/raid1/www/Hosts/bankrupt/TCR_Public/200114.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, January 14, 2020, Vol. 24, No. 13
Headlines
901 STRADA: Hires Abdulaziz Grossbart as Special Counsel
A MERRYLAND OPERATING: U.S. Trustee Ordered to Appoint Ombudsman
A.P. BECK-ANDOVER: May Use Cash Collateral Thru March 2020
AHERN RENTALS: Moody's Affirms B3 CFR, Outlook Stable
ALL FAMILY FINANCE: Court OKs Use of Cash Collateral
ALTA MESA: Debtors, Kingfisher Sign Deals to Sell to BCE-Mach
ALTA MESA: SRII OpCo's Case Summary & 7 Unsecured Creditors
ANGELS FOR KIDS: Unsec. Creditors to Get Full Payment in 12 Months
APPROACH RESOURCES: Sets Bidding Procedures for All Assets
ARAL RESTAURANT: May Access Cash Collateral Thru April 7, 2020
ARDEN HOLDINGS: Hires Wiggam & Geer as Bankruptcy Counsel
ARISTA IMAGING: Seeks to Hire Markowitz Ringel as Co-Counsel
ARISTA IMAGING: Seeks to Hire Ross & Smith as Legal Counsel
ARRO CORPORATION: Wins Interim Approval of $2.9M DIP Facility
ASC INSULATION: Court Issues Interim Cash Collateral Orders
AVON PRODUCTS: S&P Raises ICR to 'B+' on Acquisition by Natura
BIOVENTUS LLC: S&P Affirms 'B' Issuer Credit Rating
BLUCORA INC: S&P Affirms 'BB' ICR on Acquisition; Outlook Stable
BRIAN G. MEEHAN: Providing Same Patient Care, Says 5th Report
CACTUS CIRCLE: Satex Buying San Antonio Property for $925K Cash
CANOPY PROPERTY: Seeks to Hire Hoff Law as Bankruptcy Counsel
CARDINAL HOMES: Seeks to Hire Protiviti Inc. as Financial Advisor
CARDINAL HOMES: Seeks to Hire SC&H Capital as Investment Banker
CARDINAL HOMES: Seeks to Hire Whiteford Taylor as Legal Counsel
CARE FOR LIFE: Says Ombudsman Unecessary, Cites Good Standing
CBAK ENERGY: Raises $1.5 Million in Promissory Note Sale
CENTER CITY: Potter Anderson 2nd Update on Hahnemann Residents
CFN ENTERPRISES: Damon Stein Resigns as General Counsel
CHEESEBOY LLC: Gets Access to Cash Collateral Thru Feb. 6, 2020
CHILDREN FIRST: Says It's Not a Health Care Business
CIVITAS HEALTH: Only Serves Out-Patients, Says PCO Not Needed
COLLEGE OF NEW ROCHELLE: Selling/Abandoning De Minimus Assets
CPI CARD: Court Grants Prelim. OK of Derivative Suit Settlement
CSI-ABSOLUTE: Court Confirms Modified Reorganization Plan
CVR ENERGY: S&P Assigns 'BB-' ICR; Outlook Stable
DALI LOU RANCH: Seeks Court Approval to Hire Appraiser
DASHCO INC: Seeks to Hire Birky & Steinkamp as Accountant
DEAN FOODS: Committee Taps Miller Buckfire as Investment Banker
DEAN FOODS: Creditors Committee Members Disclose Claims
DISTINGUISHED KITCHENS: Seeks to Hire Furr & Cohen as Counsel
DJL BUILDERS: Has Until April 1, 2020 to File Plan & Disclosures
DOLPHIN ENTERTAINMENT: Issues $1.3 Million Note to Lincoln Park
DONALD KLEIN: Selling 200 Head of Livestock at Local Sale Barns
DORIAN LPG: BW Euroholdings' Stake Down to 4.8% as of Jan. 9
EP ENERGY: 1.125L Trustee Says Applicable Premium Due Under Plan
EP ENERGY: MSB Owners Say Plan Patently Unconfirmable
FIRST EAGLE: Moody's Lowers CFR to Ba2, Outlook Stable
FLOORS TODAY: Court Approves Disclosure Statement
FORTRESS GLOBAL: Gets Initial Order in CCAA Restructuring
FRESH ALTERNATIVES: Unsec. Creditors Owed $1.08M to Get $25K
FRONTIER COMMUNICATIONS: BlackRock Has 9.3% Stake as of Dec. 31
FRONTIER COMMUNICATIONS: Morgan Stanley Has 4% Stake as of Dec. 31
FTS INTERNATIONAL: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg
GATEWAY WIRELESS: First State Has Issues With Plan Outline
GENESIS ENERGY: S&P Affirms 'B+' ICR; Outlook Stable
GL BRANDS: Expects First Quarter 2020 Revenue of $2.1M to $2.4M
GODSTONE RANCH: Claims to Be Paid in Full in Plan
GREEN GLOBAL: Unsecureds to Have 100% Recovery in Over 18 Months
GUE LIQUIDATION: Court Confirms Ch. 11 Plan of Liquidation
HAMLETT ENTERPRISES: To Seek Plan Confirmation on Feb. 18
HENLEY PROPERTIES: Watkins Buying Mountain View Property for $14K
HIGH RIDGE: Has Interim Court Nod on $40-Mil. DIP Facility
IMAGINE GROUP: S&P Raises ICR to 'CCC' on Liquidity Infusion
IMR SECURITY: Plan & Disclosures Deadline Extended to Mid-February
INTERIM HEALTHCARE: Says Patient Care Ombudsman Unnecessary
IONIX TECHNOLOGY: CEO Yubao Liu Steps Down
IPS WORLDWIDE: Trustee Amends Plan of Liquidation
J.E.L. SITE: Unsecureds Owed $1.08M to Get Retainage, $300K Pot
JMU LIMITED: Transfers Shares Listing to Nasdaq Capital Market
JOSEPH FORD: Magnussons Buying Boca Raton Property for $623K
JOVI ENTERPRISES: Voluntary Chapter 11 Case Summary
K3D PROPERTY: Samples Jennings Represents 2 Banks
M.E. SMITH: Court Approves Disclosure Statement
MABVAX THERAPEUTICS: Unsecured Claims in Plan Hiked to $15.9M
MENDENHALL AUCTION: Seeks to Hire Ivey McClellan as Legal Counsel
MILK SPECIALTIES: S&P Lowers ICR to 'B' on Weak Performance
MMMT CORPORATION: PCO Notes 23 Patients to Be Affected by Eviction
MORAN FOODS: S&P Lowers ICR to 'SD' on Missed Interest Payment
MOTHER'S TOUCH: Unsecureds Will be Paid 57% of Claims in Plan
MURRAY ENERGY: Committee Hires AlixPartners as Financial Advisor
MY KIDZ DENTIST: Gets Interim Approval to Use Cash Collateral
NEWPARK RESOURCES: S&P Affirms 'B' ICR; Outlook Stable
NICHOLAS BAILEY: Lanham Buying Personal Property for $40K
NIGHTGALLERIE LLC: Hires Mark Rennie Law as Special Counsel
NORVIEW BUILDERS: Asks Creditors to Vote for 100% Plan
OAK LAKE: Tonny Fullbright Named Ombudsman for Nursing Home
OFFSHORE MARINE: Gets Interim OK to Hire Pepperman as Accountant
OFFSHORE MARINE: Gets Interim OK to Hire Stewart Robbins as Counsel
OFFSHORE MARINE: Hires Baldwin Haspel as Special Counsel
OFFSHORE MARINE: Taps Bohman Morse as Special Counsel
OFFSHORE MARINE: Taps Stout Risius as Financial Advisor
OHIO VALLEY ELECTRIC: S&P Withdraws 'BB+' Unsecured Debt Rating
ORTHO-CLINICAL DIAGNOSTICS: S&P Rates Senior Secured Term Loan 'B-'
PERFORMANCE FOOD: S&P Lowers ICR to 'BB-' on Reinhart Acquisition
PGN DESIGN: Attractive Buying San Francisco Property for $1.3M
PIXIUS COMMUNICATIONS: Proposes Sale of Wichita Property
PORTERS NECK COUNTRY: Special Committee Seeks to Hire Ayers & Haidt
PROFESSIONAL RESOURCES: Has Permission to Use ADOR Cash Collateral
PROJECT BOOST: Fitch Affirms 'B' IDR Amid JD Power/AutoData Merger
PROTEC INSTRUMENT: Court Approves DIP Borrowing of Up to $500,000
PROTEC INSTRUMENT: Gets Cash Collateral Access Thru March 31
PULMATRIX INC: Sabby Volatility Has 4.9% Stake as of Dec. 31
R3D HOLDINGS: Seeks to Hire Buddy D. Ford as Counsel
REWALK ROBOTICS: Sabby Volatility Has 4.9% Stake as of Dec. 31
ROCKWOOD SERVICE: S&P Assigns 'B' ICR; Outlook Stable
ROMA USA: Seeks to Hire GGG Partners as Financial Advisor
SEMILEDS CORP: Reports $317K Net Loss for First Quarter of 2020
SMG HOLDINGS: S&P Upgrades ICR to B+ on Merger With AEG Facilities
SOUTHERN LIVING: Has Interim Access to Cash Collateral
STEEL CITY POPS: Hires Benton & Centeno as Attorney
STONEMOR PARTNERS: Suspending Filing of Reports with SEC
SUNDOG STRUCTURES: Taps Stichter Riedel as Legal Counsel
SUNSHINE INVESTMENTS: Seeks to Hire Douglas J. Burns as New Counsel
TARRANT COUNTY: To Self-Report in Lieu of PCO Appointment
TATUNG COMPANY: Panel Hires RSR Consulting as Financial Advisor
TEGNA INC: S&P Rates New $1BB Sr. Unsecured Notes 'BB'
TOMS SHOES: S&P Lowers Issuer Credit Rating to 'D'
TRANSOCEAN INC: S&P Rates New $750MM Unsec. Guaranteed Notes 'B-'
TRIAX CAPITAL: Taps Kirby Aisner & Curley as Legal Counsel
TW TRUCKING: Seeks to Hire Sellers & Mitchell as Legal Counsel
TWIN CARE: Agrees to Appointment of Patient Care Ombudsman
UNIT CORP: BlackRock Has 7% Equity Stake as of Dec. 31
UNIT CORP: Extends Exchange Offer Expiration to Jan. 31
VAC FUND HOUSTON: Goldman Sachs Objects to Cash Collateral Motion
VAC FUND HOUSTON: Replies to GS Bank, U.S. Trustee Objections
VAC FUND HOUSTON: Seeks Authority to Use Cash Collateral
VAC FUND HOUSTON: U.S. Trustee Objects to Cash Collateral Motion
VIANT MEDICAL: Moody's Alters Outlook on Caa1 CFR to Positive
WALKER COUNTY HOSPITAL: Committee Hires Arent Fox as Legal Counsel
WALKER COUNTY HOSPITAL: Committee Hires FTI as Financial Advisor
WALKER COUNTY HOSPITAL: Committee Taps Gray Reed as Local Counsel
WILLIAM B. ROBERTS: Selling 33% Interest in RBO for $60K
WOOD AT BEAR CREEK: Taps Gleichenhaus Marchese as Legal Counsel
WPX ENERGY: S&P Rates New $900MM Senior Unsecured Notes 'BB-'
YOUNGEVITY INTERNATIONAL: Issues Additional 11,375 Series D Shares
[^] Large Companies with Insolvent Balance Sheet
*********
901 STRADA: Hires Abdulaziz Grossbart as Special Counsel
--------------------------------------------------------
901 Strada, LLC, seeks authority from the U.S. Bankruptcy Court for
the Central District of California to employ Resnik Hayes Moradi
LLP, as special counsel to the Debtor.
