/raid1/www/Hosts/bankrupt/TCR_Public/191217.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, December 17, 2019, Vol. 23, No. 350
Headlines
180 ATKINS ETTZY: Hearing on Bidding Process Set for Dec. 20
ABERDEEN HEIGHTS: Fitch Affirms BB on $120MM Series 2017A Bonds
AC INVESTMENT 1: Jan. 16 Plan Confirmation Hearing Set
ANGELINA BUFALINO: Seeks Approval to Sell Las Vegas Property
ANGELS FOR KIDS: To Seek Plan Approval Jan. 15
ASBURY AUTOMOTIVE: Moody's Alters Outlook on Ba2 CFR to Stable
ASCENT INDUSTRIES: Creditors Approve Amended Plan Under CCAA
ASCENT RESOURCES: Moody's Alters Outlook on B1 CFR to Negative
ASPEN CLUB: Unsecureds to Get At Least 6 Months of Net Cash Flow
BEAVER LOCAL: Moody's Alters Outlook on Ba2 Debt Rating to Stable
BELIEVERS BIBLE: Court Approves Sale of Atlanta Property for $150K
BLUE SKY THINKING: Plan Confirmation Hearing Set for Jan. 8
BODY RENEW: Bidding Procedures for All Assets Modified
C2 PLUMBING: Court to Hold Status Conference on Jan. 9
CAH ACQUISITION 12: Trustee's Dec. 19 Auction of All Assets Set
CAH ACQUISITION 16: Trustee's Dec. 19 Auction of All Assets Set
CAH ACQUISITION 1: Trustee's Dec. 19 Auction of All Assets Set
CAH ACQUISITION 2: Trustee's Dec. 19 Auction of All Assets Set
CAH ACQUISITION 3: Trustee's Dec. 19 Auction of All Assets Set
CAH ACQUISITION 6: Trustee's Dec. 19 Auction of All Assets Set
CAH ACQUISITION 7: Trustee's Dec. 19 Auction of All Assets Set
CANNTRUST HOLDINGS: Won't Complete Financial Restatement This Year
CARBUCKS OF CAROLINA: Plan Confirmation Hearing on Jan. 28
CITYWIDE COMMUNITY: Unsecureds Owed $96K to Split $15K in Plan
CLYDE EVANS: Plan Confirmation Hearing Continued to Dec. 20
CONTURA ENERGY: S&P Lowers ICR to 'B-'; Outlook Stable
DATTA MANGLAM: Settles Lakshmi Claim for $1.1M With 6% Interest
DELICIAS DE MINAS: Court Confirms Chapter 11 Plan
DESTINY SPRINGS: Voluntary Chapter 11 Case Summary
DIOCESE OF NEW ULM: Court Approves Sale of Schneider Farm for $378K
DIOCESE OF NEW ULM: Unsecureds to Get 100% Without Interest
DUNCAN MORGAN: Trustee $214K Private Sale of Property Okayed
EPIC COMPANIES: Adams and Reese Represents Multiple Parties
EXELA TECHNOLOGIES: Appoints Coley Clark to Board of Directors
FERRELLGAS PARTNERS: James Schwartz Resigns as GP's Director
FLORIDA MICROELECTRONICS: Dec. 17 Plan & Disclosures Hearing Set
FLORIDA MICROELECTRONICS: To Seek Plan Approval Dec. 17
FRIENDS OF CITRUS: $895K Sale of Two Real Properties Approved
FRONTIER COMMUNICATIONS: Appoints Bernie Han as President & CEO
FULL X TECH: Plan to be Funded by Continued Business Operations
GENERATION NEXT: Case Summary & 20 Largest Unsecured Creditors
GO WIRELESS: S&P Alters Outlook to Negative, Affirms 'B' ICR
GOLD COAST: Unsecured Creditors to Recover 10% in 60 Months
GRAMERCY GROUP: Jan. 29, 2020 Plan Confirmation Hearing Set
GRANITE CITY: Case Summary & 20 Largest Unsecured Creditors
GREATER APOSTOLIC: Hearing on San Diego Asset Sale Set for Jan. 2
HEATING & PLUMBING: Jan. 9, 2020 Disclosure Statement Hearing Set
HENDRICKSON TRUCK: $3-Mil. DIP Loan from TAB Bank Wins Interim OK
HENDRICKSON TRUCK: Court Grants Interim OK on Cash Use Thru Dec. 31
HFOTCO LLC: Moody's Withdraws Ba3 CFR on Credit Facility Repayment
HRI HOLDING: Court Approves Bidding Process
JAGGED PEAK: $17M Sale of Substantially All Assets to IDL Approved
JAMES CANDY: Court to Hold Hearing Today on Sale to D&M Chocolates
JAMES M. THOMPSON: Jan. 29 Filing Deadline of Plan and Disclosures
JAS EXPEDITED: Proposes to Sell Five Vehicles
JDR CONSULTING: Captal One Arrears to be Paid Prior to Confirmation
JILL ACQUISITION: S&P Lowers ICR to 'CCC+'; Outlook Negative
JTJ RESTAURANTS: To Seek Plan Approval on Jan. 14
JTJ RESTAURANTS: Unsecured Creditors to Recover 26.3% Under Plan
KWIKPRINT MANUFACTURING: Plan Confirmation Hearing on Dec. 17
KWIKPRINT MANUFACTURING: Unsecureds to Get Payments, 1% of Receipts
LAKESHORE FARMS: Unsecureds Total Payout at 21% for Each Claim
LIFE AMBULANCE: Gets Court Approval to Sell Vehicles
LIMETREE BAY TERMINALS: S&P Cuts Rating on Secured Term Loan to B+
LITESTREAM HOLDINGS: Seeks to Use Bank United's Cash Collateral
LNB-015-13 LLC: Jan. 16 Plan Confirmation Hearing Set
MEDICAL DIAGNOSTIC: Case Summary & 20 Largest Unsecured Creditors
NRG ENERGY: Moody's Raises CFR to Ba1, Outlook Positive
OFFICE BARGAIN CENTER: Jan. 16 Hearing on Disc. Statement Set
PALM FROND: Wants Until Jan. 14, 2020 to File Plan & Disclosures
PAUL SMITH: Dec. 17 Hearing on Disclosure Statement
PERIMETER LAWN: Unsecured Creditors Get 100% in 84 Months
PERKINS TIMBER: Unsecureds to Be Paid in Full by Month 96
PILOT TRAVEL: Moody's Rates New $4.2BB Secured Bank Debt 'Ba1'
PRINCE ORGANIZATION: Court Approves Disclosure Statement
PRINCE ORGANIZATION: Shifts Hotel Branding to OYO
PRINCETON ALTERNATIVE: Trustee FIles Liquidating Plan
PYXUS INTERNATIONAL: S&P Lowers ICR to 'CCC'; Outlook Negative
REGAL ROW: Court Approves Sale to Victron Stores for $2.5MM
ROSE COURT: Court Sets Disclosure & Confirmation Procedures
SARAR USA: Shareholders Plan Has 6.69% for Unsecured Creditors
SOUTHFRESH AQUACULTURE: Unsecureds Unimpaired in AFC Plan
STAR COMPUTER: Liquidation Trustee to Sell Assets to Oak Point
STAR NAVIGATION: Files Notice of Intention to Make BIA Proposal
SUNSET BAY: Feb. 10 Filing Deadline of Plan and Disclosures
TADA VENTURES: Court Confirms Chapter 11 Plan
TADA VENTURES: Unsec. Creditors to be Paid in Full in 1 Year
TEAM HEALTH: S&P Lowers Long-Term ICR to 'B-'; Outlook Stable
TILLMAN PARK: Gets Approval to Sell Condo Units for $2.45MM
UNIT CORPORATION: Extends Exchange Offer Expiration to Jan. 2020
UNITED METHODIST: Public Sale of Personal Property Approved
VINE OIL: Moody's Lowers CFR to Caa1 & Alters Outlook to Negative
VISTRA ENERGY: Moody's Raises CFR to Ba1, Outlook Positive
WEATHER KING: Voluntary Chapter 11 Case Summary
WILBER'S BARBECUE: January 9, 2020 Plan Confirmation Hearing Set
WOODARD EVENTS: Unsecureds to Have 10% Recovery Under Plan
[^] Large Companies with Insolvent Balance Sheet
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180 ATKINS ETTZY: Hearing on Bidding Process Set for Dec. 20
------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York is
set to hold a hearing on Dec. 20 to consider approval of the
bidding process proposed by 180 Atkins Ettzy, LLC for the sale of
its real property located at 180 Atkins Ave., Brooklyn, N.Y.
Maltz Auctions, Inc. will conduct an auction on Jan. 29 at the New
York LaGuardia Airport Marriott Hotel if it receives qualified bids
from buyers.
In order to be permitted to bid on the property, each bidder must
deliver to Maltz Auctions a certified check or bank check in the
amount of $50,000, which will serve as a partial deposit.
A copy of the document detailing the proposed bidding process is
available at https://tinyurl.com/sflaqzx from PacerMonitor.com free
of charge.
About 180 Atkins Ettzy
180 Atkins Ettzy LLC, filed a Chapter 11 bankruptcy petition
(Bankr. E.D.N.Y. Case No. 19-41160) on Feb. 27, 2019, disclosing
under $1 million in both assets and liabilities. The case is
assigned to Judge Elizabeth S. Stong. The Debtor is represented by
Eric H. Horn, Esq., at Vogel Bach & Horn, LLP.
ABERDEEN HEIGHTS: Fitch Affirms BB on $120MM Series 2017A Bonds
---------------------------------------------------------------
Fitch Ratings affirmed the 'BB' rating on the $120 million
Industrial Development Authority of the City of Kirkwood, Missouri
bonds issued on behalf of Ashfield Active Living and Wellness
Communities, Inc. d/b/a Aberdeen Heights series 2017A.
The Rating Outlook is revised to Negative from Stable.
SECURITY
The bonds are secured by a pledge of unrestricted receivables, a
first deed of trust lien on certain property and a debt service
reserve fund.
KEY RATING DRIVERS
SOFTENED ILU OCCUPANCY: The Negative Outlook primarily reflects a
decline in Aberdeen's independent living unit (ILU) occupancy that
has significantly weakened coverage levels. While Aberdeen has
historically enjoyed strong occupancy in all levels of care since
opening in 2011, it has experienced softening ILU census levels
over the last two years, which Fitch attributes to heightened
transitioning of residents making their way through the continuum
of care and as some residents decide to move out. To address lower
occupancy, Aberdeen has changed its management team and revamped
their marketing strategy to focus on increasing ILU demand.
Aberdeen has averaged ILU census levels of 93% in fiscal 2018 and
88% in fiscal 2019, which are both weaker than the 96% it averaged
from fiscal 2015-2017.
HIGH LONG-TERM LIABILITY PROFILE: Aberdeen's long term liability
profile remains elevated as evidenced by maximum annual debt
service (MADS) equating to a very high 34.1% of total fiscal 2019
revenues. This level is much weaker than Fitch's 'BIG' category
median of 16.7%. MADS coverage of 1.21x was only slightly above the
rate covenant of 1.20x and below Fitch's below investment grade
(BIG) median of 1.3x.
GOOD PROFITABILITY: Historical profitability has been strong
overall, but recent declines in occupancy have resulted in net
operating margins (NOM) falling to 22.9% in fiscal 2019 from an
average of 30.5% for the three prior fiscal years, which is still
significantly better than Fitch's BIG median of 3.8%. Similarly,
NOM adjusted (NOMA) declined to 32.9% in fiscal 2019 from an
average of 40.7% for the three prior fiscal years. Profitability
still remains a strong credit positive but if the downward trend in
ILU occupancy continues, Aberdeen's financial operations could be
further pressured.
ADEQUATE LIQUIDITY: Aberdeen's $26.6 million in unrestricted cash
and investments at June 30, 2019 equated to an only adequate 22.1%
of debt, but a more favorable 465 days cash on hand (DCOH). These
metrics are mixed compared to Fitch's BIG medians of 33.0%, and 312
DCOH respectively.
RATING SENSITIVITIES
MAINTENANCE OF PROFITABILTY: Due to Aberdeen's heavy debt burden,
it is imperative to sustain a high level of profitability and unit
turnover. A failure to improve ILU occupancy that leads to
weakening of operating performance, or an extended compression in
net entrance fee receipts, which negatively impacts debt service
coverage, would likely lead to a ratings downgrade.
FUTURE EXPANSION PLANS: Aberdeen's potential expansion plans are on
hold for at least one to two years until occupancy recovers.
Aberdeen will primarily focus on its marketing efforts with the
goal of increasing existing ILU occupancy. Any future expansion
would be limited to a maximum number of 14 cottages and it is
likely that Aberdeen would fund the project with initial entrance
fees, temporary debt or some combination. Fitch's notes that
Aberdeen has no permanent debt capacity at the current rating level
and a debt issuance associated with an expansion could pressure the
rating.
CREDIT PROFILE
Aberdeen is a Type-A continuing care retirement community (CCRC)
located on a 21.7 acre site in Kirkwood, MO. Aberdeen's current
unit mix consists of 234 ILUs, 30 assisted living units (ALU), 15
memory care units (MCU), and 38 skilled nursing facility (SNF)
beds. Most resident agreements include 90%-95% refundable entrance
fee contracts. The refundable portion of the entrance fee is
refunded upon re-occupancy of the unit and receipt of sufficient
proceeds from re-sale. Aberdeen is a controlled affiliate of
Presbyterian Manors of Mid-America Inc. (PMMA); Presbyterian
Manors, Inc. (PMI) is another controlled affiliate of PMMA which
owns 15 of the PMMA managed communities, as well as two hospices.
In addition, the Salina Presbyterian Manor Endowment Fund is also
under the PMI structure. Fitch views the affiliation favorably and
believes that it provides Aberdeen with a breadth of resources not
typically available to a single site community. Day-to-day
supervision and management of the community transitioned from
Greystone Management Services Company, LLC to PMMA, with a new
management team taking over in July of 2019. Aberdeen had total
revenues of $22.7 million in fiscal 2019.
OPERATING PROFILE
Aberdeen operates in a highly competitive market with eight other
CCRCs in its primary marketing area (PMA), along with a number of
standalone independent, assisted, and skilled nursing facilities.
Further, several of the other CCRCs are undergoing significant
expansion and renovation projects. However, most of the retirement
communities in the PMA are highly occupied at or near capacity.
Fitch believes that Aberdeen could be more susceptible to an
economic or real-estate downturn given the high level of
competition in the overall service area.
Aberdeen has historically maintained high overall occupancy across
all levels of care, which is indicative of the solid demand in the
market place. ILU, ALU, and SNF occupancy averaged 96%, 96%, and
95%, respectively, from fiscal 2015 to fiscal 2017. However, ILU
occupancy declined in fiscal 2018 to 93% and averaged 88% in fiscal
2019, which was below a budgeted level of 95%. Lower occupancy is
attributed to heightened turnover as residents transition through
the continuum of care and other residents choosing to move out of
the facility on their own accord. The elevated attrition has
outweighed an improvement in move-ins as the new management team
has increased sales and marketing efforts. Between June and
October, Aberdeen Heights averaged 2.4 move-ins per month, compared
to 1.8 move-ins per month for all of fiscal 2019. However,
occupancy still declined through the first three months of fiscal
2020 as attritions outpaced sales and the direct ILU resident move
outs could continue to pressure demand if the trend continues. The
revision to Negative Outlook primarily reflects Aberdeen's
softening ILU occupancy levels, which have negatively impacted its
coverage levels in fiscal 2019.
PROFITABILITY
In total, there were 21 move-ins in fiscal 2019, equating to $9.8
million in entrance fee receipts for the year, refunds were $7.0
million, resulting in a weaker NOMA of 32.9% in fiscal 2019
compared to 38.4% in fiscal 2018. However, the metric is still
above Fitch's BIG median of 19.4%. MADS coverage declined in fiscal
2019 to 1.21x from 1.3x in fiscal 2018. This decline was due to
lower than expected net entrance fees and a decrease in monthly
service revenues resulting from lower occupancy. Aberdeen's
pressured coverage levels are reflected in the revision of the
Outlook to Negative. Debt service coverage declined in the
three-month interim period to 1.18x, which was still above the
1.03x coverage recorded for the same period in fiscal 2018.
Aberdeen's debt service coverage ratio (DSCR) is next tested based
on audited financials for the fiscal year ending June 30, 2020 and
the requirement is 1.2x.
Aberdeen has a high debt burden and is reliant on healthy
profitability and net entrance fees to generate debt service
coverage above 1.0x, which is typical for Type-A CCRCs. Fitch
expects the community's profitability and coverage to rebound over
the medium term. However, if lower ILU occupancy levels continue
and lead to a weakening of operating performance, or an extended
compression in net entrance fee receipts, which negatively impacts
debt service coverage, Aberdeen would likely face negative rating
pressure.
HIGH LONG-TERM LIABILITY PROFILE
Aberdeen's long-term debt of $120.3 million equated to a high debt
to net available of 12.7x through June 30, 2019, unfavorable to
Fitch's BIG median of 10.9x. In addition, MADS as a percentage of
revenues remains a very high 34.1% of total fiscal 2019 revenues
through the same period, compared to Fitch's BIG median of 16.7%.
The series 2017 fixed-rate bonds is the only series of debt
outstanding, which bears an interest rate of 5.25% and matures in
2050. Aberdeen does not have any swaps.
ADEQUATE LIQUIDITY POSITION
Aberdeen's unrestricted cash and investments of $26.6 million at
June 30, 2019 equated to a strong 465 DCOH compared to Fitch's BIG
median of 312 days. However, cash to debt and cushion ratio of
22.1% and 3.4x were both weaker than Fitch's BIG medians of 33.0%
and 4.3x, respectively. In the medium term, capital spending is
expected to be significantly below depreciation, which should allow
for liquidity growth and strengthening of Aberdeen's cash position.
AC INVESTMENT 1: Jan. 16 Plan Confirmation Hearing Set
------------------------------------------------------
AC Investment 1, LLC has won approval of the disclosure statement
in support of its Chapter 11 plan.
Following a hearing on Nov. 19, 2019, Judge Robert A. Mark approved
the Disclosure Statement and ordered that:
* A hearing to consider confirmation of the Plan will be held on
Jan. 16, 2020 at 2:00 p.m. in United States Bankruptcy Court 301 N.
Miami Ave. Courtroom #4 Miami, FL 33128. The court will also
consider fee applications at the hearing.
* Fee applications are due Dec. 26, 2019;
* The deadline for objections to confirmation will be on Jan. 2,
2020;
* The deadline for filing ballots accepting or rejecting plan
will be on Jan. 2, 2020;
About AC Investment 1
AC Investment 1, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Fla. Case No. 18-18379) on July 11, 2018. In the
petition signed by Agostinho Calcada, MBR, the Debtor estimated
under $1 million in assets and liabilities. Joel M. Aresty P.A. is
the Debtor's counsel. No official committee of unsecured creditors
has been appointed in the Chapter 11 case.
ANGELINA BUFALINO: Seeks Approval to Sell Las Vegas Property
------------------------------------------------------------
Angelina Bufalino asked the U.S. Bankruptcy Court for the District
of Nevada to approve the sale of her residential property located
at 6125 N. Grand Canyon, Las Vegas.
The property will be sold for $1.025 million "free and clear" of
liens, and the proceeds from the sale will be used to complete
payment of Ms. Bufalino's obligations under her Chapter 11 plan,
including unsecured claims.
Under the plan confirmed by the bankruptcy court on Dec. 17, 2015,
unsecured creditors will receive total payment of 4 percent or
$8,300.
A copy of the purchase agreement is available at
https://tinyurl.com/qrun6u8 from PacerMonitor.com free of charge.
Angelina Bufalino sought Chapter 11 protection (Bankr. D. Nev. Case
No. 15-10617) on June 17, 2015. The bankruptcy case was confirmed
on Dec. 17, 2017 and administratively closed on March 10, 2016.
The case was reopened on Nov. 26, 2018.
ANGELS FOR KIDS: To Seek Plan Approval Jan. 15
----------------------------------------------
Angels for Kids On Call 24/7, Inc., has won conditional approval of
the Disclosure Statement explaining its Chapter 11 Plan.
An evidentiary hearing will be held on Jan. 15, 2020 at 2:45 p.m.
in Courtroom A, Sixth Floor, of the United States Bankruptcy Court,
400 West Washington Street, Orlando, Florida 32801 to consider
confirmation of the Plan and final approval of the Disclosure
Statement..
Written acceptances or rejections of the plan(ballots) no later
than seven days before the date of the Confirmation Hearing.
Any party desiring to object to the disclosure statement or to
confirmation must file its objection no later than seven days
before the date of the Confirmation Hearing.
A full-text copy of the Conditional Order dated November 22, 2019,
is available at https://tinyurl.com/u2pga5u from PacerMonitor.com
at no charge.
About Angels For Kids on Call 24/7
Angels For Kids On Call 24/7, Inc. --
https://www.angelsforkidsoncall.com/ -- is a for-profit behavioral
health company located in Orlando, Florida. The Company provides
treatment of mood disorder, disorders first diagnosed in childhood,
behavioral disorders, trauma, stress and poor health, substance and
social reality problems. Its target population is high-risk,
diverse and in need of immediate care.
While the Company is uniquely suited to specialize in child and
adult care, it offers a range of treatments for people of all age
ranges.
Angels For Kids On Call 24/7, based in Orlando, FL, filed a Chapter
11 petition (Bankr. M.D. Fla. Case No. 19-03262) on May 16, 2019.
In the petition signed by John Valencia, president, the Debtor
estimated $0 to $50,000 in assets and $1 million to $10 million in
liabilities. The Hon. Karen S. Jennemann oversees the case. Aldo
G. Bartolone, Jr., Esq., at Bartolone Law, PLLC, serves as
bankruptcy counsel to the Debtor.
ASBURY AUTOMOTIVE: Moody's Alters Outlook on Ba2 CFR to Stable
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Asbury Automotive
Group, Inc., including the Ba2 Corporate Family rating, and changed
the outlook to stable from positive. The SGL remains unchanged at
SGL-2.
"The change in outlook to stable recognizes the impact on Asbury's
quantitative profile of the additional debt that will be necessary
for it to complete its planned roughly $1 billion acquisition of
Park Place Motorcars, with the result that it is unlikely Asbury
will be able to continue its present path towards a potential Ba1
rating within the next 12 months given pro forma leverage will
exceed 4.5 times," stated Moody's Vice President Charlie O'Shea.
"That said, Moody's views the proposed acquisition favorably even
considering the very high multiple and integration risks as it
improves Asbury's position in the lucrative Texas market with
premium brands to augment the David McDavid stores, as well as
providing it with a key Land Rover/Jaguar open point," continued
O'Shea.
Affirmations:
Issuer: Asbury Automotive Group, Inc.
Probability of Default Rating, Affirmed Ba2-PD
Corporate Family Rating, Affirmed Ba2
Senior Subordinated Regular Bond/Debenture, Affirmed B1 (LGD6)
Outlook Actions:
Issuer: Asbury Automotive Group, Inc.
Outlook, Changed To Stable From Positive
RATINGS RATIONALE
Asbury's Ba2 Corporate Family rating recognizes that despite its
relatively small size as compared to its rated U.S. peer group, it
is highly-competitive in the markets in which it chooses to operate
as evidenced by its credit metrics, which are strong for this peer
group. Ratings also considers Asbury's historically-favorable brand
mix, with around 80% of new vehicle sales coming from luxury and
import brands, and its reduced reliance on earnings from the sale
of new vehicles. Asbury's business model, with solid parts and
service and finance and insurance segments, reduces reliance on new
car sales, and it is successfully enhancing the efficiency of its
used car business. Also considered is Asbury's liquidity which
benefits from its favorable debt maturity profile, which Moody's
expects the permanent proposed Park Place acquisition financing
will maintain. The stable outlook reflects Moody's expectation that
Asbury will continue to manage itself with sufficient discipline
around operating costs such that its present quantitative profile
is largely continued regardless of the competitive and macro
environment, and that the proposed Park Place transaction is
smoothly integrated.
Ratings could be upgraded if credit metrics improve such that
debt/EBITDA was maintained under 3.5 times for an extended period,
and EBIT/interest was sustained above 5 times. Ratings could be
downgraded if either deteriorating operating performance or a more
aggressive financial policy resulted in credit metrics weakening
such that debt/EBITDA approached 4.5 times, or EBIT/interest fell
below 3 times.
Asbury's environmental and social risk is low, but the company is
subject to extensive governmental laws and regulations and could be
impacted if they are found to be in purported violation of or
subject to liabilities under any of these laws or regulations, or
if new laws or regulations are enacted that adversely affect the
operations, business, reputation, financial condition, or results
of operations. Asbury's overall corporate governance risk is low
given its consistent track record of maintaining a balanced
financial policy, board structure, consistent track record, and
that it is a publicly traded company.
The principal methodology used in these ratings was Retail Industry
published in May 2018.
ASCENT INDUSTRIES: Creditors Approve Amended Plan Under CCAA
------------------------------------------------------------
Ascent Industries Corp. (CSE: ASNT) on Dec. 13, 2019, disclosed
that Affected Creditors (as defined in the Plan) approved the
Company's first amended and restated consolidated plan of
compromise, arrangement and organization (the "Plan") under the
Companies' Creditors Arrangement Act ("CCAA") at a meeting of
Affected Creditors ()Meeting") held on December 12, 2019.
The Plan was supported by 98% of the number of Affected Creditors
and 97% of the value of Affected Claims (as defined in the Plan).
Pursuant to the CCAA, the Plan required the approval of a majority
in number of Affected Creditors, who represent at least two-thirds
in value of the Affected Claims, who actually vote, or who, under
the terms of the Plan, are deemed to have voted on the resolution
approving the Plan at the Meeting.
The Company intends to appear before the Supreme Court of British
Columbia (the "Court") on December 19, 2019 to seek a sanction
order in respect of the Plan. Implementation of the Plan is
subject to, among other things, the Court's approval and sanction
of the Plan and the fulfillment or waiver of certain conditions set
out in the Plan. Provided all conditions to the Plan are met or
waived, and the Plan is sanctioned by the Court, it is anticipated
that the Plan could become effective on or prior to December 31,
2019.
CORPORATE UPDATE
As part of its efforts to execute on its revised business plan
which focuses on the high potential THC and hemp CBD markets in the
United States, the Company is reviewing its operations in Oregon.
Based on the latest developments in the Oregon market and its own
internal analysis, the Company is of the view that the level of
investment required to operate successfully in Oregon may not be
supported by the level of funding that is expected to be available
upon the Company's exit from CCAA.
The Company intends to focus its efforts and resources on
establishing a hemp CBD and cannabis product line and expanding its
operations in Nevada. The Company's revised business plan
envisions a line of Ascent hemp CBD and cannabis products which are
sold in dispensaries across the United States.
Copies of the Plan and other Court materials and information
relating to the Plan and the CCAA proceedings, all as may be
updated or amended from time to time, are available on the website
maintained by Ernst & Young Inc., the Court-appointed CCAA monitor
(the "Monitor"), at www.ey.com/ca/ascent. All inquiries regarding
the Company's proceedings under the CCAA should be directed to the
Monitor by mail at Ernst & Young Inc., Pacific Centre, 700 West
Georgia Street, P.O. Box 10101, Vancouver, British Columbia,
Canada, V7Y 1C7, Attention: Jason Eckford, or by e-mail at
jason.eckford@ca.ey.com.
About Ascent Industries Corp.
The Company's operations currently include facilities in the United
States. In the United States, the Company holds licenses in Oregon
(for processing and for distribution of cannabis to any licensed
entity in the state) and in Nevada (for cultivation and for
production, processing and wholesale distribution of cannabis).
ASCENT RESOURCES: Moody's Alters Outlook on B1 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service changed Ascent Resources Utica Holdings,
LLC's rating outlook to negative from positive. Concurrently,
Moody's downgraded Ascent's senior unsecured notes rating to B3
from B2 and affirmed Ascent's B1 Corporate Family Rating and B1-PD
Probability of Default Rating.
"Sustained weakness in the natural gas market and rising
uncertainty about access to capital point to higher credit risks
for natural gas producers, including Ascent, precipitating a change
of its rating outlook to negative", commented Sreedhar Kona,
Moody's Senior Analyst.
A complete listing of rating actions is as follows:
Affirmations:
Issuer: Ascent Resources Utica Holdings, LLC
Corporate Family Rating, Affirmed B1
Probability of Default Rating, Affirmed B1-PD
Downgrades:
Senior Unsecured Notes, Downgraded to B3 (LGD5) from B2 (LGD5)
Outlook Actions:
Issuer: Ascent Resources Utica Holdings, LLC
Outlook, changed to Negative from Positive
RATINGS RATIONALE
The change of rating outlook to negative reflects Moody's view that
weak natural gas fundamentals will pressure the company's credit
profile in the medium term and may add to refinancing risk on the
company's unsecured notes maturing in April 2022.
The ratings of Ascent's senior unsecured notes were downgraded to
B3 from B2, two notches below the CFR, to reflect the significant
size and priority ranking of the company's $2 billion borrowing
base senior secured revolving credit facility due December 2021
($1.1 billion outstanding as of September 30, 2019). Moody's
previously assumed that Ascent would reduce the share of priority
debt in the capital structure and prospectively notched notes
ratings to only one notch below the CFR.
Ascent's ratings could be downgraded if the company's refinancing
risk is not mitigated through 2020 or if the retained cash flow to
debt falls below 20%.
Ascent's ratings are unlikely to be upgraded in the near-term. The
ratings could be considered if the natural gas fundamentals improve
significantly to result in significant mitigation of the company's
refinancing risk and the company can consistently grow production
while maintaining its leveraged full cycle ratio above 2x. The
company must also maintain its retained cash flow to debt ratio
above 30% and generate positive free cash flow.
Ascent's B1 CFR reflects the company's natural gas weighted
production profile which yields lower cash margins than an
oil-weighted production base on an equivalent unit of production,
notwithstanding the company's improved capital efficiency. The
rating also reflects the company's single basin focus in the Utica
Shale and significant Firm Transportation (FT) commitments that,
while providing flow assurance, could prove burdensome if the
company's production drops. As of September 30, 2019, Ascent's
production meets its FT requirements. Governance risks include
Ascent's private ownership, mitigated to date by its credit
supportive financial policy and sizable equity financing of acreage
acquisitions and growth in the prior years.
Ascent benefits from significant reserve base in the highly
productive, low-cost Utica Shale and a comprehensive hedging
program that should provide meaningful protection to debt service
and the drilling program in the near term. Through 2019's
development program the company demonstrated its ability to
maintain its development cadence while integrating the acquired
assets. The acreage acquisition in July 2018 included fee mineral
acreage and enhanced hydrocarbon mix which positions the company
for higher cash margins. Additionally, the increased footprint
allows the company to drill longer laterals and extract operational
synergies and capital efficiency.
Moody's expects Ascent to maintain adequate liquidity and generate
modest free cash flow through 2020. As of September 30, 2019,
Ascent had approximately $7 million of cash on the balance sheet
and $800 million of availability under its $2 billion borrowing
base revolving credit facility. Moody's expects Ascent to be able
to meet its liquidity needs through 2020 from its operating cash
flow and not to draw on its revolver. Under the credit agreement,
Ascent is required to maintain its net debt/EBITDAX ratio below 4x
(cash netting limited to $50 million) and a current ratio above 1x.
Moody's expects Ascent to maintain compliance with its financial
covenants.
The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.
Based in Oklahoma City, Oklahoma, Ascent Resources Utica Holdings,
LLC is a private independent E&P company with operations in the
Utica Shale in Eastern Ohio.
ASPEN CLUB: Unsecureds to Get At Least 6 Months of Net Cash Flow
----------------------------------------------------------------
The Aspen Club & Spa, LLC, and subsidiary Aspen Club Redevelopment
Company, LLC, filed a Plan of Reorganization that contemplates that
the Debtors will be reorganized and the claims of creditors will
generally be paid in the order of their priority under the
Bankruptcy Code.
The Plan provides that:
* Classes 1A to 1NN: Allowed Mechanics Lien Secured Claims. On
the Effective Date, each holder of an allowed mechanic lien secured
claim will receive a cash payment equal to 100% of their allowed
claim amount set forth in Section 4.1(a) of the Plan plus any
accrued interest owing as of the Effective Date.
* Class 2 - Allowed Claim of GPIF. IMPAIRED. Class 2 Claim will
receive a promissory note executed by the Reorganized Debtors in a
principal amount equal to the Allowed Claim of GPIF and will accrue
interest at the Prime Rate plus 1% and be payable pursuant to the
terms set forth in Section 4.2(b) of the Plan.
* Class 3 - Allowed Claim of Revere. IMPAIRED. Class 3 Claim
will receive a promissory note executed by the Reorganized Debtors
in a principal amount equal to their Allowed Claim of Revere which
will accrue interest at the Prime Rate plus 1.5% and be payable
pursuant to the terms set forth in Section 4.3(b) of the Plan.
* Class 4 - EB5 Claim. IMPAIRED. Class 4 Claim will receive
promissory notes executed by the Reorganized Debtors in a principal
amount equal to the Allowed Class 4 Claim and payable pursuant to
the terms set forth in Section 4.4(b) of the Plan.
* Class 5 - Letter of Credit Claims. IMPAIRED. Class 5 Claims
will receive promissory notes executed by the Reorganized Debtors
in a principal amount equal to their Allowed Class 5 Claim and
payable pursuant to the terms set forth in Section 4.5(b) of the
Plan, and shall also be entitled to receive 20% of the monies which
would otherwise be paid on account of Class 4 Claims.
* Class 6 - Mezzanine Debt Claims. IMPAIRED. Class 6 Claims
shall receive certain equity interests in the Reorganized Debtors
as described and set forth in Section 6.8(c) of the Plan.
* Class 7 - Other Priority Claims. Unimpaired.
* Class 8 - General Unsecured Claims. IMPAIRED. Class 8 Claims
shall receive pro rata distributions of Net Cash Flow generated by
the Reorganized Debtors during the time period described in Section
4.8(b) of the Plan.
* Class 9 - Subordinated Claims. IMPAIRED. Class 9 Claims will
receive nothing under the Plan.
* Class 10 - Interests. IMPAIRED. Class 10 Interests will
receive nothing under the Plan.
The Debtors estimate that the payments to be made to Class 1
Creditors will total approximately $27,000,000. The Secured Claim
of GPIF which falls in Class 2 of the Plan allegedly totals
$34,118,528.00 as set forth in the Proof of Claim filed by GPIF
against the Debtors (Claims No. 7 & 2, respectively). Assuming that
the Proof of Claim asserted by GPIF is correct and is an Allowed
Secured Claim, payment to GPIF under the Plan will total in excess
of $34 million. The Secured Claim of Revere is placed in Class 3
of the Plan. Revere has filed a Proof of Claim in the alleged
amount of $12,337,095.07 (Claims No. 9 and 7, respectively), and
should such Claim be deemed an Allowed Secured Claim, then Revere
would receive payments in excess of $12 million. Class 4 is
comprised of the Allowed EB5 Claim in the amount of $13.5 million
which will receive a promissory note in that amount. The Class 5
Letter of Credit Claims have filed Proofs of Claims or Hold Claims
totaling approximately $7.7 million. Assuming that each such Claim
is deemed to be an Allowed Secured Claim then Class 5 Creditors
will receive payments totaling approximately $7.7 million. Class 6
Claimants will not receive Cash payments on their Claims, but
instead will receive equity interests in the Debtors as further set
forth as § 6.8(c) of the Plan. The Debtors believe there are
limited Class 7 Claims totaling less than $20,000. General
Unsecured Claims falling within Class 8 appear to total $778,000,
based on the Proofs of Claim filed herein. The payments on Class 8
Allowed Claims will equal an amount totaling at least six months of
Net Cash Flow following the payment in full of the Exit Financing
and payment in full of the Allowed Claims falling within Classes 1
through 7 of the Plan. Creditors falling in Class 9 or determined
to be treated as Class 9 Subordinated Claims will receive nothing.
Class 10 Interests will be canceled and receive no payments under
the Plan.
As further set forth in the Plan and following the Effective Date,
the Debtors will have access to Exit Financing in an amount
totaling at least $140 million. This Exit Financing will provide
the bulk of funds available for payment of Allowed Claims pursuant
to the Plan.
A full-text copy of the Disclosure Statement dated November 22,
2019, is available at https://tinyurl.com/rxtopqj from
PacerMonitor.com at no charge.
Counsel for the Debtors:
MARKUS WILLIAMS YOUNG & HUNSICKER LLC
1700 Lincoln Street, Suite 4550
Denver, CO 80203
Telephone: (303) 830-0800
Facsimile: (303) 830-0809
About The Aspen Club & Spa
The Aspen Club & Spa owns and operates a private membership club
that offers high intensity interval training (HI2T), cardio, and
yoga classes.
Aspen Club & Spa sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 19-14158) on May 16,
2019. At the time of the filing, the Debtor had estimated assets of
less than $50,000 and liabilities of between $100 million and $500
million.
On May 17, 2019, Aspen Club Redevelopment Company, LLC, filed its
voluntary petition for relief under chapter 11 of the Bankruptcy
Code. Aspen Club Redevelopment is a wholly owned subsidiary of The
Aspen Club & Spa.
The cases are assigned to Judge Joseph G. Rosania Jr.
The Debtors tapped Markus Williams Young & Hunsicker LLC as
counsel.
On Oct. 4, 2019, GPIF filed its motion for relief from stay to
proceed with a foreclosure action in regard to the Project. The
motion was denied by the Bankruptcy Court on Nov. 6, 2019.
BEAVER LOCAL: Moody's Alters Outlook on Ba2 Debt Rating to Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 rating on Beaver Local
School District, OH's outstanding general obligation unlimited tax
debt. Concurrently, Moody's has revised the outlook to stable from
negative. The district has $19.5 million in GOULT debt
outstanding.
RATINGS RATIONALE
The Ba2 rating reflects the district's very narrow cash position
resulting from previous operating deficits. Favorably, the cash
position improved modestly in fiscal 2018 and preliminary estimates
indicate additional improvement occurred in fiscal 2019. The rating
also reflects the district's high debt burden and slow amortization
of outstanding debt. The small, rural tax base has seen limited
development. A long-term trend of declining enrollment is showing
some signs of stabilizing.
RATING OUTLOOK
The stable outlook reflects recent voter renewal of a key operating
levy that had previously been defeated. With the levy renewed,
Moody's expects the district's financial position will stabilize.
FACTORS THAT COULD LEAD TO AN UPGRADE
- Sustained growth in liquidity
- Voter approval of a new levy that generates additional local
revenue
- Expansion and diversification of the tax base
FACTORS THAT COULD LEAD TO A DOWNGRADE
- Voter rejection of a renewal levy request or new levy requests
that strain the district's ability to maintain operational balance
and improve liquidity
- Material growth in the district's debt or pension burden
LEGAL SECURITY
The bonds are secured by the district's pledge to levy a dedicated
property tax that is unlimited as to rate or amount. The bonds were
approved by voters in 2012 to finance construction of a new K-12
school building.
PROFILE
Beaver Local School District is located in Columbiana County,
approximately 30 miles south of Youngstown. The district and
provides kindergarten through twelfth grade education to
approximately 1,800 students. The district operates one school
building on a single campus and employs approximately 220 teachers
and administrative staff.
METHODOLOGY
The principal methodology used in this rating was US Local
Government General Obligation Debt published in September 2019.
BELIEVERS BIBLE: Court Approves Sale of Atlanta Property for $150K
------------------------------------------------------------------
Believers Bible Christian Church, Inc. received approval from the
U.S. Bankruptcy Court for the Northern District of Georgia to sell
its 1.95-acre real property in Atlanta.
The property will be sold to SSS Properties, LLC for $150,000.
A copy of the sale agreement is available at
https://tinyurl.com/wsudxvg from PacerMonitor.com free of charge.
About Believer's Bible Christian Church
Atlanta-based Believers Bible Christian Church, Inc. filed a
Chapter 11 petition (Bankr. N.D. Ga. Case No. 16-65531) on Sept. 2,
2016, listing assets and debts at $1 million to $10 million at the
time of the filing. The Debtor previously filed for Chapter 11
(Bankr. N.D. Ga. Case No. 08-61958) on Feb. 4, 2008.
William A. Rountree, Esq., at Macey, Wilensky & Hennings LLC, is
the Debtor's legal counsel. The Debtor employed Price Realty
Group, as real estate agent, to sell two parcels of real property
it owns located along Campbellton Road, Atlanta.
BLUE SKY THINKING: Plan Confirmation Hearing Set for Jan. 8
-----------------------------------------------------------
Blue Sky Thinking, LLC, d/b/a Discover Sarasota Tours has won
conditional approval of its Disclosure Statement now has set a date
for a hearing to seek confirmation of its Chapter 11 Plan.
The Court will conduct a hearing on confirmation of the Plan,
including timely filed objections to confirmation, objections to
the Disclosure Statement, motions for cramdown, applications for
compensation, and motions for allowance of administrative claims on
Jan. 8, 2020 at 10:00 a.m. in Tampa, FL − Courtroom 8A, Sam M.
