/raid1/www/Hosts/bankrupt/TCR_Public/190806.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, August 6, 2019, Vol. 23, No. 217
Headlines
1934 BEDFORD: Involuntary Chapter 11 Case Summary
1989 3AVE: 109 3 Ave Realty Objects to Disclosure Statement
1989 3AVE: Chung Sum Cheng Objects to Disclosure Statement
3MB LLC: Joint Disclosure Statement on Competing Plans Filed
4 HIM FOOD: Seeks to Hire Leonard Law Group as General Counsel
ACE EDUCATION: Case Summary & 20 Largest Unsecured Creditors
ACE HOLDING: Sept. 18 Hearing on Disclosure Statement
ALLIANCE BIOENERGY: Plan Investment Increased to $110K
ALPHATEC HOLDINGS: Raises $57.7M in Public Stock Offering
AMERICAN FORKLIFT: Court Confirms Plan, Approves Disclosures
ANKA BEHAVIORAL: Files Chapter 11 Liquidation Plan
ANOTHER BEGINNING: Files Chapter 11 Plan of Reorganization
AVINGER INC: Reports 26% Sequential Revenue Growth in 2nd Quarter
BERNSOHN & FETNER: Given Until Nov. 6 to Exclusively File Plan
BROOKFIT VENTURES: Unsecureds to Get $25K from Principals
CAMBER ENERGY: Provides Shareholder Update on Lineal Transaction
CAMPUS EDGE: Exclusivity Period Extended Until Aug. 15
CARESTREAM DENTAL: Moody's Alters Outlook on B3 CFR to Positive
CARGO WORKSHOP: Unsecureds to Get 12.18%-25.72% Under Plan
CEDAR HAVEN: Case Summary & 20 Largest Unsecured Creditors
CENTER CITY HEALTHCARE: Seeks to Hire Saul Ewing as Counsel
CENTRO GROUP: Hires Rice Pugatch as Special Counsel
CLEAR CHANNEL: Moody's Rates New $2.2-Bil. Secured Loans 'B1'
CLOUD PEAK: Law Firm of Russell Represents Utility Companies
COMFORT DENTAL: Hires Arrington Owoo as Counsel
COMPRESSION GENERATION: Hires Hoff Law Offices as Counsel
CREATIVE GLOBAL: Exclusivity Period Extended Until Oct. 18
CYTODYN INC: Will Hold its Annual Meeting on September 12
DALMATIAN FIRE: Sept. 16 Hearing on Disclosure Statement
DASA ENTERPRISES: Hires Patrick J. Gros as Accountant
DFH NETWORK: Unsecureds to Get Monthly Payments of $2K for 60 Mos
DISASTERS STRATEGIES: Aug. 15 Plan Confirmation Hearing
DITECH HOLDING: Seeks More Time to File Bankruptcy Plan
DN TRUCKING: Unsecured Creditors to Recoup 55% Under Plan
EMERGE ENERGY: Sept. 5 Hearing on Disclosure Statement
EURONET WORLDWIDE: Moody's Assigns Ba1 CFR, Outlook Stable
FERGUSON CITY: Moody's Hikes GOULT Rating on $5.6MM Debt to Ba1
GA PAVING: Case Summary & 20 Largest Unsecured Creditors
GATEWAY RADIOLOGY: Hires Paul C. Jensen as Special Counsel
GOLDEN TREE: Voluntary Chapter 11 Case Summary
GRASSO BROS: Seeks to Hire Affinity Law Group as Counsel
GRAY LAND & LIVESTOCK: Hires Larson Berg as Special Counsel
HOLDENVILLE PUBLIC WORKS: S&P Cuts Refunding Bond Rating to 'BB+'
HOLLANDER SLEEP: Sept. 4 Plan Confirmation Hearing
I & J PROPERTIES LLC: Seeks to Hire McKay Burton as Counsel
INTEGRATEDMARKETING.COM: Case Summary & 20 Top Unsecured Creditors
INVERSIONES CARIBE: Sept. 11 Hearing on Disclosure Statement
IPIC ENTERTAINMENT: Case Summary & 30 Largest Unsecured Creditors
J.T. SHANNON: Seeks to Extend Exclusivity Period to Oct. 28
KEHE DISTRIBUTORS: S&P Raises ICR to 'B' on Improving Performance
LUBY'S INC: Appoints John Morlock as Director
LUBY'S INC: Board Adopts Amended Bylaws
LUBY'S INC: Extends Delayed Draw Term Loan Expiration Until 2020
LUBY'S INC: Gasper Mir Quits as Board Chairman
MA ALTERNATIVE: Exclusivity Period Extended Until Nov. 15
MAC MAR: Case Summary & 20 Largest Unsecured Creditors
MAGNUM CONSTRUCTION: Core & Main Objects to Disclosure Statement
MAGNUM CONSTRUCTION: Herc Rentals Object to Disclosure Statement
MAGNUM CONSTRUCTION: T.Y. Lin Objects to Disclosure Statement
MAGNUM CONSTRUCTION: U.S. Trustee Objects to Disclosure Statement
NATIONAL RADIOLOGY: JPMorgan Chase Objects to Disclosure Statement
NOAH OPERATIONS: Ray Quinney & Nebeker Represents TIC Holders
NORTH GWINNETT: Seeks to Extend Exclusivity Period to Dec. 16
NOVASOM INC: Case Summary & 20 Largest Unsecured Creditors
O'HARE FOUNDRY: Asks Court to Extend Exclusivity Period to Nov. 21
PERFECT BROW: Has Until Sept. 5 to Exclusively File Chapter 11 Plan
PERKINS & MARIE: Files Chapter 11 Petition to Facilitate Sale
PIERSON LAKES: Files 5th Amended Plan to Address Deficiencies
PRINCETON ALTERNATIVE: McManimon Represents Minority Shareholders
SENIOR CARE: Independent Landlords Object to Disclosure Statement
SHIELDS HEALTH: S&P Assigns 'B-' ICR on Change in Ownership
SIZMEK INC: Exclusivity Period Extended Until Aug. 30
STEARNS HOLDINGS: Hires PJT Partners as Investment Banker
TWIN CITIES GERMAN: S&P Affirms 'BB+' Rating on 2013A-B Rev. Bonds
US ECOLOGY: S&P Affirms 'BB' ICR; Rating Off Watch Neg.
VANTAGE TRAILERS: Committee Hires Hoover Slovacek as Counsel
VEGAS199.COM LLC: Seeks to Hire Larson Zirzow as Counsel
VERSA MARKETING: Seeks to Hire Wanger Jones as Counsel
VILLAS OF WINDMILL: Voluntary Chapter 11 Case Summary
WESTERN MIDSTREAM: Moody's Confirms Ba1 CFR, Outlook Developing
WILLOWOOD USA: Aug. 21 Hearing on Disclosure Statement
WISE ENTERPRISE: Case Summary & 6 Unsecured Creditors
ZELIS HEALTHCARE: S&P Puts 'B+' ICR on Watch Neg. on RedCard Deal
[^] Large Companies with Insolvent Balance Sheet
*********
1934 BEDFORD: Involuntary Chapter 11 Case Summary
-------------------------------------------------
Alleged Debtor: 1934 Bedford LLC
1930 Bedford Avenue
Brooklyn, NY 11225
Business Description: 1934 Bedford LLC is a privately held
company in Brooklyn, New York.
Involuntary Chapter 11
Petition Date: August 2, 2019
Court: United States Bankruptcy Court
Eastern District of New York
(Brooklyn)
Case Number: 19-44751
Judge: Hon. Carla E. Craig
Petitioners' Counsel: Bruce Weiner, Esq.
ROSENBERG MUSSO & WEINER LLP
26 Court Street, Suite 2211
Brooklyn, NY 11242
Tel: (718) 855-6840
Fax: 718-625-1966
E-mail: courts@nybankruptcy.net
Alleged creditors who signed the involuntary petition:
Petitioners Nature of Claim Claim Amount
----------- --------------- ------------
Simply Brooklyn Realty $18,000
653 Flatbush Avenue
Brooklyn, NY 11225
HTC Construction $100,000
Management, Inc.
147-26 Roosevelt Avenue #2C
Flushing, NY 11354
HTC Plumbing, Inc. $25,000
147-36 Plumbing, Inc. #2C
Flushing, NY 11354
A full-text copy of the Involuntary Petition is available for free
at:
http://bankrupt.com/misc/nyeb19-44751.pdf
1989 3AVE: 109 3 Ave Realty Objects to Disclosure Statement
-----------------------------------------------------------
109-3 Ave Realty LLC, a secured creditor of 1989 3Ave LLC, objects
to 1989 3Ave LLC's motion for approval of the Disclosure Statement
and confirmation of the Plan.
109-3 Ave points out that the Debtor failed to disclose the claims
of 109-3 Ave Realty LLC as Debtor states under the title,
"Treatment of Executory Contracts and Unexpired Leases, The Debtor
is not a party to any Executory Contracts or Unexpired Leases,
however, the Property is subject to the statutory rent controlled
tenancy of the Tenant, which tenancy is not based on an Executory
Contract or an Unexpired Lease, and cannot be assumed or
rejected."
According to 109-3 Ave, while "Good Faith" is not defined in the
Bankruptcy Code, it is certainly bad faith when the Debtor files a
plan without even an acknowledgment of the claim of 109-3 Ave
Realty LLC especially when the Purchase and Sale Agreement were
duly recorded against the Property by 109-3 Ave Realty LLC and
filed prior to the Debtor's bankruptcy filing.
109-3 Ave asserts that the Amended Plan improperly classify claims
of other secured creditors as unimpaired.
Counsel for 109-3 Ave Realty LLC:
Victor Tsai, Esq.
562 Coney Island Avenue
Brooklyn, NY 11218
Tel: (212) 625-9028
About 1989 3Ave
Based in Elmhurst, New York, 1989 3Ave, LLC, a privately held
company engaged in activities related to real estate, filed a
voluntary Chapter 11 Petition (Bankr. E.D.N.Y. Case No. 18-47234)
on Dec. 19, 2018. In the petition signed by Bo Jin Zhu, manager,
the Debtor disclosed assets totaling $23,000,106 and liabilities
totaling $24,761,785. The case is assigned to Hon. Nancy Hershey
Lord. William X. Zou, Esq., in Flushing, New York, is the Debtor's
counsel.
1989 3AVE: Chung Sum Cheng Objects to Disclosure Statement
----------------------------------------------------------
Chung Sum Cheng, Jin Juan Lin and ZLZ 33 Inc., a secured creditor
of 1989 3Ave LLC, objects to 1989 3Ave LLC's motion for approval of
the Disclosure Statement and confirmation of the Plan.
Chung Sum complains that the Debtor failed to disclose the claims
of Chung Sum Cheng, Jin Juan Lin and ZLZ 33 Inc. as Debtor states
under the title, "Treatment of Executory Contracts and Unexpired
Leases, The Debtor is not a party to any Executory Contracts or
Unexpired Leases, however, the Property is subject to the statutory
rent controlled tenancy of the Tenant, which tenancy is not based
on an Executory Contract or an Unexpired Lease, and cannot be
assumed or rejected.
According to Chung Sum, While "Good Faith" is not defined in the
Bankruptcy Code, it is certainly bad faith when the Debtor files a
plan without even an acknowledgment of the claims of Chung Sum
Cheng, Jin Juan Lin and ZLZ 33 Inc. especially when the Purchase
and Sale Agreement were signed by the same member of the Debtor as
Seller and Debtor as Seller was represented by the same attorney
who filed the Debtor's bankruptcy petition.
Chung Sum asserts that the Amended Plan improperly classify claims
of other unsecured creditors as unimpaired.
Counsel for Chung Sum Cheng, Jin Juan Lin and ZLZ 33 Inc.:
Victor Tsai, Esq.
562 Coney Island Avenue
Brooklyn, NY 11218
Tel: (212) 625-9028
About 1989 3Ave
Based in Elmhurst, New York, 1989 3Ave, LLC, a privately held
company engaged in activities related to real estate, filed a
voluntary Chapter 11 Petition (Bankr. E.D.N.Y. Case No. 18-47234)
on Dec. 19, 2018. In the petition signed by Bo Jin Zhu, manager,
the Debtor disclosed assets totaling $23,000,106 and liabilities
totaling $24,761,785. The case is assigned to Hon. Nancy Hershey
Lord. William X. Zou, Esq., in Flushing, New York, is the Debtor's
counsel.
3MB LLC: Joint Disclosure Statement on Competing Plans Filed
------------------------------------------------------------
3MB, LLC, together with U.S. Bank National Association, as Trustee,
as successor-in-interest to Bank of America, N.A., as Trustee, as
successor by merger to LaSalle Bank National Association, as
Trustee, for the registered holders of Bear Stearns Commercial
Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2007- PWRI 6, filed a joint Disclosure
Statement to provide information that creditors and interest
holders will need to vote on the two competing plans.
The treatment of classes of creditors under the Plan is briefly
summarized as follows:
Class Seven Claims: Claims of General Unsecured Creditors are
impaired. The Debtor does not believe that it has any unsecured
debt except for debt owed to its Members and a Claim for $1,800
held by Robert J. Newman ("Newman"). The Debtor's Members' Claims
against the Debtor are the Class Eight Claims and shall receive the
treatment provided in Section 5.01 of the Debtor's Plan. Newman's
Class Seven Claim will accrue interest at the rate of 3% per annum
from the Effective Date and will be paid in full within thirty (30)
days of the Effective Date.
Class Two Claim: Secured Claims Held by KCTTC are impaired. The
Debtor will make payments of $9,768.00 per month to KCTTC on the
Class Two Claim after July 2019 until the Class Two Claim is paid
in full. Interest will accrue on the Class Two Claim at a rate of
18% per annum. Debtor believes that the Class Two Claim will be
paid in full on or before February 28, 2020.
Class Three Claim: Secured Claim Held by Lender are impaired. The
Class Three Claim will be allowed in the amount of $8,079,460.00 as
of the Effective Date. Debtor will continue making adequate
protection payments of $47,800.00 per month to Lender until
December 3 1, 2019. Repayment of the Class Three Claim shall be
amortized over twenty-five (25) years, and the Class Three Claim
will accrue interest at the Note Rate of 6.25% per annum from the
Effective Date. Beginning January l, 2020, payments of $53,300.00
per month will be made on the Class Three Claim, and such payments
shall continue until
January l, 2030, at which time the unpaid balance owed to Lender
will be all due and payable.
Class Four Claims: Claims of Scott and Mary Hair are impaired. Any
claims against Debtor allowed by the Kern County Superior Court
will be paid by insurance.
Class Five Claims: Claims of Heide Tillman are impaired. Debtor's
Plan provides for NO payment to Tillman on her Claim against
Debtor. Debtor may modify Debtor's Plan to provide for payment of
Tillman's Claim if it is determined that Debtor has any liability
to Tillman. However, Debtor believes that any Claims of Tillman
allowed by a Court would be paid by the other defendants in the
lawsuit and not Debtor.
Class Eight Claims: Claims of Debtor's Members are impaired.
Payment on Class Eight Claims shall be subordinate to payment of
all other Claims allowed through Debtor's Plan. Debtor will not
make any payment on Class Eight Claims before payment on all other
allowed Claims are paid each month as required by Debtor's Plan.
Class Eight Claimants may elect to defer payment on their Claims to
insure feasibility of Debtor's Plan.
Class Nine Claims: Executory Contracts and Unexpired Leases are
impaired. Class Nine Claims consist of Debtor's executory contracts
and unexpired leases including ongoing Claims against Debtor and
Treble, LLC held by Newman. All of Debtor's executory contracts and
unexpired leases will be assumed under Debtor's Plan. Debtor's
executory contracts and unexpired leases include Debtor's Rental
Agreements with tenants of the Shopping Center.
Class Ten: Interests are impaired. Debtor's Members shall not
receive any dividends from Debtor during the Term of Debtor's Plan
until all Allowed Claims are paid in full.
The treatment of Classes of Creditors under the Lender's Plan is
briefly summarized as follows:
Class 3: General Unsecured Claims. Each Holder of an Allowed Class
3 General Unsecured Claim, if any, shall be paid in full on the
Effective Date from the Effective Date Cash.
Class 2: Lender's Secured Claim are impaired. If the proceeds from
the sale of the Property are insufficient to satisfy the
Temporarily Allowed Class 2 Claim in full or title to the Property
is transferred to Lender or its designee, Lender shall retain its
rights to pursue the Guarantors for any deficiency in the case
captioned U.S. Bank National Association v. 3MB, LLC, BCV-18-102782
(Kern County 2018). Ifthe proceeds from the sale of the Temporarily
Allowed Class 2 Claim, funds sufficient to account for the Default
Interest plus additional default interest accruing under Lender's
Class 2 Secured Claim (the "Escrowed Funds") will be kept in an
interest-bearing escrow account until the Claim Objection has been
finally resolved.
Class 4: Insider Claims are impaired. Each Holder of an Allowed
Class 4 Insider Claim shall receive in full satisfaction,
settlement, release, extinguishment and discharge of such Claim:
(a) a pro rata distribution in Cash, up to each Holder's Allowed
Class 4 Insider Claim (which shall not include interest), of all
net proceeds from the sale of the Shopping Center after the Class 2
Lender's Secured Claim and the Allowed Class 3 General Unsecured
Claims are paid in full; or (b) such other treatment on such other
terms and conditions as may be agreed upon in writing by the Holder
of such Claim and Lender.
Class 5: Interests are impaired. Holders of Class 5 Interests shall
receive a pro rata distribution in Cash of all net proceeds from
the sale of the Shopping Center after the Class 2 Lender's Secured
Claim, Allowed Class 3 General Unsecured Claim, and Allowed Class 4
Insider Claims are paid in full. Upon a sale of the Shopping
Center, Holders of Class 5 Interests will no longer have a direct
or indirect ownership interest in the Shopping Center.
Since the Petition Date, the Debtor has continued to operate its
business at a profit. The Debtor has made payments each month to
secured creditors since filing its Chapter 11 case. The payments to
secured creditors were made from income generated by the operation
of the Debtor's business. Debtor's payments to secured creditors
through July 15, 2019 totaled $451,544.OO.
A full-text copy of the Disclosure Statement dated July 25, 2019,
is available at https://tinyurl.com/y6adbyxg from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Leonard K. Welsh, Esq.
LAW OFFICES OF LEONARD K. WELSH
4550 California Avenue, Second Floor
Bakersfield, California 93309
Telephone: (661) 328-5328
Email: lwelsh@lkwelshlaw.com
Attorneys for the Lender:
David M. Neff, Esq.
Amir Gamiiel, Esq.
PERKINS COIE LLP
1888 Century Park E., Suite 1700
Los Angeles, CA 90067-1721
Telephone: 310.788.9900
Facsimile: 310.788.3399
Email: DNeff@perkinscoie.com
AGamliel@perkinscoie.com
About 3MB LLC
3MB, LLC is a general contractor in Bakersfield, California,
specializing in shopping center development. 3MB, LLC, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.
Calif. Case No. 18-14663) on Nov. 19, 2018. At the time of the
filing, the Debtor estimated assets of $10 million to $50 million
and liabilities of $1 million to $10 million. The case has been
assigned to Judge Rene Lastreto II. The Law Offices of Leonard K.
Welsh is the Debtor's counsel.
4 HIM FOOD: Seeks to Hire Leonard Law Group as General Counsel
--------------------------------------------------------------
4 Him Food Group, LLC, filed an amended application seeking
authority from the U.S. Bankruptcy Court for the District of Oregon
(Eugene) to employ the law firm of Leonard Law Group, LLC as
general counsel.
The Debtor requires LLG to:
a) advise and represent the Debtor with respect to the
administration of the case, including its rights, powers, and
duties as a debtor in possession;
b) prepare the Debtor's schedules of assets and liabilities,
and statement of financial affairs required to be filed by the
Debtor under the Bankruptcy Code and applicable procedural rules;
c) represent the Debtor in matters related to the use of cash
collateral and obtaining credit;
d) assist the Debtor with regards to its efforts to sell all
or substantially all of its assets;
e) investigate and, if appropriate, prosecuting on behalf of
the bankruptcy estate any claims and causes of action belonging to
the estate; and
f) advise the Debtor concerning alternatives for restructuring
its debts and financial affairs pursuant to a chapter 11 plan, or
if appropriate, dismissal or conversion of the case.
LLG's current and ordinary hourly rates of its attorneys are:
Justin Leonard $390
Timothy Solomon $380
Holly Hayman $310
LLG is a disinterested person within the meaning of 11 U.S.C. §
101(14) and does not represent or hold any interest adverse to the
interests of the bankruptcy estate or of any class of creditors or
equity security holders, according to court filings.
The firm can be reached through:
Timothy A. Solomon, Esq.
LEONARD LAW GROUP LLC
1 SW Columbia, Suite 1010
Portland, OR 97258
Tel: 971-634-0194
Fax: 971-634-0250
E-mail: tsolomon@llg-llc.com
About 4 Him Food Group
4 Him Food Group, LLC, d/b/a Cosmos Creations --
http://www.cosmoscreations.com/-- is a snack food company
specializing in manufacturing, marketing, and distribution of
puffed corn. 4 Him Food Group manufactures premium natural snack
foods -- including non-GMO hull-and-kernel-free puffed corn -- from
state of the art manufacturing facilities in the heart of Oregon's
Willamette Valley.
4 Him Food Group sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ore. Case No. 19-62049) on July 2, 2019.
The petition was signed by John Strasheim, president. At the time
of the filing, the Debtor disclosed assets in the amount of
$15,043,017 and liabilities in the amount of $18,755,626. Timothy
A. Solomon, Esq., at Leonard Law Group LLC, is the Debtor's
counsel. Judge Thomas M. Renn is assigned to the case. Leonard
Law Group LLC is the Debtor's counsel.
ACE EDUCATION: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Ace Education International, Inc.
483 Walker Dr.
McDonough, GA 30253
Business Description: Ace Education International Inc. owns and
operates a school in McDonough, Georgia,
offering elementary and secondary education.
Chapter 11 Petition Date: August 2, 2019
Court: United States Bankruptcy Court
Northern District of Georgia (Atlanta)
Case No.: 19-62049
Debtor's Counsel: Joseph Chad Brannen, Esq.
THE BRANNEN FIRM, LLC
7147 Jonesboro Road, Suite G
Morrow, GA 30260
Tel: (770) 474-0847
Fax: 770-474-6078
E-mail: chad@brannenlawfirm.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Kimberly S. Morey, president.
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/ganb19-62049.pdf
ACE HOLDING: Sept. 18 Hearing on Disclosure Statement
-----------------------------------------------------
The hearing to consider the approval of the Disclosure Statement
explaining the Chapter 11 Plan of Ace Holding LLC will be held on
September 18, 2019, at 10:30 a.m. Written objections to the
Disclosure Statement must be filed and served no later than seven
(7) days prior to the Disclosure Hearing date.
About Ace Holding
Rensselaer, New York-based Ace Holding LLC develops and owns real
property consisting of a fully renovated mixed-use building at 147
South Pearl Street, and nine contiguous single family townhomes at
160 to 176 South Pearl Street in Albany, New York.
Ace Holding sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D.N.Y. Case No. 18-11501) on Aug. 24, 2018. The
Debtor first filed Chapter 11 petition (Bankr. N.D.N.Y. Case No.
07-12342) on Aug. 31, 2007. On April 11, 2008, the Debtor filed
its second Chapter 11 petition (Bankr. N.D.N.Y. Case No.
08-11084).
The Debtor's schedules showed total assets of $11,983,533 and total
liabilities of $917,198.
Judge Robert E. Littlefield Jr. presides over the case.
The Debtor tapped The Dribusch Law Firm as its bankruptcy counsel;
and Smith Dominelli & Guetti LLC as its special counsel.
ALLIANCE BIOENERGY: Plan Investment Increased to $110K
------------------------------------------------------
Alliance BioEnergy Plus, Inc., filed a First Amended Chapter 11
Plan and accompanying Disclosure Statement to increase the amount
to be invested by the Plan Investor to $110,000. The original plan
provided that the Plan Investor will invest $100,000.
The Plan investment is in exchange for 2.2 million shares of the
Debtor's common stock to be issued to such investors at $.05 per
share with the strike price of their previously issued common stock
warrants to be reduced to $.05 per share.
Class 3 General Unsecured Claims are unimpaired. Allowed General
Unsecured Claims will be paid in full plus post-petition interest
on Effective Date or as otherwise agreed.
The Debtor's Cash on hand on the Effective Date, including the
funds to be invested and contributed by the Plan Investor(s), will
directly fund full payment of Allowed Administrative Claims
(approx. $60,000), Allowed Priority Claims not agreed to be
subordinated for purposes of Plan confirmation ($13,850), the
Allowed Process Engineering Secured Claim ($30,000), and Allowed
General Unsecured Claims (approx. $10,350) due on the Effective
Date pursuant to the terms of the Plan.
A full-text copy of the First Amended Disclosure Statement dated
July 25, 2019, is available at https://tinyurl.com/y4akqqv4 from
PacerMonitor.com at no charge.
A redlined copy of the First Amended Disclosure Statement dated
July 25, 2019, is available at https://tinyurl.com/yxc5bshg from
PacerMonitor.com at no charge.
Counsel for the Debtor:
Nathan G. Mancuso, Esq.
MANCUSO LAW, P.A.
Boca Raton Corporate Centre
7777 Glades Road, Suite 100
Boca Raton, Florida 33434
Tel: 561-245-4705
Fax: 561-226-2575
About Alliance BioEnergy Plus
West Palm Beach, Florida-based Alliance BioEnergy Plus, Inc. --
http://www.alliancebioe.com/-- is a publicly-traded technology
company focused on emerging technologies in the renewable energy,
biofuels, and new technologies sectors. The company is now focused
on the development and commercialization of the licensed technology
it controls through its affiliate Carbolosic, LLC. Through its
wholly-owned subsidiary, AMG Energy, the company owns Ek
Laboratories, Inc. and a 50% interest in Carbolosic (which includes
certain licensing rights in North America and Africa).
Alliance BioEnergy Plus sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-23071) on Oct. 22,
2018. In the petition signed by CEO Benjamin Slager, the Debtor
estimated assets of $1 million to $10 million and liabilities of $1
million to $10 million. Judge Erik P. Kimball presides over the
case. The Debtor tapped Mancuso Law, P.A. as its legal counsel,
and the Law Offices of Robert Diener as its special counsel.
No official committee of unsecured creditors has been appointed in
the Debtor's case.
ALPHATEC HOLDINGS: Raises $57.7M in Public Stock Offering
---------------------------------------------------------
Alphatec Holdings, Inc., had closed its previously announced
underwritten public offering of 12,535,000 shares of its common
stock at a public offering price of $4.60 per share, which includes
the full exercise of the underwriters' option to purchase 1,635,000
additional shares of common stock to cover over-allotments.
Piper Jaffray and Canaccord Genuity acted as joint book-running
managers in the offering. Lake Street Capital Markets acted as
co-manager in the offering.
ATEC received gross proceeds of $57,661,000. ATEC intends to use
the net proceeds from the offering, after deducting underwriting
discounts and commissions and estimated offering expenses payable
by ATEC, for general corporate purposes, including working capital,
capital expenditures, and continued research and development with
respect to products and technologies. A portion of the net
proceeds of the offering may be used to fund possible investments
in or acquisitions of complementary businesses, products, or
technologies. ATEC currently does not have any agreements or
commitments to complete any such transaction.
The shares of common stock are being issued and sold pursuant to a
shelf registration statement on Form S-3 (File No. 333-221085)
previously filed with and declared effective by the Securities and
Exchange Commission. A final prospectus supplement and
accompanying base prospectus relating to the offering each contain
important information relating to ATEC's shares of common stock. A
final prospectus supplement and accompanying prospectus relating to
the offering have been filed with the SEC and are available on the
SEC's website at www.sec.gov, and may also be obtained from Piper
Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall,
J12S03, Minneapolis, MN 55402, via telephone at (800) 747-3924 or
via email at prospectus@pjc.com; or from Canaccord Genuity LLC,
Attention: Syndicate Department, 99 High Street, Suite 1200,
Boston, MA 02110, or by email at prospectus@cgf.com, or by phone at
(617) 371-3900.
About Alphatec Holdings
Carlsbad, California-based Alphatec Holdings, Inc., through its
wholly-owned subsidiaries, Alphatec Spine, Inc. and SafeOp
Surgical, Inc., is a provider of innovative spine surgery solutions
dedicated to revolutionizing the approach to spine surgery. ATEC
designs, develops and markets spinal fusion technology products and
solutions for the treatment of spinal disorders associated with
disease and degeneration, congenital deformities and trauma. The
Company markets its products in the U.S. via independent sales
agents and a direct sales force.
Alphatec reported a net loss attributable to common shareholders of
$42.46 million for the year ended Dec. 31, 2018, compared to a net
loss attributable to common shareholders of $2.29 million for the
year ended Dec. 31, 2017.
As of June 30, 2019, the Company had $133.43 million in total
assets, $31 million in total current liabilities, $49.36 million in
total long-term debt, $1.46 million in operating lease liability,
$13.82 million in other long-term liabilities, $23.60 million in
redeemable preferred stock, and $14.16 million in total
stockholders' equity.
AMERICAN FORKLIFT: Court Confirms Plan, Approves Disclosures
-------------------------------------------------------------
The Court approved the disclosure statement and confirmed the
Chapter 11 Plan, as modified, filed American Forklift Rental &
Supply, LLC.
The Plan is amended as follows:
Bank of Texas shall have an allowed secured claim in the amount of
$325,000.00, to be treated in Class 17, and a general unsecured
claim for= any deficiency amount, less any amounts it recovers from
the auction of the collateral it has recovered from the Debtor, to
be treated as a general unsecured claim in Class 14.
The treatment of claims belonging to Seacoast Bank in Class 2 and 4
will remain the same as set forth in the Plan, except that the
proposed payments will commence within fifteen (15) days of the
Effective Date instead of thirty (30) days.
With respect to the claim of CIT, Class 9 of the Amended Plan shall
be amended as follows: Debtor will pay the secured claim of CIT
secured by a purchase money security interest in seven (7) Liugong
Forklifts as follows. CIT Bank shall have an allowed secured claim
in the amount of $153,305.12; provided, however, the Debtor shall
have 60 days from the date of this order to object to the allowed
amount of the secured claim.
A status conference in this case is scheduled for October 24, 2019
at 2:00 p.m., in Courtroom 6D, 6th Floor, George C. Young
Courthouse, 400 W. Washington Street, Orlando, FL 32801.
About American Forklift
American Forklift Rental & Supply, LLC --
https://www.americanforkliftrental.com/ -- specializes in forklift
rentals for the Central Florida area including Orlando, Tampa,
Lakeland, Orange County, Polk County, Lake County, and surrounding
areas. It also offers new and used sales on a wide variety of
forklifts.
American Forklift sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-04155) on July 12,
2018. In the petition signed by Joseph Garcia, Jr., managing
member, the Debtor estimated assets of $1 million to $10 million
and liabilities of $1 million to $10 million. Judge Cynthia C.
Jackson presides over the case. Melissa A. Youngman, Esq., in
Altamonte Springs, Florida, is the Debtor's legal counsel. No
official committee of unsecured creditors has been appointed.
ANKA BEHAVIORAL: Files Chapter 11 Liquidation Plan
--------------------------------------------------
ANKA Behavioral Health, Inc., and the Official Committee of
Unsecured Creditors jointly proposed by Chapter 11 plan of
liquidation and accompanying disclosure statement.
Class 3 General Unsecured Claims are impaired. Each Holder of an
Allowed Claim that is a General Unsecured Claim shall receive on
the Effective Date, or as soon thereafter as may be practicable, an
amount equal to such Holder's pro rata share of the Liquidation
Proceeds remaining after payment in full of all Allowed
Administrative Claims, Allowed Priority Tax Claims, Allowed Non-Tax
Priority Claims, and Allowed Secured Claims.