901 Strada requires Abdulaziz Grossbart to:
a. assist the Debtor in the initial compliance required by the
U.S. Trustee's Office;
b. prepare and amend the bankruptcy schedules which are now
due on December 11, 2019;
c. prepare and amend the compliance generally known as the 7
day package.
d. attend meeting of creditors;
e. prepare the required Status Report that the Court may
require, and attend Status Conference;
f. prepare the disclosure Statement and Plan; and
g. give advice to the Debtor which is necessary in the
bankruptcy process and bankruptcy issues.
Abdulaziz Grossbart will be paid at these hourly rates:
Partners $425 to $525
Associates $200 to $325
Paralegals $135
Abdulaziz Grossbart will be paid a retainer in the amount of
$10,000.
Abdulaziz Grossbart will also be reimbursed for reasonable
out-of-pocket expenses incurred.
M. Jonathan Hayes, partner of Resnik Hayes Moradi LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Abdulaziz Grossbart can be reached at:
M. Jonathan Hayes, Esq.
RESNIK HAYES MORADI LLP
17609 Ventura Blvd., Suite 314
Encino, CA 91316
Tel: (818) 285-0100
Fax: (818) 855-7013
About 901 Strada
901 Strada, LLC, based in Los Angeles, CA, filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 19-23962) on Nov. 27, 2019. In
the petition signed by Mohamed Hadid, managing member, the Debtor
was estimated to have $10 million to $50 million in both assets and
liabilities. The Hon. Sheri Bluebond oversees the case. Bruce D.
Rudman, Esq., at Abdulaziz Grossbart & Rudman, serves as bankruptcy
counsel to the Debtor.
A MERRYLAND OPERATING: U.S. Trustee Ordered to Appoint Ombudsman
----------------------------------------------------------------
On Oct. 28, 2019, A Merryland Operating LLC, a health care
business, filed a voluntary petition under chapter 11 of the
Bankruptcy Code.
On Nov. 15, 2019, the Court entered an order directing the Debtor,
the United States Trustee, and all parties in interest to show
cause why the Court should not order the appointment of a patient
care ombudsman pursuant to 11 U.S.C. Sec. 333 and Bankruptcy Rule
2007.2.
On Nov. 19, 2019, the Court held a hearing on the Order to Show
Cause, at which appeared Rachel Wolf (US Trustee), Dawn Kirby
(Counsel to Debtor), Alexander M. Fear (Counsel to Debtor), George
Ertle (Consultant), and Linda Leschinsky (Debtor's Principal)/
On Nov. 19, 2019, and all parties in interest attended the Court
for a hearing on the Order to Show Cause.
Upon the record of the hearing, the Court ordered that the U.S.
Trustee shall appoint a Patient Care Ombudsman in accordance with
Chapter 11 of the Bankruptcy Code, and the Ombudsman may review
confidential patient records as necessary and appropriate to
discharge the Ombudsman’s duties and responsibilities.
A full-text copy of the Order is available at
https://tinyurl.com/upyd6le from PacerMonitor.com at no charge.
About A Merryland Operating
A Merryland Operating LLC is a walk-in primary care medical clinic
located in underserved community of Coney Island.
A Merryland Operating filed a voluntary Chapter 11 petition (Bankr.
E.D.N.Y. Case No. 19-46475) on Oct. 28, 2019. The Debtor was
estimated to have under $1 million in estimated assets and
liabilities. The Debtor is represented by Dawn Kirby, Esq., at
Kirby Aisner & Curley LLP.
A.P. BECK-ANDOVER: May Use Cash Collateral Thru March 2020
----------------------------------------------------------
The Bankruptcy Court for the District of Massachusetts granted A.P.
Beck-Andover Realty, LLC continued access to cash collateral
through March 2020.
A copy of the proceeding memorandum/Court order is available at
https://is.gd/xlLXM4 from PacerMonitor.com free of charge.
Hearing on the further use of cash collateral is set for March 13,
2020 at 12 p.m. in Worcester, Massachusetts.
About A.P. Beck-Andover Realty
A.P. Beck-Andover Realty, LLC, a single asset real estate as
defined in 11 U.S.C. Section 101(51B), filed a petition seeking
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass.
Case No. 18-41696) on Sept. 11, 2018. In the petition signed by
Adam P. Beck, manager, the Debtor was estimated to have $1 million
to $10 million in assets and liabilities. The Ann Brennan Law
Offices represents the Debtor.
AHERN RENTALS: Moody's Affirms B3 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service affirmed the ratings of Ahern Rentals
Inc. including the B2 corporate family rating, B2-PD probability of
default and B3 senior secured second lien ratings. The outlook is
stable.
The affirmation of Ahern's ratings results from Moody's expectation
that the company will continue to organically grow its topline
while maintaining debt-to-EBITDA in the mid-to-low 4 times range
(after Moody's adjustments). Free cash flow has been negative for
the twelve months ended September 30, 2019 (the LTM period) as
expected because of the relatively high capital investment to grow
its rental fleet. However, free cash flow should turn modestly
positive for the next year, as Moody's expects investment to ease
in concert with end market demand which is beginning to exhibit
signs of slowing after several years of robust growth.
RATINGS RATIONALE
"Ahern's organic growth exceeded 10% per annum over the last few
years, and although Moody's expects the pace to moderate into the
high single digits in 2020, Ahern will generate free cash flow as
capital spend eases" said Brian Silver, Moody's Vice President and
lead analyst for Ahern. "We anticipate the company's liquidity will
remain adequate through 2020 supported by at least $100 million of
ABL availability at all times," continued Silver.
Ahern's ratings also consider the exposure to cyclical end market
demand for its equipment, and the asset intensive nature of the
equipment rental industry. Ahern's high capex for rental fleet
expansion has resulted in negative free cash flow funded by draws
on the ABL facility. Debt-to-EBITDA was about 4.5 times over the
LTM period, although Moody's expects it will moderately improve to
about 4.3 times in 2020.
Ahern's credit profile benefits from its well established and
growing national footprint in the US equipment rental market now
spanning 30 states, although there is still a regional
concentration with about half of its revenue coming from
California, Las Vegas, and Texas. Regional concentration will
remain an issue for a while, but is likely to ease as Ahern expands
its footprint. The company grew organically by the low to mid-teens
rate during each of the last few years, yet Moody's still
anticipates growth of 7% to 9% as new branch openings help offset
slowing end market demand.
Ahern is substantially owned by the CEO, which presents both key
man risk and governance challenges. Ahern regularly conducts
transactions with commonly controlled affiliates, some of which
includes supplying equipment and parts for the Ahern rental fleet.
