/raid1/www/Hosts/bankrupt/TCR_Public/190528.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, May 28, 2019, Vol. 23, No. 147
Headlines
ACCESS CIG: S&P Alters Outlook to Stable, Affirms 'B' ICR
ADVANCED SPORTS: Taps Finley Group as Consultant
ALICE ARCENEAUX: Nashville Properties Sale Denied without Prejudice
ALLY FINANCIAL: Fitch Assigns 'BB+' Rating on $750MM Notes Due 2024
AMERILIFE GROUP: S&P Alters Outlook to Stable, Affirms 'B' ICR
AVANTOR INC: S&P Raises ICR to 'B+' on Debt Repayment; Outlook Pos.
AVERY'S USED CARS: Stockholder Objects to Disclosure Statement
BLACKSTONE CQP: S&P Affirms 'B' Rating on $2.5BB Sec. Refinancing
CHRISTIAN RADABAUGH, SR: Proposed Sale of GP Cattle Approved
CON-NIC APARTMENTS: To Pay Bank $4K Per Quarter Over 15 Quarters
CP 1109: Unsecured Creditors to Get Monthly Payments for 36 Months
CRYPTOPIA LIMITED: Chapter 15 Case Summary
DESERT RIBS: Taps Franchise Capital as Broker
ESCUE WOOD: Case Summary & 20 Largest Unsecured Creditors
GRANT STREET: Trustee's $2.6M Sale of Framingham Property Approved
HARDEN FARMS: Case Summary & 20 Largest Unsecured Creditors
INFRASTRUCTURE AND ENERGY: S&P Cuts ICR to 'B-' on High Leverage
J.L. SMITH ACADEMY: Case Summary & 4 Unsecured Creditors
KWOR HOLDINGS: S&P Assigns 'B' Long-Term ICR; Outlook Stable
NATIONS INSURANCE: Voluntary Chapter 11 Case Summary
NICHOLAS KAYE: Proposed $15K Sale of Personal Property Approved
NOAH OPERATIONS: Case Summary & 17 Unsecured Creditors
PACIFIC GAS: Bankruptcy Court OKs $105M Housing Assistance Fund
PARADOX ENTERPRISES: Case Summary & 8 Unsecured Creditors
PERILLON SOFTWARE: $5M Sale of All Business Assets to Lisam Okayed
PERLA, ARKANSAS: Chapter 9 Case Summary & Top Unsecured Creditors
PIONEER CONTRACTING: Case Summary & 2 Unsecured Creditors
PLANTRONICS INC: S&P Alters Outlook to Stable, Affirms 'BB' ICR
PRIMELINE ENERGY: Defaults on Principal of Syndicate Facility
PRINCETON ALTERNATIVE: MicroBilt Files Competing Chapter 11 Plan
PRINCETON ALTERNATIVE: MicroBilt Objects to Debtor-Filed Disclosure
QUINCY ST III: IRS Withdraws $18K Claim in New Plan
RUSSELL INVESTMENTS: Fitch Affirms BB IDR, Alters Outlook to Stable
SAGE BORROWCO: S&P Assigns 'B' ICR on Split From Grocery Unit
SBP HOLDING: S&P Raises ICR to 'B-' on Improved Business Profile
SEARS HOLDINGS: Santa Rosa Mall Objects to Disclosure Statement
SEARS HOLDINGS: Winners Objects to Disclosure Statement
SEBA BROS: June 12 Plan Confirmation Hearing
SHAPE TECHNOLOGIES: S&P Affirms 'B' ICR After DCP Deal
SUNEX INTERNATIONAL: June 25 Auction of All Assets Set
TAYLOR MORRISON: S&P Rates New $475MM Senior Unsecured Notes 'BB'
TEVOORTWIS DAIRY: Case Summary & 20 Largest Unsecured Creditors
TONY3CARS LLC: Allowed Admin Claims Estimate Raised to $25K
TONY3CARS LLC: CRF Objects to Disclosure Statement
TREASURE ISLES: $250K Sale of All Assets to LJS Opco Approved
TRIANGLE PETROLEUM: June 14 Combined Plan, Disclosures Hearing
UNITED PF: S&P Assigns 'B' Issuer Credit Rating; Outlook Stable
VISCONTI TRANSPORT: Voluntary Chapter 11 Case Summary
WBC INC: Court Approves Disclosure Statement, July 15 Plan Hearing
WHITE STAR: Involuntary Chapter 11 Case Summary
[^] Large Companies with Insolvent Balance Sheet
*********
ACCESS CIG: S&P Alters Outlook to Stable, Affirms 'B' ICR
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S&P Global Ratings revised its outlook on Access CIG, LLC, a
U.S.-based records information management (RIM) company, to stable
from negative and affirmed all of its ratings, including the 'B'
issuer credit rating, the 'B' issue-level rating on the first-lien
credit facilities, and the 'CCC+' issue-level rating on the
second-lien term loans. The recovery rating on the first-lien
credit facilities remains '3' and the recovery rating on the
second-lien term loans remains '6'.
"The outlook revision and ratings affirmation reflect our view that
Access successfully navigated a period of elevated debt-funded
acquisition spending, which should allow it to focus on realizing
associated benefits as well as building out its network via a
number of platform acquisition in new markets such as Canada," S&P
said, adding that the company has invested in new business lines,
such as software and shredding, which, despite some related
up-front costs, will allow the company to experience steady organic
revenue growth over the next few years.
The stable outlook reflects S&P's expectation that Access will
continue to demonstrate solid operating performance, supported by
the successful integration of recent acquisitions, low single-digit
organic growth rates, and healthy EBITDA margins, such that
leverage remains in the low- to mid-7x area and FOCF to debt,
excluding any growth spending deemed to be entirely discretionary,
remains above 5%. The outlook also reflects S&P's expectation that
the company will make financial policy choices that maintain
leverage metrics within the aforementioned range, all while
maintaining ample available liquidity. The outlook is further
supported by Access's stable and recurring revenue base, supported
by low customer turnover, high switching costs, and long-term
storage contracts.
"We could lower our rating on Access should we expect leverage to
increase to above 7.5x and FOCF to debt to decline to below 3% on a
sustained basis. We could also lower our rating should available
liquidity decline below $50 million or organic revenue growth rates
turn negative, which would indicate stronger-than-anticipated
headwinds from a secular shift away from physical storage or
weakening competitive position," S&P said. This would likely occur
should the company become even more aggressive in its debt-funded
acquisition-focused growth strategy or should any one large
acquisition or series of unsuccessful acquisitions drive a need for
elevated integration, restructuring, or capital spending-related
cash outflows, further pressuring free operating cash flow,
according to the rating agency.
"An upgrade is unlikely given Access's sponsor ownership and recent
aggressive debt-funded growth strategy, which results in our
expectation of leverage sustained above 7x for the foreseeable
future. That said, an upgrade would be predicated on the company
committing to a more conservative financial policy of maintaining
leverage below 6x on a permanent basis," S&P said.
ADVANCED SPORTS: Taps Finley Group as Consultant
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AE Bicycle Liquidation, Inc., and its affiliates received approval
from the U.S. Bankruptcy Court for the Middle District of North
Carolina to hire The Finley Group, Inc. as their consultant.
The firm, through its managing director Elaine Rudisill, will
review and examine the proposed allocation of assets and expenses
prepared by the company and the unsecured creditors' committee,
seek comments from secured creditors, and prepare a report and
recommendation to the court for approval.
The Debtors will pay the firm an hourly fee of $400.
Ms. Rudisill neither represents nor holds any interest adverse to
the interest of the Debtors' estates, according to court filings.
Finley Group can be reached through:
Elaine Rudisill
The Finley Group, Inc.
The Johnston Building
212 South Tryon St., Suite 1050
Charlotte, NC 28202
Phone: (704) 375-7542
Fax: (704) 342-0879
Cell: 704-576-1452
Email:elaine@finleygroup.com
About Advanced Sports Enterprises
Advanced Sports Enterprises, Inc., now known as AE Bicycle
Liquidation Inc., designs, manufactures and sells bicycles and
related goods and accessories.
Advanced Sports is a wholesale seller of bicycles and accessories.
ASI owns the following bicycle brands and is responsible for their
design manufacture and worldwide distributions: Fuji, Kestrel, SE
Bikes, Breezer, and Tuesday.
Performance Direct, Inc., designs, manufactures and sells bicycles
and related goods and accessories and operates a national
distribution of these goods under the Performance Bicycle brand
through an internet website business via the URL
http://www.performancebike.com/
Bitech, Inc., operates 104 retail stores across 20 states under the
Performance Bicycle brand related to the sale of bicycles and
related good and accessories. The businesses of Performance and
Bitech operate in conjunction with each other and they share a
number of services and a distribution warehouse.
Nashbar Direct, Inc. designs, manufactures and sells bicycles and
related goods and accessories under the Bike Nashbar brand through
an internet website business via the URL
http://www.bikenashbar.com/The businesses of Nashbar also operate
in conjunction with Performance and share services and a
distribution warehouse.
Advanced Sports Enterprises and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Lead Case
No. 18-80856) on Nov. 16, 2018.
Advanced Sports Enterprises estimated assets of $1 million to $10
million and liabilities of $10 million to $50 million while
Advanced Sports, Inc., estimated assets of $100 million to $500
million and liabilities of $50 million to $100 million.
The cases are assigned to Judge Benjamin A. Kahn.
The Debtors tapped Northen Blue, LLP and Flaster/Greenberg P.C. as
their bankruptcy counsel; D.A. Davison & Co. as investment banker;
Clear Thinking Group LLC as financial advisor; and Kurtzman Carson
Consultants LLC as claims, noticing and balloting agent.
William Miller, the bankruptcy administrator for the Middle
District of North Carolina, appointed an official committee of
unsecured creditors on Nov. 27, 2018. The committee retained
Waldrep LLP and Cooley LLP as legal counsel.
ALICE ARCENEAUX: Nashville Properties Sale Denied without Prejudice
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Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the
Middle District of Tennessee denied without prejudice Alice Bernice
Arceneaux's sale of the following real properties to The Vogel
Acquisition Agency, LLC: (i) located at 5332 Ashland City Highway,
Nashville, Tennessee for $140,000; and (ii) 3945 Sunnyview Drive,
Nashville, Tennessee for $100,000, due to various confusing and
insufficient information in the Motion.
Among the problems are:
1. The Motion indicates that one property to be sold is
located at 5332 Ashland City Highway, but no such property is
identified in Schedule A/B showing the Debtor's real estate. The
Motion states that the Ashland City Highway property was scheduled
in the bankruptcy filing at a value of $140,000 but the only
property scheduled on Ashland City Highway -- at a different
address from the property identified in the Sale Motion -- is
valued at $111,600.
2. The Motion indicates that one property to be sold is
located at 3945 Sunnyview Drive but no such property is identified
in Schedule A/B showing the Debtor's real estate. The Motion
states that the Sunnyview Drive property was scheduled in the
bankruptcy filing at a value of $100,000 but the only property
scheduled on Ashland City Highway -- at a different address from
the property identified in the sale motion -- is valued at
$126,400.
3. The motion indicates that one property to be sold is 405
Golden Hill Court and states that the Golden Hill Court property
was scheduled in the bankruptcy filing at a value of $225,000, but
Schedule A/B actually places the value at $254,400.
4. The Motion states that a detailed listing of the liens on
the subject property is attached as Exhibit B, but there is no
Exhibit B.
5. The proposed order served with the notice and motion
identifies property to be sold at 3200 Manchester Highway in
Murfreesboro, Tennessee, but no such property is mentioned in the
Sale Motion or in Schedule A/B.
6. In light of the substantial number of inconsistencies and
apparent mistakes in describing the properties to be sold and the
values, the notice is rendered both inadequate and confusing.
In addition to the problems identifying the properties and values,
the Debtor's motion states that the subject property will be sold
free and clear of liens. The Debtor vaguely states that the
property in the case can be sold free and clear of liens pursuant
to "at least one of the five conditions" without explaining how the
subsections would apply to the facts in the case. It is
unacceptable to vaguely state that the Debtor may be able to
satisfy the criteria of "at least one" of the grounds for a sale
free and clear of liens. If the Debtor has a basis for relying on
the statute, the Debtor needs to explain that basis.
The Debtor inexplicably states that Section 363(f)(1) is
particularly relevant to the sale. The reliance on this subsection
is especially frustrating to the Court since the counsel for the
Debtor is well aware that the Court has very recently rejected this
approach.
If the Debtor chooses to pursue a sale of these properties, an
appropriate amended motion should be filed with a new notice period
and taking into account the numerous problems that have been
identified in connection with the initial effort.
Alice Bernice Arceneaux sought Chapter 11 protection (Bankr. M.D.
Tenn. Case No. 19-01212) on Feb. 28, 2019. The Debtor tapped
Lefkovitz and Lefkovitz, PLLC, as counsel.
ALLY FINANCIAL: Fitch Assigns 'BB+' Rating on $750MM Notes Due 2024
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Fitch Ratings has assigned a 'BB+' rating to Ally Financial Inc.'s
$750 million, 3.875% senior unsecured notes maturing on May 21,
2024. Proceeds will be used for general corporate purposes. Fitch
does not expect the issuance to have a meaningful impact on Ally's
leverage and capitalization ratios or its longer-term funding mix
targets.
KEY RATING DRIVERS
SENIOR DEBT
The rating is equalized with the ratings assigned to Ally's
existing senior unsecured debt, as the new notes will rank equally
in the capital structure. The alignment of the unsecured debt
rating with that of the Long-Term Issuer Default Rating (IDR)
reflects solid unencumbered collateral coverage.
Existing ratings reflect Ally's strong franchise, leading market
position in the U.S. auto finance industry, solid credit quality,
diverse funding base, ample liquidity, adequate risk-adjusted
capitalization, and seasoned management team. Primary rating
constraints include weaker profitability and higher usage of
wholesale funding sources relative to more highly rated bank peers.
Additional rating constraints include Ally's concentrated and
cyclical business model and higher pricing sensitivity on
internet-sourced deposits during a sustained period of rising
interest rates.
The Positive Rating Outlook reflects Fitch's expectations for a
continued funding mix shift toward retail deposits relative to less
stable and higher cost funding sources, improved loan yields as the
company repositions its retail auto portfolio toward more used
vehicles and non-subvented channels, manageable increases in
deposit pricing relative to Fed interest rate hikes, stable credit
performance as higher loss vintages amortize, and continued
measured expansion of Ally's non-auto business segments over the
medium term. Fitch also views Ally's moderate asset growth
favorably given heightened competition in the auto finance sector.
RATING SENSITIVITIES
SENIOR DEBT
Senior debt ratings are primarily linked to changes in the
Long-Term IDR. However, an increase in secured debt as a proportion
of total funding longer term, which reduces recovery prospects for
unsecured creditors, could result in the unsecured debt rating
being notched down from the Long-Term IDR.
Ally's ratings could be upgraded if retail deposit growth continues
on a positive trajectory that is consistent with management's
medium-term target and credit performance on its more recent loan
vintages remains stable. A rating upgrade will also be contingent
upon Ally's ability to retain online deposit customers in a
cost-effective manner in a rising rate environment, which will be a
key consideration in evaluating the strength of its funding profile
relative to traditional bank models.
A revision of the Outlook back to Stable from Positive could occur
if Ally's deposit growth stalls or if its deposit pricing rises to
a level at which it negatively impacts the company's margins and
profitability. More meaningful negative rating actions could be
driven by a reversion in profitability, meaningful deterioration in
asset quality relative to peers, a sharp reduction in capital and
liquidity levels, an inability to access the capital markets for
funding on reasonable terms, and/or the issuance of potential new
and more onerous regulations that negatively impact Ally's business
model.
With respect to Ally's asset quality, Fitch remains focused on the
credit performance of the company's consumer auto portfolio
following the shift toward alternate origination channels, such as
used vehicle loan originations, and away from GM lease subvention
during a period when the competitive environment has been intense.
Although Ally's exposure to residual value risk has declined
sharply with the reduction in subvented lease volume, to the extent
that a higher risk profile for Ally's auto loan portfolio is not
counterbalanced by higher yields and/or lower residual exposure,
Ally's ratings or Outlook could be pressured.
Similarly, Ally's rollout of new product initiatives such as
residential mortgages, credit card, and retail brokerage, while
viewed as a positive rating driver from a revenue diversification
aspect, also create other risks including increased reliance on
third-party execution and reputational risk that could result in
ratings and Outlook pressure over time.
Fitch has assigned the following rating:
Ally Financial Inc.
-- Senior unsecured debt 'BB+'.
Fitch currently rates Ally as follows:
Ally Financial Inc.
-- Long-Term IDR 'BB+';
-- Senior unsecured debt 'BB+';
-- Viability Rating 'bb+';
-- Subordinated debt 'BB';
-- Short-Term IDR 'B';
-- Short-term debt 'B';
-- Support Rating '5';
-- Support Floor 'NF'.
GMAC Capital Trust I
-- Trust preferred securities, series 2 'B+'.
AMERILIFE GROUP: S&P Alters Outlook to Stable, Affirms 'B' ICR
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S&P Global Ratings said it affirmed its 'B' long-term issuer credit
rating on AmeriLife Group LLC and revised the outlook to stable
from negative.
S&P assigned its 'B' debt ratings to AmeriLife's planned $40
million, five-year, first-lien revolver; $250 million, seven-year,
first-lien term loan; and $35 million, seven-year, first-lien
delayed-draw term loan. The recovery ratings on these issues are
'3', reflecting meaningful recovery expectations (50%-70%, rounded
estimate: 55%) in the event of a payment default. The rating agency
also assigned its 'CCC+' debt rating to the planned $70 million,
eight-year, second-lien term loan. The recovery rating on this
issue is '6', reflecting negligible expectations for recovery
(0%)."
The affirmation reflects AmeriLife's positive strategic moves,
favorable demographic and market trends, strong revenue and
adjusted EBITDA growth in 2018 that may accelerate in 2019,
manageable post-transaction leverage (pro-forma 6.6x as of March
31, 2019, on S&P's basis), and adequate EBITDA interest coverage
(pro-forma 2x as of March 31, 2019).
The stable outlook reflects S&P's expectation that AmeriLife will
grow revenue and adjusted EBITDA by 5%-10% and 10%-15%,
respectively, in 2019 on an organic basis; or by 20% each including
acquisitions. S&P expects leverage of close to 6x by year-end 2019
on a pro-forma basis (including a full year of acquisition EBITDA),
or in the mid 6x-7x range on a reported basis. It expects EBITDA
interest coverage of about 2x in 2019.
"We could lower the ratings in 2019-2020 if AmeriLife underperforms
our expectations with, for example, sustained leverage above
6.5x-7x and/or EBITDA coverage below 2x," S&P said.
"We expect limited ratings upside in 2019-2020 because we expect no
significant change to AmeriLife's business profile or financial
sponsor ownership. We could raise our ratings if the company can
lower and sustain leverage below 5x and coverage above 3x," S&P
said.
AVANTOR INC: S&P Raises ICR to 'B+' on Debt Repayment; Outlook Pos.
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S&P Global Ratings raised the issuer credit rating on Avantor Inc.
to 'B+' and removed the ratings from CreditWatch, where they were
placed with positive implications on May 3, 2019. The outlook is
positive, reflecting the potential for further deleveraging and
improved cash flow generation as Avantor expands and achieves
synergies.