Gibbons United States Courthouse, 801 N. Florida Avenue.
Objections to confirmation must be filed with the Court and served
no later than seven days before the date of the Confirmation
Hearing.
About Blue Sky Thinking
Blue Sky Thinking, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-04740) on May 20,
2019. The petition was signed by Tamara Hauser, managing member.
At the time of the filing, the Debtor was estimated to have assets
of less than $50,000 and liabilities of less than $500,000. The
Law Offices of Benjamin Martin is the Debtor's counsel.
BODY RENEW: Bidding Procedures for All Assets Modified
------------------------------------------------------
Judge Rebecca B. Connelly of the U.S. Bankruptcy Court for the
Western District of Virginia has supplemented the Court's Nov. 25,
2019 order to modify the authorized bidding procedures of Body
Renew Winchester II, LLC and Body Renew Winchester, LLC in
connection with the sale of substantially all assets to US Fitness
Holdings, LLC and USF S&H Virginia, LLC for $1.15 million, subject
to overbid.
It is necessary for the Bidding Procedures to provide for notice of
any Backup Bidder(s).
The Bidding Procedures attached to the Order will be modified to
include the bold, underlined language as follows:
IX. Selection of Successful Bid or Bids: The Debtors reserve
the right to base the selection of the Successful Bid and Backup
Bid on the Bid Assessment Criteria, among others. Except with
respect to the Bid of the Purchaser set forth in the Agreement, the
Debtors may (a) reject any Bid (other than the Purchaser's offer
set forth in the Agreement) that is (i) inadequate or insufficient,
(ii) not in conformity with the requirements of the Bankruptcy
Code, the Bidding Procedures, or the terms and conditions of sale,
or (iii) contrary to the best interest of the Debtors and their
respective estates, and/or (b) refuse to consider any Bid (other
than the Purchaser's offer as set forth in the Agreement) that
fails to comply with the Bidding Procedures or any other procedures
established by the Debtors.
The Debtors will provide notice of any Backup Bids to the counsel
for the Committee of Unsecured Creditors in BRII, the counsel for
the Bank of Clarke County, the counsel for Delco Development Co. of
Winchester, the counsel for United Leasing, Inc., the counsel for
the County of Frederick and the Managing Member of Sherando Town
Center.
Within 24 hours after conclusion of the Auction, the Debtors will
file a notice identifying the Successful Bidder and the Backup
Bidder(s) with the Court.
A copy of the APA and the Bidding Procedures is available at
https://tinyurl.com/tte2e5p from PacerMonitor.com free of charge.
About Body Renew Winchester
Body Renew Winchester II, LLC, and Body Renew Winchester, LLC, are
privately held companies in the health and fitness clubs and gyms
business.
Body Renew Winchester II and Body Renew Winchester filed voluntary
petitions seeking relief under Chapter 11 of the Bankruptcy Code
(Bankr. W.D. Va. Case No. 19-50547 and 19-50548) on June 27, 2019.
The petitions were signed by Jeremy W. Wright, manager. The
Debtors were each estimated to have $50,000 in assets and $1
million to $10 million in liabilities.
James P. Campbell, Esq. at Campbell Flannery, P.C., is the Debtors'
counsel.
A committee of unsecured creditors was appointed on July 22, 2019.
The committee is represented by Hirschler Fleischer, P.C.
C2 PLUMBING: Court to Hold Status Conference on Jan. 9
------------------------------------------------------
A status conference will be conducted on January 9, 2019, at 9:30
a.m. in the bankruptcy case of C2 Plumbing in California.
The Debtor is directed to file with the Bankruptcy Court, serve a
judge's copy to chambers, and serve on the United States Trustee,
all secured creditors, the holders of the twenty (20) largest
unsecured claims and all official committees by December 22, 2019,
a report on the status of the reorganization case.
If a request for a valuation of collateral pursuant to 11 U.S.C.
Sec. 506(a) and FRBP 3012 is made, and more than one party intends
to provide admissible evidence regarding value, it is likely that
the court will also require the testimony of a court-appointed
expert witness pursuant to FRE 706(a).
All debtors, individual and non-individual, must request orders
approving disclosure statements pursuant to 11 U.S.C. Sec. 1125 and
orders confirming a plan of reorganization pursuant to 11 U.S.C.
Sec. 1129 by motion within the meaning of Bankruptcy Rules 9013 and
9014.
A full-text copy of the Order is available at
https://tinyurl.com/umns3dv from PacerMonitor.com at no charge.
About C2 Plumbing
C2 Plumbing Inc. is a privately owned company specializing in
commercial plumbing construction. It filed for bankruptcy
protection on Nov. 15, 2019 (Bankr. C.D. Calif., Case No.
19-23459). The petition was signed by Shawna Leigh Cronin,
president and chief
financial officer. Judge Vincent P. Zurzolo presides over the
case.
Michael Jay Berger, Esq. of the LAW OFFICES OF MICHAEL JAY BERGER
represents the Debtor.
The Debtor listed total assets of $163,589 and total liabilities of
$1,278,148.
CAH ACQUISITION 12: Trustee's Dec. 19 Auction of All Assets Set
---------------------------------------------------------------
Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the
Eastern District of North Carolina authorized the bidding
procedures of Thomas W. Waldrep, Jr., the duly appointed Chapter 11
Trustee in the case of CAH Acquisition Co. #12, LLC, doing business
as Fairfax Community Hospital, in connection with the sale of all
real property and associated personal property of the Debtor, at
auction, free and clear of all liens, claims, interests, and
encumbrances.
The Trustee will have the right, consistent with the procedures, to
sell substantially all of the assets of the Debtor's bankruptcy
estate.
Summary of Important Dates:
A. Dates if Bids Received Other than the Stalking Horse:
a. Dec. 12, 2019, 5:00 p.m. (ET) - Deadline for
prospective bidders to submit Bids
b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline for Trustee
to file notice of Qualified Bidders
c. Dec. 18, 2019 - Deadline for Trustee to designate and
communicate Starting Bid to Qualified Bidders
d. Dec. 19, 2019, 10:00 a.m. (ET) - Auction to be
conducted at the Charlotte Marriott City Center, 100 W. Trade
Street, Charlotte, NC 28202
e. Dec. 20, 2019 - Deadline for Trustee to file notice of
Successful Bidder and Next-Highest Bidder
f. Dec. 27, 2019, 5:00 p.m. (ET) - Deadline to object to
Sale and Cure Amount
g. Jan. 2, 2020, 1:00 p.m. (ET) - Sale Hearing, to be
conducted at the U.S. Bankruptcy Court for the Eastern District of
North Carolina in Greenville, North Carolina
Other salient terms of the Bidding Procedures are:
a. Initial Bid: Must state with specificity (i) the
Transferred Assets (including the specific executory contracts and
unexpired leases) contemplated in the Bid any person seeking to
acquire any of the Transferred Assets wishes to bid on, and (ii)
the liabilities and obligations (including applicable cure costs)
to be assumed by the Potential Bidder in the Sale
b. Deposit: 5% of the Bid amount
c. Auction: If one or more timely Qualified Bids are received,
an open auction for the Transferred Assets will be conducted on
Dec. 19, 2019, commencing at 10:00 a.m. (ET) or such other time as
the Trustee may announce.
d. Bid Increments: Each Subsequent Bid at the Auction will
provide net value to the estate in a minimum amount to be announced
at or prior the Auction over the Starting Bid or the Leading Bid,
as the case may be, as determined by the Trustee in the exercise of
his reasonable business judgment and in consultation with the
Consultation Parties.
The closing will not be contingent in any way on the Successful
Bidder's financing or such other evidence of ability to consummate
the transaction(s) as the Trustee may request, including proof that
such funding commitments or other financing are not subject to any
internal approvals, syndication requirements, diligence, or credit
committee approvals (provided that such commitments may have
covenants and conditions acceptable to the Trustee).
Immediately after the completion of (a) the Auction and (b) the
auctions of other individual CAH hospitals, as identified in the
Plan, the Trustee will give certain Qualified Bidders the
opportunity to group two or more hospitals for further bidding.
Only Qualified Bidders who are qualified to bid on each of the
hospitals for which they want to bid will be eligible for Further
Bidding. For purposes of Further Bidding, the minimum bidding
increment for any group of two or more hospitals will be 1% more
than the sum of the highest bid of each individual hospital that
comprises the group that is to be bid upon. Further Bidding on the
grouped hospitals will be allowed until a best bid is reached for
the grouped hospitals. This process will continue until no further
groupings are requested by Qualified Bidders.
Within two business days following the entry of the Bidding
Procedures Order, the Trustee will serve a copy of the Bidding
Procedures Order and a notice containing the date of the Auction,
the Sale Hearing, and the deadline to file objections to the Sale
to all interested parties. Such notice will be sufficient and
proper notice of the sale with respect to known interested parties.
With respect to the Assumed Contracts, on Dec. 6, 2019, the Trustee
will file with the Court and serve on each party to an Assumed
Contract a notice setting forth the amount of cure owed thereunder
according to the Debtor's books and records. The Cure Objection
Deadline is Dec. 23, 2019.
The Trustee is authorized to take all actions necessary to
effectuate the relief granted pursuant to the Order.
About Fairfax Community Hospital
CAH Acquisition Company 12, LLC, d/b/a Fairfax Community Hospital,
is a Delaware limited liability company that owns a for-profit,
15-bed hospital at 40 Hospital Road, Fairfax, Oklahoma 74637. The
Hospital offers a broad range of services including emergency,
radiology, laboratory, inpatient care, rehabilitation services,
respiratory therapy, and swing bed.
CAH Acquisition Company 12 filed a voluntary Chapter 11 petition
(Bankr. N.D. Okla. Case No. 19-10641) on April 1, 2019.
The case is jointly administered along with six other critical
access hospitals under the Chapter 11 case of CAH Acquisition
Company #1, LLC d/b/a Washington County Hospital (Case No.
19-00730).
The Hon. Joseph N. Callaway is the case judge.
SPILMAN THOMAS & BATTLE, PLLC, is the Debtors' counsel.
Thomas W. Waldrep, Jr., was appointed as Chapter 11 Trustee for the
Debtors. The Trustee's own firm, WALDREP LLP, serves as counsel in
the Chapter 11 case.
Sherwood Partners, Inc. was appointed as Sales Agent to the Trustee
on Oct. 23, 2019.
CAH ACQUISITION 16: Trustee's Dec. 19 Auction of All Assets Set
---------------------------------------------------------------
Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the
Eastern District of North Carolina authorized the bidding
procedures of Thomas W. Waldrep, Jr., the duly appointed Chapter 11
Trustee in the case of CAH Acquisition Co. 16, LLC, doing business
as Haskell County Community Hospital, in connection with the sale
of all real property and associated personal property of the
Debtor, at auction, free and clear of all liens, claims, interests,
and encumbrances.
The Trustee will have the right, consistent with the procedures, to
sell substantially all of the assets of the Debtor's bankruptcy
estate.
Summary of Important Dates:
A. Dates if Bids Received Other than the Stalking Horse:
a. Dec. 12, 2019, 5:00 p.m. (ET) - Deadline for
prospective bidders to submit Bids
b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline for Trustee
to file notice of Qualified Bidders
c. Dec. 18, 2019 - Deadline for Trustee to designate and
communicate Starting Bid to Qualified Bidders
d. Dec. 19, 2019, 10:00 a.m. (ET) - Auction to be
conducted at the Charlotte Marriott City Center, 100 W. Trade
Street, Charlotte, NC 28202
e. Dec. 20, 2019 - Deadline for Trustee to file notice of
Successful Bidder and Next-Highest Bidder
f. Dec. 27, 2019, 5:00 p.m. (ET) - Deadline to object to
Sale and Cure Amount
g. Jan. 2, 2020, 1:00 p.m. (ET) - Sale Hearing, to be
conducted at the U.S. Bankruptcy Court for the Eastern District of
North Carolina in Greenville, North Carolina
Other salient terms of the Bidding Procedures are:
a. Initial Bid: Must state with specificity (i) the
Transferred Assets (including the specific executory contracts and
unexpired leases) contemplated in the Bid any person seeking to
acquire any of the Transferred Assets wishes to bid on, and (ii)
the liabilities and obligations (including applicable cure costs)
to be assumed by the Potential Bidder in the Sale
b. Deposit: 5% of the Bid amount
c. Auction: If one or more timely Qualified Bids are received,
an open auction for the Transferred Assets will be conducted on
Dec. 19, 2019, commencing at 10:00 a.m. (ET) or such other time as
the Trustee may announce.
d. Bid Increments: Each Subsequent Bid at the Auction will
provide net value to the estate in a minimum amount to be announced
at or prior the Auction over the Starting Bid or the Leading Bid,
as the case may be, as determined by the Trustee in the exercise of
his reasonable business judgment and in consultation with the
Consultation Parties.
The closing will not be contingent in any way on the Successful
Bidder's financing or such other evidence of ability to consummate
the transaction(s) as the Trustee may request, including proof that
such funding commitments or other financing are not subject to any
internal approvals, syndication requirements, diligence, or credit
committee approvals (provided that such commitments may have
covenants and conditions acceptable to the Trustee).
Immediately after the completion of (a) the Auction and (b) the
auctions of other individual CAH hospitals, as identified in the
Plan, the Trustee will give certain Qualified Bidders the
opportunity to group two or more hospitals for further bidding.
Only Qualified Bidders who are qualified to bid on each of the
hospitals for which they want to bid will be eligible for Further
Bidding. For purposes of Further Bidding, the minimum bidding
increment for any group of two or more hospitals will be 1% more
than the sum of the highest bid of each individual hospital that
comprises the group that is to be bid upon. Further Bidding on the
grouped hospitals will be allowed until a best bid is reached for
the grouped hospitals. This process will continue until no further
groupings are requested by Qualified Bidders.
Within two business days following the entry of the Bidding
Procedures Order, the Trustee will serve a copy of the Bidding
Procedures Order and a notice containing the date of the Auction,
the Sale Hearing, and the deadline to file objections to the Sale
to all interested parties. Such notice will be sufficient and
proper notice of the sale with respect to known interested parties.
With respect to the Assumed Contracts, on Dec. 6, 2019, the Trustee
will file with the Court and serve on each party to an Assumed
Contract a notice setting forth the amount of cure owed thereunder
according to the Debtor's books and records. The Cure Objection
Deadline is Dec. 23, 2019.
The Debtor is authorized to take all actions necessary to
effectuate the relief granted pursuant to the Order.
About Haskell County Community Hospital
CAH Acquisition Company 16, LLC, is a Delaware limited liability
company that owns a for-profit, 25-bed hospital 401 NW H Street,
Stigler, Oklahoma 74462. The Hospital is classified a Critical
Access Hospital by the Centers for Medicare and Medicaid Services.
It is currently owned by two members, HMC/CAH Consolidated, Inc.
and Health Acquisition Company, LLC. Prior to March 2017, the
Debtor was wholly owned by HMC/CAH.
On March 17, 2019, CAH Acquisition Company 16, LLC d/b/a Haskell
County Community Hospital, filed a voluntary petition for relief
under Chapter 11 of Title 11 of the United States Code (Bankr.
E.D.N.C. Case No. 19-01227-5).
The case is jointly administered along with six other critical
access hospitals under the Chapter 11 case of CAH Acquisition
Company #1, LLC d/b/a Washington County Hospital, Case No.
19-00730-5-JNC.
On March 15, 2019, Thomas W. Waldrep, Jr., was appointed as Chapter
11 Trustee for the Debtors. The Trustee's own firm, WALDREP LLP,
serves as counsel in the Chapter 11 case.
Sherwood Partners, Inc. was appointed as Sales Agent to the Trustee
on Oct. 23, 2019.
CAH ACQUISITION 1: Trustee's Dec. 19 Auction of All Assets Set
--------------------------------------------------------------
Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the
Eastern District of North Carolina authorized the bidding
procedures of Thomas W. Waldrep, Jr., the duly appointed Chapter 11
Trustee in the case of CAH Acquisition Co. #1, LLC, doing business
as Washington County Hospital, in connection with the sale of all
real property and associated personal property of the Debtor, to
Affinity Health Partners, LLC for $3.5 million, subject to
overbid.
The Trustee will have the right, consistent with the procedures, to
sell substantially all of the assets of the Debtor's bankruptcy
estate.
Summary of Important Dates:
A. Dates if Bids Received Other than the Stalking Horse:
a. Dec. 12, 2019, 5:00 p.m. (ET) - Deadline for
prospective bidders to submit Bids
b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline for Trustee
to file notice of Qualified Bidders
c. Dec. 18, 2019 - Deadline for Trustee to designate and
communicate Starting Bid to Qualified Bidders
d. Dec. 19, 2019, 10:00 a.m. (ET) - Auction to be
conducted at the Charlotte Marriott City Center, 100 W. Trade
Street, Charlotte, NC 28202
e. Dec. 20, 2019 - Deadline for Trustee to file notice of
Successful Bidder and Next-Highest Bidder
f. Dec. 27, 2019, 5:00 p.m. (ET) - Deadline to object to
Sale and Cure Amount
g. Jan. 2, 2020, 1:00 p.m. (ET) - Sale Hearing, to be
conducted at the U.S. Bankruptcy Court for the Eastern District of
North Carolina in Greenville, North Carolina
B. Dates if No Bids Received other than Stalking Horse:
a. Dec. 13, 2019 - Deadline for trustee to file report
b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline to object to
approval of Stalking Horse
c. Dec. 17, 2019, 1:00 p.m. (ET) - Hearing to approve
Stalking Horse
Pursuant to the Sale Agreement, the Trustee agreed to pay a
break-up fee equal to $100,000, to the Stalking Horse Bidder if the
Stalking Horse Bidder is not the Successful Bidder at the Auction.
In addition, any overbid must offer a purchase price for the
Transferred Assets that exceeds the cash purchase price offered by
the Stalking Horse Bidder in its Sale Agreement by an amount
greater than the Break-Up Fee plus $50,000.
Other salient terms of the Bidding Procedures are:
a. Initial Bid: $3.5 million, plus $140,000 break-up fee, plus
$50,000
b. Deposit: 5% of the Bid amount
c. Auction: If one or more timely Qualified Bids are received,
an open auction for the Transferred Assets will be conducted on
Dec. 19, 2019, commencing at 10:00 a.m. (ET) or such other time as
the Trustee may announce.
d. Bid Increments: Each Subsequent Bid at the Auction will
provide net value to the estate in a minimum amount to be announced
at or prior the Auction over the Starting Bid or the Leading Bid,
as the case may be, as determined by the Trustee in the exercise of
his reasonable business judgment and in consultation with the
Consultation Parties.
Immediately after the completion of (a) the Auction and (b) the
auctions of other individual CAH hospitals, as identified in the
Plan, the Trustee will give certain Qualified Bidders the
opportunity to group two or more hospitals for further bidding.
Only Qualified Bidders who are qualified to bid on each of the
hospitals for which they want to bid will be eligible for Further
Bidding. For purposes of Further Bidding, the minimum bidding
increment for any group of two or more hospitals will be 1% more
than the sum of the highest bid of each individual hospital that
comprises the group that is to be bid upon. Further Bidding on the
grouped hospitals will be allowed until a best bid is reached for
the grouped hospitals. This process will continue until no further
groupings are requested by Qualified Bidders.
Within two business days following the entry of the Bidding
Procedures Order, the Trustee will serve a copy of the Bidding
Procedures Order and a notice containing the date of the Auction,
the Sale Hearing, and the deadline to file objections to the Sale
to all interested parties. Such notice will be sufficient and
proper notice of the sale with respect to known interested parties.
With respect to the Assumed Contracts, on Dec. 6, 2019, the Trustee
will file with the Court and serve on each party to an Assumed
Contract a notice setting forth the amount of cure owed thereunder
according to the Debtor's books and records. The Cure Objection
Deadline is Dec. 23, 2019.
The Debtor is authorized to take all actions necessary to
effectuate the relief granted pursuant to the Order.
About Washington County Hospital
CAH Acquisition Company #1, LLC d/b/a Washington County Hospital,
is a Delaware limited liability company that owns a for-profit
25-bed hospital and Rural Health Clinic on a 20-acre campus
located at 958 US Hwy 64 East, Plymouth, North Carolina. It
purchased the Hospital from Washington County, North Carolina on
June 1, 2007.
On Feb. 19, 2019, three creditors of CAH Acquisition Company #1,
LLC -- Medline Industries, Inc.; Robert Venable, M.D.; and
Washington County, North Carolina -- filed an involuntary petition
for relief under Chapter 7 of Title 11 of the United States Code in
the United States Bankruptcy Court for the Eastern District of
North Carolina. On March 15, 2019, the Bankruptcy Court entered
its order converting the Debtor's case to a case under Chapter 11
of the Bankruptcy Code.
The case is jointly administered along with six other critical
access hospitals under the Debtor's Chapter 11 Case. On Feb. 22.
2019, during the pendency of the Chapter 7 portion of the Debtor's
case, Thomas W. Waldrep, Jr., was appointed as interim trustee for
the Debtor. On March 15, 2019, upon conversion of the case, Thomas
W. Waldrep, Jr., was appointed as Chapter 11 Trustee for the
Debtor pursuant to Section 1104 of the Bankruptcy Code. No
official committee of unsecured creditors was appointed in this
case.
The Trustee's own firm, WALDREP LLP, serves as counsel in the
Chapter 11 case.
Sherwood Partners, Inc. was appointed as Sales Agent to the Trustee
on Oct. 23, 2019.
CAH ACQUISITION 2: Trustee's Dec. 19 Auction of All Assets Set
--------------------------------------------------------------
Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the
Eastern District of North Carolina authorized the bidding
procedures of Thomas W. Waldrep, Jr., the duly appointed Chapter 11
Trustee in the case of CAH Acquisition Co. #2, LLC, doing business
as Oswego Community Hospital, in connection with the sale of all
real property and associated personal property of the Debtor, at
auction.
The Trustee will have the right, consistent with the procedures, to
sell substantially all of the assets of the Debtor's bankruptcy
estate.
Summary of Important Dates:
A. Dates if Bids Received Other than the Stalking Horse:
a. Dec. 12, 2019, 5:00 p.m. (ET) - Deadline for
prospective bidders to submit Bids
b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline for Trustee
to file notice of Qualified Bidders
c. Dec. 18, 2019 - Deadline for Trustee to designate and
communicate Starting Bid to Qualified Bidders
d. Dec. 19, 2019, 10:00 a.m. (ET) - Auction to be
conducted at the Charlotte Marriott City Center, 100 W. Trade
Street, Charlotte, NC 28202
e. Dec. 20, 2019 - Deadline for Trustee to file notice of
Successful Bidder and Next-Highest Bidder
f. Dec. 27, 2019, 5:00 p.m. (ET) - Deadline to object to
Sale and Cure Amount
g. Jan. 2, 2020, 1:00 p.m. (ET) - Sale Hearing, to be
conducted at the U.S. Bankruptcy Court for the Eastern District of
North Carolina in Greenville, North Carolina
Other salient terms of the Bidding Procedures are:
a. Initial Bid: Must state with specificity (i) the
Transferred Assets (including the specific executory contracts and
unexpired leases) contemplated in the Bid any person seeking to
acquire any of the Transferred Assets wishes to bid on, together
with a schedule allocating the value of the Bid across its
component Transferred Assets, and (ii) the liabilities and
obligations (including applicable cure costs) to be assumed by the
Potential Bidder in the Sale
b. Deposit: 5% of the Bid amount
c. Auction: If one or more timely Qualified Bids are received,
an open auction for the Transferred Assets will be conducted on
Dec. 19, 2019, commencing at 10:00 a.m. (ET) or such other time as
the Trustee may announce.
d. Bid Increments: Each Subsequent Bid at the Auction will
provide net value to the estate in a minimum amount to be announced
at or prior the Auction over the Starting Bid or the Leading Bid,
as the case may be, as determined by the Trustee in the exercise of
his reasonable business judgment and in consultation with the
Consultation Parties.
The closing will not be contingent in any way on the Successful
Bidder's financing or such other evidence of ability to consummate
the transaction(s) as the Trustee may request, including proof that
such funding commitments or other financing are not subject to any
internal approvals, syndication requirements, diligence, or credit
committee approvals (provided that such commitments may have
covenants and conditions acceptable to the Trustee).
Immediately after the completion of (a) the Auction and (b) the
auctions of other individual CAH hospitals, as identified in the
Plan, the Trustee will give certain Qualified Bidders the
opportunity to group two or more hospitals for further bidding.
Only Qualified Bidders who are qualified to bid on each of the
hospitals for which they want to bid will be eligible for Further
Bidding. For purposes of Further Bidding, the minimum bidding
increment for any group of two or more hospitals will be 1% more
than the sum of the highest bid of each individual hospital that
comprises the group that is to be bid upon. Further Bidding on the
grouped hospitals will be allowed until a best bid is reached for
the grouped hospitals. This process will continue until no further
groupings are requested by Qualified Bidders.
Within two business days following the entry of the Bidding
Procedures Order, the Trustee will serve a copy of the Bidding
Procedures Order and a notice containing the date of the Auction,
the Sale Hearing, and the deadline to file objections to the Sale
to all interested parties. Such notice will be sufficient and
proper notice of the sale with respect to known interested parties.
With respect to the Assumed Contracts, on Dec. 6, 2019, the Trustee
will file with the Court and serve on each party to an Assumed
Contract a notice setting forth the amount of cure owed thereunder
according to the Debtor's books and records. The Cure Objection
Deadline is Dec. 23, 2019.
The Trustee is authorized to take all actions necessary to
effectuate the relief granted pursuant to the Order.
About Oswego Community Hospital
CAH Acquisition Company #2, LLC d/b/a Oswego Community Hospital, is
a Delaware limited liability company that owns a for-profit 12-bed
hospital at 800 Barker Drive, Oswego, Kansas 67356.
The Debtor sought Chapter 11 protection (Bankr. E.D. N.C. Case No.
19-01230-5-JNC) on March 17, 2019.
The case is jointly administered along with six other critical
access hospitals under the Debtor's Chapter 11 Case. On March 18,
2019, Thomas W. Waldrep, Jr., was appointed as the Trustee for the
Debtor.
Sherwood Partners, Inc., was appointed as Sales Agent to the
Trustee on Oct. 23, 2019.
CAH ACQUISITION 3: Trustee's Dec. 19 Auction of All Assets Set
--------------------------------------------------------------
Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the
Eastern District of North Carolina authorized the bidding
procedures of Thomas W. Waldrep, Jr., the duly appointed Chapter 11
Trustee in the case of CAH Acquisition Co. #3, LLC, doing business
as Horton Community Hospital, in connection with the sale of all
real property and associated personal property of the Debtor, at
auction.
The Trustee will have the right, consistent with the procedures, to
sell substantially all of the assets of the Debtor's bankruptcy
estate.
Summary of Important Dates:
A. Dates if Bids Received Other than the Stalking Horse:
a. Dec. 12, 2019, 5:00 p.m. (ET) - Deadline for
prospective bidders to submit Bids
b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline for Trustee
to file notice of Qualified Bidders
c. Dec. 18, 2019 - Deadline for Trustee to designate and
communicate Starting Bid to Qualified Bidders
d. Dec. 19, 2019, 10:00 a.m. (ET) - Auction to be
conducted at the Charlotte Marriott City Center, 100 W. Trade
Street, Charlotte, NC 28202
e. Dec. 20, 2019 - Deadline for Trustee to file notice of
Successful Bidder and Next-Highest Bidder
f. Dec. 27, 2019, 5:00 p.m. (ET) - Deadline to object to
Sale and Cure Amount
g. Jan. 2, 2020, 1:00 p.m. (ET) - Sale Hearing, to be
conducted at the U.S. Bankruptcy Court for the Eastern District of
North Carolina in Greenville, North Carolina
Other salient terms of the Bidding Procedures are:
a. Initial Bid: Must state with specificity (i) the
Transferred Assets (including the specific executory contracts and
unexpired leases) contemplated in the Bid any person seeking to
acquire any of the Transferred Assets wishes to bid on, together
with a schedule allocating the value of the Bid across its
component Transferred Assets, and (ii) the liabilities and
obligations (including applicable cure costs) to be assumed by the
Potential Bidder in the Sale;
b. Deposit: 5% of the Bid amount
c. Auction: If one or more timely Qualified Bids are received,
an open auction for the Transferred Assets will be conducted on
Dec. 19, 2019, commencing at 10:00 a.m. (ET) or such other time as
the Trustee may announce.
d. Bid Increments: Each Subsequent Bid at the Auction will
provide net value to the estate in a minimum amount to be announced
at or prior the Auction over the Starting Bid or the Leading Bid,
as the case may be, as determined by the Trustee in the exercise of
his reasonable business judgment and in consultation with the
Consultation Parties.
Immediately after the completion of (a) the Auction and (b) the
auctions of other individual CAH hospitals, as identified in the
Plan, the Trustee will give certain Qualified Bidders the
opportunity to group two or more hospitals for further bidding.
Only Qualified Bidders who are qualified to bid on each of the
hospitals for which they want to bid will be eligible for Further
Bidding. For purposes of Further Bidding, the minimum bidding
increment for any group of two or more hospitals will be 1% more
than the sum of the highest bid of each individual hospital that
comprises the group that is to be bid upon. Further Bidding on the
grouped hospitals will be allowed until a best bid is reached for
the grouped hospitals. This process will continue until no further
groupings are requested by Qualified Bidders.
Within two business days following the entry of the Bidding
Procedures Order, the Trustee will serve a copy of the Bidding
Procedures Order and a notice containing the date of the Auction,
the Sale Hearing, and the deadline to file objections to the Sale
to all interested parties. Such notice will be sufficient and
proper notice of the sale with respect to known interested parties.
With respect to the Assumed Contracts, on Dec. 6, 2019, the Trustee
will file with the Court and serve on each party to an Assumed
Contract a notice setting forth the amount of cure owed thereunder
according to the Debtor's books and records. The Cure Objection
Deadline is Dec. 23, 2019.
The Trustee is authorized to take all actions necessary to
effectuate the relief granted pursuant to the Order.
About Horton Community Hospital
CAH Acquisition Company # 3, LLC, d/b/a Horton Community Hospital,
owns a 25 bed critical access hospital in Saint Louis, Missouri.
Services -- http://www.horton-hospital.com/-- include diagnostic
and therapeutic services, 24 hour emergency care, convenient and
specialized outpatient resources, pharmaceutical services and other
services.
The Company previously sought bankruptcy protection on Oct. 10,
2011 (Bankr. W.D. Mo. Case No. 11-44741).
The Company again sought Chapter 11 protection (Bankr. E.D.N.C.
Case No. 19-01180) on March 14, 2019. The Debtor was estimated to
have assets of $0 to $50,000 and liabilities of $1 million to $10
million. The Hon. Joseph N. Callaway is the case judge. SPILMAN
THOMAS & BATTLE, PLLC, is the Debtor's counsel.
On March 15,2019, Thomas W. Waldrep, Jr., was appointed as Chapter
11 Trustee for the Debtor. The Trustee's own firm, WALDREP LLP,
serves as counsel in the Chapter 11 case.
On Oct. 22, 2019, Employ Sherwood Partners, Inc. was appointed as
Sales Agent for the Trustee.
CAH ACQUISITION 6: Trustee's Dec. 19 Auction of All Assets Set
--------------------------------------------------------------
Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the
Eastern District of North Carolina authorized the bidding
procedures of Thomas W. Waldrep, Jr., the duly appointed Chapter 11
Trustee in the case of CAH Acquisition Co. #6, LLC, doing business
as I-70 Community Hospital, in connection with the sale of all real
property and associated personal property of the Debtor, to
Affinity Health Partners, LLC for $3.4 million, subject to
overbid.
The Trustee will have the right, consistent with the procedures, to
sell substantially all of the assets of the Debtor's bankruptcy
estate.
Summary of Important Dates:
A. Dates if Bids Received Other than the Stalking Horse:
a. Dec. 12, 2019, 5:00 p.m. (ET) - Deadline for
prospective bidders to submit Bids
b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline for Trustee
to file notice of Qualified Bidders
c. Dec. 18, 2019 - Deadline for Trustee to designate and
communicate Starting Bid to Qualified Bidders
d. Dec. 19, 2019, 10:00 a.m. (ET) - Auction to be
conducted at the Charlotte Marriott City Center, 100 W. Trade
Street, Charlotte, NC 28202
e. Dec. 20, 2019 - Deadline for Trustee to file notice of
Successful Bidder and Next-Highest Bidder
f. Dec. 27, 2019, 5:00 p.m. (ET) - Deadline to object to
Sale and Cure Amount
g. Jan. 2, 2020, 1:00 p.m. (ET) - Sale Hearing, to be
conducted at the U.S. Bankruptcy Court for the Eastern District of
North Carolina in Greenville, North Carolina
B. Dates if No Bids Received other than Stalking Horse:
a. Dec. 13, 2019 - Deadline for trustee to file report
b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline to object to
approval of Stalking Horse
c. Dec. 17, 2019, 1:00 p.m. (ET) - Hearing to approve
Stalking Horse
Pursuant to the Sale Agreement, the Trustee agreed to pay a
break-up fee equal to $100,000, to the Stalking Horse Bidder if the
Stalking Horse Bidder is not the Successful Bidder at the Auction.
In addition, any overbid must offer a purchase price for the
Transferred Assets that exceeds the cash purchase price offered by
the Stalking Horse Bidder in its Sale Agreement by an amount
greater than the Break-Up Fee plus $50,000.
Other salient terms of the Bidding Procedures are:
a. Initial Bid: $3.4 million, plus Break-up Fee, plus $50,000
b. Deposit: 5% of the Bid amount
c. Auction: If one or more timely Qualified Bids are received,
an open auction for the Transferred Assets will be conducted on
Dec. 19, 2019, commencing at 10:00 a.m. (ET) or such other time as
the Trustee may announce.
d. Bid Increments: Each Subsequent Bid at the Auction will
provide net value to the estate in a minimum amount to be announced
at or prior the Auction over the Starting Bid or the Leading Bid,
as the case may be, as determined by the Trustee in the exercise of
his reasonable business judgment and in consultation with the
Consultation Parties.
The closing will not be contingent in any way on the Successful
Bidder's financing or such other evidence of ability to consummate
the transaction(s) as the Trustee may request, including proof that
such funding commitments or other financing are not subject to any
internal approvals, syndication requirements, diligence, or credit
committee approvals (provided that such commitments may have
covenants and conditions acceptable to the Trustee).
Immediately after the completion of (a) the Auction and (b) the
auctions of other individual CAH hospitals, as identified in the
Plan, the Trustee will give certain Qualified Bidders the
opportunity to group two or more hospitals for further bidding.
Only Qualified Bidders who are qualified to bid on each of the
hospitals for which they want to bid will be eligible for Further
Bidding. For purposes of Further Bidding, the minimum bidding
increment for any group of two or more hospitals will be 1% more
than the sum of the highest bid of each individual hospital that
comprises the group that is to be bid upon. Further Bidding on the
grouped hospitals will be allowed until a best bid is reached for
the grouped hospitals. This process will continue until no further
groupings are requested by Qualified Bidders.
Within two business days following the entry of the Bidding
Procedures Order, the Trustee will serve a copy of the Bidding
Procedures Order and a notice containing the date of the Auction,
the Sale Hearing, and the deadline to file objections to the Sale
to all interested parties. Such notice will be sufficient and
proper notice of the sale with respect to known interested parties.
With respect to the Assumed Contracts, on Dec. 6, 2019, the Trustee
will file with the Court and serve on each party to an Assumed
Contract a notice setting forth the amount of cure owed thereunder
according to the Debtor's books and records. The Cure Objection
Deadline is Dec. 23, 2019.
The Trustee is authorized to take all actions necessary to
effectuate the relief granted pursuant to the Order.
About CAH Acquisition Company 6
CAH Acquisition Company 6, LLC d/b/a I-70 Community Hospital, owns
a for-profit 15-bed hospital and rural health clinic located at 105
Hospital Drive, Sweet Springs, Missouri.
CAH Acquisition Company 6 sought Chapter 11 protection (Bankr.
E.D.N.C. Case No. 19-01300) on March 14, 2019. Affiliates of the
Debtor simultaneously filed voluntary Chapter 11 petitions.
The Hon. Joseph N. Callaway is the case judge.
SPILMAN THOMAS & BATTLE, PLLC, is the Debtors' counsel.
On March 15,2019, Thomas W. Waldrep, Jr., was appointed as Chapter
11 Trustee for the Debtors. The Trustee's own firm, WALDREP LLP,
serves as counsel in the Chapter 11 cases.
Sherwood Partners, Inc. was appointed as Sales Agent to the Trustee
on Oct. 23, 2019.
CAH ACQUISITION 7: Trustee's Dec. 19 Auction of All Assets Set
--------------------------------------------------------------
Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the
Eastern District of North Carolina authorized the bidding
procedures of Thomas W. Waldrep, Jr., the duly appointed Chapter 11
Trustee in the case of CAH Acquisition Co. #7, LLC, doing business
as Prague Community Hospital, in connection with the sale of all
real property and associated personal property of the Debtor, at
auction, free and clear of all liens, claims, interests, and
encumbrances.
The Trustee will have the right, consistent with the procedures, to
sell substantially all of the assets of the Debtor's bankruptcy
estate.
Summary of Important Dates:
A. Dates if Bids Received Other than the Stalking Horse:
a. Dec. 12, 2019, 5:00 p.m. (ET) - Deadline for
prospective bidders to submit Bids
b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline for Trustee
to file notice of Qualified Bidders
c. Dec. 18, 2019 - Deadline for Trustee to designate and
communicate Starting Bid to Qualified Bidders
d. Dec. 19, 2019, 10:00 a.m. (ET) - Auction to be
conducted at the Charlotte Marriott City Center, 100 W. Trade
Street, Charlotte, NC 28202
e. Dec. 20, 2019 - Deadline for Trustee to file notice of
Successful Bidder and Next-Highest Bidder
f. Dec. 27, 2019, 5:00 p.m. (ET) - Deadline to object to
Sale and Cure Amount
g. Jan. 2, 2020, 1:00 p.m. (ET) - Sale Hearing, to be
conducted at the U.S. Bankruptcy Court for the Eastern District of
North Carolina in Greenville, North Carolina
Other salient terms of the Bidding Procedures are:
a. Initial Bid: Must state with specificity (i) the
Transferred Assets (including the specific executory contracts and
unexpired leases) contemplated in the Bid any person seeking to
acquire any of the Transferred Assets wishes to bid on, and (ii)
the liabilities and obligations (including applicable cure costs)
to be assumed by the Potential Bidder in the Sale
b. Deposit: 5% of the Bid amount
c. Auction: If one or more timely Qualified Bids are received,
an open auction for the Transferred Assets will be conducted on
Dec. 19, 2019, commencing at 10:00 a.m. (ET) or such other time as
the Trustee may announce.
d. Bid Increments: Each Subsequent Bid at the Auction will
provide net value to the estate in a minimum amount to be announced
at or prior the Auction over the Starting Bid or the Leading Bid,
as the case may be, as determined by the Trustee in the exercise of
his reasonable business judgment and in consultation with the
Consultation Parties.
The closing will not be contingent in any way on the Successful
Bidder's financing or such other evidence of ability to consummate
the transaction(s) as the Trustee may request, including proof that
such funding commitments or other financing are not subject to any
internal approvals, syndication requirements, diligence, or credit
committee approvals (provided that such commitments may have
covenants and conditions acceptable to the Trustee).
Immediately after the completion of (a) the Auction and (b) the
auctions of other individual CAH hospitals, as identified in the
Plan, the Trustee will give certain Qualified Bidders the
opportunity to group two or more hospitals for further bidding.
Only Qualified Bidders who are qualified to bid on each of the
hospitals for which they want to bid will be eligible for Further
Bidding. For purposes of Further Bidding, the minimum bidding
increment for any group of two or more hospitals will be 1% more
than the sum of the highest bid of each individual hospital that
comprises the group that is to be bid upon. Further Bidding on the
grouped hospitals will be allowed until a best bid is reached for
the grouped hospitals. This process will continue until no further
groupings are requested by Qualified Bidders.
Within two business days following the entry of the Bidding
Procedures Order, the Trustee will serve a copy of the Bidding
Procedures Order and a notice containing the date of the Auction,
the Sale Hearing, and the deadline to file objections to the Sale
to all interested parties. Such notice will be sufficient and
proper notice of the sale with respect to known interested parties.
With respect to the Assumed Contracts, on Dec. 6, 2019, the Trustee
will file with the Court and serve on each party to an Assumed
Contract a notice setting forth the amount of cure owed thereunder
according to the Debtor's books and records. The Cure Objection
Deadline is Dec. 23, 2019.
The Trustee is authorized to take all actions necessary to
effectuate the relief granted pursuant to the Order.