The Class 2 Secured Bank Claim are impaired. The Holder of the
Allowed Class 2 Bank Claim shall: (a) subject to the Committee's
and/or Liquidation Trustee's rights to challenge the Bank Liens
during the 90-Day Challenge Period and prosecute to conclusion any
challenge brought during the 90-Day Challenge Period, (i) retain
past the Effective Date its pre-Petition Date Liens on the Bank
Collateral and its Replacement Liens on the Replacement Lien
Collateral, and (ii) retain all payments or other distributions
made by the Debtor to the Bank prior to the Effective Date to the
extent that such payments or other distributions are Bank
Collateral in which the Bank has an unavoidable Lien; and (b)
receive on the Effective Date, or as soon thereafter as may be
practicable, but in any event, after the conclusion of the 90-Day
Challenge Period and the prosecution of any challenge brought
during the 90-Day Challenge Period, the Liquidation Proceeds of the
Bank Collateral and the Replacement Lien Collateral.
Class 4 Other Secured Claims are impaired. Each Holder of an
Allowed Other Secured Claim shall, at the election of the
Liquidation Trustee, (a) have the collateral securing its Secured
Claim abandoned to it, (b) be entitled, upon the Effective Date, to
exercise any and all rights related to (i) foreclosure and
realization upon its collateral, or (ii) setoff under Bankruptcy
Code Section 553, as the case may be, or (c) be paid the amount of
its Allowed Other Secured Claim in full, in Cash, on or as soon as
practicable after the later of (i) the Effective Date, (ii) the
date any such Claim becomes an Allowed Claim, or (iii) the date on
which sufficient Net proceeds are generated from the Disposition of
the collateral securing such Claim.
All Assets of the Estate shall be sold, otherwise liquidated,
distributed, or abandoned. As of the Effective Date, the
Liquidation Proceeds, and the Assets of the Estate, including all
Cash of the Estate, shall be transferred, conveyed and assigned to
the Liquidation Trust.
A full-text copy of the Disclosure Statement dated July 25, 2019,
is available at https://tinyurl.com/y6alb7jf from PacerMonitor.com
at no charge.
Attorneys for the Committee:
Michael A. Sweet, Esq.
FOX ROTHSCHILD LLP
345 California Street,
Suite 2200 San Francisco, CA 94104
Telephone (415) 364-5540
Facsimile: (415) 391-4436
Attorneys for Debtor:
Richard A. Lapping, Esq.
TRODELLA & LAPPING LLP
540 Pacific Avenue San Francisco, CA 94133
Telephone: (415) 399-1015
Facsimile: (415) 651-9004
-- and --
Tracy Green, Esq.
WENDEL, ROSEN, BLACK & DEAN LLP
1111 Broadway, Suite 2400
Oakland, CA 94607-4028
Telephone: (510) 834-6600
Facsimile: (510) 834-1928
About Anka Behavioral Health
In operation since 1973, Anka Behavioral Health, Inc. --
https://www.ankabhi.org/ -- is a 501(c)3 non-profit behavioral
healthcare corporation. It offers crisis residential treatment,
transitional residential treatment, and long-term residential
treatment for children and adults experiencing a psychiatric
emergency or behavioral crisis. Anka's residential-based facilities
are located in Contra Costa, Alameda, Solano, Sonoma, Santa Clara,
Fresno, San Luis Obispo, Santa Barbara, Ventura, Los Angeles, and
Riverside Counties in California, and Tuscola County in Michigan.
ANKA Behavioral Health sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Cal. Case No. 19-41025) on April 30,
2019. At the time of the filing, the Debtor estimated assets of
between $1 million and $10 million and liabilities of between $10
million and $50 million.
The case is assigned to Judge William J. Lafferty.
The Debtor tapped Trodella & Lapping, LLP and Wendel, Rosen, Black
& Dean, LLP as legal counsel; BPM LLP as financial advisor; and
Donlin Recano & Company, Inc. as claims and noticing agent.
The U.S. Trustee for Region 17 appointed a committee of unsecured
creditors on May 8, 2019. The committee is represented by Fox
Rothschild LLP.
ANOTHER BEGINNING: Files Chapter 11 Plan of Reorganization
----------------------------------------------------------
Another Beginning, Inc., filed a Chapter 11 plan of reorganization
and accompanying disclosure statement.
The Debtor's business activities include providing home based
mental health counseling to children and adults, providing crises
counseling services, and substance abuse group counseling. The
Plan contemplates a continuation of the Debtor's business.
Class of General Unsecured Claims: General unsecured claims are not
secured by property of the Estate and are not entitled to priority
under Section 507(a) of the Code. With a Total Claims of
478,191.81.
Classes of Secured Claims: Allowed Secured Claims are claims
secured by property of the Debtor's bankruptcy estate (or that are
subject to set off) to the extent allowed as secured claims under
Section 506 of the Code. If the value of the collateral or setoffs
securing the creditor's claim is less than the amount of the
creditor's allowed claim, the deficiency will be classified as a
general unsecured claim. The specific classes are described in
Article III of the Plan.
Classes of Priority Unsecured Claims: Certain priority claims that
are referred to in §§ 507(a)(1), (4), (5), (6), and (7) of the
Code are required to be placed in classes. The Code requires that
each holder of such a claim receive cash on the Effective Date of
the Plan equal to the allowed amount of such claim. However, a
class of holders of such claims may vote to accept different
treatment.
Class of Equity Interest Holders: Equity interest holders are
parties who hold an ownership interest (i.e., equity interest) in
the Debtor. In a corporation, persons and/or entities holding
preferred or common stock are equity interest holders.
Except as otherwise provided in section 1141 of the Bankruptcy
Code, or the Plan, the payments and distributions made pursuant to
the Plan will be in full and final satisfaction.
No formal appraisals have been undertaken of the Debtor's property
for the purpose of preparing this Disclosure Statement. The
property values which were assigned and summarized below are the
Debtor-in-Possession's best estimate of the values of the property
as of the time of the filing of this Disclosure Statement.
A full-text copy of the Disclosure Statement dated July 25, 2019,
is available at https://tinyurl.com/y3c5y9ed from PacerMonitor.com
at no charge.
Another Beginning, Inc., filed a voluntary Chapter 11 Petition
(Bankr. E.D.N.C. Case No. 19-01897) on April 26, 2019, and is
represented by Ciara L. Rogers, Esq., at The Law Offices of Oliver
& Cheek, PLLC.
AVINGER INC: Reports 26% Sequential Revenue Growth in 2nd Quarter
-----------------------------------------------------------------
Avinger, Inc. reported results for the quarter ended June 30,
2019.
Second Quarter and Recent Highlights
* Increased revenue 26% from the first quarter 2019, to $2.3
million, on continued strong growth in Pantheris utilization
* Grew Pantheris revenue 43% in the first half of 2019, to $2.0
million, compared to the first half of 2018
* Improved gross margin to 31% on increased sales volume,
compared with 20% in the first quarter
* Reduced net loss and comprehensive loss 8% from the first
quarter, to $4.7 million
* Improved adjusted EBITDA loss 9% from the first quarter, to
$4.0 million, the lowest level in more than 3 years
* Initiated Pantheris SV (Small Vessel) limited launch and
successfully treated first patients at multiple sites in the
U.S. in July
* Continued international expansion with the signing of a
distribution agreement for Hong Kong and completion of
initial Ocelot cases in Australia
* Reported positive clinical outcomes across multiple papers,
presentations and clinical conferences, including 5 podium
presentations and a live case transmission at CVC 2019
* Further strengthened the balance sheet with $8.0 million in
proceeds received in the first half of 2019 from warrant
exercises related to prior underwritten public offerings
* Regained compliance with Nasdaq listing requirements
Jeff Soinski, Avinger's president and CEO, commented, "We are
excited to report significantly improved operating results driven
by a 26% sequential increase in revenue and an improved gross
margin. As we look forward to additional growth opportunities, we
have made substantial progress on expanding our sales team with 26
sales professionals actively marketing our platform to centers
across the United States, including increased coverage in the
Southeast and Southwest sales territories. We expect to further
expand our sales footprint and increase the number of active
Lumivascular accounts throughout the remainder of the year along
with the rollout of our Pantheris SV product.
"We began treating patients in July with our new Pantheris SV
platform at multiple key U.S. sites and are excited about the
successful outcomes in our first cases. Pantheris SV is a
complementary treatment which can be efficiently added to existing
centers, enabling our sites to treat a greater share of their
atherectomy patients using Avinger's best-in-class technology. We
estimate this compelling platform will increase our available
atherectomy market by as much as 50% annually, or approximately
$180 million."
Second Quarter 2019 Financial Results
Total revenue was $2.3 million for the second quarter of 2019, an
increase of 26% from the first quarter of 2019, and an increase of
13% compared to the second quarter of 2018, reflecting strong
growth in both Pantheris and Ocelot.
Gross margin for the second quarter of 2019 was 31%, compared to
20% for the first quarter of 2019 and -5% for the second quarter of
2018. Operating expenses for the second quarter of 2019 were $5.4
million, flat compared to the first quarter and a decrease of 3%
from the second quarter of 2018.
Net loss and comprehensive loss for the second quarter of 2019 was
$4.7 million, a decrease of 8%, from $5.1 million in the first
quarter of 2019 and a decrease of 20% from $5.8 million in the
second quarter of 2018.
Adjusted EBITDA, as defined under non-GAAP measures in this press
release, was a loss of $4.0 million, an improvement of 9% compared
to a loss of $4.3 million for the first quarter of 2019, and an
improvement of 6% compared to a loss of $4.2 million for the second
quarter of 2018.
Balance Sheet
Cash and cash equivalents totaled $14.8 million as of June 30,
2019, compared with $16.7 million as of March 31, 2019.
On June 21, 2019, Avinger effected a 1-for-10 reverse stock split
in order to regain compliance with the Nasdaq minimum bid price
requirement. Avinger received notification that it had regained
compliance on July 9, 2019.
As of June 30, 2019, Avinger had approximately 6.4 million shares
of common stock, 44,745 shares of Series A preferred stock and 178
shares of Series B preferred stock outstanding. Each share of the
Series A preferred stock is convertible into 50 shares of the
Company's common stock at a conversion price of $20.00 per share.
Each share of Series B preferred stock is convertible into
approximately 250 shares of the Company's common stock at a
conversion price of $4.00.
A full-text copy of the press release is available for free at:
https://is.gd/w7vjMK
About Avinger, Inc.
Headquartered in Redwood City, California, Avinger --
http://www.avinger.com/-- is a commercial-stage medical device
company that designs and develops the first-ever image-guided,
catheter-based system that diagnoses and treats patients with
peripheral artery disease (PAD). PAD is estimated to affect over
12 million people in the U.S. and over 200 million worldwide.
Avinger is dedicated to radically changing the way vascular disease
is treated through its Lumivascular platform, which currently
consists of the Lightbox imaging console, the Ocelot family of
chronic total occlusion (CTO) catheters, and the Pantheris family
of atherectomy devices.
Avinger reported a net loss applicable to common stockholders of
$35.69 million for the year ended Dec. 31, 2018, compared to a net
loss applicable to common stockholders of $48.73 million for the
year ended Dec. 31, 2017. As of March 31, 2019, Avinger had $26.25
million in total assets, $12.97 million in total liabilities, and
$13.27 million in total stockholders' equity.
Moss Adams LLP, in San Francisco, California, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 6, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, stating that the
Company's recurring losses from operations and its need for
additional capital raise substantial doubt about its ability to
continue as a going concern.
BERNSOHN & FETNER: Given Until Nov. 6 to Exclusively File Plan
--------------------------------------------------------------
Judge Robert Drain of the U.S Bankruptcy Court for the Southern
District of New York extended the period during which only Bernsohn
& Fetner LLC can propose a Chapter 11 plan to Nov. 6.
The bankruptcy judge also set a Nov. 6 deadline for the company to
file a plan and disclosure statement, and a Dec. 22 deadline to
obtain confirmation of the plan.
About Bernsohn & Fetner
Bernsohn & Fetner, LLC -- http://www.bfbuilding.com/-- is a
full-service construction management and general contracting firm
dedicated to residential, corporate, and retail construction.
Bernsohn also offers maintenance service for major New York
buildings. The Company was founded in 2003 by Steven Fetner and
Randall Bernsohn.
Bernsohn & Fetner sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-23707) on Nov. 7,
2017. Steven Fetner, managing member, signed the petition.
At the time of the filing, the Debtor disclosed $1.735 million in
assets and $920,000 in liabilities. The Debtor had no secured
debt.
Judge Robert D. Drain presides over the case.
Bernsohn & Fetner LLC is the Debtor's counsel. Vernon Consulting,
Inc., as financial advisor and accountant to the Debtor.
BROOKFIT VENTURES: Unsecureds to Get $25K from Principals
---------------------------------------------------------
Brookfit Ventures LLC, aka Brook Fit Ventures LLC, dba Retro
Fitness, filed a Chapter 11 Plan and accompanying Disclosure
Statement.
CLASS 3 ALLOWED UNSECURED CLAIMS are impaired. The unsecured
creditors shall receive a pro rata distribution from the Unsecured
Creditors' Reserve Account of their allowed claims, without
interest. The Unsecured Creditors' Reserve Account shall be funded
from any assets of the Debtor left after the payments to the
Administrative Creditors, Allowed Priority Claims and Classes 1 &
2. If insufficient funds are left, then the Debtor's principals
have agreed to fund sufficient funds needed to confirm the case and
provide $25,000 for unsecured creditors.
CLASS 1 - ALLOWED SECURED CLAIM OF SIGNATURE are impaired. Class 1
consists of the allowed secured claim of Signature Bank. The Sale
Order called for the allowed Secured Claim of Signature Bank to be
paid after closing with a $25,000 reserve to be held pending a
determination of the amount due for Signature's attorney’s fees.
Signature asserts that the amount of $22,607.50 is due for its
counsel fees and $148.88 in expenses, in monitoring its collateral.
The Debtor and Signature have agreed that Signature will reduce
those fees by 10% to the sum of $20,346.75 and the full amount of
the expenses, which will be paid on the Effective Date.
CLASS 4- INSIDER CLAIMS are impaired. Class 4 consists of the claim
of Insider Claims which would consist of any Insider Loans or
advances. There will be no distribution to this Class.
CLASS 5- EQUITY CLAIM OF THE MEMBER OF THE DEBTOR are impaired.
Class 5 consists of the allowed equity claims of the Debtor's
principals. The Principals shall retain their equity in the Debtor
for the sole purpose of winding up its existence after the
distributions have been made under the Plan and filing final tax
returns and dissolving the entity.
The Plan shall be effectuated by the Debtor making all of the
payments required under the Plan from the Sales Proceeds and other
funds on hand and the Debtor's principals infusing sufficient funds
to make those payments.
A full-text copy of the Disclosure Statement dated July 25, 2019,
is available at https://tinyurl.com/y4oyuljm from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Avrum J. Rosen, Esq.
Rosen & Kantrow, PLLC
38 New Street
Huntington, New York 11743
Tel: 631-423-8527
About Brookfit Ventures
Brookfit Ventures LLC filed a Chapter 11 petition (Bankr. E.D.N.Y.
Case No. 18-46224) on Oct. 30, 2018. In the petition signed by
David Ragosa, managing member, the Debtor estimated less than
$50,000 in assets and less than $1 million in liabilities. The
Debtor is represented by Avrum J Rosen, Esq. of Rosen, Kantrow &
Dillon, PLLC.
CAMBER ENERGY: Provides Shareholder Update on Lineal Transaction
----------------------------------------------------------------
Camber Energy, Inc. provided an update based on multiple requests
from its shareholders. As disclosed previously, following the
Company's acquisition of Lineal Star Holdings, LLC, (whose website
is www.LinealStar.com), the Company changed its business focus to
growing its midstream and downstream pipeline integrity services,
specialty construction and field services. Lineal's historical and
existing business relationships include 43 Master Service
Agreements with top tier pipeline and utility companies and a large
portfolio of current bidding opportunities. Lineal's subsidiary in
Pittsburgh is continuing its existing contract work as well as
bidding on new work on a weekly basis.
As a major part of the post-transaction business plan with Lineal,
Camber has agreed to support an active acquisition program. To
demonstrate its commitment as part of the closing of the
transaction, the Company has previously transferred $4 million to a
dedicated bank account to be used, along with planned future debt
funding, to close acquisitions that meet the Company's criteria.
The Company is continuing to review possible acquisitions on an
ongoing basis.
The Company would also like to confirm to shareholders that one
requirement of the closing with Lineal was that Lineal have a
negotiated enterprise value of at least $20 million, which value
was deemed fair by an independent third-party.
As previously disclosed, assuming shareholder approval in
connection with the Lineal transaction is obtained, common
shareholders as of such approval date will hold between
approximately 6% and 6.67% of the Company's fully-diluted
capitalization, with Lineal's previous owners holding between 66.7%
and 70% of such capitalization, and the holder of the Company's
Series C Preferred Stock holding the remainder (as Series D
Preferred Stock). As discussed in the Current Report on Form 8-K
filed on July 9, 2019 (as amended), assuming shareholder approval
for various matters required by the Lineal transaction, the Series
C Preferred Stock will be exchanged for Series D Preferred Stock
which will have a fixed conversion rate.
As of July 31, 2019, the Company had 11,294,500 shares of common
stock issued and outstanding. The Company is subject to continued
substantial and significant ongoing dilution of common shareholders
pursuant to conversions of its Series C Preferred Stock until such
time as shareholder approval has been obtained.
The Company has received many emails and calls from shareholders
requesting more information on the Lineal transaction. It is the
Company's policy to not individually address shareholder questions;
however, the Company encourages to send any questions to
info@camber.energy. The Company will analyze such questions in
drafting its periodic reports and future shareholder letters.
About Camber Energy
Based in San Antonio, Texas, Camber Energy, Inc. (NYSE American:
CEI) -- http://www.camber.energy-- is an independent oil and gas
company engaged in the development of crude oil, natural gas and
natural gas liquids in the Hunton formation in Central Oklahoma in
addition to anticipated project development in the Texas Panhandle.
The Company also provides midstream and downstream pipeline
specialty construction, maintenance and field services via its
recently announced acquisition agreement with Lineal Star Holdings
LLC.
Camber Energy reported net income of $16.64 million for the year
ended March 31, 2019, following a net loss of $24.77 million for
the year ended March 31, 2018. As of March 31, 2019, the Company
had $8.58 million in total assets, $2.40 million in total
liabilities, and $6.17 million in total stockholders' equity.
Camber Energy received on July 2, 2019, a deficiency letter from
NYSE American LLC stating that the Company is not in compliance
with the continued listing standards as set forth in Section
103(f)(v) of the NYSE American Company Guide. The Deficiency
Letter indicated that the Company's securities have been selling
for a low price per share for a substantial period of time.
CAMPUS EDGE: Exclusivity Period Extended Until Aug. 15
------------------------------------------------------
Judge Karen Specie of the U.S. Bankruptcy Court for the Northern
District of Florida extended the period during which only Campus
Edge Condominium Association, Inc. can file a Chapter 11 plan to
Aug. 15.
Campus Edge can solicit acceptances for the plan until Oct. 14.
About Campus Edge Condominium Association
Campus Edge Condominium Association, Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No.
19-10011) on January 14, 2019. At the time of the filing, the
Debtor had estimated assets of less than $1 million and liabilities
of less than $1 million.
The case has been assigned to Judge Karen K. Specie. Thames Markey
& Heekin, P.A. is the Debtor's legal counsel.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Campus Edge Condominium Association, Inc. as
of Feb. 28, according to a court docket.
CARESTREAM DENTAL: Moody's Alters Outlook on B3 CFR to Positive
---------------------------------------------------------------
Moody's Investors Service affirmed all ratings of Carestream Dental
Equipment, Inc., including the B3 Corporate Family Rating, the
B3-PD Probability of Default Rating and the B2 rating on the senior
secured first lien credit facility. The outlook was revised to
positive from stable.
The outlook revision reflects improvement in the company's risk
profile, as the company has substantially completed activities
associated with the separation from Carestream Health Inc. The
positive outlook also reflects Moody's expectation that debt/EBITDA
will approach the mid five times range in the next 12 to 18
months.
The following ratings were affirmed:
Carestream Dental Equipment, Inc.
Corporate Family Rating at B3
Probability of Default Rating at B3-PD
Senior secured first lien bank credit facilities at B2
Outlook actions:
Outlook revised to positive from stable.
RATINGS RATIONALE
Carestream Dental's B3 Corporate Family Rating reflects Moody's
expectations that leverage will remain high. Debt/EBITDA was
approximately 6.1 times for the LTM period ended March 31, 2019.
The rating also reflects the company's limited scale and
significant competition from larger firms, many of which have
substantially greater resources. While Carestream Dental has
substantially concluded the separation from its former parent
company, it still has a somewhat limited track record as a stand
alone company. The company benefits from its good market position
in the digital dental equipment business, and the positive longer
term trends for dental services. Carestream Dental's credit profile
is also bolstered by its dental practice management software
segment, which provides stable earnings and cash flows given the
essential nature of the product and high switching costs for its
clients.
The positive outlook reflects Moody's expectation that the company
will continue to grow sales and earnings such that debt/EBITDA will
approach 5.5 times in the next 12 months.
Ratings could be upgraded if the company continues to demonstrate
growth in sales while maintaining its high margins, indicating it
continues to successfully transition to a standalone company.
Quantitatively, ratings could be upgraded if debt/EBITDA approaches
5.5 times and positive free cash flow is sustained.
Ratings could be downgraded if the company's revenues or earnings
declined, liquidity were to erode, or free cash flow is negative.
Headquartered in Atlanta, GA, Carestream Dental is a manufacturer
of dental imaging systems and a provider of dental practice
management software. The company is owned by affiliates of Clayton,
Dubilier & Rice and CareCapital Advisors. Revenues are
approximately $400 million.
CARGO WORKSHOP: Unsecureds to Get 12.18%-25.72% Under Plan
----------------------------------------------------------
Cargo Workshop Inc. filed a small business Chapter 11 plan and an
accompanying disclosure statement proposing that general unsecured
claims, classified in Class 2, will be paid a distribution from a
plan fund of $36,000 plus funds received from litigation to collect
pre-petition accounts receivable.
The $36,000 fund shall be payable by the Debtor in 36 monthly
installments of $1,000 each. The Debtor estimates that unsecured
creditors will receive a distribution of 12.18%-25.72% of their
claim.
Payments and distributions under the Plan will be funded by a
$15,000 contribution by the Debtor's principals Javier Carcamo and
Dylan Gould to be paid from their personal funds which will be used
to fund the administrative expenses of the case. Unsecured
creditors will receive pro-rata distributions from a fund of
$36,000, to be funded by monthly contributions by the Debtor in the
amount of $1,000 paid out over 36 months plus amounts collected
from litigation commenced to collect pre-petition accounts
receivable.
A full-text copy of the Disclosure Statement dated July 29, 2019,
is available at https://tinyurl.com/y23dr9zh from PacerMonitor.com
at no charge.
Attorneys for the Debtor are Lawrence F. Morrison, Esq., and Brian
J. Hufnagel, Esq., at Morrison Tenenbaum PLLC, in New York.
About Cargo Workshop
Cargo Workshop Inc., filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 19-42124) on April 9, 2019, disclosing under $1
million in both assets and liabilities. The Debtor is represented
by Lawrence F. Morrison, Esq., at Morrison Tenenbaum PLLC.
CEDAR HAVEN: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Cedar Haven Acquisition, LLC
590 South 5th Avenue
Lebanon, PA 17042-9154
Business Description: Cedar Haven Acquisition, LLC --
https://cedarhaven.healthcare -- is a
licensed skilled nursing facility located in
Lebanon, Pennsylvania, that offers
professionally supervised nursing care and
related medical and health services to
persons whose needs are such that they can
only be met in a nursing facility on an
inpatient basis because of age, illness,
disease, injury, convalescence or physical
or mental infirmity. The Company was formed
in 2014 through the sale of Cedar Haven
Healthcare Center by the Lebanon County
Commissioners to Cedar Haven.
Chapter 11 Petition Date: August 2, 2019
Court: United States Bankruptcy Court
District of Delaware (Delaware)
Case No.: 19-11736
Judge: Hon. Christopher S. Sontchi
Debtor's Counsel: William E. Chipman, Jr., Esq.
CHIPMAN BROWN CICERO & COLE, LLP
Hercules Plaza
1313 North Market Street, Suite 5400
Wilmington, DE 19801
Tel: 302-295-0193
Fax: 302-295-0199
Email: chipman@chipmanbrown.com
- and -
Mark D. Olivere, Esq.
CHIPMAN BROWN CICERO & COLE, LLP
Hercules Plaza
1313 North Market Street, Suite 5400
Wilmington, DE 19801
Tel: 302-295-0195
Fax: 302-295-0199
Email: olivere@chipmanbrown.com
Debtor's
Claims &
Noticing
Agent: STRETTO
https://case.stretto.com/cedarhaven
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Charles B. Blalack, managing partner.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/deb19-11736.pdf
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Select Rehabilitation, LLC Litigation $1,917,004
P.O. Box 71985
Chicago, IL 60694-1985
Diane Gianos Walker, Esquire
Tel: (312) 471-2901
Email: dwalker@walkermortonllp.com
2. Culinary Services Group LLC Litigation $1,327,975
1135 Business Parkway South, Suite 10
Westminster, MD 21157
Elizabeth A. Ware, Esquire
Tel: (610) 478-2210
Email: eaw@stevenslee.com
3. Hands-On-Nursing Agency, Inc. Litigation $727,830
P.O. Box 806
Lebanon, PA 17042
Greer H. Anderson, Esquire
Tel: (717) 272-6646
4. Aureus Nursing LLC Litigation $601,056
P.O. Box 3037
Omaha, NE
68103-0037
Nicholas A. Buda, Esquire
Tel: (402) 344-0500
Email: nbuda@bairdholm.com
5. Maximum Healthcare Services Litigation $583,137
11877 Collections Center Drive
Chicago, IL 60693
Brian M. Marriott, Esquire
Tel: (215) 938-0880
Email: bmarriott@marttiottlawoffices.com
6. Healthcare Services Group, Inc. Trade $473,739
P.O. Box 829677
Philadelphia, PA
19182-9677
7. Medline Industries Inc. Trade $231,300
Box 382075
Pittsburgh, PA 15251
8. Yessin & Associates Trade $177,898
2102 West Cass Street, 2nd Floor
Tampa, FL 33606
Tel: (813) 258-1773
9. Pharmscript, LLC Trade $167,731
150 Pierce Street
Somerset, NJ 08873
Tel: (877) 290-1812
10. Pharmerica Drug Systems, LLC Litigation $143,344
P.O. Box 409251
Atlanta, GA 30384
Daniel Fleming, Esquire
Tel: (215) 546-2776
Email: dfleming@wongfleming.com
11. Manheim Medical Supply Inc. Trade $109,399
P.O. Box 9065
Lancaster, PA 17604
12. Burkhardt Mechanical Inc. Trade $95,345
P.O. Box 6767
Reading, PA 19610
13. Day Pitney LLP Trade $88,141
P.O. Box 416234
Boston, MA
02241-6234
14. Jackson Therapy Trade $78,660
Partners, LLC
P.O. Box 277637
Atlanta, GA
30384-7637
15. WellSpan Good Trade $77,092
Samaritan Hospital
P.O. Box 15119
York, PA 17405
16. General Healthcare Trade $68,201
Resources Inc.
2250 Hickocry Road, Suite 240
Plymouth Meeting,
PA 19462
Tel: (610) 834-7525
17. PRN Funding, LLC Trade $62,288
P.O. Box 637924
Cincinatti, OH
45263-7924
Tel: (216) 504-1002
18. Harmony Healthcare Trade $48,784
International, Inc.
430 Boston Street, Suite 104
Topsfield, MA 01983
19. Meritain Health Trade $48,569
P.O. Box 223881
Pittsburgh, PA 15250
20. Capital Blue Cross Trade $43,729
P.O. Box 779515
Harrisburgh, PA
17177-9615
CENTER CITY HEALTHCARE: Seeks to Hire Saul Ewing as Counsel
-----------------------------------------------------------
Center City Healthcare, LLC, d/b/a Hahnemann University Hospital,
and its debtor-affiliates seek authority from the U.S. Bankruptcy
Court for the District of Delaware to employ Saul Ewing Arnstein &
Lehr LLP, as counsel to the Debtors.
Center City Healthcare Saul Ewing to:
a. provide legal advice with respect to the Debtors' powers
and duties as debtors in possession in the continued
operation of their businesses and management of their
properties;
b. prepare and pursue confirmation of a plan and approval of a
disclosure statement;
c. prepare, on behalf of the Debtors, necessary applications,
motions, answers, orders, reports, and other legal papers;
d. appear in Court and protecting the interests of the
Debtors before the Court;
e. provide assistance, advice and representation concerning
any investigation of the assets, liabilities and financial
condition of the Debtors that may be required under local,
state or federal law or orders of this or any other court
of competent jurisdiction;
f. provide counseling and representation with respect to the
closure of Hahnemann University Hospital, the assumption or
rejection of executor contracts and leases, sales of assets
and other bankruptcy-related matters arising from these
chapter 11 cases; and
g. perform all other services assigned by the Debtors to Saul
Ewing as counsel to the Debtors, and to the extent the Firm
determines that such services fall outside of the scope of
services historically or generally performed by Saul Ewing
as counsel in a bankruptcy proceeding, Saul Ewing will file
a supplemental declaration pursuant to Bankruptcy Rule
2014.
Saul Ewing will be paid at these hourly rates:
Partners $385 to $975
Special Counsels $375 to $850
Associates $250 to $435
Paraprofessionals $60 to $360
On April 23, 2019, Saul Ewing received a retainer in the amount of
$60,000. On May 7, 2019, June 6, 2019 and June 21, 2019, Saul Ewing
received additional Retainers in the amounts of $50,000, $60,000
and $20,000, respectively. On June 17, 2019, Saul Ewing drew down
on the Retainer balance in the amount of $28,525.75.
On June 28, 2019, the Debtors provided Saul Ewing with an
additional Retainer of $600,000 in connection with the preparation
and filing of these Chapter 11 Cases. Prior to the Petition Date,
on June 28, 2019, Saul Ewing applied $417,527.40 of the Retainer to
cover fees and expenses incurred, as well as chapter 11 filing
fees. The remainder of the Retainer, in the amount of $343,946.85
is held in the Firm's trust account.
Saul Ewing will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Monique B. DiSabatino, partner of Saul Ewing Arnstein & Lehr LLP,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their/its
estates.
Saul Ewing can be reached at:
Monique B. DiSabatino, Esq.
Mark Minuti, Esq.
SAUL EWING ARNSTEIN & LEHR LLP
1201 N. Market Street, Suite 2300
Wilmington, DE 19899
Tel: (302) 421-6800
Fax: (302) 421-5873
E-mail: monique.disabatino@saul.com
mark.minuti@saul.com
About Center City Healthcare
d/b/a Hahnemann University Hospital
Center City Healthcare, LLC, is a Delaware limited liability
company that operates Hahnemann University Hospital. Its parent
company is Philadelphia Academic Health System, LLC, which is also
the parent company of St. Christopher's Healthcare, LLC and its
affiliated physician groups.
Center City Healthcare and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
19-11466) on June 30, 2019. At the time of the filing, the Debtors
estimated assets of between $100 million and $500 million and
liabilities of the same range.
The cases are assigned to Judge Kevin Gross.
The Debtors tapped Saul Ewing Arnstein & Lehr LLP as legal counsel;
EisnerAmper LLP as restructuring advisor; SSG Advisors, LLC as
investment banker; and Omni Management Group, Inc., as claims and
noticing agent.