The upgrade reflects the improvement in adjusted net leverage to
below 7x after the company completed an initial public offering
(IPO) on May 16, 2019, issuing $2.898 billion in common equity and
$900 million in mandatory convertible preferred shares. On May 17,
underwriters exercised the greenshoe option to issue an additional
$434.7 million in common equity and $135 million in mandatory
convertible preferred shares.
Avantor is using the proceeds to pay down $1.6064 billion in debt
and redeem $2.4104 billion in senior preferred stock held by New
Mountain Capital. All junior preferred shares (about $1.56 billion
as of March 31, 2019) will convert to common equity.
The upgrade also reflects S&P's expectation that financial policy
will become more conservative. Financial sponsor New Mountain
Capital will now own less than 40% of Avantor, which the rating
agency believes will result in further leverage reduction over
time.
The positive outlook reflects the potential for further
deleveraging and improving cash flow generation as Avantor expands
and achieves synergies, according to S&P.
"We could consider raising the rating if we are convinced the
company would maintain adjusted leverage (but without the mandatory
convertible preferred shares) below 5.5x and free cash flow above
$250 million. This would likely require revenue to increase at
least at a mid-single–digit percentage pace and EBITDA margin
expansion to more than 17.5%," S&P said.
"We could revise the outlook to stable if growth slows, integration
challenges arise, or Avantor makes acquisitions such that we don't
expect the company's leverage to improve or it to sustain free cash
flow generation of more than $250 million," S&P said.
AVERY'S USED CARS: Stockholder Objects to Disclosure Statement
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Arthur B. Avery, Jr., 50% stockholder of Avery's Used Cars & Trucks
Inc., objects to the final approval of the Debtor's Disclosure
Statement.
Mr. Avery complains that the Disclosure Statement should not be
approved because it fails to provide creditors with information on
the value of the Debtor's claims against Son, Robert Abbott, and
A&A for usurping the Debtor’s corporate opportunities and selling
its automobile dealers license.
According to Mr. Avery, in this case, a liquidating trustee would
have to incur litigation fees in order to go after Son, Robert
Abbott and A&A for the fraudulent transfers, the Plan does not
provide for the funding of those fees.
He points out that the instant Plan fails to identify anyone that
would be in charge of liquidating and administering the estate,
much less any affiliations they may have, accordingly, the Plan
fails to satisfy Section 1129(a)(5).
He further points out for the Plan to be confirmed, the Plan must
provide that Avery will receive more than he would have if the
Debtor were liquidated under chapter 7, however, the Debtor does
not intend to go after Son, Robert Abbott or A&A for the fraudulent
transfers, which a chapter 7 trustee would pursue.
Attorney for Arthur B. Avery, Jr.:
Suzy Tate, Esq.
Suzy Tate, P.A.
P.O. Box 750
Lutz, FL 33548
Tel: (813) 264-1685
Fax: (813) 264-1690
Email: suzy@suzytate.com
About Avery's Used Cars & Trucks
Avery's Used Cars & Trucks Inc. sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-10428) on Dec.
4, 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 has is assigned to Judge Michael G. Williamson.
BLACKSTONE CQP: S&P Affirms 'B' Rating on $2.5BB Sec. Refinancing
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S&P Global Ratings affirmed its 'B' issuer credit rating on
Blackstone CQP Holdco LP (BXCQP), which is refinancing its capital
structure with a $2.5 billion senior secured term loan due 2024.
S&P assigned its 'B+' issue-level rating and '2' recovery rating to
the proposed debt. The '2' recovery rating indicates that the
rating agency expects substantial recovery (70%-90%; rounded
estimate: 70%) in the event of a payment default.
With the incremental debt, S&P now expects 2019 leverage of
approximately 5.25x compared to its prior forecast of approximately
4.6x. Slightly offsetting the increased leverage is the inclusion
of a 1% annual mandatory amortization payment.
BXCQP owns a 40.5% limited partnership interest in Cheniere Energy
Partners L.P. (CQP) and depends solely on distributions from CQP to
meet its financial obligations.
S&P rates BXCQP under the rating agency's noncontrolling equity
interest (NCEI) criteria, which it uses to rate debt instruments
issued by entities that own a noncontrolling interest in one or
more other entities (the investee company). The starting point for
the rating is S&P's 'BB' issuer credit rating on CQP.
The stable outlook on BXCQP reflects S&P's expectation of stable
distributions and its view of modest distribution growth through
2020 resulting in stand-alone leverage in the low-5x area in 2019
improving to the mid-4x area for 2020 and beyond.
"We could consider lowering the rating if BXCQP faces liquidity
challenges, a debt to EBITDA ratio above 6x, or an interest
coverage ratio below 1.5x. This could occur if SPL experiences
significant operational challenges such that cash flows distributed
to the partnership are lower than expected," S&P said. "Though
unlikely due to the contracted nature of its cash flows, we could
also lower the rating if CQP sustains leverage above 3x, causing us
to lower the rating on it."
S&P said it could consider higher ratings if distributions grow
quicker than expected and excess cash flow is used to reduce debt,
resulting in adjusted leverage below 3x.
"We could also consider a higher rating if we raised our rating on
CQP, which we could do if it maintains adjusted leverage below 2x,"
S&P said.
CHRISTIAN RADABAUGH, SR: Proposed Sale of GP Cattle Approved
------------------------------------------------------------
Judge Peter C. McKittrick of the U.S. Bankruptcy Court for the
District of Oregon authorized Christian S. Radabaugh, Sr.'s sale of
the cattle that is subject to a lien in favor of GP, LLC at
private, arm's-length, market price sales beginning on April 26,
2019, subject to the Additional Terms of Sale.
The sale will be free and clear of any liens and interests.
The Additional Terms of Sale are:
a. Prior to any private sale, the Debtor will notify GP by
email at least two days in advance of any sale of (a) the quantity
of GP Cattle to be sold; (b) the name, address, telephone number,
and email address of the purchaser; (c) the purchase price; (d) and
the time and location of the closing of the proposed sale. The
Debtor will, simultaneously when he provides the notifications to
GP, provide GP with all paperwork associated with the proposed
sale.
b. All private sales of GP Cattle must be approved by GP, LLC.
c. Prior to any sale, the GP Cattle must be brand inspected by
an Oregon state certified brand inspector, and the brand inspector
will deliver to GP, LLC a brand certificate showing the cattle to
be sold belongs exclusively to the Debtor.
d. GP must be present at the closing of the sale. Payment for
the GP Cattle must be made payable solely to GP, LLC, and will be
delivered to GP, LLC upon the closing of each sale, not later than
immediately prior to the delivery of the GP Cattle to any buyer.
The liens of GP, LLC and Shasta Livestock Auction Yard, Inc. will
attach to the proceeds of the sale to the same extent, priority and
validity as they attached to the GP Cattle prior to the sale.
Any lien in favor of the Debtor's auctioneer against the GP Cattle
will also attach to the proceeds of the sale to the same extent,
priority and validity as such lien had attached to the GP Cattle
prior to the sale.
All gross sale proceeds will be wired to Sussman Shank LLP, the
counsel for GP, LLC, to be held in trust until further order of the
Court.
Christian S. Radabaugh, Sr. sought Chapter 11 protection (Bankr. D.
Ore. Case No. 18-34244) on Dec. 7, 2018. The Debtor tapped
Nicholas J. Henderson, Esq., at Motschenbacher & Blattner LLP, as
counsel.
CON-NIC APARTMENTS: To Pay Bank $4K Per Quarter Over 15 Quarters
----------------------------------------------------------------
Con-Nic Apartments, LLC, filed a Plan of Reorganization and
accompanying disclosure statement underwhich the Debtor will cure
arrears owed under the mortgages held by Fidelity Bank with
quarterly payments of $4,000 per quarter until the time the
mortgage arrears are cured. The Debtor believes that this will take
approximately 15 quarters, or 44 months. There are no unsecured
claims.
The Debtor believes the proposed Plan of Reorganization is feasible
based on the now stabilized rental income as compared to the
regular operating costs, leaving a monthly surplus.
A full-text copy of the Disclosure Statement dated May 13, 2019, is
available at https://tinyurl.com/y5qgj55t from PacerMonitor.com at
no charge.
About Con-Nic Apartments
Con-Nic Apartments, LLC, owner of two apartment buildings in
Gardner, Massachusetts, filed a Chapter 11 petition (Bankr. D.
Mass. Case No. 18-41697) on Sept. 12, 2018. In the petition signed
by Mark S. Dymek, member-manager, the Debtor estimated both assets
and liabilities to be less than $1 million. Law Offices Of James
Wingfield, led by principal James A. Wingfield, serves as counsel
to the Debtor.
CP 1109: Unsecured Creditors to Get Monthly Payments for 36 Months
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CP#1109, LLC, filed a Chapter 11 Plan and accompanying Disclosure
Statement.
Class 2 consists of holders of Allowed Unsecured Claims of
non-insiders are unimpaired with a total claim of $74,831.54. On
the Effective Date, the Debtor will commence monthly payments for
36 months that pays each Allowed Claim in full plus postpetition
from Petition Date at the Florida judgment rate in effect on the
Petition Date of 6.09%, or at such other rate as the Court may
determine is appropriate under the circumstances. On claims that
are disputed and not resolved as of the Effective Date, the Debtor
shall make the payment on the disputed claim in the full amount as
filed payable into the Trust Account of Debtor’s counsel. Upon
entry of a Final Order determining the allowed amount of the
disputed claim, counsel for the Debtor shall pay the amount due the
then Allowed Claim from funds in trust and the Debtor shall
commence making the payments directly to the Holder of the Allowed
Claim. Estimated monthly payments assuming are allowed at the filed
amount is $2,279.57.
Class 3 consists of holders of Allowed Unsecured Claims of insiders
are unimpaired. The Debtor shall not make any distribution to a
Holder of an Allowed Class 3 Claim until the completion of the
payments to Class 2 under the Plan.
The Debtor believes that the Debtor will have enough cash on hand
on the effective date of the Plan to pay all the claims and
expenses that are entitled to be paid on that date.
A full-text copy of the Disclosure Statement dated May 13, 2019, is
available at https://tinyurl.com/y2cqkxsh from PacerMonitor.com at
no charge.
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.
CRYPTOPIA LIMITED: Chapter 15 Case Summary
------------------------------------------
Chapter 15 Debtor: Cryptopia Limited (In Liquidation)
215 Lambton Quay
Level 15, Grant Thornton House
Wellington 6143
New Zealand
Business Description: Cryptopia is a cryptocurrency
exchange based in New Zealand.
Chapter 15 Petition Date: May 24, 2019
Court: United States Bankruptcy Court
Southern District of New York
(Manhattan)
Chapter 15 Case No.: 19-11688
Judge: Hon. Stuart M. Bernstein
Foreign Representative: David Ian Ruscoe
215 Lambton Quay
Level 15, Grant Thornton House
Wellington 6143
New Zealand
Foreign
Proceeding: Liquidation under the New Zealand
Companies Act (1993)
Foreign
Representative's
Counsel: Timothy E. Graulich, Esq.
DAVIS POLK & WARDWELL LLP
450 Lexington Avenue
New York, NY 10017
Tel: (212) 450-4639
Fax: (212) 450-3639
E-mail: timothy.graulich@davispolk.com
Estimated Assets: Unknown
Estimated Debts: Unknown
A full-text copy of the Chapter 15 petition is available for free
at:
http://bankrupt.com/misc/nysb19-11688.pdf
DESERT RIBS: Taps Franchise Capital as Broker
---------------------------------------------
Desert Ribs LLC received approval from the U.S. Bankruptcy Court
for the District of Arizona to hire Franchise Capital Advisors,
Inc. as its broker.
The firm will assist the company and its affiliates in connection
with the sale of their assets, including four Famous Dave's
restaurants.
Franchise Capital will receive a commission of 5 percent of any
bids in the event there is an overbid approved by the court. In
the event there is no overbid, the firm will receive a flat fee of
$25,000.
The firm neither holds nor represents any interest adverse to the
Debtors' estates, according to court filings.
Franchise Capital can be reached through:
Ryan E. Kress
Franchise Capital Advisors, Inc.
9903 East Bell Road, Suite 130
Scottsdale, AZ 85260
Phone: (480) 355-4390
Fax: (480) 355-4381
Email: rek@franchisecapitaladvisors.com
About Desert Ribs
Desert Ribs LLC and its subsidiaries are privately held companies
in the restaurant business.
Desert Ribs (Case No. 19-04003) and its subsidiaries, Famous
Charlie LLC (Case No. 19-04004), Famous Freddie LLC (Case No.
19-04006), Famous George LLC (Case No. 19-04009) and Famous Gracie
LLC (Case No. 19-04010), sought Chapter 11 protection in the U.S.
Bankruptcy Court for the District of Arizona on April 5, 2019. The
cases are jointly administered.
At the time of the filing, Desert Ribs estimated assets and
liabilities of between $1 million and $10 million.
The cases are assigned to Judge Brenda K. Martin.
Michael W. Carmel, Ltd., is the Debtors' counsel.
ESCUE WOOD: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Escue Wood Treated Products, LLC
7095 Telcom Drive
Milan, TN 38358
Business Description: Founded in 2013, Escue Wood Treated
Products, LLC is a privately held
manufacturer of treated southern yellow pine
wood. The Company's wood products are
manufactured in Milan and distributed
in five states.
Chapter 11 Petition Date: May 23, 2019
Court: United States Bankruptcy Court
Western District of Tennessee (Jackson)
Case No.: 19-11142
Judge: Hon. Jimmy L. Croom
Debtor's Counsel: Steven N. Douglass, Esq.
HARRIS SHELTON, PLLC
40 S. Main Street, Suite 2210
Memphis, TN 38103-2555
Tel: (901) 525-1455
Fax: (901) 526-4084
E-mail: snd@harrisshelton.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Alvin D. Escue, chief executive
manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/tnwb19-11142.pdf
GRANT STREET: Trustee's $2.6M Sale of Framingham Property Approved
------------------------------------------------------------------
Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the
District of Massachusetts (i) authorized the private sale by Anne
J. White, the Chapter 11 Trustee of The Grant Street, LLC, of the
real property located at 76-78 Grant Street, Framingham,
Massachusetts, together with the buildings, fixtures and
improvements thereon; and (b) authorized her to assume, assign and
sell a certain lease by and between the Debtor and Southern
Middlesex Opportunity Council, to ViceRoy Capital Management, LLC
for $2.575 million, cash.
The sale is free and clear of all liens, claims, interests and
encumbrances.
The Trustee will submit, in word format, a proposed order to
edk@mab.uscourts.gov reflecting the findings from the hearings.
About the The Grant Street
The Grant Street, LLC, based in Sudbury, Massachusetts, filed a
Chapter 11 petition (Bankr. D. Mass. Case No. 18-42074) on Nov. 6,
2018. In the petition signed by David J. Howe, manager, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
The Hon. Elizabeth D. Katz oversees the case. Daniel W. Murray,
Esq., at The Law Offices of Daniel W. Murray, serves as the
Debtor's bankruptcy counsel.
HARDEN FARMS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Harden Farms, Inc.
746 Cooper Hill Road
Windsor, NC 27983
Business Description: Harden Farms, Inc. is a privately held
company in the crop farming industry.
Chapter 11 Petition Date: May 24, 2019
Court: United States Bankruptcy Court
Eastern District of North Carolina
(Greenville Division)
Case No.: 19-02379
Judge: Hon. Stephani W. Humrickhouse
Debtor's Counsel: Trawick H. Stubbs, Jr., Esq.
STUBBS & PERDUE, P.A.
P.O. Drawer 1654
New Bern, NC 28563
Tel: 252 633-2700
Fax: 252 633-9600
E-mail: efile@stubbsperdue.com
tstubbs@stubbsperdue.com
Total Assets: $1,333,936
Total Liabilities: $1,720,421
The petition was signed by Charles M. Harden, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/nceb19-02379.pdf
INFRASTRUCTURE AND ENERGY: S&P Cuts ICR to 'B-' on High Leverage
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Indianapolis-based Infrastructure and Energy Alternatives Inc. to
'B-' from 'B+' and its issue-level ratings on the company's term
loan to 'B-' from 'B+'.
"Although IEA's backlog of projects continues to grow, the
company's free operating cash flow (FOCF) has been much weaker than
previously expected due to severe weather conditions at the end of
2018 that had a significantly negative impact on construction of
six wind projects across South Texas, Iowa, and Michigan. IEA faced
additional labor, equipment, and material costs as well as change
orders," S&P said. While those projects are now completed or
approaching completion and IEA recently increased its liquidity
somewhat with a preferred equity offering to manage its growing
backlog of work, there is little headroom at the current rating
level for further unexpected operational disruptions or delays,
according to the rating agency.
"The negative outlook on IEA reflects the company's weak credit
metrics and that we could lower the rating over the next 12 months
if credit measures do not improve. We expect the company's
operating performance to gradually improve if it does not face
further weather or operational disruptions," S&P said. The rating
agency expressed belief FOCF will be modestly negative for 2019
adjusted debt leverage will be around 6x at year end.
"We could lower our ratings on IEA over the next 12 months if we
believe FOCF will remain negative on a sustained basis or liquidity
becomes constrained. This could occur if the company is not able to
improve its operating results in its legacy wind energy business,"
S&P said.
"We could revise our outlook to stable over the next 12 months if
operating performance improves and its liquidity becomes adequate.
This could occur with better conditions in its wind energy or civil
infrastructure services end markets, for example, causing FOCF to
debt to approach 5% and debt to EBITDA to approach 5x," S&P said.
J.L. SMITH ACADEMY: Case Summary & 4 Unsecured Creditors
--------------------------------------------------------
Debtor: J.L. Smith Academy Austin, LLC
11530 Manchaca Rd., Building 5
Austin, TX 78748
Business Description: J.L. Smith Academy Austin, LLC is a
privately held company that provides
educational support services.
Chapter 11 Petition Date: May 23, 2019
Court: United States Bankruptcy Court
Western District of Texas (Austin)
Case No.: 19-10681
Judge: Hon. Tony M. Davis
Debtor's Counsel: Frank B. Lyon, Esq.
FRANK B. LYON - ATTORNEY AT LAW
Two Far West Plaza #170
3508 Far West Blvd.
Austin, TX 78731
Tel: (512) 345-8964
Fax: 512-697-0047
E-mail: franklyon@me.com
frank@franklyon.com
Estimated Assets: $50,000 to $100,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Andrew Karr, president, KMA Brokerage &
Dev.,Inc., manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at:
http://bankrupt.com/misc/txwb19-10681.pdf
KWOR HOLDINGS: S&P Assigns 'B' Long-Term ICR; Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to independent claims adjuster KWOR Holdings LP (dba Worley Claims
Services). The outlook is stable.
At the same time, S&P assigned KWOR's proposed $400 million
first-lien credit facility ($50 million revolver due 2024 and $300
million term loan due 2026 with $50 million delayed draw option to
fund potential acquisitions) its 'B' debt rating with a recovery
rating of '3'. The '3' recovery rating indicates that S&P expects
meaningful recovery (50-70%; rounded estimate: 60%) in the event of
a payment default. The $120 million second-lien term loan due in
2026 is unrated.
The rating reflects KWOR's weak business risk profile (BRP) and
highly leveraged financial risk profile (FRP). KWOR is a
comprehensive claims-management services firm supporting
property/casualty insurers with field adjusting, desktop review,
and managed repair capabilities. The company, founded in 1976, has
mainly built scale through long-term partnership with large
national carriers and enhanced offering capabilities from acquired
verticals, deepening relationships with partners. KWOR, owned by
Aquiline Capital Partners since 2014, will be sold to Kohlberg &
Co. as part of the transaction.