About Prague Community Hospital
CAH Acquisition Company 7, LLC d/b/a Prague Community Hospital is a
Delaware limited liability company that owns a for-profit, 15-bed
hospital at 1322 Klabzuba Avenue, Prague, Oklahoma 74864. The
Company is currently owned by two members, HMC/CAH Consolidated,
Inc. (20% membership) and Health Acquisition Company, LLC (80%
membership).
The Debtor, along with numerous other affiliated entities, filed a
previous voluntary Chapter 11 bankruptcy case (Bankr. W.D. Mo.
Case No. 11-44745) on Oct. 10, 2011 and won confirmation of its
Chapter 11 plan in December 2012.
The Company again sought Chapter 11 protection (Bankr. E.D.N.C.
Case No. 19-01298) on March 21, 2019. The Debtor was estimated to
have assets of $0 to $50,000 and liabilities of $1 million to $10
million.
The case is jointly administered along with six other critical
access hospitals under the Chapter 11 case of CAH Acquisition
Company #1, LLC d/b/a Washington County Hospital (Case No.
19-00730).
The Hon. Joseph N. Callaway is the case judge.
SPILMAN THOMAS & BATTLE, PLLC, is the Debtors' counsel.
Thomas W. Waldrep, Jr., was appointed as Chapter 11 Trustee for the
Debtors. The Trustee's own firm, WALDREP LLP, serves as counsel in
the Chapter 11 case.
Sherwood Partners, Inc. was appointed as Sales Agent to the Trustee
on Oct. 23, 2019.
CANNTRUST HOLDINGS: Won't Complete Financial Restatement This Year
------------------------------------------------------------------
CannTrust Holdings Inc. (TSX: TRST, NYSE: CTST) is providing a
status update in accordance with its obligations under the
alternative information guidelines set out in National Policy
12-203 – Management Cease Trade Orders ("NP 12-203"), which
require the Company to provide bi-weekly updates until such time as
the Company is current with its filing obligations under Canadian
securities laws. The Company is subject to a management cease
trade order ("MCTO") issued by the Ontario Securities Commission.
The MCTO prohibits the directors and executive officers of the
Company from trading in or acquiring securities of the Company
until two full business days after the Company files an interim
financial report for the three and six month periods ended June 30,
2019, an interim management's discussion and analysis for the
corresponding period and certifications of interim filings. The
MCTO does not affect the ability of investors who are not insiders
to trade in the Company's securities.
Timing of Financial Results and TSX Listing Update
CannTrust continues to make progress in working with its
independent auditor to complete its restated audited financial
statements for the year ended December 31, 2018, its restated
interim financial statements for the first quarter of 2019, and its
interim financial statements for the second and third quarters of
2019, together with the related management's discussion and
analysis for the corresponding periods. As disclosed in the
Company's November 21, 2019 news release, these financial
statements are unlikely to be completed and filed before the end of
the calendar year.
On November 26, 2019, CannTrust announced that, as a result of the
delay in filing the aforementioned financial disclosures, the
Toronto Stock Exchange (the "TSX") intended to review the Company's
eligibility to continue listing its common shares. The TSX advised
that if the Company is unable to satisfy its disclosure
requirements by March 25, 2020, the Company's securities will be
delisted 30 days following this date. The Company fully
anticipates filing the associated disclosures and meeting the TSX's
requirements prior to March 25, 2020.
As at November 30, 2019, CannTrust had approximately C$185 million
of cash liquidity. The Company has no borrowings.
Update on Remediation Efforts
CannTrust continues to make progress on its remediation efforts and
anticipates completing all of the activities described within its
remediation plan by the end of the first quarter of 2020, although
completion will be subject to Health Canada's input and approval.
To that end, the Company and Health Canada have already engaged on
various aspects of the remediation plan.
Litigation Update
CannTrust was either served or became aware of putative class
action lawsuits in Canada and the United States against the Company
and certain of its current and former Directors, officers, and
employees relating to the drop in its share price after July 8,
2019. The Company expects the number of putative class actions
against it to be consolidated in the coming months. Recently, the
Company became aware of a lawsuit by Zola Finance Holdings Ltd. and
Igor Gimelshtein that also relates to the drop in its share price
after July 8, 2019. The total amounts claimed in the lawsuits
overlap and have not been quantified at the present time. The
Company has not currently recorded any uninsured amount related to
this contingency.
CannTrust further advises that:
(i) Other than as disclosed above, there have been no material
changes to the information contained in the Company's August 16,
2019 news release, August 29, 2019 news release, September 12, 2019
news release, September 26, 2019 news release, October 10, 2019
news release, October 24, 2019 news release, November 7, 2019 news
release, and November 21, 2019 news release;
(ii) The Company intends to continue to comply with the
alternative information guidelines of NP 12-203; and,
(iii) Except as previously disclosed, there are no subsequent
specified defaults (actual or anticipated) within the meaning of NP
12-203.
About CannTrust
CannTrust (TSX: TRST, NYSE: CTST) is a federally regulated licensed
producer of medical and recreational cannabis in Canada. Founded
by pharmacists, CannTrust brings years of pharmaceutical and
healthcare experience to the medical cannabis industry and serves
medical patients with its dried, extract and capsule products. The
Company operates its Niagara Perpetual Harvest Facility in Pelham,
Ontario, and prepares and packages its product portfolio at its
manufacturing centre in Vaughan, Ontario. The Company has also
purchased 81 acres of land in British Columbia and expects to
secure over 240 acres of land in total for low-cost outdoor
cultivation which it will use for its extraction-based products.
CARBUCKS OF CAROLINA: Plan Confirmation Hearing on Jan. 28
----------------------------------------------------------
Carbucks of Carolina, Inc., has won conditional approval of its
Disclosure Statement and now has a scheduled hearing to seek
confirmation of its Chapter 11 Plan.
The Court will conduct a hearing on confirmation of the Plan,
including timely filed objections to confirmation, objections to
the Disclosure Statement, motions for cramdown, applications for
compensation, and motions for allowance of administrative claims on
January 28, 2020 at 3:30 pm in Tampa, FL − Courtroom 9B, Sam M.
Gibbons United States Courthouse, 801 N. Florida Avenue.
Objections to confirmation must be filed with the Court and served
no later than seven (7) days before the date of the Confirmation
Hearing.
About Carbucks of Carolina Inc.
Carbucks of Carolina, Inc. -- http://www.carbuckscorp.com/-- is a
car and vehicle title loan company operating in Georgia, South
Carolina, and Delaware, and nationally with its online title
lending service. The company provides financing based on the value
of its clients' cars, truck commercial vehicles, boats, and
motorcycles.
Carbucks of Carolina filed a voluntary Chapter 11 petition (Bankr.
M.D. Fla. Case No. 19-06503) on July 10, 2019. In the petition
signed by Philip Heitlinger, president, the Debtor estimated
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities.
Alberto F. Gomez Jr., Esq., at Johnson Pope Bokor Ruppel & Bums,
LLP, represents the Debtor as counsel.
CITYWIDE COMMUNITY: Unsecureds Owed $96K to Split $15K in Plan
--------------------------------------------------------------
Cityside Community Counseling Services, Inc., filed a
reorganization plan.
The continued operations with CBH will fund the Debtor's plan. The
Debtor continues to see patients and perform its work pursuant to
its contract with CBH. The Debtor continues to be managed by Dr.
Modesta Molina on a postpetition basis.
In its liquidation analysis, the Debtor said that in the even that
the Debtor is forced to liquidate, the liquidation would result in
a zero distribution for unsecured creditors after costs of sale and
administrative claims which is significantly lower than the
proposed payments set forth in the Plan.
The Plan provides:
* Class 2 consists of the Allowed Claim of Angienel Astacio
Irizarry a/k/a Angienel Astacio Valdez and Moises Valdez, her
husband (the "Irizary Claimants"). The Class 2 Claim is impaired
under the Plan. The Irizary Claimants will receive an assignment of
specific claims, causes of actions and contractual rights belonging
to the Debtor.
* Class 3 consists of Allowed Unsecured Claims, as set forth in
Section 3.1 hereof. Class 3 is Impaired. Class 3 Claims are
estimated at $96,132.001. The Debtor proposes to pay $15,000 to
the holders of Allowed General Unsecured Claims by distributing
such payment on the Effective Date of the Plan.
A full-text copy of the Disclosure Statement dated Nov. 22, 2019,
is available at https://tinyurl.com/r3zuymh from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
Albert A. Ciardi, Ill
Nicole M. Nigrelli
Daniel S. Siedman
CIARDI CIARDI & ASTIN
One Commerce Square
2005 Market Street, Suite 3500
Philadelphia, PA 19103
Telephone: (215) 557-3550
Facsimile: (215) 557-3551
E-mail: aciardi@ciardilaw.com
nnigrelli@ciardilaw.com
About Citywide Community Counseling
Citywide Community Counseling Services, Inc., is a 501 c(3)
non-profit corporation that offers psychiatric, psychological, and
behavioral services. It has a multicultural and multilingual
behavioral health program designed to provide outpatient services
within a full range of modalities.
Citywide Community Counseling Services sought Chapter 11 protection
(Bankr. E.D. Pa. Case No. 19-15164) in Philadelphia on Aug. 16,
2019. In the petition signed by Dr. Modesta Molina, COO, the
Debtor was estimated to have assets between $100,000 and $500,000,
and liabilities between $1 million and $10 million. Judge
Magdeline D. Coleman oversees the case. Ciardi Ciardi & Astin,
P.C., is the Debtor's legal counsel.
CLYDE EVANS: Plan Confirmation Hearing Continued to Dec. 20
-----------------------------------------------------------
Debtor Clyde Evans Land Company, Inc., filed a disclosure statement
on Aug. 5, 2019. It was modified by an amended disclosure
statement filed on Sept. 10, 2019.
The court's prior order approving disclosure set a hearing on
confirmation for Nov/ 13, 2019, as well as deadlines for actions
related to confirmation. However, at the November 13th hearing, it
became apparent that there were procedural problems that
necessitated re-doing the confirmation process to ensure fair and
proper procedures. That is the purpose of this amended and
supplemental order.
Judge Mary Ann Whipple accordingly entered an amended order,
approving the disclosure statement, as amended, and established the
following dates and deadlines:
* Dec. 18, 2019, is fixed as the deadline by which the holders of
claims and interests against Debtor may accept or reject the Plan.
* Dec. 18, 2019, for ballots indicating acceptance or rejection
of the Amended Plan which should be received by counsel for the
Debtor, Steven L. Diller and Eric Neuman, at their address at
1105-1107 Adams St., Toledo, Ohio 43604-5508.
* Dec. 19, 2019, at 4:00 p.m. for Debtor to tabulate all
acceptances and rejections of the Amended Plan and shall file a new
summary of the results with the clerk of the court.
* Dec. 18, 2019, is the deadline for any objection to
confirmation of the Amended Plan.
* Dec. 20, 2019, at 9:30 a.m. is the hearing on confirmation of
the Amended Plan in Courtroom No. 2, Room 103, United States
Courthouse, 1716 Spielbusch Avenue, Toledo, Ohio.
A full-text copy of the Amended Order is available at
https://tinyurl.com/r4s4xpu from PacerMonitor.com at no charge.
About Clyde Evans Land Co.
Clyde Evans Land Company Inc. owns and operates commercial real
estate properties. The company was incorporated in 1976 and is
based in Lima, Ohio.
Clyde Evans Land Company Inc. filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No.
18-33906) on Dec. 18, 2018. In the petition signed by Dave Evans,
president, the Debtor estimated assets of $1 million to $10 million
in assets and liabilities of the same range. The case is assigned
to Judge Mary Ann Whipple. The Debtor is represented by Steven L.
Diller, Esq., at Diller and Rice, LLC.
CONTURA ENERGY: S&P Lowers ICR to 'B-'; Outlook Stable
------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
coal producer Contura Energy Inc. to 'B-' from 'B'. S&P also
lowered its issue-level rating on the company's senior secured debt
to 'B' from 'B+'. S&P's '2' recovery rating on this debt remains
unchanged, indicating its expectation for substantial recovery
(70%-90%; rounded estimate: 70%) in the event of a default.
S&P downgraded Contura because of three primary factors.
Specifically, earlier this year the rating agency reconciled its
estimates for the company's debt adjustments associated with its
workers' compensation, postretirement obligations, and
acquisition-related obligations with the finalized, filed results.
In total, S&P's updated adjustments to Contura's debt were
significantly greater than the rating agency's pro forma estimates,
which incorporated both the divestiture of the company's Powder
River Basin (PRB) assets and its November 2018 merger with Alpha
Natural Resources. In addition, Contura's contribution margin for
its met coal dropped by over 30% in 2019 because its costs have
spiked while its realizations have fallen. S&P expects the
company's credit measures to weaken further in 2020 if it is unable
to reverse the cost inflation at its met coal operations. Finally,
Contura will be undertaking a number of projects in 2020 that will
increase its capital spending requirements and introduce new
uncertainties. These include unwinding its lower-margin thermal
coal operations and expanding its met coal production (including
plans to bring up to 3.3 million tons of low-cost met production
online over the next year). S&P forecasts that Contura's adjusted
debt to EBITDA will remain flat and stay near the middle of the
3x–4x range through 2020. For the end of 2019, the rating agency
expects debt of about $1.2 billion with adjustments including $195
million for asset retirement obligations, $140 million for
postretirement obligations, $205 million for workers' compensation
obligations, and $100 million for other contingent obligations.
"The stable outlook reflects our updated expectation that Contura
will maintain leverage in the 3x–4x range for 2020. This assumes
the company will be successful in reversing the increasing unit
production costs at its met coal operations, which should offset a
modest amount of the ongoing deterioration in its pricing.
"We could lower our rating on Contura if its leverage increases
above 5x. This could be caused by prolonged weakness in the met
coal markets or the loss of a major customer. These conditions
could also occur if the company's adjusted EBITDA declines below
$250 million," S&P said.
"We could raise our rating on Contura if we expect its leverage to
remain below 4x over the long term while it maintains adjusted
EBITDA margins of more than 15%. For this to occur, the company
would likely have to meet its goal of reducing its cost-per-ton for
met coal production below $81," the rating agency said.
Under this scenario, S&P estimates that the company would
consistently generate free operating cash flow (FOCF; operating
cash flow less capital spending).
DATTA MANGLAM: Settles Lakshmi Claim for $1.1M With 6% Interest
---------------------------------------------------------------
Debtor Datta Manglam Hospitality LLC filed with the U.S. Bankruptcy
Court for the Southern District of Texas, Houston Division, filed a
plan of reorganization and a disclosure statement.
Lakshmi, Ltd filed a claim for $1,122,945.11 for the mortgage on
the hotel property. The amount due and owing has been settled,
compromised, and allowed in the principal amount of $1,100,000 as a
fully-secured claim. Interest will be reduced to 6% per annum, and
interest at the reduced rate shall begin accruing on the agreed
principal amount ($1,100,000) starting Oct. 25, 2019. The monthly
payment will be reduced to $7,000.00 per month starting Nov. 22,
2019. The maturity date is extended to May 22, 2030.
The Debtor will list Lakshmi, Ltd., as loss payee on all insurance
policies; the Debtor agrees that 100% of any insurance proceeds
will be used to repair the hotel and will not be used for any other
purpose; and insurance proceeds will be held in trust by Lakshmi
and disbursed to make repairs to the improvements on the property
with such disbursements to be made directly to the third party
making the repairs.
Insiders will be paid their prepetition claims during the term of
the Plan if and when the business is able to make the payments.
Equity interest holders are parties who hold ownership interest
(i.e., equity interest) in Datta Manglam Hospitality, LLC. The
members are:
* Rama S. Singh 6015 Macon Cove Road 1-40, Exit 12 Memphis, TN
38134 -- 20% ownership (Managing Member)
* Amish Patel 5725 Richfield Park Court Rosharon, TX 77583 --
46% ownership (Member)
* Kunal Patel 5725 Richfield Park Court Rosharon, TX 77583 --
22% ownership (Member)
* Urvashi Mukhi 4006 Lawton Landing Lane Katy, TX 77494 -- 12%
ownership (Member)
The members will maintain their membership interests during the
plan term.
Payments and distributions under the Plan will be funded by future
income from the operations of the company. As to a default under
the plan, any creditor remedies allowed by 11 U.S.C. Sec.
1112(b)(4)(N) shall be preserved to the extent otherwise available
at law.
A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/ur9m5vq from PacerMonitor.com at no charge.
About Datta Manglam Hospitality
Datta Manglam Hospitality, LLC, owns a hotel located at 3334 S. US
77, Kingsville, Texas, valued by the company at $343,160. Datta
Manglam Hospitality sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-31726) on March 29,
2019. At the time of the filing, the Debtor disclosed $414,335 in
assets and $1,096,519 in liabilities. The case is assigned to
Judge Eduardo V. Rodriguez. The Law Office of Margaret M. McClure
is the Debtor's counsel.
DELICIAS DE MINAS: Court Confirms Chapter 11 Plan
-------------------------------------------------
On June 10, 2019, debtor Delicias de Minas Restaurant, LLC dba
Delicias de Minas Restaurant, Inc. filed with the U.S. Bankruptcy
Court for the District of New Jersey a Plan under Chapter 11 of the
Bankruptcy Code.
On Nov. 14, 2019, Judge Stacey L. Meisel confirmed the Plan filed
by Delicias de Minas Restaurant, LLC dba Delicias de Minas
Restaurant, Inc.
The Debtor is represented by:
SCOTT S. REVER, ESQ.
WASSERMAN, JURISTA & STOLZ, P.C.
110 Allen Road, Suite 304
Basking Ridge, New Jersey 07920
Tel: (973) 467-2700
Fax: (973) 467-8126
About Delicias De Minas Restaurant
Delicias De Minas Restaurant LLC, a small business debtor as
defined in 11 U.S.C. Section 101(51D), operates a buffet restaurant
offering Brazilian cuisine in Newark, New Jersey.
Delicias De Minas Restaurant sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.N.J. Case No. 17-31101) on Oct. 18,
2017. Wendel Correa, partner, and owner, signed the petition. At
the time of the filing, the Debtor was estimated to have assets of
less than $50,000 and liabilities of $1 million to $10 million.
Judge Stacey L. Meisel presides over the case.
DESTINY SPRINGS: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Destiny Springs Healthcare, LLC
17300 N. Dysart Road
Surprise, AZ 85378
Business Description: Destiny Springs Healthcare --
https://www.destinysprings.com -- owns and
operates a behavioral healthcare facility.
Destiny Springs is a 90-bed, 67,566 square-
foot facility located at 17300 N. Dysart
Road in Surprise that provides both
inpatient and outpatient treatment for
adolescents, adults and geriatric patients.
Chapter 11 Petition Date: December 15, 2019
Court: United States Bankruptcy Court
District of Arizona
Case No.: 19-15702
Judge: Hon. Madeleine C. Wanslee
Debtor's Counsel: Grant L. Cartwright, Esq.
MAY, POTENZA, BARAN, & GILLESPIE, P.C.
201 North Central Avenue, 22nd Floor
Phoenix, AZ 85004
Tel: 602-252-1900
E-mail: gcartwright@maypotenza.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dr. Martin Newman, M.D., president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A copy of the petition is available from PacerMonitor at
https://is.gd/ZR0fLU for free.
DIOCESE OF NEW ULM: Court Approves Sale of Schneider Farm for $378K
-------------------------------------------------------------------
The Diocese of New Ulm received approval from the U.S. Bankruptcy
Court for the District of Minnesota to sell its 37-acre farm land
in New Ulm, Minn.
The property known as Schneider Farm will be sold for $377,600 to
Keith Marti who has been leasing the property for the past two
years.
Schneider Farm will be sold "free and clear" of all liens,
encumbrances, interests and claims, according to court filings.
A copy of the purchase agreement is available at
https://tinyurl.com/wgvcgqh from PacerMonitor.com free of charge.
About The Diocese of New Ulm
The Diocese of New Ulm sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Minn. Case No. 17-30601) on March 3,
2017. The case is assigned to Judge Robert J. Kressel. In the
petition signed by Monsignor Douglas L. Grams, vice general, the
Debtor estimated assets of $10 million to $50 million and
liabilities of less than $50,000. James L. Baillie, Esq., at
Fredrikson & Byron, P.A., serves as the Debtor's legal counsel.
DIOCESE OF NEW ULM: Unsecureds to Get 100% Without Interest
-----------------------------------------------------------
Debtor The Diocese of New Ulm filed with the U.S. Bankruptcy Court
for the District of Minnesota a Joint Chapter 11 Plan of
Reorganization and Disclosure Statement.
The Plan establishes a Trust funded by (i) assets of the Diocese,
(ii) contributions from the Parishes, and (iii) settlement proceeds
from settlements with the Settling Insurers. The Trustee will
liquidate the Trust Assets and fairly distribute the proceeds to
the Survivors pursuant to the allocation protocol contained in the
Survivor Claim Distribution Plan. The Plan further provides that
the Diocese's General Unsecured Creditors will be paid in full,
that all Claims held by the Survivors will be channeled to the
Trust, and that the Diocese will receive a discharge from all
remaining Claims, permitting the Diocese to continue its ministry
after confirmation of the Plan.
Each holder of an allowed general unsecured claim will receive, in
full satisfaction of such allowed general unsecured claim: (a)
payment in full of such claim on the Effective Date or as soon as
practicable thereafter; or (b) such other treatment as agreed in
writing by the holder thereof or ordered by the Bankruptcy Court.
There will be no interest or penalties payable on any general
unsecured claim.
The Trust shall be established in accordance with the Trust
Documents. The Trust is intended to qualify as a Designated or
Qualified Settlement Fund. The Diocese is the transferor within the
meaning of Treasury Regulation Section 1.468B-1(d)(1). The Trustee
shall be classified as the administrator within the meaning of
Treasury Regulation Section 1.468B-2(k)(3). The Trust Documents,
including the Trust Agreement, are incorporated within the Plan.
The Diocese will transfer $7,000,000 to the Trust within two
business days after the Confirmation Order has become a
Non-Appealable Order. The Parishes will transfer $1,000,000 to the
Trust within two business days after the Confirmation Order has
become a Non-Appealable Order. Each Settling Insurer will pay its
Insurance Settlement Amount to the Trust within the time set forth
in each such Insurance Settlement Agreement. The total amount paid
by the Settling Insures will be $26 million.
The Diocese will, as the Reorganized Debtor, continue to exist
after the Effective Date with all rights and powers of a non-profit
corporation under the laws of the State of Minnesota. On and after
the Effective Date, the Diocese will continue to operate in
accordance with the principles of its mission statement, Canon Law,
and applicable statute.
The Plan will be funded by cash and other assets held by the
Diocese's estate on the ffective Date, a contribution from the
Parishes, and Settling Insurer contributions. The Diocese will pay
all Allowed Claims, other than Survivor Claims and Unknown Survivor
Claims, which will be paid through the Trust.
A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/qrtuq57 from PacerMonitor.com at no charge.
The Debtor is represented by:
Fredrikson & Byron P.A.
Attn: Shataia Stallings
200 South Sixth Street, Suite 4000
Minneapolis, MN 55401,
Tel: 612-492-7730
E-mail: sstallings@fredlaw.com
About The Diocese of New Ulm
The Diocese of New Ulm sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Minn. Case No. 17-30601) on March 3,
2017. The case is assigned to Judge Robert J. Kressel. In the
petition signed by Monsignor Douglas L. Grams, vice general, the
Debtor was estimated to have assets of $10 million to $50 million
and liabilities of less than $50,000. James L. Baillie, Esq., at
Fredrikson & Byron, P.A., serves as the Debtor's legal counsel.
DUNCAN MORGAN: Trustee $214K Private Sale of Property Okayed
------------------------------------------------------------
Judge David M. Warren of the U.S. Bankruptcy Court of the Eastern
District of North Carolina authorized the private sale by Kevin L.
Sink, the Chapter 11 Trustee of Duncan Morgan, LLC, of the real
property located at 2331 Putters Way, Raleigh, North Carolina to
Irene C. Peros for $213,500.
The sale is free and clear of any and all liens, encumbrances,
rights and claims.
The Trustee is authorized to sell the Real Property in accordance
with the terms of the Offer.
The 6% real estate commission to be paid to the Realtor Jeff Horton
of Allen Tate Realty is approved.
The Court waived the 14-day stay under Rule 6004(h). The Order is
effective immediately.
About Duncan Morgan
Duncan Morgan LLC is primarily engaged in renting and leasing real
estate properties.
Duncan Morgan sought Chapter 11 protection (Bankr. E.D.N.C. Case
No. 19-03113) on Oct. 10, 2019. The Debtor was estimated to have
$1 million to $10 million in assets and liabilities as of the
bankruptcy filing.
The Hon. David M. Warren is the case judge.
J.M. Cook, Esq., is the Debtor's counsel.
Kevin L. Sink was appointed as Chapter 11 trustee on Aug. 21, 2019.
The Chapter 11 Trustee can be reached at:
Kevin L. Sink
NICHOLLS & CRAMPTON, PA.
P.O. Box 18237
Raleigh, NC 27619
Telephone: 919-781-1311
Facsimile: 919-782-0465
E-mail: ksink@nichollscrampton.com
EPIC COMPANIES: Adams and Reese Represents Multiple Parties
-----------------------------------------------------------
In the Chapter 11 cases of Epic Companies, LLC, et al, the law firm
of Adams and Reese LLP provided notice under Rule 2019 of the
Federal Rules of Bankruptcy Procedure that it is representing Dan
Bunkering (America) Inc., Express Supply and Steel, L.L.C.,
Bluewater Rubber & Gasket Co., and Gulf Coast Manufacturing, LLC.
As of Dec. 12, 2019, the parties and their disclosable economic
interests are:
(1) Dan Bunkering (America) Inc.
840 Gessner, Suite 210
Houston, TX 77024
* Unpaid invoices to Epic Companies, LLC for supply of bunkers
to various vessels owned, chartered, managed, and/or
operated by Debtors.
* Amount of Claim: $2,696,016.42
(2) Dan Bunkering (America) Inc.
* Unpaid invoices to Epic Applied Technologies, LLC for supply
of bunkers to various vessels owned, chartered, managed,
and/or operated by Debtors.
* Amount of Claim: $2,296,851.76
(3) Express Supply and Steel, L.L.C.
932 Highway 132
Raceland, LA 70394
* Unpaid invoices for materials sold to Epic Applied
Technologies, LLC
* Amount of Claim: $103,835.85
(4) Bluewater Rubber & Gasket Co.
1131 Barrow Street
Houma, LA 70360
* Unpaid invoices for materials sold to Epic Applied
Technologies, LLC
* Amount of Claim: $71,403.62
(7) Bluewater Rubber & Gasket Co.
* Unpaid invoices for materials sold to Epic Diving & Marine,
LLC
* Amount of Claim: $39,830.48
(8) Gulf Coast Manufacturing, LLC
P. O. Box 1030
Gray, LA 70359
* Unpaid invoices for parts, services and labor provided, also
possessory lien under La. R.S. 9:4501 and 9:4502
* Amount of Claim: $255,556.13
Adams and Reese LLP has written contracts of engagement with Dan
Bunkering (America) Inc., Express Supply and Steel, L.L.C.,
Bluewater Rubber & Gasket Co., and Gulf Coast Manufacturing, LLC.
The foregoing parties have retained Adams and Reese LLP as their
legal counsel with respect to matters arising in this case and/or
for purposes of asserting claims and/or protecting other rights and
interests in relation to the Debtors. Adams and Reese LLP has fully
advised each of the parties above with respect to their concurrent
representation, and each of the parties consented to such
representation.
Adams and Reese LLP does not hold a claim against or interest in
the Debtors at this time and has not filed a proof of claim on its
own behalf in this case.
John Duck, Matthew Guy, Lisa M. Hedrick, Robert Parrott, and the
law firm of Adams and Reese LLP does not own, nor have they ever
owned: (i) any claim against the Debtors in this case, or (ii) any
equity securities of the Debtors.
Counsel for Dan Bunkering (American) Inc.; Express Supply and
Steel, L.L.C.; Bluewater Rubber & Gasket Co.; and Gulf Coast
Manufacturing, LLC can be reached at:
ADAMS AND REESE LLP
John Duck, Esq.
Matthew Guy, Esq.
Lisa M. Hedrick, Esq.
G. Robert Parrott, III, Esq.
701 Poydras Street, Suite 4500
New Orleans, LA 70139
Telephone: (504) 581-3234
Facsimile: (504) 566-0210
E-mail: john.duck@arlaw.com
matthew.guy@arlaw.com
lisa.hedrick@arlaw.com
robert.parrott@arlaw.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/XsISG4
About Epic Companies
Headquartered in Houston, Epic Companies, LLC, is a full-service
provider to the global decommissioning, installation and
maintenance markets. Its services include heavy lift, diving and
marine, specialty cutting and well plugging and abandonment
services. It has limited ongoing operations and is owned 50
percent by Orinoco and 50 percent by Oakridge Natural Resources,
LLC, and Oakridge Energy Partners LLC.
Epic Companies and six affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 19-34752) on Aug. 26, 2019. At the
time of the filing, Epic Companies had estimated assets of between
$10 million and $50 million and liabilities of between $100 million
and $500 million.
The Debtors tapped Porter Hedges LLP as bankruptcy counsel; S3
Advisors, LLC as restructuring advisor; Epiq Corporate
Restructuring, LLC as claims agent; and Lugenbuhl Wheaton Peck
Rankin & Hubbard as special counsel.
Henry Hobbs Jr., acting U.S. trustee for Region 7, appointed a
committee of unsecured creditors on Sept. 6, 2019. The committee
is represented by Munsch Hardt Kopf & Harr, P.C.
EXELA TECHNOLOGIES: Appoints Coley Clark to Board of Directors
--------------------------------------------------------------
Coley J. Clark was appointed to Exela Technologies, Inc.'s board of
directors, effective Dec. 2, 2019.
"Coley's experience on public company boards and committees, his
more than 30 years of experience in the financial industry,
including at Electronic Data Systems (EDS) and BancTec, equip him
well to step in and provide immediate value to Exela's board of
directors," said Par Chadha, Chairman of the Board of Exela. "We
look forward to leveraging his expertise, and his insights and
industry knowledge will be a welcome addition to our team."
"I am honored to join the board directors at Exela, and I look
forward to offering my perspective and experience to help Exela
achieve its strategic goals," said Clark. "My prior service on
public company boards and committees offers me a broad perspective
on various governance and other matters."
Mr. Clark currently serves on the board of directors of Moneygram
International, Inc., and is the retired chief executive officer and
Chairman of the Board of BancTec, Inc., a global provider of
document and payment processing solutions. Mr. Clark retired from
EDS, an outsourcing services company that was acquired by
Hewlett-Packard in 2008, as senior vice president and head of the
Financial and Transportation Industry Group. Starting at EDS in
1971 in the Systems Engineering Development Program, he progressed
through a variety of roles. In addition, Mr. Clark served three
years in the U.S. Army, attaining the rank of Captain, and served
as a company commander in Europe and Southeast Asia. Mr. Clark has
a degree in sociology from the University Texas, Austin.
About Exela
Headquartered in Irving, Texas, Exela -- www.exelatech.com -- is a
business process automation company, leveraging a global footprint
and proprietary technology to provide digital transformation
solutions enhancing quality, productivity, and end-user experience.
Exela serves a growing roster of more than 4,000 customers
throughout 50 countries, including over 60% of the Fortune 100.
Exela's software and services include multi-industry department
solution suites addressing finance and accounting, human capital
management, and legal management, as well as industry-specific
solutions for banking, healthcare, insurance, and public sectors.
Exela reported a net loss of $162.52 million in 2018, a net loss of
$204.28 million in 2017, and a net loss of $48.10 million in 2016.
As of Sept. 30, 2019, the Company had $1.54 billion in total
assets, $1.91 billion in total liabilities, and a total
stockholders' deficit of $373.31 million.
On Nov. 27, 2019, Exela received a letter from the Listing
Qualifications Department of the Nasdaq Stock Market notifying
Exela that, for the last 30 consecutive business days, the closing
bid price for Exela's common stock was below the minimum $1.00 per
share requirement for continued listing on The Nasdaq Capital
Market as set forth in Nasdaq Listing Rule 5550(a)(2). In
accordance with Nasdaq listing rules, Exela has been provided an
initial period of 180 calendar days, or until May 25, 2020, to
regain compliance with the Minimum Bid Price Requirement.
* * *
As reported by the TCR on Nov. 29, 2019, S&P Global Ratings lowered
its issuer credit rating on Irving, Texas-based Exela Technologies
Inc. to 'CCC-' from 'CCC+' with negative outlook. "We could lower
our ratings on Exela if the company defaults,
announces a distressed exchange or restructuring, or misses its
interest payment," S&P said.
FERRELLGAS PARTNERS: James Schwartz Resigns as GP's Director
------------------------------------------------------------
James K. Schwartz resigned from the Board of Directors of
Ferrellgas, Inc., Ferrellgas Partners' general partner, in order to
address multiple personal matters and the impact upon his health
associated with a previous injury. Upon Mr. Schwartz's departure,
the size of the Board was decreased to six members.
On Dec. 3, 2019, the Board appointed Pamela A. Breuckmann to serve
as a member of the Board's Audit Committee. The Board determined
that Ms. Breuckmann is "independent" under the corporate governance
rules of the New York Stock Exchange and Rule 10A-3 promulgated
under the Securities Exchange Act of 1934, as amended. The current
size of the Audit Committee is three members.
About Ferrellgas
Headquartered in Overland Park, Kansas, Ferrellgas Partners, L.P.,
through its operating partnership, Ferrellgas, L.P., and
subsidiaries, is a distributor of propane and related equipment and
supplies to customers in the United States. The Company serves
residential, industrial/commercial, portable tank exchange,
agricultural, wholesale and other customers in all 50 states, the
District of Columbia and Puerto Rico.
Ferrellgas reported a net loss of $64.54 million for the year ended
July 31, 2019, a net loss of $256.82 million for the year ended
July 31, 2018, and a net loss of $54.50 million for the year ended
July 31, 2017. As of Oct. 31, 2019, Ferrellgas had $1.44 billion
in total assets, $777.06 million in total current liabilities,
$1.73 billion in long-term debt, $88.77 million in operating lease
liabilities, $36.91 million in other liabilities, and a total
partners' deficit of $1.19 billion.
Grant Thornton LLP, in Kansas City, Missouri, the Company's auditor
since 2013, issued a "going concern" qualification in its report
dated Oct. 15, 2019, citing that the Partnership has $357 million
in unsecured notes due June 15, 2020 that are classified as current
in the consolidated financial statements and its current
liabilities exceeded its current assets by $667 million and its
total liabilities exceeded its total assets by $1,139 million. The
Partnership's business plan contemplates restructuring or
refinancing its long-term arrangements and reducing outstanding
indebtedness. The Partnership's ability to achieve the foregoing
elements of its business plan, which may be necessary to permit the
realization of assets and satisfaction of liabilities in the
ordinary course of business, is uncertain and raises substantial
doubt about its ability to continue as a going concern.
On July 23, 2019, Ferrellgas was notified by the New York Stock
Exchange, Inc., that it is no longer in compliance with the NYSE's
continued listing standards because the average closing price of
the Company's common units over a consecutive 30-day trading period
was less than $1.00 per unit. The Company has a period of six
months following the receipt of notice to regain compliance. During
this time the Company's common units will continue to be listed and
trade on the NYSE.
* * *
As reported by the TCR on Oct. 22, 2019, S&P Global Ratings lowered
its issuer credit rating on Ferrellgas Partners L.P. to 'CCC-' from
'CCC'. The downgrade is based on S&P's assessment that Ferrellgas'
capital structure is unsustainable given the upcoming maturity of
its $357 million notes due June 2020.
FLORIDA MICROELECTRONICS: Dec. 17 Plan & Disclosures Hearing Set
----------------------------------------------------------------
On Nov. 14, 2019, Judge Mindy A. Mora of the U.S. Bankruptcy Court
for the Southern District of Florida, West Palm Beach Division,
granted the motion of debtor Florida Microelectronics, LLC to
continue hearing on confirmation of the plan and ordered that Dec.
17, 2019, at 1:30 p.m. at the United States Bankruptcy Court, 1515
N. Flagler Drive, Courtroom A, West Palm Beach, FL 33401 is the
continued hearing on Confirmation of Chapter 11 Plan, Final
Approval of the Disclosure Statement and all pending Applications
for Compensation.
The Debtor is represented by:
Craig I. Kelley, Esquire
KELLEY, FULTON, KAPLAN, P.L.
1665 Palm Beach Lakes Blvd
The Forum - Suite 1000
West Palm Beach, FL 33401
Tel: (561) 491-1200
Fax: (561) 684-3773
E-mail: craig@kelleylawoffice.com
About Florida Microelectronics
Florida Microelectronics, LLC, is a contract manufacturer that
provides manufacturing services, which include electronic and
mechanical design and fabrication for a wide range of industry
applications, from basic components to complex, turnkey systems,
including kiosk assemblies.
On Nov. 5, 2018, Florida Microelectronics filed voluntary petitions
under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.
Fla. Case No. 18-23807) on Nov. 5, 2018, listing less than $1
million in assets and liabilities. Craig I. Kelley, Esq., at Kelley
& Fulton, PL, represents the Debtor.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.
FLORIDA MICROELECTRONICS: To Seek Plan Approval Dec. 17
-------------------------------------------------------
Judge Mindy A. Mora has ordered that disclosure statement filed by
Florida Microelectronics, Inc. is conditionally approved.
Hearing on final approval of disclosure statement, confirmation
hearing and hearing on fee applications will be on December 17,
2019 at 1:30 p.m. in United States Bankruptcy Court, 1515 North
Flagler Drive, Courtroom A, West Palm Beach, Florida 33401.
Proponent's deadline for serving this order, disclosure statement,
plan, and ballot will be on Nov. 22, 2019.
The deadline for filing ballots accepting or rejecting plan was
Dec. 10, 2019.
The deadline for objections to confirmation of the Plan and final
approval of the Disclosure Statement was Dec. 14, 2019.
A full-text copy of the Order dated Nov. 22, 2019, is available at
https://tinyurl.com/r4nvvt5 from PacerMonitor.com at no charge.
About Florida Microelectronics
Florida Microelectronics, LLC, is a contract manufacturer that
provides manufacturing services, which include electronic and
mechanical design and fabrication for a wide range of industry
applications, from basic components to complex, turnkey systems,
including kiosk assemblies.
On Nov. 5, 2018, Florida Microelectronics filed voluntary petitions
under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.
Fla. Case No. 18-23807) on Nov. 5, 2018, listing less than $1
million in assets and liabilities. Craig I. Kelley, Esq., at
Kelley & Fulton, PL, represents the Debtor.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.
FRIENDS OF CITRUS: $895K Sale of Two Real Properties Approved
-------------------------------------------------------------
Judge Michael G. Williamson of the U.S. Bankruptcy Court for the
Middle District of Florida has entered a final order authorizing
Friends of Citrus And The Nature Coast, Inc. in connection with the
sale of the real property located at (i) 3264 W. Audubon Park Path,
Lecanto, Citrus County, Florida, Parcel I.D. No. 18E18S330020 00C0,
to Kurt Chana for $420,000; and (ii) 304 N. Main Street, Chiefland,
Levy County, Florida, Parcel I.D. No. 06981-000-00, to Padma, LLC
for $475,000.
The Final Hearing on the Motion was held on Nov. 25, 2019 at 10:00
a.m.
The sale is free and clear of any liens and encumbrances.
The closings on the Properties will take place no later than 30
days from the entry of the Order.
The compensation to the Auctioneer for both time and expenses are
approved and will be paid exclusively from the applicable 10%
Buyer's Premium paid at the time of the closings of each sale of
the Properties.
Upon the closing of the sale of the Properties, the Debtor will
file a Certificate of Closing, which will be served upon all
parties in interest.
About Friends of Citrus And The Nature Coast
Friends of Citrus And The Nature Coast --
https://friendsofcitrus.org/ -- is a charitable organization
providing community grief support workshop for anyone who has
experienced a loss; telephone support; grief support resources for
all ages; educational materials for parents and teachers; and
children's grief support camps.
Friends of Citrus And The Nature Coast, Inc. filed a voluntary
petition in this Court for relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-03101) on Aug. 14,
2019. On Aug. 15, 2019, the case was transferred to Tampa Division
and was assigned a new case number (Case No. 19-07720).
In the petition signed by Bonnie L. Saylor, chief executive
officer, Friends of Citrus disclosed $7,510,918 in assets and
$5,283,937 in liabilities. Frank P. Terzo, Esq. at Nelson Mullins
Broad and Cassel, is counsel to Friends of Citrus.
FRONTIER COMMUNICATIONS: Appoints Bernie Han as President & CEO
---------------------------------------------------------------
Frontier Communications Corporation's Board of Directors has
unanimously appointed Bernard L. "Bernie" Han as president and
chief executive officer and a member of the Board, effective
immediately. Mr. Han succeeds Daniel McCarthy, who is stepping
down as president and chief executive officer and from his position
on the Board.