CENTRO GROUP: Hires Rice Pugatch as Special Counsel
---------------------------------------------------
Centro Group, LLC, and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the Southern District of Florida to
employ Rice Pugatch Robinson Storfer & Cohen, PLLC, as special
counsel to the Debtors.
The Debtors maintains a Commercial Crime insurance policy with
Hiscox Insurance Company. The Policy covers employee theft. After
discovering incidents of employee theft, the Debtors provided the
requisite notice to Hiscox Insurance, time submitted the required
Crime Insurance Proof of Loss and requested Hiscox Insurance to pay
the claims. Notwithstanding the requests, Hiscox Insurance has
failed and refused to pay the claims.
Centro Group requires Rice Pugatch to assist in the investigation
and prosecution of the incidents of employee theft, and prosecute
any and all causes of action it may have against Hiscox Insurance
in relation to the denial of claims.
Rice Pugatch will be paid at these hourly rates:
Attorneys $250 to $550
Paralegals $160
Rice Pugatch will also be reimbursed for reasonable out-of-pocket
expenses incurred.
George L. Zinkler, III, a partner at Rice Pugatch, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Rice Pugatch can be reached at:
George L. Zinkler, III, Esq.
RICE PUGATCH ROBINSON STORFER & COHEN, PLLC
101 NE Third Avenue, Suite 1800
Ft. Lauderdale, FL 33301
Tel: (954) 462-8000
About Centro Group
Centro Group, LLC is a full-service, wholesale group benefits,
human capital, and technology service consulting firm committed to
positioning their clients for future growth. It is headquartered in
Miami, Fla., with additional offices in the Boston and St. Louis
areas.
Centro Group and ProHCM Holdings, Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case Nos.
18-23155 and 18-23156) on Oct. 23, 2018. In the petitions signed by
CEO Joseph Markland, Centro Group estimated assets of less than
$50,000 and liabilities of $1 million to $10 million. ProHCM
disclosed $4,284,714 in assets and $4,238,898 in liabilities. Judge
Jay A. Cristol oversees the cases.
The Debtors tapped Shraiberg, Landau & Page, P.A., as their legal
counsel; and James F. Martin of ACM Capital Partners, as their
chief restructuring officer.
On Nov. 9, 2018, the U.S. Trustee for Region 21 appointed an
official committee of unsecured creditors in Centro Group's case.
The committee tapped Kozyak, Tropin & Throckmorton, LLP as its
legal counsel.
CLEAR CHANNEL: Moody's Rates New $2.2-Bil. Secured Loans 'B1'
-------------------------------------------------------------
Moody's Investors Service assigned Clear Channel Outdoor Holdings,
Inc.'s proposed senior secured credit facility (including a $2
billion term loan B and a $200 million revolver) a B1 rating. The
senior subordinated note due 2024 issued by subsidiary, Clear
Channel Worldwide Holdings, Inc. was downgraded to Caa2 from Caa1.
Moody's also assigned a B3 Corporate Family Rating, B3-PD
Probability of Default Rating (PDR), SGL-3 Speculative Grade
Liquidity Rating, and stable outlook to CCO as CCO is expected to
be the borrowing entity of the new secured debt.
The net proceeds of the new debt as well as $1.185 billion of other
secured debt are projected to be used to repay the $2.725 billion
senior unsecured notes due 2022 as well as $375 million of senior
notes issued at Clear Channel International B.V. (CCI BV). The
senior subordinated notes due 2024 were downgraded to Caa2 from
Caa1 due to the addition of senior secured debt to the capital
structure. The PDR rating assigned at CCO will be B3-PD due to the
addition of secured debt to the capital structure which is one
notch lower compared to the B2-PD PDR at CCW. After repayment, the
CFR, PDR, SGLR, rating for the senior notes due 2022, and outlook
issued at CCW as well as the rating for the senior notes issued by
CCI BV and outlook will be withdrawn.
Approximately $334 million of the CCW senior subordinated notes due
2024 are expected to be repaid with proceeds of an equity raise on
July 25, 2019 and an additional $50 million could be repaid if
underwriters exercise the option to purchase additional shares. The
new term loan will extend a material portion of CCO's debt maturity
to 2026, although the remaining senior subordinated notes will
mature in 2024 and prior to the term loan.
Proforma for the prior equity and proposed debt transaction,
Moody's calculation of leverage improved to 8.9x from 9.3x and
interest coverage is expected to improve slightly to 1.5x from 1.4x
as of Q2 2019 although the final pricing of the debt transaction
will impact interest expense. Changes in the amount and type of
debt issued have the potential to lead to a change in the ratings.
Assignments:
Issuer: Clear Channel Outdoor Holdings, Inc.
Corporate Family Rating, Assigned B3
Probability of Default Rating, Assigned B3-PD
Speculative Grade Liquidity Rating, Assigned SGL-3
Senior Secured Term Loan B due 2026, Assigned B1 (LGD2)
Senior Secured Revolving Credit Facility due 2024, Assigned B1
(LGD2)
Downgrades:
Issuer: Clear Channel Worldwide Holdings, Inc.
$2.2 billion Senior Subordinated Note due 2024, Downgraded to Caa2
(LGD5) from Caa1 (LGD6)
Outlook Actions:
Issuer: Clear Channel Outdoor Holdings, Inc.
Outlook, Assigned Stable
Ratings and outlook actions are subject to review of final
documentation and no material change in the size, terms and
conditions of the proposed transaction as advised to Moody's.
RATINGS RATIONALE
CCO's B3 CFR primarily reflects the high pro forma leverage of 8.9x
(excluding Moody's standard lease adjustment) and an interest
coverage ratio of approximately 1.5x as of Q2 2019. CCO benefits
from its position as one of the largest outdoor advertising
companies in the world with diversified international operations
and high broadcast cash flow margins of 40% LTM as of Q2 2019 in
the Americas division (compared to 16% in the International
division). There is also the ability to convert traditional
billboards to digital which Moody's expects will lead to higher
revenue and EBITDA over time with appeal to a broader range of
advertisers. Outdoor advertising is not likely to suffer from
disintermediation as other traditional media outlets have and the
industry also benefits from restrictions on the supply of
additional billboards (particularly in the US) which helps support
advertising rates and high asset valuations. The separation of the
company from iHeart Communications, Inc. (iHeart) in Q2 2019 is a
positive and allows CCO to focus on growth instead of generating
liquidity for the prior parent company. Moody's expects the new
owners to focus on growth, digital development, and deleveraging
the balance sheet to more sustainable levels. While Moody's is
positive on the prospects for the outdoor advertising industry,
results are projected to be more volatile than it was in the past
when the industry was subject to longer term contracts. The outdoor
business is also cyclical and CCO's already high leverage level
could deteriorate meaningfully in the event of an economic decline.
The debt balance is also in US$ whereas a significant portion of
revenue is denominated in foreign currencies which can increase
volatility.
CCO's liquidity profile is expected to be adequate as indicated by
its Speculative Grade Liquidity Rating of SGL-3. The pro forma cash
balance is projected to be approximately $350 million and CCO has a
$125 million asset backed revolving facility due 2023 in addition
to a proposed $200 million revolving credit facility due 2024. Free
cash flow is projected to be modestly improved, but still negative
in the near term and follows several years of negative free cash
flow due to distributions to its prior parent company and
significant capital expenditures. Capex was $229 million LTM Q2
2019 and Moody's expects it to be in a similar range in 2019. If
necessary, capex could be reduced to improve its liquidity position
if needed. The proforma EBITDA minus capex to interest coverage
ratio is 0.9x as of Q2 2019. The term loan is covenant lite and the
revolver is subject to first lien net leverage ratio when drawn. If
the total net leverage ratio is less than 6.5x, the covenant will
only be tested when 35% is drawn.
The stable outlook reflects Moody's projection of low to mid-single
digit EBITDA growth going forward due to the strength of the
outdoor industry and lower expenses as CCO will not need to pay
trademark expenses for use of the Clear Channel name going forward.
The majority owned subsidiary in China is projected to face more
challenging conditions that will partially offset growth in other
regions. Moody's expects leverage will decline modestly over the
next twelve months to the mid 8x range.
The rating could be upgraded if leverage decreased well below 7x
with a positive free cash flow to debt ratio in the mid-single
digits and an EBITDA minus capex to interest coverage ratio of over
1.5x. An adequate liquidity profile would also be required.
The rating could be downgraded if leverage increased above 10x or
if the liquidity position deteriorated so that there was an
increased possibility of default. An EBITDA minus capex to interest
coverage ratio sustained below 1x due to economic weakness or poor
operational performance also has the potential to lead to a
downgrade.
The principal methodology used in these ratings was Media Industry
published in June 2017.
Clear Channel Outdoor Holdings, Inc., headquartered in San Antonio,
Texas, is a leading global outdoor advertising company that
generates LTM revenues of approximately $2.7 billion as of Q2 2019.
iHeartCommunications, Inc. previously owned 89% of CCO and former
iHeart debtholders own a material portion of CCO's equity following
iHeart's exit from bankruptcy in Q2 2019.
CLOUD PEAK: Law Firm of Russell Represents Utility Companies
------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the Law Firm of Russell R. Johnson III, PLC provided notice that it
is representing utility companies DTE Electric Company f/k/a The
Detroit Edison Company and Midwest Energy Resources Co. in the
Chapter 11 cases of Cloud Peak Energy Inc., et al.
DTE Electric is a party to a Master Coal Purchase and Sale
Agreement with Kennecott Coal Sales Company, and related purchase
orders. Midwest Energy Resources Co. is a party to the Venture
Fuels Partnership Agreement between NERCO Coal Sales Company and
MERC, dated May 28, 1987.
The Law Firm of Russell R. Johnson III, PLC was retained to
represent the forgoing Utilities in April 2019. The circumstances
and terms and conditions of employment of the Firm by the Companies
is protected by the attorney-client privilege and attorney work
product doctrine.
The Utilities can be reached at:
DTE Electric Company f/k/a The Detroit Edison Company
and Midwest Energy Resources Co.
Attn: Leland Prince, Esq.
DTE Energy
One Energy Plaza
Detroit, MI 48226
The Firm can be reached at:
LAW FIRM OF RUSSELL R. JOHNSON III, PLC
Russell R. Johnson III, Esq.
2258 Wheatlands Drive
Manakin-Sabot, VA 23103
Telephone: (804) 749-8861
Facsimile: (804) 749-8862
E-mail: russell@russelljohnsonlawfirm.com
A copy of the Rule 2019 filing from PacerMonitor.com is available
at
http://bankrupt.com/misc/Cloud_Peak_530_Rule2019.pdf
About Cloud Peak Energy
Cloud Peak Energy Inc -- http://www.cloudpeakenergy.com/-- is a
coal producer headquartered in Gillette, Wyo. It mines low sulfur,
subbituminous coal and provides logistics supply services. Cloud
Peak owns and operates three surface coal mines and owns rights to
undeveloped coal and complementary surface assets in the Powder
River Basin. It is a sustainable fuel supplier for two percent of
the nation's electricity.
Cloud Peak Energy and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del Lead Case No.
19-11047) on May 10, 2019. The Debtors disclosed $928,656,000 in
assets and $634,982,000 in liabilities.
The cases have been assigned to Judge Kevin Gross.
The Debtors tapped Vinson & Elkins LLP as lead counsel; Richards,
Layton & Finger, P.A., as local counsel; Centerview Partners LLC as
investment banker; FTI Consulting Inc. as operational advisor; and
Prime Clerk LLC as claims and noticing agent.
COMFORT DENTAL: Hires Arrington Owoo as Counsel
-----------------------------------------------
Comfort Dental Studio, PC, seeks authority from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Arrington
Owoo, P.C., as counsel to the Debtor.
Comfort Dental requires Arrington Owoo to:
(a) provide legal advice with respect to the powers, rights,
and duties of the Debtor in the continued management and
operation of its business;
(b) provide legal advice and consultation related to the legal
and administrative requirements of operating the Chapter
11 bankruptcy case, including to assist the Debtor in
complying with the procedural requirements of the Office
of the U.S. Trustee;
(c) take all necessary actions to protect and preserve the
Debtor's Estate, including prosecuting actions on the
Debtor's behalf, defending any action commenced against
the Debtor, and representing the Debtor's interests in any
negotiations or litigation in which the Debtor may be
involved, including objections to the claims filed against
the Debtor's Estate;
(d) prepare on behalf of the Debtor any necessary documents
necessary or otherwise beneficial to the administration of
the Debtor's Estate;
(e) represent the Debtor's interests at the Meeting of
Creditors, pursuant to § 341 of the Bankruptcy Code, and
at any other hearing scheduled before this Court related
to the Debtor;
(f) assist and advise the Debtor in the formulation,
negotiation, and implementation of a Chapter 11 Plan and
all documents related thereto;
(g) assist and advise the Debtor with respect to negotiation,
documentation, implementation, consummation, and closing
of corporate transactions, including sales of assets, in
the Chapter 11 bankruptcy case;
(h) assist and advise the Debtor with respect to the use of
cash collateral and obtain Debtor-in-Possession or exit
financing and negotiating, drafting, and seeking approval
of any documents related thereto;
(i) review and analyze all claims filed against the Debtor's
Bankruptcy Estate and to advise and represent the Debtor
in connection with the possible prosecution of objections
to claims;
(j) assist and advise the Debtor concerning any executor
contract and unexpired leases, including assumptions,
assignments, rejections, and renegotiations;
(k) coordinate with other professionals employed in the case
to rehabilitate the Debtor's affairs; and
(l) perform all other bankruptcy related legal services for
the Debtor that may be or become necessary during the
administration of this case.
On June 15, 2019, the Debtor paid $5,000 to Arrington Owoo as a
flat fee for representation in the bankruptcy proceedings.
Arrington Owoo will not charge the Debtor any further fee in
connection with its representation.
Latif Oduola-Owoo, a partner at Arrington Owoo, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Arrington Owoo can be reached at:
Latif Oduola-Owoo, Esq.
ARRINGTON OWOO
1230 Peachtree Street, NE, Suite 1900
Atlanta, GA 30309
Tel: (404) 421-8098
Fax: (404) 549-6772
E-mail: Latif@aomlaw.com
About Comfort Dental Studio
Comfort Dental Studio, Inc., is a Georgia Corporation, and its
primary business involves the operation of a dental office as a
small business. It sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 19-59879) on June 26,
2019.
A companion case was filed by Nelson-Wade Management Group, LLC on
June 28, 2019 (Bankr. N.D. Ga. Case No. 19-60132). Nelson-Wade is
the mortgagor for the real estate property at 2219 Loganville Hwy,
Grayson, GA 30017 where the dental office is located. The Debtor
will be seeking a joint administration of the two cases.
In the petition signed by their authorized representative, Dr.
Alisa Nelson, the Debtors estimated assets and liabilities of less
than $1 million each.
The Debtors are represented by Latif Oduola-Owoo, Esq. at
Arrington/Owoo, P.C.
COMPRESSION GENERATION: Hires Hoff Law Offices as Counsel
---------------------------------------------------------
Compression Generation Services, seeks authority from the U.S.
Bankruptcy Court for the Southern District of Texas to employ Hoff
Law Offices, P.C., as counsel to the Debtor.
Compression Generation requires Hoff Law Offices to represent and
provide legal services to the Debtor in the Chapter 11 bankruptcy
proceedings
Hoff Law Offices will be paid at these hourly rates:
Attorneys $300
Legal Assistants $75
Hoff Law Offices will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Jessica L. Hoff, a partner at Hoff Law Offices, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Hoff Law Offices can be reached at:
Jessica L. Hoff, Esq.
HOFF LAW OFFICES, P.C.
1322 Space Park Drive Suite B-128
Houston, TX 77058
Tel: (832) 975-0366
E-mail: jhoff@hofflawoffices.com
About Compression Generation Services
Based in Humble, TX, Compression Generation Services, LLC, is a
privately held company in the power generation and gas compression
industry.
Compression Generation Services sought Chapter 11 protection
(Bankr. S.D. Tex. Case No. 19-33804) on July 3, 2019. The petition
was signed by John Peter Pauk, president. In its petition, the
Debtor disclosed $24,010,585 in liabilities. The Hon. Jeffrey P.
Norman oversees the case. Jessica L. Hoff, Esq., at Hoff Law
Offices, P.C., serves as bankruptcy counsel to the Debtor.
CREATIVE GLOBAL: Exclusivity Period Extended Until Oct. 18
----------------------------------------------------------
Judge Sandra Klein of the U.S. Bankruptcy Court for the Central
District of California extended the period during which only
Creative Global Investment Inc. can file a Chapter 11 plan to Oct.
18.
The company can solicit acceptances for the plan until Dec. 16.
About Creative Global Investment
Creative Global Investment Inc. is a privately held company engaged
in financial investment activities.
Creative Global Investment sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-13044) on March
20, 2019. At the time of the filing, the Debtor disclosed $36,691
in assets and $5,388,873 in liabilities. The case has been
assigned to Judge Sandra R. Klein. Levene, Neale, Bender, Yoo &
Brill LLP is the Debtor's legal counsel.
CYTODYN INC: Will Hold its Annual Meeting on September 12
---------------------------------------------------------
The board of directors of CytoDyn Inc. has determined that the
Company's 2019 annual meeting of stockholders will be held on Sept.
12, 2019 and established Aug. 5, 2019 as the record date for
determining stockholders entitled to notice of, and to vote at, the
meeting. The Company will publish additional details regarding
time, venue and matters to be voted on at the meeting in its proxy
materials to be distributed to stockholders.
In accordance with the Company's bylaws and the rules and
regulations of the Securities and Exchange Commission, stockholders
will have until 5:00 P.M. (Pacific Time) on Aug. 12, 2019 to submit
stockholder proposals and request proxy access with respect to any
business to be considered at the annual meeting. Any such
proposals should be directed to the following address:
CytoDyn Inc.
1111 Main Street, Suite 660
Vancouver, Washington 98660
Attn: Secretary
Completes Warrant Tender Offer
The Company previously announced its tender offer for certain
outstanding series of eligible warrants, offering the holders of
those warrants the opportunity to amend and exercise their warrants
at a reduced exercise price equal to the lower of (i) their
respective existing exercise price or (ii) $0.40 per share of
common stock. As an inducement to holders to participate in the
Warrant Tender Offer, the Company offered to issue to participating
holders shares of common stock equal to an additional 50% of the
number of shares issuable upon exercise of the eligible warrants.
The Warrant Tender Offer was made upon the terms and subject to the
conditions set forth in the Offer to Amend and Exercise Warrants to
Purchase Common Stock of CytoDyn Inc., previously mailed to the
holders of eligible warrants on June 24, 2019, and which was
included in the Company's Schedule TO-I initially filed with the
Securities and Exchange Commission on June 24, 2019.
At 5:00 p.m. (Eastern time) on July 31, 2019, the offering period
and withdrawal rights for the Warrant Tender Offer expired. Upon
completion of the Warrant Tender Offer, 175 Original Warrants to
purchase up to 7,307,490 shares of common stock had been validly
tendered and not withdrawn in the Warrant Tender Offer, for gross
cash proceeds to the Company of approximately $2.8 million.
Accordingly, an aggregate of 3,653,723 Additional Shares will be
issued to participating holders of eligible warrants. Solicitation
fees of approximately $237,000 were paid to the solicitation agent
in the Warrant Tender Offer.
1,350,231 of the shares of common stock sold to investors in the
Warrant Tender Offer were sold pursuant to the Company's
Registration Statements on Form S-3 (File No. 333-223195) declared
effective on March 7, 2018, and the prospectuses and prospectus
supplements filed thereunder. 9,610,982 shares of common stock,
including all of the Additional Shares, were sold to accredited
investors in reliance upon the exemption provided by Rule 506 of
Regulation D and Section 4(a)(2) of the Securities Act of 1933, as
amended.
Dr. David F. Welch tendered Original Warrants beneficially owned by
him, covering an aggregate of 1,000,000 shares of Common Stock, and
received 500,000 Additional Shares. Dr. Welch is a member of the
Company's board of directors and participated on terms identical to
those applicable to other holders of Original Warrants.
Accordingly, the Company is instructing its transfer agent to issue
an aggregate of 10,961,213 shares of common stock to participants
in the Warrant Tender Offer.
About CytoDyn Inc.
Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com/-- is a clinical-stage biotechnology
company focused on the clinical development and potential
commercialization of humanized monoclonal antibodies to treat HIV
infection. Its lead product candidate, PRO 140, belongs to a class
of HIV therapies known as entry inhibitors that block HIV from
entering into and infecting certain cells. The Company believes
that monoclonal antibodies are a new emerging class of therapeutics
for the treatment of HIV to address unmet medical needs in the area
of HIV and other immunologic indications, such as Graft versus Host
Disease and certain types of cancer.
The audit opinion included in the Company's Annual Report on Form
10-K for the year ended May 31, 2018, contains an explanatory
paragraph regarding the Company's ability to continue as a going
concern. Warren Averett, LLC, in Birmingham, Alabama, the
Company's auditor since 2007, stated that the Company incurred a
net loss of $50,149,681 for the year ended May 31, 2018 and has an
accumulated deficit of $173,139,396 through May 31, 2018, which
raise substantial doubt about its ability to continue as a going
concern.
As of Feb. 28, 2019, CytoDyn had $20.42 million in total assets,
$26.67 million in total liabilities, and a total stockholders'
deficit of $6.24 million.
DALMATIAN FIRE: Sept. 16 Hearing on Disclosure Statement
--------------------------------------------------------
The hearing to consider the adequacy of and to approve the
Disclosure Statement explaining the Chapter 11 Plan of Dalmatian
Fire Equipment, Inc., will be held at 10:30 a.m. on Monday,
September 16, 2019, in Courtroom C, U.S. Bankruptcy Court, U.S.
Custom House, 721 19th Street, Denver, Colorado. Objections to the
Disclosure Statement must be filed and served on or before
September 9, 2019.
About Dalmatian Fire Equipment
Established in 1995, Dalmatian Fire Equipment, Inc. --
http://dalmatianfire.com/-- is a supplier of refurbished
self-contained breathing apparatus in North America. It provides
equipment for firefighting, oil field safety, HazMat, mining and a
broad range of industrial applications in the United States and
Canada. Its portfolio of brands includes Scott, MSA, Drager, and
Survivair.
Dalmatian Fire Equipment sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 18-18332) on Sept. 24,
2018. In the petition signed by CEO Kevin L. Simmons, the Debtor
estimated assets of $1 million to $10 million and liabilities of
$500 million to $1 billion. Judge Michael E. Romero oversees the
case. Wadsworth Warner Conrardy, P.C., serves as the Debtor's
legal counsel. Phelps Dunbar, LLP, is the special counsel.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.
DASA ENTERPRISES: Hires Patrick J. Gros as Accountant
-----------------------------------------------------
Dasa Enterprises, Inc., seeks authority from the U.S. Bankruptcy
Court for the Eastern District of Louisiana to employ Patrick J.
Gros, CPA, APAC, as accountant to the Debtor.
M & C Partnership requires Patrick J. Gros to:
a. provide general accounting services;
b. consult and prepare monthly operating reports pursuant to
requirements provided by the Office of the U.S. Trustee;
and
c. provide such other accounting and financial advisory
services as may be requested by the Debtor and other
professionals employed by the Debtor.
Patrick J. Gros will be paid at these hourly rates:
Partners $225
Managers $175
Seniors $140
Staffs $95
Patrick J. Gros will be paid a retainer of $2,000. It will also be
reimbursed for reasonable out-of-pocket expenses incurred.
Patrick J. Gros, partner of Patrick J. Gros, CPA, APAC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their/its
estates.
Patrick J. Gros can be reached at:
Patrick J. Gros
PATRICK J. GROS, CPA, APAC
651 River Highlands Blvd.
Covington, LA 70433
Tel: (985) 898-3512
About Dasa Enterprises
Based in New Orleans, LA, DASA Enterprises, Inc., is a single asset
real estate debtor as defined in 11 U.S.C. Section 101(51B). The
Company previously sought bankruptcy protection on March 18, 2014
(Bankr. E.D. La. Case No. 14-10609).
DASA Enterprises filed a Chapter 11 petition (Bankr. E.D. La. Case
No. 19-11064) on April 22, 2019. In the petition signed by Sidney
Abusch, president, the Debtor disclosed $1,865,000 in assets and
$2,364,019 in liabilities. The Hon. Jerry A. Brown oversees the
case. Leo D. Congeni, Esq., at Congeni Law Firm, LLC, serves as
bankruptcy counsel to the Debtor.
DFH NETWORK: Unsecureds to Get Monthly Payments of $2K for 60 Mos
-----------------------------------------------------------------
DFH Network, Inc., filed a Chapter 11 plan and accompanying
disclosure statement proposing to pay General Unsecured Claims,
classified in Class 4(a), a regular monthly installment for months
one to 60 $2,149 per month and a one-time payment of $49,915 as
payment in month 1.
Class 2A Claim of De Lage Landen are impaired. The Plan
incorporates the terms of Doc 36-1 in full. The secured claim of De
Lage Landen will be valued at $0 and will be paid $0.
Class 2B Claim of Ascentium Capital, LLC are impaired. The secured
claim of Ascentium Capital, LLC, will be paid in full in the amount
of $5,800 over a term of sixty months. The payments shall be made
starting the first month following the Effective Date on the first
of that month. The payments will include no interest and no
interest shall accrue during the Plan. The monthly payment shall be
$96.66 for a term of fifty-nine months beginning the first day of
the following month after the Effective Date with a final payment
of $97.06 for the sixtieth payment.
Class 2C Claim of Ascentium Capital, LLC, are impaired. The secured
claim of Ascentium Capital, LLC, will be paid in full in the amount
of $4,800 over a term of sixty months in monthly installments with
no interest starting the first of the month following the Effective
Date and concluding after sixty payments are made totaling $4,800.
The monthly payment shall be $80 for a term of sixty months.
Class 2D Claim of Ascentium Capital, LLC, are impaired. The secured
claim of Ascentium Capital, LLC, will be paid in full in the amount
of $6,800 over a term of sixty months in monthly installments with
no interest starting the first of the month following the Effective
Date and concluding after sixty payments are made totaling $6,800.
The monthly payment shall be $113.33 for a term of fifty-nine
months with a final payment of $113.53 being made in month 60.
Class 2E Claim of Ascentium Capital, LLC, are impaired. The secured
claim of Ascentium Capital, LLC will be paid in full in the amount
of $6,600 over a term of sixty months in monthly installments with
no interest starting the first of the month following the Effective
Date and concluding after sixty payments are made totaling $6,600.
The monthly payment shall be $110 for a term of sixty months.
Class 2F Claim of Western Equipment Finance, Inc., are impaired.
The secured portion of Western Equipment Finance, Inc’s claim
shall have a value of $3,990. The secured claim of $3,990 will be
paid over a term of sixty months in monthly installments with no
interest starting the first of the month following the Effective
Date and concluding after sixty payments are made totaling $3,990.
The monthly payment shall be $66.50 for a term of sixty months.
Class 2G Claim of BB&T Commercial Equipment Capital Corp. are
impaired. The secured portion of BB&T Commercial Equipment Capital
Corp.’s claim shall have a value of $3,760. The secured claim of
$3,760 will be paid over a term of sixty months in monthly
installments with no interest starting the first of the month
following the Effective Date and concluding after sixty payments
are made totaling $3,760. The monthly payment shall be $62.67 for a
term of sixty months.
Class 2H Claim of BB&T Commercial Equipment Capital Corp. are
impaired. The secured portion of BB&T Commercial Equipment Capital
Corp.'s claim shall have a value of $2,775. The secured claim of
$2,775 will be paid over a term of sixty months in monthly
installments with no interest starting the first of the month
following the Effective Date and concluding after sixty payments
are made totaling $2,775. The monthly payment shall be $46.25 for a
term of sixty months.
Class 2I Claim of BB&T Commercial Equipment Capital Corp. are
impaired. The secured portion of BB&T Commercial Equipment Capital
Corp.’s claim shall have a value of $3,780. The secured claim of
$3,780 will be paid over a term of sixty months in monthly
installments with no interest starting the first of the month
following the Effective Date and concluding after sixty payments
are made totaling $3,780. The monthly payment shall be $63 for a
term of sixty months.
The funding of the Plan will be by way of "available cash" on the
Effective Date of the Plan and "future disposable income" from
revenue over the life of the Plan.
A full-text copy of the Disclosure Statement dated July 25, 2019,
is available at https://tinyurl.com/y5xsment from PacerMonitor.com
at no charge.
Attorney for the Debtor is Andy C. Warshaw, Esq., at Financial
Relief Law Center, APC, in Irvine, California.
About DFH Network Inc.
DFH Network Inc. -- http://www.dfhnet.com/-- is a digital
broadcasting company that delivers Turkish channels to
Turkish-speaking houses in every region of America with its
subscription system.
DFH Network sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Cal. Case No. 18-13119) on August 23, 2018. In
the petition signed by Suleyman Ozrifaioglu, vice-president of
Technology, the Debtor disclosed $57,000 in assets and $2,974,113
in liabilities.
Judge Erithe A. Smith presides over the case.
DISASTERS STRATEGIES: Aug. 15 Plan Confirmation Hearing
-------------------------------------------------------
The disclosure statement explaining the Chapter 11 Plan filed by
Disasters, Strategies and Ideas Group, LLC, is conditionally
approved.
A confirmation hearing will be held at 110 E. Park Avenue, 2nd
Floor Courtroom, Tallahassee, FL 32301 on August 15, 2019 at 02:30
PM, Eastern Time.
August 8, 2019, is fixed as the last day for filing and serving
written objections to the disclosure statement.
Objections to confirmation must be filed and served seven (7) days
before the date set.
About Disasters, Strategies and Ideas Group
Disasters, Strategies and Ideas Group, LLC --
http://www.dsideas.com/-- is an emergency management and homeland
security services consulting firm. DSI was established by former
North Carolina and Florida Emergency Management Director Joe Myers
in 2003 to provide emergency management services to state, local
and federal agencies.
Headquartered in Tallahassee, Florida, DSI serves Florida and the
Southeast with a team of professionals that is expert in all
aspects of homeland security and emergency management, with its
primary focus being disaster recovery grant management services.
Disasters, Strategies and Ideas Group filed a Chapter 11 petition
(Bankr. N.D. Fla. Case No. 18-40375) on July 17, 2018. In the
petition signed by Joseph Myers, vice president, the Debtor
estimated less than $50,000 in assets and $1 million to $10 million
in liabilities. The case is assigned to Judge Karen K. Specie.
Bruner Wright, P.A., is the Debtor's counsel. No official
committee of unsecured creditors has been appointed in the Chapter
11 case.
DITECH HOLDING: Seeks More Time to File Bankruptcy Plan
-------------------------------------------------------
Judge James Garrity Jr. of the U.S. Bankruptcy Court for the
Southern District of New York will hold a hearing on Aug. 7, at
11:00 a.m. to consider the motion of Ditech Holding Corporation to
extend the exclusivity period.
In its motion, Ditech asked the court to extend the period during
which only the company and its affiliates can file a Chapter 11
plan to Oct. 10 and the period during which they can solicit
acceptances for the plan to Dec. 9.
The companies' current exclusivity period will expire on Aug. 10.
The two-month extension is necessary to complete prosecution of the
plan and the sale transaction embodied therein should confirmation
of the plan take longer than expected. The companies have
successfully executed two purchase agreements for the sale of
substantially all of their assets and require additional time to
obtain approval from the bankruptcy court and regulatory
authorities to effectuate the sale transaction and the plan,
according to court filings.
About Ditech Holding Corporation
Ditech Holding Corporation and its subsidiaries --
http://www.ditechholding.com/-- are independent servicer and
originator of mortgage loans. Based in Fort Washington,
Pennsylvania, the Debtors have approximately 3,300 employees and
service a diverse loan portfolio.
