/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/190527.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, May 27, 2019, Vol. 23, No. 146 Headlines 1100 STATE STREET: Taps Harmer Realty as Appraiser 2260 SAN YSIDRO: Seeks to Hire Compass Realty as Real Estate Broker 31-32 LIC HOLDINGS: Seeks to Hire Nutovic & Associates as Counsel 5615 ADDISON ROAD: Seeks to Hire Gilman & Edwards as Legal Counsel 870 MIDDLE ISLAND: Affiliate Seeks to Hire Grodsky as Accountant 9871 JAMAICA DRIVE: $275K Sale of Cutler Bay Property Denied ABRAMS LEARNING: Seeks to Hire Barry Strickland as Accountant ACETO CORP: Committee Taps GlassRatner as Financial Advisor AEGERION PHARMACEUTICALS: May 29 Mtg. Set to Form Creditors Panel AMSTED INDUSTRIES: S&P Rates New $400MM Sr. Unsecured Notes 'BB' ARETEC GROUP: S&P Raises ICR to 'B'; Outlook Stable ASPEN CLUB: Seeks to Hire Markus Williams as Counsel BANESCO USA: Fitch Affirms 'BB-' LongTerm Issuer Default Rating BASIC ENERGY: S&P Cuts ICR to 'B-' on High Leverage; Outlook Neg. BAY TERRACE: Seeks to Hire Kensington Company as Real Estate Broker BEAUTIFUL BROWS: Trustee Taps Jason L. Pettie as Special Counsel BUILDERS FIRSTSOURCE: S&P Rates New $300MM Sr. Secured Notes 'BB-' CALERES INC: S&P Affirms 'BB' Issuer Credit Rating; Outlook Stable CHARLES F. HAMBLEN: Seeks to Hire Latham Shuker as Legal Counsel CLEVELAND-CLIFFS INC: Egan-Jones Hikes Sr. Unsecured Ratings to BB- CP#1109 LLC: Hires O'Boyle Law as Special Litigation Counsel CREATIVE GLOBAL: Seeks to Hire Grobstein as Financial Advisor CVR PARTNERS: Moody's Alters Outlook to Stable & Affirms 'B2' CFR DITECH HOLDING: Committee Taps Goldin as Financial Advisor DITECH HOLDING: Committee Taps Pachulski Stang as Legal Counsel EDGEMARC ENERGY: Proposes Aug. 14 Auction for Assets EDGEWATER GENERATION: S&P Affirms 'BB' Debt Rating; Outlook Stable EM POLICIA: Seeks to Hire Nilda M. Gonzalez Cordero as Attorney FAIRBANKS CO: FCR Taps Scroggins & Williamson as Local Counsel FAIRBANKS CO: FCR Taps Young Conaway as Legal Counsel FALCON V: Seeks to Hire Kelly Hart & Hallman as Legal Counsel FIVE STAR INDUSTRIAL: Taps C. Taylor Crockett as Legal Counsel FORT BRAGG: Taps Tampa Law Advocates as Legal Counsel GOLF VIEW LANE: Seeks to Hire Resnik Hayes as Legal Counsel HEXION HOLDINGS: Committee Seeks to Hire Bayard as Co-Counsel HEXION HOLDINGS: Committee Seeks to Hire FTI as Financial Advisor HEXION HOLDINGS: Committee Seeks to Hire Kramer Levin as Counsel HHGREGG INC: Committee Seeks to Hire Chipman Brown as Counsel HOLLANDER SLEEP: May 30 Meeting Set to Form Creditors' Panel IAA SPINCO: Fitch Gives BB- Rating on $400MM Unsec. Notes IAA SPINCO: Moody's Rates New $400MM Unsec. Notes 'B2' JRV GROUP: Taps BMC Group as Claims Agent JUAN ALFARO: Seeks to Hire Balisok & Kaufman as Legal Counsel KEYSTONE FILLER: Seeks to Hire Cunningham Chernicoff as Counsel LA PERRONA: $190K Sale of De Anda's Glendale Property Approved LABORATORIO ACROPOLIS: Taps Gloria Justiniano Irizarry as Counsel MUSCLE MAKER: Taps Bruner Wright as Legal Counsel NEIMAN MARCUS: S&P Affirms 'CC' Issuer Credit Rating; Outlook Neg. NICE SERVICES: Seeks to Hire Thomas C. Little as Counsel NYMAN HOLDINGS: Seeks to Hire Cohne Kinghorn as Legal Counsel OKANA LLC: Seeks to Hire Wisneski Sears as Accountant ORCHIDS PAPER: Committee Taps CKR Law as Delaware Counsel PAVMED INC: Seeks to Hire Buddy D. Ford as Legal Counsel PLAINVILLE LIVESTOCK: Committee Taps Klenda Austerman as Counsel PROXIMITY INNOVATIONS: Seeks to Hire Buddy D. Ford as Legal Counsel RAHMANIA PROPERTIES: Examiner Taps LaMonica Herbst as Counsel RICHLAND FARMS: Hires Dana F. Cole & Company as Accountant SAFFRON BORROWCO: S&P Assigns 'B' ICR on Apollo Take-Private Deal SARATOGA SPRINGS: Seeks to Hire Hodgson Russ as Legal Counsel SCOTTSBURG HOSPITALITY: Sale of All Assets to Scottsburg Hotel OK'd SENIOR CARE: Taps Smith & Douglas as Property Tax Consultant SOUTHCROSS ENERGY: Taps Kurtzman Carson as Administrative Advisor SOVRANO LLC: Taps Whitley Penn as Accountant SUPER HERO KIDS: Seeks to Hire Martin Seidler as Legal Counsel TM VILLAGE: Sale of Raw Land and Office Building Approved TWIN CITY BEER: Seeks to Hire Blanchard Law as Legal Counsel UVLRX THERAPEUTICS: Trustee Taps Gardner Brewer as Counsel V R ASHIRWAD: Taps Huned Doctor as Accountant WD-I ASSOCIATES: Taps Lee & Associates as Real Estate Broker [^] BOND PRICING: For the Week from May 20 to 24, 2019 ********* 1100 STATE STREET: Taps Harmer Realty as Appraiser -------------------------------------------------- 1100 State Street, LLC, received approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Harmer Realty Co. The firm will conduct an appraisal of the Debtor's property located at 1100 State St., Camden, N.J. William Harmer, the firm's appraiser who will be providing the services, will receive a flat fee of $1,800 for his services. Mr. Harmer disclosed in court filings that he and his firm are "disinterested" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William W. Harmer Harmer Realty Co. 760 E Cooper Ferry Ct Galloway, NJ 08205 Phone: 856-429-4422 E-mail: bill@harmerrealty.net About 1100 State Street 1100 State Street, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 19-15567) on March 19, 2019. The case is assigned to Judge Andrew B. Altenburg Jr. Kasen & Kasen, P.C., is the Debtor's counsel. 2260 SAN YSIDRO: Seeks to Hire Compass Realty as Real Estate Broker ------------------------------------------------------------------- 2260 San Ysidro, LLC seeks authority from the U.S. Bankruptcy Court for the Central District of California to hire a real estate broker. In an application filed in court, the Debtor proposes to employ Compass Realty and the firm's real estate agent Neyshia Go in connection with the sale of approximately 19,000 square feet of real property located at 2260 San Ysidro Drive, Beverly Hills, Calif. Compass Realty will get a 5% commission. Neyshia Go assures the court that she is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. Compass Realty can be reached at: Neyshia Go Compass Realty 11726 San Vicente Boulevard, Suite 350 Los Angeles CA 90049 Phone: 310-882-8357 Email: neyshia.go@compass.com About 2260 San Ysidro, LLC 2260 San Ysidro, LLC is a Single Asset Real Estate Debtor (as defined in 11 U.S.C. Section 101(51B)). It is the fee simple owner of a property located at 2260 San Ysidro Drive, Beverly Hills, Calif., with an estimated value of $3.2 million. 2260 San Ysidro filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-15021) on April 30, 2019. In the petition signed by John LaCroix, member, the Debtor estimated $3,200,000 in assets and $2,304,815 in liabilities. The case is assigned to Judge Vincent P. Zurzolo. Richard T. Baum, Esq. at the Law Offices of Richard T. Baum, represents the Debtor as counsel. 31-32 LIC HOLDINGS: Seeks to Hire Nutovic & Associates as Counsel ----------------------------------------------------------------- 31-32 LIC Holdings LLC seeks authority from the U.S. Bankruptcy Court for the Eastern District of New York to employ Nutovic & Associates as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) advise the Debtor of its powers and duties in the continued operation of its business affairs and management of its property; (b) represent the Debtor in litigations that may arise during its bankruptcy case; and (c) assist the Debtor in the preparation and negotiation of a plan of reorganization. Nutovic & Associates will be paid at these hourly rates: Isaac Nutovic, Esq. $560 Associates $225 - $350 Paralegals $100 - $175 The Debtor paid Nutovic & Associates the sum of $10,000 as retainer and will reimburse the firm for work-related expenses. Isaac Nutovic, Esq., principal of Nutovic & Associates, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Nutovic & Associates can be reached at: Isaac Nutovic, Esq. Nutovic & Associates 261 Madison Avenue, 26th Floor New York, NY 10016 Tel: (212) 421-9100 Email: INutovic@Nutovic.com About 31-32 LIC Holdings LLC 31-32 LIC Holdings LLC, a privately held company in Brooklyn, N.Y., filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-42921) on May 10, 2019. In the petition signed by Eli Fried, Brooklyn Equity Holdings, LLC, manager, the Debtor estimated $1 million to $10 million in both assets and liabilities. The case is assigned to Judge Elizabeth S. Stong. Isaac Nutovic, Esq. at Nutovic & Associates represents the Debtor as counsel. 5615 ADDISON ROAD: Seeks to Hire Gilman & Edwards as Legal Counsel ------------------------------------------------------------------ 5615 Addison Road LLC seeks authority from the U.S. Bankruptcy Court for the District of Maryland to hire Gilman & Edwards, LLC as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. advise the Debtor of its powers and duties in the operation of its affairs and management of its property; b. represent the Debtor in defense of any proceedings initiated against it to reclaim property or to obtain relief from the automatic stay; c. represent the Debtor in any proceedings instituted with respect to its use of cash collateral, if applicable; d. prepare and file a disclosure statement and plan of reorganization; and e. assist the Debtor in all legal matters, including litigation-related work. Gilman & Edwards' hourly rates are: Richard Gilman, Esq. $425 Kasey Edwards, Esq. $325 Associate $200 Paralegal/Administrative Services $95 The Debtor paid the firm an initial pre-bankruptcy retainer in the amount of $10,000. Richard Gilman, Esq., a member of Gilman & Edwards, assures the court that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard L. Gilman Gilman & Edwards, LLC 8401 Corporate Drive, Suite 450 Landover, MD 20785 Phone: (301)-731-3303 Fax : 301-731-3072 Email: rgilman@gilmanedwards.com About 5615 Addison Road LLC Based in Silver Spring, Md., 5615 Addison Road LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 19-16132) on May 6, 2019, listing under $1 million in both assets and liabilities. The case is assigned to Judge Thomas J. Catliota. Richard L. Gilman at Gilman & Edwards, LLC, represents the Debtor as counsel. 870 MIDDLE ISLAND: Affiliate Seeks to Hire Grodsky as Accountant ---------------------------------------------------------------- 379 Horseblock Produce Corp., an affiliate of 870 Middle Island Produce Corp., seeks authority from the U.S. Bankruptcy Court for the Eastern District of New York to hire Grodsky, Caporrino & Kaufman, LLP as its accountant. The firm will assist the Debtor in the preparation of tax returns and operating reports and will provide other accounting services necessary to administer its bankruptcy estate. The firm's hourly rates are: Partner $350 Accounting Staff $90 - $250 Support Staff $65 - $85 Grodsky is "disinterested" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Anthony Caporrino Grodsky, Caporrino & Kaufman, LLP 300 Jericho Quadrangle Jericho, NY 11753 Phone: (516) 829-5559, Extension 102 Email: acaporrino@gckcpa.com About 870 Middle Island and 379 Horseblock 870 Middle Island Produce Corp. operates a supermarket at 868 Middle Country Road, Middle Island, New York. Affiliate 379 Horseblock Produce Corp. operates a supermarket at 379 Horseblock Road, Farmingville, New York. 870 Middle Island Produce Corp. and 379 Horseblock Produce Corp. filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. Case Nos. 19-71008 and 19-71009) on Feb. 11, 2019. In the petitions signed by David Corona, president, each of the Debtors estimated up to $50,000 in assets and $1 million to $10 million in liabilities. The Case No. 19-71008 is assigned to Judge Alan S. Trust and Case No. 19-71009 is assigned to Judge Robert E. Grossman. The Debtors tapped Marc A. Pergament, Esq. at Weinberg Gross & Pergament LLP, as counsel. 9871 JAMAICA DRIVE: $275K Sale of Cutler Bay Property Denied ------------------------------------------------------------ Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the Southern District of Florida denied as moot 9871 Jamaica Drive, LLC's sale of the real property located at 9871 Jamaica DR, Cutler Bay, Florida to Julian Murray and Patricia Murray for $275,000. A hearing on the Motion was held on May 13, 2019. Attorney Teresa Alvarez will serve a conformed copy of the Order upon all parties in interest and will file a Certificate of Service of same with the Clerk of the Court. About 9871 Jamaica Drive LLC An involuntary petition was filed against 9871 Jamaica Drive, LLC (Bankr. S.D. Fla. Case No. 18-20376) on August 25, 2018. Judge Laurel M. Isicoff oversees the case. Teresa M. Alvarez, Esq., is the Debtor's legal counsel. ABRAMS LEARNING: Seeks to Hire Barry Strickland as Accountant ------------------------------------------------------------- Abrams Learning and Information Systems, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Barry Strickland & Company as its accountant. The services to be provided by the firm include the preparation of tax returns; accounting advice regarding tax-related issues; and consultation with George F. Lynch JR. CPA PC, the other accountant employed by the Debtor, regarding the impact of the Debtor's 2018 tax returns on its bankruptcy estate. The firm's hourly rates are: CPAs $290 - $300 Paraprofessionals $80 - $115 Barry Strickland requested a retainer of $5,000. The firm does not have an interest adverse to the interest of the Debtor's estate, creditors and equity security holders, according to court filings. The firm can be reached through: Barry I. Strickland Barry Strickland & Company 9410 Atlee Commerce Blvd. Ashland, VA 23005 Telephone: (804) 550-8500 Fax: (804) 550-8505 Email: barry@barrystrickland.com About Abrams Learning and Information Systems Abrams Learning and Information Systems, Inc. -- http://www.alisinc.com/-- is a verified Service-Disabled Veteran Owned Small Business (SDVOSB) headquartered in Arlington, Virginia. ALIS provides government and business clients with solutions and services in workforce development, strategic planning, change management, program management, exercise support, and executive and management education. It has worked with clients in government, academia, and private organizations to address their critical needs and meet their goals for the future. Abrams Learning and Information Systems sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 19-10725) on March 7, 2019. As of March 7, 2019, the Debtor disclosed $2,124,253 in assets and $8,446,263 in liabilities. The case is assigned to Judge Klinette H. Kindred. Odin, Feldman & Pittleman, PC, is the Debtor's legal counsel. ACETO CORP: Committee Taps GlassRatner as Financial Advisor ----------------------------------------------------------- The official committee of unsecured creditors of Aceto Corporation received approval from the U.S. Bankruptcy Court for the District of New Jersey to hire GlassRatner Advisory & Capital Group, LLC as its financial advisor. The firm will provide these services: (a) analyze the financial results of Aceto and its affiliates; (b) monitor and assist the committee in evaluating the Debtors' wind-down of their operations; (c) analyze the financial ramifications of any proposed transactions regarding remaining assets not included in the Chem Plus or Rising (pharmaceutical) sale transactions; (d) work with the Debtors' financial department or professionals to analyze creditor claims; (e) assist the committee's attorneys with respect to any plan of liquidation developed by the Debtors; (f) Perform forensic investigations and related analyses regarding pre-bankruptcy activities of the Debtors in order to identify potential causes of action; (g) attend meetings and conference calls of the committee and confer with representatives of the committee, the Debtors and their respective counsel; (h) assist the committee in preparing for any depositions and testimony, as well as prepare for and provide expert testimony at depositions and court hearings; and (i) If necessary, participate in hearings before the bankruptcy court with respect to matters upon which GlassRatner has provided advice, has subject matter expertise, or can testify as a fact witness. The firm's hourly rates are: Consultants $150 to $650 Tom Buck $590 Mark Shapiro $550 Joe Pegnia $435 Bernadette Lombardo $340 GlassRatner is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas Buck GlassRatner Advisory & Capital Group, LLC 299 Park Avenue, 21st Floor New York, NY 10171 Main: (212) 457-3322 Mobile: (917) 488-4148 Email: tbuck@glassratner.com About ACETO Corp. ACETO Corporation (NASDAQ: ACET), incorporated in 1947, is focused on the global marketing, sale and distribution of Human Health products (finished dosage form generics and nutraceutical products), Pharmaceutical Ingredients (pharmaceutical intermediates and active pharmaceutical ingredients) and Performance Chemicals (specialty chemicals and agricultural protection products). The Company employs approximately 180 people. With business operations in nine countries, ACETO distributes over 1,100 chemical compounds used principally as finished products or raw materials in the pharmaceutical, nutraceutical, agricultural, coatings and industrial chemical industries. ACETO's global operations, including a staff of 25 in China and 12 in India, are distinctive in the industry and enable its worldwide sourcing and regulatory capabilities. Aceto Corporation and 8 affiliates sought Chapter 11 protection (Bankr. D.N.J. Case No. 19-13448) on Feb. 19, 2019. ACETO disclosed assets of $753,159,000 and liabilities of $702,848,000 as of Dec. 31, 2018. The Hon. Vincent F. Papalia is the case judge. The Debtors tapped Lowenstein Sandler LLP as counsel; Simmons & Simmons as foreign counsel; PJT Partners LP as investment banker and financial advisor; AP Services LLC as restructuring advisor; and Prime Clerk LLC as claims and noticing agent. AEGERION PHARMACEUTICALS: May 29 Mtg. Set to Form Creditors Panel ----------------------------------------------------------------- William K. Harrington, United States Trustee, for Region 2, will hold an organizational meeting on May 29, 2019, at 10:30 a.m. in the bankruptcy case of Aegerion Pharmaceuticals, Inc, et al. The meeting will be held at: US Bankruptcy Court Alexander Hamilton Custom House Southern District of New York One Bowling Green, Room 511 New York, NY 10004-1408 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 Aegerion Pharmaceuticals Aegerion Pharmaceuticals is a global biopharmaceutical company dedicated to developing and commercializing therapies that deliver new standards of care for people living with rare diseases. With a global footprint and an established commercial portfolio, including MYALEPT (metreleptin) and JUXTAPID (lomitapide), the Company's business is supported by differentiated treatments that treat severe and rare diseases. On November 29, 2016, Aegerion entered into a merger transaction with non-debtor Novelion Therapeutics Inc. (formerly QLT Inc.), a publicly traded company formed under the laws of the Province of British Columbia. As a result of that transaction, Aegerion became an indirect wholly owned subsidiary of Novelion. Aegerion Pharmaceuticals, Inc. and U.S. affiliate Aegerion Pharmaceuticals Holdings, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 19-11632) on May 20, 2019. The Lead Debtor estimated $100 million to $500 million in assets and the same range of liabilities as of the bankruptcy filing. The Hon. Martin Glenn is the case judge. Moelis & Company LLC is financial and restructuring advisor, AP Services, LLC is financial advisor and chief restructuring officer, and Willkie Farr & Gallagher LLP is legal advisor to Aegerion. Prime Clerk LLC is the claims and noticing agent. Evercore is financial advisor and Goodwin Procter LLP and Norton Rose Fulbright Canada LLP is legal advisors to Novelion. Ducera Partners LLC is financial advisor and Latham & Watkins LLP and King & Spalding LLP is legal advisors to the ad hoc group of convertible noteholders. AMSTED INDUSTRIES: S&P Rates New $400MM Sr. Unsecured Notes 'BB' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to Amsted Industries Inc.'s proposed $400 million senior unsecured notes due 2027. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. "We expect the transaction to be leverage neutral because the company plans to use the proceeds from the proposed debt to redeem the remaining $300 million of its outstanding 5% senior unsecured notes due 2022 and partially repay $100 million of its term loan A," S&P said. S&P's 'BB' issue-level rating and '3' recovery rating on Amsted's outstanding 5.375% senior unsecured notes due 2024 remain unchanged. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. S&P's 'BB' issuer credit rating and stable outlook on Amsted Industries Inc. also remain unchanged. The stable outlook reflects S&P's expectation that the company will maintain adjusted free operating cash flow (FOCF) to debt of between 5% and 10% (including its employee stock ownership program [ESOP], which the rating agency views as debt-like because it is a contractual future call on cash) over the next 12 months. S&P also expects that Amsted will sustain EBITDA margins in the 18% area while continuing to generate good FOCF, which -- together with its current excess cash reserves -- should provide it with capacity to meet its ESOP share-repurchase obligations. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario assumes a default occurring in 2024 due to a broad-based economic decline that leads to weakness in Amsted Industries Inc.'s key end markets. The gross emergence enterprise value is based on emergence EBITDA of about $305 million and a valuation multiple of 5.5x. The 5.5x multiple reflects the company's strong market position in key railroad, heavy truck, and light vehicle markets, its good customer relationships, and its leading technology across its business lines. Simulated default assumptions -- Year of default: 2024 -- Jurisdiction: U.S. -- LIBOR at default: 2.5% -- All debt obligations include six months of outstanding prepetition interest -- Emergence EBITDA: $305 million -- EBITDA multiple: 5.5x Simplified waterfall -- Adjusted gross recovery value: $1.68 billion -- Net recovery value for waterfall after administrative expenses (5%): $1.59 billion -- Obligor/nonobligor split: 80%/20% -- Estimated first-lien debt claims: $1.3 billion -- Recovery expectations for first-lien claims: Not applicable -- Residual value available to unsecured claims: $355 million -- Recovery expectations for unsecured debt: 50%-70% (rounded estimate: 50%) Ratings List Amsted Industries Inc. Corporate Credit Rating BB/Stable/-- New Rating Amsted Industries Inc. Senior Unsecured $400 mil notes due 2027 BB Recovery Rating 3(50%) ARETEC GROUP: S&P Raises ICR to 'B'; Outlook Stable --------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Aretec Group Inc. to 'B' from 'B-' with stable outlook. The rating affirmation follows Aretec's improved operating performance in 2018 and the company's announcement of a proposed $105 million incremental first-lien issuance primarily to purchase select assets of the broker-dealer arm of Foresters Financial. Meanwhile, S&P raised its rating on the company's first-lien debt, including the proposed incremental $105 million issuance, to 'B' from 'B-' and its ratings on the second-lien debt to 'CCC+' from 'CCC'. S&P's ratings on Aretec reflect the company's very weak capitalization because of a lack of tangible equity, high leverage (as measured by debt to EBITDA as defined by the company's credit agreement), and low profitability compared with peers, albeit with very limited market or credit risk. It also reflects the company's relatively weaker business position than peers, albeit in a stable line of business, because of the lack of a longer track record of stable performance following its 2016 reorganization as well as any lasting increased litigation risk or reputational damage from its recent bankruptcy. The rating also reflects the structural subordination of the holding company and its reliance on distributions from the regulated broker-dealers. The upgrade follows the company's meaningfully improved operating performance in 2018 with 30% growth in adjusted EBITDA, 15% growth in net revenues, and core earnings of $48 million (versus $13 million in 2017, according to S&P's definition). Subsequent to year-end 2018, the company's net revenue slightly declined in first-quarter 2019 because of market declines in the fourth quarter of 2018; however, the company had a very strong recruiting quarter, bringing in $45 million of gross dealer concession (GDC), compared with $45 million in full-year 2018. The quarter represented the first positive net recruiting quarter for the company since fourth-quarter 2017, with $34 million of net recruited GDC, partially aided by the company's successful "right to recruit" transaction with a small broker-dealer, which contributed $15 million in GDC. S&P expects another $90 million of recruited GDC from the company's purchase of select assets of the broker-dealer arm of Foresters Financial. Foresters operates in a branch office structure where the branch managers will become employees of Cetera. Cetera will provide retention loans to the advisers, the majority of which will be financed by the sellers. Due to the growth in the company's EBITDA, the company now has an increased cushion to the covenant on the company's $100 million committed revolver, which is only applicable if the company draws over $35 million. While the company currently has not drawn on the revolver, the first-lien net leverage ratio as of fourth-quarter 2018 was 3.5x, compared with the covenant max of 6.5x. The rating on the $930 million first-lien term loan is 'B', in line with the issuer credit rating, and the rating on the $190 million second-lien term debt is two notches below the issuer credit rating at 'CCC+'. The second-lien term loan is rated two notches lower because the amount of second-lien debt is greater than unencumbered adjusted assets and S&P expects priority debt as a percentage of adjusted assets to be above 30%. The stable outlook reflects S&P's belief that over the next 12 months Aretec will continue to grow its EBITDA and net revenues while maintaining adequate covenant cushions. Further, S&P expects the company will maintain its improved adviser retention rates and continue to limit its exposure to market and credit risks. Upside scenario Over the next 12 months, S&P could raise the rating on Aretec if the company is able to realize some of the projected synergies and cost-saving initiatives to improve its earnings, debt service coverage, and earnings quality. Downside scenario Over the same time horizon, S&P could lower the rating if the company's performance deteriorates, if covenant cushions or liquidity deteriorate, or if the company experiences any adverse legal or regulatory actions that exceed current expectations. ASPEN CLUB: Seeks to Hire Markus Williams as Counsel ---------------------------------------------------- Aspen Club Redevelopment Company, LLC seeks authority from the U.S. Bankruptcy Court for the District of Colorado to hire Markus Williams, Young & Hunsicker LLC as its counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. assist in the preparation of the Debtor's schedules and statement of financial affairs and other pleadings; b. assist in the sale of the Debtor's assets; c. prepare the Debtor's plan of reorganization and disclosure statement; d. represent the Debtor in adversary proceedings and contested matters related to its bankruptcy case; and f. advise the Debtor of its rights, powers, obligations and duties in the continuing operation of its business and the administration of its estate. The firm's hourly rates are: James Markus $490 John Young $490 Matthew Faga $360 Paralegal/Assistant $125 John Young, Esq., at Markus Williams, disclosed in court filings that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: James T. Markus, Esq. John F. Young, Esq. Matthew T. Faga, Esq. Markus Williams, Young & Hunsicker LLC 1700 Lincoln Street, Suite 4550 Denver, CO 80203 Tel: (303) 830-0800 Fax: (303) 830-0809 Email: jyoung@markuswilliams.com About Aspen Club Redevelopment Company, LLC Based in Aspen, Colo., Aspen Club Redevelopment Company, LLC filed a Chapter 11 petition (Bankr. D. Colo. Case No. 19-14200) on May 17, 2019. At the time of the filing, the Debtor had estimated assets of less than $100 million and liabilities of less than $500 million. Judge Elizabeth E. Brown presides over the case. John F. Young at Markus Williams, Young & Hunsicker LLC represents the Debtor as counsel. BANESCO USA: Fitch Affirms 'BB-' LongTerm Issuer Default Rating --------------------------------------------------------------- Fitch Ratings has affirmed Banesco USA's (BNSC) Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable Rating Outlook. The action follows BNSC's announced acquisition of Brickell Bank of Miami, Florida. The combined entity will have approximately $1.7 billion in assets. Terms of the deal were undisclosed. Pending regulatory approval, the deal is expected to close in August 2019. KEY RATING DRIVERS IDRS and VR The affirmation of BNSC's rating reflects Fitch's view that the combination represents an opportunity for BNSC to expand its South Florida franchise. Brickell Bank's focus in residential mortgages and trade finance are segments that BNSC already operates in, which may allow BNSC to strengthen its market presence. Additionally, the deal will also give BNSC a presence in Miami's Brickell financial district. While the acquisition is substantial relative to BNSC's size (approximately 33% of BNSC's total assets at March 31, 2019), Fitch believes that the inherent operational risk associated with such a large transaction is partially offset by the strategic rationale and the adequate overlap in the entities' business profiles, target clientele, and geographic focus. Moreover, the track record of ordinary support from BNSC's shareholders mitigates the financial risks connected to a deal of this size, in Fitch's view. SUPPORT RATING AND SUPPORT RATING FLOOR BNSC has a Support Rating (SR) of '5' and Support Rating Floor (SRF) of 'NF'. Fitch does not view BNSC as systemically important, and Fitch's SR and SRF assume no institutional support from foreign affiliates, nor sovereign support from the U.S. The IDRs and VRs do not incorporate any support. Historically, BNSC's principal shareholders have demonstrated willingness to provide capital. LONG- AND SHORT TERM DEPOSIT RATINGS BNSC's uninsured deposit ratings are rated one-notch higher than the company's IDR because U.S. uninsured deposits benefit from depositor preference. U.S. depositor preference gives deposit liabilities superior recovery prospects in the event of default. BASIC ENERGY: S&P Cuts ICR to 'B-' on High Leverage; Outlook Neg. ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S. oil and gas oilfield services company Basic Energy Services Inc. (Basic) to 'B-' from 'B' and the rating on the company's senior secured notes to 'B-' from 'B' with a '3' recovery rating, indicating its expectation of meaningful recovery in the event of a payment default. The downgrade primarily reflects S&P's view that Basic's completion and remedial services business will continue to suffer from depressed prices due to an oversupplied U.S. onshore pressure pumping market. This segment represented about 40% of Basic's revenues in first-quarter 2019. As a result, S&P expects debt to EBITDA to increase to about 4x and funds from operations (FFO) to debt to decrease to about 15% on average over the next two years. Nevertheless, the rating agency expects a gradual recovery in drilling and completion activity in the U.S. onshore sector after a weak first quarter in 2019 because the outlook for oil prices has improved after their precipitous drop in December 2018. S&P believes Basic's water logistics and well services businesses are better positioned to capitalize on this recovery and it forecasts a small expansion in revenues and margins for both segments. Basic's strategic realignment to enhance competitiveness and reduce costs should help hold up margins, despite current headwinds in the pressure pumping market, according to the rating agency. "The negative outlook reflects the likelihood of a downgrade if Basic's competitive position deteriorates and operating performance weakens such that FFO to debt falls below 12* or liquidity deteriorates over the next 12 months. This would more likely occur if the US onshore oilfield services industry does not recover as we expect," S&P said. "We could revise the outlook to stable if we expect FFO to debt to remain closer to 20%, which would most likely occur if the company increased product pricing and margins. Alternatively, we could raise the rating if the company's business risk profile strengthened such as through increased size, scale, and diversity, or through more products and services sales with less volatile demand," S&P said. BAY TERRACE: Seeks to Hire Kensington Company as Real Estate Broker ------------------------------------------------------------------- Bay Terrace Plaza, LLC seeks authority from the U.S. Bankruptcy Court for the Eastern District of New York to hire Kensington Company and Affiliates, Inc. in connection with the sale of its business and a related non-residential lease. The Debtor operates a restaurant in the Bay Terrace Shopping Center located at 210-35 26th Avenue, Bayside, N.Y. It operates at the premises pursuant to a 2008 non-residential lease that provides for a 10-year term, plus two separate five-year options. The terms of the lease are presently extended to 2024. The landlord under the lease is Cord Meyer Development, LLC. Kensington will get a commission of 10 percent from the sale. Ken Stein, president of Kensington, attests that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The broker can be reached at: Ken Stein Kensington Company & Affiliates, Inc. 185 Roslyn Road Roslyn Heights, NY 11577 Phone: (516) 626-2211 Fax: (516) 626-2381 About Bay Terrace Plaza, LLC Bay Terrace Plaza, LLC operates a restaurant in the Bay Terrace Shopping Center located at 210-35 26th Avenue, Bayside, N.Y. Bay Terrace Plaza filed a voluntary Chapter 11 petition (Bankr. E.D.N.Y. Case No. 19-41616) on March 21, 2019, listing under $1 million in both assets and liabilities. On April 30, 2019, the case was reassigned to Judge Robert E. Grossman from Judge Elizabeth S. Stong, and was assigned a new case number (Case No. 19-73115). The Debtor is represented by LaMonica Herbst & Maniscalco, LLP. BEAUTIFUL BROWS: Trustee Taps Jason L. Pettie as Special Counsel ---------------------------------------------------------------- S. Gregory Hays, the Chapter 11 trustee for Beautiful Brows LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Jason L. Pettie, P.C. as his special counsel. The services to be provided by the firm include the preparation of pleadings regarding the trustee's sale of property of the Debtor's bankruptcy estate and the assumption or assignment of executory contracts. Pettie will also represent the trustee in litigation, including potential avoidance actions. The firm will not be involved in any potential litigation against the Debtor. Pettie will charge an hourly fee of $360 for its services. The firm does not represent any interest adverse to the trustee or the Debtor's estate, according to court filings. The firm can be reached through: Jason L. Pettie Jason L. Pettie, P.C. One Decatur Town Center 150 E. Ponce de Leon, Suite 190 Decatur, GA 30030 About Beautiful Brows Beautiful Brows LLC, based in Tucker, Georgia, primarily operates in the skin care business within the personal services industry. Beautiful Brows filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 18-66766) on Oct. 3, 2018. In the petition signed by Saleema Delawalla (f/k/a Fnu Saleema), member, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Jason L. Pettie, Esq., at Jason L. Pettie, P.C., serves as bankruptcy counsel to the Debtor. The case is assigned to Judge Jeffery W. Cavender. S. Gregory Hays was appointed as the Debtor's Chapter 11 trustee. The Trustee tapped Hays Financial Consulting, LLC, as his accountant; and Bullseye Auction & Appraisal, LLC, for the marketing and sale of the Debtor's personal properties. BUILDERS FIRSTSOURCE: S&P Rates New $300MM Sr. Secured Notes 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Builders FirstSource Inc.'s proposed $300 million senior secured notes due 2027. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in a bankruptcy scenario. The company will use the proceeds from these notes to reduce the outstanding borrowings under its existing $467 million bank term loan due 2024. S&P's 'BB-' issue-level rating remains unchanged on Builders FirstSource's existing $467 million bank term loan and outstanding $675 million senior secured notes (both due 2024). The '3' recovery rating (rounded estimate: 65%) remains unchanged. "Our 'BB-' issuer credit rating on Builders FirstSource reflects its position as the second-largest building materials distributor in the U.S., its nationwide footprint, and its improved EBITDA margins," the rating agency said. S&P said its rating also reflects the company's improved leverage metrics with debt to EBITDA of 3.2x and a funds from operations-to-debt ratio of 23% as of March 31, 2019, which compares with 4.6x and 14%, respectively, a year ago. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P assigned its '3' recovery (rounded estimate: 65%) and 'BB-' issue-level rating to Builders FirstSource Inc.'s proposed $300 million notes. -- S&P's 'BB-' issue-level rating, with a '3' recovery rating (rounded estimate: 65%) remains unchanged, on the company's existing senior secured term loan and notes. -- S&P's simulated default scenario contemplates a default occurring in 2023 in the wake of a prolonged U.S. economic downturn that leads to a decline in its volumes; overcapacity in the industry; a commodity-like nature for the company's products; and a loss of market share due to a more competitive operating environment. As Builders FirstSource's revenue and margins decline, it funds its operating losses/debt service with available cash and -- to the extent available -- its ABL facility. Eventually, the company's liquidity and capital resources become strained compelling it to default on a payment or file for bankruptcy, after which S&P assumes it would reorganize. -- The 5.5x multiple S&P uses for Builders is consistent with the typical 5x-6x multiple range it applies for most building materials companies. Simulated default assumptions -- Year of default: 2023 -- EBITDA at emergence: $260 million -- Implied enterprise value (EV): 5.5x -- Gross EV: $1.316 billion Simplified waterfall -- Net EV (after 5% administrative cost): $1.25 billion -- Estimated priority claims (60% usage of $900 million ABL facility net of $80 million of undrawn letters of credit): $475 million -- Remaining value: $776 million -- Estimated senior secured claims (term loan: $129 million; senior secured notes: $1.0 billion): $1.13 billion Note: All debt amounts include six months of prepetition interest. Ratings List Builders FirstSource Inc. Corporate Credit Rating BB-/Stable/-- New Rating Builders FirstSource Inc. Senior Secured US$300 mil sr nts due 2027 BB- Recovery Rating 3(65%) CALERES INC: S&P Affirms 'BB' Issuer Credit Rating; Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its ratings on Caleres Inc., including its 'BB' issuer credit rating, reflecting its projection of reduced but still sufficient room in the ratings to accommodate elevated credit metrics. At the same time, S&P affirmed its 'BB' issue-level rating on Caleres' $200 million senior notes due in 2023 and revised the recovery rating to '3' from '4'. "Our 'BB' issuer credit rating on Caleres reflects its good brand diversity, which includes company-operated and licensed brands, decent geographic diversification, stable cash flow generation, and despite the recent increase in leverage following the Vionic acquisition, our view of its overall credit profile as more favorable relative to peers in the lower 'BB' rating category," S&P said. "Though the pace of debt reduction is somewhat slower so far than our previous expectations, we continue to expect the company to use most of its free operating cash flow to pay down its revolver borrowings over the next two years." Over the next 12 months, S&P projects continued improvement in credit metrics, with funds from operations (FFO) to debt approaching the mid-20% area at the end of fiscal 2019, from the low-20% area at the end of fiscal 2018. By the end of fiscal 2020, the rating agency expects meaningfully improved credit metrics, with FFO to debt approaching the high-20% area. The stable outlook on Caleres reflects S&P's expectation for moderate EBITDA base growth driven by good top-line trends at both the Famous Footwear and Brand Portfolio segments, and gross margin expansion on favorable product and pricing mix, partly offset by higher costs associated with the growth of the e-commerce business. S&P expects continued improvement in credit metrics over the next 12 months, with FFO to debt approaching the mid-20% area at the end of fiscal 2019. "We could lower the rating if merchandise missteps, performance erosion, or macroeconomic factors such as rising tariffs reduce margins such that we expect FFO to total debt weakening to 20% or below," S&P said. If sales increase in the mid-single-digit percent area in fiscal 2019 (in line with S&P's forecast) and adjusted EBITDA margin declines to less than 12% (about 150 basis points below S&P's expectation), the rating agency could downgrade the company. It could also lower the rating if financial policy becomes more aggressive, resulting in a persistently higher debt level and weaker credit metrics. "Although unlikely in the next year due to the temporarily elevated debt level, we could consider a positive rating action if Caleres continues to increase its scale and improve its EBITDA margin through supply chain and productivity initiatives," S&P said. "Caleres would also need to demonstrate consistently positive operating performance at its Famous Footwear and Brand Portfolio segments, including smooth integration of recent acquisitions and limited fluctuation based on merchandise trends," S&P said, adding that these factors would lead it to view the company's business more favorably. Under this scenario, the financial policy would remain unchanged, supporting credit metrics at around near historical levels, including FFO to debt above 30%, according to the rating agency. CHARLES F. HAMBLEN: Seeks to Hire Latham Shuker as Legal Counsel ---------------------------------------------------------------- The Charles F. Hamblen Post 37 American Legion Department of Florida, Inc. seeks authorization from the U.S. Bankruptcy Court for the Middle District of Florida to hire Latham, Shuker, Eden & Beaudine, LLP as its legal counsel. The firm will provide services in connection with the Debtor's Chapter 11 case, which include legal advice concerning its rights and duties under the Bankruptcy Code and the preparation of its disclosure statement and plan of reorganization. Latham Shuker will be paid at these hourly rates: Attorneys $575 Paraprofessionals $105 The Debtor paid the firm an advance fee of $8,208.50 for post-petition services and expenses. It also paid $3,508.50 for services rendered and costs incurred by the firm, including the filing fee, prior to its bankruptcy filing. Justin Luna, Esq., a partner at Latham Shuker, assured the court that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Latham Shuker can be reached at: Justin M. Luna, Esq. Daniel A. Velasquez, Esq. Latham, Shuker, Eden & Beaudine, LLP 111 N. Magnolia Ave., Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: jluna@lseblaw.com dvelasquez@lseblaw.com About The Charles F. Hamblen Post 37 American Legion Department of Florida, Inc. The Charles F. Hamblen Post 37 American Legion Department of Florida, Inc., a not-for-profit veterans organization, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-01563) on