The stable outlook reflects S&P's expectation that favorable
performance fundamentals and earnings growth will enable KWOR to
maintain pro forma EBITDA leverage below 7x by year-end 2019 with
coverage approaching 2.0x. The rating agency expects the company to
grow existing and new carrier relationships, while maintaining its
core focus on the personal lines claims adjusting space in North
America.
"We could lower our ratings in the next 12 months if KWOR does not
meet our base case expectations including leverage at 7x or below
and coverage nearing 2x at year end 2019. This could occur if
organic growth or cash flow meaningfully deteriorate from key
carrier losses and/or service agreement or if financial policy is
more aggressive than anticipated," S&P said.
"Although unlikely in the next 12 months, we could raise the
ratings if cash-flow generation were to improve financial leverage
(less than 5x) and EBITDA coverage (4x-5x) to reflect a
more-conservative level that we would expect KWOR to sustain," S&P
said.
NATIONS INSURANCE: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Nations Insurance Solutions LLC
3060 NE 190 St #311
Miami, FL 33180
Business Description: Nations Insurance Solutions LLC is an
insurance agency in Miami, Florida.
Chapter 11 Petition Date: May 25, 2019
Court: United States Bankruptcy Court
Southern District of Florida (Miami)
Case No.: 19-16938
Judge: Hon. Jay A. Cristol
Debtor's Counsel: Peter D. Spindel, Esq.
PETER SPINDEL, ESQ., PA
POB. 166245
Miami, FL 33116
Tel: 305-279-2126
Fax: 305-279-2127
E-mail: peterspindel@gmail.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Marc Zimmerman, managing member.
The Debtor failed to submit a list of its 20 largest unsecured
creditors at the time of the filing.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/flsb19-16938.pdf
NICHOLAS KAYE: Proposed $15K Sale of Personal Property Approved
---------------------------------------------------------------
Judge Beth E. Hanan of the U.S. Bankruptcy Court for the Eastern
District of Wisconsin authorized Nicholas Kaye and Lori Kaye to
sell the following: (i) a 1967 Camaro, VIN 124377N117358, to Matt
Schmitt for $7,000; (ii) a 2004 Hyundai vehicle, VIN 13254B6018-3,
to Deborah and Jake School for $250; and (iii) a 2005 STV River
Rocket Boat, with trailer, to Justin Pape for $8,000.
Nicholas Kaye and Lori Kaye sought Chapter 11 protection (Bankr.
E.D. Wis. Case No. 17-22124) on March 15, 2017. The Debtors tapped
Dayten P. Hanson, Esq., at Hanson & Payne, LLC as counsel.
NOAH OPERATIONS: Case Summary & 17 Unsecured Creditors
------------------------------------------------------
Debtor: Noah Operations Chandler AZ, LLC
2600 W. Executive Pkwy. Ste. 360
Lehi, UT 84043
Tel: 801-948-2093
Business Description: Noah Operations Chandler AZ --
https://www.noahseventvenue.com/ --
is an event venue for all of life's events
including weddings, corporate events and
special occasions.
Chapter 11 Petition Date: May 24, 2019
Court: United States Bankruptcy Court
District of Utah (Salt Lake City)
Case No.: 19-23810
Judge: Hon. Joel T. Marker
Debtor's Counsel: Edward T. Cundick, Esq.
PRINCE, YEATES & GELZAHLER
15 West South Temple, Suite 1700
Salt Lake City, UT 84101
Tel: 801-524-1000
Fax: 801-524-1098
E-mail: tec@princeyeates.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by William Bowser, president of sole member
Noah Corporation.
A copy of the Debtor's list of 17 unsecured creditors is available
for free at:
http://bankrupt.com/misc/utb19-23810_creditors.pdf
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/utb19-23810.pdf
PACIFIC GAS: Bankruptcy Court OKs $105M Housing Assistance Fund
---------------------------------------------------------------
Pacific Gas and Electric Company (PG&E) on May 22, 2019, disclosed
that it received approval from the bankruptcy court to create a
$105 million housing assistance fund to support those displaced by
the 2017 Northern California wildfires and 2018 Camp Fire.
The Wildfire Assistance Fund is intended to aid those displaced by
the 2017 Northern California wildfires and the 2018 Camp Fire,
specifically those who are either uninsured or need assistance with
alternative living expenses or other urgent needs.
"PG&E remains committed to helping wildfire victims rebuild and
recover, and this program is part of how we're living up to that
commitment," said PG&E Corporation Chief Executive Officer and
President Bill Johnson. "We feel strongly that helping these
communities in their time of need is the right thing to do and
appreciate the court's decision."
Selection of Plan Administrator
To make the funds available to wildfire victims as quickly as
possible, PG&E and various committees will be moving forward as
part of the Chapter 11 process with the selection of a third-party
administrator to oversee the disbursement to eligible
participants.
Once selected, the plan administrator will work with a team of
qualified professionals, including claims agents and accountants,
to establish eligibility requirements and review applications for
assistance. When establishing eligibility requirements, the
administrator will give priority to those participants who are most
in need, including those who are currently without adequate
shelter. Discussion regarding the selection of a plan
administrator will begin immediately, and eligibility requirements
are expected to be finalized by the plan administrator shortly
thereafter.
The administrator may also partner with local housing agencies and
community organizations to assist with the administration of the
Wildfire Assistance Program.
Plan Expenses and Funding
The costs associated with administering the fund, including fees
associated with the administrator, program professionals or
partnering with local organizations, will be capped at $5 million,
ensuring that the vast majority of the fund will be used to aid
with the living expenses and urgent needs of wildfire victims.
The $105 million being provided by PG&E will be made available from
the company's cash reserves. PG&E will not seek cost recovery from
its customers.
About PG&E Corporation
PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.
As of Sept. 30, 2018, the Debtors, on a consolidated basis, had
reported $71.4 billion in assets on a book value basis and $51.7
billion in liabilities on a book value basis.
PG&E Corp. and Pacific Gas employ approximately 24,000 regular
employees, approximately 20 of whom are employed by PG&E Corp. Of
Pacific Gas' regular employees, approximately 15,000 are covered by
collective bargaining agreements with local chapters of three labor
unions: (i) the International Brotherhood of Electrical Workers;
(ii) the Engineers and Scientists of California; and (iii) the
Service Employees International Union.
On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088).
PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, said they are facing extraordinary challenges
relating to a series of catastrophic wildfires that occurred in
Northern California in 2017 and 2018. The utility said it faces an
estimated $30 billion in potential liability damages from
California's deadliest wildfires of 2017 and 2018.
Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are
serving as PG&E's legal counsel, Lazard is serving as its
investment banker and AlixPartners, LLP is serving as the
restructuring advisor to PG&E. Prime Clerk LLC is the claims and
noticing agent.
In order to help support the Company through the reorganization
process, PG&E has appointed
James A. Mesterharm, a managing director at AlixPartners, LLP, and
an authorized representative of AP Services, LLC, to serve as Chief
Restructuring Officer. In addition, PG&E appointed John Boken also
a Managing Director at AlixPartners and an authorized
representative of APS, to serve as Deputy Chief Restructuring
Officer. Mr. Mesterharm, Mr. Boken and their colleagues at
AlixPartners will continue to assist PG&E with the reorganization
process and related activities.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Feb. 12, 2019. The Committee retained
Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor;
Centerview Partners LLC as investment banker; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.
On Feb. 15, 2019, the U.S. trustee appointed an official committee
of tort claimants. The tort claimants' committee is represented by
Baker & Hostetler LLP.
PARADOX ENTERPRISES: Case Summary & 8 Unsecured Creditors
---------------------------------------------------------
Debtor: Paradox Enterprises, LLC
109 W. Main St.
Manchester, TN 37355
Business Description: Paradox Enterprises, LLC is a business
consultant in Manchester, Tennessee.
Chapter 11 Petition Date: May 24, 2019
Court: United States Bankruptcy Court
Eastern District of Tennessee (Winchester)
Case No.: 19-12162
Judge: Hon. Shelley D. Rucker
Debtor's Counsel: Jason N. King, Esq.
KIOUS, RODGERS, BARGER, HOLDER & KING, PLLC
503 N. Maple Street
Murfreesboro, TN 73130
Tel: 615-895-5566
Email: jking@murfreesborolawyers.com
jking@krbhk.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Eric Shelley, owner.
A copy of the Debtor's list of eight unsecured creditors is
available for free at:
http://bankrupt.com/misc/tneb19-12162_creditors.pdf
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/tneb19-12162.pdf
PERILLON SOFTWARE: $5M Sale of All Business Assets to Lisam Okayed
------------------------------------------------------------------
Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the
District of Massachusetts authorized Perillon Software, Inc.'s
private sale of substantially all business assets, including but
not limited to equipment, records, fixtures, intellectual property,
and certain contracts and leases, all as more fully described in
the Asset Purchase Agreement, to Lisam Safety, Inc., for a cash
purchase price of $5 million.
The sale is free and clear of all liens, claims and encumbrances.
The Debtor's counsel will submit, in word format, a proposed order
to edk@mab.uscourts.gov reflecting the findings from the hearings.
About Perillon Software
Founded in 2005, Perillon Software Inc. -- http://www.perillon.com/
-- offers a full suite of software for environmental management,
health and safety, and enterprise risk built on its flexible cloud
platform. The Company's customers include utilities, pipelines,
refineries, automotive manufacturers, construction firms, food
processing companies, cement companies, and more.
Perillon Software filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. D. Mass. Case No. 19-40446) on March
22, 2019. In the petition signed by Bardwell C. Salmon, chief
executive officer, the Debtor disclosed $4,077,880 in assets and
$8,348,791 in liabilities. The Hon. Elizabeth D. Katz oversees the
case. David B. Madoff, Esq. at Madoff & Khoury LLP, is the
Debtor's counsel.
PERLA, ARKANSAS: Chapter 9 Case Summary & Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: City of Perla, Arkansas
dba Perla Water Association
22675 Hwy 67
Malvern, AR 72104
Business Description: The Debtor owns in fee simple a citywide and
beyond water and sewer system valued at
$1.1 million. The value is an offer
to purchase from from Liberty Utilities.
Chapter 9 Petition Date: May 26, 2019
Court: United States Bankruptcy Court
Western District of Arkansas (Hot Springs)
Bankruptcy Case No.: 19-71447
Debtor's Counsel: Kyle Havner, Esq.
HAVNER LAW FIRM PA
PO Box 21539
White Hall, AR 71612
Tel: 870-534-1803
Fax: 501-712-1235
E-mail: havnerlaw@gmail.com
Total Assets: $1,545,646
Total Liabilities: $327,634
The petition was signed by Raymond L. Adams, mayor.
The Debtor lists City of Malvern, Arkansas as its sole unsecured
creditor holding a claim of $244,465.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/arwb19-71447.pdf
PIONEER CONTRACTING: Case Summary & 2 Unsecured Creditors
---------------------------------------------------------
Debtor: Pioneer Contracting Co, Inc.
520 McCormic Drive Suite E
Glen Burnie, MD 21061
Business Description: Pioneer Contracting Co is a general
contractor in Glen Burnie, Maryland.
The Company previously sought bankruptcy
protection on Aug. 1, 2012 (Bankr. D. Md.
Case No. 12-24480).
Chapter 11 Petition Date: May 25, 2019
Court: United States Bankruptcy Court
District of Maryland (Baltimore)
Case No.: 19-17133
Debtor's Counsel: Tate Russack, Esq.
RLC LAWYERS & CONSULTANTS
7999 N Federal Highway, Suite 100 A
Boca Raton, FL 33487
Tel: 561-571-9610
410-353-2176
Fax: 800-883-5692
E-mail: tate@russack.net
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Bhailal B. Patel, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at:
http://bankrupt.com/misc/mdb19-17133.pdf
PLANTRONICS INC: S&P Alters Outlook to Stable, Affirms 'BB' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based provider of
audiovisual communication endpoints and service Plantronics Inc.
(Poly) to stable from negative and affirmed its 'BB' issuer credit
rating on the company.
S&P also affirmed its 'BB' issue-level ratings on the company's
senior secured facilities and its 'BB-' issue-level rating on the
company's senior unsecured notes.
The rating action reflects S&P's view that Poly should continue
making significant progress on the integration of Polycom Inc. as
planned, resulting in a reduction in leverage to about 3x over the
next 12 months. This is in line with the company's publicly stated
commitment to reduce company-defined net leverage to about 3x in
fiscal 2020 (ending March 31, 2020) and comfortably below 3x in the
longer term.
"While we expect pro forma revenue growth to remain in the
low-single-digit area, deleveraging should largely come from
realized cost synergies. We expect this to lead to EBITDA margins
expanding to 21% to 23% in fiscal 2020 from about 19% in fiscal
2019, which we view as above average for the office electronics and
computer peripherals sector," S&P said.
The stable outlook reflects S&P's expectation that Poly will
increase revenues in the low-single-digit percent area on a pro
forma basis and realize most of its total planned cost synergies
from the integration of Polycom without significant operational
issues, such that it reduces leverage to about 3x in fiscal 2020.
The rating agency expects that the company will remain committed to
this leverage target despite potential changes to its financial
policy.
"We could lower the rating if competitive pressures, input cost
volatility, or integration challenges resulted in leverage
remaining above 3x on a sustainable basis. This could be driven by
a delay in the realization of remaining cost or significant revenue
declines due to an adverse impact on sales and product development
from integration activities," S&P said.
Material increases in shareholder returns or additional debt-funded
acquisitions could also demonstrate a lack of commitment toward
rapid deleveraging, resulting in a downgrade, according to the
rating agency.
"While we consider it unlikely in the next 12 months, we could
raise the rating if Poly were able to reduce leverage to below 2x
on a sustainable basis and maintain a financial policy that is in
line with this," S&P said. This could be driven by
greater-than-expected cost synergies from the Polycom integration
and high-single-digit revenue growth supported by continued
successful product launches in fast-growing product categories and
a stabilization of declining legacy products, according to the
rating agency.
PRIMELINE ENERGY: Defaults on Principal of Syndicate Facility
-------------------------------------------------------------
Primeline Energy Holdings Inc., listed on the TSX Venture Exchange
Inc. under the trading symbol "PEH", on May 21, 2019, provided an
update on operations and the timing of the award in Primeline's
arbitration (the "CNOOC Arbitration") with China National Offshore
Oil Corp and CNOOC China Limited ("CCL"), and a default in relation
to the principal repayment terms of its project finance facility
(the "Syndicate Facility").
Operational Update
As previously reported, in September 2018, at the time of the main
hearing of CNOOC Arbitration, CCL reduced production from LS36-1 to
60% of the previous production level as the A5 well, which
represented only about 13% of the LS 36-1 gas field's total
production, stopped producing as a result of water ingress. As a
precaution, CCL also reduced production from well A1M which drains
the same reservoir. Subsequent investigations showed that the
water in the A5 well was not formation water but leaked completion
fluids. As such, Primeline believes there was no reason to reduce
production from the A1M well and that CCL as Operator should repair
the A5 well. Notwithstanding this finding, CCL proposed that the
production level of the LS 36-1 gas field for the year 2019 should
be reduced to a total sales gas quantity of only 102.31mcmpa, which
would be the equivalent of approximately 33% of the annual contract
quantity ("ACQ") under the gas sale contract with Zhejiang Gas
under which production from the gas field is sold. At that level
of production, the gas sales revenue and Primeline's cash flow
would be greatly reduced.
Primeline has been pressing CCL, as Operator, to carry out remedial
work and increase production in order to increase revenue but CCL
has been slow to take any action. In January 2019, the Joint
Management Committee established by CCL and Primeline for the
project, instructed CCL to carry out further work to the A5 well to
restore production. Belatedly, this has now happened and, on May
11, 2019, CCL recommenced coiled tubing operations to again lift
water in the A5 well bore and that operation is currently in
process. Irrespective of the success or otherwise of this
operation, Primeline will continue to urge CCL to increase
production.
In the meantime, the arbitral tribunal in the CNOOC Arbitration has
now provided an indication that the final award is expected "before
the end of the summer", slightly later than originally anticipated.
As previously reported, the submission and hearing procedures of
the CNOOC Arbitration, which commenced in April 2016, were
completed in December 2018.
Loan Repayment Default - Operations Continuing
As a result of revenue being significantly reduced due to the
reduction in production from the LS 36-1 gas field since September
2018, it was impossible for Primeline to make full repayment of
principal in accordance with the agreed schedule, which was based
on production according to the ACQ and resulting revenue.
Primeline informed its lending banks of the reduction in production
and operational forecast made by CCL and, in November 2018, the
lending banks, being China Development Bank, China Export and
Import Bank and Shanghai Pudong Development Bank (jointly
"Syndicate Banks"), which have been extremely supportive to date,
agreed to an adjustment of the principal repayment due in November
2018 so that part of that principal repayment was deferred and
added to the principal repayment due in May 2019.
However, due to CCL's failure to take measures to increase
production levels referred to above, resulting in the continuation
of the reduced cash flow, Primeline was unable to effect full
repayment of the principal instalment due on May 20 2019 and, as a
result, is now in default under the terms of the Syndicate
Facility. The position of Primeline is that its inability to repay
the principal instalment is a direct result of decreased revenue
which is, in turn, due to the various defaults by CCL and CNOOC
which form the basis of the claims made by Primeline in the CNOOC
Arbitration.
However, as of May 21, the Syndicate Banks have confirmed that,
notwithstanding the default, they will not take enforcement action
but will continue to support Primeline in order to maintain
production and operations until the award in the CNOOC Arbitration
has been received. With such confirmation and support, the Company
intends to maintain normal operations whilst waiting for the award.
Further announcements will be made as and when there is any
further development.
About Primeline Energy Holdings Inc.
Primeline is an exploration and production company focusing
exclusively on China natural resources under petroleum contracts
with CNOOC in the East China Sea. LS36-1 Gas Field has been in
production since July 2014. Shares of Primeline are listed for
trading on the TSX Venture Exchange under the symbol PEH.
PRINCETON ALTERNATIVE: MicroBilt Files Competing Chapter 11 Plan
----------------------------------------------------------------
MicroBilt Corporation and an Ad Hoc Committee of Minority
Shareholders submitted a Joint Plan of Reorganization and
accompanying disclosure statement for Princeton Alternative Income
Fund, LP and Princeton Alternative Funding LLC.
Class 1 - Unsecured Claims Other Than Claims Of Classified in
Classes 2, 3 or 4 are impaired. Allowed Claims in Class l shall be
paid in full on the Effective Date or as otherwise agreed in
writing between the Plan Administrator and the Holder of such Claim
without interest.
Class 2 - Unsecured Claims Of Plan Proponent Related Parties are
impaired. Payments of all amounts will be subordinated to the prior
repayment in full of the NAV attributable to each Investor.
Class 3 - Ranger Claims are impaired. The Ranger Claims will be
treated according to or better than the terms of the Arbitration
award. Ranger will receive 99% of the Argon Side Pocket assets as
of the Effective Date. Ranger may elect to leave the Argon Side
Pocket with the Plan Administrator and if it selects that option,
will be subject to any administrative costs incurred by the Plan
Administrator and/or his successor. The balance of Ranger's Claims
will be subordinated under 11 U.S.C. Section 510(c) and treated
pari passu with Class 5.
Class 4 - Investors that have filed Claims are impaired. This Class
will be subordinated Under Section 510 (c) and will be treated pari
passu with Class 5.