Ahern also provides loans to its affiliates, although Moody's
expects the amount of the affiliate loans to decrease steadily.
The company is expected to maintain adequate liquidity largely
supported by the ABL facility ($141 million available at September
30, 2019) and no debt maturities until 2023, along with
expectations of becoming free cash flow positive. Also, Ahern uses
leases to fund a portion of its fleet to a much larger extent than
its peers. This can provide some flexibility around liquidity and
overall fleet management by returning equipment to the lessor at
lease-end or exercising purchase options should equipment be in
demand.
The stable outlook reflects Moody's expectation for 7% to 9%
topline growth and relatively flat operating margins, which will
drive modest improvement in credit metrics, that the company will
maintain adequate liquidity through 2020 and that loan transactions
with affiliates will moderate.
The ratings could be upgraded if Moody's anticipates pretax income
margin above 10% while the company grows revenue, whether
organically or via acquisitions, and funds from operations exceed
20% of debt. Debt-to-EBITDA sustained below 4 times and
EBITDA-to-interest sustained above 4.5 times, with more
diversification around its funding program would also be important
elements.
The ratings could be downgraded with a material decline in revenue
and margins, sustained negative free cash flow during periods of
slow market demand, ABL availability falls below $100 million,
debt-to-EBITDA sustained above 5.25 times, or EBITDA-to-interest
sustained below 2 times. In addition, if funds from operations fall
below 10% of debt, or the company makes increased loans to commonly
controlled affiliates, the ratings could be downgraded.
The following rating actions were taken:
Affirmations:
Issuer: Ahern Rentals Inc.
Probability of Default Rating, Affirmed B2-PD
Corporate Family Rating, Affirmed B2
Senior Secured Regular Bond/Debenture, Affirmed B3 (LGD5)
Outlook Actions:
Issuer: Ahern Rentals Inc.
Outlook, Remains Stable
The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.
Ahern Rentals Inc., (Ahern) headquartered in Las Vegas, NV, is an
equipment rental company that has grown organically over the years
and now has a network of over 90 branches across 30 states, as well
as a small international presence accounting for roughly 5% of
total revenue. The company generates approximately 70-75% of its
revenue from the largest portion of its rental fleet, high reach
equipment, which consists of boom lifts, forklifts, and scissor
lifts. Ahern's majority shareholder is the company's Chairman and
Chief Executive Officer, Don Ahern. Ahern reported revenue of $877
million for the twelve months ended September 30, 2019.
ALL FAMILY FINANCE: Court OKs Use of Cash Collateral
----------------------------------------------------
Judge Paul Baisier authorized All Family Finance, LLC, to use cash
collateral on a final basis, pursuant to the budget.
The Court ruled that the Debtors will segregate proceeds from the
sale of any repossessed vehicles, and will not use said proceeds
until further Court order.
As adequate protection, the Court directed the Debtors to:
(a) provide CFG a security interest in, and lien upon all of the
post-petition collateral to the same extent, validity, amount, and
priority as CFG's pre-petition security interests and lien on said
collateral on account of any diminution in the value of any
pre-petition collateral in which CFG holds a valid enforceable and
perfected security interest.
(b) make a lump sum payment to CFG in the amount of $100,000
within one business day of the entry of the interim order, and will
continue to make said lump sum payments to CFG every 60 days with
consent of the Committee or upon further Court order.
A copy of the final order, including the budget, can be accessed at
https://is.gd/GVDxpN from PacerMonitor.com free of charge.
About All Family Finance
All Family Finance, LLC is a private finance company that provides
loans for automobiles. As its business, All Family Finance
collects sub-prime loans acquired from "Buy Here, Pay Here" car
lots with its offices located at 124 Powers Ferry Road, Suite K,
Marietta, Ga. The business is generating approximately $150,000 in
revenues per month.
Alleged creditors filed an involuntary Chapter 11 petition for All
Family Finance on Aug. 9, 2019 (Bankr. N.D. Ga. Case No.
19-62597).
G. Frank Nason, IV, Esq., at Lamberth, Cifelli, Ellis & Nason,
P.A., serves as counsel to Alice Gipson and Jeff Hurd and other
alleged creditors.
On Sept. 11, 2019, the court entered an order for relief under
Chapter 11 of the Bankruptcy Code. No trustee has been appointed,
and All Family continues to operate its business and manage its
affairs as debtor-in-possession.
The Debtor's attorney is Cameron M. McCord, Esq., at Jones &
Walden, LLC. Mr. Mark A. Smith of Vantage Point Advisory, Inc., is
the chief restructuring officer.
The U.S. Trustee for Region 21 appointed a committee of unsecured
creditors on Oct. 2, 2019.
ALTA MESA: Debtors, Kingfisher Sign Deals to Sell to BCE-Mach
-------------------------------------------------------------
Kingfisher Midstream LLC, Kingfisher STACK Oil Pipeline LLC,
Oklahoma Water Solutions LLC and Cimarron Express Pipeline
("Kingfisher") entered into a certain purchase and sale agreement
to sell substantially all of their assets to BCE-Mach III LLC
("stalking horse bidder"), and Alta Mesa Resources Inc. and certain
of its affiliates ("AMH Debtors") also entered into a separate
purchase and sale agreement to sell substantially all of their
assets to the stalking horse bidder.
Kingfisher, AMH Debtors, and each of their respective advisors have
worked diligently to mark their assets and develop actionable
proposals for a joint sale of their assets.
The purchase and sale agreements provide for a total purchase price
of $310 million, of which $85.2 million would be payable to
Kingfisher, and $224.7 million would be payable to the AMH
Debtors.
Deadline to submit bids for all parties other than the
administrative agent and lenders under Kingfisher's secured credit
facility is on Jan. 8, 2020, at 5:00 p.m. (Prevailing Central
Time), while deadline to file bids by the administrative agent and
lenders under Kingfisher's secured facility is on Jan. 10, 2020, at
5:00 p.m. (Prevailing Central Time).
The auction will take place at the offices of Latham & Watkins LLP,
811 Main Street, Suite 3700, Houston Texas, 77002, on for Jan. 15,
2020, at 9:00 a.m. (Prevailing Central Time), followed by the sale
hearing on Jan. 21, 2020, at 2:00 p.m. (Prevailing Central Time).
Objections to the sale, if any, must be filed no later than 12:00
p.m. (Prevailing Central Time) on Jan. 17, 2020.
About Alta Mesa Resources
Alta Mesa Resources, Inc., is an independent energy company focused
on the development and acquisition of unconventional oil and
natural gas reserves in the Anadarko Basin in Oklahoma, and through
Kingfisher Midstream, LLC, provides best-in-class midstream energy
services, including crude oil and gas gathering, processing and
marketing and produced water disposal to producers in the STACK
play.
Alta Mesa reported $1.4 billion in assets and $864 million in
liabilities as of Dec. 31, 2018.
Alta Mesa and six affiliates sought Chapter 11 protection (Bankr.
S.D. Tex. Case No. 19-35133) on Sept. 11, 2019.
The Hon. Marvin Isgur is the case judge.
The Debtors tapped Porter Hedges LLP and Latham & Watkins LLP as
attorneys; and Perella Weinberg Partners LP and its affiliate Tudor
Pickering Holt & Co Advisors LP as investment banker. Prime Clerk
LLC is the claims agent.
* * *
As reported by the Troubled Company Reporter on Jan 10, 2020, Alta
Mesa Resources, Inc. and its affiliates asked the U.S. Bankruptcy
Court for the Southern District of Texas to extend, by 90 days, the
period during which the companies have the exclusive right to file
a chapter 11 plan through April 8, 2020 and the period during which
they have the exclusive right to solicit a plan through June 5,
2020.
ALTA MESA: SRII OpCo's Case Summary & 7 Unsecured Creditors
-----------------------------------------------------------
Two affiliates that simultaneously filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of Texas on Jan. 13,
2020:
Debtor Case No.
------ --------
SRII Opco GP, LLC 20-30222
15021 Katy Freeway, 4th Floor
Houston, TX 77094-1813
SRII OPCO, LP 20-30223
On Jan. 12, 2020, each of these affiliated entities filed a
petition for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Kingfisher Midstream, LLC 20-30218
Kingfisher STACK Oil Pipeline, LLC 20-30219
Oklahoma Produced Water Solutions, LLC 20-30220
Cimarron Express Pipeline, LLC 20-30221
On Sept. 11, 2019, each of the affiliated entities listed below
filed a petition for relief under Chapter 11 of the Bankruptcy
Code:
* Alta Mesa Resources, Inc.
* Alta Mesa Finance Services Corp.
* Alta Mesa Holdings, LP
* Alta Mesa Services, LP
* Alta Mesa Holdings, GP, LLC
* OEM GP, LLC
* Oklahoma Energy Acquisitions, LP
Business Description: The Debtors are an independent energy
company focused on the development of
unconventional onshore oil and natural gas
reserves in the eastern portion of the
Anadarko Basin in Oklahoma. The Debtors
have two primary business segments: an
upstream oil and gas exploration and
production business operated by Debtor Alta
Mesa Holdings, LP and its subsidiaries, and
a midstream oil and gas services business
operated by Kingfisher Midstream, LLC.