Ditech Holding and certain of its subsidiaries, including Ditech
Financial LLC and Reverse Mortgage Solutions, Inc., filed voluntary
Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19-10412) on
Feb. 11, 2019, after reaching terms with lenders of a Chapter 11
plan that will reduce debt by $800 million.
The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel,
Houlihan Lokey as investment banker and AlixPartners LLP as
financial advisor. Epiq Bankruptcy Solutions LLC is the claims and
noticing agent.
Kirkland & Ellis LLP and FTI Consulting Inc. serve as the
consenting term lenders' legal counsel and financial advisor,
respectively.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Debtors' cases on Feb. 27, 2019. The
creditors' committee tapped Pachulski Stang Ziehl & Jones LLP as
its legal counsel and Goldin Associates, LLC, as its financial
advisor.
On May 2, 2019, the U.S. trustee appointed an official committee of
consumer creditors. The consumers committee tapped Quinn Emanuel
Urquhart & Sullivan, LLP, as counsel and TRS Advisors LLC, as
financial advisor.
William K. Harrington, the United States Trustee for Region 2,
objects to the Confirmation of the Amended Joint Chapter 11 Plan of
Ditech Holding Corporation and its Affiliated Debtors.
DN TRUCKING: Unsecured Creditors to Recoup 55% Under Plan
---------------------------------------------------------
DN Trucking, LLC, filed a Chapter 11 plan and accompanying
Disclosure Statement proposing that General Unsecured Claims,
classified in Class 3, will get a monthly payment of $1,000
beginning 30 days after Effective Date and ending 60 months after
Effective Date.
The Estimated percent of general unsecured claims paid of 55% of
filed claims not including the "fees" portion of the claim of the
New Jersey Turnpike Authority.
Class 1 Secured Claims:
Secured claim of: Name = BMO Harris Bank, N.A. (Claim No. 6) are
impaired. With a Total claim of $124,763.11. Monthly Payment of
$1,077.67. Payments Begin in 15 days after Effective Date. Payments
End on after 130 months.
Secured claim of: Name = BMO Harris Bank, N.A. (Claim No. 4) are
impaired. With a Total claim of $116,034.31. Monthly Payment of
$1,012.26. Payments Begin on 15 days after Effective Date. Payments
End on after 145 months.
Secured claim of: Name = Signature Financial, LLC (Claim No. 3) are
impaired. With a Total claim of $103,766.05. Monthly Payment of
$1,527.92. Payments Begin in 15 days after Effective Date. Payments
End on after 80 months.
Secured claim of: Name = Signature Financial, LLC (Claim No. 3) are
impaired. With a Total claim of $110,396.45. Monthly Payment of
$1,527.92. Payments Begin in 15 days after Effective Date. Payments
End on after 135 months.
Secured claim of: Name = Banc of America Leasing (Claim No. 12) are
impaired. With a Total claim of $47,382.51. Monthly Payment of
$1,993.95. Payments Begin in 15 days after Effective Date. Payments
End on after 25 months.
Secured claim of: Name = Mack Financial Services (Claim No. 10) are
impaired. With a Total claim of $65,504.86. Monthly Payment of
$2,483.45. Payments Begin in 15 days after Effective Date. Payments
End on after 28 months.
Secured claim of: Name = Kapitus Servicing, Inc. are impaired. With
a Total claim of $43,908.18. Monthly Payment of $1,498.78. Payments
Begin in 15 days after Effective Date. Payments End on after 10
months.
The Plan Proponent 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. The Debtor
anticipates having cash on hand and not immediately required for
the payment of other expenses, on the Effective Date of the Plan,
of at least $5,000. The Debtor anticipates that no more than $5,000
will be required to be paid by the Debtor on the Effective Date of
the Plan.
A full-text copy of the Disclosure Statement dated July 25, 2019,
is available at https://tinyurl.com/y47h4p7p from PacerMonitor.com
at no charge.
About DN Trucking
DN Trucking, LLC filed for chapter 11 bankruptcy protection (Bankr.
D.N.J. Case No. 18-29412) on Sept. 28, 2018, and is represented by
Scott C. Pyfer, Esq. of Pyfer Law Group, LLC.
EMERGE ENERGY: Sept. 5 Hearing on Disclosure Statement
------------------------------------------------------
A hearing will be held before the Honorable Karen B. Owens, United
States Bankruptcy Judge, on September 5, 2019 at 10:00 a.m.,
prevailing Eastern Time, to consider the entry of an order
approving the disclosure statement explaining the Chapter 11 Plan
of Emerge Energy Services LP and its debtor affiliates.
Objections, if any, to the adequacy of the Disclosure Statement or
the relief sought in connection therewith must be filed and served
on or before 4:00 p.m., prevailing Eastern Time, on August 29,
2019.
Class 6 - General Unsecured Claims are impaired. Each Holder of an
Allowed Class 6 Claim shall receive, in full satisfaction,
settlement, discharge and release of, and in exchange for, such
Allowed Class 6 Claim, its Pro Rata share of (1) 5.0% of the New
Limited Partnership Interests issued and outstanding on the
Effective Date prior to dilution by the New Management Incentive
Plan Equity and any issuances pursuant to the New Warrants and (2)
New Warrants representing 10.0% of the New Limited Partnership
Interests issued and outstanding on the Effective Date prior to
dilution by the New Management Incentive Plan Equity.
Class 5 - Prepetition Notes Claims are impaired. Each Holder of an
Allowed Prepetition Notes Claim shall receive, in full
satisfaction, settlement, discharge and release of, and in exchange
for, such Claim, its Pro Rata share of (1) the New Second Lien
Notes; (2) the New Emerge GP Equity Interests; and (3) ninety-five
percent (95%) of the New Limited Partnership Interests issued and
outstanding on the Effective Date prior to dilution by the New
Management Incentive Plan Equity and any issuances pursuant to the
New Warrants.
Class 8 - Old Emerge GP Equity Interests are impaired. On the
Effective Date, the Old Emerge GP Equity Interests will be
cancelled without further notice to, approval of or action by any
Person or Entity, and each Holder of an Old Emerge GP Equity
Interest shall not receive any distribution or retain any property
on account of such Old Emerge GP Equity Interests.
Class 9 - Old Emerge LP Equity Interests are impaired. Each Holder
of an Allowed Class 9 Equity Interest shall receive, in full
satisfaction, settlement, discharge and release of, and in exchange
for, such Allowed Class 9 Equity Interest, its Pro Rata share of
New Warrants representing 5.0% of the New Limited Partnership
Interests issued and outstanding on the Effective Date prior to
dilution by the New Management Incentive Plan Equity.
All Cash necessary for the Debtors or the Reorganized Debtors, as
applicable, to make payments required pursuant to this Plan will be
obtained from their respective Cash balances, including Cash from
operations, the Wind-Down Reserve established pursuant to this Plan
and solely in connection with Emerge GP's dissolution, and the Exit
Facility Credit Agreement.
A full-text copy of the Disclosure Statement dated July 25, 2019,
is available at https://tinyurl.com/y6sxudvd from PacerMonitor.com
at no charge.
Proposed Counsel for the Debtors are John H. Knight, Esq., Paul N.
Heath, Esq., Zachary I. Shapiro, Esq., and Brett M. Haywood, Esq.,
at Richards, Layton & Finger, P.A., in Wilmington, Delaware; and
George A. Davis, Esq., Keith A. Simon, Esq., Hugh K. Murtagh, Esq.,
and Liza L. Burton, Esq., at Latham & Watkins LLP, in New York.
About Emerge Energy Services
Emerge Energy Services LP -- http://www.emergelp.com/-- is engaged
in the mining, processing and distributing silica sand, a key input
for the hydraulic fracturing of oil and gas wells. The Debtors
conduct their mining and processing operations from facilities
located in Wisconsin and Texas. In addition to mining and
processing silica sand primarily for use in the oil and gas
industry, the Debtors also, to a lesser degree, sell their sand for
use in building products and foundry operations. Emerge Energy was
formed in 2012 by management and affiliates of Insight Equity
Management Company LLC and its affiliated investment funds.
Emerge Energy Services and its affiliates protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11563)
on July 15, 2019.
As of Sept. 30, 2018, the Debtors had total assets of $329,385,000
and total liabilities of $266,077,000.
The Debtors tapped Richards, Layton & Finger, P.A. and Latham &
Watkins LLP as bankruptcy counsel; Houlihan Lokey Capital Inc. as
financial advisor; and Kurtzman Carson Consultants LLC as claims
and noticing agent and administrative advisor. The Debtors also
hired Ankura Consulting Group LLC to provide interim management
services.
EURONET WORLDWIDE: Moody's Assigns Ba1 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned a Ba1 Corporate Family Rating
and Ba1-PD Probability of Default Rating to Euronet Worldwide, Inc.
The company's senior unsecured notes were assigned a rating of Ba1.
The outlook is stable.
RATINGS RATIONALE
The Ba1 CFR is supported by solid organic growth and cash flow
generation, moderate leverage and balanced capital structure
policy. Euronet's aggressive growth strategy has been successful in
recent years, and Moody's believes that the company has potential
to continue its organic growth trajectory in the near-term. The
revenue base is diversified across three business lines and
multiple geographies, and each of the three business lines benefits
from incremental expansion opportunities. The electronic financial
transaction segment has potential to continue to increase ATM
counts and grow revenue per transaction, with incremental
high-margin direct currency conversion revenues supporting
profitability. The money transfer segment is supported by market
share gains, growth in digital transfers and continued expansion of
the location network. The epay segment has reaccelerated its top
line trends with a successful shift toward distribution of digital
content. Consistent solid organic EBITDA growth in recent years has
resulted in sustained moderate leverage even as debt balances have
increased over time.
Euronet's business scale, split across three disparate business
lines, is moderate relative to its peers. The markets in which the
company operates are characterized by rapid technological
evolution, intensifying competition, regulatory investment
requirements and potential regulatory constraints. In the long-run,
the company's cash-based business models are exposed to secular
trends of substitution of cash by electronic payments and
democratization of access to financial services. Euronet's organic
growth and market share gains have required significant investments
which constrain margin expansion despite greater revenue scale, and
have required expansion of cash balances which are essential for
business operation. Investment requirements have resulted in
consistent growth in outstanding debt balances in recent years,
even as capital return and acquisition cash uses have been modest.
The stable outlook assumes continued solid organic growth and
leverage sustained below 2.5x over the next 12-18 months. The
ratings could be upgraded if Euronet were to increase its business
scale, sustain solid organic growth, and consistently adhere to
balanced financial policy. The ratings could be downgraded if
Euronet were to experience no EBITDA growth, or if leverage were to
be sustained above 3.5x.
Euronet's very good liquidity is supported by its forecast for free
cash flow of approximately $270 million in 2019. While the cash
balance as of June 30, 2019 is high at $1.56 billion, it represents
a seasonal peak as the company's business lines require substantial
operating cash balances. Liquidity is also supported by the $1
billion revolving credit facility that expires in October 2023.
Euronet's senior notes, rated Ba1, are not guaranteed by
subsidiaries. The senior unsecured credit facility (not rated)
benefits from subsidiary guarantees. The senior convertible notes
(not rated) rank equally in right of payment with the senior
notes.
The following rating actions were taken:
Assignments:
Issuer: Euronet Worldwide, Inc.
Corporate Family Rating, Assigned to Ba1
Probability of Default Rating, Assigned to Ba1-PD
Senior Unsecured Regular Bond/Debenture, Assigned Ba1 (LGD4)
Outlook Actions:
Issuer: Euronet Worldwide, Inc.
Outlook, Assigned Stable
FERGUSON CITY: Moody's Hikes GOULT Rating on $5.6MM Debt to Ba1
---------------------------------------------------------------
Moody's Investors Service upgraded the general obligation unlimited
tax rating of the City of Ferguson, MO to Ba1 from Ba3, affecting
$5.6 million in rated debt. Concurrently, Moody's upgraded to Ba2
from B1 and to Ba3 from B2, the city's appropriation debt issued
for more (Series 2013 certificates) and less (Series 2012
certificates) essential purposes, respectively, affecting $8.1
million in rated debt. The outlook is positive.
RATINGS RATIONALE
The upgrade of the city's GOULT rating to Ba1 from Ba3 reflects
improved financial performance and reserves coupled with notable
progress and implementation of the DOJ consent decree. Progression
toward substantial completion of the DOJ consent decree will
continue to play a significant role in the city's financial
performance as will the city's moderately sized tax base with weak
resident income indices, elevated poverty levels, and a reliance on
economically sensitive sales tax revenues. Also incorporated in the
upgrade are the city's manageable fixed costs comprised of above
average debt and below average pension burdens compared to peers.
The upgrade, to Ba2 from B1, on the Series 2013 COPs reflects the
annual risk of non-appropriation, the more essential nature of the
pledged asset, and the credit factors reflected in the city's
general obligation rating. The upgrade, to Ba3 from B2, on the
Series 2012 COPs reflects an additional notch for the less
essential nature of the pledged asset, approximately 25 acres of
park land with an office building and aquatic center.
RATING OUTLOOK
The positive outlook reflects management's commitment of continued
progress toward substantial completion of the consent decree and
mitigation of factors that led to the civil unrest in 2014. The
outlook also considers the likelihood of continued positive
operating performance leading to modestly improved reserve levels.
FACTORS THAT COULD LEAD TO AN UPGRADE
- Continued implementation of consent decree requirements
- Reduced uncertainty toward what constitutes substantial
completion of the consent decree
- Trend of surplus operations leading to materially bolstered
reserves
FACTORS THAT COULD LEAD TO A DOWNGRADE
- Failure to implement consent decree requirements resulting in
additional related expenditures or litigation costs
- Erosion of reserves
- Trend of tax base contraction or loss of major taxpayer
- Further leveraging of the city's tax base absent corresponding
growth in taxable values
LEGAL SECURITY
The general obligation bonds are payable from taxes levied without
limitation as to rate or amount. The certificates of participation
are payable from any legally available sources, subject to annual
appropriation.
USE OF PROCEEDS
Not applicable
PROFILE
The City of Ferguson is located within St. Louis County (Aaa
stable), approximately 13 miles northwest of downtown St. Louis
(Baa1 stable) with a population of approximately 21,000.
GA PAVING: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: GA Paving, LLC
1100 S. 25th Ave.
Bellwood, IL 60104
Business Description: GA Paving, LLC is a paving contractor in
Bellwood, Illinois.
Chapter 11 Petition Date: August 2, 2019
Court: United States Bankruptcy Court
Northern District of Illinois (Eastern Division)
Case No.: 19-21753
Judge: Hon. Deborah L. Thorne
Debtor's Counsel: Bradley H. Foreman, Esq.
THE LAW OFFICES OF BRADLEY H FOREMAN, P.C.
900 West Jackson Blvd., Suite 7E
Chicago, IL 60607
Tel: 312-948-8126
Fax: 312-948-8127
E-mail: brad@BradleyForeman.com
brad@foremanlawoffice .com
Total Assets: $3,255,141
Total Liabilities: $3,345,313
The petition was signed by George Angelillo, authorized
representative.
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/ilnb19-21753.pdf
GATEWAY RADIOLOGY: Hires Paul C. Jensen as Special Counsel
----------------------------------------------------------
Gateway Radiology Consultants P.A., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Middle District of
Florida to employ Paul C. Jensen, Attorney-At-Law, as special
counsel to the Debtors.
Gateway Radiology requires Paul C. Jensen to give advice to the
Debtor with respect to its taxes and the IRS claim.
Paul C. Jensen will be paid at the hourly rates of $250 to $350.
Paul C. Jensen will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Paul C. Jensen, partner of Paul C. Jensen, Attorney-At-Law, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their/its
estates.
Paul C. Jensen can be reached at:
Paul C. Jensen, Esq.
PAUL C. JENSEN, ATTORNEY-AT-LAW
2001 16th Street North
St. Petersburg, FL 33704
Tel: (727) 825-0099
Fax: (727) 825-0052
E-mail: paul@jensentaxlaw.com
About Gateway Radiology Consultants
Gateway Radiology Consultants P.A., based in Saint Petersburg,
Florida, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
19-04971) on May 28, 2019. In the petition signed by Gagandeep
Manget M.D., president, the Debtor disclosed $1,200,000 in assets
and $14,899,135 in liabilities as of the bankruptcy filing. The
Hon. Michael G. Williamson oversees the case. Joel M. Aresty,
P.A., serves as bankruptcy counsel to the Debtor. Beighley Myrick
Udell and Lynne; and Paul C. Jensen, Attorney-At-Law, serve as
special counsel.
GOLDEN TREE: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Golden Tree, Inc.
300 Scioto Ct
Duluth, GA 30097-2053
Business Description: Golden Tree, Inc. classifies its business as
Single Asset Real Estate (as defined in 11
U.S.C. Section 101(51B)). Its principal
assets are located at 1050 Holcombe Rd
Decatur, GA 30032-2305. The Company
previously sought bankruptcy protection
on Aug. 2, 2018 (Bankr. N.D. Ga. Case No.
18-62776).
Chapter 11 Petition Date: August 4, 2019
Court: United States Bankruptcy Court
Northern District of Georgia (Atlanta)
Case No.: 19-62090
Debtor's Counsel: Kennon Peebles, Jr., Esq.
THE LAW OFFICE OF KENNON PEEBLES, JR.
3296 Summit Ridge Pkwy, Suite 1720
Duluth, GA 30096
Tel: 470-395-4427
Fax: 678-261-0904
Email: kennon@peebleslaw.net
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Il Sun Kim, 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/ganb19-62090.pdf
GRASSO BROS: Seeks to Hire Affinity Law Group as Counsel
--------------------------------------------------------
Grasso Bros. Land Company, Inc. d/b/a M&J Land Company, Inc., seeks
authority from the U.S. Bankruptcy Court for the Eastern District
of Missouri to employ Affinity Law Group, LLC, as counsel to the
Debtor.
Grasso Bros requires Affinity Law Group to:
a. advise the Debtor with respect to its powers, rights,
duties and obligations as debtor-in-possession in the
continued management and operation of its business and
properties and regarding other matters of bankruptcy law;
b. attend meetings and negotiate with representatives of
creditors and other parties in interest;
c. take all necessary actions to protect and preserve the
Debtor's estate, including to prosecute actions on the
Debtor's behalf, defend any action commenced against the
Debtor and represent the Debtor's interest in negotiations
concerning all litigation in which the Debtor in involved,
including objections to claims filed against the estate;
d. prepare all motions, applications, answers, orders, reports
and papers necessary to the administration of the estate;
e. negotiate and prepare a plan of reorganization, disclosure
statement and all related agreements and documents, take
any necessary action on behalf of the Debtor to obtain
approval of the disclosure statement and confirmation of
such plan;
f. represent the Debtor in connection with use of cash
collateral and/or obtaining post-petition loans;
g. advise the Debtor in connection with potential sale of
assets;
h. appear before the Bankruptcy Court, any appellate courts
and the U.S. Trustee and protect the interest of the
Debtor's estate before those Courts and the U.S. Trustee;
and
i. perform all other necessary legal services and provide all
other necessary legal advice to the Debtor in connection
with the Chapter 11 bankruptcy case.
Affinity Law Group will be paid at these hourly rates:
Attorneys $315
Associates $225
Paralegals $100 to $150
The Debtor paid Affinity Law Group the amount of $3,000 for
services in preparing the bankruptcy filing and the filing fee.
The Firm will also be paid an additional retainer of $25,000.
Affinity Law Group will also be reimbursed for reasonable
out-of-pocket expenses incurred.
J. Talbot Sant, Jr., partner of Affinity Law Group, LLC, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their/its
estates.
Affinity Law Group can be reached at:
J. Talbot Sant, Jr., Esq.
Affinity Law Group, LLC
St. Louis, MO 63131
Phone: (314) 872-3333
Fax: (314) 872-3365
E-mail: tsant@affinitylawgrp.com
About Grasso Bros. Land Company
d/b/a M&J Land Company, Inc.
Grasso Bros. Land Company, Inc., based in Grasso Bros. Land
Company, Inc., filed a Chapter 11 petition (Bankr. E.D. Mo. Case
No. 19-44433) on July 17, 2019. In the petition signed by Mary
Grasso, president, the Debtor estimated $1 million to $10 million
in both assets and liabilities. The Hon. Barry S. Schermer
oversees the case. J. Talbot Sant, Jr., at Affinity Law Group,
LLC, serves as bankruptcy counsel.
GRAY LAND & LIVESTOCK: Hires Larson Berg as Special Counsel
-----------------------------------------------------------
Gray Land & Livestock, LLC, seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Washington to employ
Larson Berg & Perkins, PLLC, as special counsel to the Debtor.
Gray Land & Livestock requires Larson Berg to provide legal
services to the Debtor in all matters related to the arbitration of
the crop insurance appeal, and appeal an advance ruling through the
Final Agency Determination process of the U.S. Department of
Agriculture.
Larson Berg will be paid at these hourly rates:
Attorneys $295
Paralegals $80
The Debtor owed Larson Berg the amount of $16,992 for work
performed prior to the bankruptcy filing.
Larson Berg will also be reimbursed for reasonable out-of-pocket
expenses incurred.
James S. Berg, partner of Larson Berg & Perkins, PLLC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Larson Berg can be reached at:
James S. Berg, Esq.
LARSON BERG & PERKINS, PLLC,
105 North Third Street P.O. Box 550
Yakima, WA 98907
Tel: (509) 457-1515
Fax: (509) 457-1027
About Gray Land & Livestock
Gray Land & Livestock is a privately held company that operates in
the animal food manufacturing industry. Gray Land & Livestock
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Wash. Case No. 19-00467) on Feb. 28, 2019. At the time of the
filing, the Debtor estimated assets of less than $50,000 and
liabilities of $1 million to $10 million. The case has been
assigned to Judge Frederick P. Corbit. The Debtor tapped Bailey &
Busey LLC as its legal counsel.
HOLDENVILLE PUBLIC WORKS: S&P Cuts Refunding Bond Rating to 'BB+'
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'BB+' from 'BBB'
on Holdenville Public Works Authority (HPWA), Okla.'s series 2017A
and 2017B sales tax revenue refunding bonds. The outlook is
negative.
"The lowered rating reflects our view of the authority's future
stressed financial performance from the loss of the water contract
from the correctional facility, HPWA's largest customer, and the
fracking oil industry leaving the Holdenville region," said S&P
Global Ratings credit analyst John Schulz. "The negative outlook
reflects our view of the uncertainty regarding the authority's
capital needs with the recent consent decree in early 2019 by the
Oklahoma Department of Environmental Quality," Mr. Schulz added.
The enterprise risk profile reflects S&P's view of HPWA:
-- Below-average incomes in Hughes County and weak economic
indicators stress rate affordability;
-- Expensive rates based on the county's below average income
levels combined with the area's high poverty rates;
-- The system's very low industry risk as a monopolistic service
provider of an essential public utility; and
-- Standard operational management practices and policies.
The financial risk profile reflects S&P's view of the HPWA:
-- Adequate to thin all-in debt service coverage (DSC);
-- Just adequate liquidity position on a nominal basis, which S&P
believes could quickly deteriorate if cash is used for system
improvements;
-- Moderate debt burden with capital needs based on recent consent
decree; and
-- Standard financial management practices and policies.
Located approximately 75 miles southeast of Oklahoma City, the
authority provides water, sewer, and garbage utility services to
the city of Holdenville (estimated population: 5,780).
HOLLANDER SLEEP: Sept. 4 Plan Confirmation Hearing
--------------------------------------------------
The Disclosure Statement explaining the Chapter 11 Plan of
Hollander Sleep Products, LLC and its debtor affiliates, is
approved.
September 4, 2019, at 11:00 a.m., prevailing Eastern Time, is the
date and time for the hearing for the Court to consider
confirmation of the Plan.
August 28, 2019, at 4:00 p.m., prevailing Eastern Time, is the
deadline by which objections to the Plan must be filed with the
Court and served as to be actually received by the appropriate
notice parties.
Class 5 - General Unsecured Claims are impaired. Each Holder of an
Allowed General Unsecured Claim shall, up to the full amount of
such Holder's Allowed General Unsecured Claim, receive: (i) its Pro
Rata share of the Last Out Loans Turnover Amount, (ii) its Pro Rata
share of Commercial Tort Proceeds, if any; and (iii) either: (a) if
the Term Loan Lenders are the Winning Bidder, its Pro Rata share of
the Future Sale Consideration, if any, plus either: (1) its Pro
Rata share of the GUC Reorganization Recovery Pool; or (2) if the
Holder is a Supporting Vendor, the Vendor Support Incentive
(provided that no Holder that receives the Vendor Support Incentive
shall receive such Holder's portion of the GUC Reorganization
Recovery Pool); or (b) if an Entity other than the Term Loan
Lenders is the Winning Bidder, its Pro Rata share of the GUC Sale
Transaction Recovery Pool and the Excess Distributable Cash.
Class 4 - Term Loan Claims are impaired. Each Holder of an Allowed
Term Loan Claim shall receive either: (i) if an Entity other than
the Term Loan Lenders is the Winning Bidder, its Pro Rata share of
the Term Loan Distributable Cash up to the full amount of such
Holder’s Allowed Term Loan Claim or such other treatment
rendering such Holder's Allowed Term Loan Claim Unimpaired; or (ii)
if the Term Loan Lenders are the Winning Bidder, its Pro Rata share
of 23 percent of the New Interests outstanding on the Effective
Date, subject to dilution for the Management Incentive Plan.
Class 6 - Intercompany Claims are impaired or unimpaired.
Intercompany Claims shall be, at the option of the Debtors, in
consultation with the Term Loan Agent and the Required Term
Lenders, either: (i) Reinstated; or (ii) cancelled and released
without any distribution on account of such Claims.
Class 7 - Intercompany Interests are impaired or unimpaired.
Intercompany Interests shall be, at the option of the Debtors, in
consultation with the Term Loan Agent and the Required Term
Lenders, either: (i) Reinstated in accordance with Article III.G of
the Plan; or (ii) cancelled and released without any distribution
on account of such Interests.
Class 8 - Interests in Dream II are impaired. On the Effective
Date, all Interests in Dream II will be cancelled, released, and
extinguished, and will be of no further force or effect.
Class 9 - Section 510(b) Claims are impaired. Allowed Section
510(b) Claims, if any, shall be discharged, cancelled, released,
and extinguished as of the Effective Date, and will be of no
further force or effect, and Holders of Allowed Section 510(b)
Claims will not receive any distribution on account of such Allowed
Section 510(b) Claims.
The Reorganized Debtors will fund distributions under the Plan with
Cash held on the Effective Date by or for the benefit of the
Debtors or Reorganized Debtors, including Cash from operations, as
well as the following sources of consideration: exit facilities,
issuance of the new interests and last out loans turnover.
A full-text copy of the Disclosure Statement dated July 25, 2019,
is available at https://tinyurl.com/yxsjlgcp from PacerMonitor.com
at no charge.
Counsel to the Debtors are Joshua A. Sussberg, P.C., Esq., and
Christopher T. Greco, P.C., Esq., at Kirkland & Ellis LLP, in New
York; and Joseph M. Graham, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois.
About Hollander Sleep Products
Founded in 1953 and headquartered in Boca Raton, Florida, Hollander
Sleep Products, LLC -- https://www.hollander.com/ -- designs,
manufactures, and markets utility bedding products that it sells to
a variety of prominent retailers, distributors, and hotels.
Hollander supplies bed, pillow, and mattress pad under owned and
licensed brands which include I AM, Pacific Coast Feather, Live
Comfortably, Great Sleep, Restful Nights, Beautyrest, Ralph Lauren,
Chaps, and Calvin Klein.
Hollander employs approximately 2,370 people in the United States
and Canada.
Hollander Sleep Products and its six affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 19-11608) on May 19,
2019.
Hollander estimated $100 million to $500 million in assets and the
same range of liabilities.
The Debtors tapped Kirkland & Ellis LLP as counsel; Proskauer Rose
LLP as conflicts counsel; Carl Marks Advisory Group LLC as interim
management services provider; Houlihan Lokey Capital, Inc.;
Houlihan Lokey Capital, Inc., as investment banker; and Omni
Management Group as claims agent.
I & J PROPERTIES LLC: Seeks to Hire McKay Burton as Counsel
-----------------------------------------------------------
I & J Properties, LLC, seeks authority from the U.S. Bankruptcy
Court for the District of Utah to employ McKay Burton & Thurman,
P.C., as counsel to the Debtor.
I & J Properties, LLC requires McKay Burton to represent and assist
the Debtor in connection with all matters arising in or related to
the bankruptcy case.
McKay Burton will be paid at the hourly rate of $285.
McKay Burton will be paid a retainer in the amount of $10,000.
McKay Burton will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jeremy C. Sink, a partner at McKay Burton, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
McKay Burton can be reached at:
Jeremy C. Sink, Esq.
McKAY BURTON & THURMAN
15 West South Temple, Suite 1000
Salt Lake City, UT 84101
Tel: (801) 521-4135
Fax: (801) 521-4252
E-mail: jsink@mbt-law.com
About I & J Properties
I & J Properties, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D. Utah Case No. 19-24827) on July 2, 2019, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by Jeremy C. Sink, Esq., at McKay Burton & Thurman,
P.C.
INTEGRATEDMARKETING.COM: Case Summary & 20 Top Unsecured Creditors
------------------------------------------------------------------
Debtor: Integratedmarketing.com
dba Roni Hicks & Associates
10590 West Ocean Air Drive #150
San Diego, CA 92130
Business Description: Integratedmarketing.com dba Roni Hicks &
Associates -- https://www.ronihicks.com --
is a 100% employee-owned agency of
communicators, strategists, and creators
with 40 years' experience spanning every
category of real estate development
marketing. The Company offers insight,
land and community planning, strategic
communications, storytelling and branding,
and marketing, media & publishing services.
Chapter 11 Petition Date: August 2, 2019
Court: United States Bankruptcy Court
Southern District of California (San Diego)
Case No.: 19-04688
Judge: Hon. Christopher B. Latham
Debtor's Counsel: William P. Fennell, Esq.
LAW OFFICE OF WILLIAM P. FENNELL, APLC
600 West Broadway, Suite 930
San Diego, CA 92101
Tel: 619-325-1560
Fax: 619-325-1558
Email: william.fennell@fennelllaw.com
office@fennelllaw.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Aaron Smith, 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/casb19-04688.pdf
INVERSIONES CARIBE: Sept. 11 Hearing on Disclosure Statement
------------------------------------------------------------
A hearing on approval of the disclosure statement explaining the
Chapter 11 Plan of Inversiones Caribe Delta is scheduled for
September 11, 2019 at 9:00 A.M.
Objections to the form and content of the disclosure statement must
be filed and served not less than fourteen (14) days prior to the
hearing.
About Inversiones Caribe
Inversiones Caribe owns a parcel of land in Dorado, Puerto Rico,
which is valued at $6 million, and a commercial property in Ponce,
Puerto Rico, which is valued at $1.4 million.
Inversiones Caribe Delta filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 19-00388) on Jan. 29, 2019. In the petition signed by
Carlos F. Muratti, president, the Debtor disclosed $7,415,061 in
assets and $3,619,549 in liabilities. The case has been assigned
to Judge Brian K. Tester. Carmen D. Conde Torres, Esq., at C.
Conde & Assoc., is the Debtor's counsel.
The case is jointly administered with the Chapter 11 case of
Preserba Compania de Desarrollos, Inc. (Case No. 19-00387).