Class 5 - Investors that did not file Claims are impaired. This
Class will be treated pari passu in accordance with the NAV
attributable to each investor in accordance with the Plan
Administrator's schedule and includes Classes 3 and 4.
On the Effective Date, or as soon as practicable thereafter,
subject to this Plan, the Plan Administrator shall: (i) marshal,
manage and liquidate all then available Estate Assets; (ii)
promptly pay or reserve to the extent not known the Holders of (a)
Allowed Administrative Claims, (b) Allowed Professional Fee Claims,
(c) Allowed Priority Tax Claims and (d) Allowed Priority no- Tax
Claims (3) all Allowed Class 1 Claims as provided for under the
Plan (iii) make interim and final distributions of Estate Assets to
the Holders of Allowed Class Five Claims from the Claims Reserve
Account in the amounts and according to the priorities set forth in
this Plan.
A full-text copy of the Disclosure Statement dated May 9, 2019, is
available at https://tinyurl.com/y5tnsh6t from PacerMonitor.com at
no charge.
Attorneys for MicroBilt Corporation:
Derek J. Baker, Esq.
REED SMITH LLP
Princeton Forrestal Village
136 Main Street, Suite 250
Princeton, New Jersey 08540
Tel: 609-987-0050
Fax: 609-951-0824
Email: dbaker@reedsmith.com
Counsel for the Ad-Hoc Committee of
Minority Shareholders:
Ronald S. Gellert, Esq.
GELLERT SCALI BUSENKELL & BROWN, LLC
1201 North Orange Street, Ste. 300
Wilmington, DE 19801
Tel: (302) 425-5800
Fax: (302) 425-5814
Email: rgellert@gsbblaw.com
About Princeton Alternative
Princeton Alternative Income Fund, LP, provides capital for
businesses that make consumer loans in the non-prime market.
Princeton Alternative Income Fund, LP and Princeton Alternative
Funding LLC, a fund management company, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No.
18-14603) on March 9, 2018. Judge Michael B. Kaplan presides over
the cases.
In the petitions signed by John Cook, authorized representative,
PAIF estimated assets of $50 million to $100 million and
liabilities of $1 million to $10 million. PAF estimated assets of
less than $100,000 and liabilities of $1 million to $10 million.
Sills Cummis & Gross, P.C. is the Debtors' counsel. Liggett &
Webb, P.A., has been tapped to serve as accountant.
The Debtors tapped JAMS/Hon. Steven Rhodes to provide mediation
services.
Matthew Cantor was appointed as Chapter 11 trustee for the Debtors.
The Trustee tapped Wollmuth Maher & Deutsch LLP as his legal
counsel.
PRINCETON ALTERNATIVE: MicroBilt Objects to Debtor-Filed Disclosure
-------------------------------------------------------------------
MicroBilt Corporation, a creditor of each of Princeton Alternative
Income Fund, LP, ("PAIF") and Princeton Alternative Funding, LLC,
objects to the Disclosure Statement explaining the Chapter 11 Plan
proposed by Matthew Cantor, as the chapter 11 Trustee, for the
Debtors.
MicroBilt complain that the Disclosure Statement and Plan are
patently apparent attempts by the Trustee to favor Ranger in the
liquidation of the Debtors. In fact, in many instances the
Disclosure Statement and Plan read as if wholly written by Ranger
as it repeats, in some instances verbatim, positions asserted by
Ranger (but never adopted) in the Arbitration or this Bankruptcy
Case.
MicroBilt points out with respect to the PAIF Liquidation Trust,
the Disclosure Statement does not explain and disclose: (l) the
"universe" of estate claims to be included in the PAIF Liquidation
Trust; (2) how individual claims of Limited Partners to be
transferred into the PAIF Liquidation Trust will be vetted prior to
inclusion; and (3) how the amount of the individual claims of
Limited Partners to be transferred into the PAIF Liquidation Trust
will be determined for purposes of receiving shares of the Class D
Certificates.
MicroBilt complains that the Disclosure Statement fails to, but
must, identify the Liquidating Trustee and his/her qualifications
and experience and the proposed compensation for his/her services.
MicroBilt asserts that the Disclosure Statement must disclose and
explain that Ranger will be entitled to vote both its Claims and
Interests for purposes of determining the approval or rejection of
the Plan without first giving effect to the Ranger Settlement
Agreement, which appears to be a transparent attempt to gerrymander
the vote on the Plan.
Counsel for MicroBilt Corporation is:
Derek J. Baker, Esq.
Brian M. Schenker, Esq.
REED SMITH LLP
Princeton Forrestal Village
136 Main Street, Suite 250
Princeton, NJ 08543
Tel: (609) 987-0050
Fax: (609) 95 1-0824
Email: dbaker@reedsmith.com
About Princeton Alternative
Princeton Alternative Income Fund, LP, provides capital for
businesses that make consumer loans in the non-prime market.
Princeton Alternative Income Fund, LP and Princeton Alternative
Funding LLC, a fund management company, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No.
18-14603) on March 9, 2018. Judge Michael B. Kaplan presides over
the cases.
In the petitions signed by John Cook, authorized representative,
PAIF estimated assets of $50 million to $100 million and
liabilities of $1 million to $10 million. PAF estimated assets of
less than $100,000 and liabilities of $1 million to $10 million.
Sills Cummis & Gross, P.C. is the Debtors' counsel. Liggett &
Webb, P.A., has been tapped to serve as accountant.
The Debtors tapped JAMS/Hon. Steven Rhodes to provide mediation
services.
Matthew Cantor was appointed as Chapter 11 trustee for the Debtors.
The Trustee tapped Wollmuth Maher & Deutsch LLP as his legal
counsel.
QUINCY ST III: IRS Withdraws $18K Claim in New Plan
---------------------------------------------------
Quincy St III Corp., proposes a Third Amended Plan of Liquidation
to reflect the withdrawal of the IRS Claim in the amount of $18,710
and to respond to the objections of the Mortgagee for additional
information or language to be included in the Plan.
The Debtor said it cannot speculate as to the purchase price of the
Real Property. If the sales proceeds are insufficient to pay all
Allowed claims in full, the Allowed claim of the Mortgagee would
receive all the proceeds except for prior tax and water liens
($6,410) and ECB liens ($12,788), Title and closing costs ($4,000
estimated), real estate attorney's fees for the closing ($7,500),
and an amount equal to the transfer tax fees that would have been
paid in a State Court foreclosure (approximately $27,500-$30,000),
and carveout amounts that the Debtor would be entitled to pursuant
to Section 506(c) of the Bankruptcy Code and any Referee Fee
amounts that the Mortgagee would be required to pay in a
foreclosure. In addition, the Broker is being paid by the Buyer and
is not being paid by the Debtor.
A total of $62,500 is needed in order to pay all classes except
Class 1 (the Mortgagee) and Class 7 (the unsecured creditors)
representing the claims of the prior lienors, the priority claims,
administration claims and any U.S. Trustee fees. The Mortgagee
(Class 1) filed a claim in the amount of $1,027,000 and states that
its claim si approximately $1,120,000. Therefore, the sales price
proceeds would need to equal approximately $1,182,000 (if all
claims are Allowed in the amounts claimed) to pay all creditors in
full, excluding Class 7 (unsecured).
The Mortgagee takes the position that interest continues to accrue
on its claim until paid and that it is also entitled to
post-petition fees and costs as allowed by the Court. Creditors
should take into account this statement by the Mortgagee as they
consider the merits of the Debtor’s pursuing the Appeal for the
next year or two. The Mortgagee intends to include in its final
claim all accrued interest, legal fees and costs and apply to the
Court for approval of such items.
The Maltz Retention Order provides that if the Mortgagee is
permitted to "credit bid" its mortgage claim, the Mortgagee will
pay Maltz a Buyer's Premium of 2% of the bid. The Mortgagee holds a
claim which is not yet allowable. The Debtor has sought in the Plan
for the Mortgagee to pay up to $62,000 in the other secured and
priority claims if the Mortgagee is permitted to "credit bid," in
addition to formulating a plan which would protect the Estate in
the event the Mortgagee's claim is not allowed such as an escrow
arrangement which would deliver Title upon the Mortgagee's claim
becoming final. That matter has not yet been resolved. The
Mortgagee agrees to pay a lesser amount of a 2% commission to Maltz
if it is the successful bidder as a Buyer's Premium.
An Order retaining Maltz was submitted to the Court and an Order
scheduling a hearing on the Auction Sale and setting the Auction
has been prepared.
A blacklined version of the Third Amended Plan dated May 9, 2019,
is available at https://tinyurl.com/yyoqrcon from PacerMonitor.com
at no charge.
Counsel for the Debtor is Leo Fox, Esq., in New York.
About Quincy St III Corp.
Quincy St III Corp., filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 18-22294) on Feb. 22, 2018, estimating under $1
million in both assets and liabilities. The Debtor hired Leo Fox,
Esq., as counsel.
RUSSELL INVESTMENTS: Fitch Affirms BB IDR, Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Russell Investments Cayman Midco, Ltd.,
Russell Investments U.S. Institutional Holdco, Inc., and Russell
Investments U.S. Retail Holdco, Inc.'s (collectively, Russell)
Long-Term Issuer Default Ratings (IDRs) and senior secured debt
ratings at 'BB'. The Rating Outlook has been revised to Stable from
Negative.
KEY RATING DRIVERS
IDRs AND SENIOR DEBT
The Outlook revision to Stable from Negative reflects a sustained
track record of executing on cost reduction initiatives,
maintenance of leverage at or below 4.0x, reasonable investment
performance, and improvement of client flows supported by
acquisitions of institutional mandates in 1Q19.
The rating affirmations reflect Russell's strong franchise, AUM
diversification across geographies and product sets, scalable
business model, demonstrated a track record of delivering strong
fund performance relative to benchmarks, and margin expansion as a
result of solid realization of cost synergies.
The ratings are constrained by the relatively high leverage, low
interest and fixed-charge coverage, and lower margins relative to
higher-rated peers, and a fully-secured wholesale funding profile.
Ratings are also constrained by the sensitivity of the business
model to changes in market conditions and investor appetite for
actively managed investment products, limited operating history as
a standalone entity and a continued degree of uncertainty over the
company's future financial policies, including its leverage
appetite, which are heavily influenced by Russell's private equity
ownership.
Fitch calculates that Russell's cash flow leverage (gross debt to
adjusted EBITDA), would have been 3.9x for TTM ended March 31, 2019
(1Q19), including the additional run-rate cost synergies of $31.9
million that are already auctioned or identified, and are expected
to be realized in 2019. Leverage of this magnitude is near the
midpoint of Fitch's 'bb' category quantitative leverage benchmark
range for traditional investment managers of 3.0x-5.0x. Leverage
has remained relatively consistent since the re-leveraging
transaction in May 2018 when Russell increased its secured term
loan borrowing by $300 million. Absent any cost synergies, leverage
would be 4.4x at TTM 1Q19. Fitch's calculation of EBITDA as
adjusted for non-recurring items, non-cash incentive compensation
and gives no credit to performance-based management fees. Fitch
expects Russell to maintain its cash flow leverage at the current
levels in the near term; however, a degree of uncertainty persists
driven by Russell's private equity ownership.
Fitch-calculated fixed-charge coverage, including the $37.5 million
installment payment due in December 2019, 1% required amortization
of term loan principal paid quarterly, and the run-rate and
auctioned cost synergies were 2.6x for the TTM 1Q19, which is
viewed as weak relative to the assigned ratings. EBITDA coverage of
interest expenses was 4.3x for the same period. Absent any cost
synergies, fixed-charge coverage would be 2.3x, and interest
coverage would be 3.9x for the TTM 1Q19. Fitch does not expect
interest coverage to improve materially, in light of the current
interest rate environment. Hence, low coverage is expected to
remain a rating constraint.
Fitch believes Russell's liquidity profile is limited. At March 31,
2019, Russell maintained $225 million of balance sheet cash, of
which only $38.2 million was available for corporate purposes. The
remaining portion was held at the operating subsidiaries for
regulatory/operational risk, working capital needs, accumulated
deficit position, and other operational needs. Russell also
maintained a $50 million in undrawn revolver capacity at end-1Q19.
Fitch-calculated gross EBTIDA margin was 27.6% for the TTM 1Q19,
which is at the high end of Fitch's 'bbb' category quantitative
benchmark range of 20%-30%. This compares favorably with the firm's
historical margins, which have been in the low-20% range. EBITDA
margins could improve further depending on how well Russell
continues to extract cost efficiencies through headcount reduction
and system improvements and achieve scale efficiencies through AUM
expansion.
At March 31, 2019, Russell had $290.8 million of AUM, spread across
single/multi-asset products and derivative overlay products offered
to retail and institutional investors in the U.S., EMEA, APAC, and
Canada. The company derives revenues primarily from traditional
investment management activities, but also provides investment
services (exposure management, transitions, etc.) and consulting
services, which are moderate diversifiers of revenue. Net client
flows improved significantly in 1Q19, measuring 6.4% of AUM from a
year ago, driven by several institutional mandates wins. This
compares favorably to an average outflows of 2.6% from 2015-2018.
However, the firm's retail business continued to demonstrate net
client outflows, similar to other active IM peers, which continue
to face competitive headwinds from investor preference for passive
products.
Russell Investments Cayman Midco, Ltd.'s Long-Term IDR is equalized
with the IDRs assigned to debt-issuing entities, Russell
Investments U.S. Institutional Holdco, Inc. and Russell Investments
Retail Holdco Inc., and reflects that all management fee streams
flow into Russell Investments Cayman Midco, Ltd., which allows it
to meet its guarantee obligations to its debt-issuing
subsidiaries.
The senior-secured debt is equalized with the IDRs of Russell
Investments, reflecting Fitch's expectation of average recovery
prospects for the instruments under a stress scenario.
RATING SENSITIVITIES
IDRs AND SENIOR DEBT
An increase in leverage above 4.0x resulting from the issuance of
incremental debt, particularly associated with a
shareholder-friendly action, or deterioration in operating
performance is expected to result in a rating downgrade. Negative
rating action could also result from a decrease in interest
coverage below 4.0x, inability to improve fixed charge coverage or
execute on cost synergies, material decrease in EBITDA margins,
sustained material investment underperformance and/or AUM
outflows.
Upward momentum is viewed as limited in the near term, in light of
weak fixed charge coverage and uncertainty around the firm's
financial policies, including leverage tolerance levels. Ratings
could be positively influenced by Fitch-calculated gross leverage
approaching or below 3.0x on a consistent basis, gross EBITDA
margins steadily above 30%, improvement in coverage above 6.0x, and
favorable investment performance and asset flows, on a sustained
basis. Additional positive drivers could include an improvement in
the diversity of the funding profile, including the issuance of a
meaningful amount of unsecured debt.
The senior secured debt rating is primarily sensitive to changes in
the Russell's Long-Term IDR, and to a lesser extent, the recovery
prospects of the instrument.
Fitch has affirmed the following ratings:
Russell Investments Cayman Midco, Ltd. (guarantor)
-- Long-Term IDR at 'BB'.
Russell Investments U.S. Institutional Holdco, Inc. (co-borrower)
Russell Investments U.S. Retail Holdco, Inc. (co-borrower)
-- Long-Term IDR at 'BB';
-- Senior-secured debt at 'BB'.
The Rating Outlook has been revised to Stable from Negative.
SAGE BORROWCO: S&P Assigns 'B' ICR on Split From Grocery Unit
-------------------------------------------------------------
Apollo Global Management LLC is acquiring value oriented food
retailer Smart & Final Stores Inc. (SFS), which operates under the
Smart & Final Grocery and Smart Foodservice banners. Apollo plans
to take the company private and convert the two banners into
independently operated businesses.
S&P Global Ratings assigned its 'B' issuer credit rating to Sage
Borrowco LLC (d.b.a. Smart Foodservice). At the same time, S&P
assigned its 'B' issue-level rating and '3' recovery ratings to the
company's proposed first-lien debt facility, which includes a $50
million revolving facility and a $405 million term loan.
"Our ratings on Smart Foodservice reflect its narrow business focus
as a food service retailer primarily serving small-to-medium sized
business customers, as well as its comparatively small scale and
regional focus in the Northwest region versus traditional
foodservice distributors. We expect adjusted EBITDA margins in the
low 8% range in 2019, but declining modestly thereafter given
increasing costs related to new store openings," S&P said.
The stable outlook reflects S&P's view that the company will
generate moderate EBITDA growth through positive same-store sales
and new store openings, while food prices return to modestly
inflationary levels in the coming year. Over time, S&P believes the
company can also maintain margins and be competitive with its peers
by increasing its natural and organic product offerings and growing
its private label sales.
"We could lower the rating if weaker-than-expected operating
performance drives debt to EBITDA to exceed 6.5x on a sustained
basis. For this to occur, we would expect intensifying levels of
competition or recurring food deflation that pressures sales growth
and strains EBITDA margins by 100 basis points (bps) below our
expectations," S&P said.
"We would consider a positive rating action if the company
strengthens debt to EBITDA to less than 5x. For this to occur, we
would expect annual sales to increase at a high-single-digit
percent rate while the EBITDA margin expands by around 150 bps or
more," S&P said.
SBP HOLDING: S&P Raises ICR to 'B-' on Improved Business Profile
----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on SBP Holding
L.P. to 'B-' from 'CCC+' to reflect its increased scale, improved
business profile, and the supportive conditions in its
macroeconomic environment. The outlook is stable.
At the same time, S&P raised its issue-level rating on SBP's senior
secured first-lien term loan to 'B-' from 'CCC+'. The '3' recovery
rating (rounded estimate: 65%) remains unchanged. S&P also raised
its issue-level rating on the company's senior secured second-lien
term loan to 'CCC' from 'CCC-'. The '6' recovery rating (rounded
estimate: 0%) remains unchanged.
The upgrade reflects SBP's improved business profile and scale
following its acquisitions in late 2018 and early 2019. These
acquisitions expanded the company's operational footprint,
primarily by providing it with a new fluid power business vertical,
and further reduced its exposure to the oil and gas end markets.
Following the acquisitions, S&P forecasts that SBP's run-rate
revenue is nearly $500 million, 20% of which it derives from the
oil and gas industry. The rating agency forecasts that the
company's debt to EBITDA will decline below 6x by the end of fiscal
year 2020 as it integrates its recent acquisitions. It also expects
the steady macroeconomic environment to continue to support SBP's
operating performance.
The stable outlook on SBP reflects S&P's expectation that the
company's operating performance will be solid over the next 12
months. This includes revenue growth in the mid-double-digit
percent area, due to the integration of its recent acquisitions,
with healthy EBITDA margins in the mid-double-digit percent area
that lead the company's leverage to decline below 6x by fiscal year
2020. The outlook also reflects S&P's expectation that SBP will
refinance its 2021 debt maturities in a timely fashion and maintain
adequate liquidity following any further debt-funded acquisitions.
"We could lower our ratings on SBP if we forecast that it will
sustain leverage of more than 7x, if its liquidity sources decline
below $20 million, or if we expect it to experience significant
cash flow deficits. Under this scenario, we would become
increasingly convinced that the company would struggle to service
or refinance its debt at maturity or trigger a payment or selective
default," S&P said. S&P said it could also lower its ratings if SBP
faces difficulties in refinancing the company's 2021 debt
maturities at acceptable terms, adding that the rating agency could
lower its rating if SBP's business prospects decline because of a
sharp drop in the demand for its products or if the company's
financial sponsors increase its business or financial policy risk
tolerance.