April 26, 2019. In the petition signed by Mike McDaniel, adjutant, the Debtor estimated $1 million to $10 million in both assets and liabilities. Justin M. Luna, Esq. at Latham, Shuker, Eden & Beaudine, LLP, represents the Debtor as counsel. CLEVELAND-CLIFFS INC: Egan-Jones Hikes Sr. Unsecured Ratings to BB- ------------------------------------------------------------------- Egan-Jones Ratings Company, on May 15, 2019, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Cleveland-Cliffs Incorporated to BB- from B+. Cleveland-Cliffs, Inc., formerly Cliffs Natural Resources, is a Cleveland, Ohio, business firm that specializes in the mining, beneficiation, and pelletizing of iron ore. The firm is an independent company whose shares are traded on the New York Stock Exchange. CP#1109 LLC: Hires O'Boyle Law as Special Litigation Counsel ------------------------------------------------------------ CP#1109, LLC received approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire O'Boyle Law Firm, P.C. as its special litigation counsel. The firm will represent the Debtor in its case against Southeast Areo Services, Inc. and several others (Adversary Case No. 19-01046), which involves the Debtor's attempts to obtain the parts necessary to repair its aircraft engine. Jonathan O'Boyle, Esq., a shareholder of O'Boyle Law Firm, attests that his firm neither represents nor holds an interest adverse to the Debtor and its estate. The firm can be reached through: Jonathan O'Boyle, Esq. O'Boyle Law Firm, P.C. 1286 West Newport Center Drive Deerfield Beach, FL 33442 Office: (754) 212-4201 Fax: (754) 212-2444 About CP#1109 LLC CP#1109, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-25821) on Dec. 20, 2018. At the time of the filing, the Debtor estimated assets of less than $1 million and liabilities of less than $500,000. The case is assigned to Judge Mindy A. Mora. AM Law, LLC is the Debtor's counsel. CREATIVE GLOBAL: Seeks to Hire Grobstein as Financial Advisor ------------------------------------------------------------- Creative Global Investment Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Grobstein Teeple LLP as its financial advisor. The services Grobstein will render are: a. evaluate near-term business plan or financial forecast; b. provide assistance with any accounting issues as may be requested by the Debtor; c. evaluate or assist in developing a liquidation analysis; d. evaluate the value of the Debtor and the operating affiliates; e. provide advice on restructuring alternatives, including asset sale or a plan of reorganization; f. assist in the preparation of a plan of reorganization; and g. render other restructuring or general business consulting services as may be requested. The firm's hourly rates are: Partners/Principals $305 - $485 Managers/Directors $325 - $375 Staff/Senior Accountants $85 - $195 Paraprofessionals $125 Grobstein received a retainer in the amount of $7,500. Howard Grobstein, Esq., a partner at Grobstein, attests that his firm neither holds nor represents any interest adverse to the Debtor and its estate, and is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Howard Grobstein, CPA Grobstein Teeple LLP 6300 Canoga Avenue, Suite 1500W Woodland Hills, CA 91367 Phone: 818-532-1020 About Creative Global Investment Creative Global Investment Inc. is a privately held company engaged in financial investment activities. Creative Global Investment sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-13044) on March 20, 2019. At the time of the filing, the Debtor disclosed $36,691 in assets and $5,388,873 in liabilities. The case has been assigned to Judge Sandra R. Klein. Levene, Neale, Bender, Yoo & Brill LLP is the Debtor's legal counsel. CVR PARTNERS: Moody's Alters Outlook to Stable & Affirms 'B2' CFR ----------------------------------------------------------------- Moody's Investors Service affirmed all ratings for CVR Partners, LP; including the B2 Corporate Family Rating ("CFR"), its B2-PD probability of default rating, the B2 senior secured notes rating, and the Speculative Grade Liquidity Rating at SGL-3. Moody's changed the rating outlook to stable from negative, based on the expectation that the recent improvement in credit metrics will be sustained due to projected higher volumes and prices for nitrogen fertilizers despite a delayed spring planting season in the US. Affirmations: Issuer: CVR Partners, LP Corporate Family Rating, affirmed at B2; Probability of Default Rating, affirmed at B2-PD; $645 million Senior Secured Notes due 2023, affirmed at B2 (LGD4); Speculative Grade Liquidity Rating, affirmed at SGL-3; Outlook Actions: Outlook, Changed To Stable From Negative RATINGS RATIONALE The B2 CFR reflects Moody's expectations that credit metrics will improve in 2019 in line with the rating, assuming a modest improvement in UAN and ammonia prices and higher volumes. Moody's said, "We expect higher volumes despite a late start to spring planting season, assuming no unscheduled downtime at either facility and a return to a more normal fall fertilizer application season. We also expect higher demand for nitrogen due to the projected increase in corn plantings away from soy following the imposition of import tariffs by China on US soybeans in 2018. Despite some weakness in nitrogen fertilizer prices globally (particularly in ammonia), CVR pricing benefits from inland premium. We expect prices to recover later in 2019 and 2020 because global nitrogen fertilizer capacity additions, outside of China, are roughly in line with demand growth for 2019 and are projected to fall below demand growth in 2020." In addition, no merchant ammonia plants are expected to be added in 2020 after this year's start-up of Eurochem's plant and future domestic expansions are minimal. While Chinese nitrogen fertilizer exports increased year-to-date, projected capacity shut-downs and higher input costs are expected to limited Chinese export growth. Proposed European tariffs on UAN imports from the US and Eastern Europe could create some near-term pricing pressures for UAN, but as producers reroute their exports or stop upgrading into UAN but rather into urea, the pricing impact should be short lived. Based on these views, Moody's anticipates that CVR's leverage will fall below 6 times Debt/EBITDA in 2019 and interest coverage will rise close to 2x in 2019. CVR's Debt/EBITDA as adjusted by Moody's was around 6.8x for the twelve months ended March 31, 2019, interest coverage was 1.5x, and the company started generating free cash flow and resumed dividend payments. The rating also reflects CVR's small scale as measured by revenues, concentration of earnings in two production facilities, Coffeyville, Kansas and East Dubuque, Illinois, as well as Moody's expectations that its facilities will demonstrate consistent and efficient operations. Despite having only two production sites, CVR benefits from its back integration into ammonia production and its diversity in feedstocks because the Coffeyville site uses petroleum coke and the East Dubuque facility uses natural gas. CVR also benefits from its geographic footprint with access to the Corn belt, through the East Dubuque site location, as well as the Southern plains, via the Union Pacific and BNSF rail lines from the Coffeyville site. Concentration of sales in commodity nitrogen fertilizers, limited growth prospects, seasonality and exposure to adverse weather are constraining factors for the rating. Also reflected in its rating is CVR's structure as a variable rate master limited partnership (MLP), which typically distributes all available free cash flows to unitholders, but given the variable nature of the MLP, management has control over the size of the distributions and suspended them during the last downturn. Moody's expects that management will maintain this conservative approach to liquidity if prices decline again. The stable outlook reflects expectations that higher volumes and prices will support improvement in metrics. A rating upgrade is remote at this time, given the fixed capital structure, which will result in weak metrics during the trough of the cycle. A higher rating would be contingent on sustained leverage under 4.5x Debt/EBITDA, improved profitability, and continued prudent liquidity management. Moody's could downgrade the rating if UAN and ammonia prices fall and remain below 2017 lows, EBITDA no longer covers interest and liquidity deteriorates such that free cash flow is persistently negative and CVR's cash balance declines below $20 million. Moody's could also downgrade the rating if unplanned outages become an ongoing issue for the company. CVR's SGL-3 speculative grade liquidity rating indicates expectations of adequate liquidity through 2019, supported by cash balances, operating cash generation, and access to its $50 million ABL revolver. As of March 31, 2019 CVR had a cash balance of $96.6 million and management intends to maintain apprpoximately $20 million of balance sheet cash to support operating needs and liquidity. Because of the recovery in the nitrogen industry, Moody's expects the company will manage cash balances to a lower level now that operating cash flow is higher and more dependable. Moody's projects that distributions will grow and deplete cash in 2019. During the downturn, management suspended distributions to unitholders when operating cash flow did not cover the reserve for interest expense and maintenance capital. If conditions deteriorated again, Moody's expects that management would reinstitute the hold on distributions. Moody's anticipates cash uses for maintenance and growth capex spending to range between $20-$25 million in 2019 and interest of over $60 million. CVR has a $50 million ABL revolving credit facility due September 30, 2021. As of March 31, 2019, the facility had $50 million in availability and was undrawn. The ABL is not expected to be regularly used, with the exception of possible support for seasonal working capital needs. The ABL facility is secured by a first priority lien on accounts receivable and inventory, and availability under the ABL is limited to eligible accounts receivable, eligible inventory and up to $25 million of cash. The ABL revolver has a springing fixed charge coverage ratio of 1.0x if availability falls below certain levels. CVR Partners has no near-term maturities. Its 9.25% $645 million senior secured notes are due June 15, 2023 and contain no financial covenants, but do contain various covenants and leverage tests for MLP distributions, incremental debt, and other restrictions. The notes become callable in June 2019 and may be refinanced to lower CVR's interest expense, depending on market conditions. CVR Partners, LP (CVR), a Delaware limited partnership headquartered in Sugar Land, Texas, is a producer of nitrogen fertilizer products, principally Ammonia and UAN. CVR is a public variable distribution master limited partnership (ticker: UAN) which is 34% owned by CVR Energy Inc.(unrated), a publicly traded company 71% owned and controlled by Carl C. Icahn through Icahn Enterprises L.P. CVR has two operating facilities located in Coffeyville, Kansas and East Dubuque, Illinois. CVR had revenues and EBITDA of $363 million and $97 million, respectively, for the twelve months ending March 31, 2019. DITECH HOLDING: Committee Taps Goldin as Financial Advisor ---------------------------------------------------------- The official committee of unsecured creditors of Ditech Holding Corporation received approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Goldin Associates, LLC as its financial advisor. Goldin will provide services to the committee in connection with the Chapter 11 cases of Ditech Holding and its affiliates, which include a review of the Debtors' sales and claims processes, cash management, business plans, and financing arrangements. The firm will also assist the committee in analyzing potential recoveries to creditors, and in reviewing, evaluating and formulating proposals with respect to a bankruptcy plan. The firm's hourly rates are: Sr. Managing Directors/Sr. Advisors $1,000 - $1,050 Managing Directors $800 - $1,000 Sr. Directors/Sr. Consultants $700 - $800 Directors $600 - $700 Vice Presidents/Consultants $500 - $600 Analysts/Associates $250 - $500 Gary Polkowitz, managing director of Goldin, disclosed in court filings that his firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. Goldin can be reached through: Gary Polkowitz Goldin Associates, LLC 350 Fifth Avenue New York, NY 10118 Tel: 212.593.2255 Fax: 212.888.2841 Email: gpolkowitz@goldinassociates.com About Ditech Holding Corporation Ditech Holding Corporation and its subsidiaries -- http://www.ditechholding.com/-- are independent servicer and originator of mortgage loans. Based in Fort Washington, Pennsylvania, the Debtors have approximately 3,300 employees and service a diverse loan portfolio. Ditech Holding and certain of its subsidiaries, including Ditech Financial LLC and Reverse Mortgage Solutions, Inc., filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19-10412) on Feb. 11, 2019, after reaching terms with lenders of a Chapter 11 plan that will reduce debt by $800 million. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel, Houlihan Lokey as investment banker and AlixPartners LLP as financial advisor. Epiq Bankruptcy Solutions LLC is the claims and noticing agent. Kirkland & Ellis LLP and FTI Consulting Inc. serve as the consenting term lenders' legal counsel and financial advisor, respectively. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Debtors' cases on Feb. 27, 2019. The committee tapped Pachulski Stang Ziehl & Jones LLP as its legal counsel. On May 2, 2019, the U.S. trustee appointed an official committee of consumer creditors. The committee is represented by Quinn Emanuel Urquhart & Sullivan, LLP. DITECH HOLDING: Committee Taps Pachulski Stang as Legal Counsel --------------------------------------------------------------- The official committee of unsecured creditors of Ditech Holding Corporation received approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Pachulski Stang Ziehl & Jones LLP as its legal counsel. The firm will provide services in connection with the Chapter 11 cases of Ditech and its affiliates, which include representing the committee in consultations regarding the administration of the cases; reviewing any proposed asset sale and financing arrangement; and representing the committee in the negotiation and formulation of a bankruptcy plan. The firm's hourly rates are: Partners $725 to $1,395 Counsel $650 to $1,095 Associates $575 to $695 Paralegals $375 to $395 Pachulski and its attorneys do not represent any interest adverse to that of the committee, according to court filings. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Robert Feinstein, Esq., a partner at Pachulski, disclosed that his firm has not agreed to a variation of its standard or customary billing arrangements for its employment with the Debtors, and that no Pachulski professional has varied his rate based on the geographic location of the Debtors' bankruptcy cases. Pachulski anticipates that the budget for the committee's professionals will be governed by the motion filed by the Debtors to enter into repurchase agreement and servicer advance facilities, subject to any rights that the committee may have to object if an agreement cannot be reached with the Debtors, according to Mr. Feinstein. Pachulski can be reached through: Robert J. Feinstein, Esq. Bradford J. Sandler, Esq. Steven W. Golden, Esq. Pachulski Stang Ziehl & Jones LLP 780 Third Avenue, 34th Floor New York, NY 10017 Telephone: (212) 561-7700 Facsimile: (212) 561-7777 Email: rfeinstein@pszjlaw.com bsandler@pszjlaw.com sgolden@pszjlaw.com About Ditech Holding Corporation Ditech Holding Corporation and its subsidiaries -- http://www.ditechholding.com/-- are independent servicer and originator of mortgage loans. Based in Fort Washington, Pennsylvania, the Debtors have approximately 3,300 employees and service a diverse loan portfolio. Ditech Holding and certain of its subsidiaries, including Ditech Financial LLC and Reverse Mortgage Solutions, Inc., filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19-10412) on Feb. 11, 2019, after reaching terms with lenders of a Chapter 11 plan that will reduce debt by $800 million. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel, Houlihan Lokey as investment banker and AlixPartners LLP as financial advisor. Epiq Bankruptcy Solutions LLC is the claims and noticing agent. Kirkland & Ellis LLP and FTI Consulting Inc. serve as the consenting term lenders' legal counsel and financial advisor, respectively. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Debtors' cases on Feb. 27, 2019. The committee tapped Pachulski Stang Ziehl & Jones LLP as its legal counsel. On May 2, 2019, the U.S. trustee appointed an official committee of consumer creditors. The committee is represented by Quinn Emanuel Urquhart & Sullivan, LLP. EDGEMARC ENERGY: Proposes Aug. 14 Auction for Assets ---------------------------------------------------- EdgeMarc Energy Holdings, LLC, and its affiliates sought Chapter 11 protection in order to pursue a sale of all or substantially all of their assets pursuant to Sec. 363 of the Bankruptcy Code. The Debtors launched a marketing process prepetition but has not reached a deal with a proposed buyer. The Debtors' business is the exploration and production of natural gas in the Appalachian Basin, concentrated in the Marcellus and Utica shale formations in Monroe and Washington Counties in Ohio and Butler County in Pennsylvania. The Debtors control approximately 45,000 net acres in these regions and have drilled and developed a total of 60 producing wells thereon. The Debtors have 42 active employees in full-time and part-time positions. The Debtors have $77.79 million outstanding under a secured revolving credit facility and no other funded debt. On Sept. 10, 2018, due to factors entirely outside of the Debtors' control, an explosion occurred along a pipeline and gathering system being built by a third party, ETC Northeast Pipeline LLC, that performs gathering and processing services for the Debtors in Pennsylvania. The Revolution System would have enabled the Debtors to gather, process and -- ultimately -- sell, gas from several newly drilled wells in Pennsylvania but the explosion prevented the Debtors from selling the gas produced from those wells. In early 2019, following the Revolution Explosion, the shut-in of debtor EM Energy Pennsylvania, LLC's operations, located in Butler County, Pennsylvania, and the commencement of litigation with ETC Northeast the Debtors, in consultation with their advisors, explored various strategic alternatives and ultimately determined that a sale of all or substantially all of their assets would be the best way to maximize value for the benefit of their stakeholders. The Debtors have developed bidding and auction procedures to govern the sale of the assets. The bidding procedures allow interested parties to submit bids for any or all of the Debtors' assets. Under the bidding procedures, the Debtors plan to hold the auction on or prior to Aug. 14, 2019 and close the sale by Sept. 17, 2019. The Debtors propose this timeline: Date Event ---- ----- June 13, 2019 Bidding Procedures Hearing July 24, 2019 Bid Deadline Aug. 12, 2019 Notices of Qualified Bidder Status Aug. 14, 2019 Auction Aug. 16, 2019 Sale Hearing Capital Structure For the twelve months ended Dec. 31, 2018, the Debtors recorded consolidated net revenue of approximately $116.9 million, which was primarily derived from the sale of natural gas, NGLs and condensate. Of their total revenues, $54.2 million (or 46%) originated from the Debtors' Pennsylvania production and $62.7 million (or 54%) from the Debtors' Ohio production. The Debtors' funded debt obligations consist entirely of secured obligations under an Amended and Restated Credit Agreement, dated as of December 19, 2017, by and among EM Employer, as borrower, the other Debtors, as guarantors, the lenders from time to time party thereto and KeyBank National Association as administrative agent, collateral agent and letter of credit issuer (in such capacities, the "RBL Agent"). Under the RBL Credit Agreement, the Debtors had access to a revolving credit facility that could be used to either fund cash draws for working capital or support letters of credit issued by the RBL Agent. The Debtors' obligations under the RBL Credit Facility are secured by mortgages on oil and gas properties representing substantially all of the value of the Debtors' oil and gas properties. As of the Petition Date, the Debtors had $77.79 million in outstanding obligations under the RBL Credit Facility, consisting of $47 million in drawn revolving credit obligations and $30,792,041 in issued and outstanding letters of credit. On a prepetition basis, the Debtors managed ordinary course commodity risks through hedging transactions with KeyBank under ISDA Master Agreements, which are secured under the Prepetition Credit Facility. As of May 8, 2019, the Debtors have approximately $791,000 in outstanding obligations under the Hedging Agreements. About EdgeMarc Headquartered in Canonsburg, Pennsylvania, EdgeMarc Energy Holdings, LLC -- http://www.edgemarcenergy.com/-- is a locally based natural gas exploration and production company headquartered in Canonsburg, Pennsylvania. It is engaged in the acquisition, production, exploration and development of natural gas and natural gas liquids from underground deposits in the Appalachian Basin. EdgeMarc Energy conducts its drilling and exploration activities in the "stacked" liquid-rich Marcellus shale in Pennsylvania and dry gas Utica shale in Ohio. EdgeMarc Energy and its 8 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-11104) on May 15, 2019. EdgeMarc Energy estimated assets of $100 million to $500 million and liabilities of the same range as of the bankruptcy filing. The Hon. Brendan Linehan Shannon is the case judge. The Debtors tapped LANDIS RATH & COBB LLP as counsel; DAVIS