IPIC ENTERTAINMENT: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------------
Lead Debtor: iPic-Gold Class Entertainment, LLC
aka Big Daddy's Brew and Que
aka City Perch
aka iPic Entertainment
aka iPic Theatres
aka The Tuck Room
aka The Tuck Room Tavern
aka Tanzy
433 Plaza Real, Suite 335
Boca Raton, FL 33432
Business Description: iPic Entertainment Inc. -- www.ipic.com --
operates casual restaurants, farm-to-glass
full-service bars, and theater auditoriums
with in-theater dining. The Debtors
currently operate 123 screens at 16
locations in nine states, with an additional
two locations under construction, and have
executed leases for an additional nine sites
in California, Georgia, Virginia,
Washington, Connecticut, New York, Texas,
and Florida. In addition, the Debtors
applied for licenses to operate theaters in
Saudi Arabia.
Chapter 11 Petition Date: August 5, 2019
Six affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
iPic-Gold Class Entertainment, LLC (Lead Case) 19-11739
IPic Entertainment Inc. 19-11737
iPic Gold Class Holdings LLC 19-11738
iPic Media LLC 19-11740
iPic Texas, LLC 19-11741
Delray Beach Holdings, LLC 19-11742
Court: United States Bankruptcy Court
District of Delaware (Delaware)
Debtors'
Bankruptcy
Counsel: Peter J. Keane, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
919 North Market Street, 17th Floor
Wilmington, DE 19801
Tel: 302-652-4100
Fax: 302-652-4400
Email: pkeane@pszjlaw.com
Debtors'
Financial
Advisor: AURORA MANAGEMENT PARTNERS
Debtors'
Claims,
Noticing,
Solicitation Agent,
and Administrative
Advisor: STRETTO
https://case.stretto.com/ipic
iPic Entertainment Inc.'s
Total Assets as of May 15, 2019: $156,969,000
iPic Entertainment Inc.'s
Total Debts as of May 31, 2019: $290,860,000
The petitions were signed by Hamid Hashemi, president and president
and chief executive officer.
A full-text copy of IPic-Gold Class Entertainment's petition is
available for free at:
http://bankrupt.com/misc/deb19-11739.pdf
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Yetter Coleman LLP Professional $2,839,357
811 Main Street, Suite 4100 Services
Houston, TX 77002
Tel: (713) 632-8000
Fax: (713) 632-8002
Email: info@yettercoleman.com
2. Class Action Claimants Settlement $1,500,000
KJT Law Group LLP
Vache A. Thomassian
230 North Maryland Ave., Suite 306
Glendale, CA 91206-4281
Tel: (818) 507-8525
Email: vache@kjtlawgroup.com
Tel: (818) 507-8525
Email: vache@kjtlawgroup.com
Adams Employment Counsel
Christopher A. Adams
4740 Calle Carga
Camarillo, CA 93012
Tel: (818) 425-1437
Email: ca@adamsemploymentcounsel.com
3. Walt Disney Studio Pictures Trade Debt $1,339,549
PO Box 732554
Dallas, TX 75353
Sandy Moruzzi
Tel: (818) 840-1940
Email: sandy.moruzzi@disney.com
Walt Disney Studio Pictures om
500 South Buena Vista Street
Burbank, CA 91521
4. Superl Sequoia Limited Trade Debt $911,595
Unit 612, 6/F Tower 1
833 Cheung Sha Wan Road
Kowloon, Hong Kong
Tel: +852 3104 3000
Email: info@superl.com.hk
5. Sysco Trade Debt $798,457
1390 Enclave Parkway
Houston, TX 77077-2099
Tel: (281) 584-1390
Email: creditcentral@sbs.sysco.com
6. Sony Pictures Trade Debt $688,723
PO Box 840550
Dallas, TX 75284-0550
Robin Kitrell
Tel: (310) 244-8770
Email: Robin_Kittrell@spe.sony.com
Sony Pictures
10202 West Washington Blvd
Culver, City CA 90232
7. TDC Fort Lee LLC Rent $354,366
c/o Lincoln Eastern
Management Corp
2030 Hudson Street, Unit 520
Fort Lee, NJ 07024
Tel: (201) 947-2111
Email: hudsonlights@lincolnapts.com
8. Econstruction LLC Trade Debt $320,614
946 NE 80th Street
Miami, FL 33138
Sam Modzelewski
Tel: (305) 788-7483
Email: sam@ecostruction.us
Jeff Grueninger
Tel: (786) 853-1726
Email: Jeff@ecostruction.us
9. River Town Square Regency, LLC Trade Debt $302,672
c/o Regency Centers Corporation
PO Box 844235
Boston, MA 02284-4235
Michael McAndrews
Tel: (203) 635-5580
Email: MichaelMcAndrews@regencycenters.com
Regency Centers
One Independent Drive, Suite 114
Jacksonville, FL 3220-5019
Regency Centers
28 Church Lane, 2nd Floor
Westport, CT 06880
10. Hodges & Associates, PLLC Professional $292,831
13642 Omega Road Services
Dallas, TX 75244-4514
Gerald Luecke, President
Tel: (972) 387-1000
Email: info@hodgesusa.com
11. SDQ Fee, LLC Rent $267,580
15059 N. Scottsdale Rd, Suite 205
Scottsdale, AZ 85254
Greg Zimmerman
Tel: (614) 887-5887
Tel: (614) 621-9000
Email greg.zimmerman@washingtonprime.com
SDQ Fee, LLC
c/o WP Glimcher
180 E. Broad Street, 21st Floor
Columbus, OH 43215
12. Integrated Media System Trade Debt $196,072
DBA Be Media
9729 Lurline Ave
Chatsworth, CA 91311
Tel: (310) 725-8500
Email: letstalk@bemedia.com
13. Crowe LLP Professional $155,937
320 E Jefferson Blvd Services
South Bend, IN 46624
Tel: (574) 232-3992
Fax: (574) 236-8692
14. Federal Realty Investment Trust Rent $152,520
Lock Box #9320
PO Box 8500
Philadelphia, PA 19178-9320
Tel: (301) 998-8100
Tel: (443) 219-1820
Email: IR@federalrealty.com
Federal Realty Investment Trust
1626 E. Jefferson St.
Rockville, MD 20852
15. ID & Design Professional $149,504
International, Inc. Services
5100 North Dixie Highway
Fort Lauderdale, FL 33334
Casie Idle
Tel: (954) 566-2828
Email: casie@issidesign.com
16. Universal Film Exchanges Trade Debt $124,740
PO Box: 848270
Dallas, TX 75284-8270
Carla Ortiz
Tel: (469) 484-9600
Email: carla.ortiz@nbcuni.com
Bank Of America Lockbox Services
1950 N Stemmons Fwy
Ste 5010, Lockbox# 848270
Dallas, TX 75207-3199
17. Paramount Pictures/Dreamworks Trade Debt $122,196
P.O. Box 748774
Los Angeles, CA 90074-8774
Beth Ozburn
Tel: (212) 258-6000
Email: beth.ozburn@viacom.com
Paramount Pictures/Dreamworks
5515 Melrose Ave, Los
Angeles, CA 90038
18. Schindler Elevator Corporation Trade Debt $120,266
U.S. Headquarters
20 Whippany Road
Morristown, NJ 07960
Tel: (973) 397-6500
19. Softeq Development Trade Debt $118,100
Corporation
1155 Dairy Ashford, Suite 125
Houston, TX 77079
Tel: (281) 552-5000
Email: info@softeq.com
20. Stainless Fixtures Inc. Trade Debt $113,790
1250 E Franklin Avenue
Pomona, CA 91766
Tel: (909) 622-1615
21. Jackson Lewis PC Professional $109,460
225 Broadway Suite 2000 Services
San Diego CA 92101
David G. Hoiles, Jr.
Managing Principal
Tel: (619) 573-4900
Fax: (619) 573-4901
Email: david.hoiles@jacksonlewis.com
22. Delray Beach 4th & 5th Rent $98,070
Avenue LLC
136 Brookline Avenue
Boston, MA 2215
Samuels & Associates Management LLC
Tel: (617) 247-3434
Fax: (617) 247-8788
Email: info@samuelsre.com
23. Driscoll Foods Trade Debt $93,944
174 Delawanna Ave
Clifton, NJ 07014
P. Carson
Tel: (973) 672-9400
Email: pcarson@driscollfoods.com
24. Spencer Stuart Professional $91,666
355 Alhambra Cir Suite 1300 Services
Coral Gables, FL 33134
David Mac Eachern
Tel: (305) 443-991
Email: dmaceachern@spencerstuart.com
25. IPFS Corporation Insurance $88,842
P.O. Box 730223
Dallas, tX 75373-0223
Vera Kagan, Assoc.
General Counsel
Tel: (816) 627-0500
26. AVCO Center Corporation Professional $88,667
10850 Wilshire Blvd Services
Ste 1050
Los Angeles, CA 90024
Bob Yari, President
Tel: (310) 689-1651
27. Cardlytics Inc. Trade Debt $87,072
675 Ponce de Leon Ave NE, Suite 6000
Atlanta, GA 30308
Scott D. Grimes, CEO
Tel: (888) 798-5802
28. Lane Valente Industries Trade Debt $86,205
20 Keyland Court
Bohemia, NY 11716
Tel: (613) 454-9100
29. America's Escape Game Trade Debt $85,000
8723 International Dr.
Orlando, FL 32819
Jim Llewllyn, COO
Tel: (407) 412-5585
30. Village FV Ltd Rent $85,000
c/o LPC Retailing Accounting,
2000 McKinney Ave, STE 1000
Dallas TX 75012 027
Dennis Streit, CFO
Tel: (214) 740-3300
Fax: (214) 740-3313
J.T. SHANNON: Seeks to Extend Exclusivity Period to Oct. 28
-----------------------------------------------------------
J.T. Shannon Lumber Company, Inc. asked the U.S. Bankruptcy Court
for the Northern District of Mississippi to extend the period
during which only the company can file a Chapter 11 plan to Oct. 28
and the period during which it can solicit acceptances for the plan
to Dec. 27.
The company said the extension is needed to formulate a plan,
litigate claim objections which would have an impact on
confirmation of the plan, and pursue further negotiations with
creditors.
About J.T. Shannon Lumber
Memphis, Tenn.-headquartered J.T. Shannon Lumber Company, Inc. --
http://www.jtshannon.com/shannonlumber-- is a family-owned company
in the hardwood lumber business. It specializes in rough and
surfaced lumber, straight-line ripping, double-end trimming, width
sorts, and special length pulls.
J.T. Shannon Lumber Company sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Miss. Case No. 19-11428) on April
1, 2019. At the time of the filing, the Debtor disclosed
$11,026,770 in assets and $14,721,825 in liabilities. The case is
assigned to Judge Jason D. Woodard. Michael P. Coury, Esq., at
Glankler Brown PLLC, is the Debtor's legal counsel.
KEHE DISTRIBUTORS: S&P Raises ICR to 'B' on Improving Performance
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
KeHE Distributors Holdings LLC to 'B' from 'B-'. Concurrently, S&P
raised its issue-level ratings on the asset-backed loan (ABL) to
'BB-' from 'B+' and on the second-lien secured notes to 'B-' from
'CCC+'.
"The upgrade reflects KeHE's improving operating performance and
our expectation that credit metrics and cash flow will strengthen
over the projection period. We believe KeHE's performance reached
an inflection point during fiscal 2019 as it shifted its strategic
focus to achieving operational efficiencies following an extended
period of integrating past acquisitions," S&P said. The rating
agency expects the company's renewed focus on growing its customer
pipeline, optimizing distribution routes, and improving working
capital management will lead to earnings growth and adjusted
leverage approaching the low-6x area by fiscal year 2021.
The stable outlook on KeHE reflects S&P's expectation for solid
sales, earnings, and cash flow growth over the next 12 months as it
benefits from demand trends and share gains.
"We could lower the rating if operating results weaken causing
adjusted leverage to exceed 7x on a sustained basis. We could also
consider a lower rating if the company pursues a material
debt-funded acquisition," S&P said.
"We could consider a higher rating if KeHE reduces adjusted
leverage to below 5x on a sustained basis. Under a possible
scenario, this could occur if the company generates substantial
earnings growth, more than 25% above our forecast, and adopts a
more conservative financial policy," the rating agency said.
LUBY'S INC: Appoints John Morlock as Director
---------------------------------------------
The Board of Directors of Luby's, Inc., appointed John Morlock as a
director on July 30, 2019. Mr. Morlock is expected to serve on the
Personnel and Administrative Policy Committee and the Executive
Compensation Committee. Mr. Morlock, an independent director of
the Company, is an accomplished executive in the restaurant
industry with significant experience in corporate and franchise
operations.
There are no arrangements or understandings between Mr. Morlock and
any person who was involved in Mr. Morlock's selection as a
director. There are no transactions involving Mr. Morlock that
would be required to be reported under Item 404(a) of Regulation
S-K. Mr. Morlock will be compensated in accordance with the
Company's standard compensation program for non-employee directors
as described in the Company's proxy statement filed with the
Securities and Exchange Commission on Dec. 21, 2018.
About Luby's
Houston, Texas- based Luby's, Inc. (NYSE: LUB) --
http://www.lubysinc.com/-- operates 130 restaurants nationally as
of June 5, 2019: 80 Luby's Cafeterias, 49 Fuddruckers, one
Cheeseburger in Paradise restaurants. Luby's is the franchisor for
107 Fuddruckers franchise locations across the United States
(including Puerto Rico), Canada, Mexico, Colombia, and Panama.
Luby's Culinary Contract Services provides food service management
to 32 sites consisting of healthcare, corporate dining locations,
sports stadiums, and sales through retail grocery stores.
Luby's reported a net loss of $33.56 million for the year ended
Aug. 29, 2018, compared to a net loss of $23.26 million for the
year ended Aug. 30, 2017. As of June 5, 2019, Luby's had $192.06
million in total assets, $81.91 million in total liabilities, and
$110.15 million in total shareholders' equity.
Grant Thornton LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Aug. 29, 2018, noting that the
Company sustained a net loss of approximately $33.6 million and net
cash used in operating activities of approximately $8.5 million.
The Company's term and revolving debt of approximately $39.5
million is due May 1, 2019. The Company was in default of certain
debt covenants of its term and revolving credit agreements maturing
on May 1, 2019. On Aug. 24, 2018, the lenders agreed to waive the
existing events of default resulting from any breach of certain
financial covenants or the limitation on maintenance capital
expenditures, in each case that may have occurred during the period
from and including May 9, 2018 until Aug. 24, 2018, and any related
events of default. Additionally, the lenders agreed to waive the
requirements that the Company comply with certain financial
covenants until Dec. 31, 2018, at which time the Company will be in
default without an additional waiver or alternative financing.
These conditions, along with other matters, raise substantial doubt
about the Company's ability to continue as a going concern.
LUBY'S INC: Board Adopts Amended Bylaws
---------------------------------------
The Board of Directors of Luby's, Inc. approved and adopted,
effective July 30, 2019, Amendment No. 3 to Bylaws of the Company.
The Bylaw Amendment provides that if, as of 10 days in advance of
the date the Company files its definitive proxy statement with the
SEC with respect to an upcoming election of directors, such
election is expected be contested, then in such case directors will
be elected by the vote of a plurality of the votes cast.
The Bylaw Amendment additionally provides that, in an uncontested
election of directors, any incumbent director who does not receive
a majority of the votes cast will promptly tender his resignation
to the Board. Pursuant to the Bylaw Amendment, the Board will then
determine, after considering the recommendation of the Nominating
and Corporate Governance Committee, whether to accept or reject the
tendered resignation.
The Bylaw Amendment was adopted in accordance with the press
release issued by the Company on Jan. 18, 2019 announcing planned
board refreshment and corporate governance changes.
About Luby's
Houston, Texas- based Luby's, Inc. (NYSE: LUB) --
http://www.lubysinc.com/-- operates 130 restaurants nationally as
of June 5, 2019: 80 Luby's Cafeterias, 49 Fuddruckers, one
Cheeseburger in Paradise restaurants. Luby's is the franchisor for
107 Fuddruckers franchise locations across the United States
(including Puerto Rico), Canada, Mexico, Colombia, and Panama.
Luby's Culinary Contract Services provides food service management
to 32 sites consisting of healthcare, corporate dining locations,
sports stadiums, and sales through retail grocery stores.
Luby's reported a net loss of $33.56 million for the year ended
Aug. 29, 2018, compared to a net loss of $23.26 million for the
year ended Aug. 30, 2017. As of June 5, 2019, Luby's had $192.06
million in total assets, $81.91 million in total liabilities, and
$110.15 million in total shareholders' equity.
Grant Thornton LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Aug. 29, 2018, noting that the
Company sustained a net loss of approximately $33.6 million and net
cash used in operating activities of approximately $8.5 million.
The Company's term and revolving debt of approximately $39.5
million is due May 1, 2019. The Company was in default of certain
debt covenants of its term and revolving credit agreements maturing
on May 1, 2019. On Aug. 24, 2018, the lenders agreed to waive the
existing events of default resulting from any breach of certain
financial covenants or the limitation on maintenance capital
expenditures, in each case that may have occurred during the period
from and including May 9, 2018 until Aug. 24, 2018, and any related
events of default. Additionally, the lenders agreed to waive the
requirements that the Company comply with certain financial
covenants until Dec. 31, 2018, at which time the Company will be in
default without an additional waiver or alternative financing.
These conditions, along with other matters, raise substantial doubt
about the Company's ability to continue as a going concern.
LUBY'S INC: Extends Delayed Draw Term Loan Expiration Until 2020
----------------------------------------------------------------
Luby's, Inc. entered into the First Amendment to Credit Agreement
amending the Credit Agreement dated as of Dec. 13, 2018, by and
among the Company, the lenders, and MSD PCOF Partners VI, LLC. The
First Amendment amends the Delayed Draw Term Loan Expiration Date
to extend it for up to one year to the earlier to occur of (a) the
date on which the Delayed Draw Term Loan Commitments have been
terminated or reduced to zero in accordance with the terms of the
Credit Agreement and (b) Sept. 13, 2020.
About Luby's
Houston, Texas- based Luby's, Inc. (NYSE: LUB) --
http://www.lubysinc.com/-- operates 130 restaurants nationally as
of June 5, 2019: 80 Luby's Cafeterias, 49 Fuddruckers, one
Cheeseburger in Paradise restaurants. Luby's is the franchisor for
107 Fuddruckers franchise locations across the United States
(including Puerto Rico), Canada, Mexico, Colombia, and Panama.
Luby's Culinary Contract Services provides food service management
to 32 sites consisting of healthcare, corporate dining locations,
sports stadiums, and sales through retail grocery stores.
Luby's reported a net loss of $33.56 million for the year ended
Aug. 29, 2018, compared to a net loss of $23.26 million for the
year ended Aug. 30, 2017. As of June 5, 2019, Luby's had $192.06
million in total assets, $81.91 million in total liabilities, and
$110.15 million in total shareholders' equity.
Grant Thornton LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Aug. 29, 2018, noting that the
Company sustained a net loss of approximately $33.6 million and net
cash used in operating activities of approximately $8.5 million.
The Company's term and revolving debt of approximately $39.5
million is due May 1, 2019. The Company was in default of certain
debt covenants of its term and revolving credit agreements maturing
on May 1, 2019. On Aug. 24, 2018, the lenders agreed to waive the
existing events of default resulting from any breach of certain
financial covenants or the limitation on maintenance capital
expenditures, in each case that may have occurred during the period
from and including May 9, 2018 until Aug. 24, 2018, and any related
events of default. Additionally, the lenders agreed to waive the
requirements that the Company comply with certain financial
covenants until Dec. 31, 2018, at which time the Company will be in
default without an additional waiver or alternative financing.
These conditions, along with other matters, raise substantial doubt
about the Company's ability to continue as a going concern.
LUBY'S INC: Gasper Mir Quits as Board Chairman
----------------------------------------------
Gasper Mir resigned from his position as chairman of the Board of
Directors of Luby's, Inc., effective July 31, 2019. Mr. Mir will
continue to serve as a member of the Board. Furthermore, the Board
appointed Gerald Bodzy to serve as independent Chairman of the
Board, effective Aug. 1, 2019.
About Luby's
Houston, Texas- based Luby's, Inc. (NYSE: LUB) --
http://www.lubysinc.com/-- operates 130 restaurants nationally as
of June 5, 2019: 80 Luby's Cafeterias, 49 Fuddruckers, one
Cheeseburger in Paradise restaurants. Luby's is the franchisor for
107 Fuddruckers franchise locations across the United States
(including Puerto Rico), Canada, Mexico, Colombia, and Panama.
Luby's Culinary Contract Services provides food service management
to 32 sites consisting of healthcare, corporate dining locations,
sports stadiums, and sales through retail grocery stores.
Luby's reported a net loss of $33.56 million for the year ended
Aug. 29, 2018, compared to a net loss of $23.26 million for the
year ended Aug. 30, 2017. As of June 5, 2019, Luby's had $192.06
million in total assets, $81.91 million in total liabilities, and
$110.15 million in total shareholders' equity.
Grant Thornton LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Aug. 29, 2018, noting that the
Company sustained a net loss of approximately $33.6 million and net
cash used in operating activities of approximately $8.5 million.
The Company's term and revolving debt of approximately $39.5
million is due May 1, 2019. The Company was in default of certain
debt covenants of its term and revolving credit agreements maturing
on May 1, 2019. On Aug. 24, 2018, the lenders agreed to waive the
existing events of default resulting from any breach of certain
financial covenants or the limitation on maintenance capital
expenditures, in each case that may have occurred during the period
from and including May 9, 2018 until Aug. 24, 2018, and any related
events of default. Additionally, the lenders agreed to waive the
requirements that the Company comply with certain financial
covenants until Dec. 31, 2018, at which time the Company will be in
default without an additional waiver or alternative financing.
These conditions, along with other matters, raise substantial doubt
about the Company's ability to continue as a going concern.
MA ALTERNATIVE: Exclusivity Period Extended Until Nov. 15
---------------------------------------------------------
MA Alternative Transport Services, Inc. has been given more time to
file its plan for emerging from Chapter 11 protection.
Judge Cynthia Jackson of the U.S. Bankruptcy Court for the Middle
District of Florida moved the deadline for the company to file a
plan of reorganization and disclosure statement to Nov. 15.
The bankruptcy judge also extended the period during which only MA
Alternative can file a plan to Nov. 15 and the period during which
the company can solicit acceptances for the plan to Jan. 15, 2020.
About MA Alternative Transport Services
MA Alternative Transport Services, Inc., a company that provides
non-emergency medical transport services, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
19-00956) on Feb. 14, 2019. At the time of the filing, the Debtor
estimated assets of less than $500,000 and liabilities of $1
million to $10 million. Frank Martin Wolff, P.A. is the Debtor's
legal counsel.
No official committee of unsecured creditors has been appointed in
the Debtor's case.
MAC MAR: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------
Debtor: MAC MAR, LLC
aka My Affordable Roof
1585 Kennesaw Drive
Clermont, FL 34711
Business Description: MAC MAR, LLC is a roofing contractor in
Clermont, Florida.
Chapter 11 Petition Date: August 4, 2019
Court: United States Bankruptcy Court
Middle District of Florida (Orlando)
Case No.: 19-05115
Debtor's Counsel: Michael R. Dal Lago, Esq.
DAL LAGO LAW
999 Vanderbilt Beach Road, Suite 200
Naples, FL 34108
Tel: (239) 571-6877
Email: mike@dallagolaw.com
Total Assets: $1,025,630
Total Liabilities: $4,005,917
The petition was signed by Chris Dutruch, member.
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/flmb19-05115.pdf
MAGNUM CONSTRUCTION: Core & Main Objects to Disclosure Statement
----------------------------------------------------------------
Core & Main, LP, objects to the Disclosure Statement for First
Amended Chapter 11 Plan of Reorganization Proposed by Magnum
Construction Management, LLC f/k/a Munilla Construction Management,
LLC.
Core & Main asserts that the Plan describes a myriad of ways that a
creditor "consents" to the Third Party Release by voting for the
Plan, or not voting, or receiving a Distribution.
According to Core & Main, where released parties have not
contributed substantial assets to the reorganization, courts
general do not approve non-consensual releases of those parties.
Core & Main points out that the Third Party Release is not
equitable and discriminates unfairly against subcontractors like
Core & Main who fully performed under their pre-petition contracts
with the expectation that they could look to a surety for payment
in the event that the Debtor became insolvent (which is exactly
what happened here).
Core & Main complain that the Plan fails to provide a mechanism for
resolving "Disputed" Bond Claims.
Core & Main asserts that the Disclosure Statement is silent on
whether the Reorganized Debtor has committed exit financing, and
the financial information appended to the Statement fails to
disclose the book value of the Debtor's ongoing construction
projects (however, it appears that the proceeds of the Debtor's
contracts are insufficient to satisfy the Travelers and BHSI
claims).
According to Core & Main, the Disclosure Statement lacks adequate
information about how the Reorganized Debtor will fund
Distributions under the Plan and pay Bond Claims in the ordinary
course, the Court should not approve it.
Counsel for Core & Main, LP:
Jeffrey T. Kucera, Esq.
Javier Roldán Cora, Esq.
K&L GATES LLP
Southeast Financial Center
200 South Biscayne Boulevard, Suite 3900
Miami, Florida 33131
Telephone: 305-539-3300
Facsimile: 305-359-7095
Email: Jeffrey.kucera@klgates.com
Javier.roldancora@klgates.com
About Magnum Construction Management
Magnum Construction Management, LLC -- https://www.mcm-us.com/ --
is a construction company specializing in heavy civil construction
in the areas of transportation, airport infrastructure, roads,
bridges, government buildings and schools. The Debtor is
headquartered in South Miami, Florida, but also has offices in (i)
Broward County, Florida, and (ii) Irving, Texas. As of the
Petition Date, MCM employs a total of 292 people.
Magnum Construction Management filed a voluntary petition under
Chapter 11 of the U.S. Bankruptcy Code (Bankr S.D. Fla. Case No.
19-12821) on March 1, 2019. In the petition signed by Gilberto
Ruizcalderon, chief financial officer, the Debtor estimated $50
million to $100 million in assets and $10 million to $50 million in
liabilities. The Debtor is represented by Paul A. Avron, Esq., at
Berger Singerman LLP.
MAGNUM CONSTRUCTION: Herc Rentals Object to Disclosure Statement
----------------------------------------------------------------
Herc Rentals, Inc., joins in the Objection of Creditor Core & Main,
LP, to the Disclosure Statement for Magnum Construction Management,
LLC f/k/a Munilla Construction Management, LLC's First Amended
Chapter 11 Plan of Reorganization.
Herc Rentals assert that it has not been paid in full for all
post-petition rentals; the amount of Herc Rentals' post-petition
claim is being determined.
Counsel for Herc Rentals, Inc.:
Heather A. DeGrave, Esq.
Walters Levine Lozano & DeGrave
601 Bayshore Boulevard, Suite 720
Tampa, Florida 33606
Phone: (813) 254-7474
Fax: (813) 254-7341
Email: hdegrave@walterslevine.com
About Magnum Construction Management
Magnum Construction Management, LLC -- https://www.mcm-us.com/ --
is a construction company specializing in heavy civil construction
in the areas of transportation, airport infrastructure, roads,
bridges, government buildings and schools. The Debtor is
headquartered in South Miami, Florida, but also has offices in (i)
Broward County, Florida, and (ii) Irving, Texas. As of the
Petition Date, MCM employs a total of 292 people.
Magnum Construction Management filed a voluntary petition under
Chapter 11 of the U.S. Bankruptcy Code (Bankr S.D. Fla. Case No.
19-12821) on March 1, 2019. In the petition signed by Gilberto
Ruizcalderon, chief financial officer, the Debtor estimated $50
million to $100 million in assets and $10 million to $50 million in
liabilities. The Debtor is represented by Paul A. Avron, Esq., at
Berger Singerman LLP.
MAGNUM CONSTRUCTION: T.Y. Lin Objects to Disclosure Statement
-------------------------------------------------------------
T.Y. Lin International objects to the Disclosure Statement for
First Amended Chapter 11 Plan of Reorganization Proposed by Magnum
Construction Management, LLC f/k/a Munilla Construction Management,
LLC.
T.Y. Lin complains that the Disclosure Statement contains very
limited disclosure related to the "New Equity Holder," Frigate
Group Holdings, LLC -- including as it relates to that entity's
relationship with the Debtor—the Creditor surmises that the
ultimate beneficial owner of the "New Equity Holder" is related to
the Debtor's current insiders.
T.Y. Lin points out that the Disclosure Statement while the
accompanying Plan is not confirmable would be a wasteful and costly
exercise in this case.
T.Y. Lin asserts that the Disclosure Statement provides
insufficient information about the "New Equity Holder," Frigate
Group Holdings, LLC, its ownership structure, its relationship to
the Debtor, or the value being provided by that entity in support
of the Plan.
According to T.Y. Lin, the Disclosure Statement fails to provide
adequate information about the status of the Debtor's projects in
Panama, which are tied to millions in pre-petition loans and
transfers made by the Debtor, as more specifically set forth in its
Schedules.
T.Y. Lin complains that the Debtor needs to provide full disclosure
regarding these claims and regarding its transactions with its
affiliate, MCM Global, S.A., in Panama.
Counsel for T.Y. Lin International:
Fernando J. Menendez, Esq.
Amanda E. Finley, Esq.
SEQUOR LAW, P.A.
1001 Brickell Bay Drive, 9th Floor
Miami, Florida 33131
Telephone: (305) 372-8282
Facsimile: (305) 372-8202
E-mail: fmenendez@sequorlaw.com
About Magnum Construction Management
Magnum Construction Management, LLC -- https://www.mcm-us.com/ --
is a construction company specializing in heavy civil construction
in the areas of transportation, airport infrastructure, roads,
bridges, government buildings and schools. The Debtor is
headquartered in South Miami, Florida, but also has offices in (i)
Broward County, Florida, and (ii) Irving, Texas. As of the
Petition Date, MCM employs a total of 292 people.
Magnum Construction Management filed a voluntary petition under
Chapter 11 of the U.S. Bankruptcy Code (Bankr S.D. Fla. Case No.
19-12821) on March 1, 2019. In the petition signed by Gilberto
Ruizcalderon, chief financial officer, the Debtor estimated $50
million to $100 million in assets and $10 million to $50 million in
liabilities. The Debtor is represented by Paul A. Avron, Esq., at
Berger Singerman LLP.
MAGNUM CONSTRUCTION: U.S. Trustee Objects to Disclosure Statement
-----------------------------------------------------------------
Nancy J. Gargula, United States Trustee for Region 21, objects to
the Disclosure Statement and First Amended Chapter 11 Plan of
Reorganization proposed by Magnum Construction Management, LLC
f/k/a Munilla Construction Management, LLC.
The U.S. Trustee complains that there is no estimation of the
amount of General Unsecured Claims (Class 6), and given that the
Debtor received authority early in the case to pay certain of its
vendor-creditors, the amount of General Unsecured Claims remaining
is not readily ascertainable.
The U.S. Trustee points out that the Debtor does not presently know
the full extent of the Causes of Action or Available Avoidance
Actions.
The U.S. Trustee further points out that the Debtor should disclose
those actions to the extent, albeit partial, that the Debtor does
know.
The U.S. Trustee asserts that the Settling Insurers, and the
Insurance Settlement Released Parties are not contributing anything
to the reorganization.
According to the U.S. Trustee, the Debtor must provide an
explanation as to why a Plan Administrator is needed and why the
claims objection process should not be done or funded by the
Debtor.
The U.S. Trustee complains that the Released Parties do not include
general negligence or breach of fiduciary duty and same should also
be included as exceptions.
About Magnum Construction Management
Magnum Construction Management, LLC -- https://www.mcm-us.com/ --
is a construction company specializing in heavy civil construction
in the areas of transportation, airport infrastructure, roads,
bridges, government buildings and schools. The Debtor is
headquartered in South Miami, Florida, but also has offices in (i)
Broward County, Florida, and (ii) Irving, Texas. As of the
Petition Date, MCM employs a total of 292 people.