"It is unlikely that we would upgrade SBP given our expectation
that it will sustain leverage of well above 5x over the next 12-24
months as it continues to adhere to its debt-funded acquisition
growth strategy. However, we would consider raising our rating if
the company demonstrates a commitment to maintaining debt leverage
of less than 5x or significantly broadens its revenue scale and
diversity to mitigate its high expected earnings volatility during
economic downturns," S&P said.
SEARS HOLDINGS: Santa Rosa Mall Objects to Disclosure Statement
---------------------------------------------------------------
Santa Rosa Mall, LLC, objects to the Disclosure Statement
explaining Sears Holdings Corporation's Chapter 11 Plan.
Santa Rosa Mall points out that the Disclosure Statement does not
mention and/or take into account Santa Rosa Mall's proposed
scenario in which the Insurance Proceeds for the damages caused by
Hurricanes Irma and Maria for Store No. 1915 are not part of the
bankruptcy estate which is a matter pending resolution by this
Honorable Court.
Santa Rosa Mall further points out that the Disclosure Statement
and/or its supplement exhibits do(es) not afford any information
whatsoever as to the existence, status or whereabouts of Insurance
Policy No.PTNAM1701557
Attorneys for Santa Rosa Mall, LLC:
Sonia E. Colon Colon, Esq.
Gustavo A. Chico-Barris, Esq.
221 Ponce de Leon Avenue, 5th Floor
San Juan, PR 00917
Telephone: (787) 766-7000
Facsimile: (787) 766-7001
Email: scolon@ferraiuoli.com
gchico@ferraiuoli.com
About Sears Holdings
Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s. At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes. Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotive
repair and maintenance retail sectors.
Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.
Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018. The Company employs 68,000
individuals, of whom 32,000 are full-time employees.
As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.
Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.
The Hon. Robert D. Drain is the case judge.
Weil, Gotshal & Manges LLP is serving as legal counsel and M-III
Partners is serving as restructuring advisor. Aebersold, Managing
Director, and Levi Quaintance, Vice President of Lazard Freres &
Co. LLC serve as investment banker to Holdings. DLA Piper LLP is
the real estate advisor. Prime Clerk is the claims and noticing
agent.
The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on an official committee of unsecured
creditors. Akin Gump Strauss Hauer & Feld LLP is counsel to the
creditors' committee. FTI Consulting is financial advisor to the
creditors' committee. Houlihan Lokey Capital, Inc., is providing
investment banking services to the committee.
SEARS HOLDINGS: Winners Objects to Disclosure Statement
-------------------------------------------------------
Winners Industry Co., Ltd., an administrative expense claimant and
a creditor, files a limited objection to Sears Holdings
Corporation, et al.'s Motion For An Order Approving Disclosure
Statement.
Winners points out that the Debtors' estimate of Administrative
Expense Claims (including, specifically, 503(b)(1)(A) & (b)(9)
vendor Administrative Expense Claims) does not disclose the
calculation method.
Winners further points out that the difference in calculation
method is far from trivial. According to Winners, it may cause
further doubt on the Debtors’ administrative solvency, and thus
their ability to confirm a plan, as the Official Committee of
Unsecured Creditors has noted.
Counsel for Winners:
H. Jeffrey Schwartz, Esq.
James H. Smith, Esq.
McKool Smith, P.C.
One Bryant Park, 47th Floor
New York, NY 10036
Tel: (212) 402-9400
Fax: (212) 402-9444
-- and --
Benjamin W. Hugon, Esq.
McKool Smith, P.C.
600 Travis Street, Suite 7000
Houston, TX 77002
Tel: (713) 485-7300
Fax: (713) 485-7344
About Sears Holdings
Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s. At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes. Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotive
repair and maintenance retail sectors.
Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.
Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018. The Company employs 68,000
individuals, of whom 32,000 are full-time employees.
As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.
Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.
The Hon. Robert D. Drain is the case judge.
Weil, Gotshal & Manges LLP is serving as legal counsel and M-III
Partners is serving as restructuring advisor. Aebersold, Managing
Director, and Levi Quaintance, Vice President of Lazard Freres &
Co. LLC serve as investment banker to Holdings. DLA Piper LLP is
the real estate advisor. Prime Clerk is the claims and noticing
agent.
The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on an official committee of unsecured
creditors. Akin Gump Strauss Hauer & Feld LLP is counsel to the
creditors' committee. FTI Consulting is financial advisor to the
creditors' committee. Houlihan Lokey Capital, Inc., is providing
investment banking services to the committee.
SEBA BROS: June 12 Plan Confirmation Hearing
--------------------------------------------
The disclosure statement of Seba Bros. Farms, Inc., has been
conditionally approved, and the disclosure and confirmation
hearings will be combined.
Starting June 12, 2019 at 9:00 a.m., through June 14, is fixed for
the hearing on final approval of the disclosure statement, and for
the hearing on confirmation of the plan and related matters.
May 30, 2019 is the deadline for filing with the Court objections
to the disclosure statement or plan confirmation; and submitting to
counsel for the plan proponent ballots accepting or rejecting the
plan.
As previously reported by The Troubled Company Reporter, the
Debtors filed a Third Amended Plan and accompanying Disclosure
Statement to disclose that on April 29, 2019, the Debtors filed a
Motion to Borrow from Ag Resource Management the sum of $329,000,
payable with interest at 8% per annum. The entire balance is due
by December 31, 2019. The loan would be secured by the corn and
oat crops that are being planted on the Seba Bros. Farms, Inc.
tillable acreage and on the MGN LLC and Craycraft farms. The total
amount of acres to be planted in corn or oats is 1,475 acres. The
remaining acreage of approximately 4,425 acres will be planted in
soybeans. BMO Harris Bank will have a lien on the 2019 soybean
crops.
The secured lenders would be paid in full and any remaining funds
would be used to pay the unsecured creditors.
A full-text copy of the Third Amended Joint Disclosure Statement
dated May 8, 2019, is available at https://tinyurl.com/y2ezfjhk
from PacerMonitor.com at no charge.
About Seba Bros.
Cleveland, Missouri-based Seba Bros. Partnership, LLC, is a
privately held company in the crop farming business. Seba Bros.
filed for chapter 11 bankruptcy protection (Bankr. W.D. Mo. Case
No. 18-42890) on Nov. 7, 2018, with total assets of $811,746 and
total liabilities of $6,607,060. The petition was signed by David
Seba, managing member. Judge Cynthia A. Norton presides over the
case.
SHAPE TECHNOLOGIES: S&P Affirms 'B' ICR After DCP Deal
------------------------------------------------------
S&P Global Ratings affirmed all its ratings on U.S.-based waterjet
pump manufacturer Shape Technologies Group Inc., including the 'B'
issuer credit rating and issue-level ratings on the company's $300
million term loan due in 2025 and $15 million revolving credit
facility due in 2023.
The rating actions came after American Industrial Partners (AIP)
agreed to sell 49.9% equity interest of Shape Technologies to DCP
Capital for $225 million. Proceeds from the $225 million of
capital invested by DCP, which will be in the form of perpetual
convertible preferred equity, along with an incremental $50 million
term loan, will fund a $258 million distribution to shareholders.
S&P assigned a 'B' issue-level rating and '4' recovery rating to
the incremental $50 million term loan. The '4' recovery rating
reflects S&P's expectation for average recovery (30%-50%; rounded
estimate: 35%) of principal in the event of a payment default.
"The affirmation reflects our view that the transaction is largely
neutral to our rating on Shape Technologies," S&P said, adding that
organic revenue growth and improving profitability should offset
the effect of the incremental $50 million term loan on debt
leverage.
"We view the perpetual convertible preferred invested by DCP as
equity in our analysis. We understand the instrument will have no
stated coupon or yield, no maturity, no optional redemption or
ability to redeem for cash other than at a deemed exit event, no
covenants or events of default, no collateral security or
guarantees, and would be subordinated to all debt at the company,"
S&P said. Under the new ownership structure, DCP will leverage its
experience in Asia to assist in pursuing Shape Technologies'
geographic expansion, specifically in China and South Korea,
according to the rating agency.
The stable outlook reflects S&P's view that Shape Technologies will
generate organic revenue growth in the mid-single-digit percentage
area, driven by accelerating aftermarket sales, new product
introduction, and geographic expansion. The rating agency believes
profitability will improve and leverage will decline to 5.6x as a
result of management's growth initiatives, completion of certain
one-time restructuring/transaction costs, and a reduction of
historical acquisition costs.
"We could lower our ratings if weaker-than-expected operating
conditions in its end markets, operational challenges, or
debt-funded acquisitions increase Shape Technologies' adjusted debt
to EBITDA above 6.5x with limited near-term prospects for
improvement," S&P said.
"An upgrade is unlikely in the next 12 months. However, we could
raise our ratings on Shape Technologies if stronger-than-expected
operating performance improves its credit measures and the
financial sponsors demonstrate less aggressive financial policies
that would allow it to maintain leverage of less than 5x on a
sustained basis," S&P said.
SUNEX INTERNATIONAL: June 25 Auction of All Assets Set
------------------------------------------------------
Judge John K. Olson of the U.S. Bankruptcy Court for the Southern
District of Florida authorized Sunex International Inc.'s bidding
procedures in connection with the sale of substantially all assets
at auction.
A hearing on the Motion was held on May 17, 2019 at 11:00 a.m.
The form and substance of the Notice (Exhibit B) is approved. The
Debtor will serve the Notice within three business days of the
entry of the Order on (a) the Office of the United States Trustee,
(b) all creditors and their known counsel; (c) all secured
creditors and their known counsel; (d) all applicable federal,
state, and local taxing and regulatory authorities of the Debtor or
recording offices or any other governmental authorities that, as a
result of the sale of the Assets, may have claims, contingent or
otherwise, in connection with the Debtor's ownership of the Assets
or have any known interest in the relief requested by the Motion,
(e) the United States Attorney's office for the Southern District
of Florida, (f) all parties in interest who have requested notice
pursuant to Rule 2002 as of the date of entry of the Order, (g) all
parties to litigation involving the Debtor, and (h) all potential
bidders either previously identified or otherwise known to the
Debtor.
The Auction will take place on June 25, 2019 at 9:30 a.m. at the
offices of Vaupen Financial Advisors, LLC, 201 S. Biscayne Blvd.,
Suite 915, Miami, FL 33131 (Tel. No. (305) 379-1171)) or such other
place and time as the Debtor will notify all Qualified Bidders.
The Auction will be conducted in accordance with the Bid
Procedures.
The Sale Hearing will take place on June 26, 2019 at 9:30 a.m.
before The Honorable John K. Olson, United States Bankruptcy Judge,
299 E. Broward Blvd., Courtroom 301, Ft. Lauderdale, FL 33301. The
Sale Hearing may be continued from time to time without notice to
creditors or other parties in interest other than by announcement
of any such continuance before the Court on the date scheduled for
such hearing.
Objections, if any, to the Sale of Assets or the relief requested
in the Motion must: (a) be in writing; (b) comply with the
Bankruptcy Rules and Local Rules; (c) be filed with the Clerk of
the Bankruptcy Court for the Southern District of Florida, Fort
Lauderdale Division, 299 E. Broward Blvd, Room 112, Fort
Lauderdale, FL 33301 or filed electronically via CM/ECF) on June
24, 2019 or such other date and time as the Debtor may agree; and
(d) be served so as to be received no later than 4:00 p.m. (ET) on
the same day, upon the following: (i) counsel for the Seller:
Seese, P.A., 101 N.E. Third Avenue, Suite 1270, Fort Lauderdale, FL
33301, Attn: Michael D. Seese, Esq., mseese@seeselaw.com; (ii)
Vaupen Financial Advisors, LLC, 201 S. Biscayne Blvd., Suite 915,
Miami, FL 33131, Attn: Hy Vaupen, hvaupen@vaupenfinancial.com;
(iii) counsel for ExWorks Capital Fund I, L.P.: Scott B. Kitei,
Esq., skitei@honigman.com; and (iv) counsel for Byline Bank: Edmond
M. Burke, Esq., eburke@chuhak.com, and Miriam R. Stein, Esq.,
mstein@chuhak.com.
The procedures governing assumption and assignment of the Section
365 Agreements are approved in their entirety. A list of the
intended Section 365 Agreements will be filed with the Court within
one business day of receipt of any Qualified Bid.
The stay provided for in Rule 6004(h) is waived and the Order will
be effective immediately upon its entry.
All time periods set forth in the Order will be calculated in
accordance with Rule 9006(a).
A copy of the Bidding Procedures and Notice attached to the Order
is available for free at:
http://bankrupt.com/misc/Sunex_International_73_Order.pdf
About Sunex International
Founded in 1985, Sunex International -- http://www.sunexintl.com/
-- is a supplier of architectural products and complete turn-key
building materials for builders, architects, and designers
throughout the Caribbean and South Florida. The Company
specializes in windows, doors, lumber, framing, roofing, lighting,
flooring, tools, fasteners, underground pipes, pumps, and more.
Sunex International, Inc., based in Pompano Beach, FL, filed a
Chapter 11 petition (Bankr. S.D. Fla. Case No. 19-14372) on April
3, 2019. In the petition signed by Jerry Rand, president, the
Debtor estimated $1 million to $10 million in both assets and
liabilities. The Hon. Raymond B. Ray oversees the case. Michael
D. Seese, Esq., at Seese P.A., serves as the Debtor's bankruptcy
counsel.
TAYLOR MORRISON: S&P Rates New $475MM Senior Unsecured Notes 'BB'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '3'
recovery rating to Taylor Morrison Communities Inc.'s proposed $475
million senior unsecured notes due 2027. The '3' recovery rating
indicates S&P's expectation for meaningful (50%-70%; rounded
estimate: 65%) recovery in the event of a payment default. S&P
expects the company to use the proceeds from the issuance, along
with cash on hand, to fully refinance its $550 million of
outstanding 5.25% senior unsecured notes due April 2021.
TEVOORTWIS DAIRY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: TeVoortwis Dairy, LLC
3800 Stein Rd.
Bad Axe, MI 48413
Business Description: TeVoortwis Dairy, LLC is a privately held
company in Bad Axe, Michigan that operates
in the dairy farming industry.
Chapter 11 Petition Date: May 24, 2019
Court: United States Bankruptcy Court
Eastern District of Michigan (Bay City)
Case No.: 19-21104
Judge: Hon. Daniel S. Opperman
Debtor's Counsel: Keith A. Schofner, Esq.
LAMBERT LESER
755 W. Big Beaver Rd., Suite 410
Troy, MI 48084
Tel: 989-893-3518
Fax: 248-244-2244
E-mail: kaschofner@lambertleser.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Cindy TeVoortwis, member.
A full-text copy of the Debtor's petition is available for free
at:
http://bankrupt.com/misc/mieb19-21104.pdf
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. GreenStone Farm Cattle, equipment $3,796,569
Credit Services FLCA silage, haylage,
3515 West Road commodities, milk
East Lansing, MI 48823
2. Vita Plus Corporation $503,792
6506 Mill Street
PO Box 169
Gagetown, MI 48735
3. Eli TeVoortwis All personal $150,000
1920 S. Moore Rd. property and
Bad Axe, MI 48413 goods
4. Harvey Commodities $124,748
729 W. Main St.
PO Box 189
Carson City, MI 48811
5. DTE Energy $83,433
One Energy Plaza
Detroit, MI 48226
6. Brown Dairy Equipment Co $73,323
2153 N. Van Dyke
Bad Axe, MI 48413
7. Active Feed $51,206
7564 Pigeon Rd.
PO Box 350
Pigeon, MI 48755
8. Jurgen TeVoortwis All Personal $47,000
2040 Grassmere Rd. Property and
Bad Axe, MI 48413 goods
9. Nobis Agri Science $40,211
620 Gray St.
Plainwell, MI 49080
10. Premium Farm $37,217
Solutions, Inc.
3210 E. Houghton, Lake Rd.
Lake City, MI 49651
11. Ken Walker DVM $34,988
1747 Eppenbrock
Harbor Beach, MI 48441
12. Livestock Nutrition Company $34,958
2109 Black River Street
Deckerville, MI 48427
13. Michigan Sugar Company $30,572
122 Uptown Drive, Suite 300
Bay City, MI 48708
14. Thumb Veterinary Services $29,411
60 E. Miller Rd.
Sandusky, MI 48471
15. Star City IBA Inc. $26,835
3210 E. Houghton, Lake Rd.
Lake City, MI 49651
16. Productivity Plus Account $22,222
Dept 93-1118807977
PO Box 205
Elkton, MI 48731
17. SEMEX USA $21,363
2866 Agriculture Drive
Madison, WI 53718
18. CentralStar Cooperative $15,740
PO Box 23157
Lansing, MI 48909
19. Rain and Hail LLC $14,216
PO Box 10496
Des Moines, IA 50306
20. Powerplan $14,198
PO Box 4450
Carol Stream, IL 60197
TONY3CARS LLC: Allowed Admin Claims Estimate Raised to $25K
-----------------------------------------------------------
Tony3cars, Inc., filed a further amended Chapter 11 plan and
accompanying disclosure statement disclosing that the allowed Class
1 (Allowed Administrative Claims of Professionals and U.S. Trustee)
are estimated as of the date of the filing of this Plan to not
exceed the amount of $25,000. The previously filed Plan estimated
the allowed Class 1 Claim to not exceed the amount of $15,000.
Class 8 Claimant (General Unsecured Creditors) are impaired and
shall be satisfied as follows: All General Unsecured Creditors with
Allowed Claims, shall be paid in full in 60 equal monthly payments
commencing on the Effective Date.
A full-text copy of the Amended Disclosure Statement dated May 9,
2019, is available at https://tinyurl.com/y5387ebp from
PacerMonitor.com at no charge.
Counsel for the Debtor is Eric A. Liepins, Esq., in Dallas, Texas.
About Tony3cars LLC
Tony3cars, LLC is a privately-held company in Dallas, Texas in the
real estate agents and managers business.
Tony3cars sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Texas Case No. 18-33663) on Nov. 5, 2018. In the
petition signed by Celia Lopez, sole member, the Debtor estimated
assets of less than $50,000 and liabilities of $1 million to $10
million.
The Debtor tapped Eric A. Liepins, P.C., as its legal counsel.
TONY3CARS LLC: CRF Objects to Disclosure Statement
--------------------------------------------------
CRF Small Business Loan Company, LLC, files a Third Supplemental
Objection to the adequacy of the Amended Disclosure Statement filed
on behalf of Tony3cars, LLC.
CRF points out that the Debtor's Amended Disclosure Statement,
Schedules and Statement of Financial Affairs, and Amended Schedules
and Statement of Financial Affairs willfully, wrongfully, and
wantonly omit creditors and account debtors of the Debtor, nor does
the Amended Disclosure Statement provide for any treatment of the
non-disclosed creditors or account debtors.
CRF further points out that virtually every check issued by the
Debtor out of its operating account maintained at Green Bank
constitute voidable fraudulent transfers under 11 U.S.C. Sec. 548,
yet neither the Debtor's initial and amended schedules and
statement of financial affairs nor the initial disclosure statement
and amended disclosure statement make reference to any potential
turnover actions.
CRF asserts that the Debtor has misrepresented the post-petition
payment allegedly remitted by Michael Waldroup/Waldroup related
limited liability companies for the lease of the restaurant located
at 247 W. Davis.
CRF complains that the sale of the 608 North Madison property did
not occur prior to May 3, 2019, therefore the Amended Disclosure
Statement needs to be updated to reflect this fact.
CRF points out that there are unexplained cash deposits.