Mr. Han brings more than 30 years of experience and significant
operational and financial expertise. During his more than 11 years
in the telecommunications industry at DISH Network, he served as
CFO, COO and as executive vice president, Strategic Planning. In
these roles Mr. Han was responsible for a broad portfolio including
assessing new strategies and markets, operations, customer service,
retention marketing, information technology, as well as financial
functions consisting of accounting, treasury, tax, financial
planning and analysis, investor relations and SEC reporting. Mr.
Han was retained by the Finance Committee of the Board as an
advisor beginning Oct. 16, 2019, and has been actively supporting
efforts to strengthen the Company's financial position since that
time.
Pamela D. A. Reeve, independent chairman of Frontier's Board of
Directors, stated, "We are excited to announce the appointment of
Bernie Han as Frontier's new CEO. Bernie is a proven industry
leader who has a broad-based background with a long track record of
developing organizational talent and enhancing financial and
operational performance while driving and navigating strategic
shifts in the industry. In addition, he has a passion for serving
customers with new and innovative solutions that meet their
evolving needs with a focus on increasing value for all
stakeholders. He brings a disciplined approach to operations
management, having led turnaround initiatives at DISH Network that
increased profitability, enhanced customer experiences and reduced
churn rate. The Finance Committee and entire Board are confident
that, as CEO, Bernie will further Frontier's efforts to drive
operational improvements in our business while continuing to
evaluate the Company's capital structure."
Ms. Reeve continued, "As we continue to take action to improve
Frontier's operational, financial and strategic position, now is
the right time to transition leadership. We thank Dan for his
nearly three decades of service to Frontier and tireless commitment
to customers and employees and wish him the best in the future."
Mr. Han stated, "Frontier has a strong core business that maintains
the trust of millions of customers across the country, and I am
honored to take on the role of CEO at a time where we have both
challenges to overcome and substantial opportunities ahead. I look
forward to working with the Board of Directors and leadership team
as we continue to execute on our initiatives to drive operational
performance, invest in our business and become a stronger partner
to our residential and enterprise customers."
Mr. McCarthy stated, "It has been an incredible experience leading
Frontier over the last four years, and I leave knowing the Company
is in great hands with Bernie at the helm of this skilled and
dedicated organization. I remain a firm believer in Frontier's
future. I look forward to cheering the team on, and I want to
thank everyone I have had the pleasure to work with and learn from
during my time with Frontier."
Bernie Han most recently served as DISH's executive vice president
of Strategic Planning from 2016 to 2018. Prior to that, he served
as chief operating officer of DISH for six years, overseeing the
company's Finance, Marketing, Sales, Customer Retention,
Operations, Information Technology, Product, Programming and Media
Sales organizations. He began his career at DISH as chief
financial officer in 2006.
In connection with Mr. Han's appointment, Mr. Han and the Company
entered into an employment agreement, dated Dec. 3, 2019, which
provides for an initial three-year term of employment, with
automatic renewal for one-year periods thereafter unless terminated
by either party. Pursuant to the Employment Agreement, Mr. Han
will be eligible for an annual base salary of $1.3 million, an
aggregate annual short- and long-term incentive compensation
opportunity of $6.7 million at target performance, and temporary
housing and reimbursement of travel-related expenses until May 13,
2020. Mr. Han will also receive a cash retention bonus of $2
million upon execution of the Employment Agreement, which amount
must be repaid on an after-tax basis if Mr. Han is terminated for
cause or resigns without good reason, in each case, prior to Dec.
3, 2020. Under the Employment Agreement, if Mr. Han is terminated
without cause or resigns for good reason or if the Company elects
not to renew the term of the agreement, he will, subject to his
execution and non-revocation of a general release of claims in
favor of the Company, receive (a) cash severance equal to one times
his base salary (two times the sum of his base salary and target
annual bonus, if such termination occurs during the six-month
period prior to or one-year period following a change in control),
(b) a pro rata portion of his outstanding incentive compensation
awards (based on actual performance), and (c) continued health
coverage for 12 months following his termination of employment (18
months if such termination occurs within the six-month period prior
to or one-year period following a change in control). Mr. Han is
also subject to customary restrictive covenants under the
Employment Agreement, including one-year post-termination
restrictions on competing with or soliciting employees of the
Company.
About Frontier Communications
Headquartered in Norwalk, Connecticut, Frontier Communications
Corporation (NASDAQ: FTR) -- http://www.frontier.com/-- is a
provider of communications services to urban, suburban, and rural
communities in 29 states. Frontier offers a variety of services to
residential customers over its fiber-optic and copper networks,
including video, high-speed internet, advanced voice, and Frontier
Secure digital protection solutions. Frontier Business offers
communications solutions to small, medium, and enterprise
businesses.
The Company incurred net losses of $643 million in 2018, $1.80
billion in 2017, and $373 million in 2016. As of Sept. 30, 2019,
Frontier had $17.56 billion in total assets, $2.74 billion in total
current liabilities, $580 million in deferred income taxes, $1.64
billion in pension and other post-retirement benefits, $398 million
in other liabilities, $16.30 billion in long-term debt, and a total
deficit of $4.10 billion.
* * *
As reported by the TCR on Aug. 14, 2019, Moody's Investors Service
downgraded the corporate family rating of Frontier Communications
Corporation to Caa2 from Caa1 and the probability of default rating
to Caa3-PD from Caa1-PD. The downgrade of the CFR reflects an
updated assessment of the company's probability of default and
recovery expectations following weak second quarter 2019 revenue
and EBITDA results, continued negative net customer addition trends
and reduced expectations regarding cost efficiency programs going
forward.
In July 2019, Fitch Ratings downgraded the Issuer Default Rating of
Frontier Communications Corporation and its subsidiaries to 'CCC'
from 'B-'. The downgrade reflects Fitch's opinion that Frontier
has limited options with respect to $2.7 billion in maturities in
2022 and nearly $900 million in 2023.
S&P Global Ratings lowered the issuer credit rating on U.S.-based
telecommunications service provider Frontier Communications
(Frontier) and its issue-level rating on the company's senior
unsecured debt to 'CCC' from 'CCC+' based on a higher risk of
default, as reported by the TCR on June 26, 2019.
FULL X TECH: Plan to be Funded by Continued Business Operations
---------------------------------------------------------------
Full X Tech, Corp. filed with the U.S. Bankruptcy Court for the
Southern District of Florida, Miami Division, a disclosure
statement in support of its plan of reorganization.
The Plan provides that Class 2 consists of all allowed unsecured
general claims. The Class 2 creditors shall share pro rata in a
total distribution in a one-time payment after the entry of final
and non-appealable confirmation order and final decree of the
approximate amount of $152,000 (8.5%) following the entry of final
and non-appealable confirmation order and final decree. At
confirmation, the principal shall provide $5,000 in new value.
Existing equity shall be cancelled. New equity in the Reorganized
Debtor will be issued to the Plan Sponsors in exchange for cash
sufficient to fund unpaid Administrative Claims, the Unsecured
Claim Fund, the Internal Revenue Service Claim, and the General
Unsecured Claim.
The means necessary for the execution of this Plan include the
Debtor's income from its business operations. The Debtor shall and
believes it can generate and receive sufficient income to the
amount necessary to enable it to make all payments due under the
Plan. The Debtor shall be the disbursing agent.
A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/r56bwzj from PacerMonitor.com at no charge.
The Debtor is represented by Ariel Sagre, Esq. of SAGRE LAW FIRM,
P.A.
About Full X Tech
Full X Tech, Corp. is a privately owned company in Miami, that
wholesales computers, computer equipment, cellphones, telephones,
network devices and printers.
Full X Tech sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 19-19461) on July 17, 2019. At the
time of the filing, the Debtor was estimated to have assets of
between $500,000 and $1 million and liabilities of between $1
million and $10 million. The case has been assigned to Judge Robert
A. Mark. The Debtor is represented by Sagre Law Firm, P.A.
GENERATION NEXT: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Four affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Generation Next Franchise Brands, Inc. 19-17921
FKA The Fresh and Healthy Vending Corporation
FKA Fresh Healthy Vending International, Inc.
FKA FHV Acquisition Corp.
2620 Financial Court, Suite 100
San Diego, CA 92117
19 Degrees, Inc. 19-17924
2620 Financial Court, Suite 100
San Diego, CA 92117
Print Mates, Inc. 19-17923
FKA Generation Next Vending Robots Inc.
2620 Financial Court, Suite 100
San Diego, CA 92117
Reis & Irvy's Inc. 19-17922
FKA Robofusion, Inc.
2620 Financial Court, Suite 100
San Diego, CA 92117
Business Description: Generation Next Franchise Brands, Inc. is a
holding company that owns three operating
subsidiaries: Reis & Irvy's, Inc., Print
Mates, Inc., and 19 Degrees, Inc. The
Debtors primarily develop and operate
unattended retail platforms and related
technology through franchise, licensing,
wholesale, and corporate owned business
models. For more information, visit
https://www.gennextbrands.com.
Chapter 11 Petition Date: December 15, 2019
Court: United States Bankruptcy Court
District of Nevada
Judge: Hon. Mike K. Nakagawa
Debtors' Counsel: Matthew C. Zirzow, Esq.
LARZON ZIRZOW KAPLAN & COTTNER
850 E. Bonneville Ave.
Las Vegas, NV 89101
Tel: 702-382-1170
Email: mzirzow@lzkclaw.com
- and
MCDONALD HOPKINS LLC
600 Superior Avenue, Suite 2100
Cleveland, Ohio 44114
Debtors'
Investment
Banker: SUTTER SECURITIES, INC.
220 Montgomery Street, Suite 468
San Francisco, California 94104
Generation Next's
Total Assets as of Sept. 24, 2019: $15,800,000
Generation Next's
Total Debts as of Sept. 24, 2019: $45,000,000
19 Degrees, Inc.'s
Estimated Assets: $0 to $50,000
19 Degrees, Inc.'s
Estimated Liabilities: $0 to $50,000
Print Mates'
Estimated Assets: $500,000 to $1 million
Print Mates'
Estimated Liabilities: $500,000 to $1 million
Reis & Irvy's'
Estimated Assets: $10 million to $50 million
Reis & Irvy's's
Estimated Liabilities: $10 million to $50 million
The petitions were signed by Ryan Polk, chief executive officer.
Full-text copies of the petitions are available from PacerMonitor
at no extra charge:
https://is.gd/xT40b2
https://is.gd/CJN55V
https://is.gd/e72MR2
https://is.gd/Sy9Q0T
A. List of Generation Next's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Robofusion, Inc. Promissory Note $1,104,450
Attn: James Wolf
925 Moe Drive
Akron, OH 44310
2. Eagle Equities, LLC Convertible Note $750,000
Attn: Yakov Borenstein
390 Walley Ave.
New Haven, CT 06511
3. Nakagawa Family Convertible Note $500,000
Recovable Living Trust
Attn: Ted D. Nakagawa, Trustee
7902 S. Grandview Ave.
Tempe, AZ 85284
4. Les Schultz Promissory Note $300,000
7824 Rio Senda
Rancho Santa Fe, CA 92067
5. FirstFire Global Convertible Note $250,000
Opportunities Fund LLC
Attn: Managing Member
1040 1st Ave.
New York, NY 10022
6. Flex, Ltd. Transition & $247,000
Attn: Thomas M. Connelly, Esq. Interim
VP, Legal Flex Production
6201 America Center Drive Agreement
San Jose, CA 95002
7. Jack E. Lenhart Convertible Note $150,000
2100 Miracle Dr.
Casper, WY
82609-4610
8. Kenneth D. Cascarella Convertible Note $100,000
3157 Seward Dr.
Eads, TN 38028
9. Thomas P. Dobron Convertible Note $100,000
P.O. Box 9948
Rancho Santa Fe,
CA 92067
10. Mesa Strategies, Inc. Convertible Note $100,000
Attn: Allan Ligi
18145 Old Coach Dr.
Poway, CA 92064
11. Theresa Ellbogen Convertible Note $100,000
903 8th Street
Boulder, CO 80302
12. Jacques Beaumont Convertible Note $60,000
1795 Arash Circle
Port Orange, FL
32128-7293
13. Troy Guerra Convertible Note $50,000
1245 White Sands Drive
San Marcos, CA 92078
14. Jonathan M. Younkman Promissory Note $50,000
5227 Reserve Dr.
Dublin, OH 43017
15. Dan Rickard Promissory Note $50,000
and Tammy Rickard
601 60th St. SW
Watertown, SD
57201-7021
16. Anthony Richard Pavoni Convertible Note $50,000
1571 Sea Palms Crest
Mount Pleasant, SC
29464-9486
17. Melissa Farnsworth Convertible Note $50,000
5668 Amber Ridge Drive
Castle Rock, CO 80108
18. John R. Eslich Convertible Note $50,000
5073 Limerick Ave., NW
N. Canton, OH
44720-7438
19. Richard J. Fried Convertible Note $50,000
10 Spectrum Dr.
Sugar Loaf, NY 10981
20. Brian Harper Convertible Note $30,000
5516 Baca Circle
Boulder, CO 80301
B. List of 19 Degrees' Six Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. H&B Robofusion Trade Debt $10,000
Attn: Bankruptcy Dept/
Managing Agent
P.O. Box 740309
2. Amanda and Michael DeMaye Trade Debt $9,790
223 Sonni Lane
McKees Rocks, PA 15136
3. Mandour & Associates Services $621
Attn: Bankruptcy Dept/
Managing Agent
8605 Santa Monica Blvd., Ste 1500
Los Angeles, CA 90069
4. Kan Pak LLC Trade Debt $363
Attn: Bankrutpcy Dept/
Managing Agent
P.O. Box 204788
Dallas, TX 75320
5. Consumers Energy Services $70
Attn: Bankruptcy Dept/
Managing Agent
P.O. Box 740309
Cincinnati, OH
45274-0309
6. South Carolina $27
Department of Revenue
Attn: Bankruptcy Dept/
Managing Agent
P.O. Box 2535
Columbia, SC
29202-2535
C. List of Print Mates' 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Fabcon Trade Debt $114,278
Attn: Keith Gelfer
1800 East Saint
Andrew Place
Santa Ana, CA
92705-5043
2. Card Member Service Charge Account $50,688
Attn: Bankruptcy Dept/
Managing Agent
P.O. Box 6294
Carol Stream, IL
60197-6294
3. DNP Trade Debt $40,183
Attn: Bankruptcy Dept/
Managing Agent
P.O. Box 281011
Atlanta, GA
30384-1011
4. Bailey, Kevin Trade Debt $32,557
5. Saritasa Trade Debt $31,040
Attn: Bankruptcy Dept/
Managing Agent
20411 Birch St.,
Suite 330
Newport Beach, CA 92660
6. Venell, Andrew Trade Debt $12,291
3923 N. Ashland
Ave., #2
Chicago, IL 60613
7. Trump Card Trade Debt $10,689
Attn: Bankruptcy Dept/
Managing Agent
23807 Aliso Creek road, Suite 200
Laguna Niguel, CA 92677
8. Pony Express Trade Debt $10,550
Productions
Attn: Bankruptcy Dept/
Managing Agent
143 East 400 North
Bountiful, UT 84010
9. Media Partners Trade Debt $9,504
Attn: Bankruptcy Dept/
Managing Agent
133 The Promenade
N#106
Long Beach, CA
90802
10. Franchise Tax Board Trade Debt $8,648
Bankruptcy Section, MS A340
PO Box 2952
Sacramento, CA
95812-2952
11. TPX Communications Trade Debt $7,131
Attn: Bankruptcy Dept/
Managing Agent
515 S. Flower St., 45th Floor
Los Angeles, CA
90071-2201
12. American Express Merchant Trade Debt $6,000
Attn: Bankruptcy Dept/
Managing Agent
13. HF Holdings, Inc. Trade Debt $5,880
Attn: Bankruptcy Dept/
Managing Agent
P.O. Box 593080
Orlando, FL 32859
14. Pickwell, Tim Trade Debt $5,000
12625 High Bluff Drive
Ste 108 B
San Diego, CA 92130
15. San Diego Commercial MGMT Trade Debt $4,797
Attn: Bankruptcy Dept/
Managing Agent
9820 Willow Creek Road
Suite 100
San Diego, CA 92131
16. Radiant Logistics Trade Debt $4,297
Attn: Bankruptcy Dept/
Managing Agent
7373 Kirkwood Court, Suite 200
Maple Grove, MN 55369
17. Strategic Media Trade Debt $3,500
Attn: Bankruptcy Dept/
Managing Agent
511 Congress Street
9th Floor
Portland, ME 04101
18. Thomas-Hendrickson, Inc. Trade Debt $2,930
Attn: Bankruptcy Dept/
Managing Agent
7810 Village Dr.
Knoxville, TN 37919
19. Bautista, Francesca Trade Debt $2,098
20. Class Advisors Services $1,300
Attn: Bankruptcy Dept/
Managing Agent
6160 Mission
George Road, Suite 205
San Diego, CA 92120
D. List of Reis & Irvy's' 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Pitney Bowes Trade Debt $1,304,490
Attn: Bankruptcy Dept/
Managing Agent
PO Box 371896
Pittsburgh, PA
15250-7896
2. Steolting Trade Debt $697,368
Attn: Bankruptcy Dept/
Managing Agent
75 Remittance Drive,
Suite 3022
Chicago, IL
60675-3022
3. Susanne Shepherd Franchise $540,800
789 Springbrook Ln Deposit
Evans, GA 30809
4. CSA Service Trade Debt $489,929
Solutions LLC
Attn: Bankruptcy Dept/
Managing Agent
200 NE Missouri Road
Suite 200
Lees Summit, MO 64086
5. Jones Day Legal Services $484,685
Attn: Bankruptcy Dept/
Managing Agent
4655 Executive Dr.
Floor 12 Room 1500
San Diego, CA 92121
6. Jason Olson Franchisee $479,000
Olson Frozen Treats Deposit
9180 S. Saddle Horn Dr.
Idaho Falls, ID 83404
7. Ping Wang Franchisee $468,950
Robotic Froyo LLC Deposit
24 Middle Neck Rd, 1E
Roslyn, NY 11576
8. Nancy Rikard Franchisee $451,600
Palmetto Robotic Deposit
Vending, LLC
370 Zion Hopewell Rd
Gilbert, SC 29054
9. White & Raap Frobotic Franchisee $415,781
Corporation Deposit
50 Monaco Drive
Roselle, IL 60172
10. Jay Meral III Franchisee $371,887
Big Easy Robotics Deposit
219 Camphill Court
Abita Springs, LA 70420
11. Jeff Pittel Franchisee $340,478
JLP Inc. Deposit
508 Brennan Lane
Franklin, TN 37067
12. EPMP Trade Debt $330,970
Attn: Bankruptcy Dept/
Managing Agent
PO Box 447
Seguin, TX 78156
13. Jim Ross Franchisee $312,750
8933 Hollymeade Drive Deposit
Lorton, VA 22079
14. Ami Hillenmeyer ASH, LLC Franchisee $298,900
721 Chinkapin Dr. Deposit
Nicholasville, KY 40356
15. Natural State Prior Franchisee $280,767
Robotics, LLC holder whose
John Timothy Howell, Sr. agreement has
3 Colony Cove been terminated or
White Hall, AR pending termination
71602
16. Mitchell Gooze Franchisee $261,600
Frozen Treats Vending Deposit
225 Gregorgio Ct.
Reno, NV 89521
17. Raja Gidwani Franchisee $260,000
3920 SW 186th Way Deposit
Pembroke Pines, FL 33029
18. David Ortiz Franchisee $253,400
ORZU CORP Deposit
48 Marc Dr.
South Brunswick, NJ 08810
19. Nima Kioumarsi Franchisee $252,500
1111 Anthem View Ln Deposit
Knox County, TN 37922
20. Mintz Levin Legal Services $245,271
Attn: Bankruptcy Dept/
Managing Agent
3580 Carmel MountaiN Road
Suite 300
San Diego, CA 92130
GO WIRELESS: S&P Alters Outlook to Negative, Affirms 'B' ICR
------------------------------------------------------------
S&P Global Ratings affirmed the 'B' issuer credit rating and 'B+'
issue-level rating (with a '2' recovery rating) on U.S.-based
independent, exclusive Verizon retailer Go Wireless Holdings Inc.
and revised its outlook to negative from stable.
The outlook revision reflects the company's recent underperformance
that led to weak credit metrics.
The company's rolling-12-month adjusted leverage increased to about
5.2x and its fixed-charge coverage ratio is approaching 1.1x as of
Sept. 30, 2019. LTM revenue decreased about 3% mainly due to
declining contract counts and the continued elongation of the
upgrade cycle. S&P also expects the company will continue to close
underperforming stores (31 stores were closed in 2019). The
company's LTM EBITDA margins also decreased by about 220 basis
points (bps) to 7.6% compared with the 9%-10% range the past two
years mainly due to volume declines, increased sales of
lower-margin products in addition to store closure expenses. While
the company is implementing a restructuring of its sales force
compensation plan in order to decrease commissions paid, the extent
to which profitability will improve without materially worsening
its sales turn over remains uncertain.
The negative outlook reflects S&P's expectation that operating
performance pressure could continue into the next 12 months making
it harder for the company to improve its credit metrics to levels
that would ensure adequate headroom under its debt covenants. The
negative outlook also takes into account the uncertainty around the
impact the company's recently announced sales force commissions
restructuring will have on profitability.
"We could consider a downgrade in the next 12 months if Go
Wireless' covenant cushion falls below 10% with no potential for an
expanded cushion. We could also lower the rating if operating
performance and credit measures deteriorate below our base-case
expectations possibly because of unfavorable commission
arrangements or heightened competition such that we could view its
competitive standing as weaker," S&P said. Under this scenario, the
rating agency could see declines in net contract counts and EBITDA
margin contracting about 75 to 100 bps, with leverage approaching
6x or fixed-charge coverage remaining in the low-1x area.
"We could revise the outlook back to stable in the next 12 months
if the company's covenant cushion stabilizes around 15% or higher
with leverage declining toward the mid-4.0x area and a fixed-charge
coverage ratio increasing to about 1.5x," S&P said. This would
result from the company growing its EBITDA possibly due to
disciplined cost management and successfully capitalizing on the
industry's 5G roll-out expected in the later part of 2020 while
having a conservative financial policy, according to the rating
agency.
GOLD COAST: Unsecured Creditors to Recover 10% in 60 Months
-----------------------------------------------------------
Gold Coast Partners, LLC, submitted a Fourth Amended Plan of
Reorganization and a Disclosure Statement on Nov. 22, 2019.
The Plan provides for distributions to the holders of allowed
claims from funds realized from existing cash deposits and the
Debtor's future earnings.
The Plan provides that:
* Class 1: Priority Tax Claims. The Allowed amount of Priority
Claims shall be paid in full in 60 monthly payments from the
Petition Date, with interest at the rate of 5.00% per annum,
commencing 30 days after the Effective Date. The total amount of
Priority Claims is $7,353.63, and the monthly payment is $179.55.
* Class 2: Secured Claim of Alliance Laundry Systems, LLC. The
Allowed Amount of Alliance's Secured Claim in the amount of
$588,780.82, with interest at the rate of 7.24% per annum be paid
in monthly installments in 96 monthly payments from the Effective
Date, commencing 30 days after the Effective Date. The monthly
payment is $8,098.00.
* Class 3: Secured Claim of Dexter Financial Services, Inc. The
Allowed Amount of Dexter's Secured Claim in the amount of
$120,055.59, with interest at the rate of 6.49% per annum, will be
paid in monthly installments in 75 monthly payments from the
Effective Date, commencing thirty (30) days after the Effective
Date. The monthly payment is $1,958.14.
* Class 4: Secured Claim of City of Chicago, Department of
Finance, Bureau of Utility Billing. The Allowed Amount of Chicago
Water's Secured Claim in the amount or $63.261.53, with interest at
the rate of 5.00% per annum, will be paid in monthly installments
in 60 monthly payments from the Effective Date, commencing 30 days
after the Effective Date. The monthly payment is $1,194.00.
* Class 5: Claims of General Unsecured Creditors (including the
unsecured claims of taxing bodies). The allowed amount of the
claims of general unsecured creditors (including the unsecured
claims of taxing bodies) will be repaid, pro rata, in the amount of
10% percent of the allowed unsecured claims, without interest, in
60 monthly payments, commencing 30 days after the Date. The total
amount of estimated Allowed Unsecured Claims (including the
unsecured claims of taxing bodies) is $196,284.06. Accordingly,
the Class 5 creditors will receive, pro rata, a total of
$19,628.41. The monthly payment is $327.14.
* Class 6: Secured Claim of Strategic Funding Source, Inc. The
allowed amount of Strategic's secured claim in the amount of
$59,196.82, with interest at the rate or 6.00% per annum, will be
paid in monthly installments in 60 monthly payments from the
Effective date commencing 30 days after the Effective Date. The
monthly payment is $1,224.02.
* Class 7: Allowed Interests of Members of the Debtor, Tracey
Brooks Holloway f/k/a Tracey L. Brooks ("Tracey") and Lucher
Holloway ("Luke"). The Members will retain their Interests in the
Debtor in exchange for a new value contribution in the amount of
$2,500 each, payable in monthly installments over 36 months,
commencing 30 days after the Effective Date.
A full-text copy of the Disclosure Statement dated November 22,
2019, is available at https://tinyurl.com/wes6hwl from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Joel A. Schechter
LAW OFFICE OF JOEL A. SCHECHTER
53 W. Jackson Blvd., Suite 1522
Chicago, Illinois 60604
Tel: (312) 332-0267
About Gold Coast Partners
Gold Coast Partners, LLC, is a privately-held company in Chicago,
Illinois, that owns coin-operated laundries and cleaning business.
It operates 3 coin-operated laundromats in the City of CHicago.
Gold Coast Partners sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 18-09765) on April 3,
2018. In the petition signed by Tracey L. Brooks, member, the
Debtor estimated assets of less than $50,000 and liabilities of $1
million to $10 million. Judge Timothy A. Barnes oversees the case.
The Debtor is represented by Joel A. Schechter, Esq., in Chicago,
Illinois.
GRAMERCY GROUP: Jan. 29, 2020 Plan Confirmation Hearing Set
-----------------------------------------------------------
Debtor Gramercy Group, Inc., filed with the U.S. Bankruptcy Court
for the Eastern District of New York a motion approving the
adequacy of the second amended disclosure statement.
On Nov. 19, 2019, Judge Louis A. Scarcella approved the disclosure
statement and established the following dates and deadlines:
* Jan. 3, 2020, at 9:00 p.m. is the deadline for each Ballot must
be properly executed, completed, and delivered to the Voting Agent
to be counted as a vote to accept or reject the Plan.
* Jan. 3, 2020, at 9:00 p.m. is the deadline to file any
responses or objections to the confirmation of the Plan.
* Jan. 29, 2020, at 10:00 a.m. is the confirmation hearing before
the Honorable Louis Scarcella, United States Bankruptcy Judge in
Courtroom 970 of the United States Bankruptcy Court for the Eastern
District of New York Alfonse D’Amato Federal Courthouse, 290
Federal Plaza, Central Islip, New York 11722.
A full-text copy of the order is available at
https://tinyurl.com/w2j97sl from PacerMonitor.com at no charge.
The Debtor is represented by:
Melanie L. Cyganowski, Esq.
Robert C. Yan, Esq.
OTTERBOURG P.C.
230 Park Avenue
New York, New York 10169
Telephone: (212) 661-9100
Facsimile: (212) 682-6104
About Gramercy Group
Gramercy Group, Inc. -- http://gramercyusa.com/-- began operations
in 1989, offering turnkey solutions in environmental remediation
and demolition. It has expanded to provide more services,
including heavy civil and general contracting services. The
company is headquartered in Wantagh, N.Y.
Gramercy Group sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 19-73622) on May 17, 2019. At the
time of the filing, the Debtor was estimated to have assets of
between $10 million and $50 million and liabilities of between $10
million and $50 million. The case is assigned to Judge Louis A.
Scarcella. The Debtor is represented by Cullen & Dykman LLP and
Otterbourg P.C.
GRANITE CITY: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Five affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Granite City Food & Brewery Ltd. 19-43756
d/b/a Granite City Food and Brewery
3600 American Blvd. West #400
Minneapolis, MN 55431
Granite City Restaurant Operations, Inc. 19-43757
d/b/a Granite City Food & Brewery
d/b/a Cadillac Ranch All American Bar & Grill
3600 American Blvd. W #400
Minneapolis, MN 55431
Granite City of Indiana, Inc. 19-43758
d/b/a Granite City Food & Brewery
3600 American Blvd. W, #400
Minneapolis, MN 55431
Granite City of Kansas, Ltd. 19-43759
3600 American Blvd. W, #400
Minneapolis, MN 55431
Granite City of Maryland, Inc. 19-43760
d/b/a Granite City Food & Brewery
3600 American Blvd. W #400
Minneapolis, MN 55431
Business Description: Granite City Food & Brewery --
https://www.gcfb.com -- is a casual dining
restaurant group featuring menu items
prepared from made-from-scratch recipes.
Signature dishes include Grilled Chicken and
Asparagus Linguini, Barramundi Buerre Blanc
and a host of other innovative menu items,
as well as burgers, flatbreads, salads and
steaks. Granite City Food & Brewery's
signature brews, which are made on-site,
include The Duke (Pale Ale), The Bennie
(Bock), The Batch (Double IPA), The Northern
(American Style Light Lager) and The Stout.
Chapter 11 Petition Date: December 16, 2019
Court: United States Bankruptcy Court
District of Minnesota
Judge: Hon. William J. Fisher (19-43756)
Hon. Katherine A. Constantine (19-43758 and 19-43760)
Hon. Kathleen H. Sanberg (19-43759)
Debtors' Counsel: James M. Jorissen, Esq.
BRIGGS & MORGAN, PA
80 South 8th Street
Minneapolis, MN 55402
Tel: 612-977-8400
Email: jjorissen@briggs.com
Granite City Food & Brewery's
Estimated Assets: $10 million to $50 million
Granite City Food & Brewery's
Estimated Liabilities: $10 million to $50 million
Granite City Restaurant Operations'
Estimated Assets: $1 million to $10 million
Granite City Restaurant Operations'
Estimated Liabilities: $10 million to $50 million
Granite City of Indiana's
Estimated Assets: $0 to $50,000
Granite City of Indiana's
Estimated Liabilities $10 million to $10 million
Granite City of Maryland's
Estimated Assets: $0 to $50,000
Granite City of Maryland's
Estimated Liabilities: $10 million to $50 million
Granite City of Kansas'
Estimated Assets: $0 to $50,000
Granite City of Kansas'
Estimated Liabilities: $10 million to $50 million
The petitions were signed by Richard H. Lynch, president and chief
executive officer.
Full-text copies of the petitions are available from PacerMonitor
for free at:
https://is.gd/HfJ9AZ
https://is.gd/Kx9lHY
https://is.gd/37kymf
https://is.gd/fEL0g2
https://is.gd/3aS1C6
Granite City of Kansas Ltd lists Westrim Properties LLC as its sole
unsecured creditor holding a claim of $112,500.
A. List of Granite City Food & Brewery's 20 Largest Unsecured
Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. American Express Plum Card $665,294
P.O. Box 981535
El Paso, TX 79998-1535
2. Ascension Health Ministry Serv $130,565
4040 Vincennes Circle
Indianapolis, IN 46268
3. Doug Johnson $281,573
PO Box 90406
Sioux Falls, SD 57109
4. Edward Don & Co. $143,490
2562 Paysphere Circle
Chicago, IL 60674
5. Legacy Village Investors LLC $166,666
PO Box 635159
Cincinnati, OH 45263-5159
6. Michael Quagliano $127,050
4701 1st Ave Se #11
Cedar Rapids, IA 52402
7. Peterson Companies $226,371
12500 Fair Lakes Circle #400
Fairfax, VA 22033
8. Regency Centers LP $150,743
1568 Solutions Center
Chicago, IL 60677
9. Richard A. Lane P $108,333
Cameron Lane
PO Box 9727
Michigan City, IN 46361
10. Riverfront Holdings Inc. $231,906
Department 77725
PO Box 77000 Detroit, MI
48277-0725
11. Store Capital Corporation $557,028
8377 East Hardford Dr, Ste 100
Scottsdale, AZ 85255
12. Sysco Chicago $124,346
PO Box 5037
Des Plaines, IL 60017-5037
13. Sysco Detroit $235,431
PO Box 33580
Detroit, MI 48232-5580
14. Sysco Eastern Maryland $152,520
PO Box 477
Pocomoke City, MD
21851-0477
15. Sysco Iowa $151,084
PO Box 874
Des Moines, IA
50304-0874
16. Sysco Kansas City $142,954
PO Box 40
Olathe, KS 66051-0040
17. Sysco Lincoln $152,238
P.O. Box 80068
Lincoln, NE 68501-0068
18. Sysco Minnesota $307,295
P.O. Box 49730
Minneapolis, MN 55449-0730
19. Todd Or Lori Hanson $91,875
C/O Farmers Credit Serv Of Am
322 1st Avenue East Mobridge, SD 57601
20. University Park Mall, LLC $126,657
c/o Simon Properties
867525 Reliable Parkway Chicago, IL 60686
B. List of Granite City Restaurant Operations's 15 Unsecured
Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Cherryvale Mall LLC $35,000
PO Box 955607
Cbl #0467
Saint Louis, MO 63195-5607
2. Circle Centre Mall LLC $117,147
866980 Reliable Parkway
Chicago, IL 60686-6900
3. Doug Johnson $153,573
PO Box 90406
Sioux Falls, SD 57109
4. Fallen Timbers Ohio LLC $28,319
c/o NAMCO Realty LLC
150 Great Neck Road #304
Great Neck, NY11021
5. Francis Properties LLC $73,765
5507 Valley Drive #6
Bettendorf, IA 52722
6. Legacy Village Investors LLC $166,666
25333 Cedar Road #300
Cleveland, OH 44124
7. MOAC Mall Holdings LLC $7,161
60 East Broadway
Minneapolis, MN 55425
8. Peterson Companies $226,371
12500 Fair Lakes Circle #400
Fairfax, VA 22033
9. PPF RTL Rosedale Shopping Cent $48,225
29974 Network Place
Chicago, IL 60673
10. Regency Centers LP $150,743
1568 Solutions Center
Chicago, IL 60677
11. Store Master Funding I, LLC $557,028
8377 East Hartford Drive
#100 Scottsdale, AZ85255
12. SVH Real Estate, Inc. $130,565
250 W 96th Street
Indianapolis, IN 46260
13. University Mark Mall, LLC $126,657
c/o Simon Properties
867525 Reliable Parkway
Chicago, IL 60686
14. Weingarten Realty Investors $72,021
PO Box 301074
Dallas, TX 75303
15. West Acres Development LLP $19,145
3902 13th Avenue
South#3717 Fargo, ND 58103
GREATER APOSTOLIC: Hearing on San Diego Asset Sale Set for Jan. 2
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of California
is set to hold a hearing on Jan. 2, at 2:00 p.m., to consider the
proposed sale of Greater Apostolic Faith Temple Church, Inc.'s real
properties in San Diego Calif.
The properties to be sold include an office building, a parking
lot, and a church property.
AACTS International Ministries, Inc. and MERC—Z Housing of Zion
Solutions offered to buy the properties for $3.25 million. The
agreement includes a leaseback provision.
The sale is expected to generate proceeds enough to pay all allowed
claims against the church, including the secured claim of 138 28th
Street, San Diego, LLC and general unsecured claims.
About Greater Apostolic Faith
Temple Church Inc.
Greater Apostolic Faith Temple Church Inc., a religious
organization in San Diego, Calif., sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 19-02820) on
May 14, 2019. At the time of the filing, the Debtor disclosed
assets of between $1,000,001 and $10 million and liabilities of the
same range.
The case is assigned to Judge Margaret M. Mann. The Speckman Law
Firm is the Debtor's legal counsel.
HEATING & PLUMBING: Jan. 9, 2020 Disclosure Statement Hearing Set
-----------------------------------------------------------------
Debtor Heating and Plumbing Engineers, Inc., filed with the U.S.
Bankruptcy Court for the District of Colorado a Disclosure
Statement and a Plan of Reorganization under Chapter 11 of the
Bankruptcy Code on Oct. 31, 2019. On Nov. 14, 2019, Judge Thomas
B. McNamara ordered that:
* Jan. 9, 2020, at 1:30 p.m. in Courtroom E, United States
Bankruptcy Court for the District of Colorado, United States Custom
House, 721 19th Street, Denver, Colorado is the hearing to consider
the adequacy of and to approve the Disclosure Statement.
* Objections to the Disclosure Statement must be filed and served
in the manner specified in Local Bankruptcy Rule 3017-1 and Fed. R.
Bankr. P. 3017(a), not less than 14 days prior to the Hearing.
A full-text copy of the Order is available at
https://tinyurl.com/w76r9do from PacerMonitor.com at no charge.
About Heating & Plumbing Engineers
Founded in 1947, Heating & Plumbing Engineers, Inc., a mechanical
contractor, provides HVAC sheet metal, plumbing, and piping systems
services in Colorado.
Heating & Plumbing Engineers filed a voluntary petition pursuant to
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case
No.19-16183) on July 19, 2019. I n the petition signed by CEO
William T. Eustace, the Debtor disclosed $13,845,361 in assets and
$14,934,602 in liabilities. Lee M. Kutner, Esq., at Kutner Brinen,
P.C., is the Debtor's counsel.
HENDRICKSON TRUCK: $3-Mil. DIP Loan from TAB Bank Wins Interim OK
-----------------------------------------------------------------
Hendrickson Truck Lines, Inc., asked the Bankruptcy Court for the
Eastern District of California for permission to obtain
post-petition financing from Transportation Alliance Bank of up to
$3,000,000 less the pre-petition obligations owed. The Debtor
anticipates that it will use approximately $2.9 million of the
available facility.
Pursuant to the terms of the DIP Financing, TAB will purchase
receivables for 90% of their face value, and the Debtor will be
liable to the extent of any account debtor does not pay TAB in
full. The Debtor will maintain a bookkeeping reserve account with
TAB of approximately $200,000 representing an unpaid portion of the
Purchase Price.
TAB will be granted a senior, first-in-priority and priming
security interests in, and liens on all of the Debtor's assets,
except the leased trucks, the receivables sold to TAB and the funds
on reserve. Nothing, however, in the DIP Agreement will be
construed to give TAB seniority over the lien rights of Ciras, LLC
and 19th Capital Group, LLC with respect to titled vehicles whose
titles are held by Ciras, LLC and 19th Capital Group, LLC or to the
proceeds of said vehicles.
The maturity of any of the Debtor's obligations to TAB will depend
upon the payment terms of invoices, which the Debtor issues to its
customers.
A copy of the Debtor's request is available at https://is.gd/17TktF
from PacerMonitor.com free of charge.
Judge Christopher D. Jaime granted the Debtor approval to obtain
DIP financing for the interim period from Dec. 3, 2019 through Jan.
7, 2020, except for the payment on the secured debt.
The Court ruled, among others, that no priming liens will be
granted under Section 364(d) of the Bankruptcy Code, pending final
approval of the Motion.
A copy of the Interim Order is available at https://is.gd/L4Ht4b
from PacerMonitor.com free of charge.
A final hearing on the matter is set for Jan. 7, 2020 at 2 p.m.
Objections are due by Dec. 24, 2019 and any reply by Dec. 31.
About Hendrickson Truck Lines
Hendrickson Truck Lines, Inc., fdba Hendrickson Trucking, Inc. --
http://www.htlines.com-- is a general freight trucking company
founded in 1976 with headquarters in Sacramento, California. Its
services include dry van truckload, LTL line haul, short & long
haul, expedited, general freight, solo & team, and express
freight.
The Company previously filed for bankruptcy protection (Bankr. E.D.
Cal. Case No. 15-24947) on June 19, 2015. On February 20, 2017,
the Court entered its order confirming Hendrickson Trucking's
chapter 11 plan of reorganization. Following the closing of the
2015 Case, the Company was able to perform its contractual
obligations under the Plan and paid roughly 64% of the Plan's
liabilities, which totaled $3,593,226.
On November 27, 2019, Hendrickson again sought Chapter 11
protection (Bankr. E.D. Cal. Case No. 19-27396) in Sacramento,
California, listing between $10 million and $50 million in both
assets and liabilities. The petition was signed by Alban Lang,
chief financial officer and vice president.
The case is assigned to Judge Christopher D. Jaime. The Law Office
of Gabriel Liberman, APC is the Debtor's counsel.
HENDRICKSON TRUCK: Court Grants Interim OK on Cash Use Thru Dec. 31
-------------------------------------------------------------------
Hendrickson Truck Lines, Inc., sought and obtained interim approval
from Judge Christopher D. Jaime to use cash collateral for the
period from Nov. 27, 2019 through Dec. 31, 2019.
Prior to the hearing on the Debtor's request, the Debtor has sought
Court permission to use the cash collateral of Transportation
Alliance Bank dba TAB Bank to fund the Debtor's operation. The
Debtor and TAB Bank are parties to an Accounts Receivable Financing
and Security Agreement dated March 29, 2006. As of the Petition
Date, the Debtor owes TAB Bank at least $$2,551,612 on accounts
receivable loan.