Magnum Construction Management filed a voluntary petition under
Chapter 11 of the U.S. Bankruptcy Code (Bankr S.D. Fla. Case No.
19-12821) on March 1, 2019. In the petition signed by Gilberto
Ruizcalderon, chief financial officer, the Debtor estimated $50
million to $100 million in assets and $10 million to $50 million in
liabilities. The Debtor is represented by Paul A. Avron, Esq., at
Berger Singerman LLP.
NATIONAL RADIOLOGY: JPMorgan Chase Objects to Disclosure Statement
------------------------------------------------------------------
JPMorgan Chase Bank, N.A., filed an initial objection to the
Amended Disclosure Statement in Connection with Amended Plan of
Liquidation of National Radiology Consultants, P.A.
JPMorgan asserts that the Disclosure Statement contains "Financial
Projections" that are inaccurate when viewed in light of the actual
post-petition performance of the Debtor.
According to JPMorgan, the Plan intends to pay other creditors from
the cash collateral of Lender without consent and without repayment
of Lender's claim in full first.
JPMorgan points out that the Plan fails to provide for adequate
means for its implementation given the Debtor's negative operations
and inability to collect the accounts receivable as projected.
JPMorgan complains that the Plan presents the unsecured wage
claimant Class 1 with an illusory promise of payment because of
Lender's blanket lien against the Debtor, resulting in any payments
being generated from the collateral of JPMorgan.
Attorneys for JPMorgan Chase Bank, N.A.:
Ryan C. Reinert, Esq.
SHUTTS & BOWEN LLP
4301 W. Boy Scout Blvd., Suite 300
Tampa, Florida 33607
Telephone: (813) 229-8900
Facsimile: (813) 229-8901
E-mail: rreinert@shutts.com
About National Radiology Consultants
National Radiology Consultants, P.A., is healthcare practice
management provider, specializing in radiology, anesthesiology,
emergency, and hospital medicine solutions. National Radiology
Consultants filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
19-01274) on Feb. 15, 2019. In the petition signed by Jame Okoh,
M.D., president and chief executive officer, the Debtor disclosed
$18,709,234 in assets and $4,925,568 in liabilities. The Debtor is
represented by Daniel E. Etlinger, Esq., at Jennis Law Firm.
NOAH OPERATIONS: Ray Quinney & Nebeker Represents TIC Holders
-------------------------------------------------------------
In the Chapter 11 cases of Noah Operations Richardson TX, LLC, Noah
Operations Sugarland TX LLC, Noah Operations Chandler AZ, LC and
Noah Corporation, the law firm Ray Quinney & Nebekker P.C.
submitted a verified statement under F.R.B.P. Rule 2019 to disclose
that they are representing landlords and creditors of the estate
pursuant to tenancy in common interests in the real property known
as Noah's Event Center located in Westminster, Colorado (the "TIC
Holders").
As of July 22, 2019, the TIC Holders and their percentage interests
are:
(1) Victor M. Szurgot Jr., as trustee of the Victor M. Szurgot
Jr., Grantor Trust dated Sept 24, 1992 and
Linda J. Szurgot, as trustee of the Linda J. Szurgot
Grantor Trust dated Sept. 24, 1992: 15.04%
(2) Keith E. King: 13.07%
(3) TYtanium 4, LLC: 9.64%
(4) William B. Maloney: 4.56%
(5) Douglas S. Peterson: 5.33%
(6) The Lowell S. & Kathleen S. Peterson Intervivos Trust: 5.15%
(7) Dana Barron: 4.54%
(8) Geither Enterprises, Inc. (Toot, Inc.): 8.22%
(9) MDB Ventures LLC: 3.65%
(10) JDB Holdings LLC: 3.65%
(11) Kent S. Seymour and Donna G. Seymour Family Trust: 9.12%
(12) Kathie Muhler Revocable Trust: 4.24%
(13) Noah Rockwell LLC: 7.41%
(14) Eldridge Holdings TOO LLC: 6.38%
RQN has informed each of the Westminster TIC Holders in writing of
the potential for conflicts of interests that exist or may arise
when a law firm is representing multiple creditors in a bankruptcy
case. RQN has received the necessary written authorizations to
allow it to represent each of the Westminster TIC Holders in the
Bankruptcy Case, though a signature page has not yet been received
from Mr. Maloney, but Mr. Maloney has orally approved RQN’s
representation. In undertaking the joint representation of the
Westminster TIC Holders, RQN does not believe that the interests of
one or more of these persons will be adversely affected by RQN’s
representation of the others.
Counsel for the Westminster TIC Holders can be reached at:
RAY QUINNEY & NEBEKER P.C.
Steven W. Call, Esq.
36 South State Street, Suite 1400
P.O. Box 45385
Salt Lake City, UT 84145-0385
Telephone: (801) 532-1500
E-mail: scall@rqn.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at
http://bankrupt.com/misc/Noah_Operations_145_Rule2019.pdf
About Noah Operations
Noah Operations Richardson -- https://www.noahseventvenue.com/ --
offers venues for important events, including weddings, corporate
meetings, anniversaries, birthdays, and reunions.
Noah Operations Richardson TX, LLC, a company based in Lehi, Utah,
filed a Chapter 11 petition (Bankr. D. Utah Case No. 19-23492) on
May 15, 2019. In its petition, the Debtor estimated $0 to $50,000
in assets and $1 million to $10 million in liabilities. The
petition was signed by William Bowser, president of sole member
Noah Corporation. The Hon. William T. Thurman oversees the case.
T. Edward Cudick, Esq., at Prince Yeates & Geldzahler, APC, serves
as the Debtor's bankruptcy counsel.
NORTH GWINNETT: Seeks to Extend Exclusivity Period to Dec. 16
-------------------------------------------------------------
North Gwinnett SUV, Inc. asked the U.S. Bankruptcy Court for the
Northern District of Georgia to extend the period during which only
the company can file a Chapter 11 plan to Dec. 16, and the period
during which it can solicit acceptances for the plan to Feb. 16,
2020.
The proposed extension, if granted by the court, would give the
company more time to resolve the claim filed by the Estate of
Weyman B. Wheeler, which secures the property where the company
operates its business. The resolution of the claim is important to
the formulation of North Gwinnett's bankruptcy plan, according to
court filings.
About North Gwinnett SUV, Inc.
Based in Buford, Georgia, North Gwinnett SUV, Inc. filed a Chapter
11 petition (Bankr. N.D. Ga. Case No. 19-54469) on March 21, 2019,
listing under $1 million in both assets and liabilities. The
petition was signed by Ricky C. Lance, chief executive officer.
Leslie M. Pineyro, Esq., at Jones and Walden, LLC, represents the
Debtor as counsel.
NOVASOM INC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: NovaSom, Inc.
801 Cromwell Park Drive
Glen Burnie, MD 21061
Business Description: NovaSom, Inc. -- www.novasom.com --
is a home sleep testing company having its
principal place of business in Glen Burnie,
Maryland. Its business model is to send a
medical device (FDA approved sleep recorder)
to a patient's home in order for the patient
to be tested for obstructive sleep apnea
in his or her own home, rather than in a
sleep lab, when a physician prescribes the
HST based on symptoms and the patient's
condition. The device records and
auto-scores the number of apnea events, then
sends the data back to NovaSom's servers via
a cell phone chip in the device. Sleep
physicians are then able to overscore the
data and give an opinion to the ordering
physician as to the patient's likelihood of
having OSA.
Chapter 11 Petition Date: August 2, 2019
Court: United States Bankruptcy Court
District of Delaware (Delaware)
Case No.: 19-11734
Judge: Hon. Brendan Linehan Shannon
Debtor's Counsel: Yonit A. Caplow, Esq.
DILWORTH PAXSON LLP
1500 Market Street, Suite 3500E
Philadelphia, PA 19102
Tel: 215-575-7000
Email: ycaplow@dilworthlaw.com
- and -
Peter C. Hughes, Esq.
DILWORTH PAXSON LLP
One Customs House - Suite 500
704 King Street
Wilmington, DE 19801
Tel: 302-571-9800
Email: phughes@dilworthlaw.com
- and -
Jeffrey Kurtzman, Esq.
KURTZMAN | STEADY, LLC
401 S. 2nd Street, Suite 200
Philadelphia, PA 19147
Tel: 215-883-1600
Email: kurtzman@kurtzmansteady.com
- and -
David Weitman, Esq.
K&L GATES LLP
1717 Main Street, Suite 2800
Dallas, TX 75201
Tel: 214-939-5427
Fax: 214-939-5849
Email: david.weitman@klgates.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $10 million
The petition was signed by Gregory J. Stokes, president and CEO.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/deb19-11734.pdf
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. AdvantEdge Consultant $314,744
Healthcare Sol., Inc.
c/o AHS Services Inc.
PO Box 638564
Cincinnati, OH
45263-8564
2. Austria-Rea Enterprises, LLC Supplier $128,392
850 Calle Plano, Suite F
Camarillo, CA 93012
3. CR Group LP Investment Group $150,000
1000 Main St., Suite 2500
Houston, TX 77002
4. eFax Corporate Utilities $19,212
c/o J2 Global Comm., Inc
PO BOX 51873
Los Angeles, CA 90051
5. Expedient/Continental Broadband Vendor $34,410
PO Box 645209
Pittsburgh, PA
15264-5209
6. Fogarty Engineering, Inc. Royalties $374,890
3270 Alpine Road
Portola Valley, CA 94028
7. Infosys Technologies, Ltd Consultant $34,073
3998 Collections
Center Drive
Chicago, IL 60693
8. Mediaid, Inc Supplier $131,400
17517 Fabrica Way, Suite E
Cerritos, CA 90703
9. Minuteman Press Inc. Vendor $21,281
100 Roesler Rd, Suite 101
Glen Burnie, MD 21060
10. Morgan Lewis & Bockius Legal Services $35,508
1701 Market Street
Philadelphia, PA 19103-2921
11. NextGen Healthcare, Inc. Consultant $34,234
18111 Von Karman Avenue, Suite 800
Irvine, CA 92612
12. Parker Hannifin Corporation Supplier $40,560
7925 Collection Center Drive
Chicago, IL 60693
13. RSM US LLP Consultant $41,035
5155 Paysphere Circle
Chicago, IL 60674
14. Salesforce.com, Inc. Consultant $120,100
The Landmark at
One Market Street # 300
San Francisco, CA 94105
15. St. John Properties, Inc. Rent $32,387
St. John Properties, Inc - D
PO BOX 62696
Baltimore, MD 21264
16. UPS Freight $353,068
PO BOX 7247-0244
Philadelphia, PA
19170-0001
17. UrgentCare Mentor, LLC Consultant $92,000
155 Waterford Circle
Rancho Mirage, CA 92270
18. Vonage Business Utilities $20,669
PO Box 392479
Pittsburgh, PA
15251-9479
19. Willard Packaging Company Vendor $26,123
PO BOX 27
Gaithersburg, MD 20884
20. Zentech Manufacturer $811,357
Manufacturing, Inc Servicer
PO BOX 85079
Chicago, IL 60680
O'HARE FOUNDRY: Asks Court to Extend Exclusivity Period to Nov. 21
-------------------------------------------------------------------
O'Hare Foundry Corporation asked the U.S. Bankruptcy Court for the
Eastern District of Missouri to extend the period during which only
the company can file a Chapter 11 plan to Nov. 21 and the period to
solicit acceptances for the plan to Feb. 3, 2020.
Although the company has worked through the initial issues that
arisen in its Chapter 11 case and has stabilized its business, it
still continues to work on the financing necessary to its
reorganization and seeks to have several months of operational
success behind it before determining the exact terms of its plan,
according to court filings.
About O'Hare Foundry Corporation
Established in 1921, O'Hare Foundry Corporation --
http://www.oharefoundry.com-- manufactures sand castings from
brass, brass and bronze alloys, and aluminum alloys.
O'Hare Foundry Corporation sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Mo. Case No. 19-41834) on March
27, 2019. At the time of the filing, the Debtor estimated assets
of between $1 million and $10 million and liabilities of between $1
million and $10 million. The case is assigned to Judge Charles E.
Rendlen III. The Debtor tapped Danna McKitrick, P.C., as its legal
counsel.
PERFECT BROW: Has Until Sept. 5 to Exclusively File Chapter 11 Plan
-------------------------------------------------------------------
Judge Donald Cassling of the U.S. Bankruptcy Court for the Northern
District of Illinois extended the period during which only Perfect
Brow Art, Inc. and its affiliates can file a Chapter 11 plan to
Sept. 5.
The companies can solicit acceptances for the plan until Nov. 19,
according to the bankruptcy judge's order.
About Perfect Brow Art
Perfect Brow Art, Inc., a company based in Highland Park, Illinois,
and certain of its affiliates sought Chapter 11 protection (Bankr.
N.D. Ill. Lead Case No. 19-01811) on Jan. 22, 2019. In the
petitions signed by Elizabeth Porikos-Gorgees, president and sole
shareholder, Perfect Brow Art estimated $1 million to $10 million
in both assets and liabilities while its affiliate P.B. Art
Franchise estimated assets of less than $50,000 and liabilities of
less than $500,000.
Judge Carol A. Doyle oversees the case.
The Debtors tapped Goldstein & McClintock LLLP as their bankruptcy
counsel, and Stretto as their claims and noticing agent.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Feb. 13, 2019.
PERKINS & MARIE: Files Chapter 11 Petition to Facilitate Sale
-------------------------------------------------------------
Perkins & Marie Callender's (together with certain affiliates and
subsidiaries, collectively, the "Company"), on Aug. 5 disclosed
that it has executed an Asset Purchase Agreement with Perkins
Group, LLC, for the sale of its Perkins' business and a segment of
its Foxtail bakery business. In order to facilitate the sale, the
Company has voluntarily commenced Chapter 11 proceedings under the
U.S. Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware.
The Company has filed a series of motions that, subject to Court
approval, will allow it to maintain its usual employee compensation
and benefit programs, make payments for goods and services in the
normal course, and otherwise operate its business as usual. These
motions are typical in a Chapter 11 process and are generally
granted in the first days of the case. The Company has an
agreement with its existing lenders to provide debtor-in-possession
("DIP") financing to ensure an efficient bankruptcy process. The
Company expects to have enough liquidity to continue to operate in
the normal course while completing the sale process.
The Company is continuing discussions with investors and potential
buyers regarding the Marie Callender's restaurants. Once an
agreement is finalized an additional announcement will be made.
As part of the restructuring process, on August 4, 2019, the
Company closed 10 Perkins and 19 Marie Callender's underperforming
locations. All remaining restaurants will be open and operating as
usual and guests can expect to continue to enjoy the great food and
hospitality for which Perkins and Marie Callender's are known.
Jeff Warne, President & CEO of Perkins & Marie Callender's, LLC
stated, "Our intention moving forward is to minimize disruptions
and ensure that the sale process is as seamless to our guests,
employees, and vendors as possible."
Additional information including court filings and information
about the claims process can be found at a separate website
maintained by the Company's claims agent, KCC LLC, at
http://www.kccllc.net/PMC.
Perkins & Marie Callender's, LLC has also established a
Restructuring Information line for interested parties at
888-251-3076.
About Perkins & Marie Callender's, LLC
Founded in 1958, the Perkins system consists of 342 Perkins
Restaurants in 32 states and Canada which includes 101 company
owned and operated locations and 241 franchised units. The Company
also has a baked goods manufacturing division operating under the
name of Foxtail Foods which manufactures pies, pancake mixes,
cookie dough, and muffin batter for in-store bakeries and
third-party customers. The combination of the Perkins Restaurant &
Bakery chain with Marie Callender's occurred in 2006. Marie
Callender's consists of 7 company and 21 franchised restaurants; it
is famous for its fresh-baked pies and has a national presence
through supermarket frozen entrée lines offered by ConAgra. More
information can be found at www.perkinsrestaurants.com and
www.mariecallenders.com.
PIERSON LAKES: Files 5th Amended Plan to Address Deficiencies
-------------------------------------------------------------
Pierson Lakes Homeowners Association filed a fifth amended small
business Chapter 11 plan and accompanying disclosure statement to
disclose results of the initial confirmation hearing held on July
1, 2019.
Objections to confirmation of the Fourth Amended Plan were filed by
the Sponsors, EONS and Deborah Kurtzman (a homeowner in Phase I).
After a full-day hearing, the Court denied confirmation of the
Fourth Amended Plan, citing various deficiencies in the treatment
of various classes of creditors under the Plan.
However, the Court provided the Debtor an opportunity to file a
Fifth Amended Plan of Reorganization, which has been filed by the
Debtor along with this Disclosure Statement.
In the Fifth Amended Plan, the Debtor also disclosed more
information regarding its default in connection with loans from
Popular Bank, and its postpetition settlement negotiations with
Sponsors.
Class 4 - General Unsecured Claim of the Sponsors are impaired.
Class 4 consists of the Allowed Claim of the Sponsors. The Sponsors
shall receive a 100% distribution on the Allowed Class 4 Claim,
plus post–Confirmation Date interest at the rate of 10.0% per
annum. The Allowed Class 4 Claim shall be satisfied by giving the
Sponsors a credit in the amount of $335,833.00, representing the
balance of the maintenance credit claimed by the Sponsors as of the
Petition Date running from the Petition Date through and including
approximately December 2019.
Class 1 - Secured Claim of Popular Bank (First Loan) are impaired.
The Allowed Class 1 Claim shall be paid, inclusive of contract
(non-default) interest set forth in the applicable loan documents,
at the rate of $3,472.38 per month. These payments commenced in
April 2018 and shall continue after the Effective Date of the Plan
on the first day of each consecutive month thereafter until October
2024.
Class 2 - Secured Claim of Popular Bank (Second Loan) are impaired.
The Allowed Class 2 Claim shall be paid in full, inclusive of
contract (non-default) interest set forth in the applicable loan
documents, at the rate of $2,626.01 per month. These payments
commenced in April 2018 and shall continue after the Effective Date
of the Plan on the first day of each consecutive month thereafter
until January 2026.
Class 5 – General Unsecured Claim of EONS are impaired. The
Allowed Claim of EONS, if any, shall be paid, in full, without
interest, from the proceeds of the D&O Policy within five (5)
business days of the entry of a Final Order in the EONS Adversary
Proceeding.
All assets and property of the Debtor shall revest in the
reorganized Debtor on the Effective Date of the Plan including,
without limitation, Causes of Action and all of the Debtor’s
rights, powers and duties under the Declaration, Offering Plan and
the By-laws.
A full-text copy of the Fifth Amended Disclosure Statement dated
July 25, 2019, is available at https://tinyurl.com/y4765g3g from
PacerMonitor.com at no charge.
Attorneys for the Debtor are Gary M. Kushner, Esq., at Goetz
Fitzpatrick LLP, in New York.
About Pierson Lakes Homeowners Association Inc.
Pierson Lakes Homeowners Association, Inc., is a tax-exempt
homeowners association based in Sterlington, New York.
Pierson Lakes Homeowners Association filed a Chapter 11 petition
(Bankr. S.D.N.Y. Case No. 18-22463) on March 27, 2018. In the
petition signed by Sean Rice, president, the Debtor disclosed $1.55
million in assets and $3.49 million in liabilities. The Hon. Robert
D. Drain presides over the case. Gary M. Kushner, Esq., and Scott
D. Simon, Esq., at Goetz Fitzpatrick LLP, serve as bankruptcy
counsel to the Debtor.
PRINCETON ALTERNATIVE: McManimon Represents Minority Shareholders
-----------------------------------------------------------------
In the Chapter 11 cases of Princeton Alternative Income Fund, LP,
et al., the law firm McManimon, Scotland & Baumann, LLC submitted a
verified statement pursuant to Rule 2019 of the Federal Rules of
Bankruptcy Procedure to disclose that the firm is representing
various minority shareholders, who, in the collective, formed the
Ad-Hoc Committee of Minority Shareholders.
As of July 30, 2019, the Ad-Hoc Committee of Minority Shareholders
and their disclosable economic interests are:
(1) Mattin Family Trust
c/o Christina Mattin
15 Earls Terrace
London W8 6LP, UK
(2) Shinnecock Partners
c/o Alan Snyder
10990 Wilshire Boulevard
Suite 1150
Los Angeles, CA 90024
(3) Sierra Springs Diversified Income Fund LP
c/o Doug Zinke
17303 Avenleigh Drive
Ashton, MD 20861
(4) World Opportunity Master Fund, LP
200 Red Gate Ter.
Canton, GA 30115
(5) Michael Schweaber (via Millenium Trust)
Millenium Trust Co. LLC Custudian FBO
Michael Schwaeber Rollover IRA xxxx291D6
2001 Spring Road, Suite 700
Oak Brook, IL 60523
(6) Edward & Dohee Lim Living Trust
c/o Edward Lim
167 Linfield Drive
Menlo Park, CA 94025
(7) Robert Wade
1820 Riverside Drive
Trenton, NJ 08618
(8) Sirius Investments SICAV, Sub-Fund Reserva
c/o Jon Vax
Jungmannovo Nam. 14
Prague 1
11 0 00
Cech Republic
(9) Alexander Rugaev
Komendantskiy pr. 17-1-973
St. Petersburg 197371
Russian Federation
(10) Marketplace Lending Investments LTD
5 Luke Street
London EC2A 4PX, UK
MSB holds no claims against nor does it have any interest in the
Debtors, and it has not represented a committee or indenture
trustee in these cases. Further, none of the Ad-Hoc Committee of
Minority Shareholders is (a) a member of a committee or has served
as an indenture trustee in these cases, or (b) acting in concert to
advance their common interests. The Ad-Hoc Committee of Minority
Shareholders are not affiliates or insiders of one another. MSB
provides legal services to the Ad-Hoc Committee of Minority
Shareholders with respect to matters related to these bankruptcy
cases. The Ad-Hoc Committee of Minority Shareholders are aware of
and have consented to MSB's representation in these cases.
The Ad-Hoc Committee of Minority Shareholders hold minority equity
interests in the Debtors. The full amount of each of the Ad-Hoc
Committee of Minority Shareholders' claims is undetermined at this
time.
Counsel for the Ad-Hoc Committee of Minority Shareholders can be
reached at:
McMANIMON, SCOTLAND & BAUMANN, LLC
Richard D. Trenk, Esq.
Robert S. Roglieri, Esq.
75 Livingston Avenue
Roseland, NJ 07068
Telephone: (973) 622-1800
E-mail: rtrenk@msbnj.com
rroglieri@msbnj.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at
http://bankrupt.com/misc/Princeton_Alternative_754_Rule2019.pdf
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 oversees 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.
Attorneys for MicroBilt Corporation are Derek J. Baker, Esq., at
Reed Smith LLP, in Princeton, New Jersey.
Counsel for the Ad-Hoc Committee of Minority Shareholders is Ronald
S. Gellert, Esq., at Gellert Scali Busenkell & Brown, LLC, in
Wilmington, Delaware.
SENIOR CARE: Independent Landlords Object to Disclosure Statement
-----------------------------------------------------------------
HC Hill Country Associates, Ltd., H-C Associates, Ltd., HC-RW
Associates Ltd., Hidalgo Healthcare Realty, LLC, and J-S
Fredericksburg Realty, LP (collectively called "Independent
Landlords") object to the Disclosure Statement explaining Senior
Care Centers, LLC, et al.'s Plan of Reorganization.
The Landlords point out that the Debtors' Plan contemplates a
reorganization of the Debtors and its feasibility is completely
contingent on the proposed Exit Facility (as defined in the Plan),
see Plan, Art. VI.B(2), however, the Disclosure Statement contains
no meaningful summary of the Exit Facility.
The Landlords complain that the Plan provides that all liabilities
of each of the Debtors shall be deemed merged or treated as though
they were merged into and with the assets and liabilities of each
other, see Plan, Art. VI.A, however, the Debtors in the Disclosure
Statement do not provide any basis to warrant substantive
consolidation in this case.
The Landlords assert that the Plan contains provisions which
enjoins creditors from pursuing claims against non-Debtor third
parties, see Plan, Art. VIII.B & E. Non-consensual releases
concerning non-debtors are not permitted in the Fifth Circuit.
Attorneys for the Independent Landlords:
Kevin M. Lippman, Esq.
Deborah M. Perry, Esq.
MUNSCH HARDT KOPF & HARR, P.C.
500 N. Akard Street, Suite 3800
Dallas, TX 75201
Telephone: (214) 855-7500
Facsimile: (214) 855-7584
E-mail: klippman@munsch.com
dperry@munsch.com
About Senior Care Centers
Senior Care Centers, LLC -- https://senior-care-centers.com/ -- is
a Dallas-based, skilled nursing and long-term care industry leader
in Texas and Louisiana. Senior Care Centers operates and manages
more than 100 skilled nursing and assisted/independent living
communities in the states of Texas and Louisiana.
On Dec. 4, 2018, Senior Care Centers and 120 of its subsidiaries
filed voluntary Chapter 11 petitions (Bankr. N.D. Tex. Lead Case
No. 18-33967).
The Debtors tapped Polsinelli PC as bankruptcy counsel; Hunton
Andrews Kurth LLP as conflicts counsel; Sitrik and Company as
communications consultant; and Omni Management Group, Inc. as
claims, noticing, and administrative agent.
On Dec. 14, 2018, the Office of the United States Trustee appointed
an official committee of unsecured creditors in the Chapter 11
cases. The committee tapped Greenberg Traurig, LLP, as counsel,
and FTI Consulting, Inc., as its financial advisor.
SHIELDS HEALTH: S&P Assigns 'B-' ICR on Change in Ownership
-----------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to
specialty pharmacy integrator and accelerator Shields Health
Solutions Holdings LLC (Shields). The outlook is stable. At the
same time, S&P assigned its 'B-' issue-level rating to the proposed
senior secured credit facility, which includes a $15 million
revolver and $200 million term loan. The recovery rating is '3'.
Private equity sponsor Welsh, Carson, Anderson & Stowe (WCAS) and
Walgreens Boots Alliance Inc. (Walgreens; BBB/Stable/A-2) are
acquiring a majority stake in Shields, reflecting a total
enterprise value of $850 million. Following the transaction,
adjusted leverage rises to 6.7x and funds from operations (FFO) to
debt falls to less than 12%.
"Our rating on Shields reflects the company's very small scale,
narrow business focus, high customer concentration, limited
barriers to entry, a limited track record, regulatory risks
associated with the 340B drug program, and initial leverage
exceeding 6.0x. These factors, however, are somewhat mitigated by
strong growth, the company's first mover's advantage in a growing
niche, good relationships with payors and large health systems, and
positive free cash flow," S&P said.
The stable outlook reflects S&P's expectation for greater than 20%
revenue growth per year, driven by an increasing capture rate of
fulfillment revenues at existing health systems, the gradual
addition of new health systems, and the rating agency's expectation
for continued rapid growth of the specialty pharmacy market. S&P
also expects positive FOCF despite adjusted leverage exceeding 5x.
"We could consider lowering the rating if Shields is unable to
scale up existing health systems and struggles with non-accretive
new additions, resulting in higher than expected expenses,
significantly hampered revenue growth, and persistent free cash
deficits," S&P said.
"Although unlikely over the next twelve months, we could consider a
higher rating if Shields is more successful than expected at
increasing the capture rate of fulfillment revenues at newer health
systems, such that adjusted leverage falls to less than 5.0x as a
result of EBITDA expansion. We would also need to be confident that
the financial sponsor and other controlling owners are committed to
a conservative financial policy that would keep leverage at that
level," S&P said.
SIZMEK INC: Exclusivity Period Extended Until Aug. 30
-----------------------------------------------------
Judge Stuart Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York extended the period during which only
Sizmek Inc. can file a Chapter 11 plan to Aug. 30.
The company can solicit acceptances for the plan until Oct. 28.
About Sizmek Inc.
Sizmek Inc. is an online advertising campaign management and
distribution platform for advertisers, media agencies and
publishers.
Sizmek Inc. filed a voluntary Chapter 11 petition (Bankr. S.D.N.Y.
Case No. 19-10971) on March 29, 2019. Judge Stuart M. Bernstein
oversees the case. Justin R. Bernbrock, Esq., at Kirkland & Ellis
LLP, is the Debtor's counsel.
The U.S. Trustee for Region 2 on April 17 appointed creditors to
serve on the official committee of unsecured creditors in the
Chapter 11 cases of Sizmek Inc. and its affiliates. The Committee
retained Seth Van Aalten, Esq., Michael Klein, Esq., Robert
Winning, Esq., and Lauren Reichardt, Esq., at Cooley LLP, in New
York.
STEARNS HOLDINGS: Hires PJT Partners as Investment Banker
---------------------------------------------------------
Stearns Holdings, LLC, and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Southern District of New
York to employ PJT Partners LP, as investment banker to the
Debtors.
Stearns Holdings requires PJT Partners to:
requires PJT Partners to:
(a) assist in the evaluation of the Debtors' businesses and
prospects;
(b) assist in the evaluation of the Debtors' long-term
business plan and related financial projections;
(c) assist in the development of financial data and
presentations to the Debtors' Board of Directors, various
creditors and other third parties;
(d) analyze the Debtors' financial liquidity and evaluate
alternatives to improve such liquidity;
(e) analyze various restructuring scenarios and the potential
impact of these scenarios on the recoveries of those
stakeholders impacted by the Restructuring;
(f) provide strategic advice with regard to restructuring or
refinancing the Debtors' Obligations;
(g) coordinate a sales and marketing process for the Debtors
and their assets;
(h) evaluate the Debtors' debt capacity and alternative
capital structures;
(i) participate in negotiations among the Debtors and their
creditors, suppliers, lessors, and other interested
parties;
(j) value securities offered by the Debtors in connection with
a Restructuring;
(k) advise the Debtors and negotiate with lenders with respect
to potential waivers or amendments of various credit
facilities;
(l) assist in arranging financing for the Debtors, as
requested;
(m) provide expert witness testimony concerning any of the
subjects encompassed by the other investment banking
services; and
(n) provide such other advisory services as are customarily
provided in connection with the analysis and negotiation
of a Restructuring or a Transaction, as requested and
mutually agreed.
PJT Partners will be paid as follows:
a. Monthly Fee. The Debtors shall pay PJT Partners a monthly
advisory fee (the "Monthly Fee") of $125,000 per month.
50% of all Monthly Fees paid to PJT Partners after the
Debtors commence a chapter 11 case shall be credited
against any Restructuring Fee.
b. Capital Raising Fee. The Debtors shall pay PJT Partners a
capital raising fee (the "Capital Raising Fee") for any
financing arranged by PJT Partners, earned and payable
upon receipt of a binding commitment letter. The Capital
Raising Fee will be calculated as:
-- Senior Debt. 1% of the total issuance size for senior
debt financing;
-- Junior Debt. 3% of the total issuance size for junior
debt financing; and
-- Equity Financing. 5% of the issuance amount for equity
financing.
c. Restructuring Fee. The Debtors shall pay PJT Partners a
restructuring fee equal to $3,500,000 (the "Restructuring
Fee") upon the consummation of a chapter 11 plan or other
Restructuring.
PJT Partners will also be reimbursed for reasonable out-of-pocket
expenses incurred.
John James O'Connell III, partner of PJT Partners LP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
PJT Partners can be reached at:
John James O'Connell III
PJT PARTNERS LP
280 Park Avenue
New York, NY 10017
Tel: (212) 364-7800
About Stearns Holdings
Stearns Lending, LLC is a provider of mortgage lending services in
Wholesale, Retail, Strategic Alliances, Non-Delegated Correspondent
and Financial Institutions sectors throughout the United States.
Stearns Lending is an equal housing lender and is licensed to
conduct business in 49 states and the District of Columbia.