SRII Opco, LP and its general partner SRII
GP are subsidiaries of Debtor AMR and were
formed for the purpose of facilitating AMR's
(then known as Silver Run Acquisition
Corporation II) acquisition of an upstream
oil and gas exploration and production
business and a midstream oil and gas
services business. The Debtors request that
the Court enter an order directing the joint
administration of their Chapter 11 cases
under the case of Alta Mesa Resources, Inc.
(Bankr. S.D. Tex. Case No. 19-35133).
Judge: Hon. David R. Jones
Debtors' Counsel: John F. Higgins, Esq.
Eric M. English, Esq.
Aaron J. Power, Esq.
M. Shane Johnson, Esq.
PORTER HEDGES LLP
1000 Main Street, 36th Floor
Houston, Texas 77002
Tel: (713) 226-6000
Fax: (713) 226-6248
E-mail: jhiggins@porterhedges.com
eenglish@porterhedges.com
apower@porterhedges.com
sjohnson@porterhedges.com
- and –
George A. Davis, Esq.
Annemarie Reilly, Esq.
Brett M. Neve, Esq.
LATHAM & WATKINS LLP
885 Third Avenue
New York, NY 10022
Tel: (212) 906-1200
Fax: (212) 751-4864
E-mail: george.davis@lw.com
annemarie.reilly@lw.com
brett.neve@lw.com
– and –
Caroline Reckler, Esq.
LATHAM & WATKINS LLP
330 North Wabash Avenue, Suite 2800
Chicago, IL 60611
Tel: (312) 876-7700
Fax: (312) 993-9667
E-mail: caroline.reckler@lw.com
- and –
Andrew Sorkin, Esq.
LATHAM & WATKINS LLP
555 Eleventh Street, Suite 1000
Washington, D.C. 20004
Tel: (202) 637-2200
Fax: (202) 637-2201
E-mail: andrew.sorkin@lw.com
Debtors'
Special
Litigation
Counsel: ROBBINS, RUSSELL, ENGLERT, ORSECK,
UNTEREINER & SAUBER LLP
Debtors'
Investment
Banker and
Financial
Advisor: PERELLA WEINBERG PARTNERS LP
- and -
TUDOR PICKERING HOLT & CO ADVISORS LP
Debtors'
Financial
Advisor: ALIXPARTNERS, LLP
Debtors'
Claims,
Noticing,
Solicitation &
Balloting Agent: PRIME CLERK LLC
https://cases.primeclerk.com/altamesa
Estimated Assets
(Consolidated for all SRII Debtors): $1 million to $10 million
Estimated Liabilities:
(Consolidated for all SRII Debtors): $0 to $50,000
The petition was signed by John C. Regan, chief financial officer.
A copy of SRII Opco's petition is available for free at
PacerMonitor.com at:
https://is.gd/ousPFZ
List of SRII Opco's Seven Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. KFM Offshore, LLC Pro Rata Tax $25,343
40 West 57th Street, 33rd Floor Distribution
New York, NY 10019
Jeff Hostettler
Managing Director
Tel: (212) 287-5479
Email: Jeff.Hostettler@hpspartners.com
2. KFM Holdco LLC Pro Rata Tax $18,852
20329 State Highway 249, Distribution
Floor 4
Houston, TX 77070
Russell Schneider
Chief Accounting Officer
Tel: (281) 826-5479
Email: russell.schneider@armenergy.com
3. Mezzanine Partners II Delaware Pro Rata Tax $14,846
Subsidiary, LLC Distribution
40 West 57th Street, 33rd Floor
New York, NY 10019
Jeff Hostettler
Managing Director
Tel: (212) 287-5479
Email: Jeff.Hostettler@hpspartners.com
4. KFM Institutional, LLC Pro Rata Tax $2,683
40 West 57th Street, 33rd Floor Distribution
New York, NY 10019
Jeff Hostettler
Managing Director
Tel: (212) 287-5479
Email: Jeff.Hostettler@hpspartners.com
5. Jade Real Assets Fund, L.P. Pro Rata Tax $2,275
40 West 57th Street, 33rd Floor Distribution
New York, NY 10019
Jeff Hostettler
Managing Director
Tel: (212) 287-5479
Email: Jeff.Hostettler@hpspartners.com
6. AP Mezzanine Partners II, L.P. Pro Rata Tax $1,711
40 West 57th Street, 33rd Floor Distribution
New York, NY 10019
Jeff Hostettler
Managing Director
Tel: (212) 287-5479
Email: Jeff.Hostettler@hpspartners.com
7. ARM-M I, LLC Pro Rata Tax $101
20329 State Highway 249, Distribution
4th Floor
Houston, TX 77070
Russell Schneider
Chief Accounting Officer
Tel: (281) 826-5479
Email: russell.schneider@armenergy.com
ANGELS FOR KIDS: Unsec. Creditors to Get Full Payment in 12 Months
------------------------------------------------------------------
Debtor Angels For Kids On Call 24/7, Inc., filed with the U.S.
Bankruptcy Court for the Middle District of Florida, Orlando
Division, an Amended Disclosure Statement describing its Plan of
Reorganization.
The Plan contemplates that a Reorganized Debtor will continue to
operate the Debtor's business. The Debtor believes cash flow from
the continued operation of its business will be sufficient to meet
required Plan Payments.
Class 4 consists of the Allowed Unsecured Claims against the
Debtor. The Debtor will pay the holders of Class 4 Claims in full,
except that the maximum sum to be paid shall not be greater than an
aggregate sum of $57,336.76 which the Debtor believes is the
maximum amount of legitimate Allowed Class 4 Claims. Each holder
of an Allowed Unsecured Claim will be paid a pro rata share of the
Unsecured Pot if not paid in full. Payments will be made over 120
months and shall commence on the thirtieth day after a final order
determining all remaining Disputed Claims. Payments shall continue
until the Unsecured Pot or 100% of all Class 4 Claims are paid in
full.
On the Effective Date, the Debtor will cancel all existing stock
held by any and all shareholders, and issue 50% of the new stock to
John Valencia and the remaining 50% of the new stock to Elizabeth
Valencia. The holders of any Equity Interests shall receive no
distribution under the Plan on account of such Equity Interests.
The Debtor shall continue to exist as the Reorganized Debtor, doing
business under the name Angels For Kids On Call 24/7, Inc.
A full-text copy of the Amended Disclosure Statement is available
at https://tinyurl.com/yx4p7vbv from PacerMonitor.com at no
charge.
The Debtor is represented by:
Aldo G. Bartolone, Jr., Esq.
Bartolone Law, PLLC
1030 N. Orange Ave., Suite 300
Orlando, Florida 32801
Telephone: 407-294-4440
Facsimile: 407-287-5544
E-mail: aldo@bartolonelaw.com
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 was
estimated to have $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.
APPROACH RESOURCES: Sets Bidding Procedures for All Assets
----------------------------------------------------------
Approach Resources, Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of Texas to authorize
the bidding procedures in connection with the sale of substantially
all assets at auction.
The Debtors ask to maximize the value of their assets for the
benefit of their estates and all parties in interest. To that end,
they've been evaluating, and continue to evaluate, all of their
strategic options with the input of their key constituents,
including the Prepetition Lenders. These options include, without
limitation, (a) a sale of all or a portion of the Assets; or (b) a
reorganization and/or recapitalization of the Debtors.
By the Motion, the Debtors are taking a crucial step in developing
and evaluating those alternatives -- specifically, they are asking
for approval of a marketing process that would enable them to
solicit bids on the Assets, while also maintaining the flexibility
to solicit proposals to reorganize and/or recapitalize the Debtors.
They're willing to entertain all viable proposals, in consultation
with the Agent and, at present, have not committed to any
particular path.
At this juncture, the Debtors are filing the Motion in order to
comply with the milestones set forth in the Cash Collateral Order,
which requires, among other things, that they (a) file the Bid
Procedures and Sale Motion within 20 days of the Petition Date; (b)
obtain entry of an order, with terms and substance reasonably
acceptable to the Prepetition Agent, approving bid and sale
procedures for the sale of substantially all of the Debtors' Assets
no later than 50 days after the Petition Date; (c) obtain a Bid
Deadline within 90 days of the Petition Date; and (d) obtain entry
of the Sale Order within 10 days of the Bid Deadline.
After substantial discussions with the Agent, the Debtors prepared
a form of Asset Purchase Agreement for parties interested in
acquiring the Debtors' Assets. The Debtors will make the Form APA
available in the electronic dataroom they established in connection
with their sale process. To streamline the sale process, Qualified
Bidders will be required to mark the Form APA to show the specific
changes to the Form APA that the Qualified Bidder requires.