The Debtor and TAB Bank are also pre-petition parties to a Loan
Agreement (which as of the Petition Date has a balance of at least
$1,353,7960), to an equipment loan and a real estate loan. As of
the Petition Date, the Debtor's Pre-petition Obligations to TAB
Bank totaled at least $4,710,438. TAB Bank has consented to the
use of up to $80,000 of the cash collateral through Dec. 3, 2019
subject to TAB receiving a post-petition replacement lien. A copy
of the Motion is available at https://is.gd/7J7O4e from
PacerMonitor.com free of charge.
Pursuant to this Order, TAB Bank may continue to collect the
pre-petition accounts pursuant to the Pre-petition Agreement. TAB
Bank is also granted a replacement security interest and lien in
the Debtor's assets. The Court ruled that the proceeds are not
subject to a super priority claim. A copy of the Interim Order is
available at https://is.gd/V46fGf from PacerMonitor.com free of
charge.
The Court will convene a final hearing on the Motion for Jan. 7,
2020 at 2 p.m. Objections are due by Dec. 24, 2019, and replies,
if any, must be filed and served by Dec. 31.
About Hendrickson Truck Lines
Hendrickson Truck Lines, Inc., fdba Hendrickson Trucking, Inc. --
http://www.htlines.com-- is a general freight trucking company
founded in 1976 with headquarters in Sacramento, California. Its
services include dry van truckload, LTL line haul, short & long
haul, expedited, general freight, solo & team, and express
freight.
The Company previously filed for bankruptcy protection (Bankr. E.D.
Cal. Case No. 15-24947) on June 19, 2015. On February 20, 2017,
the Court entered its order confirming Hendrickson Trucking's
chapter 11 plan of reorganization. Following the closing of the
2015 Case, the Company was able to perform its contractual
obligations under the Plan and paid roughly 64% of the Plan's
liabilities, which totaled $3,593,226.
On November 27, 2019, Hendrickson again sought Chapter 11
protection (Bankr. E.D. Cal. Case No. 19-27396) in Sacramento,
California, listing between $10 million and $50 million in both
assets and liabilities. The petition was signed by Alban Lang,
chief financial officer and vice president.
The case is assigned to Judge Christopher D. Jaime. The Law Office
of Gabriel Liberman, APC is the Debtor's counsel.
HFOTCO LLC: Moody's Withdraws Ba3 CFR on Credit Facility Repayment
------------------------------------------------------------------
Moody's Investors Service withdrew all of HFOTCO LLC's ratings,
including its Ba3 Corporate Family Rating, Ba3-PD Probability of
Default Rating, and Ba3 senior secured bank credit facility
rating.
Ratings withdrawn:
Issuer: HFOTCO, LLC
Corporate Family Rating, Withdrawn , previously rated Ba3
Probability of Default Rating, Withdrawn , previously rated Ba3-PD
Senior Secured Term Loan, Withdrawn , previously rated Ba3 (LGD4)
Outlook Actions:
Issuer: HFOTCO, LLC
Outlook, Changed To Rating Withdrawn From Under Review
RATINGS RATIONALE
Moody's has withdrawn all of HFOTCO's ratings following the full
repayment of its senior secured credit facility.
Houston, Texas-based HFOTCO is one of the largest providers of
residual fuel and crude oil storage in the US Gulf Coast with
approximately 16.8 million barrels of tankage.
HRI HOLDING: Court Approves Bidding Process
-------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved the
bidding process governing the sale of most assets of HRI Holding
Corp. and its affiliates to Landry's, LLC or to another buyer with
a better offer.
Landry's' $40 million offer will serve as the stalking horse bid at
the auction to be held on Dec. 18, at 10:00 am. (ET), at the
offices of Landis Rath & Cobb LLP. The hearing to consider the
sale to the winning bidder is scheduled for Dec. 20.
Landry's will receive a break-up fee of $1.2 million and expense
reimbursement of up to $300,000 if it is not selected as the
winning bidder.
About HRI Holding Corp.
Formed in September 1992 under the name "Gilbert/Robinson, Inc.,"
and headquartered in Leawood, Kansas, HRI Holding Corp. and 39
affiliated debtors own and operate 47 restaurants in 14 states
(Connecticut, Florida, Illinois, Indiana, Kansas, Michigan,
Missouri, Nebraska, New Jersey, New York, Ohio, Pennsylvania,
Texas, and Virginia). The Debtors own Houlihan's Restaurant +
Bar,
J. Gilbert's Wood-Fired Steak + Seafood, Bristol Seafood Grill,
and
Devon Seafood Grill restaurants. As of the Petition Date, the
Debtors have approximately 3,450 employees.
The Debtors sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 19-12415) on November 14, 2019. On the Petition Date, the
Debtors were estimated with assets of between $50 million and $100
million, and liabilities within the same range. The petitions
were
signed by Matthew R. Manning, chief restructuring officer.
LANDIS RATH & COBB LLP serves as the Debtors' counsel. PIPER
JAFFRAY & CO. is the Debtors' investment banker. HILCO REAL
ESTATE, LLC is the Debtors' real estate advisor. KURTZMAN CARSON
CONSULTANTS, LLC serves as the Debtors' claims and noticing agent,
as well as administrative agent.
JAGGED PEAK: $17M Sale of Substantially All Assets to IDL Approved
------------------------------------------------------------------
Judge Mike K. Nakagawa of the U.S. Bankruptcy Court for the
District of Nevada authorized Jagged Peak, Inc., Trade Global, LLC
and Trade Global North America Holding, Inc. to sell substantially
all their assets to ID Logistics US, Inc. for an estimated purchase
price of $14,945,000, plus DIP financing in the amount of $2
million.
The Sale Hearing is set for Nov. 20, 2019 at 9:30 a.m. (PT).
The APA is approved and authorized in all respects.
The sale is free and clear of any and all Liens, Claims, Excluded
Liabilities, and other liabilities of any kind or nature whatsoever
(except for Assumed Liabilities, the IP License Stipulation and the
Temporary SingPost License), whether known or unknown as of the
Closing Date.
As used in the Sale Order, the "Temporary SingPost License" means a
license by the Purchaser to Singapore Post Limited and its
Affiliates to use certain intellectual property rights of the
Purchaser related to the EDGE Software consistent with SingPost's
use of such software prior to the Closing Date, as agreed upon by
and among the Seller, the Purchaser, and SingPost, and memorialized
in the IP License Stipulation, and prior thereto, by the agreements
that were recited on the record at the Sale Hearing by the Seller,
the Purchaser, and SingPost. Nothing in the Order will impair the
Purchaser's or SingPost's rights under the IP License Stipulation
or the Temporary SingPost License.
Under sections 105(a), 363 and 365 of the Bankruptcy Code, and
subject to and conditioned upon the Closing, the Seller's
assumption of the Assumed Contracts and assignment thereof to the
Purchaser free and clear of all Liens, Claims and Excluded
Liabilities pursuant to the terms set forth in the APA is
approved.
There will be no rent accelerations, assignment fees, increases or
any other fees charged to the Purchaser, its successors or assigns,
or the Seller as a result of the assumption and assignment of the
Assumed Contracts.
The Master Warehousing and Logistics Services Agreement, dated as
of Jan. 1, 2018, between Jagged Peak and Nespresso (including any
statements of work issued thereunder) is rejected as of the Closing
Date. All postpetition fees, costs, charges, or expenses incurred
under the Services Agreement (i.e., third party carriers, postage,
etc.) will be fully satisfied by the Seller prior to the Closing
Date.
The provisions of Bankruptcy Rules 6004 and 6006, and to the extent
applicable under the Bankruptcy Rules, Rules 54(b) and 62(a) of the
Federal Rules of Civil Procedure, staying the effectiveness of the
Sale Order for fourteen (14) days, are waived, and the Sale Order
will be effective and enforceable immediately upon entry and its
provisions will be self-executing. Any party in interest who
wishes to appeal the Sale Order must exercise due diligence in
filing an appeal, pursuing a stay and obtaining a stay prior to the
Closing Date, or risk its appeal being foreclosed as moot.
The automatic stay pursuant to section 362 of the Bankruptcy Code
is lifted with respect to the Seller to the extent necessary,
without further order of the Court, to allow the Purchaser to
deliver any notice provided for in the APA and allow the Purchaser
to take any and all actions permitted under the APA.
The respective rights of the Seller, the Purchaser and SingPost
with respect to the EDGE Software will be set forth in, and
governed by, (a) the IP License Stipulation once entered into by
the parties and approved by the Court, and prior thereto by the
agreements that were recited on the record at the Sale Hearing by
the Seller, the Purchaser, and SingPost.
Any final license agreement that may be entered into thereafter
between the Purchaser and SingPost, and SingPost's right to
continue to prosecute the SingPost Objection, and the rights of the
Seller and the Purchaser to oppose the SingPost Objection, will not
be impacted by the Sale Order and will instead be governed by the
resolution that was recited on the record at the Sale Hearing by
the Seller, the Purchaser, and SingPost and thereafter in the IP
License Stipulation once entered into by the Parties and approved
by the Court.
About Jagged Peak
Jagged Peak Inc. and its subsidiaries are software companies in
Tampa, Florida. The Debtors deliver end-to-end global eCommerce
solutions that help companies break into new markets and build
customer base by creating a seamless experience across borders for
all product types.
Jagged Peak, Inc., based in Tampa, FL, and its affiliates sought
Chapter 11 protection (Bankr. D. Nev. Lead Case No. 19-15959) on
Sept. 16, 2019. In the petitions signed by CRO Jeremy Rosentha,
Jagged Peak, and TradeGlobal, LLC, were estimated to have assets of
$50 million to $100 million and liabilities of $10 million to $50
million; and TradeGlobal North America Holding, Inc. was estimated
to have assets of $1 million to $10 million and estimated
liabilities of less than $50,000.
The Hon. Mike K. Nakagawa oversees the cases.
Gregory E. Garman, Esq., at Garman Turner Gordon, serves as
bankruptcy counsel to the Debtors. BMC Group, Inc., is the claims
and noticing agent to the Debtors.
JAMES CANDY: Court to Hold Hearing Today on Sale to D&M Chocolates
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey will hold
a hearing today to consider the private sale of James Candy Co.'s
candy making equipment to D&M Chocolates, Inc. for $15,000.
About James Candy Company
James Candy Company is a candy company in Atlantic City, N.J.,
offering a wide selection of salt water taffy, fudge and
macaroons.
James Candy Company filed a Chapter 11 petition (Bankr. D.N.J. Case
No. 18-32139) on Nov. 7, 2018. In the petition signed by Frank
Glaser, president, the Debtor disclosed $2,756,944 in assets and
$3,048,241 in liabilities. Judge Andrew B. Altenburg Jr. oversees
the case. Ira R. Deiches, Esq., at Deiches & Ferschmann, is the
Debtor's bankruptcy counsel.
JAMES M. THOMPSON: Jan. 29 Filing Deadline of Plan and Disclosures
------------------------------------------------------------------
Judge Caryl E. Delano in Florida has entered an order setting a
Jan. 29, 2020 deadline for James M. Thompson Enterprises, Inc., to
file a plan and disclosure statement.
If the Debtor fails to file a Plan and Disclosure Statement by the
Filing Deadline, the Court shall issue an Order to Show Cause why
the case should not be dismissed or converted to a Chapter 7 case
pursuant to Section 1112(b)(1) of the Bankruptcy Code.
A full-text copy of the Order dated Nov. 22 2019, is available at
https://tinyurl.com/vxetaek from PacerMonitor.com at no charge.
About James M. Thompson
James M. Thompson Enterprises, Inc., is the parent company of the
other remaining Debtors and James M. Thompson, Jr. controls the
majority ownership in all of the Debtors by way of his ownership of
JMTE.
On Oct. 1, 2019, JMTE and the five affiliates filed Chapter 11
bankruptcy petitions (Bankr. M.D. Fla. Lead Case No. 19-09351) in
Fort Myers, Florida, with JMTE's case as the lead case. On that
date, JMTE was estimated to have assets of not more than $50,000
and liabilities of between $500,000 and $1 million.
The Debtor subsidiaries are James M. Thompson One, LLC (Case No.
19-09353); James M. Thompson Two, LLC (Case No. 19-09354); James M.
Thompson Three, LLC (Case No. 19-09355); James M. Thompson Four,
LLC (Case No. 19-09357); and James M. Thompson Cape Coral, LLC
(Case No. 19-09358).
DAL LAGO LAW serves as counsel to the Debtors.
JAS EXPEDITED: Proposes to Sell Five Vehicles
---------------------------------------------
JAS Expedited Trucking, LLC asked the U.S. Bankruptcy Court for the
Eastern District of Michigan to approve the sale of five vehicles,
which is expected to generate proceeds of more than $19,000.
JAS believes the net proceeds from the sale will be sufficient to
cure the arrearage owing to JPMorgan Chase Bank, N.A., which holds
lien against assets of the company.
About JAS Expedited Trucking
JAS Expedited Trucking, LLC, is a privately held company that
provides transportation services. JAS sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No.
19-31434) on June 13, 2019. The petition was signed by Anthony
Freeland, II, member and general manager.
At the time of the filing, the Debtor had $1,620,025 in assets and
$2,097,159 in liabilities.
The case is assigned to Judge Joel D. Applebaum. The Debtor is
represented by David W. Brown, Esq., at the Law Office of David W.
Brown PLLC.
JDR CONSULTING: Captal One Arrears to be Paid Prior to Confirmation
-------------------------------------------------------------------
JDR Consulting LLC has filed its First Amended Chapter 11 Plan of
Reorganization and First Amended Disclosure Statement,
Under the Amended Plan, Capital One, National Association will be
paid the full amount of its Allowed Secured Claim in Class 1
outside of the Plan in the ordinary course pursuant to the terms of
the Capital One Loan Documents and with Capital One retaining its
Liens on the Debtor's assets which serve as its collateral;
provided that any arrears that may be owed by the Debtor to Capital
One pursuant to the Capital One Loan Documents are paid in full as
of the date that is 14 days prior to the Confirmation Hearing, and
that that there are no further arrears due to Capital One as of the
Effective Date.
Like in the prior iteration of the Plan, the Amended Plan provides
that general unsecured claims in Class 3 will receive four
consecutive annual pro rata distributions of cash each in an amount
equal to 10% of the allowed amount of its claim (i.e., a total
recovery of 40%) commencing on the Effective Date in full
satisfaction of such claims.
The holders of the Class 4 interests (i.e., equity) in the Debtor
will retain their interests.
On May 15, 2019, the Debtor also commenced an adversary proceeding
seeking to recover certain past-due prepetition accounts receivable
from The Related Companies, L.P., totaling $137,362.50 (Adv. Proc.
No. 19-01135 (JLG)) for information technology services provided by
the Debtor. On July 26, 2019, and after initial efforts to reach a
settlement were unsuccessful, Related filed an answer disputing the
material allegations set forth in the Debtor's complaint and
raising certain affirmative defenses. The matter has since been
settled. As a result of the foregoing, the Debtor has recovered
amounts totaling approximately $99,385 which are being held in
escrow by the Debtor's counsel and which will be utilized to
partially fund the Plan.
The Reorganized Debtor's affairs will continue to be managed,
conducted and overseen by John D. Rivers as Managing Member. For
the year following the Effective Date of the Plan, Mr. Rivers will
be paid a regular, set salary of $85,000 per year commencing in
2020, but only if there are operating revenues sufficient to
therefor after payment of the Debtor’s ongoing obligations and
those under the Plan.
A full-text copy of the First Amended Disclosure Statement dated
November 22, 2019, is available at https://tinyurl.com/tljpyqt
PacerMonitor.com at no charge.
Counsel to the Debtor:
Douglas J. Pick
Eric C. Zabicki
PICK & ZABICKI LLP
369 Lexington Avenue, 12th Floor
New York, New York 10017
Tel: (212) 695-6000
About JDR Consulting
JDR Consulting LLC provides software managed information technology
services such as "cloud" software systems. Its office is located
at 4305 Broadway, Suite 41, New York, New York.
JDR Consulting sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 18-13206) on Oct. 24, 2018. At the
time of the filing, the Debtor was estimated to have assets of less
than $50,000 and liabilities of less than $50,000. Judge James L.
Garrity Jr. oversees the case. The Debtor tapped Pick & Zabicki,
LLP, as its legal counsel.
JILL ACQUISITION: S&P Lowers ICR to 'CCC+'; Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Jill
Acquisition LLC, Quincy, Mass.-based specialty apparel retailer J.
Jill Inc.'s (Jill) borrowing subsidiary, to 'CCC+' from 'B-', based
on its view that the company's capital structure is potentially
unsustainable.
At the same time, S&P lowered its issue-level rating on the
company's senior secured term loan facility to 'CCC+' from 'B-'.
The recovery rating remains '3'.
The downgrade reflects Jill's rapidly deteriorating performance and
weakened competitive standing following repeated merchandising
missteps that may have alienated its customer base. Management
missteps this year have included less effective marketing
strategies and repeated merchandise mistakes with less on-trend
colors and styles. In addition to hurting sales and profitability,
this has caused a weakening brand relevance. As such, S&P believes
Jill's once-loyal followers have started to stray toward other
brands. In S&P's view, winning back these customers will become
increasingly challenging if merchandise missteps extend and
customers develop preferences to competing retailers. S&P now
projects reported EBITDA to contract 45% this year to about $55
million and expect only modest free operating cash flow generation.
The rating agency believes Jill's operating performance will
continue to be pressured over the next 12 months as the company
aims to improve its merchandise assortment and win back customers
amid a highly competitive and promotional industry environment.
The negative outlook reflects S&P's view that operating performance
will remain under significant pressure over the next 12 months,
with contracting revenues and EBITDA margins pressuring free
operating cash flow generation and covenant compliance. The rating
agency expects high volatility in operating results to continue and
limited performance visibility.
"We could lower the rating if we envision a specific default
scenario occurring within 12 months, including a financial covenant
breach on its term loan, or a restructuring event that we consider
distressed. This could occur if margins continue to deteriorate
along with negative traffic trends, likely a result of the
company's inability to address its merchandising issues," S&P
said.
"We could revise the outlook to stable or raise the rating if
operating performance stabilizes, with sustained improvements
including recovering margins and positive comparable sales," the
rating agency said. Under this scenario, S&P would expect
consistently positive free operating cash flow (FOCF) while the
company reinvests sufficiently in the business. The rating agency
would also expect greater performance stability and visibility
driven by a consistent, successful merchandising strategy.
JTJ RESTAURANTS: To Seek Plan Approval on Jan. 14
-------------------------------------------------
Judge Mindy A. Mora has ordered that the disclosure statement in
support of the Chapter 11 plan filed by JTJ Restaurants, Inc., is
conditionally approved.
A hearing on final approval of the disclosure statement,
confirmation of the Plan and approval of the fee applications will
be on Jan. 14, 2020 at 1:30 p.m. at United States Bankruptcy Court,
1515 N. Flagler Drive, 8th Floor, Courtroom A, West Palm Beach, FL
33401.
The deadline for objections to claims will be on Dec. 31, 2019.
The deadline for filing ballots accepting or rejecting plan will be
on Jan. 7, 2020.
The deadline for objections to confirmation will be on Jan. 9,
2020.
The deadline for objections to final approval of the Disclosure
Statement will be on Jan. 9, 2020.
About JTJ Restaurants
and Byrd Restaurants-Royal Palm
JTJ Restaurants, Inc., and Byrd Restaurants-Royal Palm, Inc.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Fla. Lead Case No. 19-12990) on March 6, 2019. In the
petitions signed by Jerome Byrd, president, JTJ Restaurants was
estimated to have up to $50,000 in assets and $1 million to $10
million in liabilities. Brian K. McMahon, P.A., serve as counsel
to the Debtors.
JTJ RESTAURANTS: Unsecured Creditors to Recover 26.3% Under Plan
----------------------------------------------------------------
Debtor JTJ Restaurants, Inc., filed with the U.S. Bankruptcy Court
for the Southern District of Florida, West Palm Beach Division, an
amended plan of reorganization and a disclosure statement.
General unsecured claims total $1,367,040. The Debtor has
allocated $5,000 per month to pay this class for 72 months.
Creditors will be paid on a pro rata basis and receive
approximately 26.33% of their claims. This class is impaired.
The owners of the Debtor will retain all property of the estate.
The Debtor has restaurant equipment valued at $50,000 at the time
of the filing of the case. The Debtor also owns a vehicle that is
secured by a note to Ally. There is little equity in the vehicle.
The Debtor's ability to fully fund the plan and make payments is
dependent on the ability of the company to continue to operate and
generate sufficient revenue to pay its creditors.
A full-text copy of the Amended Disclosure Statement is available
at https://tinyurl.com/v2bh7b7 from PacerMonitor.com at no charge.
About JTJ Restaurants
and Byrd Restaurants-Royal Palm
JTJ Restaurants, Inc., and Byrd Restaurants-Royal Palm, Inc.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Fla. Lead Case No. 19-12990) on March 6, 2019. In the
petitions signed by Jerome Byrd, president, JTJ Restaurants each
estimated up to $50,000 in assets and $1 million to $10 million in
liabilities. Brian K. McMahon, P.A., serves as counsel to the
Debtors.
KWIKPRINT MANUFACTURING: Plan Confirmation Hearing on Dec. 17
-------------------------------------------------------------
The disclosure statement filed by The Kwikprint Manufacturing
Company, Inc., d/b/a Kwikprint has been conditionally approved by
the bankruptcy judge.
Dec. 17, 2019 , is fixed for the hearing on final approval of the
disclosure statement and for the hearing on confirmation of the
plan. The hearing will be held at 2:30 p.m. , in 4th Floor
Courtroom D , 300 North Hogan Street, Jacksonville, Florida.
Ballots and objections to confirmation of the Plan were due 7 days
before the hearing.
About The Kwikprint Manufacturing Company
The Kwikprint Manufacturing Company, Inc. specializes in
manufacturing hot foil stamping machines, logo printing and all
other types of stamping and printing equipment.
Bases in Jacksonville, Fla., Kwikprint Manufacturing Company filed
a voluntary Chapter 11 petition (Bankr. M.D. Fla. Case No.
19-01585) on April 26, 2019. At the time of the filing, the Debtor
had estimated assets of less than $1 million and liabilities of
less than $1 million. Jason A. Burgess, Esq., at The Law Offices
of Jason A. Burgess, LLC, represents the Debtor as counsel.
KWIKPRINT MANUFACTURING: Unsecureds to Get Payments, 1% of Receipts
-------------------------------------------------------------------
The Kwikprint Manufacturing Company, Inc., a Florida Corporation,
submitted a Combined Plan and Disclosure Statement.
The secured claim of National Loan Acq. Company will be treated as
per the executed and attached Mediated Settlement Agreement.
As for general unsecured claims in Class 3, the Debtor will pay
$3,600 a quarter on a pro rata basis for 20 quarters.
Additionally, the Debtor will pay 1% of the Yearly Gross Receipts,
as defined by Yearly Gross Sales minus Yearly Refunds for five
years. 1% Yearly Gross Receipts will be paid on or by Feb. 14 of
the following year and the amounts will be determined as 1% on the
amounts above and beyond $1,000,000 in Gross Revenue.
Given the refined debt service as provided in the Plan, the Debtor
will continue its operations which will cover the required new debt
service payments.
A full-text copy of the Combined Disclosure Statement and Chapter
11 Plan of Reorganization dated Nov. 18, 2019, is available at
https://tinyurl.com/rgwbldu from PacerMonitor.com at no charge.
Attorneys for the Debtor:
Jason A. Burgess
Law Offices of Jason A. Burgess, LLC
1855 Mayport Road
Atlantic Beach, Florida 32233
(904) 372-4791
About The Kwikprint Manufacturing Company
The Kwikprint Manufacturing Company, Inc. specializes in
manufacturing hot foil stamping machines, logo printing and all
other types of stamping and printing equipment.
Bases in Jacksonville, Fla., Kwikprint Manufacturing Company filed
a voluntary Chapter 11 petition (Bankr. M.D. Fla. Case No.
19-01585) on April 26, 2019. At the time of the filing, the Debtor
had estimated assets of less than $1 million and liabilities of
less than $1 million. Jason A. Burgess, Esq., at The Law Offices
of Jason A. Burgess, LLC, represents the Debtor as counsel.
LAKESHORE FARMS: Unsecureds Total Payout at 21% for Each Claim
--------------------------------------------------------------
This Disclosure Statement is prepared and filed by Lakeshore Farms,
Inc., a Missouri Subchapter S corporation.
Since the Debtor's Chapter 11 filing, the Debtor has negotiated a
consensual debt restructure with Frontier Bank whereby $1,400,000
of the approximately $2,633,749 allowed claim of Frontier Bank is
treated as a Class 4 Secured Claim under the Plan with the
approximately $1,400,000 balance of the of the allowed Claim of
Frontier Bank treated as a Class 12 unsecured Claim.
Allowed Secured Claims of Frontier Bank f/k/a Richardson County
Bank & Trust Co in Class 4 is impaired. As of Oct. 31, 2018, the
total debt on the Class 4 Claim is $2,633,749. The Debtor or
Reorganized Debtor will pay the total allowed amount of the Class 4
Claim pursuant to the terms of the Original Note and Loan
Documents, subject to the following modifications (hereinafter
referred to as the "Modified Note"): (1) the principal balance owed
under the Modified Note shall be $1,400,000, (2) interest will
accrue on $1,400,000 balance of the outstanding principal balance
owed under the interest accruing component of the Modified Note at
the fixed rate of 5.5% per annum from the Effective Date.
Allowed unsecured claims in Class 12 totaling $2,733,191 are
unimpaired. These claims will be paid over 7 years in an annual
principal reduction payment equal to 3% of each claimant's claim
beginning on Dec. 15, 2020 and ending on Dec. 15, 2026. Total
payout to the Class 12 claimants under the plan equals 21% of each
class claimant's claim.
The Debtor's principal in Class 13, Jon Russell, will retain his
interest in the Debtor.
Historically, the Debtor and or Jon Russell have generated
sufficient revenue to make the proposed payments under the plan.
The principal of Debtor can, and will, supplement cash flow to make
payments under the Plan as new value contributions generated from
increased FSA payments made to Jon Russell by his running the farm
and/or savings in loan interest payments from Jon Russell signing
the ARM loan.
A full-text copy of the Sixth Amended Disclosure Statement dated
November 22, 2019, is available at https://tinyurl.com/wdnlnw6
from PacerMonitor.com at no charge.
Attorneys for Lakeshore Farms Inc:
Ronald S. Weiss
Joel Pelofsky
2850 City Center Square
1100 Main Street
Kansas City, Missouri 64105
E-mail: rweiss@bdkc.com
E-mail: jpelofsky@bdkc.com
About Lakeshore Farms
Lakeshore Farms, Inc., is a privately held company in Forest City,
Missouri in the oilseed and grain farming industry. Lakeshore
Farms filed a Chapter 11 petition (Bankr. W.D. Mo. Case No.
18-50077) on Feb. 28, 2018. In the petition signed by Jonathan L.
Russell, president, the Debtor disclosed $8.52 million in total
assets and $5.57 million in total debt. The case is assigned to
Judge Brian T. Fenimore. Evans & Mullinix, P.A., is counsel to the
Debtor.
LIFE AMBULANCE: Gets Court Approval to Sell Vehicles
----------------------------------------------------
Life Ambulance Services, Inc. received approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to sell the
vehicles it used for medical transportation.
The order signed by Judge James Sacca authorized the company to
sell the vehicles it owns, including four vehicles financed by
lenders, Advantage Funding Commercial Capital Corp., TCF National
Bank and BFG Corp.
In his order, Judge James Sacca authorized Life Ambulance to sell
the vehicle financed by Advantage Funding for no less than the
minimum price of $42,000 or "as may be otherwise consented to in
writing" by the lender.
Meanwhile, the company can sell the three other vehicles without
prior approval from lenders on condition that TCF receives $80,000
in net proceeds and BFG receives $45,000 in net proceeds.
About Life Ambulance
Life Ambulance Services, Inc. sought Chapter 11 protection (Bankr.
N.D. Ga. Case No. 19-21614) on Aug. 12, 2019 in Gainesville, Ga.
At the time of the filing, the Debtor had estimated assets of
between $100,001 and $500,000 and liabilities of between $500,001
and $1 million.
The case is assigned to Judge James R. Sacca. William A. Rountree,
Esq., at Rountree, Leitman & Klein, LLC is the Debtor's legal
counsel.
LIMETREE BAY TERMINALS: S&P Cuts Rating on Secured Term Loan to B+
------------------------------------------------------------------
S&P Global Ratings lowered the debt rating on Limetree Bay
Terminals LLC's senior secured term loan B to 'B+' from 'BB-'. The
outlook is negative.
The company's financial performance has not improved since S&P's
last review back in March 2019, primarily due to lower tank lease
revenue attributed to a delayed operations restart of a refinery
customer. The ramp up of tank lease revenues in 2020 will depend on
the timing of the refinery reaching substantial completion in the
company's operations restart.
Limetree Bay Terminals is a 34 mmbbls crude oil and refined product
storage facility located in St. Croix of the U.S. Virgin Islands.
The asset is owned by a consortium of sponsors including Arclight
Capital Partners, a private equity firm based in Boston. The owner,
through Limetree Bay Terminals, purchased the mothballed asset in
early 2016. Since then, the project gradually restarted a number of
tanks and performed other upgrades as it acquired new tank lease
contracts.
The negative outlook reflects at least a one-in-three chance for
another downgrade if Terminals' cash flow generation does not
improve in the first half of 2020. S&P expects that any further
delay in Limetree Bay Refinery's operations restart would be the
key driver of continued underperformance.
"We could lower the rating on the senior secured term loan B during
the first half of 2020 if the project were still unable to ramp up
its revenues due to further delay in the operations restart of the
refinery customer, thus potentially weakening the project's service
coverage ratios to below 1.2x and deferring the execution of its
deleveraging plan," S&P said.
"We could revise the outlook back to stable if the project were
able to ramp up the incremental revenues from providing storage and
other related services to the refinery customer. The outlook
revision will also require the project to continue to renew
existing or acquiring new third-party contracts," the rating agency
said.
LITESTREAM HOLDINGS: Seeks to Use Bank United's Cash Collateral
---------------------------------------------------------------
Litestream Holdings, LLC, asks the Bankruptcy Court to authorize
its use of the cash collateral of Bank United, N.A., pursuant to a
budget, in order to continue its business operations.
Bank United is the lender with respect to $7.225 million of
pre-petition loans to fund the Debtor's general operations before
the Petition Date. Balance on the loan, as of the Petition Date,
is $1,096,247.01 in principal amount, plus accrued and unpaid
interest, costs and fees.
The Budget provides for $182,419 in total expenses for December
2019, including $56,421 in gross payroll and taxes (excluding CEO
Compensation) and $59,492 in programming expenses. A copy of the
Budget is available for free at https://is.gd/TEsXZA from
PacerMonitor.com.
As adequate protection, the Debtor proposes to grant the Lender a
valid, binding, enforceable, non-avoidable and perfected
post-petition replacement security interest in and lien on all of
the Debtor's assets, nunc pro tunc to the Petition Date, to the
extent of the decrease in value of the cash collateral.
A copy of the Debtor's request is available at https://is.gd/JSkqwe
from PacerMonitor.com at no charge.
About Litestream Holdings, LLC
Litestream Holdings, LLC is a Florida-based provider of video,
broadband, and phone services. The Company filed a Chapter 11
petition (Bankr. S.D. Fla. Case No. 19-26043) on November 27, 2019
in West Palm Beach, Florida, listing between $1 million and $10
million in both assets and liabilities. The petition was signed by
Paul Rhodes, managing member.
FurrCohen P.A., is the Debtor's counsel. The Hon. Mindy A. Mora is
the case judge.
LNB-015-13 LLC: Jan. 16 Plan Confirmation Hearing Set
-----------------------------------------------------
Judge Robert A. Mark approved the Second Amended Disclosure
Statement and has ordered that the hearing to consider confirmation
of LNB-015-13 llc's Chapter 11 plan will be on Jan. 16, 2020 at
2:00 p.m. in United States Bankruptcy Court, 301 N. Miami Ave.
Courtroom #4, Miami, FL 33128.
The deadline for filing objections to confirmation of the Plan will
be on Jan. 2, 2020.
The deadline for filing ballots accepting or rejecting the Plan is
on Jan. 2, 2020.
A full-text copy of the Order dated Nov. 22, 2019, is available at
https://tinyurl.com/uhnleb2 from PacerMonitor.com at no charge.
About LNB-015-13 LLC
LNB-015-13, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 17-19226) on July 22,
2017. The petition was signed by Harel Bitton, its authorized
representative. At the time of the filing, the Debtor was
estimated to have assets and liabilities of less than $500,000.
Joel M. Aresty P.A. is the Debtor's bankruptcy counsel. An
official committee of unsecured creditors has not yet been
appointed in the Chapter 11
case.
MEDICAL DIAGNOSTIC: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
The Medical Diagnostic Imaging Group, Ltd. 19-15722
10835 N. 25th Ave., Ste. 140
Phoenix, AZ 85029
MDIG of Arizona, LLC 19-15726
10835 N. 25th Ave., Ste. 140
Phoenix, AZ 85029
Business Description: The Medical Diagnostic Imaging Group and
MDIG of Arizona are providers of
diagnostic radiology services.
Chapter 11 Petition Date: December 16, 2019
Court: United States Bankruptcy Court
District of Arizona
Judge: Hon. Daniel P. Collins (19-15722)
Hon. Brenda Moody Whinery (19-15726)
Debtors' Counsel: Michael Carmel, Esq.
MICHAEL W. CARMEL, LTD.
80 E. Columbus Ave.
Phoenix, AZ 85012
Tel: (602) 264-4965
E-mail: michael@mcarmellaw.com
The Medical Diagnostic's
Estimated Assets: $1 million to $10 million
The Medical Diagnostic's
Estimated Liabilities: $1 million to $10 million
MDIG of Arizona's
Estimated Assets: $1 million to $10 million
MDIG of Arizona's
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dr. Christian Ingui, president.
A copy of The Medical Diagnostic's petition containing, among other
items, a list of the Debtor's 20 largest unsecured creditors is
available from PacerMonitor.com at https://is.gd/j4YGJK for free.
A copy of MDIG of Arizona's petition containing, among other items,
a list of the Debtor's seven unsecured creditors is available from
PacerMonitor.com at https://is.gd/ZEt1x7 for free.
NRG ENERGY: Moody's Raises CFR to Ba1, Outlook Positive
-------------------------------------------------------
Moody's Investors Service upgraded NRG Energy, Inc.'s Corporate
Family Rating to Ba1 from Ba2, its senior unsecured rating to Ba2
from Ba3 and its senior secured tax exempt bonds to Baa2 from Baa3.
Moody's also upgraded NRG's Probability of Default Rating to
Ba1-PD.
NRG's secured revolving credit facility and senior secured first
lien notes were affirmed at Baa3 because they contain a fall-away
security provision where the security interest would cease to be
effective if two rating agencies raise the company's rating to
investment grade.
"NRG continues to pursue its financial objectives, thanks to the
company's progress on lowering its debt leverage," said Toby Shea
VP -- Sr. Credit Officer, "The positive outlook looks to the
sustainability of NRG maintaining its financial strategy and risk
management commitments over the next eighteen months."
RATINGS RATIONALE
NRG's credit quality reflects that of a large merchant generator
with a strong retail supply business and a relatively low leverage
of 2.5x to 2.75x debt to EBITDA. The company was upgraded twice in
the last two years following the implementation of its
transformation plan, which involved divesting non-core business,
simplifying its corporate structure, enhancing cash flows and
reducing leverage.
NRG's generation business provides a little more than half of its
EBITDA (~55%). Even though NRG's generation asset base is comprised
mainly of older gas and coal power plants that have a poor cost
position, they are concentrated in Texas (75% of EBITDA), where the
market has been fairly strong for the past two years.
A little less than half of NRG's EBITDA (~45%) is generated from
its retail business. The profitability of the retail business is
derived mainly from selling electricity to mass customers in Texas.
NRG's mass retail operations are substantially more stable and
profitable than the typical retail electricity business in the US
because it has a strong competitive advantage on brands and
retention of high-quality customers.
NRG's generation is a critical complement to the retail business'
stability and profitability. The generation capacity provides the
retail business with an important physical hedge, so that it is
protected from price spikes during hot summer days or having to
post large sums of trade collateral to hedge counterparties.
From an environmental risk perspective, NRG is most exposed to
carbon regulations. NRG has elevated carbon transition risks within
the power generation sector on account of its business model as an
unregulated power generator with significant fossil fuel exposure.
The company has about 60% of its capacity in gas or oil fired
generation, 35% in coal and 5% in nuclear. NRG produced about 46
million tons of carbon dioxide equivalent in 2018, which is down
36% from 2014, due a market-driven shift from coal to gas
generation.
NRG's exposure to carbon regulations in California is not very
material to credit quality because these regions provide less than
10% of the company's EBITDA. Although there are no carbon
regulations elsewhere in the US, NRG's power plants in Texas and
Midwest US have been severely affected by the growth of cleaner
fuels such as natural gas and renewables. The continued decline in
the cost of renewables and battery storage poses a substantial
ongoing pressure on power prices in markets where NRG operates.
NRG achieved an 18% CFO pre-WC to debt for 2018 with a net debt to
EBITDA target of 3.0x and should produce 24% CFO pre-WC to debt for
2019. The improvement in the CFO pre-WC to debt ratio in 2019
mainly reflects management's commitment to lowering its leverage
target to 2.5x to 2.75x net debt to EBITDA. Its CFO pre-WC to debt
ratios are calculated by consolidating non-recourse project finance
debt proportional to NRG's share of ownership. If NRG sells its
non-recourse projects, which is likely to occur post the bankruptcy
of Pacific Gas & Electric Company, its CFO pre-WC to debt ratio
would increase by about 270 basis points.
Liquidity
NRG's SGL-1 speculative liquidity rating reflects very good
liquidity. The company is expected to have the capacity to meet its
obligations over the coming 12 months through internal resources
without relying on external sources of committed financing. Moody's
expects NRG to produce more than $1 billion of annual free cash
flow.
NRG continues to possess good liquidity with full availability on
its $2.6 billion secured revolving credit facility as of repayments
on 7 November 2019. The revolving credit facility, which expires in
May 2024, contains a material adverse change clause for new
borrowings, a credit negative.
NRG has financial covenants in its revolving credit facilities and
term loan that require the company to maintain a corporate debt to
EBITDA ratio of 4x or below and an interest coverage ratio of
1.75x. Because these ratios are calculated to only cover secured
debt, NRG is in compliance and should not have any problem meeting
these requirements.
Excluding non-recourse maturities, NRG does not have any major debt
maturities until 2024, when $600 million of senior secured notes
are due.
Outlook
NRG's positive ratings outlook reflects management's commitment to
maintain its net debt to EBITDA of 2.5x to 2.75x. The positive
outlook also incorporates the favorable power price environment in
Texas.
Factors that Could Lead to an Upgrade
Moody's could consider an upgrade of NRG to investment grade should
the company maintain its 2.5x to 2.75x net debt to EBITDA targets
and sustain a CFO pre-WC to debt ratio above 23% starting 2020, and
if commodity markets remain manageable.
Factors that Could Lead to a Downgrade
Moody's could consider stabilizing the outlook or take a negative
rating action if the company relaxes its debt leverage target. A
downgrade is likely should its CFO Pre-WC to debt ratio fall below
18%.
The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.
Upgrades:
Issuer: Chautauqua (Cnty of) NY, Ind. Dev. Agency
Senior Secured Revenue Bonds, Upgraded to Baa2 (LGD2) from Baa3
(LGD2)
Issuer: Delaware Economic Development Authority
Senior Secured Revenue Bonds, Upgraded to Baa2 (LGD2) from Baa3
(LGD2)
Issuer: Fort Bend County Industrial Development Corp
Senior Secured Revenue Bonds, Upgraded to Baa2 (LGD2) from Baa3
(LGD2)
Issuer: NRG Energy, Inc.
Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD
Corporate Family Rating, Upgraded to Ba1 from Ba2
Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2 from Ba3
Issuer: Sussex (County of) DE
Senior Secured Revenue Bonds, Upgraded to Baa2 (LGD2) from Baa3
(LGD2)
Issuer: Texas City Industrial Development Corp., TX
Senior Secured Revenue Bonds, Upgraded to Baa2 (LGD2) from Baa3
(LGD2)
Outlook Actions:
Issuer: NRG Energy, Inc.
Outlook, Remains Positive
Affirmations:
Issuer: NRG Energy, Inc.