Additionally, Stearns Lending is an approved HUD (United States
Department of Housing and Urban Development) lender; a Single
Family Issuer for Ginnie Mae (Government National Mortgage
Association); an approved Seller/Servicer for Fannie Mae (Federal
National Mortgage Association); and an approved Seller/Servicer for
Freddie Mac (Federal Home Loan Mortgage Corporation). Stearns
Lending is also approved as a VA (United States Department of
Veterans Affairs) lender, a USDA (United States Department of
Agriculture) lender, and is an approved lending institution with
FHA (Federal Housing Administration). Stearns Lending is located
at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707.
Stearns Holdings, LLC and six subsidiaries, including Stearns
Lending, LLC, each filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-12226) on July 9, 2019.
Stearns estimated assets of $1 billion to $10 billion and
liabilities of the same range as of the bankruptcy filing.
Stearns' cases have been assigned to the Honorable Shelley C.
Chapman.
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
advisor to Stearns, PJT Partners is serving as its financial
advisor and Alvarez & Marsal is serving as its restructuring
advisor. Prime Clerk LLC is the claims and noticing agent,
maintaining the sites https://cases.primeclerk.com/stearns and
http://www.stearnsrestructuring.com/
TWIN CITIES GERMAN: S&P Affirms 'BB+' Rating on 2013A-B Rev. Bonds
-------------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'BB+' rating on St. Paul Housing & Redevelopment
Authority, Minn.'s series 2013A tax-exempt and series 2013B taxable
lease revenue bonds, issued for Educational Properties Inc. for the
Twin Cities German Immersion School (TCGIS). At the same time, S&P
assigned its 'BB+' rating to TCGIS' series 2019 bonds. The outlook
is negative.
"The negative outlook reflects our expectation that over the
one-year outlook period, TCGIS' liquidity and maximum annual debt
service (MADS) coverage will weaken before the school starts to
replenish its reserves," said S&P Global Ratings credit analyst
Natalie Fakelmann. Despite this, S&P expects it will maintain
enrollment and a healthy demand profile.
S&P assesses TCGIS' enterprise profile as adequate, characterized
by the school's stable, but small enrollment, and good academic
performance, long operating history, and stable management team. It
assesses the school's financial profile as vulnerable, reflecting
weakened MADS coverage and liquidity and an increased debt burden
with limited enrollment growth potential. Together, S&P believes
these credit factors lead to an indicative stand-alone credit
profile of 'bb' and a final credit rating of 'BB+' based on
adjustments.
The school is issuing $7.35 million of series 2019 bonds to finance
a facility expansion. The project will involve the demolition of a
current school-owned building on campus, and the construction of a
gym, a cafeteria, four classrooms, and additional space, which will
support enrollment growth to around 630, with a maximum facility
capacity of 648. The construction project serves, in part, to
provide additional space for the school's recent enrollment growth,
which risen by over 100 over the past four falls. Additional
enrollment growth is projected in fall 2020 and will continue
slowly over the next few years, according to management. The
building will be owned by Twin Cities German Immersion School
Building Co., an affiliated nonprofit building corporation whose
sole member is TCGIS. The school had a total of $8.56 million
outstanding as of June 30, 2018, with pro forma debt expected to be
$15.3 million in fiscal 2020.
US ECOLOGY: S&P Affirms 'BB' ICR; Rating Off Watch Neg.
-------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on US
Ecology Inc. and removed it from CreditWatch, where it was placed
June 24, 2019, with negative implications. The outlook is stable.
S&P also assigned its 'BB+' issue-level rating and '2' recovery
rating to the senior secured credit facilities proposed by the
company to partially fund its proposed merger with NRC Group
Holdings Corp. The senior secured credit facilities consist of a
$500 million revolving credit facility and a $400 million term loan
B. Proceeds from the senior secured credit facilities will be used
to fully repay borrowings on US Ecology's existing facility and to
redeem debt outstanding at NRC.
"Our ratings affirmation and stable outlook reflects the company's
improved overall scale, the acquisition of highly profitable
landfill assets, and the proposed deal financing," S&P said.
The stable outlook on US Ecology reflects S&P's expectation that
steady end-market demand will support modest organic revenue growth
in the company's base treatment, disposal, and recycling business
and a rampup in the Pecos and Reagan landfills, enabling the
company to maintain leverage between 3x and 4x.
"We could consider a downgrade if the company's adjusted debt to
EBITDA exceeds 4x on a sustained basis. This could happen if
volumes at the new Pecos and Reagan landfills are lower than
expected or if there is a sharp decline in US Ecology's
unpredictable event business, such that operating margins fall 450
basis points below our base-case projections," S&P said.
"We could consider an upgrade if US Ecology's credit metrics
improve such that adjusted debt to EBITDA improves below 3x on a
sustained basis. In particular, we would require a sustained
improvement in its treatment, disposal, and recycling activities,
such that its base recurring business could support the credit
metrics absent contributions from the unpredictable event
business," the rating agency said, adding that this could occur if
operating margins improve by 250 bps from our base-case scenario.
VANTAGE TRAILERS: Committee Hires Hoover Slovacek as Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Vantage Trailers,
Inc., and its debtor-affiliates seeks authorization from the U.S.
Bankruptcy Court for the Southern District of Texas to retain
Hoover Slovacek LLP, as counsel to the Committee.
The Committee requires Hoover Slovacek to:
a. attend the meetings of the Committee;
b. assist the Committee in negotiations with the Debtors and
other parties in interest on the Debtors' proposed Chapter
11 plan;
c. review financial and operational information furnished by
the Debtors to the Committee;
d. analyze and negotiate the budget and the terms of the
Debtors' use of cash collateral;
e. assist in the Debtors' efforts to reorganize or sell assets
in a manner that maximizes value for creditors;
f. review and investigate prepetition transactions in which
the Debtors or their insiders were involved;
g. investigate and analyze certain of the Debtors' prepetition
conduct, transactions, and transfers;
h. review the Debtors' schedules, statements of financial
affairs, and other pleadings in the case;
i. confer with the Debtors' counsel and any other retained
professional;
j. provide the Committee with legal advice in relation to the
chapter 11 cases;
k. advise the Committee as to the ramifications regarding all
the Debtors' activities and motions before this Court;
l. prepare and file appropriate pleadings on behalf of the
Committee;
m. perform such other legal services for the Committee as may
be necessary or proper in these proceedings.
Hoover Slovacek will be paid at these hourly rates:
Edward L. Rothberg $500
Deirdre Carey Brown $400
Melissa Haselden $385
Curtis McCreight $335
Brendetta Scott $335
Senior Associate $300
Vianey Garza $285
Paralegals $125
Hoover Slovacek will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Deirdre Carey Brown, partner of Hoover Slovacek LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and (a) is not
creditors, equity security holders or insiders of the Debtors; (b)
has not been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.
Hoover Slovacek can be reached at:
Deirdre Carey Brown, Esq.
HOOVER SLOVACEK LLP
5051 Westheimer, Suite 1200
Houston, TX 77056
Tel: (713) 977-8686
Fax: (713) 977-5395
E-mail: brown@hooverslovacek.com
About Vantage Trailers
Established in 1991, Vantage Trailers, Inc., is a family-owned
manufacturer of lightweight aluminum frameless end dump trailer in
Katy, Texas.
Vantage Trailers sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-32244) on April 23,
2019. At the time of the filing, the Debtor estimated assets of
between $1 million and $10 million and liabilities of the same
range. The case is assigned to Judge Jeffrey P. Norman. The Law
Office of Margaret M. McClure is the Debtor's legal counsel.
Henry Hobbs Jr., acting U.S. trustee for Region 7, on May 28, 2019,
appointed three creditors to serve on the official committee of
unsecured creditors in the Chapter 11 case of Vantage Trailers.
The Committee retained Hoover Slovacek LLP as counsel.
VEGAS199.COM LLC: Seeks to Hire Larson Zirzow as Counsel
--------------------------------------------------------
Vegas199.com, LLC, seeks authority from the U.S. Bankruptcy Court
for the District of Nevada to employ Larson Zirzow & Kaplan, LLC,
as counsel to the Debtor.
Vegas199.com, LLC requires Larson Zirzow to:
(a) prepare on behalf of the Debtors, as debtors in
possession, all necessary or appropriate motions,
applications, answers, orders, reports, and other papers
in connection with the administration of the Debtors'
bankruptcy estates;
(b) take all necessary or appropriate actions in connection
with a sale, and a plan of reorganization and related
disclosure statement, and all related documents, and such
further actions as may be required in connection with the
administration of the Debtors' estates;
(c) take all necessary actions to protect and preserve the
estates of the Debtors including the prosecution of
actions on the Debtors' behalf, the defense of any actions
commenced against the Debtors, the negotiation of disputes
in which the Debtors are involved, and the preparation of
objections to claims filed against the Debtors' estates;
and
(d) perform all other necessary legal services in connection
with the prosecution of the Chapter 11 Cases.
Larson Zirzow will be paid at these hourly rates:
Attorneys $500
Paraprofessionals $220
Larson Zirzow will be paid a retainer in the amount of $35,000.
Larson Zirzow will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Zachariah Larson, a partner at Larson Zirzow & Kaplan, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Larson Zirzow can be reached at:
Zachariah Larson, Esq.
LARSON ZIRZOW & KAPLAN, LLC
850 E. Bonneville Ave.
Las Vegas, NV 89101
Tel: (702) 382-1170
Fax: (702) 382-1169
E-mail: zlarson@lzklegal.com
About Vegas199.com
Vegas199.com, LLC, filed a Chapter 11 bankruptcy petition (Bankr.
D. Nev. Case No. 19-13720-mkn) on June 11, 2019, disclosing under
$1 million in both assets and liabilities. The Debtor hires Larson
Zirzow & Kaplan, LLC, as counsel.
VERSA MARKETING: Seeks to Hire Wanger Jones as Counsel
------------------------------------------------------
Versa Marketing, Inc., seeks authority from the U.S. Bankruptcy
Court for the Eastern District of California to employ Wanger Jones
Helsley, PC, as counsel, substituting Walter Wilhelm Law Group.
Versa Marketing requires Wanger Jones to:
a. take all necessary actions to protect, preserve and
represent the Debtor in Possession, including the
prosecution of actions and adversary or other proceedings
on the Debtor's behalf, defense of any actions and
adversary proceedings against the Debtor; negotiations
concerning all disputes and litigation in which the Debtor
is involved, and the filing and prosecution of objections
to claims filed against the Debtor;
b. prepare on behalf of the Debtor all necessary applications,
motions, answers, orders, briefs, reports and other papers
in connection with the administration of the estate;
c. develop, negotiate and promulgate a plan; and
d. perform other legal services as requested.
Wanger Jones will be paid at these hourly rates:
Attorneys $180 to $595
Paralegals $95 to $180
Wanger Jones will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Riley C. Walter, a partner at Wanger Jones Helsley, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their/its
estates.
Wanger Jones can be reached at:
Riley C. Walter, Esq.
WANGER JONES HELSLEY, PC
265 East River Park Circle, Suite 310
Fresno, CA 93720
Tel: (559) 233-4800
Fax: (559) 233-9330
E-mail: rwalter@wjhattorneys.com
About Versa Marketing
Versa Marketing, Inc. -- http://www.versamarketing.us/-- is a
contract manufacturer of private label custom made frozen food
products for the retail industry and food services. It was founded
by Al Goularte in 1993.
Versa Marketing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Cal. Case No. 18-13678) on Sept. 7,
2018. In the petition signed by CEO A.J. Goularte, the Debtor
estimated assets of $10 million to $50 million and liabilities of
$1 million to $10 million. Judge Rene Lastreto II oversees the
case. Walter Wilhelm Law Group originally served as counsel
counsel to the Debtor, and was later substituted by Wanger Jones
Helsley, PC.
VILLAS OF WINDMILL: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Villas of Windmill Point II Property
Owners Association, Inc.
273 SW Sterret Cir
Port Saint Lucie, FL 34953
Business Description: Villas of Windmill Point II Property Owners
Association, Inc. is a Florida non-profit
corporation with volunteers that self
manages 89 separately deeded, single family
residential villa units that are attached in
4 and 5 unit clusters within a PUD (Planned
Unit Development) of 9 acres asa Deed
Restricted Community with Governing
Documents that partially include a
Declaration of Covenants and Restrictions,
running with the land.
Chapter 11 Petition Date: August 2, 2019
Court: United States Bankruptcy Court
Southern District of Florida (West Palm Beach)
Case No.: 19-20400
Judge: Hon. Mindy A. Mora
Debtor's Counsel: Brian K. McMahon, Esq.
BRIAN K. MCMACHON
1401 Forum Way, 6th Floor
West Palm Beach, FL 33401
Tel: 561-478-2500
Fax: 561-478-3111
Email: briankmcmahon@gmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Tom Lesko, director.
The Debtor stated it has no unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/flsb19-20400.pdf
WESTERN MIDSTREAM: Moody's Confirms Ba1 CFR, Outlook Developing
---------------------------------------------------------------
Moody's Investors Service confirmed Western Midstream Operating,
LP's ratings, including its Ba1 Corporate Family Rating and its Ba1
senior unsecured notes ratings. WES's outlook was changed to
developing and its Speculative Grade Liquidity rating was affirmed
at SGL-3. This concludes the ratings review initiated on April 12,
2019.
This rating action follows Occidental Petroleum Corporation's
downgrade to Baa3 with a stable outlook in connection with its
announcement of a planned debt issuance to partially finance the
cash portion of its acquisition of Anadarko Petroleum Corporation
and the expected closing of that acquisition on or about August 8.
OXY also announced a consent solicitation and offer to exchange
newly issued OXY notes for Anadarko's and its guaranteed
subsidiaries' notes outstanding. The Ba1 ratings for Anadarko and
its guaranteed subsidiaries remain on review for upgrade pending
the completion of the consent solicitation and exchange
transactions. If the consent solicitation succeeds and all or
substantially all of Anadarko's notes and those of its guaranteed
subsidiaries are retired through the exchange transaction, then its
ratings are likely to be withdrawn. Following the consent
solicitation, Anadarko and its guaranteed subsidiaries are not
expected to have any future stand-alone financial reporting
requirements, and therefore any notes that remain outstanding for
Anadarko or its guaranteed subsidiaries will have their ratings
withdrawn for lack of sufficient information for Moody's to
maintain those ratings. The Anadarko shareholder vote is scheduled
for August 8.
"The confirmation of WES's Ba1 ratings with a developing outlook
reflects the uncertainty regarding its future ownership, governance
and financial policies," commented Pete Speer, Moody's Senior Vice
President. "While the effective counterparty ceiling for WES's
rating will be lifted to Baa3 through OXY's pending acquisition of
Anadarko and debt exchange, possible transactions by OXY to
monetize or divest some or all of its WES ownership could result in
detrimental changes to WES's credit profile."
Outlook Actions:
Issuer: Western Midstream Operating, LP
Outlook, Changed To Developing From Rating Under Review
Confirmations:
Issuer: Western Midstream Operating, LP
Probability of Default Rating, Confirmed at Ba1-PD
Corporate Family Rating, Confirmed at Ba1
Senior Unsecured Shelf, Confirmed at (P)Ba1
Senior Unsecured Regular Bond/Debenture, Confirmed at Ba1 (LGD4)
Affirmations:
Issuer: Western Midstream Operating, LP
Speculative Grade Liquidity Rating, Affirmed SGL-3
RATINGS RATIONALE
WES's Ba1 CFR reflects the benefits of it having a high proportion
of fee-based revenues that provide cash flow stability, good
commodity and basin diversification, and relatively low financial
leverage. The partnership's direct commodity price exposure is
limited, but it does have exposure to fluctuations in production
volumes, particularly in its large gathering business. Following
the midstream asset acquisition from Anadarko in the first quarter
of 2019, the partnership continues to have solid growth visibility
from organic projects tied to its operations in the Delaware. While
many of its credit attributes could support a Baa3 rating, WES's
high customer concentration risk with Anadarko combined with
Anadarko's controlling ownership has historically limited its
rating to that of Anadarko's.
The pending exchange of APC debt into OXY debt, expected to close
in early September, would lift the effective counterparty risk
ceiling applicable to WES's rating to OXY's Baa3 rating. However,
OXY's ultimate plans and structure for its ownership and control of
WES and its general partner are not yet solidified. This
uncertainty regarding WES's future ownership, governance and
financial policies is captured in its developing outlook for WES's
ratings.
WES's financial leverage was increased by the purchase of assets
from Anadarko. Despite the partnership's recent negative revision
to its EBITDA guidance for 2019 because of a slower than expected
volume ramp up in the Delaware Basin, WES's Debt/EBITDA could still
decline to below 4x in 2020 as previously expected. If OXY retains
control of WES with its credit metrics returning to their
historical levels (Debt/EBITDA at or under 4x with 1.2x
distribution coverage), WES could be upgraded to Baa3. However, if
all or a portion of the GP ownership and/or a large limited partner
ownership in WES was sold to a third party, the new ownership would
have to be clearly supportive of investment grade financial
policies at WES and not add substantial debt at WES or an entity
above WES that would have to be supported by WES's distributions.
In the event that all or a large ownership stake in WES is sold to
a third party, any debt added at a general partner or other holding
company above Western would be a consideration in its determination
of WES's credit rating.
WES's Ba1 rating could be downgraded if Debt/EBITDA rises above 5x
or if distribution coverage falls below 1x. If the rating of its
primary counterparty, OXY, were to fall below Ba1 then WES's
ratings could be downgraded.
Moody's expects Western to maintain adequate liquidity through
mid-2020, consistent with its SGL-3 rating, primarily because of
its borrowing capacity on its $2 billion committed bank revolving
credit facility. The cash component of the asset purchase from
Anadarko was funded by a $2 billion 364-day senior unsecured term
loan facility. In July 2019, the partnership extended the term loan
maturity to December 31, 2020 and increased its committed capacity
to $3 billion. The partnership has until September 30, 2019 to
borrow that additional $1 billion, which Moody's expect the
partnership to do to fund its growth capital spending and maintain
adequate liquidity to give more time for resolution to the
uncertainty regarding OXY's future ownership of Western. Once this
uncertainty is resolved, Moody's expects that the term loan will be
refinanced.
The revolving credit facility is unsecured, matures in February
2024 and has a financial maintenance covenant limiting leverage
(Debt/ EBITDA) to 5x. Western had ample headroom for compliance
with the revolver covenant at March 31, 2019 and Moody's expects
that to continue into 2020 despite the increased leverage from the
asset dropdown since the credit facility provides for certain pro
forma adjustments for acquisitions and capital expenditures. None
of Western's assets are encumbered so the partnership could sell
assets to raise cash for liquidity. Western has no significant
senior notes maturity prior to 2021.
WILLOWOOD USA: Aug. 21 Hearing on Disclosure Statement
------------------------------------------------------
A hearing will be held on the adequacy of the Disclosure Statement
explaining the Chapter 11 Plan of Willowood USA Holdings, LLC, et
al., on Wednesday, August 21, 2019, at 10:00 a.m. (Mountain Time),
in Courtroom D, U.S. Bankruptcy Court, U.S. Custom House, 721 19th
Street, Denver, Colorado, 80202-2508.
Any objections to the Disclosure Statement must be filed and served
no later than August 14, 2019.
About Willowood USA Holdings
Willowood USA, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 19-11320) on Feb. 27,
2019. The case is jointly administered with the Chapter 11 case of
Willowood USA Holdings, LLC (Bankr. D. Colo. Case No. 19-11079).
At the time of the filing, the Debtor estimated assets of $10
million to $50 million and liabilities of the same range.
The case is assigned to Judge Kimberley H. Tyson.
Brownstein Hyatt Farber Schreck, LLP, is the Debtor's legal
counsel; r2 advisors, llc, is the chief restructuring officer; and
Piper Jaffray & Co., is the investment banker. Bankruptcy
Management Solutions, Inc. d/b/a Stretto, is the claims and
noticing agent.
The Office of the U.S. Trustee on March 12, 2019, appointed an
official committee of unsecured creditors in the Debtor's Chapter
11 case. The committee tapped CKR Law LLP and was substituted by
Montgomery McCracken Walker and Rhoads LLP, as counsel; Kutner
Brinen, P.C. as local co-counsel; and PricewaterhouseCoopers LLP as
its financial advisor.
WISE ENTERPRISE: Case Summary & 6 Unsecured Creditors
-----------------------------------------------------
Debtor: Wise Enterprise Group, LLC
22 Felton Place
Cartersville, GA 30120
Business Description: Wise Enterprise Group LLC is an investment
holding company in Cartersville, Georgia.
Chapter 11 Petition Date: August 2, 2019
Court: United States Bankruptcy Court
Northern District of Georgia (Rome)
Case No.: 19-41786
Judge: Hon. Paul W. Bonapfel
Debtor's Counsel: Theodore N. Stapleton, Esq.
THEODORE N. STAPLETON, P.C.
Suite 100-B
2802 Paces Ferry Road
Atlanta, GA 30339
Tel: (678) 361-6211
(770) 436-3334
Fax: (404) 935-5344
E-mail: tstaple@tstaple.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Karen P. Wise, authorized
representative.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at:
http://bankrupt.com/misc/ganb19-41786.pdf
ZELIS HEALTHCARE: S&P Puts 'B+' ICR on Watch Neg. on RedCard Deal
-----------------------------------------------------------------
S&P Global Ratings placed all its ratings on Zelis Healthcare
Corp., including its 'B+' long-term issuer credit rating, on
CreditWatch Negative following the company's entry into an
agreement to merge with RedCard.
The CreditWatch negative placement reflects the potential for
weaker credit metrics stemming from the financing of announced
merger agreement between Zelis and RedCard.
"Our current expectations for Zelis were grounded in organic growth
supplemented by strategic tuck-in acquisitions with leverage in the
low-2x area and EBITDA interest coverage between 7x and 8x," S&P
said.
"We now estimate that, post-merger, leverage could be increasing
above 5x, which is at the cusp of what is appropriate for the
current rating. Therefore, we placed all of our ratings on
CreditWatch with negative implications," the rating agency said.
S&P will continue to monitor developments related to this
transaction. The rating agency expects to resolve the CreditWatch
placements after it reviews post-acquisition integration and
operating plans, synergy opportunities, and refinancing
expectations.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABBVIE INC ABBV US 56,769.0 (7,826.0) 509.0
ABBVIE INC ABBVUSD EU 56,769.0 (7,826.0) 509.0
ABBVIE INC 4AB GZ 56,769.0 (7,826.0) 509.0
ABBVIE INC ABBV AV 56,769.0 (7,826.0) 509.0
ABBVIE INC 4AB TH 56,769.0 (7,826.0) 509.0
ABBVIE INC 4AB TE 56,769.0 (7,826.0) 509.0
ABBVIE INC ABBVEUR EU 56,769.0 (7,826.0) 509.0
ABBVIE INC 4AB QT 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-BDR ABBV34 BZ 56,769.0 (7,826.0) 509.0
ABSOLUTE SOFTWRE ALSWF US 93.0 (51.2) (30.8)
ABSOLUTE SOFTWRE ABT CN 93.0 (51.2) (30.8)
ABSOLUTE SOFTWRE OU1 GR 93.0 (51.2) (30.8)
ABSOLUTE SOFTWRE ABT2EUR EU 93.0 (51.2) (30.8)
AGILITI INC AGLY US 745.0 (67.7) 17.3
AIXIN LIFE INTER AIXN US 2.1 (3.2) (4.7)
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMERICAN AIRLINE A1G GR 61,967.0 (22.0) (10,273.0)
AMERICAN AIRLINE AAL* MM 61,967.0 (22.0) (10,273.0)