To maximize the value of the Assets, all bids are subject to higher
or better offers through a competitive auction process. If the
Debtors pursue a sale of the Assets, the Debtors contemplate that
the Bidding Process will culminate in the sale of all or
substantially all of the Debtors' Assets to the Prevailing
Purchaser free and clear of any or all liens, claims and interests
pursuant to a sale, with all such liens, claims and interests
attaching to the Transaction proceeds.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Feb. 14, 2020 at 5:00 p.m. (PCT)
b. Initial Bid: To the extent a Stalking Horse Bidder(s) is
selected before the Bid Deadline, will result in a value to the
Debtors' estates in their business judgment, and with the Agent's
reasonable consent, that is more than the aggregate of the value of
the sum of: (A) the cash purchase price of the Stalking Horse
Agreement; plus (B) the Stalking Horse Bidder(s)'s assumed
liabilities in an estimated amount determined by the Debtors with
the Agent's reasonable consent; plus (C) the sum of the Bid
Protections; plus (D) $500,000.
c. Deposit: 10% of the cash purchase price of the bid
d. Auction: If multiple Qualifying Bids are received by the
Debtors, the Debtors may conduct an auction with respect to all or
some of the Assets. The Auction, if conducted, will commence at
1:00 p.m. (PCT) on Feb. 19, 2020. The Auction, if any, will take
place at Thompson & Knight LLP's Dallas office located at 1722
Routh St., suite 1500 or TK's Houston Office located at 811 Main
Street, Suite 2500, Houston, TX, 77002 (such location to be set
forth in the Transaction Notice) or at such later time or other
place as reasonably agreed by the Agent and the Debtors as approved
by order of the Court, and of which the Debtors will notify the
Auction participants.
e. Bid Increments: $250,000
f. Sale Hearing: Feb. 26, 2020 at 1:30 p.m. (CT)
g. Sale Objection Deadline: Feb. 24, 2020 at 4:00 p.m. (CT)
h. Assumed Liabilities: Identify the Debtors' liabilities that
the Qualified Bidder seeks to assume
i. Credit Bid: The Bid Procedures provide that the Prepetition
Agent and the DIP Agent may, as determined by the Agent, and at any
time prior to the conclusion of the Auction, credit bid any portion
up to the entire amount of their respective claims, at any time, on
any Assets constituting their respective collateral.
The Stalking Horse Agreement, subject to the Agent's reasonable
consent, may contain (a) an expense reimbursement for the
reasonable, documented out-of-pocket expenses incurred by the
Stalking Horse Bidder(s) in connection with the Stalking Horse
Agreement in an aggregate amount not to exceed the lesser of (i) 1%
of the cash portion of the purchase price under the Stalking Horse
Agreement, and (ii) $250,000; and (b) a break-up fee for the
Stalking Horse Bidder in an amount not to exceed 3% of the cash
portion of the purchase price under the Stalking Horse Agreement,
payable only from the proceeds of a Sale with a Qualified Bidder
other than the Stalking Horse or otherwise if an alternative
transaction is accomplished through a chapter 11 plan following the
termination of the Stalking Horse Agreement on account of pursuing
the alternative Sale or transaction. The Bid Protections, once
approved by the Court, will be an allowed administrative expense.
The Bid Procedures provide that in the event that the Debtors
select one or more parties to serve as the Stalking Horse
Bidder(s), upon such selection, they will file the Stalking Horse
Agreement(s) with the Court and provide the Transaction Notice
Parties four days' notice of and an opportunity to object to the
designation of such Stalking Horse Bidder(s) and the Bid
Protections set forth in the Stalking Horse Agreement.
The Debtors wish to proceed to the Auction and the hearing
approving the Transaction as expeditiously as possible.
Not later than five days after entry of the Bid Procedures Order,
the Debtors (or their agents): (a) will serve a copy of the
Transaction Notice, as well as a copy of the Bid Procedures and
Sale Motion and the Bid Procedures Order, upon the Transaction
Notice Parties; and (b) will serve a copy of the Transaction Notice
upon all known creditors of the Debtors.
In accordance with Bankruptcy Rule 2002, the Debtors must provide
notice of the (a) potential assumption (and, as applicable,
assignment) of all of their executory contracts and unexpired
leases. They propose to serve the Assumption Notice, which will
contain a detailed list of the Cure Amount related to each
Executory Contract. Within five days after entry of the Bid
Procedures Order, the Debtors (or their agents) will serve the
Assumption Notice.
At the Sale Hearing, the Debtors will ask Court approval of the
assumption and assignment to the Prevailing Purchaser of only those
Desired 365 Contracts that have been selected by such Prevailing
Purchaser to be assumed and assigned.
A hearing on the Motion was set for Jan. 7, 2019 at 2:00 p.m.
Objections, if any, was to be filed within 21 days from the date of
Notice service.
Because time is of the essence in regard to the Transaction, the
Debtors ask that the Court waives the 14-day stay (a) provided in
Bankruptcy Rule 6004(h) in all orders requested to be entered
herein and (b) provided in Bankruptcy Rule 6006(d) in the Sale
Order.
A copy of the Bidding Procedures is available at
https://tinyurl.com/wyqmogt from PacerMonitor.com free of charge.
About Approach Resources Inc.
Forth Worth, Texas-based Approach Resources Inc. --
https://www.approachresources.com -- is a publicly owned Delaware
corporation. The Company and its subsidiaries comprise an
independent energy company focused on the exploration, development,
production and acquisition of unconventional oil and gas reserves.
Their principal operations are conducted in the Midland Basin of
the greater Permian Basin in West Texas.
Approach Resources Inc. and its affiliates filed for Chapter 11
bankruptcy protection (Bankr. S.D. Tex. Lead Case No. 19-36444) on
Nov. 18, 2019, listing $100 million to $500 million in assets and
liabilities. The petitions were signed by Sergei Krylov, chief
executive officer. The Hon. Marvin Isgur presides over the case.
David M. Bennett, Esq., Demetra L. Liggins, Esq., and Anthony F.
Pirraglia, Esq., at Thompson & Knight LLP, serve as counsel to the
Debtors. The Company has selected Perella Weinberg Partners LP to
act as its investment banker in connection with the Chapter 11
case, including to advise the Company in its exploration of these
strategic alternatives. The Company is also being assisted by
Alvarez & Marsal North America, LLC as financial advisor. The
Debtors' tax advisor is KPMG US LLP. Epiq Corporate Restructuring
LLC is the Debtors' Claims, Noticing, and Solicitation Agent.
ARAL RESTAURANT: May Access Cash Collateral Thru April 7, 2020
--------------------------------------------------------------
Aral Restaurant Group of Fall River, Inc. and its affiliates sought
and obtained permission from the Bankruptcy Court to use, on an
interim basis, the cash collateral of its senior lender, Northern
Bank & Trust Company, through April 7, 2020 pursuant to the terms
and conditions as previously allowed.
As adequate protection, Judge Frank J. Bailey ruled that the senior
lender is granted replacement liens as of the Petition Date on all
of the Debtors' prepetition and postpetition assets.
Judge Bailey also ruled that the junior lenders are likewise
granted replacement liens on the same types of postpetition
property of the Debtors' estates, and that said liens will maintain
the same priority, validity and enforceability as their prepetition
liens.
The Debtors' lenders, with their respective claims as of the
Petition Date, include:
(a) Northern Bank and Trust Company - $1,339,870.76, secured by
a first lien on all of the Debtors' fixtures and personal
property;
(b) Corporation Service Company, as representative/OnDeck
Capital - on record at the Massachusetts' Secretary of State's
office as having a second position security interest in Debtor AMG
Fall River's personal property; Debtor AMG Fall River believes this
claim may be related to its loan from OnDeck Capital which as of
Petition Date is approximately $5,461.52;
(c) CHTD Company - on record at the Massachusetts' Secretary of
State's office as having a second position security interest in
Debtor AMG Pembroke and Debtor AMG Plymouth's personal property.
As of the Petition Date, Debtor AMG Pembroke owed OnDeck Capital
approximately $10,692.32 and Debtor AMG Plymouth owed OnDeck
Capital approximately $6,553.84;
(d) Timberland Bank - approximately $513,400 is owed by Debtor
ARG S. Weymouth;
(e) Friendly's Restaurants, LLC and Friendly's Franchising, LLC
- approximately $55,000.
A copy of the motion at https://is.gd/q4cLOD and of the interim
order at https://is.gd/0Mxg6O can be accessed from PacerMonitor.com
free of charge.
A further hearing is scheduled for April 7, 2020 at 11 a.m.
About Aral Restaurant Group
Aral Restaurant Group operates franchise of Friendly's Franchising,
LLC, at different locations in Massachusetts -- in Fall River,
Hyannis, Pembroke, Plymouth, and South Weymouth.
On Sept. 26, 2019, each of these branches sought Chapter 11
protection in Boston, Massachusetts, with Aral Restaurant Group of
Fall River, Inc. (Bankr. D. Mass. Case No. 13256) as the lead case.
In the petition signed by Robert Arruda, president, Aral
Restaurant Group of Fall River was estimated to have assets of not
more than $50,000 and liabilities between $1 million and $10
million. Judge Frank J. Bailey oversees the Debtors' cases.
NICHOLSON P.C. is the Debtors' counsel.
ARDEN HOLDINGS: Hires Wiggam & Geer as Bankruptcy Counsel
---------------------------------------------------------
Arden Holdings, LLC, seeks authority from the U.S. Bankruptcy Court
for the Northern District of Georgia to employ Wiggam & Geer, LLC,
as bankruptcy counsel to the Debtor.