POLK & WARDWELL LLP as corporate counsel; EVERCORE PARTNERS as investment banker; OPPORTUNE LLC AND DACARBA LLC as financial advisor; and PRIME CLERK LLC as claims agent. EDGEWATER GENERATION: S&P Affirms 'BB' Debt Rating; Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' project finance issue-level rating on Edgewater Generation LLC's senior secured term loan B due 2025, revolving credit facility due 2023, and stand-alone letter of credit facility due 2023. The '2' recovery rating is unchanged. Starwood Energy Group is acquiring the 309 megawatts (MW) Garrison Energy Center (Garrison) located in Dover, Del. and 503 MW RockGen Energy Center (RockGen) located in Wisconsin, West of Milwaukee from Calpine Corp. and adding them to the Edgewater portfolio. The company will fund the acquisition of Garrison and RockGen partially through the net proceeds of a $250 million upsize of the existing senior secured term loan, thus making the gross debt quantum to be $1.275 billion. S&P also expects the company to upsize the existing $60 million revolving credit facility to between $85 million and $110 million. S&P said these two assets will provide incremental cash flows to support the portfolio's additional leverage, with the rating agency's base case minimum debt service coverage ratio (DSCR) remaining in line with its previous projection in January 2019 when Starwood added the West Lorain peaking facility to the portfolio. "We view the addition of Garrison and RockGen to the Edgewater portfolio positively because of the enhanced scale and geographic diversity, the overall fleet's concentration in premium markets like PJM's EMAAC and ATSI zones, and generation mix that includes peaking and nonpeaking assets, with four out of the five having dual-fuel capability," S&P said. The stable outlook reflects S&P's expectation that Edgewater will execute and complete the remaining scheduled major maintenance work within budget, and that it will pay down up to $30 million of the term loan through excess cash flow sweep over the next 12 months. S&P anticipates DSCR to be under 1.85x in 2019 due to spending for scheduled major maintenance work but a DSCR of about 1.9x in 2020 and an average of 2x coverage over the seven-year debt tenor. "We could consider a downgrade if Edgewater is unable to consistently maintain a minimum DSCR of 1.75x post the major maintenance work in 2019. This could stem from unfavorable spark spreads due to weaker-than-expected market conditions that result in lower operating cash flows or unforeseen technical challenges or extended planned outages, thus placing the assets offline for an extensive period," the rating agency said. S&P said it could also lower the rating if the portfolio fails to pay down the term loan B significantly through the excess cash flow sweep or experiences unfavorable basis risk from the HRCO due to the widening of the zone/hub-to-node price differentials. "We would consider an upgrade if we believed Edgewater could achieve a minimum DSCR of 2.2x in all years of our base-case projection, including the refinancing period. Such improvement to the coverage ratios would likely arise from favorable market conditions that could substantially influence the power, natural gas, and capacity prices in PJM and ISO-NE for an extended period," S&P said. EM POLICIA: Seeks to Hire Nilda M. Gonzalez Cordero as Attorney --------------------------------------------------------------- EM Policia Privada, Inc. seeks authority from U.S. Bankruptcy Court for the District of Puerto Rico to hire Nilda Gonzalez-Cordero Law Offices as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. advise Debtor of its duties, powers and responsibilities in its bankruptcy case under the laws of the United States and Puerto Rico; b. advise the Debtor whether a reorganization is feasible and, if not, help the Debtor in the orderly liquidation of its assets; and c. negotiate with creditors in the formulation of a plan of reorganization or in the liquidation of its assets. The firm will charge $200 per hour for the services of its attorney and $75 per hour for paralegal services. Nilda Gonzalez-Cordero, Esq., disclosed in court filings that she and her staff are "disinterested persons" as defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Nilda M. Gonzalez-Cordero, Esq. Nilda Gonzalez-Cordero Law Offices P.O. Box 3389 Guaynabo, PR 00970 Tel. (787) 721-3437 / (787) 724-2480 E-mail address: ngonzalezc@ngclawpr.com About EM Policia Privada, Inc. Based in Bayamon, Puerto Rico, EM Policia Privada, Inc. filed a petition under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 19-02293) on April 26, 2019, listing under $1 million in both assets and liabilities. The Debtor is represented by Nilda Gonzalez-Cordero Law Offices. FAIRBANKS CO: FCR Taps Scroggins & Williamson as Local Counsel -------------------------------------------------------------- James Patton Jr., the legal representative for The Fairbanks Company's future asbestos claimants, received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Scroggins & Williamson, P.C., as his local counsel. The firm will advise the future claimants' representative of his power and duties under the Bankruptcy Code and will provide other legal services in connection with the Debtor's Chapter 11 case. The hourly rates range from $415 to $495 for attorneys and from $125 to $150 for paralegals. Ashley Reynolds Ray, Esq., at Scroggins, disclosed in court filings that the firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: J. Robert Williamnson, Esq. Ashley Reynolds Ray, Esq. Matthew W. Levin, Esq. 4401 Northside Parkway, Suite 450 Atlanta, GA 30327 Tel: (404) 893-3880 Fax: (404) 893-3886 E-mail: rwilliamson@swlawfirm.com aray@swlawfirm.com mlevin@swlawfirm.com About The Fairbanks Company Incorporated in 1891, The Fairbanks Company -- http://www.fairbankscasters.com/-- is a Georgia corporation that manufactures customized material handling equipment in its more than 200,000-square-foot manufacturing and warehousing facility located in Rome, Georgia. The Fairbanks Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 18-41768) on July 31, 2018. In the petition signed by CEO Robert P. Lahre, the Debtor estimated assets of $1 million to $10 million and liabilities of $100,000 to $500,000. Judge Paul W. Bonapfel oversees the case. The Debtor tapped Reed Smith LLP as its bankruptcy counsel, and Ogier, Rothschild & Rosenfeld, PC, as its local counsel. Cohen & Grigsby, P.C., is the insurance coverage counsel. On Oct. 11, 2018, the U.S. Trustee for Region 21 appointed a committee, which is comprised of creditors who hold unsecured claims against the Debtor for personal injury or wrongful death resulting from exposure to asbestos or asbestos-containing products. The committee tapped Caplin & Drysdale, Chartered as its legal counsel, and Jones & Walden, LLC as its local counsel. On April 17, 2019, the court appointed James L. Patton Jr. as legal representative for persons who may in the future assert an asbestos-related personal injury claim against the Debtor. FAIRBANKS CO: FCR Taps Young Conaway as Legal Counsel ----------------------------------------------------- James Patton Jr., the legal representative for The Fairbanks Company's future asbestos claimants, received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Young Conaway Stargatt & Taylor, LLP, as his legal counsel. The firm will advise the future claimants' representative of his power and duties under the Bankruptcy Code and will provide other legal services in connection with the Debtor's Chapter 11 case. The firm's hourly rates are: Edwin Harron Partner $905 Sara Beth Kohut Counsel $600 Jordan Sazant Associate $340 Casey Cathcart Paralegal $285 Edwin Harron, Esq., a partner at Young Conaway, disclosed in court filings that his firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. Young Conaway can be reached through: Edwin J. Harron, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Phone: 302.571.6703 / 302.571.6600 Fax: 302.576.3298 / 302.571.1253 Email: eharron@ycst.com About The Fairbanks Company Incorporated in 1891, The Fairbanks Company -- http://www.fairbankscasters.com/-- is a Georgia corporation that manufactures customized material handling equipment in its more than 200,000-square-foot manufacturing and warehousing facility located in Rome, Georgia. The Fairbanks Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 18-41768) on July 31, 2018. In the petition signed by CEO Robert P. Lahre, the Debtor estimated assets of $1 million to $10 million and liabilities of $100,000 to $500,000. Judge Paul W. Bonapfel oversees the case. The Debtor tapped Reed Smith LLP as its bankruptcy counsel, and Ogier, Rothschild & Rosenfeld, PC, as its local counsel. Cohen & Grigsby, P.C., is the insurance coverage counsel. On Oct. 11, 2018, the U.S. Trustee for Region 21 appointed a committee, which is comprised of creditors who hold unsecured claims against the Debtor for personal injury or wrongful death resulting from exposure to asbestos or asbestos-containing products. The committee tapped Caplin & Drysdale, Chartered as its legal counsel, and Jones & Walden, LLC as its local counsel. On April 17, 2019, the court appointed James L. Patton Jr. as legal representative for persons who may in the future assert an asbestos-related personal injury claim against the Debtor. FALCON V: Seeks to Hire Kelly Hart & Hallman as Legal Counsel ------------------------------------------------------------- Falcon V LLC and ORX Resources LCC seek authority from the U.S. Bankruptcy Court for the Middle District of Louisiana to hire Kelly Hart & Hallman, LLP as its legal counsel. The services Kelly Hart will render are: a. work with the Debtors to obtain a waiver of default and forbearance agreement for purposes of allowing the Debtors time within which to obtain refinancing; b. analyze possible restructuring alternatives; c. negotiate with the Debtors' senior secured lender; d. develop budgeting and proposals regarding personnel and management moving forward within the restructuring process; e. prepare court documents and review all financial reports to be filed in the bankruptcy court; f. represent the Debtors in litigation except where they have retained and will maintain other counsel; g. advise the Debtors regarding oil and gas law and regulatory law issues; h. represent the Debtors in general corporate and governance matters related to their restructuring; and i. provide documentation, as appropriate or necessary, of corporate matters, corporate analyses, opinions, recommendations, conclusions and correspondence arising from or related to the Debtors' restructuring. Kelly Hart's hourly rates are: Partners $400 - $600 Of Counsel $325 - $450 Associates $200 - $400 Paraprofessionals $100 - $200 Louis Phillips, Esq., at Kelly Hart, attests that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Phillips disclosed that: (1) Kelly Hart has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for its employment with the Debtors. (2) No Kelly Hart professional has varied his rate based on the geographic location of the Debtors' bankruptcy cases; (3) Kelly Hart represented the Debtors since February 20 in connection with the preparation of the cases and charged the Debtors its standard rates. The firm continues to charge the Debtors its standard rates post-petition. Kelly Hart performs an annual analysis of its preferred billing rates and adjusts them for the following year within the last quarter of each year. (4) The cash collateral budget is a 13-week budget and is aspirational as it reflects the intention of the Debtors to explore every alternative to arrive at a consensual restructuring with their secured lenders as alternative to a contested confirmation process. The firm can be reached at: Louis M. Phillips, Esq. Patrick (Rick) M. Shelby, Esq. Kelly Hart & Hallman, LLP One American Place 301 Main Street, Suite 1600 Baton Rouge, LA 70801-1916 Telephone: (225) 381-9643 Facsimile: (225) 336-9763 E-mail: louis.phillips@kellyhart.com rick.shelby@kellyhart.com About Falcon V Falcon V and ORX Resources are engaged in the oil and gas extraction business. Falcon V and ORX Resources have filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. La. Case No. 19-10547 & 19-10548) on April 10, 2019. The petitions were signed by James E. Orth, president and chief executive officer. At the time of filing, Falcon V estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities and ORX Resources estimated $100,000 to $500,000 in assets and $10 million to $50 million in liabilities. Louis M. Phillips, Esq. at Kelly Hart & Pitre represents the Debtor as counsel. FIVE STAR INDUSTRIAL: Taps C. Taylor Crockett as Legal Counsel -------------------------------------------------------------- Five Star Industrial Services, Inc. received approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ C. Taylor Crockett as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. advise the Debtor of its powers and duties in the continued management of its financial affairs and property; b. prepare reorganization papers and other court documents; c. review all leases and other corporate papers, prepare any necessary motions to assume unexpired leases or executory contracts, and assist in the preparation of corporate authorizations and resolutions related to the case. Crockett charges an hourly fee of $400 for its services. It received a retainer in the sum of $32,283, plus $1,717 for the filing fee. The firm neither holds nor represents any interest adverse to the Debtor's estate, according to court filings. Crockett can be reached through: C. Taylor Crockett, Esq. C. Taylor Crockett P.C. 2067 Columbiana Road Birmingham, AL 35216 Phone: 205-978-3550 About Five Star Industrial Services, Inc. Based in Glencoe, Alabama, Five Star Industrial Services, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 19-40844) on May 17, 2019, listing under $1 million in both assets and liabilities. Judge James J. Robinson presides over the case. FORT BRAGG: Taps Tampa Law Advocates as Legal Counsel ----------------------------------------------------- Fort Bragg Carolina Trust received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Tampa Law Advocates, P.A., as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. advise the Debtor of its powers and duties in the continued operation of its business and management of its property; b. advise the Debtor of its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; and c. represent the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan. Samantha Dammer, Esq., the attorney who will be handling the case, charges an hourly fee of $400. The firm was paid an advance fee of $8,500 prior to the Debtor's bankruptcy filing and will receive reimbursement for work-related expenses. Ms. Dammer assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Tampa Law can be reached at: Samantha L. Dammer, Esq. Tampa Law Advocates, P.A. 620 East Twiggs Street, Suite 110 Tampa, FL 33602 Tel: (813) 288-0303 Fax: (813) 466-7495 Email: sdammer@attysam.com About Fort Bragg Carolina Trust Fort Bragg Carolina Trust filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-03388) on April 15, 2019, listing under $1 million in both assests and liabilities. The case has been assigned to Judge Caryl E. Delano. Samantha L. Dammer, Esq., at Tampa Law Advocates, P.A., represents the Debtor as counsel. GOLF VIEW LANE: Seeks to Hire Resnik Hayes as Legal Counsel ----------------------------------------------------------- Golf View Lane Limited Partnership seeks authority from the U.S. Bankruptcy Court for the Central District of California to employ Resnik Hayes Moradi LLP as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. advise the Debtor regarding compliance with the requirements of the United States Trustee; b. advise the Debtor regarding matters of bankruptcy law; c. advise the Debtor regarding cash collateral matters; d. conduct examinations of witnesses, claimants or adverse parties and assist in the preparation of reports, accounts and pleadings; and e. assist in the negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization. Resnik Hayes' hourly rates are: M. Jonathan Hayes Partner $485 Matthew Resnik Partner $450 Roksana Moradi-Brovia Partner $385 Russell Stong Associate $325 David Kritzer Associate $325 Pardis Akhavan Associate $185 Rosario Zubia Paralegal $135 Priscilla Bueno Paralegal $135 Rebeca Benitez Paralegal $135 M. Jonathan Hayes, Esq., a partner at Resnik Hayes, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Resnik Hayes can be reached at: M. Jonathan Hayes, Esq. Matthew D. Resnik, Esq. Roksana D. Moradi-Brovia, Esq. Resnik Hayes Moradi LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 E-mail: jhayes@RHMFirm.com roksana@RHMFirm.com matt@RHMFirm.com About Golf View Lane LP Golf View Lane Limited Partnership is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Its principal assets are located at 67800-67884 McCallum Way, Cathedral City, California. Golf View Lane Limited Partnership filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-10291) on Feb. 22, 2019. At the time of the filing, the Debtor disclosed $2,023,024 in total assets and $2,986,432 in total liabilities. HEXION HOLDINGS: Committee Seeks to Hire Bayard as Co-Counsel ------------------------------------------------------------- The official committee of unsecured creditors of Hexion Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Bayard, P.A. Bayard will serve as co-counsel with Kramer Levin Naftalis & Frankel LLP, the other firm representing the committee in the Chapter 11 cases filed by Hexion and its affiliates. The firm's hourly rates are: Directors $500 - $1,050 Associates $350 - $450 Paraprofessionals $240 - $295 The primary attorneys and paralegals who will be representing the committee are: Justin Alberto Attorney $525 Erin Fay Attorney $500 Gregory Flasser Attorney $375 Larry Morton Paralegal $295 Erin Hendry Paralegal $265 Justin Alberto, Esq., director of Bayard, disclosed in court filings that his firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Alberto disclosed that his firm has not agreed to a variation of its standard or customary billing arrangements for its employment with the Debtors, and that no Bayard professional has varied his rate based on the geographic location of the Debtors' bankruptcy cases. Mr. Alberto also said that his firm did not represent the committee prior to the Debtors' bankruptcy filing. Bayard is formulating a budget and a staffing plan, which have not yet been approved by the committee, according to the attorney. Bayard can be reached through: Justin R. Alberto, Esq. Erin R. Fay, Esq. Gregory J. Flasser, Esq. Bayard, P.A. 600 N. King Street, Suite 400 Wilmington, DE 19801 Telephone: (302) 655-5000 Facsimile: (302) 658-6395 E-mail: jalberto@bayardlaw.com efay@bayardlaw.com gflasser@bayardlaw.com About Hexion Holdings Based in Columbus, Ohio, Hexion Inc. -- https://www.hexion.com/ -- is a producer of thermoset resins or thermosets, and a producer of adhesive and structural resins and coatings. The company is incorporated in New Jersey while most of its co-debtors are Delaware limited liability companies or Delaware corporations. Hexion Inc. is the direct or indirect parent of the debtors and the non-debtor affiliates. Hexion Holdings LLC is the sole member of Hexion LLC, which is the sole owner of Hexion Inc. Hexion Inc. employs 4,000 people around the world, including 1,300 in the U.S. across 27 production facilities. Hexion Holdings LLC and its co-debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-10684) on April 1, 2019. At the time of the filing, the Debtors estimated assets and liabilities of between $1 billion and $10 billion. The cases are assigned to Judge Kevin Gross. The Debtors tapped Latham & Watkins LLP and Richards, Layton & Finger, P.A., as bankruptcy counsel; Paul Weiss Rifkind Wharton & Garrison LLP, as special financing and securities; Moelis & Company LLC as financial advisor; AlixPartners LLP as restructuring advisor; and Omni Management Group as claims, noticing, solicitation and balloting agent. The Office of the U.S Trustee appointed an official committee of unsecured creditors on April 10, 2019. The committee tapped Bayard P.A. and Kramer Levin Naftalis & Frankel LLP as its legal counsel. HEXION HOLDINGS: Committee Seeks to Hire FTI as Financial Advisor ----------------------------------------------------------------- The official committee of unsecured creditors of Hexion Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire FTI Consulting, Inc., as its financial advisor. FTI will provide services in connection with the Chapter 11 cases filed by Hexion and its affiliates, which include a review of financial-related disclosures required by the court, tax issues, key employee retention and benefit programs, claims estimation process, the Debtors' analysis of their core assets, and information necessary for the confirmation of a plan. The firm will also assist the committee in the preparation of analyses required to assess any proposed financing or use of cash collateral; participate in discussions; and monitor the Debtors' short-term cash flow, liquidity and operating results. The firm's hourly rates are: Senior Managing Directors $895 - $1,195 Directors/Senior Directors/Managing Directors $670 - $880 Consultants/Senior Consultants $355 - $640 Administrative/Paraprofessionals $145 - $275 Within the 90 days prior to the petition date, FTI received payment in the amount of $142,010 from the Debtors. Samuel Star, a senior managing director of FTI, disclosed in court filings that his firm neither holds nor represents any interest adverse to the Debtors' estate. FTI can be reached through: Samuel Star FTI Consulting, Inc. Three Times Square, 9th Floor New York, NY 10036 Tel: +1 212 247 1010 Fax: +1 212 841 9350 E-mail: samuel.star@fticonsulting.com About Hexion Holdings Hexion Holdings LLC is the sole member of Hexion LLC, which is the sole owner of Hexion Inc. Based in Columbus, Ohio, Hexion