According to CRF, the Amended Disclosure Statement provides no
information to to support the Debtor’s ability to make a balloon
payment to CRF in 2024.
Attorneys for CRF:
T. Chris Stewart, Esq.
Anastasi Jellum, P.A.
14985 60th Street North
Stillwater, MN 55082
-- and --
Allison L. Grossman, Esq.
Anderson Grossman, PLLC
One Galleria Tower
13355 Noel Road, Suite 1900
Dallas, Texas 75240
About Tony3cars LLC
Tony3cars, LLC is a privately-held company in Dallas, Texas in the
real estate agents and managers business.
Tony3cars sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Texas Case No. 18-33663) on Nov. 5, 2018. In the
petition signed by Celia Lopez, sole member, the Debtor estimated
assets of less than $50,000 and liabilities of $1 million to $10
million.
The Debtor tapped Eric A. Liepins, P.C., as its legal counsel.
TREASURE ISLES: $250K Sale of All Assets to LJS Opco Approved
-------------------------------------------------------------
Judge Laura K. Grady of the U.S. Bankruptcy Court for the Southern
District of Illinois authorized Treasure Isles Inc.'s sale of
substantially all assets to LJS Opco Two, LLC for $250,000.
A hearing on the Motion was held on May 16, 2019.
The sale is free and clear of all Encumbrances.
Upon the Closing and payment of the Purchase Price under the Asset
Purchase Agreement, the Purchaser will take title to and possession
of the Purchased Assets subject only to the Assumed Liabilities, if
any.
The Cure Costs set forth on Exhibit B and Exhibit C will be binding
on the Counterparties set forth in Exhibit B and Exhibit C to the
Order; provided however, that such Cure Costs assume that the
Debtor had not paid rent for May, 2019 and to the extent the Debtor
has paid for rent on an Assumed Lease on the Initial Assignment
List for May, 2019, as between the Debtor and the Purchaser, the
Purchaser will receive a credit toward the Cure Costs for such
payments. The assumption and assignment of the Assumed Contracts
and Assumed Leases set forth on Exhibit B and Exhibit C to the
Order from the Debtor to the Purchaser is approved in accordance
with the Order and, without further Court Order, will be effective
upon the filing by the Purchaser of a Notice of Assumption.
Pursuant to Section 8.8 of the APA, the Purchaser will have the
right within 45 days after the Order becomes a Final Order and is
no longer subject to appeal or reconsideration to file a
Supplemental Assumption List, setting forth the name and addresses
of additional
counterparties to Assumed Contracts and Assumed Leases and setting
forth the Cure Costs with respect to such Assumed Contracts and
Assumed Leases. The Counterparties to such Assumed Contracts and
Assumed Leases will have 20 days from the filing of such
Supplemental Assumption List to file an objection to the
Supplemental Assumption List, which will be heard by the Court.
To the extent a Counterparty to any of such Assumed Contracts and
Assumed Leases fails to timely object to such Supplemental
Assumption List, the Cure Costs with respect to such Assumed
Contracts and Assumed Leases will be binding upon such
Counterparties and such Counterparties will be deemed to have
consented to assignment and assumption of such Assumed Contracts
and Assumed Leases.
The Purchaser (i) will satisfy the Cure Costs for each of the
Assumed Contracts and Assumed Leases in the amount, set forth in
the Notice of Assumption, based upon the terms and conditions of
the APA and any further agreement reached between Purchaser and the
respective Counterparties to the Assumed Contracts and Assumed
Leases; and (ii) will be responsible for all Assumed Liabilities
with respect to the Assumed Contracts and Assumed Leases.
Notwithstanding anything in the Order or APA to the contrary, (i)
the Debtor will remain responsible for any indemnification
obligations that arise from third-party claims asserted with
respect to or arising from the Debtor's use and occupancy of any of
the premises owned by and leased to the Debtor by ARC prior to the
Closing for which Debtor had a duty to indemnify ARC under the
applicable ARC leases; (ii) the assumption and assignment of the
ARC Leases is expressly subject to the execution and documentation
satisfactory to ARC and the Purchaser evidencing certain modified
terms of the ARC Leases, including any required guaranty; (iii) ARC
will have an allowed general unsecured claim for any amount to
which ARC would otherwise be entitled to under 11 U.S.C. Section
365 as its full cure amount in the absence of any consensual waiver
thereof by ARC, and ARC may file a new or amended proof of claim
for such amount.
Notwithstanding anything in the Order or APA to the contrary the
landlord of the Debtor's Mount Vernon, IL store will have an
allowed general unsecured claim for any amount to which the MVL
would otherwise be entitled to under 11 U.S.C. Section 365 as its
full cure amount in the absence of any consensual waiver thereof by
the MVL, and the MVL may file a new or amended proof of claim for
such amount
Pursuant to Bankruptcy Rules 7062, 9014, 6004(g) and 6006(d), the
Order will be effective immediately upon entry and the Debtor is
authorized to close the sale immediately upon entry of the Sale
Order.
The Debtor will continue to operate the LJS Restaurants through the
Closing and, in doing, so will continue to pay ordinary operating
expenses which accrue through the Closing including but not limited
to all franchise fees and advertising costs.
Although the Order is entered on May 17, 2019, it evidences the
Court's approval of the terms of the Order on May 16, 2019 and as
such is effective on a nunc pro tunc basis as of May 16, 2019.
This is a final and appealable order as of May 16, 2019 and there
is no just cause for delay.
The Counsel for the moving party will serve a copy of the Order by
mail to all interested parties who were not served electronically.
A copy of Exhibits B and C attached to the Order is available for
free at:
http://bankrupt.com/misc/Treasure_Isles_107_Order.pdf
About Treasure Isles
Treasure Isles, Inc., is a privately held company that operates in
the food and beverages industry. Treasure Isles sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ill. Case No.
19-30269) on March 7, 2019. At the time of the filing, the Debtor
estimated assets of less than $1 million and liabilities of $1
million to $10 million. The case is assigned to Judge Laura K.
Grandy. HeplerBroom, LLC, is the Debtor's counsel.
TRIANGLE PETROLEUM: June 14 Combined Plan, Disclosures Hearing
--------------------------------------------------------------
The Bankruptcy Court has granted the motion of Triangle Petroleum
Corporation for entry of an order (i) scheduling the Combined
Hearing; (ii) approving the deadline and procedures for objecting
to the adequacy of the Disclosure Statement and confirmation of the
Plan; (iii) approving the Solicitation Procedures and the Combined
Notice.
The Combined Hearing, at which time this Court will consider, among
other things, the adequacy of the Disclosure Statement and
confirmation of the Plan, will be held before this Court on June
14, 2019 at 10:30 a.m. (ET).
Any objections to the adequacy of the Disclosure Statement or
confirmation of the Plan will be filed and served no later than
4:00 p.m. (ET) on June 7, 2019.
Any objections to the assumption of executory contracts and
unexpired leases or Cure Amounts must be filed and served no later
than 4:00 p.m. (ET) on the later of (a) May 31, 2019 at 4:00 p.m.
(ET) and (b) the date that is seven (7) days from the filing and
service of any applicable amendment or supplement to the Schedule
of Assumed Executory Contracts and Unexpired Leases.
About Triangle Petroleum Corp
Triangle Petroleum Corporation -- http://www.trianglepetroleum.com/
-- is an independent energy company with a strategic focus in the
Williston Basin of North Dakota. Its operations are conducted
through wholly-owned non-debtor subsidiaries and other affiliated
non-debtor entities.
Triangle Petroleum, based in Denver, CO, filed a Chapter 11
petition (Bankr. D. Del. Case No. 19-11025) on May 8, 2019. In the
petition signed by CEO Ryan D. McGee, the Debtor estimated $50
million to $100 million in assets and $100 million to $500 million
in liabilities.
The Hon. Mary F. Walrath oversees the case.
The Debtor hired Paul Weiss Rifkind Wharton & Garrison LLP as
bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP, as
co-counsel; Development Specialists Inc. as financial advisor; and
Epiq Corporate Restructuring LLC, as claims and noticing agent.
UNITED PF: S&P Assigns 'B' Issuer Credit Rating; Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to United
PF Holdings LLC, which plans to issue a $540 million first-lien
term loan.
The first-lien term loan includes a fungible $75 million delayed
draw term loan, due 2026, a $110 million second-lien term loan due
2027, and a $20 million revolving credit facility due 2024.
Proceeds will be used to refinance the existing capital structure,
fund an add-on acquisition including acquisition fees and add cash
to the balance sheet.
Meanwhile, S&P assigned its 'B' issue-level rating and '3' recovery
rating to the first-lien facility and assigned its 'CCC+'
issue-level rating and '6' recovery rating to the second-lien term
loan. S&P's '3' recovery rating indicates its expectation for
meaningful recovery (50%-70%; rounded estimate: 60%) in a payment
default. The rating agency's '6' recovery rating on the second-lien
term loan indicates its expectation for negligible recovery
(0%-10%; rounded estimate: 0%).
"Our rating on United PF primarily reflects its high leverage,
operations in a highly competitive fitness club industry with low
barriers to entry, lack of ancillary services, and
capital-intensive growth strategy," S&P said. These risks are
partially mitigated by the company's franchising agreement with the
well-recognized Planet Fitness brand, exclusivity provided by
Planet Fitness development agreements, and strong internal and
acquisition growth, according to the rating agency.
The stable outlook reflects S&P's expectation that the company will
have adequate financing to reach its development goals and can
start to reduce its high leverage in 2020 through revenue growth
from acquired and projected club construction and good EBITDA
margin.
"We could lower the ratings if we believe United PF's EBITDA will
deteriorate and EBITDA coverage of cash interest weakens and is
sustained below 2x. We could also lower ratings if lease-adjusted
debt to EBITDA is sustained above 7x," S&P said.
"While unlikely at the current time because of high anticipated
leverage and the company's financial sponsor ownership, we could
consider raising the ratings if we believe United PF will sustain
our measure of lease-adjusted debt to EBITDA below 5x," S&P said.
VISCONTI TRANSPORT: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Visconti Transport, LLC
dba Windstar Carriers
dba Windstar
PO Box 237
Draper, UT 84020
Business Description: Visconti Transport, LLC is a privately held
company in the general freight trucking
industry. The Company offers dry,
refrigerated, and temperature-controlled
transportation services.
http://www.windstarcarriers.com/
Chapter 11 Petition Date: May 24, 2019
Court: United States Bankruptcy Court
District of Utah (Salt Lake City)
Case No.: 19-23782
Judge: Hon. Kevin R. Anderson
Debtor's Counsel: Andres Diaz, Esq.
DIAZ & LARSEN
307 West 200 South, Suite 2004
Salt Lake City, UT 84101
Tel: (801) 596-1661
Fax: (801) 359-6803
E-mail: courtmail@adexpresslaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Gabriel M Visconti, member CEO.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/utb19-23782.pdf
WBC INC: Court Approves Disclosure Statement, July 15 Plan Hearing
------------------------------------------------------------------
The Modified Disclosure Statement explaining the Chapter 11 Plan of
WBC Inc., is approved.
On July 15, 2019, at 9 a.m., the Court will hold a final hearing to
consider confirmation of the Plan in the Brazos Courtroom, 5th
floor, Pete V. Domenici United States Courthouse, 333 Lomas Blvd.
NW, Albuquerque, New Mexico 87102.
June 10, 2019, is fixed as the last day for filing and serving
objections to confirmation of the plan, and for mailing completed
ballots to the debtor’s attorney. Ballots must be hand-delivered,
postmarked, or given to an overnight courier service by the
deadline.
Deadline to Object to Discharge. July 15, 2019, is set as the
deadline for filing complaints objecting to discharge of the
debtor.
A full-text copy of the Modified Disclosure Statement is available
at https://tinyurl.com/y24ba4vb from PacerMonitor.com.
About WBC Inc.
WBC, Inc., d/b/a Lithexcel is a privately held company founded in
1989. Based in Albuquerque, New Mexico, the company's line of
business includes commercial printing such as bags, business forms,
calendars, cards, and other printed material.
WBC Inc. sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. NM. Case No. 18-10945) on April 18, 2018. In the
petition signed by Waleed Ashoo, president/CEO, the Debtor
disclosed between $1 million to $10 million in assets and between
$1 million and $10 million in liabilities.
Judge Robert H. Jacobnitz presides over the case.
Daniel J. Behles, Esq., at Askew & Mazel, LLC is the Debtor's
counsel.
WHITE STAR: Involuntary Chapter 11 Case Summary
-----------------------------------------------
Alleged Debtor: White Star Petroleum, LLC
301 NW 63rd, Ste. 600
Oklahoma City, OK 73116
Business Description: White Star Petroleum, LLC is an independent
oil and natural gas exploration and
production company. Headquartered in
Oklahoma City, the Company conducts its
business exclusively in the Mid-Continent
region of Oklahoma where it owns a leasehold
position.
Involuntary Chapter
11 Petition Date: May 24, 2019
Court: United States Bankruptcy Court
Western District of Oklahoma (Oklahoma City)
Case Number: 19-12145
Judge: Hon. Janice D. Loyd
Petitioners' Counsel: Mark A. Craige, Esq.
CROWE & DUNLEVY
500 Kennedy Building
321 S. Boston
Tulsa, OK 74103
Tel: (918) 592-9878
Fax: (918) 599-6318
Email: mark.craige@crowedunlevy.com
List of Petitioners:
Name Nature of Claim Claim Amount
---- --------------- ------------
Mustang Heavy Haul, LLC Labor, Services, $100,000
POB 691017 materials &
Tulsa, OK 74169 equipment
918-355-4380
Latshaw Drilling Company, LLC Oil & Gas Well $100,000
POB 691017 Drilling and Related
Tulsa, OK 74169 Services
918-355-4380
MS Directional, LLC Oil & Gas Well $100,000
3335 Pollok Drive Drilling and related
Conroe, TX 77303 Services
(281) 765-7162
Baker Hughes Oilfield Oilfield Services $100,000
Operations, LLC
17021 Aldine Westfield Road
Houston, TX 77073
713 879 1063
Cactus Drilling Company, LLC Oil & Gas Well Drilling
8300 SW 15th and related services $100,000
Oklahoma City, OK 73128-9594
Each of the Petitioning Creditors asserts an unsecured claim of not
less than $100,000 for purposes of the involuntary petition and
alleges those claims are not subject to a bona fide disputed as to
an amount of at least $100,000.