Arden Holdings requires Wiggam & Geer to:
(a) assist in the preparation of pleadings and applications;
(b) conduct of examination;
(c) advise the Debtors of their rights, duties and obligations
as debtors-in-possession;
(d) consult with the Debtors and represent with respect to a
Chapter 11 plan;
(e) perform those legal services incidental and necessary to
the day-to-day operations of Applicants' business,
including, but not limited to, institution and prosecution
of necessary legal proceedings, and general business and
corporate legal advice and assistance;
(f) take any and all other action incident to the proper
preservation and administration of the Debtors' estate and
business.
Wiggam & Geer will be paid at these hourly rates:
Attorneys $330 to $400
Paralegals $150
Wiggam & Geer received a retainer of $11,717, and billed $3,037 in
pre-petition legal fees, and paid the $1,717 filing fee, leaving a
balance of $8,680 held in the Wiggam & Geer's trust account.
Wiggam & Geer will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Will B. Geer, a partner at Wiggam & Geer, LLC, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Wiggam & Geer can be reached at:
Will B. Geer, Esq.
WIGGAM & GEER, LLC
50 Hurt Plaza, SE, Suite 1150
Atlanta, GA 30303
Tel: (404) 233-9800
Fax: (404) 287-2767
E-mail: wgeer@wiggamgeer.com
About Arden Holdings
Arden Holdings, LLC, based in Atlanta, GA, filed a Chapter 11
petition (Bankr. W.D. Ga. Case No. 19-69373) on Dec. 2, 2019. In
the petition signed by Sean Boyd, managing member, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities. Will B. Geer, Esq., at Wiggam & Geer, LLC, serves as
bankruptcy counsel to the Debtor.
ARISTA IMAGING: Seeks to Hire Markowitz Ringel as Co-Counsel
------------------------------------------------------------
Arista Imaging of N. Miami, LLC and Presgar Imaging of CMI North,
LC seek approval from the U.S. Bankruptcy Court for the Southern
District of Florida to hire Markowitz Ringel Trusty & Hartog, P.A.
Markowitz Ringel will serve as co-counsel with Ross & Smith, PC,
the other firm tapped by the Debtors to handle their Chapter 11
cases.
The hourly rates for the attorneys at Markowitz Ringel range from
$250 to $625. The firm's legal assistants and paralegals charge
between $125 and $175 per hour.
Grace Robson, Esq., a partner at Markowitz Ringel, assures the
court that her firm is a "disinterested person" within the scope of
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Grace E. Robson, Esq.
Markowitz Ringel Trusty & Hartog, P.A.
101 NE Third Avenue, Suite 1210
Ft. Lauderdale, FL 33301
Tel: (954) 767-0030
Fax: (954) 767-0035
About Arista Imaging and Presgar Imaging
Arista Imaging of N. Miami, LLC and Presgar Imaging of CMI North,
L.C. own and operate a medical imaging business in Miami, Fla.
Arista Imaging and Presgar Imaging filed Chapter 11 petitions
(Bankr. S.D. Fla. Lead Case No. 19-26519) on Dec. 10, 2019,
disclosing under $1 million in both assets and liabilities.
Judge A. Jay Cristol oversees the cases. The Debtors tapped Ross &
Smith, PC and Markowitz, Ringel, Trusty, & Hartog, P.A. as their
legal counsel; and Tom Santoro, principal of GlassRatner Advisory &
Capital Group, LLC, as chief restructuring officer.
ARISTA IMAGING: Seeks to Hire Ross & Smith as Legal Counsel
-----------------------------------------------------------
Arista Imaging of N. Miami LLC and Presgar Imaging of CMI North,
L.C. seek approval from the U.S. Bankruptcy Court for the Southern
District of Florida to hire Ross & Smith, PC as its legal counsel.
The firm will provide these services in connection with the
Debtors' Chapter 11 cases:
a. advise the Debtors of their powers and duties in the
continued management of their businesses;
b. advise the Debtors of their responsibilities in complying
with the U.S. trustee's operating guidelines and reporting
requirements and with the rules of the court; and
c. represent the Debtors in negotiation with their creditors
in the preparation of a plan of reorganization.
The hourly rates for the firm's attorneys range from $390 to $600.
Ross & Smith received a security retainer of $150,000, of which
$14,031.60 was used to pay for the services provided by the firm
prior to the Debtors' bankruptcy filing while $25,000 was
transferred to co-counsel, Markowitz, Ringel, Trusty, & Hartog,
P.A., leaving $110,968.40 as a retainer for Ross & Smith.
Judith Ross, Esq., a partner at Ross & Smith, assured the court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code
The firm can be reached through:
Judith Ross, Esq.
Ross & Smith, PC
700 N. Pearl Street, Suite 161
Dallas, TX 75201
Telephone: 214-377-7879
Email: judith.ross@judithwross.com
About Arista Imaging and Presgar Imaging
Arista Imaging of N. Miami, LLC and Presgar Imaging of CMI North,
L.C. own and operate a medical imaging business in Miami, Fla.
Arista Imaging and Presgar Imaging filed Chapter 11 petitions
(Bankr. S.D. Fla. Lead Case No. 19-26519) on Dec. 10, 2019,
disclosing under $1 million in both assets and liabilities.
Judge A. Jay Cristol oversees the cases. The Debtors tapped Ross &
Smith, PC and Markowitz, Ringel, Trusty, & Hartog, P.A. as their
legal counsel; and Tom Santoro, principal of GlassRatner Advisory &
Capital Group, LLC, as chief restructuring officer.
ARRO CORPORATION: Wins Interim Approval of $2.9M DIP Facility
-------------------------------------------------------------
Arro Corporation, fka Arro Packaging Company, sought permission
from the Bankruptcy Court to obtain asset-based financing in the
principal amount of up to $2,964,545 from BMO Harris Bank, N.A, the
Debtor's pre-petition lender. The DIP facility consists of
$2,000,000 to be made available on an interim basis and an
additional $964,5450 on a final basis.
The DIP financing will bear interest at the "base fate" plus 4%,
and will be secured by liens on substantially all assets of the
Debtor, which liens will be senior to the Debtor's pre-existing
secured debt. The Debtor also sought permission to use cash
collateral, and to provide adequate protection to the prepetition
lender.
Before the Petition Date, the Debtor incurred several loans with
BMO Harris, which as of the Petition Date aggregates to not less
than $26,700,000. The Debtor is also a party to a series of
prepetition loans with the United States Small Business
Administration. As of the Petition Date, the Debtor believes it
owes SBA approximately $4,800,000 under the SBA loans. SBA and the
lender entered into subordination agreements providing that the
SBA's liens are junior to the liens of the lender on the applicable
machinery and equipment securing the SBA loans and the prepetition
term loans, and that neither the SBA loans nor the term loans may
be cross collateralized. Also before the Petition Date, the Debtor
has entered into certain purchase money security interests with
unaffiliated third parties, including Quincy Recycle Paper, Inc.,
Toyota Industries Commercial Finance, Inc; and Hitachi Capital
America Corp.
A copy of the motion is available at https://is.gd/m1jzcY from
PacerMonitor.com at no charge.
Judge Janet S. Baer granted the motion on an interim basis.
The lender is granted a valid and perfected first lien an all of
the Debtor's personal and real property, provided that the DIP
liens will be junior in priority to any valid, perfected and
unavoidable liens to the extent that such liens are senior to the
pre-petition liens. The lender is also granted an allowed super
priority administrative claim pursuant to Section 364(c)(1) of the
Bankruptcy Code with respect to all DIP obligations.
The Debtor's authority to use the cash collateral, along with the
lender's willingness to make loans to the Debtor, will terminate
upon occurrence of certain events, including:
* the final indefeasible payment in full in cash of the
obligations;
* the effective date of any confirmed plan of reorganization or
liquidation in the Chapter 11 case;
* the consummation of the sale or other disposition of all or
substantially all of the Debtor's assets provided that neither the
sale nor orderly liquidation of the Debtor’s food processing
business shall constitute a post-petition default;
* violation of the interim order or failure to adhere to the
approved budget;
* dismissal of the Chapter 11 case or its conversion into a case
under Chapter 7 of the Bankruptcy Code.
A copy of the interim order is available free of charge at
https://is.gd/gYCFGt from PacerMonitor.com.
About Arro Corporation
Arro Corporation -- https://arro.com/ -- provides food contract
manufacturing, processing, logistics and warehousing services. It
offers custom dry, liquid blending, reprocessing, bulk handling and
processing services.
Arro Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 19-35238) on Dec. 13,
2019. At the time of the filing, the Debtor disclosed assets of
between $10 million and $50 million and liabilities of the same
range. The case has been assigned to Judge Janet S. Baer. Adam P.
Silverman, Esq., at Adelman & Gettleman, Ltd., is the Debtor's
legal counsel.
ASC INSULATION: Court Issues Interim Cash Collateral Orders
-----------------------------------------------------------
Judge Timothy A. Barnes authorized ASC Insulation Fireproofing and
Supplies, Inc., to use cash collateral from January 7 through
January 28, 2020 pursuant to a fourth interim order.
The Court ruled that:
* the prepetition secured parties will be secured by a lien to
the same extent, priority and validity as existed prior to the
Petition Date; that the pre-petition secured parties will receive a
security interest in and replacement lien on all of the Debtor's
property to the extent actually used for the diminution in the
value of the pre-petition secured parties.