Senior Secured Bank Credit Facility, Affirmed Baa3 (LGD2)
Senior Secured Regular Bond/Debenture, Affirmed Baa3 (LGD2)
OFFICE BARGAIN CENTER: Jan. 16 Hearing on Disc. Statement Set
-------------------------------------------------------------
Judge Robert A. Mark has ordered that the hearing to consider
approval of the Disclosure Statement in support of Office Bargain
Center 2011, LLC will be on January 16, 2020 at 1:30 p.m. in United
States Bankruptcy Court, 301 N. Miami Ave. Courtroom #4, Miami, FL
33128.
The deadline for objections to the Disclosure Statement will be on
Jan. 9, 2020.
A full-text copy of the Order dated Nov. 22, 2019, is available at
https://tinyurl.com/wlpqbpa from PacerMonitor.com at no charge.
As reported in the Troubled Company Reporter, Office Bargain Center
2011, LLC, filed a Second Amended Disclosure Statement describing a
Reorganization Plan that provide general unsecured claims will
receive a total of (at least $278,764 or 50% of allowed unsecured
claims over
5 years through the tenure of the 60 month Plan as follows: Months
1-8: total of $8,000 plus Months 9-60 ($1,000 + $4,207) or
$270,764; for a total of $278,764. This class is impaired by the
Plan and its members are entitled to vote.
A full-text copy of the Second Amended Disclosure Statement dated
Nov. 15, 2019, is available at https://tinyurl.com/tyb2umn from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Aleida Martinez Molina
Weiss Serota Helfman Cole Bierman, PL
2525 Ponce de Leon Boulevard, Suite 700
Coral Gables, Florida 33134
Telephone - 305-854-0800
Facsimile - 305-854-2323
E-mail: amartinez@wsh-law.com
About Office Bargain Center 2011
Office Bargain Center 2011, LLC, is a limited liability company
created and existing under the laws of the State of Florida. It
operates a local office furniture sales and service business. It
also resells and supports office furnishings throughout Miami-Dade,
Broward and Palm Beach counties.
Office Bargain Center sought Chapter 11 protection (Bankr. S.D.
Fla. Case No. 19-10226-RAM) on Jan. 7, 2019. At the time of the
filing, the Debtor was estimated to have assets of less than
$50,000 and liabilities of less than $1 million. The case has been
assigned to Judge Robert A. Mark. The Debtor hired Weiss Serota
Helfman Cole & Bierman, P.L., as its legal counsel.
PALM FROND: Wants Until Jan. 14, 2020 to File Plan & Disclosures
----------------------------------------------------------------
Debtor Palm Frond Condominium Association, Inc., requests a 45-day
extension of time through Jan. 14, 2020, within which to comply
with the court's order establishing a deadline for filing a Plan
and a Disclosure Statement.
On Sept. 3, 2019, the Court entered its Court's order establishing
Nov. 14, 2019, as the deadline by which the Debtor must file a Plan
and Disclosure Statement.
In the time since the entry of the Scheduling Order, the Debtor has
worked diligently to achieve consensual settlements with its two
primary creditors: Sisters Creation, Inc. and Pavese Law Firm.
Both the proposed settlement with Sisters Creation, and presumably
any settlement with Pavese, contemplate the voluntary dismissal of
this Chapter 11 case if approved.
Accordingly, the Debtor requests an extension of time by which it
may file a plan and disclosure statement, with the hope that it may
conserve further attorneys’ fees and costs and seek a resolution
in the best interests of the bankruptcy estate and its creditors.
A full-text copy of the Motion is available at
https://tinyurl.com/wx6t2op from PacerMonitor.com at no charge.
The Debtor is represented by:
David A. Ray, P.A.
1330 Southeast 4th Avenue, Suite I
Fort Lauderdale, Florida 33316
Tel: (954) 399-0105
E-mail: dray@draypa.com
About Palm Frond Condominium Association
Palm Frond Condominium Association, Inc., filed a voluntary Chapter
7 petition (Bankr. M.D. Fla. Case No. 19-04954) on May 25, 2019.
The case was converted to one under Chapter 11 on July 15, 2019.
The case has been assigned to Judge Caryl E. Delano. The Debtor is
represented by David A. Ray, Esq.
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case.
PAUL SMITH: Dec. 17 Hearing on Disclosure Statement
---------------------------------------------------
The hearing to consider the approval of the disclosure statement of
Paul F. Smith Jr., DDS, Inc. will be held at H.M. Metzenbaum, 201
Superior Ave., #1A Judge Harris Courtroom, Cleveland, OH 44114, on
December 17, 2019, at 11:00 O’clock a.m.
Dec. 10, 2019 is fixed as the last day for filing and serving
written objections to the disclosure statement.
Attorney for the Debtor:
Gary Cook
23880 Commerce Park, Suite 2
Beachwood, Ohio 44122
(216) 965-4410 Office
(216) 916-4152 Fax
Email: gcookesq@yahoo.com
About Paul F. Smith, Jr. D.D.S.
Paul F. Smith, Jr. D.D.S., Inc., sought protection under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 19-11251) on
March 8, 2019. At the time of the filing, the Debtor estimated
assets of less than $50,000 and liabilities of less than $1
million. The case is assigned to Judge Arthur I. Harris. The
Debtor tapped Gary Cook, Esq., as its bankruptcy attorney.
PERIMETER LAWN: Unsecured Creditors Get 100% in 84 Months
---------------------------------------------------------
The small business chapter 11 debtor Perimeter Lawn and Landscape
Services, Inc., filed a reorganization that proposes to pay off
claims in 24 to 84 months:
* Class 2B Secured claim of BancFirst. IMPAIRED. Total claim
of $3955.49. Monthly payments of $170.01. Payments begin on the
first month after confirmation. Payments end 24 Months. Interest
rate 3%.
* Class 2B Secured claim of Arvest. IMPAIRED. Total claim of $
$1,816.73. Monthly payments of $80.52. Payments begin on the first
month after confirmation. Payments end 24 months. Interest rate
6%.
* Class 2A Secured claim of Arvest. IMPAIRED. Total claim of $
$23,873.13. Monthly payments of $629.20. Payments begin on the
first month after confirmation. Payments end 36 months. Interest
rate 4.27%.
* Class 2B Secured claim of Arvest. IMPAIRED. Total claim of
$8,376.99. Monthly payments of $367.70. Payments begin on the first
month after confirmation. Payments end 24 months. Interest rate
5.05%.
* Class 2A Secured claim of First Citizen's Bank & Trust.
IMPAIRED. Total claim of $198,413.75. Monthly payments of
$1,766.74. Payments begin on the first month after confirmation.
Payments end 84 months. Interest rate 5%.
* Class 3 General Unsecured Class. IMPAIRED. General unsecured
creditors will receive monthly payments of $2,235.29. Payments
begin 25 months after confirmation and end in 84 months. Interest
rate 4%. Estimated percent of claim paid is 100%.
* Class 4 Equity interest holders. IMPAIRED. Equity holders
will retain their equity interests after completion of plan
payments to all creditors, including administrative claims.
Payments and distributions under the Plan will be funded by the
following: Net operating revenues over a seven-year period.
A full-text copy of the Disclosure Statement dated November 18,
2019, is available at https://tinyurl.com/sqsrvy9 from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
B David Sisson, Esq.
Law Offices of B David Sisson
305 E Comanche St/ P O Box 534
Norman, OK 73070-0534
Telephone: 405.447.2521
Facsimile: 405.447.2552
E-mail sisson@sissonlawoffice.com
About Perimeter Lawn & Landscape
Based in Oklahoma City, Oklahoma, Perimeter Lawn & Landscape
Services, Inc. filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Okla. Case No. 19-12066) on May 20,
2019, listing under $1 million in both assets and liabilities.
David B. Sisson, Esq., at the Law Offices of B. David Sisson,
represents the Debtor as counsel.
PERKINS TIMBER: Unsecureds to Be Paid in Full by Month 96
---------------------------------------------------------
Perkins Timber Harvesting, LLC, filed a Chapter 11 Plan of
Reorganization dated Nov. 1, 2019, that proposes to treat claims
and interests as follows:
* Secured claims of De Lage Landen Financial Services Inc. The
Debtor has surrendered the collateral. The Confirmation Order will
constitute an order for relief from stay. Any secured claim in
this category is to be satisfied in full through surrender of
collateral. If, after claim litigation is completed, any
deficiency balance is remaining due to De Lage Landen Financial
Services, Inc., the Debtor will pay that deficiency claim in equal
monthly installments over 60 months with no interest, after all
other claims under the Plan are paid in full. Any potential payment
to De Lage Landen on its alleged deficiency claim will not impact
or alter the proposed treatment of any other claim under the Plan.
* Department of Agriculture's Unsecured Claim. The Department
of Agriculture filed a claim (Claim No. 14) in the amount of
$33,083.07. The Debtor intends to pay this claim, with court
approval, outside of the plan as fast as possible. Payment of this
claim will allow the Debtor to secure another logging contract in
the spring of 2020 and generate revenue to pay other deb
* General Unsecured Claims. Unsecured creditors will receive a
monthly pro-rate share of payments contributed towards general
unsecured claims. After paying secured and priority debts, the
general unsecured claims will begin receiving the remainder of the
plan payment in month 44 beginning with a payment of $3,062.15.
Payments will continue thereafter in months 45 through 72 at
$4,807.00 per month.
All secured creditors will be paid in full by the end of the sixth
year of the Plan. However, some of the existing logging equipment
will be reaching the end of its useful life and is expected to be
in need of replacement around the end of the fifth year of the
Plan. As such, overall plan payments step down to $9,965.09 in
month 61 and again to $6,439.38 in month 73 to leave room for
financing of new logging equipment. Even though overall plan
payments decrease in month61, payments to general unsecured
creditors will remain $4,807. Even though overall plan payments
again decrease in month 73, payments to general unsecured creditors
shall increase to $7,553.45 increase in month 73 through 96. All
undisputed general unsecured claims will be paid in full by month
96. De Lage Landen Financial repossessed its collateral and has
not provided proof that the collateral was sold. The Debtor takes
the position that De Lage Landen Financial's unsecured claim is
artificially-inflated, disputes the claim, and has not provided
payment for it in this plan. If, after claim litigation is
completed, any balance is remaining due to De Lage Landen Financial
Services, Inc., the Debtor will pay that deficiency claim in equal
monthly installments over 60 months with no interest, after all
other claims under the Plan are paid in full. Thus, such payment
will not impact the payment of the general unsecured class of
claims.
A full-text copy of the First Amended Disclosure Statement dated
Nov. 22, 2019, is available at https://tinyurl.com/rtzcrlg from
PacerMonitor.com at no charge.
Attorney for the Debtors:
Pernell W. McGuire
Aubrey L. Thomas
Davis Miles
McGuire Gardner
9 W. Cherry Ave. Suite B
Flagstaff, AZ 86001
Tel. No. (928) 779-1173
Fax No. (877) 715-7366
E-mail: efile.dockets@davismiles.com
About Perkins Timber Harvesting
Founded in 1966, Perkins Timber Harvesting --
https://www.perkinstimberharvesting.com/ -- is family business that
offers large scale mechanical timber harvesting, fire prevention
thinning, and chipping operations. Perkins Timber is headquartered
in Williams, Arizona.
Perkins Timber Harvesting sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 19-02519) on March 8,
2019. At the time of the filing, the Debtor disclosed $2,530,206
in assets and $2,215,954 in liabilities. Davis Miles McGuire
Gardner, PLLC, is the Debtor's legal counsel.
PILOT TRAVEL: Moody's Rates New $4.2BB Secured Bank Debt 'Ba1'
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 to Pilot Travel Centers
LLC's proposed $4.2 billion senior secured bank facility which will
be used to refinance its existing senior secured bank facility. The
company's other ratings are unchanged including its Ba1 Corporate
Family Rating and Ba2-PD Probability of Default Rating. The Ba1
rating on Pilot's current bank facility will be withdrawn upon
closing. The outlook is stable. All ratings are subject to final
review of documentation.
"The proposed transaction improves Pilot's liquidity by pushing its
nearest maturity to 2024 and provides flexibility to fund planned
dividends in January 2021," stated Pete Trombetta, Moody's
convenience store analyst.
Proceeds of the $4.2 billion bank facility -- consisting of a $1.3
billion revolver, $1.8 billion term loan A and $1.1 billion delayed
draw term loan A -- will be used to refinance outstandings under
its current revolver and term loan A and partially fund a January
2021 $2.2 billion recapitalization distribution contemplated in the
Berkshire Hathaway purchase sale agreement.
Pilot used proceeds from the initial $2.8 billion investment by
Berkshire Hathaway in 2017 to pay down debt on a temporary basis
with the expectation that over time the company will raise debt to
buy the ownership interest of its current owners. Moody's adjusted
leverage was about 1.4x for the last 12 month period ended
September 30, 2019 and increases to about 2.0x pro forma for a
fully drawn delayed draw term loan A. Moody's forecasts that over
the next two to three years leverage will eventually return to its
previous level of about 3.5x.
Assignments:
Issuer: Pilot Travel Centers LLC
Senior Secured Revolving Credit Facility, Assigned Ba1 (LGD3)
Senior Secured Term Loan, Assigned Ba1 (LGD3)
Senior Secured Delayed Draw Term Loan, Assigned Ba1 (LGD3)
RATINGS RATIONALE
Pilot is projected to maintain solid debt protection measures over
the next two years with debt/EBITDA around 2.0x and EBIT/interest
above 10.0x. Pilot will increase debt to pay dividends to Pilot's
ownership, eventually causing leverage to rise to historical levels
of about 3.5x (including Moody's standard adjustments). Berkshire
Hathaway will increase its ownership stake to 80% by 2023. Pilot
also benefits from its meaningful scale, geographic reach, good
liquidity, and its diverse profit stream. While fuel revenue
accounts for almost 90% of total sales, inside sales at its stores
-- including higher margin merchandise sales and restaurant revenue
-- accounts for almost half of Pilot's gross profit. About 80% of
Pilot's fuel revenue comes from the sale of diesel and diesel
exhaust fluid of which approximately two thirds is the result of
direct billing agreements with trucking fleets, which adds to the
predictability of its revenue stream and further reduces its
earnings volatility. Pilot supplies diesel fuel to the majority of
the 100 largest long haul trucking fleets in the US and is the
number one supplier of diesel fuel volumes in the country.
The ratings are constrained by Pilot's reliance on high volume, low
margin fuel sales, some regional concentration, and concern that
financial policies with respect to dividends and acquisitions could
become more aggressive.
The stable rating outlook reflects Moody's estimate that Pilot's
operating performance will remain strong and the company will
maintain debt/EBITDA at around 2.0x with EBIT/interest coverage
above 10.0x over the next 12-18 months.
Pilot's ratings could be upgraded if it exhibits a balanced growth
strategy, financial policy and capital structure that supports the
credit profile required of an investment grade rating. The company
would also have to maintain very good liquidity and stable margins
for its non-fuel businesses. Quantitatively, an upgrade would
require debt/EBITDA maintained below 2.5 times and EBIT/Interest
sustained near 5.5 times. Factors that could lead to a downgrade
include liquidity contracting beyond current levels or debt
protection metrics weakening due to a sustained deterioration in
operating performance. The adoption of an aggressive financial
policy or growth strategy that negatively impacted debt protection
metrics or liquidity could also pressure the ratings. Specifically,
ratings could be downgraded if debt/EBITDA exceeded 4.0 times on a
sustained basis or if EBIT/interest is sustained below 2.75 times.
Pilot Travel Centers LLC is a partnership that owns and operates
over 640 truck stops across the U.S. and Canada. In addition to
fuel, Pilot locations have convenience stores, fast food
restaurants, and other amenities. Pilot is majority owned by the
Haslam family through the ownership of Pilot Corporation with
Berkshire Hathaway owning about 39%. Annual revenues are
approximately $29 billion.
The principal methodology used in these ratings was Retail Industry
published in May 2018.
PRINCE ORGANIZATION: Court Approves Disclosure Statement
--------------------------------------------------------
Judge Bill Parker has ordered that the Prince Organization,
Nacogdoches, LLC, Fourth Amended Disclosure Statement is APPROVED.
Jan. 3, 2020 is fixed as the last day for filing written
acceptances or rejections of the Debtor's proposed Third Amended
Chapter 11 Plan.
Jan. 3, 2020 is fixed as the last day for filing and serving
written objections to confirmation of the Debtor’s proposed Third
Amended Chapter 11 Plan.
The hearing to consider the confirmation of the Debtor's proposed
Chapter 11 Plan is fixed and will be held on Thursday, Jan. 9, 2020
at 10:00 a.m. in the Courtroom of the United States Bankruptcy
Court, Plaza Tower, 110 North College Avenue, Ninth Floor, in
Tyler, Texas.
About Prince Organization Nacogdoches
Prince Organization, Nacogdoches LLC, operated its property at 3400
South Street Nacogdoches, Texas, as a hotel branded as Manguson
Hotels. Sunil Tolani and Neela Tolani are the current managers of
the property.
Prince Organization sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Tex. Case No. 19-90145) on June 3,
2019. At the time of the filing, the Debtor was estimated to have
assets of between $1 million and $10 million and liabilities of the
same range. The Debtor is represented by Joyce W. Lindauer
Attorney, PLLC and The Patel Law Group, PLLC.
PRINCE ORGANIZATION: Shifts Hotel Branding to OYO
-------------------------------------------------
According to its Third Amended Disclosure Statement, Prince
Organization Nacogdoches LLC has proposed a reorganization plan
that contemplates its continued hotel operations of its property,
but now as an OYO-branded hotel.
Dollars to operate the property will come from the business
operations of the Debtor, contributions of the owners and capital
funded by an agreement with OYO.
The Debtor does not intend to retain its franchise with Magnuson
Hotels, operating the property instead as an OYO-branded hotel
after Confirmation of the Plan of Reorganization under an OYO
Hotels, Inc. franchise. Upon rejection of its executory contract
with Magnuson, OYO will provide a source of operating capital
pursuant to the OYO Marketing, Consulting, and Revenue Management
Agreement. Under paragraph 3 of the Agreement, OYO guarantees
annual gross revenues in the amount of $1,130,000. [If annual
gross revenues generated by the property exceed $1,130,000, OYO
agrees to pay the debtor those annual gross revenues, minus
deductions for 8 percent of the gross revenues.] In the event that
annual gross revenues generated by the property are less than the
guaranteed $1,130,000, OYO agrees to pay the Debtor the
guaranteed amount of $1,130,000, minus deductions for 8 percent of
the guaranteed gross revenues (i.e. $90,400) and 18 percent of the
difference between actual annual gross revenues and the shortfall.
The Debtor is responsible for paying its operating expenses and
payments on all of its debts. In preparation for the transition of
the property pursuant to the Agreement, OYO will make a capital
investment of $315,000 (i.e. $2,500 for each of the property's 126
rooms). These funds will be made available to the Debtor (i.e. the
"Facility Owner") in three separate installments: 50 percent within
seven days of the "Go-Live Date", 25 percent after the terms of the
first seven transformation clauses in the Agreement are met, and 25
percent within seven days of completion of all renovations. The
Debtor will supervise the renovation effort and ensure that this
investment is spent in such manner that will ensure the property
comports with OYO Hotel brand standards. Further, OYO Hotels will
pay to the Debtor a franchise incentive signing bonus in the amount
of $37,800 (i.e. $300 for each of the property's 126 rooms). This
incentive payment will be tendered within seven days of the
"Go-Live Date" and may be used at the discretion of the Debtor.
Repayment of OYO Hotel's capital expenditures will be included as a
part of the monthly revenue share percentages outlined in the
Agreement.
The Plan proposes to treat claims and interests as follows:
* Class 1 - Secured Tax Creditor Claims. IMPAIRED. The Class 1
Claims will be paid once Allowed over five years from the date of
the filing of the petition with interest on such amounts at the
rate of 12% per annum until paid in full. The payments will be
made in equal monthly payments beginning on the first day of the
month following the Effective Date and shall continue on the first
day of each month thereafter until paid in full.
* Class 2 - Priority Claims. IMPAIRED. Allowed Priority Claims
will be paid once allowed over five years with interest on such
amounts at the rate of 5% per annum until paid in full. The
payments shall be made in equal monthly payments beginning on the
first day of the month following the Effective Date and shall
continue on the first day of each month thereafter until paid in
full.
* Class 3 - Secured Claim of Propel Financial Services.
IMPAIRED. Propel will retain all its liens pursuant to the 2019
Security Documents, 2018 Security Documents, and 2017 Security
Documents on Debtor’s property in its current lien priority to
secure repayment of amounts to be paid to Propel under the 2019
Note, 2018 Note and 2017 Note. All other terms of the 2019 Note,
2018 Note and 2017 Note, and the 2019 Security Documents, 2018
Security Documents, and 2017 Security Documents shall remain in
full force and effect except as modified by this Plan. The Class 3
Creditor is impaired under this Plan.
* Class 4 - Secured Claim of First Choice Bank. IMPAIRED.
Estimated amount of claim $2,937,568.07. The Debtor will pay the
allowed secured claim which is in the amount $1.8 million will be
paid over 300 months at an interest rate of 5.5% per annum as of
the Confirmation Date. The estimated monthly payment amount of
principal and interest is $11,597.43.
* Class 5 - Secured Claim of Central Laundry Equipment Inc.
IMPAIRED. The Class 5 Claim is an Allowed Secured Claim and shall
be paid in full over 5 years with interest on such amount at the
rate of 3.25% per annum. The payments shall be made in equal
monthly payments beginning on the first day of the month following
the Confirmation Date and shall continue on the first day of each
month thereafter until paid in full.
* Class 6 - Unsecured Creditors. IMPAIRED. The Class 6 claims
will be paid once allowed over 60 months based on a Pro Rata
distribution of $2,000.00 a month. The payments will be made in
equal monthly payments beginning on the first day of the month
following the Effective Date and shall continue on the first day of
each month thereafter until paid pursuant to this Plan.
* Class 7 - Debtor's Equity. On the Confirmation Date, all
equity interests will be retained. Provided, however, if the
unsecured creditors vote against the Plan then: in the interest of
ensuring the Plan provides the greatest benefit to the Debtor's
creditors and equity interest holders, the Debtor shall cancel all
existing equity interest in the Debtor.
A full-text copy of the Third Amended Disclosure Statement dated
November 18, 2019, is available at https://tinyurl.com/t923xya from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Joyce W. Lindauer
Joyce W. Lindauer Attorney, PLLC
12720 Hillcrest Road, Suite 625
Dallas, TX 75230
Tel: (972) 503-4033
Tel: (972) 503-4034 (Fax)
E-mail: joyce@joycelindauer.com
- and -
Jonathan A. Gitlin
The Patel Law Group, PLLC
1125 Executive Circle, Suite 200
Irving, Texas 75038
Main: (972) 650-6848
Fax: (972) 650-6167
E-mail: jgitlin@patellegal.com
About Prince Organization Nacogdoches
Prince Organization, Nacogdoches LLC, operated its property at 3400
South Street Nacogdoches, Texas, as a hotel branded as Manguson
Hotels. Sunil Tolani and Neela Tolani are the current managers of
the property.
Prince Organization sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Tex. Case No. 19-90145) on June 3,
2019. At the time of the filing, the Debtor was estimated to have
assets of between $1 million and $10 million and liabilities of the
same range. The Debtor is represented by Joyce W. Lindauer
Attorney, PLLC and The Patel Law Group, PLLC.
PRINCETON ALTERNATIVE: Trustee FIles Liquidating Plan
-----------------------------------------------------
Matthew Cantor, the chapter 11 trustee for debtors Princeton
Alternative Income Fund, LP and Princeton Alternative Funding, LLC
filed a Chapter 11 plan that provides for the liquidation of the
Debtors and the distribution of the proceeds of that liquidation to
Creditors and Limited Partners in PAF and PAIF.
The assets of PAF do not have sufficient value to provide for a
distribution to holders of equity interests in PAF, and so the
equity interests in PAF will not receive or retain any value under
this Plan, and are presumed to reject it. The Trustee will make
payments under the Plan by liquidating (that is, turning into
money) as much of the Debtors' assets as possible, for the maximum
value available.
Holders of claims and interests in PAIF will be treated as
follows:
* PAIF Class 2 - Allowed General Unsecured Claims. Each Holder
of an Allowed Claim in PAIF Class 2 shall receive treatment that
renders such claimant unimpaired. Claims filed, or scheduled and
deemed Allowed, and held by Entities other than the MicroBilt
Group, Redeeming Limited Partners, the Feeder Fund, total
approximately $100,000. Estimated Recovery: 100%.
* PAIF Class 3 - Ranger Claims. The Ranger Entities have filed
unsecured Claims in excess of $34 million against both PAIF and
PAF. T he Ranger Claims shall be treated in accordance with the
Ranger Settlement, which generally provides for payment of $2.5
million in Cash on the Effective Date, payment of the balance of
the Cash in the Argon Side Pocket, and distribution to the Ranger
Onshore and Ranger Offshore of an aggregate amount of Class A
Certificates in an amount equal to the Ranger Entities' Percentage
Interest in PAIF based on the September 30, 2019 Limited Partner's
Capital Accounts.
* PAIF Class 6 - General Partner Interests. Allowed General
Partner Interests in PAIF shall receive Class Certificates with a
value as of the Effective Date equal to the amount which the Holder
of Interests in this Class would be entitled to receive on
liquidation of PAIF under Article IX of the LPA.
* PAIF Class 7 - Limited Partner Interests (exclusive of the
Ranger Entities and Covenant). If PAIF Class 7 accepts the Plan by
the requisite vote of Accepting Limited Partners, then Holders of
Allowed Limited Partner Interests in PAIF Class 7 shall receive the
following in full settlement and satisfaction of their Claims
against and Interests in PAIF such Limited Partner’s Pro Rata
share of: (i) Class A Certificates, calculated based on such
Limited Partner’s Percentage Interests in PAIF as of the
Determination Date, and (ii) the Ranger PAIF Class 7 Contribution.
If PAIF Class 7 rejects the Plan, then Holders of Allowed Limited
Partner Interests in PAIF Class 7 (exclusive of the Ranger Entities
and Covenant) shall receive in full settlement and satisfaction of
their Interests in PAIF, such Limited Partner's Pro Rata share of
Class A Certificates, calculated based on such Limited Partner’s
Percentage Interests in PAIF as of the Determination Date.
Holders of claims and interests against PAF will be treated as
follows:
* PAF Class 2 - Allowed General Unsecured Claims. Unsecured
Proofs of Claims of approximately $9 million have been filed in the
Cases. Allowed General Unsecured Claims against PAF will receive
their Pro Rata share (calculated including Allowed Claims in PAF
Class 3) of Class A Certificates issued to Holders of Allowed
Claims in PAF Class 2 and PAF Class 3.
* PAF Class 3 - Ranger Claims. Claims of the Ranger Entities
against PAF will be Allowed in the amount of $33,419,571 and will
receive their Pro Rata share (calculated including Allowed Claims
in PAF Class 2) of Class A Certificates issued to Holders of
Allowed unsecured Claims in PAF Classes 2 and 3.
* PAF Class 4 - Equity Interests. Equity Interests in PAF shall
not receive or retain anything of value under the Plan and are
deemed to have rejected.
A full-text copy of the Second Amended Disclosure Statement dated
November 22, 2019, is available at https://tinyurl.com/r4fbfqk from
PacerMonitor.com at no charge.
Counsel for Chapter 11 Trustee Matthew Cantor:
WOLLMUTH MAHER & DEUTSCH LLP
51 JFK Parkway
First Floor West
Short Hills, New Jersey 07078
- and -
500 Fifth Avenue
New York, New York 10110
Tel: (212) 382-3300
pdefilippo@wmd-law.com
jlawlor@wmd-law.com
About Princeton Alternative
Princeton Alternative Income Fund, LP, provides capital for
businesses that make consumer loans in the non-prime market.
Princeton Alternative Income Fund, LP and Princeton Alternative
Funding LLC, a fund management company, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No.
18-14603) on March 9, 2018. Judge Michael B. Kaplan oversees the
cases.
In the petitions signed by John Cook, authorized representative,
PAIF was estimated to have assets of $50 million to $100 million
and liabilities of $1 million to $10 million. PAF was estimated to
have 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.
PYXUS INTERNATIONAL: S&P Lowers ICR to 'CCC'; Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
global agricultural technology company Pyxus International Inc. to
'CCC' from 'CCC+'.
At the same time, S&P lowered its issue-level rating on the
company's $60 million asset-based lending (ABL) facility due
January 2021 to 'B' from 'B+', its issue-level rating on the
company's first-lien secured notes due April 2021 to 'CCC+' from
'B-', and its issue-level rating on the company's second-lien notes
due July 2021 to 'CCC-' from 'CCC'.
The company's plan to monetize a portion of its interests in
certain businesses has taken longer than expected to complete.
Pyxus announced its intention to consolidate its ownership stakes
in majority-owned Canadian companies Canada Island Green Inc. and
FIGR Norfolk Inc. and minority-owned Criticality LLC and Purilum
Inc. into a subsidiary and monetize a portion of its interest in
the resulting entity earlier this year. At that time, S&P believed
the company would likely use the proceeds from this transaction to
repay debt in the near term. However, it has taken Pyxus much
longer than it previously expected to demonstrate material progress
toward completing such a transaction.
Moreover, S&P believes several market-related factors, such as
excess supply in the cannabis industry, growing concerns about the
health risks posed by vaping, and the evolving regulatory
environment, may prevent the company from successfully selling
these assets at a reasonable valuation.
The negative outlook on Pyxus reflects the increased likelihood of
a default as the company may face difficulties in servicing its
debt. Given the uncertainty around the timing of its potential
monetization efforts, as well as its deteriorating profitability
and eroding liquidity, the company could engage in a distressed
exchange over the next few quarters. The company also faces the
looming maturity of its first- and second-lien term loans in 2021,
which S&P is unsure it will be able to successfully refinance. This
is due to the challenging conditions in the tobacco industry,
Pyxus' continued weak operating performance, and its unsustainable
capital structure.
"We could lower our ratings on Pyxus if we believe the company will
inevitably face a payment default, be unable to successfully
refinance its term loan, engage in a distressed exchange, or face a
liquidity crisis in the next six months. Given its continuously
weak operating trends, declining liquidity, and negative cash
flows, we believe the company could default on its payments or seek
to restructure its debt to right-size its capital structure," S&P
said.
"We could raise our ratings on Pyxus if the company successfully
refinances its debt facilities without undertaking a distressed
exchange. This could occur if the company sells assets or receives
an equity infusion without restructuring its debt below par," S&P
said. Any positive rating actions would also be predicated on the
company improving its cash flow and liquidity position, according
to the rating agency.
REGAL ROW: Court Approves Sale to Victron Stores for $2.5MM
-----------------------------------------------------------
Regal Row Fina, Inc. received approval from the U.S. Bankruptcy
Court for the Northern District of Texas to sell its assets to
Victron Stores, L.P. for $2.5 million.
The assets include personal properties used in the company's
business, inventory and real property located at 1607 Regal Row,
Dallas. They will be sold "free and clear" of liens, claims and
encumbrances.
A copy of the sale contract is available at
https://tinyurl.com/sxpawym from PacerMonitor.com free of charge.
About Regal Row Fina
Regal Row Fina, Inc. sought Chapter 11 protection (Bankr. N.D. Tex.
Case No. 19-33060) in Dallas, Texas, on Sept. 11, 2019. At the
time of the filing, the Debtor disclosed assets of between
$1,000,001 and $10 million and liabilities of the same range. The
case is assigned to Judge Stacey G. Jernigan. Joyce W. Lindauer
Attorney, PLLC, is the Debtor's legal counsel.
ROSE COURT: Court Sets Disclosure & Confirmation Procedures
-----------------------------------------------------------
Judge Dennis Montali of the U.S. Bankruptcy Court for the Northern
District of California entered an Order establishing establishing
procedures for disclosure statement hearing and confirmation
hearing in the Chapter 11 case of Rose Court, LLC.
The Court ordered that upon filing a Traditional Disclosure
Statement (DS) and a Traditional Plan or a Form DS/Plan, the filer
must forward to the court at the same time a hard-copy version
marked "Judge's Copy." To schedule a hearing for approval of a
Traditional DS, or for tentative approval of a Form DS, the
proponent should contact Ms. Lorena Parada at 415-268-2323 or
Lorena_Parada@canb.uscourts.gov. A court order is not necessary
for scheduling a disclosure statement hearing, notwithstanding
Official Form No. 12.
Unless otherwise ordered by the Court, (a) individual debtors
seeking tentative approval of a disclosure statement must utilize
the NDBC Plan/DS and follow the Instructions posted on the court's
website, and (b) Small Business debtors seeking tentative approval
of a disclosure statement under Fed. R. Bankr. P. 3017.1 must use
the Official Form 25A, revised December 2011 and Official Form 25B,
revised December 2008.
In cases where a proponent is seeking final approval of a
Traditional DS as adequate under 11 U.S.C. Sec. 1125, the proponent
shall provide notice of the hearing to the debtor, creditors,
equity security holders, United States Trustee, Securities and
Exchange Commission and other parties in interest as provided in
Fed. R. Bankr. P. 3017(a) and B.L.R. 3017-1.
A full-text copy of the Order is available at
https://tinyurl.com/qsnw6le from PacerMonitor.com at no charge.
About Rose Court
Rose Court, LLC, a real estate company, is the owner of a real
property located at 15520 Quito Road, Monte Sereno, California,
valued by the company at $3.50 million. Rose Court's gross revenue
from rental investment amounted to $99,762 in 2016 compared to
gross revenue from rental investment of $150,000 in 2015. The
Company previously sought bankruptcy protection on Feb. 1, 2010
(Bankr. N.D. Cal. Case No. 10-50993) and Nov. 6, 2012 (Bankr. N.D.
Cal. Case No. 12-58012).
Rose Court, based in San Francisco, California, filed a Chapter 11
petition (Bankr. N.D. Cal. Case No. 17-31014) on Oct. 10, 2017. In
the petition signed by Teri Nguyen, managing member, the Debtor
disclosed $3.51 million in assets and $3.28 million in liabilities.
Judge Hannah L. Blumenstiel presides over the case. Vince D.
Nguyen, Esq., at Newton Law Group, serves as the Debtor's
bankruptcy counsel.
The Debtor filed its proposed Chapter 11 plan of reorganization and
disclosure statement on January 10, 2018.
SARAR USA: Shareholders Plan Has 6.69% for Unsecured Creditors
--------------------------------------------------------------
Sarar USA, Inc., filed a proposed plan of reorganization that says
that current shareholders will provide funding to make plan
payments.
Since the Petition Date, in order to ensure the success of the
Debtor, Sarar Turkey has continued to deliver products to the
Debtor, despite that the Debtor owes Sarar Turkey in excess of
$15.5 million as of the Petition Date and despite that the Debtor
has paid only a small fraction of the cost for postpetition
deliveries.
As part of the Plan, Sarar Turkey has agreed to waive its
prepetition claim. Since the total of other Claims in Class 3 (the
Class in which the Sarar Turkey would otherwise fall) is less than
$5 million, without that waiver, any Distribution to General
Unsecured Creditors would be substantially diluted. Indeed, absent
Sarar Turkey's waiver, the Debtor believes that Distributions to
Class 3 Creditors would be reduced by more than 75%.
Sarar Turkey further agreed to provide products to the Debtor
pursuant to the Master Supply and Purchasing Agreement. Pursuant
to that agreement, Sarar Turkey obligated itself to supply products
to the Debtor during the Chapter 11 Case and post-emergence.
Without such products there is no question but that the Debtor
would be forced to liquidate and there could be no reorganization.
In addition to Sarar Turkey's commitment to supply the Debtor on
favorable terms post-emergence, the Shareholders will provide funds
sufficient for the Debtor or Reorganized Sarar (as applicable) to
make all payments required under the Plan. In this regard, the
Debtor estimates that the Shareholders will provide a minimum of $3
million. The Shareholders have also agreed to guaranty all
payments that are required to be made under the Plan. There is no
other available source of funding for such payments. Accordingly,
absent the Shareholder's contributions, there could be no
reorganization.
Under the Plan, each Holder of an Allowed General Unsecured Claim
in Class 3 will receive, in full and final satisfaction of its
Allowed General Unsecured Claim, its Pro Rata share of the General
Unsecured Claim Fund. The total of Class 3 Claims filed and
scheduled equals approximately $3,977,470. Based on the Claims
filed to date, the Debtor estimates that Holders of Allowed Class 3
Claims will receive a Distribution of approximately 6.6877%.
The Bankruptcy Court has scheduled the Plan confirmation hearing to
begin on Dec. 17, 2019 at 10:00 a.m. (prevailing Eastern time)
before the Honorable John K. Sherwood, United States Bankruptcy
Judge, in Courtroom 3D of the United States Bankruptcy Court for
the District of New Jersey, 50 Walnut Street, 3rd Floor, Newark,
New Jersey 07102.
A full-text copy of the Disclosure Statement dated Nov. 18, 2019,
is available at https://tinyurl.com/wnnptlt from PacerMonitor.com
at no charge.
A full-text copy of the Amended Disclosure Statement dated Nov. 22,
2019, is available at https://tinyurl.com/qso3dxo from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Schuyler G. Carroll
Daniel B. Besikof
Lindsay Feuer
LOEB AND LOEB, LLP
345 Park Avenue
New York, NY 10154
Email: scarroll@loeb.com
dbesikof@loeb.com
lfeuer@loeb.com
About Sarar USA Inc.
Sarar USA, Inc. -- https://www.sararonline.com/ -- is a retailer of
high-end men's apparel selling suits, tuxedos, shirts, jackets,
trousers, shoes, polo shirts, outerwear, knitwear and accessories.
The company is an affiliate of a company based in EskiSehir,
Turkey. Sarar USA was founded in 2001 and is headquartered in
Little Falls, New Jersey.
Sarar USA, Inc., d/b/a Sarar USA, sought Chapter 11 protection
(Bankr. D.N.J. Lead Case No. 18-24538) on July 20, 2018. In the
petition signed by CEO Emre Duru, Sarar USA estimated assets of $1
million to $10 million and liabilities of $10 million to $50
million.
The Hon. John K. Sherwood is the case judge.
The Debtor tapped Schuyler G. Carroll, Esq., and Jeffrey Vanacore,
Esq., of Perkins Coie LLP as counsel. Prime Clerk LLC acts is the
Debtor's claims agent.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors in the Debtor's Chapter 11 case. The Committee
selected Kelley Drye & Warren LLP as its legal counsel.
SOUTHFRESH AQUACULTURE: Unsecureds Unimpaired in AFC Plan
---------------------------------------------------------
SouthFresh Aquaculture, LLC, has a reorganization plan that's being
backed and sponsored by AFC, the current holder of 100% of the
Debtor's equity interests and the largest skateholder.
In general, the Plan pays all claimants, with the exception of AFC,
the full amount of their allowed claims. AFC, as the plan sponsor,
has made it possible for the Plan to provide for the payment in
full of all allowed claims, other than AFC's allowed Class 1 and
Class 7 claims and the allowed administrative expense claims of
retained professionals who may agree to deferred payment, in Cash
on the Effective Date.
The First Amended Disclosure Statement for its proposed Plan of
Reorganization provides
* Class 1 DIP Claim. IMPAIRED. Estimated amount $1,015,000. The
Allowed Class 1 Claim will be refinanced on the Effective Date
through the Exit Financing Facility provided by AFC to the
Reorganized Debtor.
* Class 3 General Unsecured Claims. UNIMPAIRED. Estimated
amount $133,068.74. Allowed Class 3 Claims will be paid on or
before the Effective Date in an amount equal to the amount of their
respective Allowed Class 3 Claims.
* Class 5 Forkland Parties' Rejection Damages Claims. IMPAIRED.
Estimated amount $295,000. Allowed Class 5 Claims will be paid
pursuant to the Forkland Parties Settlement Stipulation in the
amount of their respective Processing Rights Redemption Prices
stated in the Forkland Parties Processing Rights Contracts on or
before the Effective Date.
* Class 6 Double Wheel Parties' Rejection Damages Claim.
IMPAIRED. Estimated amount $129,500. Allowed Class 6 Claim will be
paid pursuant to the Double Wheel Parties Settlement Stipulation in
the amount of the Processing Rights Redemption Prices stated in the
Double Wheel Processing Rights Contracts on or before the Effective
Date.
* Class 7 AFC Allowed Unsecured Claim. IMPAIRED. Estimated
amount $12,609,818. AFC will (a) subordinate its Allowed Class 7
Unsecured Claim to All Allowed Class 3, 4, 5 and 6 Unsecured Claims
and (b) exchange its Allowed Class 7 Unsecured Claim in
consideration for the issuance to AFC on the Effective Date of all
Interests in the Reorganized Debtor.
* Class 8 Processing Rights Holders' Interests. Filed proofs of
Interest deemed withdrawn based on payment as Allowed Class 5 and
Allowed Class 6 Claims, per the Settlement Stipulations.
* Class 9 AFC Interests. IMPAIRED. Class 9 will receive no
Distributions under the Plan, as all of AFC's Interests will be
cancelled, released and extinguished, and will be of no further
force or effect.