The Petitioning Creditors claims they are in fact owed more than
$100,000 as follows:
Creditor Amount
-------- ----------
Mustang Heavy Haul, LLC $387,595
Latshaw Drilling Company, LLC $1,350,435
MS Directional, LLC $500,778
Baker Hughes Oilfield Operations LLC $2,366,780
Cactus Drilling Company, LLC $900,824
A full-text copy of the Involuntary Petition is available for free
at:
http://bankrupt.com/misc/okwb19-12145.pdf
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ --------- --------
ABBVIE INC ABBV US 56,769.0 (7,826.0) 509.0
ABBVIE INC 4AB QT 56,769.0 (7,826.0) 509.0
ABBVIE INC ABBV AV 56,769.0 (7,826.0) 509.0
ABBVIE INC 4AB GZ 56,769.0 (7,826.0) 509.0
ABBVIE INC 4AB TH 56,769.0 (7,826.0) 509.0
ABBVIE INC 4AB GR 56,769.0 (7,826.0) 509.0
ABBVIE INC ABBV SW 56,769.0 (7,826.0) 509.0
ABBVIE INC ABBV* MM 56,769.0 (7,826.0) 509.0
ABBVIE INC ABBVUSD EU 56,769.0 (7,826.0) 509.0
ABBVIE INC ABBVEUR EU 56,769.0 (7,826.0) 509.0
ABBVIE INC 4AB TE 56,769.0 (7,826.0) 509.0
ABBVIE INC-BDR ABBV34 BZ 56,769.0 (7,826.0) 509.0
ABSOLUTE SOFTWRE ABT CN 93.0 (51.2) (30.8)
ABSOLUTE SOFTWRE OU1 GR 93.0 (51.2) (30.8)
ABSOLUTE SOFTWRE ALSWF US 93.0 (51.2) (30.8)
ABSOLUTE SOFTWRE ABT2EUR EU 93.0 (51.2) (30.8)
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMERICA'S CAR-MA HC9 GR 493.6 (230.9) 387.8
AMERICA'S CAR-MA CRMT US 493.6 (230.9) 387.8
AMERICA'S CAR-MA CRMTEUR EU 493.6 (230.9) 387.8
AMERICAN AIRLINE A1G QT 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE AAL TE 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE A1G SW 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE AAL1CHF EU 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE A1G GZ 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE AAL11EUR EU 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE AAL AV 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE AAL US 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE AAL* MM 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE A1G GR 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE AAL1USD EU 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE A1G TH 60,787.0 (636.0) (11,195.0)
AMERICAN BRIVISI ABVCD US 2.6 (2.4) (1.9)
AMYRIS INC 3A01 GR 172.8 (174.4) (111.5)
AMYRIS INC 3A01 TH 172.8 (174.4) (111.5)
AMYRIS INC AMRS US 172.8 (174.4) (111.5)
AMYRIS INC AMRSUSD EU 172.8 (174.4) (111.5)
AMYRIS INC 3A01 QT 172.8 (174.4) (111.5)
AMYRIS INC AMRSEUR EU 172.8 (174.4) (111.5)
ATLATSA RESOURCE ATL SJ 139.6 (285.7) (326.1)
AUTODESK INC ADSK US 4,808.5 (245.3) (798.4)
AUTODESK INC AUD TH 4,808.5 (245.3) (798.4)
AUTODESK INC AUD GR 4,808.5 (245.3) (798.4)
AUTODESK INC AUD QT 4,808.5 (245.3) (798.4)
AUTODESK INC ADSKEUR EU 4,808.5 (245.3) (798.4)
AUTODESK INC ADSKUSD EU 4,808.5 (245.3) (798.4)
AUTODESK INC ADSK TE 4,808.5 (245.3) (798.4)
AUTODESK INC AUD GZ 4,808.5 (245.3) (798.4)
AUTODESK INC ADSK AV 4,808.5 (245.3) (798.4)
AUTODESK INC ADSK* MM 4,808.5 (245.3) (798.4)
AUTOZONE INC AZ5 GR 9,745.1 (1,594.4) (337.2)
AUTOZONE INC AZ5 TH 9,745.1 (1,594.4) (337.2)
AUTOZONE INC AZOEUR EU 9,745.1 (1,594.4) (337.2)
AUTOZONE INC AZ5 QT 9,745.1 (1,594.4) (337.2)
AUTOZONE INC AZOUSD EU 9,745.1 (1,594.4) (337.2)
AUTOZONE INC AZO AV 9,745.1 (1,594.4) (337.2)
AUTOZONE INC AZ5 TE 9,745.1 (1,594.4) (337.2)
AUTOZONE INC AZO* MM 9,745.1 (1,594.4) (337.2)
AUTOZONE INC AZO US 9,745.1 (1,594.4) (337.2)
AVID TECHNOLOGY AVID US 299.7 (167.1) 1.4
AVID TECHNOLOGY AVD GR 299.7 (167.1) 1.4
B RILEY - CL A BRPM US 0.4 (0.0) (0.4)
B RILEY PRINCIPA BRPM/U US 0.4 (0.0) (0.4)
BENEFITFOCUS INC BNFTEUR EU 341.0 (10.4) 119.3
BENEFITFOCUS INC BNFT US 341.0 (10.4) 119.3
BENEFITFOCUS INC BTF GR 341.0 (10.4) 119.3
BEYONDSPRING INC BYSI US 7.1 (9.4) (10.6)
BJ'S WHOLESALE C BJ US 5,210.9 (148.3) (329.3)
BJ'S WHOLESALE C 8BJ GR 5,210.9 (148.3) (329.3)
BJ'S WHOLESALE C 8BJ QT 5,210.9 (148.3) (329.3)
BLUE BIRD CORP BLBD US 355.4 (77.6) (2.7)
BLUELINX HOLDING BXC US 1,089.7 (18.3) 454.7
BOMBARDIER INC-B BBDBN MM 26,719.0 (4,100.0) 263.0
BRINKER INTL EAT US 1,264.1 (814.2) (284.9)
BRINKER INTL BKJ GR 1,264.1 (814.2) (284.9)
BRINKER INTL BKJ QT 1,264.1 (814.2) (284.9)
BRINKER INTL EAT2EUR EU 1,264.1 (814.2) (284.9)
BROOKFIELD REAL BRE CN 103.3 (38.3) 4.5
BRP INC/CA-SUB V DOO CN 3,077.2 (322.8) (192.6)
BRP INC/CA-SUB V B15A GR 3,077.2 (322.8) (192.6)
BRP INC/CA-SUB V DOOO US 3,077.2 (322.8) (192.6)
CADIZ INC CDZI US 73.9 (81.4) 13.8
CADIZ INC 2ZC GR 73.9 (81.4) 13.8
CANNABIS STRAT-A CSA/A CN 136.4 (286.0) (5.6)
CANNABIS STRAT-A CBAQF US 136.4 (286.0) (5.6)
CANTEX MINE DEV CD CN 0.9 (4.3) (4.3)
CATASYS INC CATS US 7.2 (10.7) (2.6)
CBDMD INC YCBD US 94.8 (13.4) 12.3
CDK GLOBAL INC C2G TH 3,165.8 (475.4) 143.9
CDK GLOBAL INC CDKEUR EU 3,165.8 (475.4) 143.9
CDK GLOBAL INC C2G GR 3,165.8 (475.4) 143.9
CDK GLOBAL INC C2G QT 3,165.8 (475.4) 143.9
CDK GLOBAL INC CDK* MM 3,165.8 (475.4) 143.9
CDK GLOBAL INC CDKUSD EU 3,165.8 (475.4) 143.9
CDK GLOBAL INC CDK US 3,165.8 (475.4) 143.9
CEDAR FAIR LP FUN US 2,132.5 (109.6) (108.6)
CEDAR FAIR LP 7CF GR 2,132.5 (109.6) (108.6)
CHOICE HOTELS CZH GR 1,173.8 (185.5) (53.2)
CHOICE HOTELS CHH US 1,173.8 (185.5) (53.2)
CINCINNATI BELL CBB US 2,649.3 (102.3) (116.4)
CINCINNATI BELL CBBEUR EU 2,649.3 (102.3) (116.4)
CINCINNATI BELL CIB1 GR 2,649.3 (102.3) (116.4)
CLEAR CHANNEL OU CCO US 6,325.6 (2,255.8) (147.2)
CLEAR CHANNEL OU C7C1 GR 6,325.6 (2,255.8) (147.2)
CLEAR CHANNEL OU CCO1EUR EU 6,325.6 (2,255.8) (147.2)
COGENT COMMUNICA OGM1 GR 797.0 (164.2) 252.3
COGENT COMMUNICA CCOI US 797.0 (164.2) 252.3
COHERUS BIOSCIEN CHRS US 186.1 (38.5) 117.8
COHERUS BIOSCIEN 8C5 GR 186.1 (38.5) 117.8
COHERUS BIOSCIEN CHRSUSD EU 186.1 (38.5) 117.8
COHERUS BIOSCIEN 8C5 QT 186.1 (38.5) 117.8
COHERUS BIOSCIEN CHRSEUR EU 186.1 (38.5) 117.8
COHERUS BIOSCIEN 8C5 TH 186.1 (38.5) 117.8
COLGATE-BDR COLG34 BZ 12,883.0 (210.0) 268.0
COLGATE-CEDEAR CL AR 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CPA TH 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CL EU 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CLEUR EU 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CLCHF EU 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CL* MM 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CL SW 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CPA QT 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CL US 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CPA GR 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CL TE 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV COLG AV 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CLUSD SW 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CPA GZ 12,883.0 (210.0) 268.0
COLUMBIA CARE IN CCOUF US 161.5 (0.9) (1.9)
COLUMBIA CARE IN CCHW CN 161.5 (0.9) (1.9)
COLUMBIA CARE IN COLXF US 161.5 (0.9) (1.9)
COLUMBIA CARE IN CGGC-U CN 161.5 (0.9) (1.9)
COMMUNITY HEALTH CYH US 16,309.0 (1,085.0) 1,087.0
COMMUNITY HEALTH CYH1USD EU 16,309.0 (1,085.0) 1,087.0
CYCLERION THERAP CYCN US 9.8 (7.8) (16.5)
DELEK LOGISTICS DKL US 640.2 (141.9) (4.8)
DELEK LOGISTICS D6L GR 640.2 (141.9) (4.8)
DENNY'S CORP DENN US 422.3 (140.2) (50.5)
DENNY'S CORP DE8 GR 422.3 (140.2) (50.5)
DENNY'S CORP DENNEUR EU 422.3 (140.2) (50.5)
DIEBOLD NIXDORF DBD GR 4,327.3 (274.7) 482.8
DIEBOLD NIXDORF DBD US 4,327.3 (274.7) 482.8
DIEBOLD NIXDORF DLD QT 4,327.3 (274.7) 482.8
DIEBOLD NIXDORF DBDEUR EU 4,327.3 (274.7) 482.8
DIEBOLD NIXDORF DBDUSD EU 4,327.3 (274.7) 482.8
DIEBOLD NIXDORF DLD TH 4,327.3 (274.7) 482.8
DIEBOLD NIXDORF DBD SW 4,327.3 (274.7) 482.8
DINE BRANDS GLOB DIN US 2,076.1 (190.8) 19.7
DINE BRANDS GLOB IHP GR 2,076.1 (190.8) 19.7
DOLLARAMA INC DR3 GR 2,177.9 (234.1) 421.1
DOLLARAMA INC DLMAF US 2,177.9 (234.1) 421.1
DOLLARAMA INC DOL CN 2,177.9 (234.1) 421.1
DOLLARAMA INC DR3 GZ 2,177.9 (234.1) 421.1
DOLLARAMA INC DOLEUR EU 2,177.9 (234.1) 421.1
DOLLARAMA INC DR3 TH 2,177.9 (234.1) 421.1
DOLLARAMA INC DR3 QT 2,177.9 (234.1) 421.1
DOMINO'S PIZZA DPZ US 1,148.3 (2,975.2) 178.5
DOMINO'S PIZZA EZV QT 1,148.3 (2,975.2) 178.5
DOMINO'S PIZZA DPZEUR EU 1,148.3 (2,975.2) 178.5
DOMINO'S PIZZA DPZUSD EU 1,148.3 (2,975.2) 178.5
DOMINO'S PIZZA DPZ AV 1,148.3 (2,975.2) 178.5
DOMINO'S PIZZA EZV GR 1,148.3 (2,975.2) 178.5
DOMINO'S PIZZA EZV TH 1,148.3 (2,975.2) 178.5
DUNKIN' BRANDS G 2DB TH 3,725.4 (691.3) 253.3
DUNKIN' BRANDS G DNKN US 3,725.4 (691.3) 253.3
DUNKIN' BRANDS G 2DB GR 3,725.4 (691.3) 253.3
DUNKIN' BRANDS G DNKNUSD EU 3,725.4 (691.3) 253.3
DUNKIN' BRANDS G 2DB GZ 3,725.4 (691.3) 253.3
DUNKIN' BRANDS G 2DB QT 3,725.4 (691.3) 253.3
DUNKIN' BRANDS G DNKNEUR EU 3,725.4 (691.3) 253.3
EMISPHERE TECH EMIS US 5.2 (155.3) (1.4)
EVERI HOLDINGS I G2C GR 1,632.0 (95.8) 3.3
EVERI HOLDINGS I G2C TH 1,632.0 (95.8) 3.3
EVERI HOLDINGS I EVRI US 1,632.0 (95.8) 3.3
EVERI HOLDINGS I EVRIUSD EU 1,632.0 (95.8) 3.3
EVERI HOLDINGS I EVRIEUR EU 1,632.0 (95.8) 3.3
EVOFEM BIOSCIENC EVFM US 3.2 (28.9) (30.7)
EVOFEM BIOSCIENC NEOTEUR EU 3.2 (28.9) (30.7)
EVOFEM BIOSCIENC NEOTUSD EU 3.2 (28.9) (30.7)
EVOFEM BIOSCIENC 1AQ1 GR 3.2 (28.9) (30.7)
EXELA TECHNOLOGI XELAU US 1,702.9 (204.3) (84.6)
FC GLOBAL REALTY FCRE IT 4.2 (0.6) (3.2)
FILO MINING CORP FIL SS 10.9 (5.4) (5.9)
FORTUNE VALLEY T FVTI US 0.6 (0.4) (0.5)
FRONTDOOR IN FTDR US 1,097.0 (334.0) (5.0)
FRONTDOOR IN FTDREUR EU 1,097.0 (334.0) (5.0)
FRONTDOOR IN 3I5 GR 1,097.0 (334.0) (5.0)
GOGO INC GOGO US 1,296.8 (284.0) 220.7
GOGO INC G0G QT 1,296.8 (284.0) 220.7
GOGO INC GOGOUSD EU 1,296.8 (284.0) 220.7
GOGO INC GOGOEUR EU 1,296.8 (284.0) 220.7
GOGO INC G0G GR 1,296.8 (284.0) 220.7
GOGO INC G0G TH 1,296.8 (284.0) 220.7
GOOSEHEAD INSU-A GSHD US 48.4 (31.9) -
GOOSEHEAD INSU-A 2OX GR 48.4 (31.9) -
GOOSEHEAD INSU-A GSHDEUR EU 48.4 (31.9) -
GRAFTECH INTERNA EAF US 1,529.7 (881.6) 456.0
GRAFTECH INTERNA EAFEUR EU 1,529.7 (881.6) 456.0
GRAFTECH INTERNA G6G GR 1,529.7 (881.6) 456.0
GRAFTECH INTERNA G6G TH 1,529.7 (881.6) 456.0
GRAFTECH INTERNA G6G QT 1,529.7 (881.6) 456.0
GRAFTECH INTERNA EAFUSD EU 1,529.7 (881.6) 456.0
GREEN PLAINS PAR GPP US 121.4 (73.4) (3.0)
GREEN PLAINS PAR 8GP GR 121.4 (73.4) (3.0)
GREENSKY INC-A GSKY US 832.7 (73.3) 288.2
H&R BLOCK INC HRB TH 2,568.8 (213.6) 647.0
H&R BLOCK INC HRB US 2,568.8 (213.6) 647.0
H&R BLOCK INC HRB GR 2,568.8 (213.6) 647.0
H&R BLOCK INC HRB QT 2,568.8 (213.6) 647.0
H&R BLOCK INC HRBEUR EU 2,568.8 (213.6) 647.0
HANGER INC HNGR US 752.0 (30.6) 77.2
HCA HEALTHCARE I 2BH TH 43,379.0 (2,255.0) 577.0
HCA HEALTHCARE I HCA US 43,379.0 (2,255.0) 577.0
HCA HEALTHCARE I 2BH GR 43,379.0 (2,255.0) 577.0
HCA HEALTHCARE I HCA* MM 43,379.0 (2,255.0) 577.0
HCA HEALTHCARE I HCAUSD EU 43,379.0 (2,255.0) 577.0
HCA HEALTHCARE I 2BH TE 43,379.0 (2,255.0) 577.0
HCA HEALTHCARE I HCAEUR EU 43,379.0 (2,255.0) 577.0
HERBALIFE NUTRIT HLF US 2,982.8 (629.1) 304.0
HERBALIFE NUTRIT HOO GR 2,982.8 (629.1) 304.0
HERBALIFE NUTRIT HLFEUR EU 2,982.8 (629.1) 304.0
HERBALIFE NUTRIT HOO QT 2,982.8 (629.1) 304.0
HERBALIFE NUTRIT HLFUSD EU 2,982.8 (629.1) 304.0
HERBALIFE NUTRIT HOO GZ 2,982.8 (629.1) 304.0
HERBALIFE NUTRIT HOO SW 2,982.8 (629.1) 304.0
HEWLETT-CEDEAR HPQ AR 31,946.0 (1,487.0) (4,918.0)
HOME DEPOT - BDR HOME34 BZ 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HD TE 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HD US 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDI TH 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDI GR 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HD* MM 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDEUR EU 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDI QT 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDCHF EU 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDUSD EU 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDUSD SW 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDI GZ 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HD AV 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HD CI 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HD SW 51,515.0 (2,143.0) 880.0
HOME DEPOT-CED HDC AR 51,515.0 (2,143.0) 880.0
HOME DEPOT-CED HD AR 51,515.0 (2,143.0) 880.0
HP COMPANY-BDR HPQB34 BZ 31,946.0 (1,487.0) (4,918.0)
HP INC HPQ TE 31,946.0 (1,487.0) (4,918.0)
HP INC HPQ* MM 31,946.0 (1,487.0) (4,918.0)
HP INC HPQ US 31,946.0 (1,487.0) (4,918.0)
HP INC 7HP TH 31,946.0 (1,487.0) (4,918.0)
HP INC 7HP GR 31,946.0 (1,487.0) (4,918.0)
HP INC HWP QT 31,946.0 (1,487.0) (4,918.0)
HP INC HPQCHF EU 31,946.0 (1,487.0) (4,918.0)
HP INC HPQUSD EU 31,946.0 (1,487.0) (4,918.0)
HP INC HPQUSD SW 31,946.0 (1,487.0) (4,918.0)
HP INC 7HP GZ 31,946.0 (1,487.0) (4,918.0)
HP INC HPQEUR EU 31,946.0 (1,487.0) (4,918.0)
HP INC HPQ CI 31,946.0 (1,487.0) (4,918.0)
HP INC HPQ AV 31,946.0 (1,487.0) (4,918.0)
HP INC HPQ SW 31,946.0 (1,487.0) (4,918.0)
IHEARTMEDIA-CL A IHTM US 14,286.0 (11,566.1) 650.5
INDUS HOLDING-SU INDS CN 0.0 (0.2) (0.2)
INDUS HOLDING-SU INDXF US 0.0 (0.2) (0.2)
INSEEGO CORP INSGUSD EU 177.6 (32.6) 33.4
INSEEGO CORP INSG US 177.6 (32.6) 33.4
INSEEGO CORP INO GR 177.6 (32.6) 33.4
INSEEGO CORP INSGEUR EU 177.6 (32.6) 33.4
INSEEGO CORP INO GZ 177.6 (32.6) 33.4
INSEEGO CORP INO TH 177.6 (32.6) 33.4
INSEEGO CORP INO QT 177.6 (32.6) 33.4
INSPIRED ENTERTA INSE US 186.6 (18.4) 6.6
INTERCEPT PHARMA I4P QT 438.3 (55.0) 294.5
INTERCEPT PHARMA ICPT US 438.3 (55.0) 294.5
INTERCEPT PHARMA I4P GR 438.3 (55.0) 294.5
INTERCEPT PHARMA ICPTUSD EU 438.3 (55.0) 294.5
INTERCEPT PHARMA I4P TH 438.3 (55.0) 294.5
IRONWOOD PHARMAC IRWD US 363.5 (237.2) 83.3
IRONWOOD PHARMAC I76 GR 363.5 (237.2) 83.3
IRONWOOD PHARMAC IRWDEUR EU 363.5 (237.2) 83.3
IRONWOOD PHARMAC I76 QT 363.5 (237.2) 83.3
ISRAMCO INC ISRL US 110.9 (3.7) (8.7)
ISRAMCO INC ISRLEUR EU 110.9 (3.7) (8.7)
ISRAMCO INC IRM GR 110.9 (3.7) (8.7)
JACK IN THE BOX JACK US 832.1 (592.5) (76.8)
JACK IN THE BOX JBX GR 832.1 (592.5) (76.8)
JACK IN THE BOX JACK1EUR EU 832.1 (592.5) (76.8)
JACK IN THE BOX JBX GZ 832.1 (592.5) (76.8)
JACK IN THE BOX JBX QT 832.1 (592.5) (76.8)
KIMBERLY-CLARK KMY GR 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMY TH 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMB US 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMBEUR EU 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMY QT 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMY SW 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMBUSD EU 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMY GZ 15,204.0 (18.0) (1,942.0)
L BRANDS INC LB US 10,998.2 (897.9) 749.8
L BRANDS INC LTD TH 10,998.2 (897.9) 749.8
L BRANDS INC LBEUR EU 10,998.2 (897.9) 749.8
L BRANDS INC LB* MM 10,998.2 (897.9) 749.8
L BRANDS INC LTD QT 10,998.2 (897.9) 749.8
L BRANDS INC LBUSD EU 10,998.2 (897.9) 749.8
L BRANDS INC LBRA AV 10,998.2 (897.9) 749.8
L BRANDS INC LTD GR 10,998.2 (897.9) 749.8
LAMB WESTON LW-WUSD EU 3,111.2 (56.2) 401.4
LAMB WESTON 0L5 GR 3,111.2 (56.2) 401.4