Inc. -- https://www.hexion.com/ -- is a producer of thermoset resins or thermosets, and a producer of adhesive and structural resins and coatings. The company is incorporated in New Jersey while most of its co-debtors are Delaware limited liability companies or Delaware corporations. Hexion Inc. is the direct or indirect parent of the debtors and the non-debtor affiliates. Hexion Inc. employs 4,000 people around the world, including 1,300 in the U.S. across 27 production facilities. Hexion Holdings LLC and its co-debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-10684) on April 1, 2019. At the time of the filing, the Debtors estimated assets and liabilities of between $1 billion and $10 billion. The cases are assigned to Judge Kevin Gross. The Debtors tapped Latham & Watkins LLP and Richards, Layton & Finger, P.A., as bankruptcy counsel; Paul Weiss Rifkind Wharton & Garrison LLP, as special financing and securities; Moelis & Company LLC as financial advisor; AlixPartners LLP as restructuring advisor; and Omni Management Group as claims, noticing, solicitation and balloting agent. The Office of the U.S Trustee appointed an official committee of unsecured creditors on April 10, 2019. The committee tapped Bayard P.A. and Kramer Levin Naftalis & Frankel LLP as its legal counsel. HEXION HOLDINGS: Committee Seeks to Hire Kramer Levin as Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Hexion Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Kramer Levin Naftalis & Frankel LLP as its legal counsel. The firm will provide services in connection with the Chapter 11 cases filed by Hexion and its affiliates, which include the negotiation of any proposed financing, asset sale and restructuring support agreement; preparation of a plan of reorganization; investigation of the Debtors' previous transactions; and communications with the committee's constituents Kramer's hourly rates are: Partners $950 - $1,350 Counsel $1,000 - $1,300 Special Counsel $935 - $1,090 Associates $550 - $970 Paraprofessionals $275 - $420 Kenneth Eckstein, Esq., a partner at Kramer, disclosed in court filings that his firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Eckstein disclosed that his firm has not agreed to a variation of its standard or customary billing arrangements for its employment with the Debtors, and that no Kramer professional has varied his rate based on the geographic location of the Debtors' bankruptcy cases. Mr. Eckstein also said that the firm did not represent the committee before its formation in April. Kramer is developing a budget and staffing plan that will be presented for approval by the committee, according to the attorney. Kramer can be reached through: Kenneth H. Eckstein, Esq. Douglas Mannal Rachael Ringer, Esq. Kramer Levin Naftalis & Frankel LLP 1177 Avenue of the Americas New York, NY 10036 Telephone: (212) 715-9313 Facsimile: (212) 715-8308 Email: keckstein@kramerlevin.com dmannal@kramerlevin.com rringer@kramerlevin.com About Hexion Holdings Based in Columbus, Ohio, Hexion Inc. -- https://www.hexion.com/ -- is a producer of thermoset resins or thermosets, and a producer of adhesive and structural resins and coatings. The company is incorporated in New Jersey while most of its co-debtors are Delaware limited liability companies or Delaware corporations. Hexion Inc. is the direct or indirect parent of the debtors and the non-debtor affiliates. Hexion Holdings LLC is the sole member of Hexion LLC, which is the sole owner of Hexion Inc. Hexion Inc. employs 4,000 people around the world, including 1,300 in the U.S. across 27 production facilities. Hexion Holdings LLC and its co-debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-10684) on April 1, 2019. At the time of the filing, the Debtors estimated assets and liabilities of between $1 billion and $10 billion. The cases are assigned to Judge Kevin Gross. The Debtors tapped Latham & Watkins LLP and Richards, Layton & Finger, P.A., as bankruptcy counsel; Paul Weiss Rifkind Wharton & Garrison LLP, as special financing and securities; Moelis & Company LLC as financial advisor; AlixPartners LLP as restructuring advisor; and Omni Management Group as claims, noticing, solicitation and balloting agent. The Office of the U.S Trustee appointed an official committee of unsecured creditors on April 10, 2019. The committee tapped Bayard P.A. and Kramer Levin Naftalis & Frankel LLP as its legal counsel. HHGREGG INC: Committee Seeks to Hire Chipman Brown as Counsel ------------------------------------------------------------- The official committee of unsecured creditors of Gregg Appliances, Inc. seeks authorization from the U.S. Bankruptcy Court for the Southern District of Indiana to retain Chipman Brown Cicero & Cole, LLP as its legal counsel. The firm will assist the committee in the investigation, prosecution, recovery and, if appropriate, settlement of claims against certain companies, including AMT Warranty Corp., Warrantech Consumer Products Services Inc. and Warrantech CPS, Inc. If successful in obtaining a settlement or judgment in favor of the Debtor's estate, Chipman will receive a contingency fee consisting of: (i) 20% of all cash and non-cash financial benefits or consideration received or recovered by the Debtor's estate up to $10 million; (ii) 30% of all cash and non-cash financial benefits or consideration received or recovered by the Debtor's estate above $10 million up to $20 million; and (iii) 35% of all cash and non-cash financial benefits or consideration received or recovered by the Debtor's estate above $20 million. William Chipman Jr., Esq., a partner at Chipman, attests that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Chipman disclosed that the firm has not agreed to any variations from, or alternatives to, its standard billing arrangements; and that no professional at the firm has varied his rate based on the geographic location of the Debtor's bankruptcy case. Compensation is a contingency-based fee, plus reimbursement of expenses, according to the attorney. The counsel can be reached through: William E. Chipman, Jr., Esq. Chipman Brown Cicero & Cole, LLP Hercules Plaza 1313 N. Market Street, Suite 5400 Wilmington, DE 19801 Phone: (302) 295-0193 Fax: (302) 295-0199 E-mail: chipman@chipmanbrown.com About hhgregg Inc. Indianapolis, Indiana-based hhgregg, Inc., is an appliance, electronics and furniture retailer. Founded in 1955, hhgregg is a multi-regional retailer currently with 220 stores in 19 states that also offers market-leading global and local brands at value prices nationwide via http://www.hhgregg.com/ hhgregg Inc., Gregg Appliances Inc. and HHG Distributing LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Lead Case No. 17-01302) on March 6, 2017. The petitions were signed by Kevin J. Kovacs, chief financial officer. At the time of the filing, hhgregg and HHG Distributing estimated assets and liabilities of less than $50,000. Gregg Appliances estimated assets and liabilities at $100 million to $500 million. The Debtors engaged Morgan, Lewis & Bockius LLP and Ice Miller LLP as counsel; Berkeley Research Group, LLC as financial advisor; Stifel and Miller Buckfire & Co. as investment banker; Hilco IP Services as intellectual property advisor; Altus Group US, Inc., as tax advisor; and Donlin, Recano & Company, Inc., as claims and noticing agent. The U.S. Trustee has appointed creditors to serve on the official committee of unsecured creditors in the case of Gregg Appliances, Inc., Case No. 17-01303-RLM-11. No official committee has been appointed in the cases of hhgregg, Inc., No. 17-01302-RLM-11 or HHG Distributing, LLC, No. 17-01304-RLM-11. The Committee hired Cooley LLP and Bingham Greenebaum Doll LLP as counsel, and ASK LLP as avoidance claims counsel. The Committee retained Province Inc. as financial advisor. The Committee tapped Chipman Brown Cicero & Cole, LLP as its special counsel. Counsel to the Agent for the Debtors' prepetition secured lenders and the lenders providing DIP financing are Sean M. Monahan, Esq., at Choate, Hall & Stewart LLP; and Jay Jaffe, Esq., at Faegre Baker Daniels, LLP. Counsel to the FILO Agent is Stuart Brown, Esq., at DLA Piper LLP. * * * When hhgregg filed for Chapter 11 bankruptcy, it had signed a term sheet with an anonymous party to purchase the Company assets. The Company said at that time it expected a quick and smooth process through Chapter 11 with emergence in approximately 60 days. Ten days later, hhgregg said it has terminated the nonbinding term sheet with the anonymous party because the Company was unable to reach a definitive agreement on terms, and said it continues to work with interested third parties to purchase assets of the business. hhgregg added it had received strong interest from third parties interested in buying some or all of the Company's assets. Subsequently, hhgregg executed a consulting agreement with a contractual joint venture comprised of Tiger Capital Group, LLC, and Great American Group, LLC, to conduct a sale of the merchandise and furniture, fixtures and equipment located at the Company's retail stores and distribution centers. In an April order, the Bankruptcy Court approved, at the Company's request, a plan for the Company to close 132 retail stores and the Company's distribution centers. According to a disclosure with the Securities and Exchange Commission in March, debtors Gregg Appliances, Inc., and HHG Distributing, LLC, entered into a Consulting Agreement with a contractual joint venture between Tiger Capital Group and Great American Group to conduct the sale of the merchandise and furniture, fixtures and equipment located at the Company's 132 retail stores and the distribution centers. As of June 8, 2017, the Debtors have completed store closing sales in all its stories. The Company has said it does not anticipate any value will remain from the bankruptcy estate for the holders of the Company's common stock, although this will be determined in the continuing bankruptcy proceedings. HOLLANDER SLEEP: May 30 Meeting Set to Form Creditors' Panel ------------------------------------------------------------ William K. Harrington, United States Trustee, for Region 2, will hold an organizational meeting on May 30, 2019, at 10:30 a.m. in the bankruptcy case of Hollander Sleep Products, LLC, et al. The meeting will be held at: DoubleTree By Hilton Metropolitan New York 569 Lexington Ave (at 51st Street) New York, NY 10022 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 Hollander Headquartered in Boca Raton, Florida, Hollander -- https://www.hollander.com -- designs, manufactures, and markets utility bedding products that it sells to a variety of prominent retailers, distributors, and hotels. Hollander designs, manufactures, and markets utility bedding products that it sells to a variety of prominent retailers, distributors, and hotels. It is a leading leading bed, pillow, and mattress pad supplier in North America under owned and licensed brands which include I AM(R), Pacific Coast Feather, Live Comfortably(R), Great Sleep(R), Restful Nights(R), Beautyrest(R), Ralph Lauren(R), Chaps(R), and Calvin Klein(R). The company was founded in 1953. Hollander Sleep Products, LLC and six of its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D NY. Case No. 19-11608) on May 19, 2019. At the time of the filing, the Debtors estimated assets of between $100 million and $500 million and liabilities of between $100 million and $500 million. The petition was signed by Marc Pfefferle, chief executive officer. Kirkland & Ellis International LLP has been tapped as the Debtors' counsel; Houlihan Lokey Capital, Inc. as financial advisor; and Omni Management Group as claims and noticing agent. IAA SPINCO: Fitch Gives BB- Rating on $400MM Unsec. Notes --------------------------------------------------------- Fitch Ratings has assigned a rating of 'BB-'/'RR4' to IAA Spinco Inc.'s planned issuance of $400 million of eight-year senior unsecured notes. Fitch currently rates IAA's Issuer Default Rating 'BB-' and first lien credit facility 'BB+'/'RR1'. Fitch expects the spin-off of IAA Spinco Inc. from KAR Auction Services Inc. to be completed by the end of the second quarter of 2019. The post-spin company is expected to have approximately $1.3 billion of outstanding debt including a $900 million term loan B and $400 million of unsecured notes, which will be used to pay a dividend to KAR Auction Services. KEY RATING DRIVERS IAA Spinco Inc. benefits from a leading market position in the salvage vehicle auction industry. The company's strong financial flexibility, cash flow generation and profitability are key drivers of the 'BB-' rating. Additionally, the spin-off from KAR Auction Services allows the company to invest in further growth initiatives due to operating in a more stable market. Meanwhile, adjusted leverage at approximately 4.6x is moderately high for the category, while customer concentration is also a risk. Fitch also considers technological advancement in auto safety, including autonomous vehicles, to be a long-term concern. Significant Financial Flexibility: Fitch views IAA's financial flexibility as the main driver of the rating. The standalone company generated FCF margins of 12% and 17% in 2017 and 2018, respectively, as a subsidiary of KAR Auction Services. Fitch expects that the company will continue to generate FCF margins in excess of 10% annually, which will allow the company to easily meet regular term loan amortization while continuing to invest in the business. Additionally, liquidity is expected to remain adequate as working capital needs are minimal and there are no near-term maturities until the revolver terminates in 2024 and the term loan B in 2026. Fitch believes the company will deploy some of its excess cash flow to make moderate debt prepayments, while also focusing on growth initiatives. There is also the possibility that IAA could start to return a material amount of cash to shareholders in the form of dividends or share repurchases over time. High Post Spin-Off Adjusted Leverage: Fitch expects that IAA will have adjusted leverage (total lease adjusted debt/operating EBITDAR) and FFO-adjusted leverage of approximately 4.6x and 5.3x, respectively, following the spin-off from KAR Auction Services. This is in comparison to gross leverage (total debt/operating EBITDA) of 3.5x, due to the company's heavy utilization of operating leases. Fitch expects a portion of the excess cash flow will be used to repay debt, which, along with regular term loan amortization, should lead to IAA achieving its net leverage target of below 3.0x by 2021. Leading Market Position: IAA is one of the top two players in the salvage vehicle auction industry, controlling roughly 40% of the North American market. Its largest competitor, Copart, Inc., accounts for an additional 40%. The remaining 20% of the market is somewhat fragmented and made up of smaller regional companies. Fitch does not believe there is a material risk of disruption from another competitor entering the market due to the geographic footprint and established market place of the incumbents. However, the company derives approximately 40% of its revenue from cars sourced through three insurance companies, which exposes the company to risk from the loss of an important customer. Positive Growth Trends: Fitch expects the salvage vehicle auction market to grow by mid-single-digits over the next several years, driven by an aging and growing North American auto market. Fitch expects IAA's revenue to grow at a similar pace under Fitch's rating case over the forecast horizon. Annual vehicle miles traveled in the U.S. have increased steadily since the financial crisis, and increasing vehicle technology and complexity pose positive trends for the number and value of salvage vehicles. Additionally, IAA currently only generates 12% of its revenue from outside the U.S. and could experience growth from expanding further into the global market. High Profitability: IAA benefits from strong profitability, having generated EBITDA margins of 27% and 29% in 2017 and 2018, respectively, as a segment of KAR Auction Services. Fitch expects that additional general and administrative costs associated with being a standalone company will lead to EBITDA margins sustaining around 27%. The asset-light business model and moderate capex are expected to result in significant EBITDA to FCF conversion. DERIVATION SUMMARY IAA Spinco Inc. is one of the largest salvage vehicle auction companies in the U.S. The company is comparable in size and scale with Copart Inc. (NR), its largest competitor. Compared with auto retailer AutoNation, Inc. (BBB-/Stable) the company has significantly higher EBITDA and FCF margins, but also materially higher adjusted leverage and is much smaller. The salvage auction business has typically remained steady in times of economic recession, while the auto retail industry has proven to retract sharply. No parent/subsidiary linkage, country ceiling or operating environment constraints were in effect for these ratings. KEY ASSUMPTIONS -- The spinoff is completed in mid-2019, with $900 million of first lien secured debt issued and $400 million of senior unsecured notes, which is used to pay a dividend to KAR Auction Services, Inc.; -- Revenue grows at 3.5% per year driven by continued trends of a growing North American car fleet and a steady percentage of total loss claims; -- EBITDA margins are lower in the forecast period at 27% due to additional general and administrative costs associated with being a standalone business; -- Capex total 5% of annual revenue; -- IAA maintains adequate liquidity throughout the forecast period; -- Working capital fluctuations are minimal and FCF margins remain around or above 10% through 2022; -- Approximately $10 million of debt is prepaid per year; -- The company begins paying a dividend in 2019 after the spin-off is completed and beings repurchasing shares in 2020. IAA SPINCO: Moody's Rates New $400MM Unsec. Notes 'B2' ------------------------------------------------------ Moody's Investors Service affirmed IAA Spinco Inc.'s Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating and Ba2 senior secured rating. Moody's also assigned a B2 rating to the company's proposed $400 million 8-year senior unsecured notes. Proceeds from the debt issuance are expected to fund a $1.2 billion dividend to KAR, pay for transaction fees and provide liquidity to IAA's balance sheet. Moody's also affirmed the SGL-1 Speculative Grade Liquidity Rating. The outlook is stable. Changes to the proposed capital structure consisting of a $225 million senior secured revolver, a $900 million senior secured term loan and approximately $400 million of senior unsecured notes, could result in changes to the current ratings or outlook. In addition, changes to IAA's financial policy, including leverage and dividend expectations, could also result in changes to the ratings or outlook. Affirmations: Issuer: IAA Spinco Inc. Probability of Default Rating, Affirmed Ba3-PD Speculative Grade Liquidity Rating, Affirmed SGL-1 Corporate Family Rating, Affirmed Ba3 Senior Secured Revolving Credit Facility, Affirmed Ba2 (LGD3) Senior Secured Term Loan B, Affirmed Ba2 (LGD3) Assignments: Issuer: IAA Spinco Inc. Senior Unsecured Notes, Assigned B2 (LGD5) Outlook Actions: Issuer: IAA Spinco Inc. Outlook, Remains Stable RATINGS RATIONALE The ratings action was prompted in connection with IAA's announced tax free spin-off from KAR Auction Services, Inc. ("KAR") into a separate publicly-traded company, which is expected to be completed by June 30, 2019. The Ba3 Corporate Family rating is constrained by its limited scale and narrow focus on the niche salvage vehicle auction services market. Very high customer concentration, with 40% of 2018 revenue generated from the three largest insurance customers, weighs on the credit. The company's leverage upon completion of the separation from KAR is expected to be high at approximately 4.0x, including Moody's adjustments for a large portfolio of operating leases. The credit profile also incorporates some degree of transition risk as IAA will operate under service agreements with KAR for a certain period of time and will need to build corporate functions and invest in developing key IT capabilities. IAA's plans to expand its technology-enabled services and enter international markets could result in debt-funded M&A transactions and sustained levels of high leverage. IAA's credit profile is supported by its co-leader position (along with Copart) with 40% of the market in North America. A sizeable portfolio of long-term real estate leases and long-standing relationships with insurance companies are barriers to entry. Several trends create tailwinds supporting IAA's growth. Miles driven, a metric highly correlated to accident frequency, is expected to continue to increase. Technological advances result in more expensive auto repairs and a higher percentage of accidents deemed a total loss by insurers. In addition, more costly components drive stronger demand for salvage parts. The salvage auction industry's lower cyclicality, compared to other segments of the auto ecosystem, also supports the ratings. The debt instrument ratings reflect IAA's Ba3-PD Probability of Default Rating and expected loss for individual instruments. The senior secured term loan and revolver are rated Ba2 with a loss given default assessment of LGD3, one notch above IAA's Ba3 Corporate Family Rating, reflecting their seniority to the senior unsecured notes, which are rated B2 with a loss given default assessment of LGD5, and other non-debt liabilities, primarily consisting of unsecured trade payables. The SGL-1 Speculative Grade Liquidity rating reflects IAA's very good liquidity, including an expected $50 million cash balance at closing, an undrawn $225 million revolving credit facility and estimated free cash flow to debt between 6-10% (Moody's adjusted, depending on the unknown dividend policy determined by the board after the separation). Moody's said, "The stable outlook reflects our expectation over the next 12-18 