A full-text copy of the First Amended Disclosure Statement dated
Nov. 18, 2019, is available at https://tinyurl.com/qpaonjn from
PacerMonitor.com at no charge.
Counsel to the Debtor:
J. Leland Murphree
Jayna P. Lamar
Ryan D. Thompson
Wes Bulgarella
MAYNARD, COOPER &GALE, P.C.
1901 Sixth Avenue North,
2400 Regions/Harbert Plaza
Birmingham, AL 35203
Tel: (205) 254-1000
E-mail: lmurphree@maynardcooper.com
jlamar@maynardcooper.com
rthompson@maynardcooper.com
wbulgarella@maynardcooper.com
- and -
Evan N. Parrott
MAYNARD, COOPER &GALE, P.C.
11 North Water Street
RSA Battle House Tower, Suite 24290
Mobile, AL 36602
Tel: (251) 432-0001
E-mail: eparrott@maynardcooper.com
About SouthFresh Aquaculture
A subsidiary of Alabama Farmers Cooperative, SouthFresh Aquaculture
LLC -- http://www.southfresh.com/-- is a catfish-centered business
committed to sustainable aquaculture practices. Founded in 1987,
the company's primary business is domestic catfish processing. It
processes millions of pounds of catfish per year for food service
and retail industries.
SouthFresh Aquaculture sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ala. Case No. 19-70152) on Jan. 28,
2019. At the time of the filing, the Debtor was estimated to have
assets of between $10 million and $50 million and liabilities of
between $10 million and $50 million. The case is assigned to Judge
Jennifer H. Henderson. The Debtor tapped Maynard, Cooper & Gale,
P.C., as its legal counsel.
STAR COMPUTER: Liquidation Trustee to Sell Assets to Oak Point
--------------------------------------------------------------
Joseph Luzinski, the court-appointed liquidation trustee, received
approval from the U.S. Bankruptcy Court for the Southern District
of Florida to sell the remaining assets of Star Computer Group
Creditors Trust to Oak Point Partners, LLC for $6,000.
A copy of the sale agreement is available at
https://tinyurl.com/tmqeuvu from PacerMonitor.com free of charge.
About Star Computer Group
Star Computer Group, Inc. sought Chapter 11 bankruptcy protection
(Bankr. S.D. Fla. Case No. 15-28100) on Oct. 12, 2015. The petition
was signed by James S. Howard as chief restructuring officer.
Judge Jay Cristol is assigned to the case.
The Debtor listed assets of $22.7 million and liabilities of $68.3
million.
Founded in 1994 with its office located at 2175 N.W. 115 Avenue,
Miami, FL 33172, the Company was engaged in the business of
supplying wholesale computers, smart phones, and related equipment
and software to dealers and wholesales in Latin America. The
company is jointly owned by Henry Waissmann (54%) and Henry
Aguilar
(46%).
The Debtor has engaged Kozyak, Tropin & Throckmorton, P.A., as
bankruptcy counsel, GlassRatner as financial advisor, Fuerst
Ittleman David & Joseph PL as special tax counsel, and Cherry
Bekaert, LLP as accountants.
The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors. The committee is represented by Stearns Weaver
Miller Weissler Alhadeff & Sitterson, P.A., as counsel.
On June 14, 2016, the court confirmed the Debtor's second amended
plan of liquidation. On July 8, 2016, the effective date under the
plan occurred and a creditors trust was formally established to
liquidate the Debtor's unencumbered property. Joseph Luzinski was
appointed to oversee the trust. He is represented by Patricia A.
Redmond, Esq., at Stearns Weaver Miller Weissler Alhadeff &
Sitterson, P.A.
STAR NAVIGATION: Files Notice of Intention to Make BIA Proposal
---------------------------------------------------------------
Star Navigation Systems Group Ltd. (SNA) on Dec. 11, 2019,
disclosed that it has filed a notice of intention to make a
proposal (the "Notice") pursuant to the provisions of Part III of
the Bankruptcy and Insolvency Act (Canada). The filing of the
Notice has the effect of imposing an automatic 30-day stay of
proceedings that will protect the Company and its assets from the
claims of creditors while the Company continues to pursue its
restructuring efforts. This 30-day period may be extended with the
authorization of the Ontario Superior Court of Justice.
The Company also responded to the latest tactics of a dissident
shareholder group and confirms that, as communicated to the
dissidents and their counsel, no special meeting of shareholders of
the Company (the "Shareholders") will take place on December 11,
2019. As was previously announced and reiterated to the dissidents
and their counsel, the Company's board of directors have resolved
to call an annual and general meeting of Shareholders on March 9,
2020.
About Star Navigation
Star Navigation Systems Group Ltd. (otcqb:SNAVF) owns the
exclusive worldwide license to its proprietary, patented In-flight
Safety Monitoring System, STAR-ISMS(R), the heart of the
STAR-A.D.S. (R) and of the STAR-ISAMM(TM) Systems. Its real-time
capability of tracking performance trends and predicting
incident-occurrence enhances aviation safety and improves fleet
management while reducing costs for the operator.
Stars' M.M.I. Division designs and manufactures high performance,
mission critical, flight deck flat panel displays for defence and
commercial aviation industries worldwide. These displays are found
on aircraft and simulators, from C-130 aircraft, to Sikorsky and
Agusta Westland helicopters, as examples.
Stars' subsidiary, Star-Isoneo Inc. is a specialised software firm,
developing complex solutions in engineering, simulation and
development for Canadian customers. Star-Isoneo works closely with
Star in the development of the Company's MEDEVAC (STAR-ISAMM(TM)
and STAR- LSAMM(TM)) applications of the patented STAR-A.D.S. (R)
technology, and on its current R&D program with Bombardier.
SUNSET BAY: Feb. 10 Filing Deadline of Plan and Disclosures
-----------------------------------------------------------
Judge Caryl E. Delano in Florida has entered an order setting a
Feb. 10, 2020 deadline for Sunset Bay Landscaping, Inc., to file a
plan and disclosure statement.
If the Debtor fails to file a Plan and Disclosure Statement by the
deadline, the Court shall issue an order to show cause why the case
should not be dismissed or converted to a Chapter 7 case pursuant
to section 1112(b)(1) of the Bankruptcy Code.
A full-text copy of the Order dated Nov. 22 2019, is available at
https://tinyurl.com/vn9edm6 from PacerMonitor.com at no charge.
Sunset Bay Landscaping, Inc., filed for Chapter 11 bankruptcy
(Bankr. M.D. Fla. Case No. 19-10019) on Oct. 22, 2019, listing
under $1 million in both assets and liabilities. Buddy D. Ford,
P.A., is serving as counsel to the Debtor.
TADA VENTURES: Court Confirms Chapter 11 Plan
---------------------------------------------
Judge David R. Jones has entered an order confirming the Chapter 11
Plan of Tada Ventures, LLC d/b/a Katy Commerce Center.
The judge also granted final approval of the Disclosure Statement.
Section 5.1 of the TADA Ventures LLC Plan is amended to replace all
of section 5.1. with the following:
Holders of Claims that are unimpaired are deemed to
have accepted the proposed Amended Plan and are not entitled to
Vote on the Plan. The following Classes of Claims are not impaired
under the Plan and are deemed to accept the Plan:
Classes 1, 2, and 3. Notwithstanding anything to the contrary
in the Plan, the Reorganized Debtor shall pay all holders of
Allowed Claims in Classes 1, 2, and 3 on or before the Effective
Date an amount equal to such holder's Allowed Secured Claim,
including, to the extent provided in the agreement(s) between the
Debtor and such holder,(i) interest (including any default interest
provided under such agreements) from and after the Petition Dateand
(ii) other costs, charges and fees (including attorneys' fees).
Notwithstanding anything to the contrary contained in the Plan or
this Order, all such holders shall retain all their liens on the
reorganized Debtor's property in the current lien priority to
secure repayment of amounts to be paid under the Plan,and no such
holder will be required to release its lien prior to indefeasible
and full payment of its Allowed Secured Claim as provided herein.
All other terms of any obligations existing between such
holders and the Debtor (as reorganized) shall remain in full force
and effect except as modified by this Plan.
The Plan Confirmation Order also provides that the Debtor is
authorized to sell the Katy Commerce Center("KCC") [1773
Westborough Dr., Katy, Texas, 77449 with the legal description Res
A-3 Blk 1 Westborugh Business Parkto Reveille Capital Property Fund
or its assignee ("Buyer") for $2,900,000 or greater amount
sufficient to pay at closing, all Allowed Claims in Classes 1, 2,
and 3. The Debtor is authorized to pay from the sale the
commissions owed to brokers, agents, and other costs and fees
necessary to close the sale. The sale of the Katy Commerce Center
will be made free and clear of all liens, claims, interests, and
encumbrances, aside from those held by ad valorem tax entities not
paid at closing. Upon full and indefeasible payment of their
allowed secured claim as provided in the prior paragraph of this
Order, ECapital Loan Fund II, LP (successor to Bayview Loan
Servicing LLC), the Small Business Administration, and Propel
Financial Services release KCC from any liens securing their
Allowed Secured Claim. In the event the sale does not close by Dec.
31, 2019, the sale shall not be made free and clear of the 2020 ad
valorem tax liens.
About TADA Ventures
TADA Ventures, LLC owns in fee simple the Katy Commerce Center in
Katy, Texas, an executive suite and business office. The property
has an appraised value of $3.50 million.
TADA Ventures sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Texas Case No. 19-31845) on April 1, 2019. At
the time of the filing, the Debtor disclosed $3,523,706 in assets
and $2,337,345 in liabilities. The case has been assigned to Judge
David R. Jones. Corral Tran Singh LLP is the Debtor's legal
counsel.
TADA VENTURES: Unsec. Creditors to be Paid in Full in 1 Year
------------------------------------------------------------
Debtor TADA Ventures, LLC, filed with the U.S. Bankruptcy Court for
the Southern District of Texas, Houston Division, an amended
disclosure statement describing its plan of reorganization.
Holders of general unsecured claims will be paid in full on the
earlier of 12 months following the Effective Date or the sale of
the Katy Commerce Center in cash. In the event of any failure of
the Reorganized Debtor to timely make its required plan payments,
which shall constitute an event of default under the Plan as to
these Claimants, they will send Notice of Default to the
Reorganized Debtor. If the default is not cured within 30 days of
the date of such notice, the holders of allowed claims may proceed
to collect all amounts owed pursuant to state law without further
recourse to the Bankruptcy Court.
TADA scheduled an unsecured priority claim of $500 for past wages
to Jean and Earl Stout. The Stouts are also the only employees and
equity interest holders of TADA. TADA scheduled a general
unsecured claim of $277,845 to Jean and Earl Stout for member
loans.
Payments and distributions under the Plan will be funded from the
continued operations of TADA Ventures, LLC and the sale of the Katy
Commerce Center. The Debtor has procured a buyer and contemplates
closing on the sale of the Katy Commerce Center on or about Dec.
31, 2019.
TADA believes that the holders of impaired claims under the Plan
will receive payments or distributions under the Plan having a
present value as of the Effective Date in the amounts not less than
what would be received if TADA were to be liquidated under Chapter
7 of the Bankruptcy Code.
A full-text copy of the Amended Disclosure Statement is available
at https://tinyurl.com/u4445u9 from PacerMonitor.com at no charge.
The Debtor is represented by:
CORRAL TRAN SINGH, LLP
Adam Corral
Susan Tran
Brendon Singh
1010 Lamar, Suite 1160
Houston TX 77002
Tel: (832) 975-7300
Fax: (832) 975-7301
E-mail: Susan.Tran@ctsattorneys.com
About TADA Ventures
TADA Ventures, LLC, owns in fee simple the Katy Commerce Center in
Katy, Texas, an executive suite and business office. The property
has an appraised value of $3.50 million.
TADA Ventures sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Texas Case No. 19-31845) on April 1, 2019. At
the time of the filing, the Debtor disclosed $3,523,706 in assets
and $2,337,345 in liabilities. The case has been assigned to Judge
David R. Jones. Corral Tran Singh LLP is the Debtor's legal
counsel.
TEAM HEALTH: S&P Lowers Long-Term ICR to 'B-'; Outlook Stable
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Team Health Holdings Inc. to 'B-' from 'B'. The outlook is stable.
At the same time, S&P lowered its issue-level ratings on Team
Health's senior secured and unsecured debt to 'B-' and 'CCC' from
'B' and 'CCC+', respectively. The recovery ratings on the debt
remain '3' and '6', respectively.
The downgrade reflects S&P's updated expectations of increased
pressure on growth and margins, potential further pressure from the
company's dispute with UnitedHealthcare, and the elevated spending
on legal and advocacy costs. Team Health is experiencing declining
patient volumes that translate into smaller same-unit net revenue
increases, weaker EBITDA margins, and lower cash flow. This in turn
has increased the company's leverage. The dispute with United
further weakens S&P's belief that it will be able to reduce its
leverage from the current double-digit levels. Supporting this view
is Team Health's lack of meaningful organic growth since price
increases might not be sufficient to offset volume declines.
The stable outlook reflects S&P's expectation that Team Health has
sufficient cash flow and liquidity to absorb EBITDA pressure from
contract negotiations with UnitedHealthcare as well as some
pressure from other commercial payors, even as it increases
spending on legal and advocacy costs.
"We could lower our rating on Team Health if the company
experienced lower EBITDA than we expect, raising prospects for
persistent cash flow deficits. This could occur as a result of the
outcome of contract negotiations with UnitedHealthcare and other
commercial payors, surprise billing legislation, and continued
meaningful volume erosion and declines in its new contract revenue
net of terminations," S&P said.
"We could raise the rating on Team Health if it stabilized its
margins, generated consistent revenue growth and cash flows near
$100 million, and reduced leverage to under 9x," the rating agency
said.
TILLMAN PARK: Gets Approval to Sell Condo Units for $2.45MM
-----------------------------------------------------------
Tillman Park, LLC received approval from the U.S. Bankruptcy Court
for the Southern District of Georgia to sell 24 condominium units
in Tillman Park.
Fern Wood, LLC will buy the properties for $2.45 million.
Berkshire Hathaway Home Services Kennedy Realty will get 5 percent
of the sales price as commission.
A copy of sales contract is available at
https://tinyurl.com/tdfqjc4 from PacerMonitor.com free of charge.
About Tillman Park LLC
Tillman Park, LLC filed a Chapter 11 petition (Bankr. S.D. Ga. Case
No. 16-60147) on April 4, 2016. The petition was signed by T.
Holmes Ramsey Jr., managing member. At the time of filing, the
Debtor had $3.28 million in assets and $5.20 million in
liabilities.
The case is assigned to Judge Edward J. Coleman, III. The Debtor
is represented by Jon A. Levis, Esq. at Merrill & Stone, LLC.
UNIT CORPORATION: Extends Exchange Offer Expiration to Jan. 2020
----------------------------------------------------------------
Unit Corporation has extended the expiration date for its
previously announced offer to exchange any and all of its
outstanding 6.625% Senior Subordinated Notes due 2021 (CUSIP No.
909218AB5 / ISIN US909218AB56) for newly issued 10.000% Senior
Secured Notes due 2024 and 7.000% Junior Secured Notes due 2025,
upon the terms and conditions set forth in the prospectus relating
to the Exchange Offer included in Amendment No. 2 to the
Registration Statement filed with the Securities and Exchange
Commission.
The Expiration Date was previously 11:59 p.m., New York City time,
on Friday, Dec. 13, 2019 and will now be 11:59 p.m., New York City
time, on Friday, Jan. 10, 2020, unless further extended. All
references to the Expiration in the Prospectus are amended such
that the Expiration Date will be 11:59 p.m., New York City time, on
Friday, Jan. 10, 2020. Accordingly, holders who tender their Old
Notes prior to such time will receive the Early Exchange
Consideration, which means for each $1,000 principal amount of Old
Notes validly tendered (and not withdrawn) prior to the Expiration
Date, either $735 principal amount of Senior Secured Notes or
$1,000 principal amount of the Junior Secured Notes, depending upon
the election of the holder. Other than the extension of the
Expiration Date, the terms and conditions of the Exchange Offer
remain as set forth in the Prospectus.
The Company will pay a soliciting dealer fee equal to $2.50 for
each $1,000 principal amount of Old Notes validly tendered for
exchange and not validly withdrawn under the Exchange Offer to
retail brokers that are appropriately designated by their clients
to receive this fee; provided that such fee will only be paid with
respect to the first $200,000 aggregate principal amount of Old
Notes exchanged by an individual beneficial holder.
BofA Securities is acting as dealer manager in connection with the
proposed Exchange Offer and Consent Solicitation. Holders of the
Old Notes may contact BofA Securities toll-free at (888) 292-0070
or collect at (980) 388-4813 with questions they may have regarding
the Exchange Offer. Global Bondholder Services Corporation is
serving as information and exchange agent for the proposed Exchange
Offer and Consent Solicitation. For questions, requests for
assistance and requests for copies of the prospectus, contact the
agent at (212) 430-3774 (for banks and brokers) or (866)-470-4200
(toll free) (all others) or contact@gbsc-usa.com.
About Unit Corporation
Unit Corporation -- http://www.unitcorp.com/-- is a Tulsa-based,
publicly held energy company engaged through its subsidiaries in
oil and gas exploration, production, contract drilling, and gas
gathering and processing. Unit's Common Stock is listed on the New
York Stock Exchange under the symbol UNT.
Unit Corporation reported a net loss attributable to the company of
$45.29 million for the year ended Dec. 31, 2018. For the nine
months ended Sept. 30, 2019, Unit Corp reported a net loss
attributable to the company of $218.90 million.
* * *
As reported by the TCR on Nov. 15, 2019, Moody's Investors Service
downgraded Unit Corporation's Probability of Default Rating to
Ca-PD from B3-PD, Corporate Family Rating to Caa1 from B3, and
senior subordinated notes to Caa2 from Caa1. The downgrade of the
PDR reflects Unit's proposed debt exchange offer, which Moody's
views to be a distressed exchange. The Caa1 CFR and Caa2 rating on
the 2021 notes reflect Moody's view on expected recovery, which is
likely to be in the 80%-90% range. Prior to the exchange offer,
Unit was contending with depressed commodity prices, looming
maturities in a challenged refinancing environment and declining
cash flow, Moody's said.
Fitch Ratings downgraded the Long-Term Issuer Default Rating of
Unit Corporation to 'CCC+' from 'B', as reported by the TCR on Nov.
8, 2019. The downgrade reflects Unit Corporation's loss of
operational momentum and reduced financial flexibility associated
with the company's heightened refinancing and liquidity risks.
UNITED METHODIST: Public Sale of Personal Property Approved
-----------------------------------------------------------
Judge William V. Altenberger of the U.S. Bankruptcy Court for the
Southern District of Illinois authorized The United Methodist
Village, Inc.'s public sale of personal property, including
furniture and medical equipment that it does not use in the
ordinary course of business, to be conducted by Zane Parrott of
Parrott Real Estate & Auction Co., Inc.
The lien of the U.S. Department of Agriculture will attach to the
proceeds of the sale to the extent, priority, and validity of such
lien.
The Debtor will segregate the proceeds of the sale in a separate
DIP account and will not disburse the proceeds without first
seeking leave of Court.
The 14-day waiting period under Bankruptcy Rule 6004(h) is waived
so that the sale can proceed expeditiously to closing.
The counsel for the moving party will serve a copy of the Order on
all interested parties not served electronically.
A copy of the Auction Agreement attached to the Motion is available
for free at
http://bankrupt.com/misc/United_Methodist_127_Sales.pdf
About The United Methodist Village Inc.
The United Methodist Village, Inc. is a non-profit nursing home
based in Lawrenceville, Illinois.
The United Methodist Village, Inc. filed for bankruptcy protection
under Chapter 11 (Bankr. S.D. Ill. Case No. 19-60046) on Feb. 22,
2019. In the petition signed by Ashli Wesley, administrator, the
Debtor disclosed $13,779,571 in assets and $7,164,533 in
liabilities. The case has been assigned to Judge Laura K. Grandy.
Roy J. Dent, Esq., at Dent Law Office, Ltd. represents the Debtor
as counsel.
VINE OIL: Moody's Lowers CFR to Caa1 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded Vine Oil & Gas, LP's Corporate
Family Rating to Caa1 from B3, Probability of Default Rating to
Caa1-PD from B3-PD, and the senior unsecured notes rating to Caa2
from Caa1. The ratings outlook was changed to negative from
stable.
"Sustained weakness in the natural gas market and rising
uncertainty about access to capital point to higher credit risks
for natural gas producers, including Vine. Such risks and the
potential for Vine to execute distressed exchanges precipitate the
ratings downgrade and a change of its rating outlook to negative",
commented Sreedhar Kona, Moody's Senior Analyst.
A complete listing of rating actions is as follows:
Downgrades:
Issuer: Vine Oil & Gas, LP
Corporate Family Rating, Downgraded to Caa1 from B3
Probability of Default Rating, Downgraded to Caa1-PD from B3-PD
Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 (LGD5)
from Caa1 (LGD5)
Outlook Actions:
Issuer: Vine Oil & Gas, LP
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
Vine's CFR downgrade to Caa1 and rating outlook change to negative
reflect Moody's view that weak natural gas fundamentals will
pressure the company's credit profile in the medium term and may
add to refinancing risk on the company's unsecured notes maturing
in April 2023. Additionally, Caa1 CFR reflects rising risk of a
distressed exchange should Vine elect to purchase a significant
portion of its notes at a discount to par to benefit from the
current weak market pricing. If a significant portion of debt is
extinguished in that manner, Moody's would deem it a distressed
exchange, and a default.
Vine's Caa1 CFR reflects its relatively low production level and
low, albeit improving proved developed reserves scale. Vine's
credit profile is constrained by its high financial leverage as
measured by its debt to proved developed (PD) reserves ratio, which
at the end of third quarter 2019 was approximately $18 per boe,
although it could potentially be lower, based on year-end 2019
reserves report. Of more importance to Vine's credit profile are
the macro factors including the weak natural gas price environment
and limited access to debt capital markets and much less access to
equity capital markets. As with most pure-play natural gas
producers, Vine is likely to face significant refinancing risk
mainly due to lack of investor participation in the speculative
grade rated E&P space and particularly in pure-play natural gas
producing companies. Governance risks considered include Vine's
private ownership and financial strategy geared towards delivering
equity returns. Given Vine's highly-levered balance sheet and
required capital spending, the possibility of cash distributions to
equity-holders in the near-term is limited, although the
possibility of a distressed exchange exists.
Vine's cash flow metrics are likely to improve mostly supported by
its strong hedge book that provides substantial certainty of cash
flow through 2020 and beyond. Vine also benefits from its
productive acreage in the Haynesville/ Mid-Bossier formations and
its low finding and development costs contributing to solid capital
efficiency.
Vine's senior unsecured notes are rated Caa2, one notch below the
CFR, reflecting the notes' subordination to Vine's $150 million
super-priority loan and the $350 million senior secured revolving
credit facility ($165 million outstanding as of September 30,
2019), which benefit from a priority lien on the collateral.
Vine's liquidity is adequate reflecting its cash flow support from
strong hedges, high reliance on its revolver and ability to
maintain covenant compliance. As of the end of third quarter 2019,
Vine had a cash balance of $25 million and $173 million
availability under its $350 million borrowing base revolving credit
facility due in November 2020 (which can be extended by one year at
the company's option). About 92% of Vine's expected production for
the fourth quarter of 2019 and about 80% of 2020 production is
hedged well above market prices. Vine's hedge book extends well
beyond 2021. Moody's expects Vine to use its balance sheet cash,
operating cash flow and revolver borrowings to meet its cash needs
including capital spending through 2020. Maintenance financial
covenants are limited to net revolver drawings being less than $150
million. Moody's expects the company to maintain compliance under
its covenants through 2020.
Vine's ratings could be downgraded if the company's liquidity
worsens, or if the company is unable to execute on its development
and production growth plans. Vine's ratings will be downgraded if
the company executed distressed exchanges.
Vine's ratings are unlikely to be upgraded in the near-term. The
ratings could be upgraded if the company mitigates its refinancing
risk, and it grows its reserve base resulting in a debt to PD
reserves ratio of less than $10 per boe, while sustaining its
retained cash flow to debt ratio above 20% and maintaining adequate
liquidity.
The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.
Headquartered in Plano, Texas, Vine Oil & Gas LP is a natural
gas-focused private independent exploration and production company
formed in 2014, in partnership with its private equity sponsor, The
Blackstone Group L.P. (Blackstone).
VISTRA ENERGY: Moody's Raises CFR to Ba1, Outlook Positive
----------------------------------------------------------
Moody's Investors Service upgraded Vistra Energy Corp.'s Corporate
Family Rating to Ba1 from Ba2 and its Probability of Default Rating
to Ba1-PD from Ba2-PD. At the same time, Moody's upgraded Vistra
Operations Company LLC's senior unsecured rating to Ba2 from Ba3
and its senior secured rating to Baa3 from Ba1. The outlook remains
positive.
"Vistra continues to pursue its financial objectives, thanks to the
company's progress on debt reduction," said Toby Shea VP -- Sr.
Credit Officer, "The positive outlook looks to the sustainability
of Vistra maintaining its financial strategy and risk management
commitments over the next eighteen months."
RATINGS RATIONALE
Vistra's Ba1 CFR reflects its unregulated, fossil-heavy generating
assets as part of a large independent power producer with
diversified operations across the US. The company is expected to
produce a ratio of cash flow from operations to debt (CFO pre-WC to
debt) of about 21% in 2019, and is expected to rise to the mid-20%
range in 2020 and 2021. Vistra expects to achieve a ratio of around
3.1x net debt to EBITDA for 2019, falling to approximately 2.6x in
2020 and 2.5x in 2021.
Vistra's generation business provides about 70% of consolidated
EBITDA, with half generated in Texas. The fleet is comprised
largely of natural gas and coal fired power plants but most of the
value of the generation fleet lies within 20 GW of high-efficiency
gas plants. The large fleet of high-efficiency natural gas-fired
power plants, as well as strong retail operations in Texas, helps
mitigate volatile merchant power markets. Low natural gas commodity
prices and demand for flexible generation capacity in the face of
growing intermittent renewable generation helps the fleet maintain
its value.
Texas is an important market for Vistra. The company has a large
mass retail business and generation capacity that can serve about
twice the retail load. Vistra's mass retail operations are
substantially more stable and profitable than the typical retail
electricity business in the US because it has a strong competitive
advantage on brands and retention of high-quality customers.
Vistra's generation within Texas is a critical complement to the
retail business' stability and profitability. The generation
capacity provides the retail business with an important physical
hedge, so that it is protected from price spikes during hot summer
days or having to post large sums of trade collateral to hedge
counterparties.
From an environmental risk perspective, Vistra is most exposed to
carbon regulations. The company has elevated carbon transition
risks within the power generation sector on account of its business
model as an unregulated power generator with significant fossil
fuel exposure. Vistra owns nearly 11.1 GW of coal-fired generation
and 24.6 GW of natural gas-fired generation out of total owned
generation of approximately 38.9 GW. For the year 2018, Vistra
generated 119 million metric tons of carbon dioxide equivalents.
Vistra's exposure to carbon regulations in California is not very
material to the credit profile because this region makes up less
than 5% of the company's owned capacity. Vistra's power plants in
Texas and Midwest US have been severely affected by the growth of
cleaner fuels such as natural gas and renewables. The continued
decline in the cost of renewables poses substantial ongoing
pressure on power prices in markets where Vistra operates. In early
2018, the company closed 4 GW of coal capacity in Texas, and
announced the planned closure of 2 GW of coal capacity in Illinois
in August 2019.
Vistra recorded a ratio of CFO pre-WC to debt of 22% in the last
twelve months ended 30 September 2019, a substantial improvement
from 15% in 2018. As the company reduces its net debt to EBITDA
leverage to 2.6x in 2020 and 2.5x in 2021, Vistra's CFO pre-WC to
debt should rise to around 25% or better.
Liquidity
Vistra's SGL-1 speculative liquidity ratings reflect very good
liquidity. The company is expected to have the capacity to meet its
obligations over the coming 12 months through internal resources
without relying on external sources of committed financing. Moody's
expects Vistra to produce more than $1.5 billion of annual free
cash flow and is also expected to maintain a $400 million minimum
of unrestricted cash on hand.
Vistra's strong liquidity profile is supported by $2.725 billion of
secured revolving credit facilities that can be used to support
letters of credit or fund short-term cash needs. As of 30 September
2019, $1.84 billion was available under the revolving credit
facilities. The revolving credit facility at Vistra Operations has
a covenant of 4.25x consolidated first lien net debt to EBITDA and
the company was compliant with this requirement as of the end of
the first quarter of 2019.
Vistra's next major long-term debt maturity is a $500 million
senior unsecured notes due June 2023.
Outlook
Vistra's positive ratings outlook reflects management's deleverage
commitment, which includes reducing net debt to EBITDA to 2.6x for
2020 and 2.5x for 2021. The positive outlook also incorporates the
favorable power price environment in ERCOT.
Factors that Could Lead to an Upgrade
Moody's could consider an upgrade of Vistra to investment grade
should the company maintain its net debt to EBITDA targets and
sustain a CFO pre-WC to debt ratio above 23% starting 2020 and if
commodity markets remain manageable.
Factors that Could Lead to a Downgrade
Moody's could consider stabilizing the outlook or take a negative
rating action if the company relaxes its debt leverage target. A
downgrade is likely should its CFO Pre-WC to debt ratio fall below
18%.
The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.
Upgrades:
Issuer: Vistra Energy Corp.
Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD
Corporate Family Rating, Upgraded to Ba1 from Ba2
Issuer: Vistra Operations Company LLC
Senior Secured Bank Credit Facility, Upgraded to Baa3 (LGD3) from
Ba1 (LGD3)
Senior Secured Regular Bond/Debenture, Upgraded to Baa3 (LGD3) from
Ba1 (LGD3)
Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2 (LGD5)
from Ba3 (LGD5)
Issuer: Dynegy Inc.
Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2 (LGD5)
from Ba3 (LGD5)
Outlook Actions:
Issuer: Vistra Energy Corp.
Outlook, Remains Positive
Issuer: Vistra Operations Company LLC
Outlook, Remains Positive
WEATHER KING: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Weather King Heating & Air, Inc.
51 Meadow Lane, Suite E
Northfield, OH 44067
Business Description: Weather King Heating & Air, Inc. --
https://www.weatherking1.com -- is a
privately owned and operated company
that provides a wide range of services,
including: air conditioning repairs and
installations; heating repairs and
installations; water heater repairs and
installations; heat pumps; furnaces;
boilers; mini splits; air quality solutions;
and system maintenance.
Chapter 11 Petition Date: December 16, 2019
Court: United States Bankruptcy Court
Northern District of Ohio
Case No.: 19-52957
Judge: Hon. Alan M. Koschik
Debtor's Counsel: Steven J. Heimberger, Esq.
RODERICK LINTON BELFANCE LLP
50 South Main Street, Suite 1000
Akron, OH 44308
Tel: 330-431-3000
E-mail: sheimberger@rlbllp.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Rajbinder S. Rai, president.
A copy of the petition is available from PacerMonitor at
https://is.gd/2hLlUz for free.
WILBER'S BARBECUE: January 9, 2020 Plan Confirmation Hearing Set
----------------------------------------------------------------
On Nov. 8, 2019, Debtor Wilber's Barbecue & Restaurant, Inc. filed
with the U.S. Bankruptcy Court for the Eastern District of North
Carolina, New Bern Division, an amended disclosure statement, and
an amended plan.
Judge Joseph N. Callaway conditionally approved the disclosure
statement and established the following dates and deadlines:
* Jan. 9, 2020, at 11:00 a.m. in Randy D. Doub United States
Courthouse, 2nd Floor Courtroom, 150 Reade Circle, Greenville, NC
27858 is the hearing on confirmation of the plan.
* Jan. 2, 2020, is fixed as the last day for filing and serving
in accordance with Rule 3017(a), Federal Rules of Bankruptcy
Procedure, written objections to the disclosure statement.
* Jan. 2, 2020, is fixed as the last day for filing written
acceptances or rejections of the plan. The ballot enclosed should
be completed and filed with the plan proponent on or before that
date.
* Jan. 2, 2020, is fixed as the last day for filing and serving
written objections to confirmation of the Plan pursuant to Rule
3020(b)(1), Federal Rules of Bankruptcy Procedure.
A full-text copy of the Order is available at
https://tinyurl.com/rnp6xy4 from PacerMonitor.com at no charge.
Wilber's Barbecue & Restaurant, Inc., filed a voluntary Chapter 11
petition (Bankr. E.D.N.C. Case No. 19-01237) on March 18, 2019, and
is represented by Joseph Zachary Frost, Esq., and Trawick H Stubbs,
Jr., Esq., at Stubbs & Perdue, P.A.
WOODARD EVENTS: Unsecureds to Have 10% Recovery Under Plan
----------------------------------------------------------
Debtor Woodard Events, LLC filed with the U.S. Bankruptcy Court for
the Northern District of Georgia, Atlanta Division, an Amended Plan
of Reorganization to correct a scrivener's error contained in the
Plan of Reorganization filed by the Debtor on Sept. 30, 2019.
The Amended Plan proposes to pay creditors of Debtor from cash flow
from Debtor's ongoing business operations and from new value
invested by Debtor's shareholder.
The Plan provides for four classes of secured claims, two classes
of non-priority general non-insider unsecured claims, one class of
non-priority general insider unsecured claims, and one class of
equity security holders.
Under the Plan, Debtor shall pay a pro rata share of $10,000 per
month to the creditors holding allowed Class 6 claims beginning on
the 1st calendar day of the 1st calendar month following the
Effective Date of the Plan and on the like day of each month
thereafter until each such claimant shall receive 10% of its
respective allowed claim amount.
The Debtor's sole member, Joe Woodard, will transfer $50,000.00
personal funds to Debtor to be used towards payment of Article III
administrative expense claims, U.S. Trustee’s fees, and priority
tax claims, with the balance to be applied towards other Plan
payments On the 1st day of the 1st month following the Effective
Date of the Plan. The funds transferred by Joe Woodard to Debtor
constitute new value. New value is the vehicle through which Joe
Woodard shall purchase the equity interest of the Reorganized
Debtor.
A full-text copy of the Amended Plan is available at
https://tinyurl.com/uq6kukz from PacerMonitor.com at no charge.
The Debtor is represented by:
Paul Reece Marr
Georgia Bar No. 471230
300 Galleria Parkway, N.W., Suite 960
Atlanta, Georgia 30339
Tel: 770-984-2255
About Woodard Events
Woodard Events, LLC, provides education, coaching, professional
communities and resources to accounting professionals to equip them
to better manage their practices and to effectively support their
clients. It has 9 employees including Joe Woodard and his wife
Sandra Woodard.
Woodard Events sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 18-53480) on March 1, 2018. At the
time of the filing, the Debtor was estimated to have assets of less
than $500,000 and liabilities of $1 million to $10 million. PAUL
REECE MARR, P.C., is the Debtor's counsel.
