INC VRS GZ 1,911.6 (1,381.0) 307.7 VERISIGN INC VRS QT 1,911.6 (1,381.0) 307.7 W&T OFFSHORE INC UWV GR 958.2 (507.4) (55.7) W&T OFFSHORE INC WTI1EUR EU 958.2 (507.4) (55.7) W&T OFFSHORE INC WTI US 958.2 (507.4) (55.7) WAYFAIR INC- A W US 1,287.3 (195.5) (96.3) WAYFAIR INC- A 1WF QT 1,287.3 (195.5) (96.3) WAYFAIR INC- A WUSD EU 1,287.3 (195.5) (96.3) WAYFAIR INC- A 1WF GR 1,287.3 (195.5) (96.3) WAYFAIR INC- A 1WF TH 1,287.3 (195.5) (96.3) WAYFAIR INC- A WEUR EU 1,287.3 (195.5) (96.3) WEIGHT WATCHERS WW6 GR 1,336.6 (923.0) (88.2) WEIGHT WATCHERS WTW US 1,336.6 (923.0) (88.2) WEIGHT WATCHERS WW6 TH 1,336.6 (923.0) (88.2) WEIGHT WATCHERS WTWUSD EU 1,336.6 (923.0) (88.2) WEIGHT WATCHERS WW6 GZ 1,336.6 (923.0) (88.2) WEIGHT WATCHERS WTWEUR EU 1,336.6 (923.0) (88.2) WEIGHT WATCHERS WW6 QT 1,336.6 (923.0) (88.2) WESTERN UNION W3U TH 9,115.6 (451.3) (813.3) WESTERN UNION W3U GR 9,115.6 (451.3) (813.3) WESTERN UNION WU US 9,115.6 (451.3) (813.3) WESTERN UNION WUEUR EU 9,115.6 (451.3) (813.3) WESTERN UNION W3U GZ 9,115.6 (451.3) (813.3) WESTERN UNION W3U QT 9,115.6 (451.3) (813.3) WIDEOPENWEST INC WOW US 2,196.8 (422.4) (95.7) WIDEOPENWEST INC WU5 GR 2,196.8 (422.4) (95.7) WIDEOPENWEST INC WU5 TH 2,196.8 (422.4) (95.7) WIDEOPENWEST INC WOW1EUR EU 2,196.8 (422.4) (95.7) WIDEOPENWEST INC WU5 QT 2,196.8 (422.4) (95.7) WINDSTREAM HOLDI WIN US 10,839.8 (1,406.5) (406.3) WINDSTREAM HOLDI B4O2 TH 10,839.8 (1,406.5) (406.3) WINDSTREAM HOLDI B4O2 GR 10,839.8 (1,406.5) (406.3) WINDSTREAM HOLDI WIN2USD EU 10,839.8 (1,406.5) (406.3) WINGSTOP INC WING1EUR EU 124.1 (140.7) (6.7) WINGSTOP INC WING US 124.1 (140.7) (6.7) WINGSTOP INC EWG GR 124.1 (140.7) (6.7) WINMARK CORP GBZ GR 48.8 (20.8) 7.9 WINMARK CORP WINA US 48.8 (20.8) 7.9 WORKIVA INC WKEUR EU 181.7 (17.7) (21.7) WORKIVA INC WK US 181.7 (17.7) (21.7) WORKIVA INC 0WKA GR 181.7 (17.7) (21.7) WYNDHAM DESTINAT WYND US 7,075.0 (520.0) (138.0) WYNDHAM DESTINAT WD5 TH 7,075.0 (520.0) (138.0) WYNDHAM DESTINAT WYNUSD EU 7,075.0 (520.0) (138.0) WYNDHAM DESTINAT WD5 GR 7,075.0 (520.0) (138.0) WYNDHAM DESTINAT WD5 QT 7,075.0 (520.0) (138.0) WYNDHAM DESTINAT WYNEUR EU 7,075.0 (520.0) (138.0) XERIUM TECHNOLOG TXRN GR 547.2 (151.0) 72.0 XERIUM TECHNOLOG XRM US 547.2 (151.0) 72.0 YELLOW PAGES LTD YEUR EU 544.3 (182.3) 70.9 YELLOW PAGES LTD YMI GR 544.3 (182.3) 70.9 YELLOW PAGES LTD Y CN 544.3 (182.3) 70.9 YELLOW PAGES LTD YLWDF US 544.3 (182.3) 70.9 YRC WORLDWIDE IN YEL1 GR 1,644.5 (344.1) 182.2 YRC WORLDWIDE IN YEL1 TH 1,644.5 (344.1) 182.2 YRC WORLDWIDE IN YRCW US 1,644.5 (344.1) 182.2 YRC WORLDWIDE IN YRCWUSD EU 1,644.5 (344.1) 182.2 YRC WORLDWIDE IN YEL1 QT 1,644.5 (344.1) 182.2 YRC WORLDWIDE IN YRCWEUR EU 1,644.5 (344.1) 182.2 YUM! BRANDS INC TGR TH 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC TGR GR 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC YUM US 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC YUMUSD SW 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC YUMUSD EU 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC TGR GZ 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC YUMEUR EU 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC TGR QT 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC YUMCHF EU 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC YUM SW 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC TGR SW 4,326.0 (7,247.0) 279.0 ********* 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 ***