AMERICAN AIRLINE AAL US 61,967.0 (22.0) (10,273.0)
AMERICAN AIRLINE AAL1USD EU 61,967.0 (22.0) (10,273.0)
AMERICAN AIRLINE A1G TH 61,967.0 (22.0) (10,273.0)
AMERICAN AIRLINE A1G GZ 61,967.0 (22.0) (10,273.0)
AMERICAN AIRLINE AAL11EUR EU 61,967.0 (22.0) (10,273.0)
AMERICAN AIRLINE AAL AV 61,967.0 (22.0) (10,273.0)
AMERICAN AIRLINE AAL TE 61,967.0 (22.0) (10,273.0)
AMERICAN AIRLINE A1G SW 61,967.0 (22.0) (10,273.0)
AMERICAN AIRLINE AAL1CHF EU 61,967.0 (22.0) (10,273.0)
AMERICAN AIRLINE A1G QT 61,967.0 (22.0) (10,273.0)
AMERICAN BRIVISI ABVC US 7.5 (5.5) (10.9)
AMYRIS INC AMRSUSD EU 172.8 (174.4) (111.5)
ATLATSA RESOURCE ATL SJ 139.6 (285.7) (326.1)
AUTODESK INC AUD GR 4,808.5 (245.3) (798.4)
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 GZ 4,808.5 (245.3) (798.4)
AUTODESK INC ADSK AV 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 ADSK* MM 4,808.5 (245.3) (798.4)
AUTODESK INC AUD QT 4,808.5 (245.3) (798.4)
AUTOZONE INC AZO US 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZ5 GR 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZ5 TH 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZOUSD EU 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZO AV 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZ5 TE 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZO* MM 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZOEUR EU 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZ5 QT 9,773.7 (1,589.5) (345.5)
AUTOZONE INC-BDR AZOI34 BZ 9,773.7 (1,589.5) (345.5)
AVID TECHNOLOGY AVID US 299.7 (167.1) 1.4
AVID TECHNOLOGY AVD GR 299.7 (167.1) 1.4
AYR STRATEGIES I AYR/A CN 136.4 (286.0) (5.6)
B RILEY - CL A BRPM US 0.4 (0.0) (0.4)
B RILEY PRINCIPA BRPM/U US 0.4 (0.0) (0.4)
BABCOCK & WILCOX BW US 764.9 (317.9) (209.1)
BENEFITFOCUS INC BNFTEUR EU 341.0 (10.4) 119.3
BENEFITFOCUS INC BTF GR 341.0 (10.4) 119.3
BENEFITFOCUS INC BNFT US 341.0 (10.4) 119.3
BEYONDSPRING INC BYSI US 7.8 (17.0) (15.9)
BJ'S WHOLESALE C BJ US 5,226.7 (148.3) (330.7)
BJ'S WHOLESALE C 8BJ GR 5,226.7 (148.3) (330.7)
BJ'S WHOLESALE C 8BJ QT 5,226.7 (148.3) (330.7)
BLUE BIRD CORP BLBD US 355.4 (77.6) (2.7)
BLUELINX HOLDING BXC US 1,089.7 (18.3) 454.7
BOEING CO-BDR BOEI34 BZ 126,261.0 (4,943.0) 2,922.0
BOEING CO-CED BA AR 126,261.0 (4,943.0) 2,922.0
BOEING CO-CED BAD AR 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BCO GR 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BAEUR EU 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BA EU 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BOE LN 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BOEI BB 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BA US 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BCO TH 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BACHF EU 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BA SW 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BA* MM 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BA TE 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BAUSD SW 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BCO GZ 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BA AV 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BCO QT 126,261.0 (4,943.0) 2,922.0
BOEING CO/THE BA CI 126,261.0 (4,943.0) 2,922.0
BOMBARDIER INC-B BBDBN MM 26,688.0 (4,352.0) (57.0)
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)
BRP INC/CA-SUB V B15A GR 3,358.1 (364.6) (223.2)
BRP INC/CA-SUB V DOOO US 3,358.1 (364.6) (223.2)
BRP INC/CA-SUB V DOO CN 3,358.1 (364.6) (223.2)
CADIZ INC CDZI US 73.9 (81.4) 13.8
CADIZ INC 2ZC GR 73.9 (81.4) 13.8
CAMBIUM NETWORKS 089 QT 154.4 (18.7) 37.4
CAMBIUM NETWORKS CMBM US 154.4 (18.7) 37.4
CAMBIUM NETWORKS CMBMEUR EU 154.4 (18.7) 37.4
CAMBIUM NETWORKS 089 GR 154.4 (18.7) 37.4
CAMBIUM NETWORKS 089 GZ 154.4 (18.7) 37.4
CASTLE BIOSCIENC CSTL US 31.0 (2.9) 18.0
CATASYS INC CATS US 7.2 (10.7) (2.6)
CBIZ INC XC4 GR 1,376.9 (530.3) 146.7
CBIZ INC CBZ US 1,376.9 (530.3) 146.7
CDK GLOBAL INC CDK US 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 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
CEDAR FAIR LP FUN US 2,132.5 (109.6) (108.6)
CEDAR FAIR LP FUN1EUR EU 2,132.5 (109.6) (108.6)
CEDAR FAIR LP 7CF GR 2,132.5 (109.6) (108.6)
CHEWY INC- CL A CHWY US 682.3 (357.9) (398.5)
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 CIB1 GR 2,649.3 (102.3) (116.4)
CINCINNATI BELL CBBEUR EU 2,649.3 (102.3) (116.4)
CLOVIS ONCOLOGY C6O GR 686.0 (30.0) 272.6
CLOVIS ONCOLOGY CLVS US 686.0 (30.0) 272.6
CLOVIS ONCOLOGY C6O QT 686.0 (30.0) 272.6
CLOVIS ONCOLOGY CLVSUSD EU 686.0 (30.0) 272.6
CLOVIS ONCOLOGY C6O TH 686.0 (30.0) 272.6
CLOVIS ONCOLOGY C6O SW 686.0 (30.0) 272.6
CLOVIS ONCOLOGY CLVSEUR EU 686.0 (30.0) 272.6
COGENT COMMUNICA CCOI US 797.0 (164.2) 252.3
COGENT COMMUNICA OGM1 GR 797.0 (164.2) 252.3
COGENT COMMUNICA CCOIUSD EU 797.0 (164.2) 252.3
COHERUS BIOSCIEN 8C5 QT 240.5 (4.0) 150.4
COHERUS BIOSCIEN CHRSUSD EU 240.5 (4.0) 150.4
COHERUS BIOSCIEN 8C5 TH 240.5 (4.0) 150.4
COHERUS BIOSCIEN CHRSEUR EU 240.5 (4.0) 150.4
COHERUS BIOSCIEN CHRS US 240.5 (4.0) 150.4
COHERUS BIOSCIEN 8C5 GR 240.5 (4.0) 150.4
COLGATE-BDR COLG34 BZ 13,151.0 (10.0) 473.0
COLGATE-CEDEAR CL AR 13,151.0 (10.0) 473.0
COLGATE-PALMOLIV CL SW 13,151.0 (10.0) 473.0
COLGATE-PALMOLIV CL US 13,151.0 (10.0) 473.0
COLGATE-PALMOLIV CPA GR 13,151.0 (10.0) 473.0
COLGATE-PALMOLIV CPA TH 13,151.0 (10.0) 473.0
COLGATE-PALMOLIV CL EU 13,151.0 (10.0) 473.0
COLGATE-PALMOLIV CLEUR EU 13,151.0 (10.0) 473.0
COLGATE-PALMOLIV CL* MM 13,151.0 (10.0) 473.0
COLGATE-PALMOLIV CLUSD SW 13,151.0 (10.0) 473.0
COLGATE-PALMOLIV CPA GZ 13,151.0 (10.0) 473.0
COLGATE-PALMOLIV CL TE 13,151.0 (10.0) 473.0
COLGATE-PALMOLIV COLG AV 13,151.0 (10.0) 473.0
COLGATE-PALMOLIV CPA QT 13,151.0 (10.0) 473.0
COLUMBIA CARE IN CCHWEUR EU 161.5 (0.9) (1.9)
COLUMBIA CARE IN CCHW CN 161.5 (0.9) (1.9)
COLUMBIA CARE IN CCHWF US 161.5 (0.9) (1.9)
COLUMBIA CARE IN 3LP GR 161.5 (0.9) (1.9)
CURE PHARMACEUTI CURR US 5.3 (0.2) (1.8)
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 DE8 GR 438.7 (142.6) (41.3)
DENNY'S CORP DENN US 438.7 (142.6) (41.3)
DENNY'S CORP DENNEUR EU 438.7 (142.6) (41.3)
DIEBOLD NIXDORF DBDEUR EU 4,104.5 (304.0) 368.1
DIEBOLD NIXDORF DBDUSD EU 4,104.5 (304.0) 368.1
DIEBOLD NIXDORF DBD GR 4,104.5 (304.0) 368.1
DIEBOLD NIXDORF DBD US 4,104.5 (304.0) 368.1
DIEBOLD NIXDORF DLD TH 4,104.5 (304.0) 368.1
DIEBOLD NIXDORF DBD SW 4,104.5 (304.0) 368.1
DIEBOLD NIXDORF DLD QT 4,104.5 (304.0) 368.1
DINE BRANDS GLOB DIN US 2,040.7 (215.1) 7.9
DINE BRANDS GLOB IHP GR 2,040.7 (215.1) 7.9
DOLLARAMA INC DOL CN 3,417.0 (219.0) 19.9
DOLLARAMA INC DR3 GR 3,417.0 (219.0) 19.9
DOLLARAMA INC DLMAF US 3,417.0 (219.0) 19.9
DOLLARAMA INC DR3 GZ 3,417.0 (219.0) 19.9
DOLLARAMA INC DOLEUR EU 3,417.0 (219.0) 19.9
DOLLARAMA INC DR3 TH 3,417.0 (219.0) 19.9
DOLLARAMA INC DR3 QT 3,417.0 (219.0) 19.9
DOMINO'S PIZZA EZV TH 1,177.2 (2,904.3) 230.5
DOMINO'S PIZZA DPZ US 1,177.2 (2,904.3) 230.5
DOMINO'S PIZZA EZV GR 1,177.2 (2,904.3) 230.5
DOMINO'S PIZZA DPZEUR EU 1,177.2 (2,904.3) 230.5
DOMINO'S PIZZA DPZUSD EU 1,177.2 (2,904.3) 230.5
DOMINO'S PIZZA EZV GZ 1,177.2 (2,904.3) 230.5
DOMINO'S PIZZA DPZ AV 1,177.2 (2,904.3) 230.5
DOMINO'S PIZZA DPZ* MM 1,177.2 (2,904.3) 230.5
DOMINO'S PIZZA EZV QT 1,177.2 (2,904.3) 230.5
DUNKIN' BRANDS G 2DB GR 3,767.9 (656.8) 288.1
DUNKIN' BRANDS G 2DB TH 3,767.9 (656.8) 288.1
DUNKIN' BRANDS G DNKN US 3,767.9 (656.8) 288.1
DUNKIN' BRANDS G DNKNEUR EU 3,767.9 (656.8) 288.1
DUNKIN' BRANDS G 2DB QT 3,767.9 (656.8) 288.1
DUNKIN' BRANDS G 2DB GZ 3,767.9 (656.8) 288.1
DYNATRACE INC DT US 1,811.4 (390.3) (737.7)
EMISPHERE TECH EMIS US 5.2 (155.3) (1.4)
EVERI HOLDINGS I EVRI US 1,632.0 (95.8) 3.3
EVERI HOLDINGS I G2C GR 1,632.0 (95.8) 3.3
EVERI HOLDINGS I EVRIEUR EU 1,632.0 (95.8) 3.3
EVOFEM BIOSCIENC NEOTEUR EU 3.2 (28.9) (30.7)
EVOFEM BIOSCIENC 1AQ1 TH 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)
EVOFEM BIOSCIENC EVFM US 3.2 (28.9) (30.7)
FC GLOBAL REALTY FCRE IT 4.2 (0.6) (3.2)
FILO MINING CORP FIL SS 10.9 (5.4) (5.9)
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 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
GOGO INC G0G QT 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 1,726.4 (709.8) 621.2
GRAFTECH INTERNA G6G TH 1,726.4 (709.8) 621.2
GRAFTECH INTERNA EAFEUR EU 1,726.4 (709.8) 621.2
GRAFTECH INTERNA G6G GR 1,726.4 (709.8) 621.2
GRAFTECH INTERNA G6G QT 1,726.4 (709.8) 621.2
GREEN PLAINS PAR GPP US 121.4 (73.4) (3.0)
GREEN PLAINS PAR 8GP GR 121.4 (73.4) (3.0)
GREENLANE HOLD-A GNLN US 93.7 (12.7) 28.0
GREENLANE HOLD-A G67 GR 93.7 (12.7) 28.0
GREENLANE HOLD-A G67 TH 93.7 (12.7) 28.0
GREENLANE HOLD-A G67 QT 93.7 (12.7) 28.0
GREENSKY INC-A GSKY US 832.7 (73.3) 288.2
HANGER INC HNGR US 752.0 (30.6) 77.2
HCA HEALTHCARE I 2BH TH 45,449.0 (1,770.0) 3,908.0
HCA HEALTHCARE I HCA US 45,449.0 (1,770.0) 3,908.0
HCA HEALTHCARE I 2BH GR 45,449.0 (1,770.0) 3,908.0
HCA HEALTHCARE I HCA* MM 45,449.0 (1,770.0) 3,908.0
HCA HEALTHCARE I 2BH TE 45,449.0 (1,770.0) 3,908.0
HCA HEALTHCARE I HCAEUR EU 45,449.0 (1,770.0) 3,908.0
HERBALIFE NUTRIT HOO GR 3,078.6 (534.2) 393.4
HERBALIFE NUTRIT HLF US 3,078.6 (534.2) 393.4
HERBALIFE NUTRIT HOO GZ 3,078.6 (534.2) 393.4
HERBALIFE NUTRIT HLFUSD EU 3,078.6 (534.2) 393.4
HERBALIFE NUTRIT HLFEUR EU 3,078.6 (534.2) 393.4
HERBALIFE NUTRIT HOO QT 3,078.6 (534.2) 393.4
HEWLETT-CEDEAR HPQ AR 31,946.0 (1,487.0) (4,918.0)
HILTON WORLDWIDE HI91 TH 15,140.0 (23.0) (565.0)
HILTON WORLDWIDE HLTUSD EU 15,140.0 (23.0) (565.0)
HILTON WORLDWIDE HI91 GR 15,140.0 (23.0) (565.0)
HILTON WORLDWIDE HLTEUR EU 15,140.0 (23.0) (565.0)
HILTON WORLDWIDE HLT* MM 15,140.0 (23.0) (565.0)
HILTON WORLDWIDE HI91 TE 15,140.0 (23.0) (565.0)
HILTON WORLDWIDE HLT US 15,140.0 (23.0) (565.0)
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 HD SW 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 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 HD CI 51,515.0 (2,143.0) 880.0
HOME DEPOT-CED HDD AR 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 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 HPQ SW 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* MM 31,946.0 (1,487.0) (4,918.0)
HP INC HPQ AV 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 HPQ CI 31,946.0 (1,487.0) (4,918.0)
IAA INC IAA US 1,975.4 (240.7) 187.9
IAA INC 3NI GR 1,975.4 (240.7) 187.9
IAA INC IAA-WEUR EU 1,975.4 (240.7) 187.9
IHEARTMEDIA-CL A IHRT US 14,286.0 (11,566.1) 650.5
INSEEGO CORP INSG US 177.6 (32.6) 33.4
INSEEGO CORP INSGEUR EU 177.6 (32.6) 33.4
INSEEGO CORP INO GR 177.6 (32.6) 33.4
INSEEGO CORP INSGUSD 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 187.7 (13.2) 14.3
INTERCEPT PHARMA ICPTUSD EU 438.3 (55.0) 294.5
INTERCEPT PHARMA I4P TH 438.3 (55.0) 294.5
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
IRONWOOD PHARMAC I76 GR 315.7 (219.4) 110.1
IRONWOOD PHARMAC I76 TH 315.7 (219.4) 110.1
IRONWOOD PHARMAC IRWD US 315.7 (219.4) 110.1
IRONWOOD PHARMAC IRWDEUR EU 315.7 (219.4) 110.1
IRONWOOD PHARMAC I76 QT 315.7 (219.4) 110.1
IRONWOOD PHARMAC IRWDUSD EU 315.7 (219.4) 110.1
ISRAMCO INC IRM GR 110.9 (3.7) (8.7)
ISRAMCO INC ISRL US 110.9 (3.7) (8.7)
ISRAMCO INC ISRLEUR EU 110.9 (3.7) (8.7)
JACK IN THE BOX JBX GR 832.1 (592.5) (76.8)
JACK IN THE BOX JACK US 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)
JACK IN THE BOX JACK1EUR EU 832.1 (592.5) (76.8)
KONTOOR BRAND 3KO TH 2,385.4 1,579.0 1,143.8
KONTOOR BRAND 3KO GR 2,385.4 1,579.0 1,143.8
KONTOOR BRAND KTBEUR EU 2,385.4 1,579.0 1,143.8
KONTOOR BRAND KTBUSD EU 2,385.4 1,579.0 1,143.8
KONTOOR BRAND 3KO QT 2,385.4 1,579.0 1,143.8
KONTOOR BRAND 3KO GZ 2,385.4 1,579.0 1,143.8
KONTOOR BRAND 0A1X LI 2,385.4 1,579.0 1,143.8
KONTOOR BRAND KTB US 2,385.4 1,579.0 1,143.8
L BRANDS INC LTD GR 10,998.0 (898.0) 750.0
L BRANDS INC LB US 10,998.0 (898.0) 750.0
L BRANDS INC LTD TH 10,998.0 (898.0) 750.0
L BRANDS INC LBUSD EU 10,998.0 (898.0) 750.0
L BRANDS INC LBRA AV 10,998.0 (898.0) 750.0
L BRANDS INC LBEUR EU 10,998.0 (898.0) 750.0
L BRANDS INC LB* MM 10,998.0 (898.0) 750.0
L BRANDS INC LTD QT 10,998.0 (898.0) 750.0
L BRANDS INC-BDR LBRN34 BZ 10,998.0 (898.0) 750.0
LA JOLLA PHARM LJPC US 169.9 (12.6) 110.4
LA JOLLA PHARM LJPP GR 169.9 (12.6) 110.4
LAMB WESTON LW US 3,048.1 (4.6) 408.7
LAMB WESTON 0L5 GR 3,048.1 (4.6) 408.7
LAMB WESTON LW-WEUR EU 3,048.1 (4.6) 408.7
LAMB WESTON 0L5 TH 3,048.1 (4.6) 408.7
LAMB WESTON 0L5 QT 3,048.1 (4.6) 408.7
LAMB WESTON LW-WUSD EU 3,048.1 (4.6) 408.7
LAMB WESTON LW* MM 3,048.1 (4.6) 408.7
LANDCADIA HOLD-A LCA US 0.2 (0.0) (0.3)
LANDCADIA HOLDIN LCAHU US 0.2 (0.0) (0.3)
LENNOX INTL INC LXI GR 2,340.4 (217.5) 368.9
LENNOX INTL INC LII US 2,340.4 (217.5) 368.9
LENNOX INTL INC LII1EUR EU 2,340.4 (217.5) 368.9
LENNOX INTL INC LXI TH 2,340.4 (217.5) 368.9
LENNOX INTL INC LII1USD EU 2,340.4 (217.5) 368.9
LENNOX INTL INC LII* MM 2,340.4 (217.5) 368.9
MARTIN MIDSTREAM MPB GR 700.5 (37.1) 88.5
MARTIN MIDSTREAM MMLP US 700.5 (37.1) 88.5
MARTIN MIDSTREAM MMLPUSD EU 700.5 (37.1) 88.5
MARTIN MIDSTREAM MPB TH 700.5 (37.1) 88.5
MCDONALDS - BDR MCDC34 BZ 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MDO TH 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 MCDUSD SW 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MDO GZ 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCDEUR EU 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCD AV 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 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
MCDONALDS-CEDEAR MCDD AR 46,466.6 (6,550.9) 1,584.8
MICHAELS COS INC MIK US 3,679.3 (1,587.4) 307.9
MICHAELS COS INC MIM GR 3,679.3 (1,587.4) 307.9
MOTOROLA SOL-CED MSI AR 9,974.0 (954.0) 955.0
MOTOROLA SOLUTIO MTLA GR 9,974.0 (954.0) 955.0
MOTOROLA SOLUTIO MOT TE 9,974.0 (954.0) 955.0
MOTOROLA SOLUTIO MSI US 9,974.0 (954.0) 955.0
MOTOROLA SOLUTIO MTLA TH 9,974.0 (954.0) 955.0
MOTOROLA SOLUTIO MTLA GZ 9,974.0 (954.0) 955.0
MOTOROLA SOLUTIO MSI1EUR EU 9,974.0 (954.0) 955.0
MOTOROLA SOLUTIO MTLA QT 9,974.0 (954.0) 955.0
MSCI INC 3HM GR 3,425.1 (231.8) 556.1
MSCI INC MSCI US 3,425.1 (231.8) 556.1
MSCI INC 3HM QT 3,425.1 (231.8) 556.1
MSCI INC MSCIUSD EU 3,425.1 (231.8) 556.1
MSCI INC MSCI* MM 3,425.1 (231.8) 556.1
MSG NETWORKS- A MSGN US 844.6 (503.3) 205.5
MSG NETWORKS- A 1M4 GR 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 MSGNUSD EU 844.6 (503.3) 205.5
MSG NETWORKS- A 1M4 TH 844.6 (503.3) 205.5
N/A BJEUR EU 5,226.7 (148.3) (330.7)
NATHANS FAMOUS NFA GR 94.3 (70.1) 72.2
NATHANS FAMOUS NATH US 94.3 (70.1) 72.2
NATHANS FAMOUS NATHEUR EU 94.3 (70.1) 72.2
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 TH 7,066.0 (3,852.0) 1,393.0
NAVISTAR INTL IHR QT 7,066.0 (3,852.0) 1,393.0
NAVISTAR INTL IHR GZ 7,066.0 (3,852.0) 1,393.0
NAVISTAR INTL IHR GR 7,066.0 (3,852.0) 1,393.0
NAVISTAR INTL NAV US 7,066.0 (3,852.0) 1,393.0
NAVISTAR INTL NAVEUR EU 7,066.0 (3,852.0) 1,393.0
NAVISTAR INTL NAVUSD EU 7,066.0 (3,852.0) 1,393.0
NEW ENG RLTY-LP NEN US 243.2 (38.2) -
NOTOX TECHNOLOGI NTOX US 0.7 (1.5) (2.0)
NRC GROUP HOLDIN NRCG US 394.1 (41.4) 51.2
NRG ENERGY NRA TH 9,530.0 (1,520.0) 1,513.0
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 QT 9,530.0 (1,520.0) 1,513.0
NRG ENERGY NRGEUR 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 OMEREUR EU 101.2 (121.0) 32.4
OMEROS CORP 3O8 TH 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 PZZA US 739.1 (56.6) (19.2)
PAPA JOHN'S INTL PP1 GR 739.1 (56.6) (19.2)
PAPA JOHN'S INTL PZZAEUR EU 739.1 (56.6) (19.2)
PAPA JOHN'S INTL PP1 GZ 739.1 (56.6) (19.2)
PERSONALIS INC PSNL US 57.7 (20.3) (15.3)
PERSONALIS INC 04X GR 57.7 (20.3) (15.3)
PERSONALIS INC 04X TH 57.7 (20.3) (15.3)
PERSONALIS INC PSNLEUR EU 57.7 (20.3) (15.3)
PHILIP MORRI-BDR PHMO34 BZ 39,923.0 (9,409.0) (883.0)
PHILIP MORRIS IN PM1EUR EU 39,923.0 (9,409.0) (883.0)
PHILIP MORRIS IN PM1 EU 39,923.0 (9,409.0) (883.0)
PHILIP MORRIS IN 4I1 GR 39,923.0 (9,409.0) (883.0)
PHILIP MORRIS IN PM US 39,923.0 (9,409.0) (883.0)
PHILIP MORRIS IN PM1CHF EU 39,923.0 (9,409.0) (883.0)
PHILIP MORRIS IN PM1 TE 39,923.0 (9,409.0) (883.0)
PHILIP MORRIS IN 4I1 TH 39,923.0 (9,409.0) (883.0)
PHILIP MORRIS IN PMI SW 39,923.0 (9,409.0) (883.0)
PHILIP MORRIS IN 4I1 GZ 39,923.0 (9,409.0) (883.0)
PHILIP MORRIS IN PMOR AV 39,923.0 (9,409.0) (883.0)
PHILIP MORRIS IN PM* MM 39,923.0 (9,409.0) (883.0)
PHILIP MORRIS IN PMIZ IX 39,923.0 (9,409.0) (883.0)
PHILIP MORRIS IN PMIZ EB 39,923.0 (9,409.0) (883.0)
PHILIP MORRIS IN 4I1 QT 39,923.0 (9,409.0) (883.0)
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 PLNT1USD EU 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
PROMETIC LIFE PLI CN 140.6 (84.1) (2.1)
PROMETIC LIFE PJ2N GR 140.6 (84.1) (2.1)
PROMETIC LIFE PFSCD US 140.6 (84.1) (2.1)
PROMETIC LIFE PJ2N TH 140.6 (84.1) (2.1)
PROMETIC LIFE PLI1EUR EU 140.6 (84.1) (2.1)
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 REPH US 181.0 (19.0) 68.1
RECRO PHARMA INC RAH GR 181.0 (19.0) 68.1
REVLON INC-A RVL1 GR 3,041.7 (1,132.2) 9.3
REVLON INC-A REV US 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
REVLON INC-A REVUSD EU 3,041.7 (1,132.2) 9.3
RH RH US 2,545.8 (247.4) (189.5)
RH RH* MM 2,545.8 (247.4) (189.5)
RH RHEUR EU 2,545.8 (247.4) (189.5)
RH RS1 GR 2,545.8 (247.4) (189.5)
RIMINI STREET IN RMNI US 124.2 (135.8) (110.6)
ROSETTA STONE IN RST US 174.8 (9.8) (71.6)
ROSETTA STONE IN RS8 GR 174.8 (9.8) (71.6)
ROSETTA STONE IN RST1EUR EU 174.8 (9.8) (71.6)
SALLY BEAUTY HOL S7V GR 2,072.3 (70.5) 719.4
SALLY BEAUTY HOL SBH US 2,072.3 (70.5) 719.4
SALLY BEAUTY HOL SBHEUR EU 2,072.3 (70.5) 719.4
SBA COMM CORP 4SB GR 9,269.4 (3,339.3) (1,112.4)
SBA COMM CORP SBAC US 9,269.4 (3,339.3) (1,112.4)
SBA COMM CORP 4SB GZ 9,269.4 (3,339.3) (1,112.4)
SBA COMM CORP SBACUSD EU 9,269.4 (3,339.3) (1,112.4)
SBA COMM CORP SBAC* MM 9,269.4 (3,339.3) (1,112.4)
SBA COMM CORP SBACEUR EU 9,269.4 (3,339.3) (1,112.4)
SBA COMM CORP SBJ TH 9,269.4 (3,339.3) (1,112.4)
SCIENTIFIC GAMES SGMS US 7,932.0 (2,118.0) 852.0
SCIENTIFIC GAMES SGMSUSD EU 7,932.0 (2,118.0) 852.0
SCIENTIFIC GAMES TJW GR 7,932.0 (2,118.0) 852.0
SCIENTIFIC GAMES TJW TH 7,932.0 (2,118.0) 852.0
SCIENTIFIC GAMES TJW GZ 7,932.0 (2,118.0) 852.0
SEALED AIR CORP SEE US 5,216.5 (341.2) (10.8)
SEALED AIR CORP SDA GR 5,216.5 (341.2) (10.8)
SEALED AIR CORP SEE1EUR EU 5,216.5 (341.2) (10.8)
SEALED AIR CORP SDA TH 5,216.5 (341.2) (10.8)
SEALED AIR CORP SDA QT 5,216.5 (341.2) (10.8)
SHELL MIDSTREAM SHLX US 2,004.0 (767.0) 246.0
SHELL MIDSTREAM SHLXUSD EU 2,004.0 (767.0) 246.0
SHELL MIDSTREAM 49M GR 2,004.0 (767.0) 246.0
SHELL MIDSTREAM 49M TH 2,004.0 (767.0) 246.0
SINO UNITED WORL SUIC US 0.1 (0.1) (0.1)
SIRIUS XM HO-BDR SRXM34 BZ 11,316.0 (489.0) (2,182.0)
SIRIUS XM HOLDIN SIRI US 11,316.0 (489.0) (2,182.0)
SIRIUS XM HOLDIN RDO GR 11,316.0 (489.0) (2,182.0)
SIRIUS XM HOLDIN RDO TH 11,316.0 (489.0) (2,182.0)
SIRIUS XM HOLDIN SIRIEUR EU 11,316.0 (489.0) (2,182.0)
SIRIUS XM HOLDIN RDO GZ 11,316.0 (489.0) (2,182.0)
SIRIUS XM HOLDIN SIRI AV 11,316.0 (489.0) (2,182.0)
SIRIUS XM HOLDIN SIRIUSD EU 11,316.0 (489.0) (2,182.0)
SIRIUS XM HOLDIN SIRI TE 11,316.0 (489.0) (2,182.0)
SIRIUS XM HOLDIN RDO QT 11,316.0 (489.0) (2,182.0)
SIX FLAGS ENTERT SIX US 2,938.1 (204.4) (66.6)
SIX FLAGS ENTERT 6FE GR 2,938.1 (204.4) (66.6)
SIX FLAGS ENTERT SIXEUR EU 2,938.1 (204.4) (66.6)
SIX FLAGS ENTERT SIXUSD EU 2,938.1 (204.4) (66.6)
SLEEP NUMBER COR SNBR US 795.9 (157.3) (433.9)
SLEEP NUMBER COR SL2 GR 795.9 (157.3) (433.9)
SLEEP NUMBER COR SNBREUR EU 795.9 (157.3) (433.9)
STARBUCKS CORP SBUX* MM 20,894.4 (4,319.0) 1,839.0
STARBUCKS CORP SBUX US 20,894.4 (4,319.0) 1,839.0
STARBUCKS CORP SRB GR 20,894.4 (4,319.0) 1,839.0
STARBUCKS CORP SRB TH 20,894.4 (4,319.0) 1,839.0
STARBUCKS CORP SBUX SW 20,894.4 (4,319.0) 1,839.0
STARBUCKS CORP SBUXUSD SW 20,894.4 (4,319.0) 1,839.0
STARBUCKS CORP SBUXUSD EU 20,894.4 (4,319.0) 1,839.0
STARBUCKS CORP SRB GZ 20,894.4 (4,319.0) 1,839.0
STARBUCKS CORP SBUX AV 20,894.4 (4,319.0) 1,839.0
STARBUCKS CORP SBUX TE 20,894.4 (4,319.0) 1,839.0
STARBUCKS CORP SBUXEUR EU 20,894.4 (4,319.0) 1,839.0
STARBUCKS CORP SBUX IM 20,894.4 (4,319.0) 1,839.0
STARBUCKS CORP SRB QT 20,894.4 (4,319.0) 1,839.0
STARBUCKS CORP SBUXCHF EU 20,894.4 (4,319.0) 1,839.0
STARBUCKS CORP SBUX CI 20,894.4 (4,319.0) 1,839.0
STARBUCKS-BDR SBUB34 BZ 20,894.4 (4,319.0) 1,839.0
STARBUCKS-CEDEAR SBUX AR 20,894.4 (4,319.0) 1,839.0
STEALTH BIOTHERA S1BA GR 15.5 (175.3) (27.3)
STEALTH BIOTHERA MITO US 15.5 (175.3) (27.3)
SUNPOWER CORP SPWR US 1,938.9 (96.6) 240.6
SUNPOWER CORP S9P2 TH 1,938.9 (96.6) 240.6
SUNPOWER CORP S9P2 GR 1,938.9 (96.6) 240.6
SUNPOWER CORP SPWREUR EU 1,938.9 (96.6) 240.6
SUNPOWER CORP SPWRUSD EU 1,938.9 (96.6) 240.6
SUNPOWER CORP S9P2 GZ 1,938.9 (96.6) 240.6
SUNPOWER CORP S9P2 QT 1,938.9 (96.6) 240.6
TAILORED BRANDS TLRD* MM 2,765.5 (4.0) 291.4
TAILORED BRANDS TLRDEUR EU 2,765.5 (4.0) 291.4
TAILORED BRANDS WRM TH 2,765.5 (4.0) 291.4
TAILORED BRANDS TLRDUSD EU 2,765.5 (4.0) 291.4
TAILORED BRANDS TLRD US 2,765.5 (4.0) 291.4
TAILORED BRANDS WRM GR 2,765.5 (4.0) 291.4
TAUBMAN CENTERS TU8 GR 4,485.1 (324.0) -
TAUBMAN CENTERS TCO US 4,485.1 (324.0) -
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 TDGEUR 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 TDG* MM 17,797.2 (1,482.2) 3,869.3
TRANSMEDICS GROU TMDX US 38.8 (12.5) 13.9
TRIUMPH GROUP TG7 GR 2,823.3 (557.9) 208.3
TRIUMPH GROUP TGI US 2,823.3 (557.9) 208.3
TRIUMPH GROUP TGIEUR EU 2,823.3 (557.9) 208.3
TUPPERWARE BRAND TUP US 1,428.5 (163.1) (110.8)
TUPPERWARE BRAND TUP GR 1,428.5 (163.1) (110.8)
TUPPERWARE BRAND TUP GZ 1,428.5 (163.1) (110.8)
TUPPERWARE BRAND TUP TH 1,428.5 (163.1) (110.8)
TUPPERWARE BRAND TUP1EUR EU 1,428.5 (163.1) (110.8)
TUPPERWARE BRAND TUP1USD EU 1,428.5 (163.1) (110.8)
TUPPERWARE BRAND TUP QT 1,428.5 (163.1) (110.8)
UNISYS CORP UISEUR EU 2,507.8 (1,213.7) 334.1
UNISYS CORP UISCHF EU 2,507.8 (1,213.7) 334.1
UNISYS CORP UIS EU 2,507.8 (1,213.7) 334.1
UNISYS CORP USY1 TH 2,507.8 (1,213.7) 334.1
UNISYS CORP USY1 GR 2,507.8 (1,213.7) 334.1
UNISYS CORP UIS US 2,507.8 (1,213.7) 334.1
UNISYS CORP UIS1 SW 2,507.8 (1,213.7) 334.1
UNISYS CORP USY1 QT 2,507.8 (1,213.7) 334.1
UNISYS CORP USY1 GZ 2,507.8 (1,213.7) 334.1
UNITI GROUP INC CSALUSD EU 4,697.3 (1,463.5) -
UNITI GROUP INC 8XC TH 4,697.3 (1,463.5) -
UNITI GROUP INC 8XC GR 4,697.3 (1,463.5) -
UNITI GROUP INC UNIT US 4,697.3 (1,463.5) -
VALVOLINE INC 0V4 GR 2,000.0 (252.0) 389.0
VALVOLINE INC 0V4 TH 2,000.0 (252.0) 389.0
VALVOLINE INC VVVEUR EU 2,000.0 (252.0) 389.0
VALVOLINE INC 0V4 QT 2,000.0 (252.0) 389.0
VALVOLINE INC VVVUSD EU 2,000.0 (252.0) 389.0
VALVOLINE INC VVV US 2,000.0 (252.0) 389.0
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 VGREUR EU 1,429.2 (590.1) 324.7
VECTOR GROUP LTD VGRUSD EU 1,429.2 (590.1) 324.7
VECTOR GROUP LTD VGR TH 1,429.2 (590.1) 324.7
VECTOR GROUP LTD VGR QT 1,429.2 (590.1) 324.7
VERISIGN INC VRS TH 1,889.9 (1,425.2) 360.7
VERISIGN INC VRSN US 1,889.9 (1,425.2) 360.7
VERISIGN INC VRS GR 1,889.9 (1,425.2) 360.7
VERISIGN INC VRS GZ 1,889.9 (1,425.2) 360.7
VERISIGN INC VRSNEUR EU 1,889.9 (1,425.2) 360.7
VERISIGN INC VRSN* MM 1,889.9 (1,425.2) 360.7
VERISIGN INC VRS SW 1,889.9 (1,425.2) 360.7
VERISIGN INC VRS QT 1,889.9 (1,425.2) 360.7
VERISIGN INC-BDR VRSN34 BZ 1,889.9 (1,425.2) 360.7
W&T OFFSHORE INC UWV GR 867.8 (335.0) 43.5
W&T OFFSHORE INC WTI US 867.8 (335.0) 43.5
W&T OFFSHORE INC WTI1EUR EU 867.8 (335.0) 43.5
W&T OFFSHORE INC WTI1USD EU 867.8 (335.0) 43.5
W&T OFFSHORE INC UWV TH 867.8 (335.0) 43.5
WAYFAIR INC- A W US 2,182.1 (605.4) (276.6)
WAYFAIR INC- A 1WF QT 2,182.1 (605.4) (276.6)
WAYFAIR INC- A 1WF GR 2,182.1 (605.4) (276.6)
WAYFAIR INC- A WEUR EU 2,182.1 (605.4) (276.6)
WEIGHT WATCHERS WW US 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WW6 GR 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WW6 TH 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WW6 GZ 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WTWUSD EU 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WTW AV 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)
WIDEOPENWEST INC WOW US 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)
WIDEOPENWEST INC WU5 GR 2,462.2 (284.2) (97.6)
WINGSTOP INC WING1EUR EU 150.0 (216.4) 9.6
WINGSTOP INC WING US 150.0 (216.4) 9.6
WINGSTOP INC EWG GR 150.0 (216.4) 9.6
WINMARK CORP WINA US 46.2 (13.8) 9.1
WINMARK CORP GBZ GR 46.2 (13.8) 9.1
WORKHORSE GROUP WKHS US 13.1 (18.0) (14.9)
WORKHORSE GROUP WKHSEUR EU 13.1 (18.0) (14.9)
WORKHORSE GROUP WKHSUSD EU 13.1 (18.0) (14.9)
WORKHORSE GROUP 1WO TH 13.1 (18.0) (14.9)
WORKHORSE GROUP 1WO GZ 13.1 (18.0) (14.9)
WORKHORSE GROUP 1WO GR 13.1 (18.0) (14.9)
WYNDHAM DESTINAT WD5 GR 7,466.0 (560.0) 335.0
WYNDHAM DESTINAT WYND US 7,466.0 (560.0) 335.0
WYNDHAM DESTINAT WD5 TH 7,466.0 (560.0) 335.0
WYNDHAM DESTINAT WD5 QT 7,466.0 (560.0) 335.0
WYNDHAM DESTINAT WYNEUR EU 7,466.0 (560.0) 335.0
YELLOW PAGES LTD Y CN 418.5 (106.1) 82.7
YELLOW PAGES LTD YLWDF US 418.5 (106.1) 82.7
YUM! BRANDS -BDR YUMR34 BZ 4,674.0 (7,994.0) (64.0)
YUM! BRANDS INC YUM US 4,674.0 (7,994.0) (64.0)
YUM! BRANDS INC TGR TH 4,674.0 (7,994.0) (64.0)
YUM! BRANDS INC TGR GR 4,674.0 (7,994.0) (64.0)
YUM! BRANDS INC YUMUSD SW 4,674.0 (7,994.0) (64.0)
YUM! BRANDS INC TGR GZ 4,674.0 (7,994.0) (64.0)
YUM! BRANDS INC YUM AV 4,674.0 (7,994.0) (64.0)
YUM! BRANDS INC TGR TE 4,674.0 (7,994.0) (64.0)
YUM! BRANDS INC YUM* MM 4,674.0 (7,994.0) (64.0)
YUM! BRANDS INC YUMEUR EU 4,674.0 (7,994.0) (64.0)
YUM! BRANDS INC TGR QT 4,674.0 (7,994.0) (64.0)
YUM! BRANDS INC YUM SW 4,674.0 (7,994.0) (64.0)
*********
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 ***