[^] Large Companies with Insolvent Balance Sheet
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Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABBVIE INC ABBV US 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB TE 59,441.0 (8,226.0) 2,673.0
ABBVIE INC ABBV AV 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB GZ 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB GR 59,441.0 (8,226.0) 2,673.0
ABBVIE INC ABBV SW 59,441.0 (8,226.0) 2,673.0
ABBVIE INC ABBV* MM 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB TH 59,441.0 (8,226.0) 2,673.0
ABBVIE INC ABBVEUR EU 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB QT 59,441.0 (8,226.0) 2,673.0
ABBVIE INC ABBVUSD EU 59,441.0 (8,226.0) 2,673.0
ABBVIE INC-BDR ABBV34 BZ 59,441.0 (8,226.0) 2,673.0
ABSOLUTE SOFTWRE ALSWF US 106.3 (48.4) (27.6)
ABSOLUTE SOFTWRE ABT CN 106.3 (48.4) (27.6)
ABSOLUTE SOFTWRE OU1 GR 106.3 (48.4) (27.6)
ABSOLUTE SOFTWRE ABT2EUR EU 106.3 (48.4) (27.6)
ADVANZ PHARMA ADVZ CN 1,593.8 (11.0) 246.2
ADVANZ PHARMA 80CD TH 1,593.8 (11.0) 246.2
ADVANZ PHARMA CXREUR EU 1,593.8 (11.0) 246.2
ADVANZ PHARMA 80CD GR 1,593.8 (11.0) 246.2
ADVANZ PHARMA CXRXF US 1,593.8 (11.0) 246.2
AGENUS INC AJ81 GR 174.8 (178.0) (25.8)
AGENUS INC AGEN US 174.8 (178.0) (25.8)
AGENUS INC AJ81 GZ 174.8 (178.0) (25.8)
AGENUS INC AGENUSD EU 174.8 (178.0) (25.8)
AGENUS INC AJ81 QT 174.8 (178.0) (25.8)
AGENUS INC AJ81 TH 174.8 (178.0) (25.8)
AGENUS INC AGENEUR EU 174.8 (178.0) (25.8)
AGILITI INC AGLY US 745.0 (67.7) 17.3
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMYRIS INC AMRS US 128.1 (208.1) (103.8)
AMYRIS INC 3A01 TH 128.1 (208.1) (103.8)
AMYRIS INC AMRSUSD EU 128.1 (208.1) (103.8)
AMYRIS INC 3A01 QT 128.1 (208.1) (103.8)
AMYRIS INC AMRSEUR EU 128.1 (208.1) (103.8)
APPLIED DNA SCIE APDNEUR EU 3.6 (0.8) (0.1)
AQUESTIVE THERAP AQST US 48.8 (34.5) 18.0
AUTODESK INC AUD GR 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSK US 5,036.6 (171.5) (1,133.4)
AUTODESK INC AUD TH 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSK AV 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSKEUR EU 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSKUSD EU 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSK TE 5,036.6 (171.5) (1,133.4)
AUTODESK INC AUD GZ 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSK* MM 5,036.6 (171.5) (1,133.4)
AUTODESK INC AUD QT 5,036.6 (171.5) (1,133.4)
AUTOZONE INC AZO US 9,895.9 (1,713.9) (483.5)
AUTOZONE INC AZ5 GR 9,895.9 (1,713.9) (483.5)
AUTOZONE INC AZ5 TH 9,895.9 (1,713.9) (483.5)
AUTOZONE INC AZOUSD EU 9,895.9 (1,713.9) (483.5)
AUTOZONE INC AZ5 GZ 9,895.9 (1,713.9) (483.5)
AUTOZONE INC AZO AV 9,895.9 (1,713.9) (483.5)
AUTOZONE INC AZ5 TE 9,895.9 (1,713.9) (483.5)
AUTOZONE INC AZO* MM 9,895.9 (1,713.9) (483.5)
AUTOZONE INC AZOEUR EU 9,895.9 (1,713.9) (483.5)
AUTOZONE INC AZ5 QT 9,895.9 (1,713.9) (483.5)
AVID TECHNOLOGY AVID US 266.2 (172.9) (17.8)
AVID TECHNOLOGY AVD GR 266.2 (172.9) (17.8)
AYR STRATEGIES I AYR/A CN 472.9 224.2 5.2
BENEFITFOCUS INC BNFTEUR EU 328.1 (27.1) 107.3
BENEFITFOCUS INC BNFT US 328.1 (27.1) 107.3
BENEFITFOCUS INC BTF GR 328.1 (27.1) 107.3
BEYONDSPRING INC BYSI US 6.0 (18.1) (17.0)
BIOCRYST PHARM BCRX* MM 90.5 (41.3) (3.4)
BJ'S WHOLESALE C 8BJ GR 5,478.1 (104.5) (509.4)
BJ'S WHOLESALE C 8BJ TH 5,478.1 (104.5) (509.4)
BJ'S WHOLESALE C 8BJ QT 5,478.1 (104.5) (509.4)
BJ'S WHOLESALE C BJ US 5,478.1 (104.5) (509.4)
BLOOM ENERGY C-A BE US 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A 1ZB GR 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A BE1EUR EU 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A BE1USD EU 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A 1ZB QT 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A 1ZB TH 1,169.9 (11.1) 196.6
BLUE BIRD CORP BLBD US 365.4 (67.8) 2.4
BOEING CO-BDR BOEI34 BZ 132,598.0 (3,809.0) 9,810.0
BOEING CO-CED BA AR 132,598.0 (3,809.0) 9,810.0
BOEING CO-CED BAD AR 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BCO GR 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BAEUR EU 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA EU 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BOE LN 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BOEI BB 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA US 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BCO TH 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA SW 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA* MM 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA TE 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA AV 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BAUSD SW 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BCO GZ 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BCO QT 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA CI 132,598.0 (3,809.0) 9,810.0
BOMBARDIER INC-B BBDBN MM 26,363.0 (4,680.0) (225.0)
BRINKER INTL EAT US 2,491.0 (585.1) (342.7)
BRINKER INTL BKJ GR 2,491.0 (585.1) (342.7)
BRINKER INTL BKJ QT 2,491.0 (585.1) (342.7)
BRINKER INTL EAT2EUR EU 2,491.0 (585.1) (342.7)
BRP INC/CA-SUB V DOOCAD EU 3,804.7 (558.4) (140.4)
BRP INC/CA-SUB V DOOEUR EU 3,804.7 (558.4) (140.4)
BRP INC/CA-SUB V B15A GZ 3,804.7 (558.4) (140.4)
BRP INC/CA-SUB V DOO CN 3,804.7 (558.4) (140.4)
BRP INC/CA-SUB V B15A GR 3,804.7 (558.4) (140.4)
BRP INC/CA-SUB V DOOO US 3,804.7 (558.4) (140.4)
CADIZ INC CDZI US 73.5 (86.6) 13.3
CADIZ INC CDZIEUR EU 73.5 (86.6) 13.3
CADIZ INC 2ZC GR 73.5 (86.6) 13.3
CAMPING WORLD-A CWHUSD EU 3,441.0 (65.6) 470.8
CAMPING WORLD-A CWH US 3,441.0 (65.6) 470.8
CAMPING WORLD-A C83 GR 3,441.0 (65.6) 470.8
CAMPING WORLD-A CWHEUR EU 3,441.0 (65.6) 470.8
CAMPING WORLD-A C83 TH 3,441.0 (65.6) 470.8
CAMPING WORLD-A C83 QT 3,441.0 (65.6) 470.8
CASTLE BIOSCIENC CSTL US 113.2 82.3 100.6
CATASYS INC CATS US 24.5 (17.7) 11.5
CATASYS INC HY1N GR 24.5 (17.7) 11.5
CATASYS INC CATSEUR EU 24.5 (17.7) 11.5
CDK GLOBAL INC C2G QT 3,058.9 (671.6) 196.9
CDK GLOBAL INC CDKUSD EU 3,058.9 (671.6) 196.9
CDK GLOBAL INC CDK* MM 3,058.9 (671.6) 196.9
CDK GLOBAL INC C2G TH 3,058.9 (671.6) 196.9
CDK GLOBAL INC CDKEUR EU 3,058.9 (671.6) 196.9
CDK GLOBAL INC C2G GR 3,058.9 (671.6) 196.9
CDK GLOBAL INC CDK US 3,058.9 (671.6) 196.9
CHEWY INC- CL A CHWY US 858.7 (389.5) (445.2)
CHOICE HOTELS CHHUSD EU 1,374.3 (56.7) (56.0)
CHOICE HOTELS CZH GR 1,374.3 (56.7) (56.0)
CHOICE HOTELS CHH US 1,374.3 (56.7) (56.0)
CINCINNATI BELL CBB US 2,619.0 (127.6) (114.7)
CINCINNATI BELL CIB1 GR 2,619.0 (127.6) (114.7)
CINCINNATI BELL CBBEUR EU 2,619.0 (127.6) (114.7)
CLOVIS ONCOLOGY C6O GR 716.9 (87.5) 307.1
CLOVIS ONCOLOGY CLVS US 716.9 (87.5) 307.1
CLOVIS ONCOLOGY C6O SW 716.9 (87.5) 307.1
CLOVIS ONCOLOGY CLVSUSD EU 716.9 (87.5) 307.1
CLOVIS ONCOLOGY C6O QT 716.9 (87.5) 307.1
CLOVIS ONCOLOGY CLVSEUR EU 716.9 (87.5) 307.1
CLOVIS ONCOLOGY C6O TH 716.9 (87.5) 307.1
COGENT COMMUNICA CCOI US 932.3 (190.5) 388.1
COGENT COMMUNICA OGM1 GR 932.3 (190.5) 388.1
COMMUNITY HEALTH CYH US 15,895.0 (1,267.0) 1,027.0
COMMUNITY HEALTH CG5 GR 15,895.0 (1,267.0) 1,027.0
COMMUNITY HEALTH CYH1USD EU 15,895.0 (1,267.0) 1,027.0
COMMUNITY HEALTH CG5 QT 15,895.0 (1,267.0) 1,027.0
COMMUNITY HEALTH CYH1EUR EU 15,895.0 (1,267.0) 1,027.0
COMMUNITY HEALTH CG5 TH 15,895.0 (1,267.0) 1,027.0
CYTOKINETICS INC CYTK US 187.4 (19.9) 155.0
CYTOKINETICS INC KK3A GR 187.4 (19.9) 155.0
CYTOKINETICS INC KK3A TH 187.4 (19.9) 155.0
CYTOKINETICS INC CYTKUSD EU 187.4 (19.9) 155.0
CYTOKINETICS INC KK3A QT 187.4 (19.9) 155.0
CYTOKINETICS INC CYTKEUR EU 187.4 (19.9) 155.0
DELEK LOGISTICS DKL US 767.8 (142.5) 4.4
DELEK LOGISTICS D6L GR 767.8 (142.5) 4.4
DENNY'S CORP DENN US 441.4 (118.7) (48.8)
DENNY'S CORP DENNEUR EU 441.4 (118.7) (48.8)
DENNY'S CORP DE8 GR 441.4 (118.7) (48.8)
DIEBOLD NIXDORF DBD SW 3,889.1 (425.2) 324.3
DIEBOLD NIXDORF DBDEUR EU 3,889.1 (425.2) 324.3
DIEBOLD NIXDORF DBDUSD EU 3,889.1 (425.2) 324.3
DIEBOLD NIXDORF DBD GR 3,889.1 (425.2) 324.3
DIEBOLD NIXDORF DBD US 3,889.1 (425.2) 324.3
DIEBOLD NIXDORF DLD TH 3,889.1 (425.2) 324.3
DIEBOLD NIXDORF DLD QT 3,889.1 (425.2) 324.3
DINE BRANDS GLOB DIN US 1,997.5 (239.8) (14.7)
DINE BRANDS GLOB IHP GR 1,997.5 (239.8) (14.7)
DOCEBO INC DCBO CN 20.3 (18.6) (12.9)
DOLLARAMA INC DOL CN 3,696.2 (112.7) (28.1)
DOLLARAMA INC DR3 GR 3,696.2 (112.7) (28.1)
DOLLARAMA INC DLMAF US 3,696.2 (112.7) (28.1)
DOLLARAMA INC DOLEUR EU 3,696.2 (112.7) (28.1)
DOLLARAMA INC DR3 GZ 3,696.2 (112.7) (28.1)
DOLLARAMA INC DR3 TH 3,696.2 (112.7) (28.1)
DOLLARAMA INC DR3 QT 3,696.2 (112.7) (28.1)
DOLLARAMA INC DOLCAD EU 3,696.2 (112.7) (28.1)
DOMINO'S PIZZA DPZ US 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA EZV GR 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA EZV TH 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA DPZEUR EU 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA DPZUSD EU 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA EZV GZ 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA DPZ AV 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA DPZ* MM 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA EZV QT 1,160.3 (2,935.6) 184.1
DOMO INC- CL B DOMO US 217.9 (25.2) 38.6
DOMO INC- CL B 1ON GR 217.9 (25.2) 38.6
DOMO INC- CL B 1ON GZ 217.9 (25.2) 38.6
DOMO INC- CL B DOMOEUR EU 217.9 (25.2) 38.6
DOMO INC- CL B DOMOUSD EU 217.9 (25.2) 38.6
DOMO INC- CL B 1ON TH 217.9 (25.2) 38.6
DUNKIN' BRANDS G 2DB GR 3,802.2 (620.9) 306.5
DUNKIN' BRANDS G 2DB TH 3,802.2 (620.9) 306.5
DUNKIN' BRANDS G DNKN US 3,802.2 (620.9) 306.5
DUNKIN' BRANDS G 2DB QT 3,802.2 (620.9) 306.5
DUNKIN' BRANDS G DNKNEUR EU 3,802.2 (620.9) 306.5
DUNKIN' BRANDS G 2DB GZ 3,802.2 (620.9) 306.5
EMISPHERE TECH EMIS US 5.2 (155.3) (1.4)
EVERI HOLDINGS I EVRI US 1,567.6 (72.0) 10.3
EVERI HOLDINGS I G2C GR 1,567.6 (72.0) 10.3
EVERI HOLDINGS I G2C TH 1,567.6 (72.0) 10.3
EVERI HOLDINGS I EVRIUSD EU 1,567.6 (72.0) 10.3
EVERI HOLDINGS I EVRIEUR EU 1,567.6 (72.0) 10.3
FRONTDOOR IN FTDR US 1,217.0 (218.0) 116.0
FRONTDOOR IN 3I5 GR 1,217.0 (218.0) 116.0
FRONTDOOR IN FTDREUR EU 1,217.0 (218.0) 116.0
GOGO INC GOGO US 1,280.4 (382.8) 195.1
GOGO INC G0G SW 1,280.4 (382.8) 195.1
GOGO INC G0G TH 1,280.4 (382.8) 195.1
GOGO INC GOGOUSD EU 1,280.4 (382.8) 195.1
GOGO INC GOGOEUR EU 1,280.4 (382.8) 195.1
GOGO INC G0G QT 1,280.4 (382.8) 195.1
GOGO INC G0G GR 1,280.4 (382.8) 195.1
GOOSEHEAD INSU-A 2OX GR 44.4 (27.9) 7.6
GOOSEHEAD INSU-A GSHDEUR EU 44.4 (27.9) 7.6
GOOSEHEAD INSU-A GSHD US 44.4 (27.9) 7.6
GRAFTECH INTERNA EAFUSD EU 1,825.7 (606.9) 724.6
GRAFTECH INTERNA EAF US 1,825.7 (606.9) 724.6
GRAFTECH INTERNA G6G GR 1,825.7 (606.9) 724.6
GRAFTECH INTERNA G6G TH 1,825.7 (606.9) 724.6
GRAFTECH INTERNA EAFEUR EU 1,825.7 (606.9) 724.6
GRAFTECH INTERNA G6G QT 1,825.7 (606.9) 724.6
GRAFTECH INTERNA G6G GZ 1,825.7 (606.9) 724.6
GREEN PLAINS PAR GPP US 119.8 (74.9) (137.8)
GREEN PLAINS PAR 8GP GR 119.8 (74.9) (137.8)
GREENSKY INC-A GSKY US 897.1 (66.5) 268.8
H&R BLOCK INC HRB US 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRB GR 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRB TH 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRBUSD EU 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRB QT 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRBEUR EU 2,756.7 (75.7) (662.5)
HANGER INC HO8 GR 801.4 (14.2) 95.2
HANGER INC HNGR US 801.4 (14.2) 95.2
HANGER INC HNGREUR EU 801.4 (14.2) 95.2
HCA HEALTHCARE I 2BH TH 43,912.0 (1,447.0) 3,645.0
HCA HEALTHCARE I HCA US 43,912.0 (1,447.0) 3,645.0
HCA HEALTHCARE I 2BH GR 43,912.0 (1,447.0) 3,645.0
HCA HEALTHCARE I HCA* MM 43,912.0 (1,447.0) 3,645.0
HCA HEALTHCARE I HCAUSD EU 43,912.0 (1,447.0) 3,645.0
HCA HEALTHCARE I HCAEUR EU 43,912.0 (1,447.0) 3,645.0
HCA HEALTHCARE I 2BH TE 43,912.0 (1,447.0) 3,645.0
HERBALIFE NUTRIT HOO GR 2,545.6 (467.5) 468.7
HERBALIFE NUTRIT HLF US 2,545.6 (467.5) 468.7
HERBALIFE NUTRIT HLFUSD EU 2,545.6 (467.5) 468.7
HERBALIFE NUTRIT HOO GZ 2,545.6 (467.5) 468.7
HERBALIFE NUTRIT HLFEUR EU 2,545.6 (467.5) 468.7
HERBALIFE NUTRIT HOO QT 2,545.6 (467.5) 468.7
HEWLETT-CEDEAR HPQC AR 33,467.0 (1,193.0) (5,116.0)
HEWLETT-CEDEAR HPQ AR 33,467.0 (1,193.0) (5,116.0)
HILTON WORLDWIDE HLT* MM 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HLTEUR EU 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HLTW AV 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HI91 TE 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HI91 TH 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HI91 GR 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HLTUSD EU 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HLT US 15,067.0 (199.0) (645.0)
HOME DEPOT - BDR HOME34 BZ 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD TE 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD US 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDI TH 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDI GR 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD* MM 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD AV 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDUSD SW 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDI GZ 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD SW 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDEUR EU 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDI QT 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDUSD EU 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD CI 52,309.0 (1,082.0) 1,609.0
HOME DEPOT-CED HDD AR 52,309.0 (1,082.0) 1,609.0
HOME DEPOT-CED HDC AR 52,309.0 (1,082.0) 1,609.0
HOME DEPOT-CED HD AR 52,309.0 (1,082.0) 1,609.0
HP COMPANY-BDR HPQB34 BZ 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ TE 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ US 33,467.0 (1,193.0) (5,116.0)
HP INC 7HP TH 33,467.0 (1,193.0) (5,116.0)
HP INC 7HP GR 33,467.0 (1,193.0) (5,116.0)
HP INC 0J2E LI 33,467.0 (1,193.0) (5,116.0)
HP INC HPQUSD SW 33,467.0 (1,193.0) (5,116.0)
HP INC HPQEUR EU 33,467.0 (1,193.0) (5,116.0)
HP INC 7HP GZ 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ* MM 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ AV 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ SW 33,467.0 (1,193.0) (5,116.0)
HP INC HWP QT 33,467.0 (1,193.0) (5,116.0)
HP INC HPQUSD EU 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ CI 33,467.0 (1,193.0) (5,116.0)
IAA INC IAA US 2,079.9 (186.9) 181.7
IAA INC 3NI GR 2,079.9 (186.9) 181.7
IAA INC IAA-WEUR EU 2,079.9 (186.9) 181.7
IGM BIOSCIENCES IGMS US 269.9 254.6 241.7
IGM BIOSCIENCES 1K0 GR 269.9 254.6 241.7
IGM BIOSCIENCES IGMSEUR EU 269.9 254.6 241.7
IGM BIOSCIENCES 1K0 GZ 269.9 254.6 241.7
IMMUNOGEN INC IMGN US 254.1 (86.2) 137.5
IMMUNOGEN INC IMU TH 254.1 (86.2) 137.5
IMMUNOGEN INC IMU GR 254.1 (86.2) 137.5
IMMUNOGEN INC IMU SW 254.1 (86.2) 137.5
IMMUNOGEN INC IMGNEUR EU 254.1 (86.2) 137.5
IMMUNOGEN INC IMGNUSD EU 254.1 (86.2) 137.5
IMMUNOGEN INC IMU GZ 254.1 (86.2) 137.5
IMMUNOGEN INC IMU QT 254.1 (86.2) 137.5
IMMUNOGEN INC IMGN* MM 254.1 (86.2) 137.5
INSEEGO CORP INO QT 158.7 (38.3) (119.3)
INSEEGO CORP INO TH 158.7 (38.3) (119.3)
INSEEGO CORP INSGUSD EU 158.7 (38.3) (119.3)
INSEEGO CORP INSG US 158.7 (38.3) (119.3)
INSEEGO CORP INO GR 158.7 (38.3) (119.3)
INSEEGO CORP INSGEUR EU 158.7 (38.3) (119.3)
INSEEGO CORP INO GZ 158.7 (38.3) (119.3)
INSPIRED ENTERTA INSE US 175.4 (31.8) 6.8
IRONWOOD PHARMAC I76 GR 334.3 (153.0) 204.8
IRONWOOD PHARMAC I76 TH 334.3 (153.0) 204.8
IRONWOOD PHARMAC IRWD US 334.3 (153.0) 204.8
IRONWOOD PHARMAC IRWDUSD EU 334.3 (153.0) 204.8
IRONWOOD PHARMAC I76 QT 334.3 (153.0) 204.8
IRONWOOD PHARMAC IRWDEUR EU 334.3 (153.0) 204.8
JACK IN THE BOX JBX GR 958.5 (737.6) 69.2
JACK IN THE BOX JACK US 958.5 (737.6) 69.2
JACK IN THE BOX JBX GZ 958.5 (737.6) 69.2
JACK IN THE BOX JBX QT 958.5 (737.6) 69.2
JACK IN THE BOX JACK1EUR EU 958.5 (737.6) 69.2
JOSEMARIA RESOUR JOSES I2 18.6 (6.1) (5.6)
JOSEMARIA RESOUR JOSE SS 18.6 (6.1) (5.6)
JOSEMARIA RESOUR NGQSEK EU 18.6 (6.1) (5.6)
JOSEMARIA RESOUR JOSES EB 18.6 (6.1) (5.6)
JOSEMARIA RESOUR JOSES IX 18.6 (6.1) (5.6)
L BRANDS INC LTD GR 10,630.0 (1,238.0) 383.0
L BRANDS INC LB US 10,630.0 (1,238.0) 383.0
L BRANDS INC LTD TH 10,630.0 (1,238.0) 383.0
L BRANDS INC LBUSD EU 10,630.0 (1,238.0) 383.0
L BRANDS INC LTD QT 10,630.0 (1,238.0) 383.0
L BRANDS INC LBRA AV 10,630.0 (1,238.0) 383.0
L BRANDS INC LBEUR EU 10,630.0 (1,238.0) 383.0
L BRANDS INC LB* MM 10,630.0 (1,238.0) 383.0
L BRANDS INC-BDR LBRN34 BZ 10,630.0 (1,238.0) 383.0
LENNOX INTL INC LXI GR 2,214.8 (277.3) 207.4
LENNOX INTL INC LII US 2,214.8 (277.3) 207.4
LENNOX INTL INC LII* MM 2,214.8 (277.3) 207.4
LENNOX INTL INC LXI TH 2,214.8 (277.3) 207.4
LENNOX INTL INC LII1USD EU 2,214.8 (277.3) 207.4
LENNOX INTL INC LII1EUR EU 2,214.8 (277.3) 207.4
MARTIN MIDSTREAM MMLPUSD EU 691.1 (33.4) 108.7
MARTIN MIDSTREAM MMLP US 691.1 (33.4) 108.7
MCDONALDS - BDR MCDC34 BZ 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MDO TH 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCD US 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCD SW 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MDO GR 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCD* MM 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCD TE 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCD AV 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCDUSD SW 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCDEUR EU 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MDO GZ 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP 0R16 LN 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MDO QT 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCDUSD EU 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCD CI 45,805.0 (8,599.2) (670.7)
MCDONALDS-CEDEAR MCD AR 45,805.0 (8,599.2) (670.7)
MCDONALDS-CEDEAR MCDC AR 45,805.0 (8,599.2) (670.7)
MCDONALDS-CEDEAR MCDD AR 45,805.0 (8,599.2) (670.7)
MEDICINES COMP MDCO US 897.3 (26.0) (96.4)
MEDICINES COMP MZN GR 897.3 (26.0) (96.4)
MEDICINES COMP MZN SW 897.3 (26.0) (96.4)
MEDICINES COMP MZN QT 897.3 (26.0) (96.4)
MEDICINES COMP MZN GZ 897.3 (26.0) (96.4)
MEDICINES COMP MZN TH 897.3 (26.0) (96.4)
MEDICINES COMP MDCOUSD EU 897.3 (26.0) (96.4)
MERCER PARK BR-A BRND/A/U CN 408.6 (2.8) 4.1
MICHAELS COS INC MIKEUR EU 3,845.1 (1,631.8) 259.2
MICHAELS COS INC MIK US 3,845.1 (1,631.8) 259.2
MICHAELS COS INC MIM GR 3,845.1 (1,631.8) 259.2
MILESTONE MEDICA MMD PW 1.3 (12.4) (13.3)
MILESTONE MEDICA MMDPLN EU 1.3 (12.4) (13.3)
MOTOROLA SOL-CED MSI AR 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MOT TE 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MSI US 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MTLA TH 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MTLA GR 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MSI1USD EU 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MSI1EUR EU 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MTLA GZ 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MOSI AV 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MTLA QT 10,373.0 (1,084.0) 498.0
MSCI INC 3HM GR 3,479.7 (147.9) 641.6
MSCI INC MSCI US 3,479.7 (147.9) 641.6
MSCI INC MSCIUSD EU 3,479.7 (147.9) 641.6
MSCI INC 3HM QT 3,479.7 (147.9) 641.6
MSCI INC MSCI* MM 3,479.7 (147.9) 641.6
MSG NETWORKS- A MSGN US 1,001.9 (667.2) 176.5
MSG NETWORKS- A MSGNUSD EU 1,001.9 (667.2) 176.5
MSG NETWORKS- A 1M4 QT 1,001.9 (667.2) 176.5
MSG NETWORKS- A MSGNEUR EU 1,001.9 (667.2) 176.5
MSG NETWORKS- A 1M4 TH 1,001.9 (667.2) 176.5
MSG NETWORKS- A 1M4 GR 1,001.9 (667.2) 176.5
N/A BJEUR EU 5,478.1 (104.5) (509.4)
NATHANS FAMOUS NFA GR 107.1 (62.9) 78.9
NATHANS FAMOUS NATH US 107.1 (62.9) 78.9
NATHANS FAMOUS NATHEUR EU 107.1 (62.9) 78.9
NATIONAL CINEMED NCMI US 1,084.1 (122.3) 83.1
NATIONAL CINEMED XWM GR 1,084.1 (122.3) 83.1
NATIONAL CINEMED NCMIEUR EU 1,084.1 (122.3) 83.1
NAVISTAR INTL IHR TH 7,294.0 (3,660.0) 1,521.0
NAVISTAR INTL NAVEUR EU 7,294.0 (3,660.0) 1,521.0
NAVISTAR INTL NAVUSD EU 7,294.0 (3,660.0) 1,521.0
NAVISTAR INTL IHR QT 7,294.0 (3,660.0) 1,521.0
NAVISTAR INTL IHR GZ 7,294.0 (3,660.0) 1,521.0
NAVISTAR INTL IHR GR 7,294.0 (3,660.0) 1,521.0
NAVISTAR INTL NAV US 7,294.0 (3,660.0) 1,521.0
NESCO HOLDINGS I NSCO US 739.0 (15.8) 28.3
NEW ENG RLTY-LP NEN US 243.7 (38.2) -
NOTOX TECHNOLOGI NTOX US 0.7 (1.7) (2.2)
NRG ENERGY NRA TH 9,527.0 (1,552.0) 623.0
NRG ENERGY NRG US 9,527.0 (1,552.0) 623.0
NRG ENERGY NRA GR 9,527.0 (1,552.0) 623.0
NRG ENERGY NRA QT 9,527.0 (1,552.0) 623.0
NRG ENERGY NRGEUR EU 9,527.0 (1,552.0) 623.0
OMEROS CORP OMER US 91.3 (139.9) 17.0
OMEROS CORP 3O8 GR 91.3 (139.9) 17.0
OMEROS CORP OMERUSD EU 91.3 (139.9) 17.0
OMEROS CORP 3O8 TH 91.3 (139.9) 17.0
OMEROS CORP OMEREUR EU 91.3 (139.9) 17.0
OPTIVA INC RE6 GR 87.7 (16.1) 18.5
OPTIVA INC OPT CN 87.7 (16.1) 18.5
OPTIVA INC RKNEF US 87.7 (16.1) 18.5
OPTIVA INC RKNEUR EU 87.7 (16.1) 18.5
OPTIVA INC 3230510Q EU 87.7 (16.1) 18.5
PAPA JOHN'S INTL PP1 GR 730.6 (69.4) (27.5)
PAPA JOHN'S INTL PZZA US 730.6 (69.4) (27.5)
PAPA JOHN'S INTL PZZAEUR EU 730.6 (69.4) (27.5)
PAPA JOHN'S INTL PP1 GZ 730.6 (69.4) (27.5)
PHATHOM PHARMACE PHAT US 79.7 (152.5) (129.8)
PHILIP MORRI-BDR PHMO34 BZ 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PM1EUR EU 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PM1 EU 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN 4I1 GR 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PM US 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PM1CHF EU 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PM1 TE 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN 4I1 TH 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PMI SW 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN 0M8V LN 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PMOR AV 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN 4I1 GZ 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PM* MM 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN 4I1 QT 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PMIZ IX 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PMIZ EB 41,420.0 (9,155.0) 1,530.0
PLANET FITNESS-A PLNT1USD EU 1,420.2 (442.1) 170.3
PLANET FITNESS-A 3PL QT 1,420.2 (442.1) 170.3
PLANET FITNESS-A PLNT1EUR EU 1,420.2 (442.1) 170.3
PLANET FITNESS-A PLNT US 1,420.2 (442.1) 170.3
PLANET FITNESS-A 3PL TH 1,420.2 (442.1) 170.3
PLANET FITNESS-A 3PL GR 1,420.2 (442.1) 170.3
PRIORITY TECHNOL PRTH US 452.3 (105.3) 4.3
QUANTUM CORP QMCO US 158.3 (203.1) (22.7)
QUANTUM CORP QNT2 GR 158.3 (203.1) (22.7)
QUANTUM CORP QTM1EUR EU 158.3 (203.1) (22.7)
RADIUS HEALTH IN RDUS US 227.5 (24.3) 155.6
RADIUS HEALTH IN RDUSUSD EU 227.5 (24.3) 155.6
RADIUS HEALTH IN 1R8 TH 227.5 (24.3) 155.6
RADIUS HEALTH IN RDUSEUR EU 227.5 (24.3) 155.6
RADIUS HEALTH IN 1R8 QT 227.5 (24.3) 155.6
RADIUS HEALTH IN 1R8 GR 227.5 (24.3) 155.6
REATA PHARMACE-A 2R3 GR 259.1 (67.4) 172.0
REATA PHARMACE-A RETAEUR EU 259.1 (67.4) 172.0
REATA PHARMACE-A RETA US 259.1 (67.4) 172.0
RECRO PHARMA INC RAH GR 167.7 (19.9) 71.4
RECRO PHARMA INC REPH US 167.7 (19.9) 71.4
REVLON INC-A RVL1 GR 3,059.5 (1,227.5) 134.3
REVLON INC-A REVEUR EU 3,059.5 (1,227.5) 134.3
REVLON INC-A RVL1 TH 3,059.5 (1,227.5) 134.3
REVLON INC-A REVUSD EU 3,059.5 (1,227.5) 134.3
REVLON INC-A REV US 3,059.5 (1,227.5) 134.3
RH RH US 2,362.0 (63.2) (344.2)
RH RHEUR EU 2,362.0 (63.2) (344.2)
RH RS1 GR 2,362.0 (63.2) (344.2)
RH RH* MM 2,362.0 (63.2) (344.2)
RIMINI STREET IN RMNI US 121.3 (130.1) (99.3)
ROSETTA STONE IN RST US 206.9 (10.6) (66.4)
ROSETTA STONE IN RS8 TH 206.9 (10.6) (66.4)
ROSETTA STONE IN RS8 GR 206.9 (10.6) (66.4)
ROSETTA STONE IN RST1USD EU 206.9 (10.6) (66.4)
ROSETTA STONE IN RST1EUR EU 206.9 (10.6) (66.4)
RR DONNELLEY & S DLLN TH 3,540.5 (276.9) 523.6
RR DONNELLEY & S RRDUSD EU 3,540.5 (276.9) 523.6
RR DONNELLEY & S RRDEUR EU 3,540.5 (276.9) 523.6
RR DONNELLEY & S DLLN GR 3,540.5 (276.9) 523.6
RR DONNELLEY & S RRD US 3,540.5 (276.9) 523.6
SALLY BEAUTY HOL S7V GR 2,098.4 (60.3) 707.5
SALLY BEAUTY HOL SBH US 2,098.4 (60.3) 707.5
SALLY BEAUTY HOL SBHUSD EU 2,098.4 (60.3) 707.5
SALLY BEAUTY HOL SBHEUR EU 2,098.4 (60.3) 707.5
SATSUMA PHARMACE STSA US 127.5 118.1 120.6
SATSUMA PHARMACE 1LV GR 127.5 118.1 120.6
SATSUMA PHARMACE STSAEUR EU 127.5 118.1 120.6
SBA COMM CORP SBACUSD EU 9,201.1 (3,546.3) (180.9)
SBA COMM CORP 4SB GZ 9,201.1 (3,546.3) (180.9)
SBA COMM CORP SBJ TH 9,201.1 (3,546.3) (180.9)
SBA COMM CORP 4SB GR 9,201.1 (3,546.3) (180.9)
SBA COMM CORP SBAC US 9,201.1 (3,546.3) (180.9)
SBA COMM CORP SBAC* MM 9,201.1 (3,546.3) (180.9)
SBA COMM CORP SBACEUR EU 9,201.1 (3,546.3) (180.9)
SCIENTIFIC GAMES TJW TH 7,907.0 (2,125.0) 606.0
SCIENTIFIC GAMES TJW GZ 7,907.0 (2,125.0) 606.0
SCIENTIFIC GAMES SGMS US 7,907.0 (2,125.0) 606.0
SCIENTIFIC GAMES SGMSUSD EU 7,907.0 (2,125.0) 606.0
SCIENTIFIC GAMES TJW GR 7,907.0 (2,125.0) 606.0
SEALED AIR CORP SEE US 5,676.4 (304.1) 89.1
SEALED AIR CORP SDA GR 5,676.4 (304.1) 89.1
SEALED AIR CORP SEE1EUR EU 5,676.4 (304.1) 89.1
SEALED AIR CORP SDA TH 5,676.4 (304.1) 89.1
SEALED AIR CORP SDA QT 5,676.4 (304.1) 89.1
SERES THERAPEUTI MCRB1EUR EU 124.2 (32.2) 47.3
SERES THERAPEUTI MCRB US 124.2 (32.2) 47.3
SERES THERAPEUTI 1S9 GR 124.2 (32.2) 47.3
SHELL MIDSTREAM SHLXUSD EU 2,019.0 (757.0) 297.0
SHELL MIDSTREAM 49M GR 2,019.0 (757.0) 297.0
SHELL MIDSTREAM 49M TH 2,019.0 (757.0) 297.0
SHELL MIDSTREAM SHLX US 2,019.0 (757.0) 297.0
SIRIUS XM HO-BDR SRXM34 BZ 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN RDO GR 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN RDO TH 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN SIRI US 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN SIRI AV 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN SIRIUSD EU 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN SIRI TE 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN SIRIEUR EU 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN RDO GZ 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN RDO QT 11,088.0 (748.0) (2,315.0)
SIX FLAGS ENTERT 6FE GR 3,020.7 (89.8) 97.7
SIX FLAGS ENTERT SIXEUR EU 3,020.7 (89.8) 97.7
SIX FLAGS ENTERT SIXUSD EU 3,020.7 (89.8) 97.7
SIX FLAGS ENTERT 6FE TH 3,020.7 (89.8) 97.7
SIX FLAGS ENTERT SIX US 3,020.7 (89.8) 97.7
SLEEP NUMBER COR SNBR US 802.3 (164.5) (443.5)
SLEEP NUMBER COR SL2 GR 802.3 (164.5) (443.5)
SLEEP NUMBER COR SNBREUR EU 802.3 (164.5) (443.5)
STARBUCKS CORP SBUX* MM 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SRB GR 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SRB TH 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUX AV 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUX TE 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUXEUR EU 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUX IM 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUXUSD SW 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUXUSD EU 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SRB GZ 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP 0QZH LI 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUX SW 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SRB QT 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUX US 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUX CI 19,219.6 (6,231.0) (514.8)
STARBUCKS-BDR SBUB34 BZ 19,219.6 (6,231.0) (514.8)
STARBUCKS-CEDEAR SBUXD AR 19,219.6 (6,231.0) (514.8)
STARBUCKS-CEDEAR SBUX AR 19,219.6 (6,231.0) (514.8)
SUNDIAL GROWERS 14K TH 369.2 23.5 44.3
SUNPOWER CORP SPWR US 1,889.7 (160.3) 264.2
SUNPOWER CORP S9P2 TH 1,889.7 (160.3) 264.2
SUNPOWER CORP S9P2 GR 1,889.7 (160.3) 264.2
SUNPOWER CORP SPWREUR EU 1,889.7 (160.3) 264.2
SUNPOWER CORP SPWRUSD EU 1,889.7 (160.3) 264.2
SUNPOWER CORP S9P2 GZ 1,889.7 (160.3) 264.2
SUNPOWER CORP S9P2 QT 1,889.7 (160.3) 264.2
SUNPOWER CORP S9P2 SW 1,889.7 (160.3) 264.2
TAILORED BRANDS TLRDEUR EU 2,540.4 (64.5) 238.1
TAILORED BRANDS WRM TH 2,540.4 (64.5) 238.1
TAILORED BRANDS TLRDUSD EU 2,540.4 (64.5) 238.1
TAILORED BRANDS TLRD* MM 2,540.4 (64.5) 238.1
TAILORED BRANDS WRM GZ 2,540.4 (64.5) 238.1
TAILORED BRANDS TLRD US 2,540.4 (64.5) 238.1
TAILORED BRANDS WRM GR 2,540.4 (64.5) 238.1
TAUBMAN CENTERS TU8 GR 4,536.9 (89.0) -
TAUBMAN CENTERS TCO US 4,536.9 (89.0) -
TG THERAPEUTICS TGTX US 93.3 (25.8) 0.2
TG THERAPEUTICS NKB2 TH 93.3 (25.8) 0.2
TG THERAPEUTICS NKB2 GR 93.3 (25.8) 0.2
TRANSDIGM GROUP TDG US 16,254.7 (2,885.1) 3,326.5
TRANSDIGM GROUP T7D GR 16,254.7 (2,885.1) 3,326.5
TRANSDIGM GROUP TDG* MM 16,254.7 (2,885.1) 3,326.5
TRANSDIGM GROUP T7D TH 16,254.7 (2,885.1) 3,326.5
TRANSDIGM GROUP TDGUSD EU 16,254.7 (2,885.1) 3,326.5
TRANSDIGM GROUP T7D QT 16,254.7 (2,885.1) 3,326.5
TRANSDIGM GROUP TDGEUR EU 16,254.7 (2,885.1) 3,326.5
TRIUMPH GROUP TG7 GR 2,761.8 (590.8) 217.7
TRIUMPH GROUP TGI US 2,761.8 (590.8) 217.7
TRIUMPH GROUP TGIEUR EU 2,761.8 (590.8) 217.7
TUPPERWARE BRAND TUP US 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP GR 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP SW 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP TH 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP1EUR EU 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP1USD EU 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP GZ 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP QT 1,335.9 (185.0) (116.2)
UBIQUITI INC 3UB GR 750.6 (239.4) 373.5
UBIQUITI INC UI US 750.6 (239.4) 373.5
UBIQUITI INC 3UB SW 750.6 (239.4) 373.5
UBIQUITI INC 3UB GZ 750.6 (239.4) 373.5
UBIQUITI INC UBNTEUR EU 750.6 (239.4) 373.5
UNISYS CORP UIS EU 2,405.8 (1,117.4) 266.1
UNISYS CORP UISEUR EU 2,405.8 (1,117.4) 266.1
UNISYS CORP UISCHF EU 2,405.8 (1,117.4) 266.1
UNISYS CORP USY1 TH 2,405.8 (1,117.4) 266.1
UNISYS CORP USY1 GR 2,405.8 (1,117.4) 266.1
UNISYS CORP UIS US 2,405.8 (1,117.4) 266.1
UNISYS CORP UIS1 SW 2,405.8 (1,117.4) 266.1
UNISYS CORP USY1 GZ 2,405.8 (1,117.4) 266.1
UNISYS CORP USY1 QT 2,405.8 (1,117.4) 266.1
UNITI GROUP INC CSALUSD EU 5,031.2 (1,436.8) -
UNITI GROUP INC 8XC GR 5,031.2 (1,436.8) -
UNITI GROUP INC 8XC TH 5,031.2 (1,436.8) -
UNITI GROUP INC UNIT US 5,031.2 (1,436.8) -
VALVOLINE INC VVVUSD EU 2,064.0 (258.0) 374.0
VALVOLINE INC 0V4 TH 2,064.0 (258.0) 374.0
VALVOLINE INC 0V4 GR 2,064.0 (258.0) 374.0
VALVOLINE INC VVVEUR EU 2,064.0 (258.0) 374.0
VALVOLINE INC 0V4 QT 2,064.0 (258.0) 374.0
VALVOLINE INC VVV US 2,064.0 (258.0) 374.0
VECTOR GROUP LTD VGR US 1,486.7 (628.7) 27.5
VECTOR GROUP LTD VGR GR 1,486.7 (628.7) 27.5
VECTOR GROUP LTD VGREUR EU 1,486.7 (628.7) 27.5
VECTOR GROUP LTD VGRUSD EU 1,486.7 (628.7) 27.5
VECTOR GROUP LTD VGR TH 1,486.7 (628.7) 27.5
VECTOR GROUP LTD VGR QT 1,486.7 (628.7) 27.5
VERISIGN INC VRS TH 1,886.7 (1,451.9) 337.3
VERISIGN INC VRSN US 1,886.7 (1,451.9) 337.3
VERISIGN INC VRS GR 1,886.7 (1,451.9) 337.3
VERISIGN INC VRS SW 1,886.7 (1,451.9) 337.3
VERISIGN INC VRSN* MM 1,886.7 (1,451.9) 337.3
VERISIGN INC VRSNUSD EU 1,886.7 (1,451.9) 337.3
VERISIGN INC VRSNEUR EU 1,886.7 (1,451.9) 337.3
VERISIGN INC VRS GZ 1,886.7 (1,451.9) 337.3
VERISIGN INC VRS QT 1,886.7 (1,451.9) 337.3
VERISIGN INC-BDR VRSN34 BZ 1,886.7 (1,451.9) 337.3
W&T OFFSHORE INC UWV GR 1,027.1 (257.8) (27.3)
W&T OFFSHORE INC WTI US 1,027.1 (257.8) (27.3)
W&T OFFSHORE INC WTI1EUR EU 1,027.1 (257.8) (27.3)
W&T OFFSHORE INC WTI1USD EU 1,027.1 (257.8) (27.3)
W&T OFFSHORE INC UWV TH 1,027.1 (257.8) (27.3)
WAYFAIR INC- A W US 3,007.6 (682.4) 237.0
WAYFAIR INC- A 1WF QT 3,007.6 (682.4) 237.0
WAYFAIR INC- A 1WF GR 3,007.6 (682.4) 237.0
WAYFAIR INC- A WEUR EU 3,007.6 (682.4) 237.0
WESTERN UNIO-BDR WUNI34 BZ 8,803.7 (19.7) (192.1)
WESTERN UNION W3U GR 8,803.7 (19.7) (192.1)
WESTERN UNION WU US 8,803.7 (19.7) (192.1)
WESTERN UNION W3U TH 8,803.7 (19.7) (192.1)
WESTERN UNION WU* MM 8,803.7 (19.7) (192.1)
WESTERN UNION WUUSD EU 8,803.7 (19.7) (192.1)
WESTERN UNION WUEUR EU 8,803.7 (19.7) (192.1)
WESTERN UNION W3U GZ 8,803.7 (19.7) (192.1)
WESTERN UNION W3U QT 8,803.7 (19.7) (192.1)
WIDEOPENWEST INC WU5 GR 2,469.0 (267.5) (95.5)
WIDEOPENWEST INC WU5 TH 2,469.0 (267.5) (95.5)
WIDEOPENWEST INC WU5 QT 2,469.0 (267.5) (95.5)
WIDEOPENWEST INC WOW1EUR EU 2,469.0 (267.5) (95.5)
WIDEOPENWEST INC WOW1USD EU 2,469.0 (267.5) (95.5)
WIDEOPENWEST INC WOW US 2,469.0 (267.5) (95.5)
WINGSTOP INC WING1EUR EU 168.1 (211.6) (4.8)
WINGSTOP INC WING US 168.1 (211.6) (4.8)
WINGSTOP INC EWG GR 168.1 (211.6) (4.8)
WINMARK CORP WINAUSD EU 48.5 (3.1) 12.6
WINMARK CORP WINA US 48.5 (3.1) 12.6
WINMARK CORP GBZ GR 48.5 (3.1) 12.6
WW INTERNATIONAL WW US 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WW6 GR 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WTWUSD EU 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WW6 GZ 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WTW AV 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WTWEUR EU 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WW6 QT 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WW6 TH 1,516.4 (719.9) (35.9)
WYNDHAM DESTINAT WYND US 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WD5 GR 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WD5 TH 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WYNUSD EU 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WD5 QT 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WYNEUR EU 7,563.0 (570.0) 499.0
YELLOW PAGES LTD YLWDF US 353.3 (77.7) 54.9
YELLOW PAGES LTD Y CN 353.3 (77.7) 54.9
YELLOW PAGES LTD YMI GR 353.3 (77.7) 54.9
YELLOW PAGES LTD YEUR EU 353.3 (77.7) 54.9
YUM! BRANDS -BDR YUMR34 BZ 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC TGR TH 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC TGR GR 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC YUM* MM 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC YUMUSD SW 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC YUMUSD EU 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC TGR GZ 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC YUM AV 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC TGR TE 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC YUMEUR EU 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC TGR QT 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC YUM SW 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC YUM US 5,003.0 (8,097.0) 561.0
*********
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 ***