months for mid-single-digit revenue growth, EBITDA margins at approximately 35%, sustained leverage of approximately 4.0x and free cash flow to debt above 6.0% (all credit metrics Moody's adjusted). "The ratings could be upgraded if we expect favorable tailwinds in the salvage industry will continue to support sustained mid to high-single-digit revenue growth, strong EBITDA margins, leverage sustained below 3.5x, increasing free cash flow to debt of about 10% and balanced financial policies." The ratings could be downgraded if IAA's revenue growth slows down to a low single-digit range or margins are pressured due to increased competition, changes in the frequency of total losses, lower miles driven, or other changes to IAA's operating conditions. Moody's said, "The rating could also be lowered if we expect debt to EBITDA will be sustained above 4.5x, free cash flow to debt diminishes below 6.0%, liquidity deteriorates or IAA pursues aggressive financial policies favoring shareholders over creditors. We note IAA's board has not finalized its capital allocation policy yet, including potential dividends to shareholders. Aggressive capital distributions to shareholders will hamper credit metrics and the ability to invest in growth, which could result in a ratings downgrade." The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. IAA Spinco Inc. ("IAA") is a US leading provider of auction services for total loss, damaged and low-value vehicles. IAA operates online and physical marketplaces for buyers and sellers of salvage vehicle and related services, such as transportation, inspection, valuation, titling, and other services. The company is one of the two largest providers in North America with 179 sites across the US and Canada. IAA also operates 14 sites in the UK after the 2015 acquisition of HBC Vehicle Services. Revenue as of December 2018, pro forma for the separation from KAR, was $1.3 billion. JRV GROUP: Taps BMC Group as Claims Agent ----------------------------------------- JRV Group USA L.P. received approval from the U.S. Bankruptcy Court for the District of Delaware to hire BMC Group, Inc., as its claims and noticing agent. The firm will oversee the distribution of notices and the maintenance, processing and docketing of proofs of claim filed in the Debtor's Chapter 11 case. The firm will be paid at these hourly rates: Principal No charge Project Manager $125 - $150 Consultant/Senior Consultant $100 - $125 Noticing Manager $85 - $100 Technology Data Consultant $85 - $100 Case Support Associate $45 - $85 Analyst $25 - $45 BMC received a retainer in the amount of $2,000 from the Debtor prior to its bankruptcy filing. BMC is "disinterested" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Tinamarie Feil BMC Group, Inc. 600 1st Avenue, Suite 203 Seattle, WA 98104 Phone: 206.516.3300 About JRV Group USA L.P. JRV Group USA L.P. -- https://www.erwinhymergroup.com/ -- is based at 1945 Burgundy Place, Ontario, Calif. It was established on Jan. 30, 2015, to carry out the United States business of Erwin Hymer Group, a Germany-based recreational vehicle company. However, in 2016, all business activities of JRV Group were stopped, and it became a shelf company while EHG Global built out its Canadian operations through EHG NA. JRV Group resumed operating activities in November 2017 and continued to be owned indirectly by HG Global until Jan. 31, 2019, comprising a portion of its North American operations. Between November 2017 and March 2018, JRV Group acquired various assets in four asset acquisition transactions. Beginning in March 2018, JRV Group operated as a second-tier original equipment manufacturer and alterer of Jeep Wranglers made by FCA US LLC, an affiliate of Fiat Chrysler Automobiles N.V. Its business typically focused on adding features to the vehicles, such as a tent for camping, that would make them more desirable for recreational vehicle dealers to sell to end users and consumers. JRV Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 19-11095) on May 13, 2019. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as legal counsel; Barnes & Thornburg LLP special counsel; Sherwood Partners Inc. as restructuring advisor; and BMC Group, Inc. as claims and noticing agent. JUAN ALFARO: Seeks to Hire Balisok & Kaufman as Legal Counsel ------------------------------------------------------------- Juan Alfaro Design, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Balisok & Kaufman, PLLC as its legal counsel. The firm will provide services in connection with the Debtor's Chapter 11 case, which include the preparation of a reorganization plan; negotiation with creditors; and legal advice regarding any post-petition financing, refinancing of the Debtor's secured debt, and sale of its business. The firm's hourly rates are: Attorneys $350 - $500 Law Clerks/Paralegals $175 Prior to its bankruptcy filing, the Debtor paid Balisok & Kaufman a retainer in the amount of $12,000. Joseph Balisok, Esq., a partner at Balisok & Kaufman, disclosed in court filings that his firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph Y. Balisok, Esq. Balisok & Kaufman, PLLC 251 Troy Avenue Brooklyn, NY 11213 Telephone: (718) 928-9607 Facsimile: (718) 534-9747 Email: joseph@lawbalisok.com About Juan Alfaro Design Inc. Juan Alfaro Design, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-42177) on April 10, 2019. At the time of the filing, the Debtor estimated assets of less than $100,000 and liabilities of less than $1 million. The case is assigned to Judge Carla E. Craig. KEYSTONE FILLER: Seeks to Hire Cunningham Chernicoff as Counsel --------------------------------------------------------------- Keystone Filler & Mfg. Co. seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire Cunningham, Chernicoff & Warshawsky, P.C., as its legal counsel. The firm will advise the Debtor of its power and duties under the Bankruptcy Code and will provide other legal services in connection with its Chapter 11 case. The firm's hourly rates are: Robert Chernicoff $400 Partners $200 to $300 Associate Attorneys $150 to $200 Paralegals $100 Cunningham required a pre-bankruptcy retainer in the amount of $11,578. Robert Chernicoff, Esq., a shareholder of Cunningham, disclosed in court filings that his firm is not a creditor of the Debtor and is "disinterested." The firm can be reached through: Robert E. Chernicoff, Esq. Cunningham, Chernicoff & Warshawsky, P.C. 2320 North Second Street P.O. Box 60457 Harrisburg, PA 17106-0457 Phone: (717) 238-6570 Fax: 717 238-4809 Email: rec@cclawpc.com About Keystone Filler & Mfg. Co. Keystone Filler and Mfg. Co. is a manufacturer of carbon-based products made from finely-ground coal. Keystone Filler and Mfg. Co. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 19-02014) on May 9, 2019. At the time of the filing, the Debtor estimated assets of $1 million to $10 million and liabilities of $1 million to $10 million. The case is assigned to Judge Robert N. Opel II. Cunningham, Chernicoff & Warshawsky, P.C., is the Debtor's counsel. LA PERRONA: $190K Sale of De Anda's Glendale Property Approved -------------------------------------------------------------- Judge Madeleine C. Wanslee of the U.S. Bankruptcy Court for the District of Arizona authorized Ana Maria De Anda, an affiliate of La Perrona Botas Y Ropa I, LLC, to sell the residential real property located at 7126 West Maryland Avenue, Glendale, Arizona, APN 144-01-285, to Yamasa Co., Ltd. for $190,000. The sale is free and clear from all liens, claims and interests. The Purchaser will close escrow in accordance with the terms and provisions of the Purchase Contract and the Order and the sale will close by April 30, 2019 unless the parties agree to extend the closing. A real estate broker's commission in the amount of $4,750 is authorized to be paid from the sale proceeds at the close of escrow to Fort Lowell & Property Management, the Purchaser's Broker, and a real estate broker's commission in the amount of $4,750 is authorized to be paid from the sale proceeds at the close of escrow to American Traditions Realty, the Seller's Broker. Fidelity National Title Insurance Co. is authorized to issue title insurance on the sale and is directed to close escrow on the sale of the Residential Property in accordance with the terms and conditions of the Purchase Contract and the Order, to satisfy, from the sale proceeds, the Seller's share of all customary closing costs, including title insurance costs, commissions, inspection fees, recording fees, and escrow fee, and to disburse the sale proceeds as follows: a. Payment of closing costs; b. Payment to Maricopa County Assessor's Office for taxes due on the Residential Property of $8,978; c. Payment to Fort Lowell & Property Management in the amount of $4,750 and payment to American Traditions Realty in the amount of $4,750; d. Payment of the remaining net proceeds after the aforementioned payments will be for the benefit of California Bank & Trust ("CB&T") and Fidelity will pay said proceeds as follows: i. Payment to Maricopa County Assessor's Office in the amount of $153,872 regarding property tax redemption due on the Commercial Property (APN 117-19-132B); ii. Payment to CB&T in the remaining amount estimated at $10,567. The Order will amend the CB&T Stipulation to reflect the terms and conditions of the Motion. CB&T will review and approve the final HUD-1 Settlement Statement prior to closing. The Order is a final order pursuant to Fed. R. Bankr. P. 8001. The 14-day stay imposed by Fed. R. Bankr. P. 6004(h) is waived and the sale of the Residential Property may occur anytime between the date of the Order and June 3, 2019. If the Debtor or the Buyer requires additional time to close the sale of the Residential Property beyond June 3, 2019, they must obtain CB&T's written consent. About La Perrona La Perrona Botas Y Ropa I, LLC, sought protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Arizona (Phoenix) (Bankr. D. Ariz., Case No. 16-00434) on Jan. 19, 2016. The petition was signed by Ana De Anda, member. Ana Maria De Anda filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 16-00435) on Jan. 19, 2016. The cases are jointly administered under LPI's Chapter 11 case. De Anda is self-employed as a consultant and has 100% ownership interest in LPI, which operates as a retail clothing store. The Debtor is represented by Patrick F. Keery, Esq., at Hague Keery & McCue, PLLC. The case is assigned to Judge Madeleine C. Wanslee. The Debtor estimated assets of $500,000 to $1 million and debts of $1 million to $10 million. On March 15, 2016, the Court ordered joint administration and use of a consolidated caption for the Individual Bankruptcy Proceeding and the Corporate Bankruptcy Proceeding under Case No. 2:16-bk-00434-MCW. On March 9, 2017, the Court confirmed the Debtors' First Amended Joint Plan of Reorganization. LABORATORIO ACROPOLIS: Taps Gloria Justiniano Irizarry as Counsel ----------------------------------------------------------------- Laboratorio Acropolis, Inc. seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ the Law Office of Gloria Justiniano Irizarry as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. examine documents of the Debtor and other necessary information to prepare its schedules of assets and liabilities and statements of financial affairs; b. prepare the Debtor's disclosure statement and plan of reorganization; c. identify and prosecute claims and causes of action on behalf of the Debtor; d. examine proofs of claim filed and to be filed in the Debtor's bankruptcy case; e. advise the Debtor and prepare documents in connection with the ongoing operation of its business; and g. advise the Debtor and prepare documents in connection with the liquidation of assets of the bankruptcy estate, including analysis and collection of outstanding receivables. The firm will be paid at these hourly rates: Partner $250 Associates $125 Paralegal $50 Justiniano Irizarry was paid a retainer in the amount of $3,000 and will receive reimbursement for work-related expenses. The firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate, according to court filings. Justiniano Irizarry can be reached at: Gloria Justiniano Irizarry, Esq. Law Office of Gloria Justiniano Irizarry Calle A. Ramirez Silva, Suite 8 Mayaguez, PR 00680-4714 Tel: (787) 831-3577 Email: justiniano@gmail.com About Laboratorio Acropolis Laboratorio Acropolis, Inc. was incorporated in 2004 to purchase as a going concern a business named "Laboratorio Acropolis," a provider of clinical laboratory services. Laboratorio Acropolis sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 19-02601) on May 8, 2019. The Debtor previously filed a Chapter 11 petition (Bankr. D.P.R. Case No. 16-04609) on June 9, 2016. At the time of the filing, the Debtor had estimated assets of less than $500,000 and liabilities of between $1 million and $10 million. Judge Mildred Caban Flores presides over the case. MUSCLE MAKER: Taps Bruner Wright as Legal Counsel ------------------------------------------------- Muscle Maker Grill Tallahassee, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Bruner Wright, P.A. as its legal counsel. The firm will advise the Debtor of its powers and duties under the Bankruptcy Code and will provide other legal services in connection with its Chapter 11 case. Bruner Wright's hourly rates are: Byron Wright III $400/hour Robert Bruner $400/hour Byron Wright III $250/hour Paralegal $100/hour Byron Wright III, Esq., at Bruner Wright, assures the court that he and his firm do not represent any interests adverse to the Debtor. The firm can be reached at: Robert C. Bruner Byron Wright, III Bruner Wright, P.A. 2810 Remington Green Circle Tallahassee, FL 32308 Phone: 850-385-0342 Fax : 850-270-2441 Email: rbruner@brunerwright.com twright@brunerwright.com About Muscle Maker Grill Tallahassee LLC Muscle Maker Grill Tallahassee is a fast casual restaurant brand that serves nutritious alternatives to traditional dishes. Based in Tallahassee, Fla., Muscle Maker Grill Tallahassee filed a Chapter 11 petition (Bankr. N.D. Case No. 19-40280) on May 16, 2019, listing under $1 million in both assets and liabilities. Robert C. Bruner at Bruner Wright, P.A., represents the Debtor as counsel. NEIMAN MARCUS: S&P Affirms 'CC' Issuer Credit Rating; Outlook Neg. ------------------------------------------------------------------ S&P Global Ratings affirmed all ratings, including the 'CC' issuer credit rating on Neiman Marcus Group LLC. The rating affirmation came after Neiman Marcus launched a second-lien note offering and stated 98% of term loan lenders and more than 91% of unsecured note holders have tendered positions in support of their planned restructuring. S&P views the contemplated transaction as a distressed exchange that will result in an issuer credit rating of 'SD' upon completion. Meanwhile, S&P assigned its preliminary issue-level ratings of 'CCC-' and a preliminary recovery rating of '5' (modest recovery expectations) on the proposed second-lien notes and preliminary issue-level ratings of 'CC' and a preliminary '6' recovery rating (negligible recovery) on the company's third-lien notes. "The affirmation reflects our view of an imminent distressed exchange of Neiman Marcus' capital structure, including its current $2.95 billion first-lien term loan and $1.5 billion in unsecured notes. We expect to review the issuer and issue-level ratings shortly following the conclusion of the planned restructuring when we assess the company's performance expectations and final capital structure," S&P said. "The negative outlook reflects our intent to lower our issuer credit rating on Neiman Marcus to 'SD' and our issue-level rating on the company's term loan and unsecured notes to 'D' when the company completes the announced distressed exchange in part or its entirety," S&P said. NICE SERVICES: Seeks to Hire Thomas C. Little as Counsel -------------------------------------------------------- Nice Services, Inc. seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to hire Thomas C. Little, P.A. as its legal counsel. The services to be provided by the firm include legal advice concerning the Debtor's powers and duties in the continued operation of its business, negotiations with creditors, and the preparation of a Chapter 11 plan. The firm received a pre-bankruptcy retainer of $26,717, inclusive of $1,717 filing fee. Thomas C. Little is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Thomas C. Little, Esq. Thomas C. Little, P.A. 2123 N.E. Coachman Road, Suite A Clearwater, FL 33765 Tel: (727) 443-5773 Email: janet@thomasclittle.com About Nice Services, Inc. Nice Services, Inc. is a privately held company headquartered in Tampa, Fla. Nice Service filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 19-04386) on May 9, 2019. At the time of the filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Thomas C. Little, Esq., at Thomas C. Little, P.A., represents the Debtor as counsel. NYMAN HOLDINGS: Seeks to Hire Cohne Kinghorn as Legal Counsel ------------------------------------------------------------- Nyman Holdings, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire Cohne Kinghorn, P.C. as its new legal counsel. Cohne will substitute for Stokes Law PLLC, the firm that initially handled the Debtor's Chapter 11 case. Cohne's hourly rates are: Shareholders $230 to $400 Associates $170 to $225 Paralegals $100 to $135 George Hofmann, Esq., the firm's attorney who will be handling the case, charges an hourly fee of $350. Cohne Kinghorn has requested a retainer of $10,033. Mr. Hofmann disclosed in court filings that his firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. Cohne Kinghorn can be reached through: George Hofmann, Esq. Cohne Kinghorn, P.C. 111 East Broadway, 11th Floor Salt Lake City, UT 84111 Telephone: (801) 363-4300 Facsimile: (801) 363-4378 Email: ck@cohnekinghorn.com About Nyman Holdings Nyman Holdings, LLC -- https://www.nymanfh.com/ -- owns a funeral home serving the entire Cache Valley and surrounding areas. Nyman Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 19-22667) on April 18, 2019. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $1 million and $10 million. The case has been assigned to Judge Kevin R. Anderson. OKANA LLC: Seeks to Hire Wisneski Sears as Accountant ----------------------------------------------------- Okana, LLC and Sunglass Trader, Inc. seek authority from the U.S. Bankruptcy Court for the Southern District of Florida to hire Wisneski, Sears & Sleeper, P.A. as their accountant. The services to be provided by the firm include the preparation of tax returns, monthly operating reports and monthly compilations of the Debtors' financial statements. Wisneski will also assist the Debtors in the preparation of their bankruptcy plan and disclosure statement. The firm's hourly rates range from $25 to $125. Lesley Sears, a partner at Wisneski, attests that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lesley A. Sears Wisneski, Sears & Sleeper, P.A. 810 Saturn Street, Suite 30 Jupiter, FL 33477 Tel: 561-747-2772 E-mail: lsears@myjupitercpa.com About Okana LLC and Sunglass Trader Inc. Okana, LLC and Sunglass Trader, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-18833 and 18-18834) on July 20, 2018. At the time of the filing, Okana disclosed that it had estimated assets of less than $100,000 and liabilities of less than $1 million. Sunglass Trader had estimated assets of less than $100,000 and liabilities of less than $1 million. Judge Mindy A. Mora presides over the cases. The Debtors tapped Aaron A. Wernick, Esq., at Furr & Cohen, as their legal counsel. No official committee of unsecured creditors has been appointed. ORCHIDS PAPER: Committee Taps CKR Law as Delaware Counsel --------------------------------------------------------- The official committee of unsecured creditors of Orchids Paper Products Company, and its debtor-affiliates seeks authority from the U.S. Bankruptcy Court for the District of Delaware to retain CKR Law LLP as its Delaware counsel. The firm will provide these services to the committee in connection with the Debtors' Chapter 11 cases: a. advise the committee of its rights, duties and powers; b. assist the committee in its consultations and communications with the Debtors relative to the administration of their cases; c. assist the committee in analyzing the claims of creditors and the Debtors' capital structure, and in negotiating with holders of claims and equity interests; d. assist the committee in its investigation of the acts, conduct, assets, liabilities, financial condition and business operation of the Debtors; e. assist the committee in its investigation of the liens and claims of the holders of the Debtors' pre-bankruptcy debt and the prosecution of any claims or causes of action revealed by such investigation; f. assist the committee in its analysis of, and negotiations with, the Debtors or any third party concerning matters related to, among other things, the assumption or rejection of leases of nonresidential real property and executory contracts, asset disposition, financing of other transactions and the terms of a plan of reorganization for the Debtors; and g. advise the committee as to its communications to unsecured creditors regarding significant matters in the Debtors' cases. The firm's standard hourly rates are: Partners $325 - $580 Senior Counsel/Counsel $250 - $695 Associates $150 - $395 Paralegals/Assistants $105 - $195 David Banker, Esq., at CKR, 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: David M. Banker, Esq. CKR Law LLP 1330 Avenue of the Americas, 14th Floor New York, NY 10019 Phone: +1 (212) 259-7300 / +1 (212) 259-7305 Email: DBanker@CKRLaw.com About Orchids Paper Products Company Headquartered in Pryor, Oklahoma, Orchids Paper Products Company -- http://www.orchidspaper.com/-- is a national supplier of consumer tissue products primarily serving the at home private label consumer market. The Company produces a full line of tissue products, including paper towels, bathroom tissue and paper napkins, to serve the value through ultra-premium quality market segments from its operations in northeast Oklahoma, Barnwell, South Carolina and Mexicali, Mexico. The Company provides these products primarily to retail chains throughout the United States. Orchids Paper Products Company and two of its subsidiaries filed for bankruptcy protection (Bankr. D.Del., Lead Case No. 19-10729) on April 1, 2019. The petitions were signed by Richard S. Infantino, interim chief strategy officer. As of Feb. 28, 2019, the Debtors posted total assets $322,061,000 and total debt of $260,864,000. Hon. Mary F. Walrath oversees the cases. The Debtors tapped Polsinelli PC as counsel; Deloitte Transactions And Business Analytics LLP as chief strategy officer; Houlihan Lokey Capital, Inc., as investment banker; and Prime Clerk LLC as claims and notice agent. PAVMED INC: Seeks to Hire Buddy D. Ford as Legal Counsel -------------------------------------------------------- PAVmed Inc. seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to hire Buddy D. Ford, P.A. as its legal counsel. The services to be provided by the firm include legal advice concerning the Debtor's powers and duties in the continued operation of the business and management of the property of the estate; negotiation with creditors; and the preparation of the bankruptcy plan. The firm's standard hourly rates are: Buddy Ford, Esq. $425 Senior Associate Attorneys $375 Junior Associate Attorneys $300 Paralegals $150 Junior Paralegals $100 Buddy Ford, Esq., attests that his firm does not represent any interest adverse to Debtor or its bankruptcy estate. The firm can be reached through: Buddy D. Ford, Esq. Buddy D. Ford, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: 813-877-4669 Fax: 813-877-5543 E-mail: Buddy@TampaEsq.com All@tampaesq.com About PAVmed Inc. PAVmed Inc., a medical device company based in Kissimmee, Fla., filed a voluntary Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-03300) on May 17, 2019. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of less than $500,000. Buddy D. Ford at Buddy D. Ford, P.A. represents the Debtor as counsel. PLAINVILLE LIVESTOCK: Committee Taps Klenda Austerman as Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Plainville Livestock Commission, Inc. and Plainville Livestock, LLC received approval from the U.S. Bankruptcy Court for the District of Kansas to hire Klenda Austerman, LLC, as its legal counsel. The firm will represent the committee in its consultations with the Debtor; participate in the formulation of a bankruptcy plan; investigate the Debtor's actions; and provide other legal services in connection with the Debtor's Chapter 11 case. J. Michael Morris, Esq., the firm's attorney who will be representing the committee, will charge an hourly fee of $395. Paralegals will charge $110 per hour. Mr. Morris disclosed in court filings that he does not hold nor represent any interest adverse to the committee. Klenda Austerman can be reached through: J. Michael Morris, Esq. Klenda Austerman, LLC 1600 Epic Center 301 N. Main Wichita, KS 67202-4816 Phone: 316-267-0331 Fax: 316-267-0333 Email: jmmorris@klendalaw.com About Plainville Livestock Commission Plainville Livestock Commission, Inc. operates a livestock auction house in Kansas. It conducts a weekly cattle sale every Tuesday, selling all classes of cattle. Plainville Livestock Commission and its affiliate Plainville Livestock, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Lead Case No. 19-10293) on March 1, 2019. At the time of the filing, Plainville Livestock Commission estimated assets of less than $100,000 and liabilities of between $10 million and $50 million. Plainville Livestock reported less than $50,000 in assets and between $1 million and $10 million in liabilities. The cases have been assigned to Judge Robert E. Nugent. Hinkle Law Firm, LLC serves as the Debtors' bankruptcy counsel. The committee is represented by Klenda Austerman, LLC. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on April 8, 2019. PROXIMITY INNOVATIONS: Seeks to Hire Buddy D. Ford as Legal Counsel ------------------------------------------------------------------- Proximity Innovations, Inc. seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to hire Buddy D. Ford, P.A. as its legal counsel. The services to be provided by the firm include legal advice concerning the Debtor's powers and duties in the continued operation of the business and management of the property of the estate; negotiation with creditors; and the preparation of the bankruptcy plan. The firm's standard hourly rates are: Buddy Ford, Esq. $425 Senior Associate Attorneys $375 Junior Associate Attorneys $300 Paralegals $150 Junior Paralegals $100 Buddy Ford, Esq., attests that his firm does not represent any interest adverse to the Debtor and its bankruptcy estate. The firm can be reached through: Buddy D. Ford, Esq. Buddy D. Ford, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: 813-877-4669 Fax: 813-877-5543 E-mail: Buddy@TampaEsq.com All@tampaesq.com About Proximity Innovations, Inc. Based in Tarpon Springs, Fla., Proximity Innovations, Inc. filed its voluntary Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-04673) on May 17, 2019. At the time of the filing, the Debtor had estimated assets of less than $100,000 and liabilities of less than $500,000. Buddy D. Ford, Esq., at Buddy D. Ford, P.A., represents the Debtor as counsel. RAHMANIA PROPERTIES: Examiner Taps LaMonica Herbst as Counsel ------------------------------------------------------------- Gary Lampert, the examiner appointed in the Chapter 11 case of Rahmania Properties LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to retain LaMonica Herbst & Maniscalco, LLP as his counsel. The services that LaMonica will render are: i. advise the examiner concerning his powers and duties; ii. assist the examiner in his investigation of the Debtor pursuant to Section 1106 of the Bankruptcy Code; iii. assist the examiner in preparing his report; and iv. assist the examiner in other matters as may be necessary or appropriate. The firm's hourly rates are: Para-professionals $200 Associates $425 Partners $635 Salvatore LaMonica, Esq., at LaMonica, attests that the firm is a disinterested person as defined in Section 101(14) of the Bankruptcy Code. The counsel can be reached through: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue Wantagh, NY 11793 Phone: (516) 826-6500 Fax: (516) 826-0222 Email: sl@lhmlawfirm.com About Rahmania Properties LLC Rahmania Properties LLC owns and operates a mixed-use property in Queens, N.Y. The Debtor filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 15-43971) on August 28, 2015. In the petition signed by Mohammed A. Rahman, president, the Debtor disclosed $6.8 million in assets and $3.3 million in liabilities. Judge Elizabeth S. Stong presides over the case. Arnold Mitchell Greene, Esq., at Robinson Brog Leinwand Greene Genovese & Gluck P.C., is the Debtor's legal counsel. Gary R. Lampert was appointed as examiner in the Debtor's bankruptcy case. The examiner is represented by LaMonica Herbst & Maniscalco, LLP. RICHLAND FARMS: Hires Dana F. Cole & Company as Accountant ---------------------------------------------------------- Richland Farms Partnership and its debtor-affiliates received approval from the U.S. Bankruptcy Court for the District of Minnesota to hire Dana F. Cole & Company, LLP as their accountant. The services to be provided by the firm include bookkeeping and accounting services, and the preparation of tax returns. The firm's current hourly rates are: Tom Vandendriessche $145 Natalie McHugh $112 Paul Claeys $85 Robert S. Kaufman $170 Robert Kaufman, a manager at Dana F. Cole & Company, attests that the firm neither holds nor represents any interest adverse to the Debtors. The firm can be reached at: Robert S. Kaufman, CPA Dana F. Cole & Company, LLP 310 West College Drive Marshall, MN 56528 Phone: 507-532-2295 Fax: 507-532-9645 Email: kaufman@danacole.com About Richland Farms Partnership Richland Farms Partnership is a privately held company in the crop farming business. Richland Farms Partnership and four affiliates sought protection under Chapter 11 of the Bankruptcy Code (jointly administered under Bankr. D. Minn. Case No. 19-30153) on Jan. 18, 2019. At the time of the filing, the Debtors estimated assets of less than $50,000 and liabilities of $1 million to $10 million. The cases are assigned to Judge Katherine A. Constantine. SAFFRON BORROWCO: S&P Assigns 'B' ICR on Apollo Take-Private Deal ----------------------------------------------------------------- Apollo Global Management LLC is acquiring value-oriented food retailer Smart & Final Stores Inc. (SFS) and separating it into two corporate entities, Smart & Final Grocery and Smart Foodservice. S&P Global Ratings said it assigned its 'B' issuer credit rating to Saffron Borrowco LLC (d.b.a. Smart & Final Grocery; SFG) and its 'B' issue-level and '3' recovery ratings to the proposed first-lien debt facility, which includes a $380 million term loan. The rating on Smart & Final Grocery reflects S&P's expectation for adjusted leverage in the high-5x area pro forma for this transaction over the next two years, with downside risks given the intense competitive landscape and the rating agency's expectations for little unit expansion. The negative outlook on Smart & Final reflects S&P's view that, despite abating pressures from food deflation and sales cannibalization, the company continues to face challenges from higher labor costs, lack of a loyalty program, minimal e-commerce penetration, and narrow geographic concentration. SFG is a value-oriented food retailer, which weakens the margin profile. Additionally, it is overindexed in certain categories, exacerbating the impact of deflation that the industry encountered in 2016, leading to constrained top-line growth and sales deleveraging, in S&P's view, in the coming year. "We could lower the rating if weaker-than-expected operating performance drives debt to EBITDA over 6.5x on a sustained basis and free operating cash flow (FOCF) weakens. Under this scenario, we would expect intensifying competition or recurring food deflation to pressure sales growth and strain EBITDA margins by more than 100 basis points (bps) below our expectations," S&P said. "We could revise the outlook to stable if we expect SFG will sustain debt to EBITDA in the mid-6x area or below. This could occur if we expect it to demonstrate flat to low–single-digit percentage sales growth with a stable margin profile supporting moderately positive FOCF," S&P said. SARATOGA SPRINGS: Seeks to Hire Hodgson Russ as Legal Counsel ------------------------------------------------------------- Saratoga Springs Partners, LLC seeks authority from the U.S. Bankruptcy Court for the Northern District of New York to employ Hodgson Russ, LLP as its legal counsel. The firm will provide services in connection with the Debtor's Chapter 11 case, which include the evaluation of various claims and offsets; preparation of disclosure Statement and bankruptcy plan; and negotiations with secured creditors. Hodgson Russ will be paid at the hourly rate of $375 and will receive reimbursement for work-related expenses. The firm received a retainer in the amount of $16,717, inclusive of the filing fee. Richard Weisz, Esq., a partner at Hodgson Russ, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Hodgson Russ can be reached at: Richard L. Weisz, Esq. Hodgson Russ, LLP 605 Third Avenue, Suite 22300 New York, NY 10158 Tel: (212) 751-4300 About Saratoga Springs Partners LLC Saratoga Springs Partners LLC, a company based in Saratoga Springs, N.Y., filed a Chapter 11 petition (Bankr. N.D.N.Y. Case No. 19-10703) on April 18, 2019. At the time of the filing, the Debtor had estimated assets and liabilities of between $10,000,001 and $50 million. Judge Robert E. Littlefield Jr. presides over the case. Richard L. Weisz, Esq., at Hodgson Russ, LLP, serves as bankruptcy counsel. SCOTTSBURG HOSPITALITY: Sale of All Assets to Scottsburg Hotel OK'd ------------------------------------------------------------------- Judge Basil H. Lorch, III, of the U.S. Bankruptcy Court for the Southern District of Indiana authorized Scottsburg Hospitality, LLC's private sale of substantially all assets to Scottsburg Hotel, LLC. The Purchaser will provide the following consideration for the Sale Assets: a. Cash payment of $3,522,113 payable at Closing, paid directly to the Secured Creditor on May 21, 2019, together with a per diem payment of $899 for each day the closing date is extended beyond May 17, 2019; b. Payment directly to Hilton at or prior to the Closing, of the cure obligations and fees necessary to authorize the assumption and assignment to Purchaser of the Franchise Agreement between Debtor and Hilton effective as of the Closing Date, including, but not limited to; (i) $29,372 in fees and charges owed by the Debtor to Hilton under and in connection with the Franchise Agreement; (ii) all of the attorneys’ fees and costs incurred by Hilton in and in connection with the bankruptcy case as of the Closing Date, and (iii) a $5,000 transfer fee related to the assignment of the Franchise Agreement to the Purchaser; c. Payment directly to L&W and ILSG at or prior to Closing, of the cure obligations necessary to authorize the assumption and assignment to Purchaser of the Advertising Agreements effective as of the Closing Date; d. Purchaser will offer employment to existing employees of the Debtor, with such employment to be effective as of the Closing Date; e. Purchaser will assume and pay from the Accounts and the Cash, in the ordinary course, all regular payroll expenses of the Debtor, including but not limited to, regular wages and salary, overtime wages, payroll related taxes, and benefit expenses for the Debtor's employees, including such obligations accrued in the ordinary course prior to the Closing Date, and will honor accrued Paid Time Off requests of the Debtor's employees in the ordinary course of business; f. Purchaser will assume and pay on mutually agreeable terms, all attorneys' fees and costs due and owing to the Debtor's counsel; g. Purchaser will assume and pay from the Accounts and the Cash, directly to such creditors, all outstanding scheduled and filed claims of pre- and post-petition non-insider creditors of the Debtor, which claims were incurred in the ordinary course of business and were not previously assigned to the Secured Creditor, paid by the Secured Creditor, or otherwise previously paid; and h. Purchaser will assume and pay from the Accounts and the Cash directly to the taxing authorities, as such obligations become due, all obligations of the Debtor incurred in the ordinary course for real property taxes, personal property taxes, bed taxes, and sales taxes incurred through the Closing Date. The sale is free and clear of any and all liens, claims, interests, and encumbrances, with the exception of claims, rights and interests of Hilton Franchise Holding, LLC arising out of or related to the Franchise Agreement. The Debtor is authorized and directed to close on the Sale Transaction, to direct the payments and to execute the Sale Documents and all related documents necessary and appropriate to consummate the Sale Transaction. Upon payment of the Cash Payment to Secured Creditor LNR Partners, LLC, payment of the Hilton Cure Obligations to Hilton, and payment of the Advertising Agreement Cure Obligations to L&W and ILSG respectively, consummation of the Sale Transaction, and satisfaction of all other conditions of the Sale Transaction, all right, title, and interest to the Sale Assets will be transferred to the Purchaser. Subject to satisfaction of the Hilton Cure Obligations, with respect to the Franchise Agreement, and the Advertising Agreement Cure Obligations, with respect to the Advertising Agreements, the Debtor is authorized to assume and assign the Franchise Agreement and the Advertising Agreements to the Purchaser. Contemporaneous with the Closing, and in any event on May 17, 2019, the Purchaser will execute an amendment to the Franchise Agreement which is acceptable to Hilton in its sole discretion, and which, without limitation, reflects the assignment of the Franchise Agreement from the Debtor to the Purchaser and requires the Purchaser to negotiate and enter into a new PIP on or before a date to be specified in such amendment. Within 14 days following consummation of the Sale Transaction, the Debtor will file a Report of Sale pursuant to Local Rule B-6004-2(e). The stay imposed by Rules 6004(h) and 6006(d) of the Federal Rules of Bankruptcy Procedure is waived and the Debtor and the Purchaser are authorized and directed to consummate the Sale Transaction without delay. About Scottsburg Hospitality Scottsburg Hospitality, LLC, is a privately held company that operates in the traveler accommodation industry. Scottsburg Hospitality sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 18-90833) on June 11, 2018. In the petition signed by Michael A. Dora, president, the Debtor estimated assets and debts of less than $10 million. The Hon. Basil H. Lorch III oversees the case. The Debtor engaged Fultz Maddox Dickens PLC as counsel. SENIOR CARE: Taps Smith & Douglas as Property Tax Consultant ------------------------------------------------------------ Senior Care Centers, LLC and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Northern District of Texas to hire Smith & Douglas Inc. as property tax consultant. Smith & Douglas will assist the Debtors in developing and implementing tax minimization strategies. Specifically, the services to be provided by the firm include: (1) Tax compliance services a. respond to all inquiries from assessing and taxing authorities; b. develop and maintain productive and cooperative relationships with taxing authorities; c. provide appropriate agency notifications to all assessing and taxing jurisdictions; d. provide and file information, forms and applications for all "pre-existing" exemptions and abatements; e. identify new exemption and abatement opportunities and file necessary forms and applications; f. review property tax notices and assessments from assessing and taxing authorities; g. assist the Debtors with valuation comparisons and tax projections; and h. upon requests, provide electronic copies of all correspondence, applications and returns. (2) Valuation, Exemption and Appeal Review Services a. develop and maintain productive and cooperative relationships with taxing authorities; b. conduct property inspections where appropriate, including meetings and tours with location personnel and appraisal district personnel; c. determine the fair and equitable property tax valuation of the subject property based in appropriate industry, company, property and market research; d. perform exemption reviews to identify and pursue any applicable exemptions and refunds not previously obtained by the Debtors; e. review the assessor's property records and valuation reports for errors, deficiencies and application of appropriate appraisal methodologies; f. file property tax appeals or contest inaccurate and improper assessments; g. prepare necessary documents and records to support the appeal; and h. represent the Debtors at informal and formal appeal hearings. (3) Litigation a. if after all administrative remedies are exhausted and the Debtors decide to litigate, Smith & Douglas will continue to assist the Debtors' legal counsel with the appeal. As compensation, Smith & Douglas will receive 25% of any tax savings, tax refunds, credits or reduction, including interest and penalties that the Debtors receive from taxing authorities. The firm will also receive reimbursement for work-related expenses. Colby Smith, managing principal of Smith & Douglas, attests that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Colby Smith Smith & Douglas, Inc 1518 Legacy Dr #220 Frisco, TX 75034 Phone: +1 972-619-0970 About Senior Care Centers Senior Care Centers, LLC -- https://senior-care-centers.com/ -- is a Dallas-based, skilled nursing and long-term care industry leader in Texas and Louisiana. Senior Care Centers operates and manages more than 100 skilled nursing and assisted/independent living communities in the states of Texas and Louisiana. On Dec. 4, 2018, Senior Care Centers and 120 of its subsidiaries filed voluntary Chapter 11 petitions (Bankr. N.D. Tex. Lead Case No. 18-33967). The Debtors tapped Polsinelli PC as bankruptcy counsel; Hunton Andrews Kurth LLP as conflicts counsel; Sitrik and Company as communications consultant; and Omni Management Group, Inc. as claims, noticing, and administrative agent. On Dec. 14, 2018, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped Greenberg Traurig, LLP as its counsel, and FTI Consulting, Inc. as its financial advisor. SOUTHCROSS ENERGY: Taps Kurtzman Carson as Administrative Advisor ----------------------------------------------------------------- Southcross Energy Partners, L.P. and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to hire Kurtzman Carson Consultants LLC as administrative advisor. The firm will provide these bankruptcy administrative services in connection with the Debtors' Chapter 11 cases: a. assist in the solicitation, balloting, tabulation and calculation of votes, and the preparation of reports in support of the Debtors' Chapter 11 plan; b. generate an official ballot certification and testify, if necessary, in support of the ballot tabulation results; c. gather data in conjunction with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs, if required; d. provide a confidential data room, if necessary; and e. manage any distributions pursuant to the plan. Kurtzman received a retainer in the sum of $35,000 from the Debtor prior to the petition date. Robert Jordan, senior director of Kurtzman's Corporate Restructuring Services, 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 Jordan Kurtzman Carson Consultants LLC 2335 Alaska Avenue El Segundo, CA 90245 Tel: (310) 823-9000 About Southcross Energy Southcross Energy -- http://www.southcrossenergy.com-- is a publicly