* in return for the Debtor's continued interim use of cash
collateral, St. Charles Bank and Trust Co. (the pre-petition
secured lender), is granted adequate protection payments of $10,650
per month on or before the 20th day of each month until further
Court order. For any diminution in the value of the pre-petition
secured lender's interest in the cash collateral after the Petition
Date, the pre-petition lender will receive an administrative
expense claim pursuant to Section 507(b) of the Code.
* on or before Jan. 20, 2020, the Debtor will also pay the
pre-petition secured lender $2,553.51.
A further hearing on the Debtor's use of cash collateral will be
held on Jan. 28, 2020 at 1:30 p.m.
A copy of the 4th Interim Order is available at
https://is.gd/fZLIRA from PacerMonitor.com
Judge Barnes also has previously allowed the Debtor to use cash
collateral through January 7, 2020 pursuant to a third interim
order, a copy of which is available at https://is.gd/nOCMMN from
PacerMonitor.com at no charge.
About ASC Insulation Fireproofing
and Supplies Inc.
ASC Insulation Fireproofing and Supplies, Inc. --
http://www.ascfireproofing.com/-- is a family-owned company
specializing in commercial spray-applied fireproofing coatings,
industrial coatings, intumescent coatings, and thermal and
acoustical coatings.
ASC Insulation sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ill. Case No. 19-31687) on Nov. 6, 2019. Judge
Timothy A. Barnes is assigned to the case. In the petition signed
by its president, Mike Castro, the Debtor was estimated to have
assets of less than $50,000 and debt under $10 million. James
Young Law, and Springer Larsen Greene, LLC, serve as the Debtor's
attorneys.
AVON PRODUCTS: S&P Raises ICR to 'B+' on Acquisition by Natura
--------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Avon Products
Inc. to 'B+' from 'B'.
The upgrade follows the completion of the acquisition of Avon by
Brazil-based cosmetics company Natura Cosmeticos S.A., and S&P's
view of Avon's strategic importance to Natura & Co. Holding S.A.,
the newly formed parent which now fully controls both companies.
Meanwhile, S&P raised issue-level rating on Avon's secured debt to
'BB' from 'BB-'. The recovery rating remains '1' (rounded estimate
95%). In addition, S&P raised issue-level rating on Avon's
unsecured debt to 'B+' from 'B', and revised the recovery rating to
'3' from '4' (rounded estimate 50%) following the company's
termination of the revolving credit facility in connection to the
acquisition. S&P removed all the ratings from CreditWatch.
The acquisition of Avon complements Natura's portfolio of brands,
strengthens Natura's position in Brazil and other core markets and
allows the group to accelerate growth internationally. It also
provides portfolio and channel diversification. As such, the rating
agency believes the group's strategic objectives are aligned and
Avon will likely receive extraordinary support from the group in
most foreseeable circumstances.
The stable outlook reflects S&P's expectations that Avon will
sequentially improve profitability in fiscal 2020 as it benefits
from Open Up restructuring initiatives. The rating agency also
expects it to generate modest FOCF.
"We could lower our stand-alone credit profile (SACP) on Avon if
the company cannot execute on its growth strategy, innovate its
products, and engage its representative base. This coupled with
increasing industry competition would hinder Avon's efforts to
revive sales, expand margins, and generate positive cash flows in
fiscal 2020. While less likely, a lower issuer credit rating on
Avon would be predicated on a downward reassessment of Avon's
status within the group or if we were to lower the rating on Natura
Cosmeticos, which would likely trigger a downgrade for the group,"
S&P said.
"A positive rating action is unlikely over the next 12 months as
the company works to restore sales growth. Longer term, we could
consider a higher SACP for Avon if the company's growth strategy
supports consistent cash flow generation and improved credit
ratios, such that leverage declines and is sustained below 4x.
However, a higher issuer credit rating on Avon would likely be
considered only if it is fully integrated with Natura and managed
as a division rather than a separate entity, including a
demonstrated commitment of support by Natura & Co. during credit
stress and closer alignment of Avon's risk management with the
parent," the rating agency said.
BIOVENTUS LLC: S&P Affirms 'B' Issuer Credit Rating
----------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating and stable
outlook on Bioventus LLC, and its 'B' issue-level rating on the
company's debt.
The affirmation of the 'B' rating on Bioventus, before the
subsequent withdrawal, reflects S&P's expectation that the
company's operating performance will be stable in 2020, resulting
in $30 million-$40 million FOCF and leverage just under 6x.
The stable outlook reflected S&P's view that, despite solid cash
flow generation, the company's adjusted leverage will remain above
5x given private equity ownership, which prioritizes shareholder
returns over permanent debt reduction and continues to pursue
tuck-in acquisitions.
BLUCORA INC: S&P Affirms 'BB' ICR on Acquisition; Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit and senior
secured debt ratings on Blucora Inc. The outlook on the issuer
credit rating remains stable. S&P also assigned its 'BB' rating to
the new senior secured term loan B. The rating agency also revised
its recovery rating on Blucora's senior secured term loan B and
revolving credit facilities to '4' from '3', indicating its
expectation of average recovery (40%) for lenders in the event of a
payment default."
Blucora announced its acquisition of wealth management firm Honkamp
Krueger Financial Services (HKFS), a registered investment advisor
(RIA). Blucora will finance the acquisition with a $165 million
delayed-draw add-on to the firm's senior secured term loan B, which
the firm is also refinancing out to seven years. The rating
affirmation reflects S&P's view that Blucora's increase in debt is
modest and does not materially increase leverage beyond the rating
agency's expectations of 2x-3x. The affirmation further reflects
the relatively small, but complementary, nature of the acquisition
and S&P's expectation that HKFS will be brought onboard
successfully."
The stable outlook reflects S&P's expectation that leverage will
remain between 2x and 3x given pro forma leverage of 3x and
management's target of 2x. S&P expects Blucora to successfully
operate HKFS with minimal loss of clients or financial advisers and
reduce costs while maintaining good operating performance and
liquidity.
"Although unlikely over the next 12 months, we could raise the
ratings over time if weighted average net debt to EBITDA leverage
falls below 2x on a sustainable basis and the firm maintains its
liquidity and business performance," S&P said.
"Over the same period, we could lower the ratings if we expect
leverage to remain above 3x or if liquidity, market position, or
profitability deteriorates. Specifically, if the wealth management
business's financial adviser retention or total client assets
materially decline or if TaxACT's customer activity or revenue
meaningfully declines, we could lower the rating," the rating
agency said. S&P said it could also lower the rating if cash and
cash flow at unregulated group entities may not be sufficient to
meet annual debt service obligations, or TaxACT's contribution to
consolidated EBITDA falls well below 50% given the wealth
management business's lower margins.
BRIAN G. MEEHAN: Providing Same Patient Care, Says 5th Report
-------------------------------------------------------------
David N. Crapo, the patient care ombudsman for Brian G. Meehan MD,
P.C., filed a fifth report covering the period from June 27, 2019
through August 26, 2019.
Dr. Meehan, a certified member by the American Board of Medicine
continues to hold admitting privileges to NYU Langone Health and
visiting/attending privileges at Mount Sinai Health. A review
records did not reveal that he has no pending malpractice actions,
but complaints have been limited to wait times and purported front
desk staff personality issues, and disruptions in connection with
the Debtor's move to another location in July.
Based upon the investigation during the fifth report, the PCO has
not been made aware of any information that the patient safety and
the quality of the patient care at the facility are declining or
otherwise being materially compromised. Rather, the limited
information of the PCO reviewed indicated that the level of patient
safety and current quality care is acceptable and stable.
The oversight and supervision provided by Dr. Meehan and his
practice manager and the demonstrated competence of Dr. Meehan's
medical assistance has, at least in the past, been sufficient to
uncover quality of care deficits if they arose.
An analysis of multiple sources of information regarding the
current performance of the Debtor and its existing structures and
policies and procedures preliminary reveals a facility that
continues to provide the same level of patient care and safety it
historically provided since the Debtor's bankruptcy.
A full-text copy of the PCO's 5th Report is available at
https://tinyurl.com/qun6b77 from PacerMonitor.com at no charge.
PCO can be reached at:
David N,. Crapo
GIBBONS P.C.
One Gateway Center
Newark, New Jersey 07102-5310
Telephone: (973) 596-4523
Facsimile: (973) 639-6244
E-mail: dcrapo@gibbonslaw.com
About Brian G. Meehan
Brian G. Meehan, M.D., P.C., is a professional corporation formed
under the laws of the State of New York on November 8, 1996. Brian
Meehan, the Debtor's principal, is a doctor licensed to practice
medicine under the laws of the State of New York. He is also the
sole shareholder and President and Secretary of the Debtor.
Prior to August, 2019, the Debtor's principal place of business was
a condominium unit
located on the second floor at 202 Spring Street, New York, New
York 10012. Pursuant to a written lease agreement, the Debtor
leased office space at the Location from 84-90 Sullivan Street
Associates LLC (the "Condo Owner"), a New York corporation for a
term of 25 years ending on or about March 20, 2028. Dr. Meehan was
a 50% co-owner of the Condo Owner. The Debtor currently leases
space at 160 Broadway, New York, New York for a term of six months
at a monthly rental of $4,300 (the "New Location").