LAMB WESTON LW-WEUR EU 3,111.2 (56.2) 401.4
LAMB WESTON 0L5 TH 3,111.2 (56.2) 401.4
LAMB WESTON 0L5 QT 3,111.2 (56.2) 401.4
LAMB WESTON LW US 3,111.2 (56.2) 401.4
LENNOX INTL INC LXI GR 2,105.7 (204.8) 303.5
LENNOX INTL INC LII US 2,105.7 (204.8) 303.5
LENNOX INTL INC LXI TH 2,105.7 (204.8) 303.5
LENNOX INTL INC LII1USD EU 2,105.7 (204.8) 303.5
LENNOX INTL INC LII* MM 2,105.7 (204.8) 303.5
LENNOX INTL INC LII1EUR EU 2,105.7 (204.8) 303.5
LEXICON PHARMACE LXRXUSD EU 258.5 (45.7) 118.6
LEXICON PHARMACE LXRXEUR EU 258.5 (45.7) 118.6
LEXICON PHARMACE LX31 QT 258.5 (45.7) 118.6
LEXICON PHARMACE LX31 GR 258.5 (45.7) 118.6
LEXICON PHARMACE LXRX US 258.5 (45.7) 118.6
LIGHTSPEED POS I LSPD CN 61.2 (33.5) (10.4)
MCDONALDS - BDR MCDC34 BZ 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCD US 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCD SW 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MDO GR 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCD* MM 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCD TE 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MDO TH 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MDO QT 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCDCHF EU 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCDUSD EU 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCDUSD SW 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCDEUR EU 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MDO GZ 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCD AV 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCD CI 46,466.6 (6,550.9) 1,584.8
MCDONALDS-CEDEAR MCD AR 46,466.6 (6,550.9) 1,584.8
MCDONALDS-CEDEAR MCDC AR 46,466.6 (6,550.9) 1,584.8
MDC PARTNERS-A MDCA US 1,833.1 (126.3) (160.8)
MEDICINES COMP MZN GZ 835.9 (75.4) 195.0
MEDICINES COMP MZN QT 835.9 (75.4) 195.0
MEDICINES COMP MDCO US 835.9 (75.4) 195.0
MEDICINES COMP MZN GR 835.9 (75.4) 195.0
MEDICINES COMP MZN TH 835.9 (75.4) 195.0
MEDICINES COMP MDCOUSD EU 835.9 (75.4) 195.0
MICHAELS COS INC MIK US 2,128.3 (1,626.2) 583.0
MICHAELS COS INC MIM GR 2,128.3 (1,626.2) 583.0
MOTOROLA SOLUTIO MOT TE 9,993.0 (1,090.0) 735.0
MOTOROLA SOLUTIO MSI US 9,993.0 (1,090.0) 735.0
MOTOROLA SOLUTIO MTLA TH 9,993.0 (1,090.0) 735.0
MOTOROLA SOLUTIO MTLA QT 9,993.0 (1,090.0) 735.0
MOTOROLA SOLUTIO MTLA GZ 9,993.0 (1,090.0) 735.0
MOTOROLA SOLUTIO MSI1EUR EU 9,993.0 (1,090.0) 735.0
MOTOROLA SOLUTIO MTLA GR 9,993.0 (1,090.0) 735.0
MSCI INC MSCI US 3,295.6 (316.5) 457.1
MSCI INC 3HM GR 3,295.6 (316.5) 457.1
MSCI INC MSCIUSD EU 3,295.6 (316.5) 457.1
MSCI INC 3HM QT 3,295.6 (316.5) 457.1
MSG NETWORKS- A MSGN US 844.6 (503.3) 205.5
MSG NETWORKS- A MSGNUSD EU 844.6 (503.3) 205.5
MSG NETWORKS- A MSGNEUR EU 844.6 (503.3) 205.5
MSG NETWORKS- A 1M4 QT 844.6 (503.3) 205.5
MSG NETWORKS- A 1M4 GR 844.6 (503.3) 205.5
NATHANS FAMOUS NATH US 91.2 (71.6) 70.7
NATHANS FAMOUS NFA GR 91.2 (71.6) 70.7
NATHANS FAMOUS NATHUSD EU 91.2 (71.6) 70.7
NATIONAL CINEMED NCMI US 1,117.9 (104.7) 111.7
NATIONAL CINEMED XWM GR 1,117.9 (104.7) 111.7
NATIONAL CINEMED NCMIEUR EU 1,117.9 (104.7) 111.7
NAVISTAR INTL IHR GR 7,037.0 (3,813.0) 1,423.0
NAVISTAR INTL NAV US 7,037.0 (3,813.0) 1,423.0
NAVISTAR INTL IHR TH 7,037.0 (3,813.0) 1,423.0
NAVISTAR INTL NAVEUR EU 7,037.0 (3,813.0) 1,423.0
NAVISTAR INTL NAVUSD EU 7,037.0 (3,813.0) 1,423.0
NAVISTAR INTL IHR QT 7,037.0 (3,813.0) 1,423.0
NAVISTAR INTL IHR GZ 7,037.0 (3,813.0) 1,423.0
NEW ENG RLTY-LP NEN US 243.2 (38.2) -
NRC GROUP HOLDIN NRCG US 394.1 (41.4) 51.2
NRG ENERGY NRG US 9,530.0 (1,520.0) 1,513.0
NRG ENERGY NRA GR 9,530.0 (1,520.0) 1,513.0
NRG ENERGY NRA TH 9,530.0 (1,520.0) 1,513.0
NRG ENERGY NRA QT 9,530.0 (1,520.0) 1,513.0
NRG ENERGY NRGEUR EU 9,530.0 (1,520.0) 1,513.0
NRG ENERGY NRG1USD EU 9,530.0 (1,520.0) 1,513.0
OMEROS CORP OMER US 101.2 (121.0) 32.4
OMEROS CORP 3O8 GR 101.2 (121.0) 32.4
OMEROS CORP OMERUSD EU 101.2 (121.0) 32.4
OMEROS CORP 3O8 TH 101.2 (121.0) 32.4
OMEROS CORP OMEREUR EU 101.2 (121.0) 32.4
ONDAS HOLDINGS I ONDS US 2.8 (20.7) (17.2)
OPTIVA INC OPT CN 122.5 (24.0) 18.9
OPTIVA INC RKNEF US 122.5 (24.0) 18.9
PAPA JOHN'S INTL PP1 GR 739.1 (56.6) (19.2)
PAPA JOHN'S INTL PZZA US 739.1 (56.6) (19.2)
PAPA JOHN'S INTL PZZAEUR EU 739.1 (56.6) (19.2)
PHARMAGREEN BIOT PHBI US 0.3 (1.5) (1.8)
PHILIP MORRIS IN 4I1 GR 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PM US 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PM1 EU 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PM1CHF EU 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN 4I1 TH 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PM1 TE 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PMI SW 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PM1EUR EU 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN 4I1 QT 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PMOR AV 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN 4I1 GZ 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PM* MM 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PMIZ IX 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PMIZ EB 38,042.0 (10,185.0) (2,745.0)
PLANET FITNESS-A PLNT1USD EU 1,509.6 (354.0) 283.0
PLANET FITNESS-A PLNT1EUR EU 1,509.6 (354.0) 283.0
PLANET FITNESS-A 3PL QT 1,509.6 (354.0) 283.0
PLANET FITNESS-A PLNT US 1,509.6 (354.0) 283.0
PLANET FITNESS-A 3PL TH 1,509.6 (354.0) 283.0
PLANET FITNESS-A 3PL GR 1,509.6 (354.0) 283.0
PRIORITY TECHNOL PRTH US 472.1 (85.1) 11.7
PURPLE INNOVATIO PRPL US 84.4 (2.7) 13.4
REATA PHARMACE-A 2R3 GR 331.3 (4.6) 256.3
REATA PHARMACE-A RETAEUR EU 331.3 (4.6) 256.3
REATA PHARMACE-A RETA US 331.3 (4.6) 256.3
RECRO PHARMA INC RAH GR 181.0 (19.0) 68.1
RECRO PHARMA INC REPH US 181.0 (19.0) 68.1
RESVERLOGIX CORP RVX CN 14.4 (156.5) (64.0)
REVLON INC-A REV US 3,041.7 (1,132.2) 9.3
REVLON INC-A RVL1 GR 3,041.7 (1,132.2) 9.3
REVLON INC-A REVUSD EU 3,041.7 (1,132.2) 9.3
REVLON INC-A RVL1 TH 3,041.7 (1,132.2) 9.3
REVLON INC-A REVEUR EU 3,041.7 (1,132.2) 9.3
RH RH US 1,806.0 (23.0) (235.5)
RH RHEUR EU 1,806.0 (23.0) (235.5)
RH RS1 GR 1,806.0 (23.0) (235.5)
RH RH* MM 1,806.0 (23.0) (235.5)
RIMINI STREET IN RMNI US 124.2 (135.8) (110.6)
ROSETTA STONE IN RS8 GR 174.8 (9.8) (71.6)
ROSETTA STONE IN RST US 174.8 (9.8) (71.6)
ROSETTA STONE IN RST1USD EU 174.8 (9.8) (71.6)
ROSETTA STONE IN RST1EUR EU 174.8 (9.8) (71.6)
SALLY BEAUTY HOL SBH US 2,092.6 (145.1) 753.4
SALLY BEAUTY HOL SBHEUR EU 2,092.6 (145.1) 753.4
SALLY BEAUTY HOL S7V GR 2,092.6 (145.1) 753.4
SBA COMM CORP SBACEUR EU 9,312.8 (3,302.8) (1,104.1)
SBA COMM CORP 4SB GR 9,312.8 (3,302.8) (1,104.1)
SBA COMM CORP SBAC US 9,312.8 (3,302.8) (1,104.1)
SBA COMM CORP SBACUSD EU 9,312.8 (3,302.8) (1,104.1)
SBA COMM CORP 4SB GZ 9,312.8 (3,302.8) (1,104.1)
SBA COMM CORP SBAC* MM 9,312.8 (3,302.8) (1,104.1)
SBA COMM CORP SBJ TH 9,312.8 (3,302.8) (1,104.1)
SCIENTIFIC GAMES SGMS US 8,837.0 (2,423.0) 660.0
SCIENTIFIC GAMES SGMSUSD EU 8,837.0 (2,423.0) 660.0
SCIENTIFIC GAMES TJW GR 8,837.0 (2,423.0) 660.0
SCIENTIFIC GAMES TJW TH 8,837.0 (2,423.0) 660.0
SCIENTIFIC GAMES TJW GZ 8,837.0 (2,423.0) 660.0
SEALED AIR CORP SDA GR 5,155.0 (292.4) 74.1
SEALED AIR CORP SEE US 5,155.0 (292.4) 74.1
SEALED AIR CORP SDA QT 5,155.0 (292.4) 74.1
SEALED AIR CORP SEE1EUR EU 5,155.0 (292.4) 74.1
SEALED AIR CORP SDA TH 5,155.0 (292.4) 74.1
SERES THERAPEUTI MCRB US 107.0 (69.8) 26.2
SHELL MIDSTREAM 49M GR 1,915.0 (254.0) 246.0
SHELL MIDSTREAM 49M TH 1,915.0 (254.0) 246.0
SHELL MIDSTREAM SHLXUSD EU 1,915.0 (254.0) 246.0
SHELL MIDSTREAM SHLX US 1,915.0 (254.0) 246.0
SILK ROAD MEDICA SILK US 38.7 (52.8) 18.3
SILK ROAD MEDICA 2OW GR 38.7 (52.8) 18.3
SILK ROAD MEDICA 2OW GZ 38.7 (52.8) 18.3
SILK ROAD MEDICA SILKEUR EU 38.7 (52.8) 18.3
SILK ROAD MEDICA 2OW TH 38.7 (52.8) 18.3
SILK ROAD MEDICA SILKUSD EU 38.7 (52.8) 18.3
SINO UNITED WORL SUIC US 0.1 (0.1) (0.1)
SIX FLAGS ENTERT 6FE GR 2,724.9 (239.9) (308.6)
SIX FLAGS ENTERT SIX US 2,724.9 (239.9) (308.6)
SIX FLAGS ENTERT SIXEUR EU 2,724.9 (239.9) (308.6)
SIX FLAGS ENTERT SIXUSD EU 2,724.9 (239.9) (308.6)
SLEEP NUMBER COR SNBR US 770.7 (124.6) (399.8)
SLEEP NUMBER COR SL2 GR 770.7 (124.6) (399.8)
SLEEP NUMBER COR SNBREUR EU 770.7 (124.6) (399.8)
STARBUCKS CORP SRB GR 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SRB TH 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUX* MM 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SRB QT 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUXCHF EU 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUX US 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUX TE 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUXEUR EU 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUX IM 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUXUSD SW 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUXUSD EU 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SRB GZ 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUX AV 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUX CI 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUX SW 17,641.9 (5,035.2) (321.1)
STARBUCKS-BDR SBUB34 BZ 17,641.9 (5,035.2) (321.1)
STARBUCKS-CEDEAR SBUX AR 17,641.9 (5,035.2) (321.1)
STEALTH BIOTHERA S1BA GR 15.5 (175.3) (27.3)
STEALTH BIOTHERA MITO US 15.5 (175.3) (27.3)
SUNPOWER CORP S9P2 GR 2,307.7 (221.5) 190.3
SUNPOWER CORP SPWR US 2,307.7 (221.5) 190.3
SUNPOWER CORP S9P2 TH 2,307.7 (221.5) 190.3
SUNPOWER CORP S9P2 QT 2,307.7 (221.5) 190.3
SUNPOWER CORP S9P2 SW 2,307.7 (221.5) 190.3
SUNPOWER CORP SPWREUR EU 2,307.7 (221.5) 190.3
SUNPOWER CORP SPWRUSD EU 2,307.7 (221.5) 190.3
TAUBMAN CENTERS TCO US 4,451.4 (331.9) -
TAUBMAN CENTERS TU8 GR 4,451.4 (331.9) -
TRANSDIGM GROUP TDG US 17,797.2 (1,482.2) 3,869.3
TRANSDIGM GROUP T7D GR 17,797.2 (1,482.2) 3,869.3
TRANSDIGM GROUP T7D TH 17,797.2 (1,482.2) 3,869.3
TRANSDIGM GROUP TDGUSD EU 17,797.2 (1,482.2) 3,869.3
TRANSDIGM GROUP T7D QT 17,797.2 (1,482.2) 3,869.3
TRANSDIGM GROUP TDGEUR EU 17,797.2 (1,482.2) 3,869.3
TRANSDIGM GROUP TDG* MM 17,797.2 (1,482.2) 3,869.3
TRANSMEDICS GROU TMDX US 42.2 (4.8) 22.2
TRIUMPH GROUP TGI US 2,854.6 (573.3) 265.8
TRIUMPH GROUP TG7 GR 2,854.6 (573.3) 265.8
TRIUMPH GROUP TGIEUR EU 2,854.6 (573.3) 265.8
TUPPERWARE BRAND TUP GR 1,438.8 (184.0) (141.3)
TUPPERWARE BRAND TUP US 1,438.8 (184.0) (141.3)
TUPPERWARE BRAND TUP QT 1,438.8 (184.0) (141.3)
TUPPERWARE BRAND TUP1EUR EU 1,438.8 (184.0) (141.3)
TUPPERWARE BRAND TUP TH 1,438.8 (184.0) (141.3)
TUPPERWARE BRAND TUP1USD EU 1,438.8 (184.0) (141.3)
TUPPERWARE BRAND TUP GZ 1,438.8 (184.0) (141.3)
UNISYS CORP UIS EU 2,484.5 (1,282.5) 345.4
UNISYS CORP USY1 TH 2,484.5 (1,282.5) 345.4
UNISYS CORP USY1 GR 2,484.5 (1,282.5) 345.4
UNISYS CORP UIS US 2,484.5 (1,282.5) 345.4
UNISYS CORP UIS1 SW 2,484.5 (1,282.5) 345.4
UNISYS CORP UISEUR EU 2,484.5 (1,282.5) 345.4
UNISYS CORP UISCHF EU 2,484.5 (1,282.5) 345.4
UNISYS CORP USY1 GZ 2,484.5 (1,282.5) 345.4
UNISYS CORP USY1 QT 2,484.5 (1,282.5) 345.4
UNITI GROUP INC UNIT US 4,697.3 (1,463.5) -
UNITI GROUP INC 8XC GR 4,697.3 (1,463.5) -
UNITI GROUP INC CSALUSD EU 4,697.3 (1,463.5) -
UNITI GROUP INC 8XC TH 4,697.3 (1,463.5) -
VALVOLINE INC VVVUSD EU 1,914.0 (298.0) 343.0
VALVOLINE INC 0V4 GR 1,914.0 (298.0) 343.0
VALVOLINE INC 0V4 TH 1,914.0 (298.0) 343.0
VALVOLINE INC VVVEUR EU 1,914.0 (298.0) 343.0
VALVOLINE INC 0V4 QT 1,914.0 (298.0) 343.0
VALVOLINE INC VVV US 1,914.0 (298.0) 343.0
VANTAGE DRILL-UT VTGGF US 1,107.9 (112.5) 228.5
VECTOR GROUP LTD VGR US 1,429.2 (590.1) 324.7
VECTOR GROUP LTD VGR GR 1,429.2 (590.1) 324.7
VECTOR GROUP LTD VGR QT 1,429.2 (590.1) 324.7
VECTOR GROUP LTD VGREUR EU 1,429.2 (590.1) 324.7
VECTOR GROUP LTD VGRUSD EU 1,429.2 (590.1) 324.7
VERISIGN INC VRSN US 1,919.7 (1,406.1) 374.0
VERISIGN INC VRS GR 1,919.7 (1,406.1) 374.0
VERISIGN INC VRS TH 1,919.7 (1,406.1) 374.0
VERISIGN INC VRS QT 1,919.7 (1,406.1) 374.0
VERISIGN INC VRSN* MM 1,919.7 (1,406.1) 374.0
VERISIGN INC VRS GZ 1,919.7 (1,406.1) 374.0
VERISIGN INC VRSNEUR EU 1,919.7 (1,406.1) 374.0
VERISIGN INC VRS SW 1,919.7 (1,406.1) 374.0
W&T OFFSHORE INC WTI US 842.5 (372.6) 14.6
W&T OFFSHORE INC UWV GR 842.5 (372.6) 14.6
W&T OFFSHORE INC WTI1EUR EU 842.5 (372.6) 14.6
WAYFAIR INC- A W US 2,113.9 (479.1) (112.0)
WAYFAIR INC- A 1WF GR 2,113.9 (479.1) (112.0)
WAYFAIR INC- A WEUR EU 2,113.9 (479.1) (112.0)
WAYFAIR INC- A 1WF QT 2,113.9 (479.1) (112.0)
WEIGHT WATCHERS WW6 GR 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WW US 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WTWEUR EU 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WW6 QT 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WTWUSD EU 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WW6 GZ 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WTW AV 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WW6 TH 1,526.2 (815.1) (44.7)
WESTERN UNIO-BDR WUNI34 BZ 9,432.0 (374.2) 190.9
WESTERN UNION W3U TH 9,432.0 (374.2) 190.9
WESTERN UNION WU* MM 9,432.0 (374.2) 190.9
WESTERN UNION W3U GR 9,432.0 (374.2) 190.9
WESTERN UNION W3U QT 9,432.0 (374.2) 190.9
WESTERN UNION WUUSD EU 9,432.0 (374.2) 190.9
WESTERN UNION W3U GZ 9,432.0 (374.2) 190.9
WESTERN UNION WUEUR EU 9,432.0 (374.2) 190.9
WESTERN UNION WU US 9,432.0 (374.2) 190.9
WIDEOPENWEST INC WOW US 2,462.2 (284.2) (97.6)
WIDEOPENWEST INC WU5 GR 2,462.2 (284.2) (97.6)
WIDEOPENWEST INC WOW1EUR EU 2,462.2 (284.2) (97.6)
WIDEOPENWEST INC WU5 QT 2,462.2 (284.2) (97.6)
WINGSTOP INC WING1EUR EU 151.5 (220.5) 5.4
WINGSTOP INC WING US 151.5 (220.5) 5.4
WINGSTOP INC EWG GR 151.5 (220.5) 5.4
WINMARK CORP WINA US 46.8 (21.5) 6.9
WINMARK CORP GBZ GR 46.8 (21.5) 6.9
WYNDHAM DESTINAT WD5 GR 7,370.0 (584.0) 525.0
WYNDHAM DESTINAT WD5 TH 7,370.0 (584.0) 525.0
WYNDHAM DESTINAT WYNEUR EU 7,370.0 (584.0) 525.0
WYNDHAM DESTINAT WD5 QT 7,370.0 (584.0) 525.0
WYNDHAM DESTINAT WYNUSD EU 7,370.0 (584.0) 525.0
WYNDHAM DESTINAT WYND US 7,370.0 (584.0) 525.0
YELLOW PAGES LTD Y CN 418.5 (106.1) 82.7
YRC WORLDWIDE IN YRCW US 1,928.8 (349.5) 14.9
YRC WORLDWIDE IN YRCWUSD EU 1,928.8 (349.5) 14.9
YRC WORLDWIDE IN YEL1 TH 1,928.8 (349.5) 14.9
YUM! BRANDS INC TGR TH 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC TGR GR 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC YUMEUR EU 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC TGR QT 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC YUM SW 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC YUM US 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC YUMUSD SW 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC YUMUSD EU 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC TGR GZ 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC YUM AV 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC YUM* MM 4,744.0 (7,904.0) (141.0)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 2019. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***