traded company that provides midstream services to natural gas producers and customers, including natural gas gathering, processing, treatment and compression, and access to natural gas liquid (NGL) fractionation and transportation services. It also purchases and sells natural gas and NGLs. Its assets are located in South Texas, Mississippi and Alabama, and include two cryogenic gas processing plants, a fractionation facility and approximately 3,100 miles of pipeline. The South Texas assets are located in or near the Eagle Ford shale region. Southcross Energy is headquartered in Dallas, Texas. Southcross Energy Partners, L.P. and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-10702) on April 1, 2019. The Debtors had total assets of $610,452,000 and total liabilities of $614,260,000 as of April 1, 2019. The cases have been assigned to Judge Mary F. Walrath. The Debtors tapped Davis Polk & Wardwell LLP as bankruptcy counsel; Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel; Alvarez & Marsal as financial advisor; Evercore Group LLC as investment banker; and Kurtzman Carson Consultants LLC as notice and claims agent. SOVRANO LLC: Taps Whitley Penn as Accountant -------------------------------------------- Sovrano, LLC seeks authority from from the U.S. Bankruptcy Court for the Northern District of Texas to hire Whitley Penn, LLP as its accountant nunc pro tunc to March 9. The firm will provide these services in connection with the Chapter 11 cases of the company and its affiliates: a. provide the Debtors with accounting, tax and audit-related advice; b. assist the Debtors in the preparation of tax-related reports and filings relevant to their business; and c. review, prepare and analyze financial statements and prepare an audit of Sovrano. Whitley Penn will be paid at these hourly rates: Accountants $255 - $440 Staff $180 Scott Mayfield, a tax partner at Whitley Penn, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Whitley Penn can be reached at: Scott Mayfield Whitley Penn, LLP 640 Taylor Street, Suite 2200 Fort Worth, TX 76102 Phone: 817-259-9100 About Sovrano LLC Sovrano, LLC is a private equity group specializing in lower middle-market investments. Based in Fort Worth, Texas, the company invests in the food services or restaurant industry. In 2015, Sovrano acquired Gatti's Pizza, a pizza chain founded in 1969. Sovrano and its subsidiaries filed voluntary Chapter 11 petitions (Bankr. N.D. Tex., Lead Case No. 19-40067) on Jan. 4, 2019. The Hon. Edward L. Morris is assigned to the cases. In the petitions signed by Kyle C. Mann, vice chairman, Sovrano estimated assets of between $10 million and $50 million and liabilities of between $10 million and $50 million. The Debtors tapped Kelly Hart & Hallman LLP as their bankruptcy counsel. SUPER HERO KIDS: Seeks to Hire Martin Seidler as Legal Counsel -------------------------------------------------------------- Super Hero Kids Home Health, LLC seeks authority from the U.S. Bankruptcy Court for the Western District of Texas to hire the Law Offices of Martin Seidler as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. advise the Debtor of its powers and duties in the continued operation of its business and management of its property; b. take necessary action to assume, reject or modify executory contracts, and enforce the Debtor's claims and rights; c. represent the Debtor in negotiations with its creditors to preserve estate property and restructure its debt; and d. represent the Debtor in connection with the formulation and implementation of a plan of reorganization. The firm will charge $400 per hour for its services to be applied against a retainer of $40,000 paid by the Debtor prior to its bankruptcy filing. Martin Warren Seidler, Esq., attests that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Martin Warren Seidler, Esq. Law Offices of Martin Seidler One Elm Place, Suite 504 11107 Wurzbach Road San Antonio, TX 78230 Tel: (210) 694-0300 Email: marty@seidlerlaw.com About Super Hero Kids Home Health Established in 2004, Super Hero Kids Home Health -- https://www.superherokidshh.com -- is a pediatric home health agency offering skilled private duty nursing, speech, physical, and occupational therapies. Based in the Rio Grande Valley, Super Hero serves all of Central and South Texas. Super Hero Kids Home Health filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 19-50861) on April 11, 2019. In the petition signed by William M. Revill, president, the Debtor estimated $1 million to $10 million in both assets and liabilities. The case is assigned to Judge Craig A. Gargotta. Martin Warren Seidler, Esq., at the Law Offices of Martin Seidler, represents the Debtor as counsel. TM VILLAGE: Sale of Raw Land and Office Building Approved --------------------------------------------------------- Judge Harlin De Wayne Hale of the U.S. Bankruptcy Court for the Northern District of Texas authorized TM Village, Ltd.'s sale of (i) a commercial office building located at 1220 W. Trinity Mills Road, Carrollton, Texas to G.L. Stone, LLC; and (ii) a raw land located at 1146 W. Trinity Mills Road, Carrollton, Texas to SKR Partners, LLC. John Chong, in his capacity as Managing Member and CEO of TMV GP, LLC, the Debtor's general partner, is authorized and directed to approve and sign all documents necessary to effectuate the sale of the Office Building and the Raw Land as provided under the Contracts on behalf of the Debtor and to take, in his sole discretion, all actions necessary, required or appropriate to consummate such transactions on behalf of the Debtor, and such documents and actions are binding on the Debtor without any further additional partnership actions or approvals. Pursuant to section 363(f) of the Bankruptcy Code, the Office Building and the Raw Land will be assigned and transferred to the Respective Purchasers or their designee upon the closing of the sale of the Office Building and the Raw Land as provided by the Contracts and will be free and clear of all liens, claims or encumbrances of any kind or nature whatsoever, except as otherwise set forth in the Order. The Declaration for 1220 TMV Condominium recorded on May 24, 2018, as amended by the First Amendment to Condominium Declaration for 1220 TMV Condominium recorded on June 8, 2018, will remain in full force and effect as to the Office Building and the Respective Purchaser thereof. Nothing in the Order or the Contracts will be construed to release or nullify any liability to any governmental entity under police or regulatory requirements that any entity would be subject to as the owner or operator of the Office Building and the Raw Land after the Closing Date, provided that to the extent any ad valorem taxes are owed for the tax years 2018 or prior, such amount will be paid from the proceeds of the sale. The liens that secure all amounts ultimately owed for year 2019 ad valorem property taxes will remain attached to the Office Building and the Raw Land and become the responsibility of the Respective Purchasers, and notwithstanding any other provision of this Order, the holders of ad valorem property tax liens will retain all of their state law rights in connection with the enforcement of those liens and provided further that the pro-rated estimated amount of taxes and other charges owed by the Debtor to the taxing authorities for the year 2019 as of the date of Closing will be credited toward the Purchase Price. About TM Village TM Village, Ltd., filed as a Domestic Limited Partnership in the State of Texas on Oct. 16, 2014, according to public records filed with Texas Secretary of State. TM Village commenced a Chapter 11 proceeding (Bankr. N.D. Tex. Case No. 18-32770) on Aug. 22, 2018. The petition was signed by John Chong, president and general partner. The Debtor estimated $50,000 in assets and $1 million to $10 million in liabilities. Thomas Craig Sheils, Esq., and Mark Douglas Winnubst, Esq., at Sheils Winnubst PC, serve as the Debtor's counsel. TWIN CITY BEER: Seeks to Hire Blanchard Law as Legal Counsel ------------------------------------------------------------ Twin City Beer Barons, LLC, seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Blanchard Law, P.A. as its legal counsel. The firm will advise the Debtor of its power and duties under the Bankruptcy Code and will provide other legal services in connection with its Chapter 11 case. Blanchard Law's hourly rates are: Jake Blanchard, Esq. $300 Associate Attorney $250 Paralegal $90 The retainer fee is $15,000, exclusive of the $1,717 filing fee. Jake Blanchard, Esq., at Blanchard Law, disclosed in court filings that the firm's attorneys do not represent any interest adverse or potentially adverse to the Debtor and its estate. The firm can be reached through: Jake C. Blanchard, Esq. Blanchard Law, P.A. 1501 S. Belcher Rd., Unit 2B Largo, FL 33771 Tel: 727-531-7068 Fax: 727-535-2086 E0mail: jake@jakeblanchardlaw.com About Twin City Beer Barons Twin City Beer Barons, LLC, is a privately held company whose principal assets are located at 356 N. Sibley Street Saint Paul, Minnesota. Twin City Beer Barons sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-04377) on May 8, 2019. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of between $1 million and $10 million. UVLRX THERAPEUTICS: Trustee Taps Gardner Brewer as Counsel ---------------------------------------------------------- Tom Santoro, the official overseeing the UVL Liquidating Trust, seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ Gardner Brewer Martinez-Monfort, P.A. as his legal counsel. Gardner will provide these services in connection with the Debtor's Chapter 11 case: (i) assist the trustee in his investigation of the Debtor's assets and financial affairs; (ii) pursue actions under Chapter 5 of the Bankruptcy Code, if any; (iii) prosecute objections to claims or exemptions designated by the trustee as subject to objection; and (iv) provide other necessary legal services required by the trustee. The firm's hourly rates are: Luis Martinez-Monfort, Shareholder $325 Amanda M. Uliano, Associate $270 Deva Arthur, Paralegal $175 Luis Martinez-Monfort, Esq., a shareholder of Gardner, attests that his firm is a "disinterested person" as that term is defined by Section 101(14) of the Bankruptcy Code. The counsel can be reached at: Luis Martinez-Monfort. Esq. Gardner Brewer Martinez-Monfort, P.A. 400 North Ashley Drive, Suite 1100 Tampa, FL 33602 Telephone: (813) 221-9600 Facsimile: (813) 221-9611 Email: lmmonfort@gbmmlaw.com litigation@gbmmlaw.com About UVLRX, Therapeutics, Inc. Based in Oldsmar, Fla., UVLrx Therapeutics is dedicated to evidence-based medicine in the field of light therapy and offers the first known intravenous, concurrent delivery of Ultraviolet-A (UVA), RED and GREEN light wavelengths. UVLrx Therapeutics filed its voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-07590) on Sept. 7, 2018. In the petition signed by CEO Michael Harter, the Debtor disclosed $362,644 in assets and $5,179,373 in liabilities. The Debtor tapped Buddy D. Ford, Esq., at Buddy D. Ford P.A., as its bankruptcy counsel, and Fish IP Law LLP as its special counsel. V R ASHIRWAD: Taps Huned Doctor as Accountant --------------------------------------------- V.R. Ashirwad LLC received approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Huned Doctor, CPA, PC as its accountant. The services to be provided by the firm include general accounting advice and the preparation of monthly reports, projections, cash flow statements, financial reports and tax returns. The Debtor will pay the firm $600 per month for the preparation of the MORs and financial reports. For the other tasks, the Debtor will be charged on a per item basis. The firm does not represent any interest adverse to the Debtor, according to court filings. Huned Doctor can be reached through: Huned Doctor Huned Doctor, CPA, PC 533 Busby Dr., Ste B San Antonio, TX 78209-1116 About V R Ashirwad V R Ashirwad LLC owns and operates the Days Inn Hotel located at 9403 Poteet Jourdanton Freeway, which is valued at $1.29 million. V R Ashirwad LLC, which conducts business under the name Days Inn Palo Alto, filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 19-50314) on Feb. 12, 2019. The petition was signed by Dilipbhai Patel, managing member. The case is assigned to Judge Craig A. Gargotta. At the time of filing, the Debtor had $1,380,984 in assets and $1,872,859 in liabilities. The Debtor is represented by Todd J. Malaise, Esq., at Malaise Law Firm. WD-I ASSOCIATES: Taps Lee & Associates as Real Estate Broker ------------------------------------------------------------ WD-I Associates, LLC seeks authority from the U.S. Bankruptcy Court for the District of South Carolina to hire a real estate broker. In an application filed in court, the Debtor proposes to employ Lee & Associates Charleston, LLC to market and sell or lease the unoccupied and undeveloped parcels of its real property located at 430 William Hilton Parkway, Hilton Head Island, S.C. Lee & Associates will be paid pursuant to this compensation arrangement: a. New leasing transaction without a cooperating broker: i. 5 percent of the "gross transaction value" (which means the total rental payments to be received by landlord during the initial term of the lease) for spaces up to 14,999 square feet without a cooperating broker; ii. a flat rate of $4 per square foot for spaces between 15,000 and 30,000 square feet; iii. a flat rate of $3 per square foot for spaces between 30,001 and 50,000 square feet; iv. a flat fee of $2 per square foot for spaces over 50,000 square feet. b. Renewal leasing transaction without a cooperating broker: i. 2% of the gross transaction value c. New leasing transaction procured by an outside broker: i. 7 percent of the gross transaction value for spaces up to 14,999 square feet without a cooperating broker; ii. a flat rate of $6 per square foot for spaces between 15,000 and 30,000 square feet; iii. a flat rate of $5 per square foot for spaces between 30,001 and 50,000 square feet; iv. a flat fee of $4 per square foot for spaces over 50,000 square feet. d. Sale transaction. Four percent (4%) of the total consideration paid to the Debtor if there is no outside broker and 6 percent of the total consideration if there is an outside broker. Robert Nuttall, a partner at Lee & Associates, attests that the firm's shareholders, members and associates are disinterested as defined under Section 101(14) of the Bankruptcy Code. Lee & Associates can be reached at: Robert H. Nuttal Lee & Associates Charleston, LLC 960 Morrison Drive, Suite 400 Charleston, SC 29403 Tel. (843) 747-1200 Fax (843) 747-1070 About WD-I Associates, LLC WD-I Associates, LLC is a Single Asset Real Estate Debtor (as defined in 11 U.S.C. Section 101(51B)). The company is the fee simple owner of land and improvements known as Sea Turtle Marketplace, which has an appraised value of $20.5 million. The property is located at 430 William Hilton Parkway, Hilton Head Island, S.C. WD-I Associates sought protection for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 19-02517) on May 7, 2019. In the petition signed by Jon Wheeler, manager of WD-I Management, LLC, the Debtor disclosed $22,809,092 in assets and $33,582,202 in total liabilities. Judge John E. Waites presides over the case. Kevin Campbell, Esq. at Campbell Law Firm, P.A. is the Debtor's counsel. [^] BOND PRICING: For the Week from May 20 to 24, 2019 ------------------------------------------------------ Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- Acosta Inc ACOSTA 7.750 15.824 10/1/2022 Acosta Inc ACOSTA 7.750 15.776 10/1/2022 Aegerion Pharmaceuticals Inc AEGR 2.000 67.143 8/15/2019 Approach Resources Inc AREX 7.000 38.038 6/15/2021 BPZ Resources Inc BPZR 6.500 3.017 3/1/2049 BPZ Resources Inc BPZR 6.500 3.017 3/1/2015 Bon-Ton Department Stores Inc/The BONT 8.000 11.250 6/15/2021 Bristow Group Inc BRS 6.250 17.074 10/15/2022 Bristow Group Inc BRS 4.500 21.000 6/1/2023 CTP Transportation Products LLC / CTP Finance Inc CTPTRA 8.250 99.830 12/15/2019 CTP Transportation Products LLC / CTP Finance Inc CTPTRA 8.250 99.832 12/15/2019 CalAtlantic Group Inc/old CAA 0.250 98.112 6/1/2019 Cenveo Corp CVO 8.500 1.346 9/15/2022 Cenveo Corp CVO 8.500 1.346 9/15/2022 Cenveo Corp CVO 6.000 0.894 5/15/2024 Chukchansi Economic Development Authority CHUKCH 9.750 59.996 5/30/2020 Chukchansi Economic Development Authority CHUKCH 10.250 59.052 5/30/2020 Cleveland-Cliffs Inc CLF 4.875 103.250 4/1/2021 Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp CLD 12.000 12.918 11/1/2021 Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp CLD 6.375 2.410 3/15/2024 Consumers Energy Co CMS 5.650 100.108 4/15/2020 DBP Holding Corp DBPHLD 7.750 35.490 10/15/2020 DBP Holding Corp DBPHLD 7.750 35.490 10/15/2020 DFC Finance Corp DLLR 10.500 67.125 6/15/2020 DFC Finance Corp DLLR 10.500 67.125 6/15/2020 Ditech Holding Corp DHCP 9.000 5.884 12/31/2024 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 9.375 31.947 5/1/2020 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 6.375 11.379 6/15/2023 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 7.750 16.820 9/1/2022 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 9.375 34.190 5/1/2024 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 7.750 17.189 9/1/2022 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 9.375 34.317 5/1/2024 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 7.750 17.189 9/1/2022 EXCO Resources Inc XCOO 7.500 16.710 9/15/2018 EXCO Resources Inc XCOO 8.500 16.875 4/15/2022 Energy Conversion Devices Inc ENER 3.000 7.875 6/15/2013 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 9.750 38.125 10/15/2019 Federal Home Loan Banks FHLB 2.000 97.700 11/10/2026 Federal Home Loan Banks FHLB 2.630 99.750 11/30/2020 Federal National Mortgage Association FNMA 1.300 99.878 5/29/2019 Ferrellgas Partners LP / Ferrellgas Partners Finance Corp FGP 8.625 73.996 6/15/2020 Ferrellgas Partners LP / Ferrellgas Partners Finance Corp FGP 8.625 74.792 6/15/2020 Fleetwood Enterprises Inc FLTW 14.000 3.557 12/15/2011 Goldman Sachs Group Inc/The GS 3.000 99.559 5/31/2020 Goodman Networks Inc GOODNT 8.000 48.625 5/11/2022 Hexion Inc HXN 13.750 18.250 2/1/2022 Hexion Inc HXN 9.200 17.250 3/15/2021 Hexion Inc HXN 7.875 17.250 2/15/2023 Hexion Inc HXN 13.750 19.970 2/1/2022 High Ridge Brands Co HIRIDG 8.875 7.630 3/15/2025 High Ridge Brands Co HIRIDG 8.875 8.374 3/15/2025 Homer City Generation LP HOMCTY 8.137 38.750 10/1/2019 Hornbeck Offshore Services Inc HOS 5.875 65.006 4/1/2020 Hornbeck Offshore Services Inc HOS 5.000 59.805 3/1/2021 Hornbeck Offshore Services Inc HOS 1.500 91.750 9/1/2019 Iconix Brand Group Inc ICON 5.750 25.125 8/15/2023 Legacy Reserves LP / Legacy Reserves Finance Corp LGCY 8.000 10.553 12/1/2020 Legacy Reserves LP / Legacy Reserves Finance Corp LGCY 6.625 10.732 12/1/2021 Legacy Reserves LP / Legacy Reserves Finance Corp LGCY 8.000 10.623 9/20/2023 Lehman Brothers Inc LEH 7.500 1.847 8/1/2026 MF Global Holdings Ltd MF 6.750 14.482 8/8/2016 MF Global Holdings Ltd MF 9.000 14.500 6/20/2038 MModal Inc MODL 10.750 6.125 8/15/2020 Mashantucket Western Pequot Tribe MASHTU 7.350 15.841 7/1/2026 Monitronics International Inc MONINT 9.125 8.867 4/1/2020 Murray Energy Corp MURREN 11.250 48.949 4/15/2021 Murray Energy Corp MURREN 11.250 47.350 4/15/2021 Murray Energy Corp MURREN 11.250 47.349 4/15/2021 Murray Energy Corp MURREN 9.500 49.000 12/5/2020 Murray Energy Corp MURREN 11.250 48.948 4/15/2021 Murray Energy Corp MURREN 9.500 49.000 12/5/2020 Neiman Marcus Group Ltd LLC NMG 8.000 55.307 10/15/2021 New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 4.000 5/15/2019 Pernix Therapeutics Holdings Inc PTX 4.250 0.500 4/1/2021 Pernix Therapeutics Holdings Inc PTX 4.250 0.500 4/1/2021 Powerwave Technologies Inc PWAV 3.875 0.155 10/1/2027 Powerwave Technologies Inc PWAV 1.875 0.155 11/15/2024 Powerwave Technologies Inc PWAV 3.875 0.155 10/1/2027 Renco Metals Inc RENCO 11.500 24.875 7/1/2003 Rolta LLC RLTAIN 10.750 10.000 5/16/2018 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.125 18.571 11/1/2020 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.375 23.448 11/1/2021 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.125 18.900 11/1/2020 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.375 23.393 11/1/2021 Sanchez Energy Corp SNEC 6.125 12.091 1/15/2023 Sanchez Energy Corp SNEC 7.750 12.776 6/15/2021 SandRidge Energy Inc SD 7.500 0.557 2/15/2023 Sears Roebuck Acceptance Corp SHLD 7.500 3.034 10/15/2027 Sears Roebuck Acceptance Corp SHLD 7.000 3.243 6/1/2032 Sears Roebuck Acceptance Corp SHLD 6.750 3.389 1/15/2028 Sears Roebuck Acceptance Corp SHLD 6.500 2.535 12/1/2028 Sempra Texas Holdings Corp TXU 5.550 13.500 11/15/2014 Synergy Pharmaceuticals Inc SGYP 7.500 53.250 11/1/2019 TerraVia Holdings Inc TVIA 6.000 4.644 2/1/2018 Toys R Us - Delaware Inc TOY 8.750 3.000 9/1/2021 Transworld Systems Inc TSIACQ 9.500 26.000 8/15/2021 Transworld Systems Inc TSIACQ 9.500 26.000 8/15/2021 UCI International LLC UCII 8.625 4.780 2/15/2019 Ultra Resources Inc UPL 7.125 12.403 4/15/2025 Ultra Resources Inc UPL 6.875 20.476 4/15/2022 Ultra Resources Inc UPL 6.875 23.272 4/15/2022 Ultra Resources Inc UPL 7.125 12.690 4/15/2025 Vanguard Natural Resources Inc VNR 9.000 0.000 2/15/2024 Vanguard Natural Resources Inc VNR 9.000 6.250 2/15/2024 Walter Energy Inc WLTG 8.500 0.834 4/15/2021 Windstream Services LLC / Windstream Finance Corp WIN 7.500 29.500 6/1/2022 Windstream Services LLC / Windstream Finance Corp WIN 6.375 26.000 8/1/2023 Windstream Services LLC / Windstream Finance Corp WIN 8.750 29.000 12/15/2024 Windstream Services LLC / Windstream Finance Corp WIN 6.375 27.500 8/1/2023 Windstream Services LLC / Windstream Finance Corp WIN 8.750 28.694 12/15/2024 Windstream Services LLC / Windstream Finance Corp WIN 7.750 28.881 10/15/2020 Windstream Services LLC / Windstream Finance Corp WIN 7.750 28.542 10/1/2021 rue21 inc RUE 9.000 1.470 10/15/2021 ********* 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. 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