Brian G. Meehan, M.D., P.C., based in New York, NY, filed a Chapter
11 petition (Bankr. S.D.N.Y. Case No. 18-13924) on Dec. 4, 2018.
In the petition signed by Brian G. Meehan, president, the Debtor
was estimated to have $500,000 to $1 million in assets and $1
million to $10 million in liabilities. The Hon. Stuart M.
Bernstein is the case judge. Rich Michaelson Magaliff, LLP, serves
as bankruptcy counsel to the Debtor.
CACTUS CIRCLE: Satex Buying San Antonio Property for $925K Cash
---------------------------------------------------------------
Cactus Circle Investments, LLC, asks the U.S. Bankruptcy Court for
the Western District of Texas to authorize the sale of the real
property located at Loop 410, Hunters Pond, Unit 7 and 8, San
Antonio, Bexar County, Texas to Satex Financial, LLC for the cash
sales price of $925,000, pursuant to their Commercial
Contract-Unimproved Property.
Prior to the filing of the Chapter 11 case, EJ Smith Management
Co., LLC, had posted the real property for foreclosure. The
counsel for EJ Smith has indicated that the property will be posted
for foreclosure again in the near future if the property is not
sold and the debt paid to EJ Smith. Under these circumstances, the
Debtor believes and asserts that the proposed sale price is
reasonable and the best that can be attained.
The real property is subject to the mortgage lien to EJ Smith,
priority lien for ad valorem taxes and Bexar County priority lien
for ad valorem taxes.
The Debtor is requesting permission to pay the total of EJ Smith's
debt, and all reasonable closing costs, including any real estate
commissions, as the case may be.
It is asking that the sale to Satex be free and clear of all liens,
claims and encumbrances. The liens of EJ Smith will automatically
attach to the net sales proceeds based upon their pre-petition
priority, and paid through closing.
A copy of the Contract is available at https://tinyurl.com/yx82q9qe
from PacerMonitor.com free of charge.
About Cactus Circle Investments
Cactus Circle Investments LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Tex. Case No. 18-53054) on Dec.
28, 2018. At the time of the filing, the Debtor estimated assets
of less than $1 million and liabilities of less than $500,000. The
case is assigned to Judge Craig A. Gargotta. Willis & Wilkins,
LLP, is the Debtor's counsel.
CANOPY PROPERTY: Seeks to Hire Hoff Law as Bankruptcy Counsel
-------------------------------------------------------------
Canopy Property Solutions LLC seeks authority from the U.S.
Bankruptcy Court for the Southern District of Texas to employ Hoff
Law Offices, P.C. to handle its Chapter 11 case.
Hoff Law Offices will be paid at these hourly rates:
Attorneys $300
Legal Assistants $75
The firm will also be reimbursed for work-related expenses
incurred.
Jessica Hoff, Esq., a partner at Hoff Law Offices, assured the
court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
Hoff Law Offices can be reached at:
Jessica L. Hoff, Esq.
Hoff Law Offices, P.C.
1322 Space Park Drive Suite B-128
Houston, TX 77058
Tel: (832) 975-0366
Email: jhoff@hofflawoffices.com
About Canopy Property Solutions LLC
Canopy Property Solutions LLC is a company that provides such
services as property listing, property management and eviction
services for the greater Houston and surrounding areas.
Canopy Property Solutions sought Chapter 11 protection (Bankr. S.D.
Tex. Case No. 19-37091) on Dec. 30, 2019, listing under $1 million
in both assets and liabilities. Judge Jeffrey P. Norman oversees
the case. Jessica Hoff, Esq., at Hoff Law Offices PC, is the
Debtor's legal counsel.
CARDINAL HOMES: Seeks to Hire Protiviti Inc. as Financial Advisor
-----------------------------------------------------------------
Cardinal Homes, Inc. and Alouette Holdings, Inc. seek permission
from the U.S. Bankruptcy Court for the Eastern District of Virginia
to employ Protiviti Inc. as their financial advisor.
The firm will provide these services in connection with the
Debtors' Chapter 11 cases:
a. prepare cash flow projections, liquidation analyses and
other financial reports that will support and facilitate the
Debtors' restructuring;
b. prepare schedules of assets and liabilities and statement
of financial affairs;
c. prepare monthly operating reports and other data requests
or reporting requirements of the U.S. trustee;
d. assist the Debtors in preparing for and attending, if
requested, the meetings of creditors pursuant to Section 341 of the
Bankruptcy Code;
e. develop a database of executory contracts and unexpired
leases and calculate cure and rejection claim amounts;
f. train and assist accounting department personnel on
post-petition accounting procedures and cash management;
g. provide support and testimony, if needed, for motions filed
during the Debtors' bankruptcy cases;
h. assist the Debtors in gathering documents and prepare
analyses in response to requests of any official committee of
unsecured creditors appointed in the Debtors' cases and other
constituents;
i. reconcile claims filed and assist the Debtors in preparing
claims objections; and
j. perform other accounting or administrative functions as may
be required due to unanticipated events or strategic decisions.
Protiviti's discounted hourly rates are:
Managing Director $575 - $595
Associate Director - Director $385 - $525
Manager - Senior Manager $340 - $470
Consultant - Senior Consultant $200 - $310
Administrative $105
Protiviti is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Guy A. Davis
Protiviti Inc.
1 E. Pratt St. Suite 900
Baltimore, MD 21202
Phone: 404-926-4347
Fax: 410-454-6801
About Cardinal Homes
Cardinal Homes, Inc. -- https://www.cardinalhomes.com --
manufactures made-to-order, modular building components for
building contractors engaged in residential and light commercial
construction projects. It was formed in 1970 and is a wholly-owned
subsidiary of Alouette Holdings, Inc.
Cardinal Homes filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Va. Case No. 19-36275) on Dec. 2, 2019. The case is jointly
administered with the Chapter 11 case of Alouette Holdings (Bankr.
E.D. Va. Case No. 19-36126) filed on Nov. 20, 2019.
At the time of the filing, the Debtors each disclosed assets of
between $1,000,001 and $10 million and liabilities of the same
range.
Judge Kevin R. Huennekens oversees the cases. The Debtors are
represented by Michael E. Hastings, Esq., at Whiteford Taylor &
Preston, LLP.
CARDINAL HOMES: Seeks to Hire SC&H Capital as Investment Banker
---------------------------------------------------------------
Cardinal Homes, Inc. and Alouette Holdings, Inc. seek permission
from the U.S. Bankruptcy Court for the Eastern District of Virginia
to employ SC&H Capital, a division of SC&H Group, Inc. as its
investment banker.
The firm will assist the Debtors in the marketing and sale of their
businesses and assets by identifying, communicating and negotiating
with potential buyers, and evaluating their offers.
SC&H will be paid pursuant to this fee structure:
(a) Assuming that Kituwah, LLC, as the approved stalking horse
bidder, is ready, willing and able to close on its bid of
$5,800,000, SC&H will receive:
(i) a flat fee of $150,000 for any winning bid up to
$5,999,999, whether such bid is from Kituwah or any other bidder;
(ii) if the bidding reaches $6,000,000, the fee (regardless
of the identity of the winning bidder), increases to $200,000, plus
6 percent of any proceeds in excess of $6,000,000.
(b) Assuming that Kituwah is not ready, willing and able to
close on the stalking horse bid, SC&H will receive a flat fee of
$200,000 for any transaction with any bidder in an amount equal to
or less than $6,000,000, plus 6 percent of any proceeds in excess
of $6,000,000.
(c) SC&H will be paid a marketing expense fee of $16,000 upon
retention.
Kenneth Mann of SC&H assures the court that the firm is a
"disinterested person" as that phrase is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Kenneth W. Mann, CPA
SC&H Group, Inc.
7900 Westpark Drive, Suite A150
Tysons Corner, VA 22102
Phone: 703-287-5959
About Cardinal Homes
Cardinal Homes, Inc. -- https://www.cardinalhomes.com --
manufactures made-to-order, modular building components for
building contractors engaged in residential and light commercial
construction projects. It was formed in 1970 and is a wholly-owned
subsidiary of Alouette Holdings, Inc.
Cardinal Homes filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Va. Case No. 19-36275) on Dec. 2, 2019. The case is jointly
administered with the Chapter 11 case of Alouette Holdings (Bankr.
E.D. Va. Case No. 19-36126) filed on Nov. 20, 2019.
At the time of the filing, the Debtors each disclosed assets of
between $1,000,001 and $10 million and liabilities of the same
range.
Judge Kevin R. Huennekens oversees the cases. The Debtors are
represented by Michael E. Hastings, Esq., at Whiteford Taylor &
Preston, LLP.
CARDINAL HOMES: Seeks to Hire Whiteford Taylor as Legal Counsel
---------------------------------------------------------------
Cardinal Homes, Inc. and Alouette Holdings, Inc. seek permission
from the U.S. Bankruptcy Court for the Eastern District of Virginia
to employ Whiteford, Taylor & Preston LLP as their legal counsel.
The firm will provide these services in connection with the
Debtors' Chapter 11 cases:
(a) advise the Debtors of their powers and duties in the
continued operation of their business and management of their
property;
(b) prepare legal papers and appear in court on behalf of the
Debtors; and
(c) assist in the sale of substantially all assets of the
Debtors.
Whiteford Taylor has agreed to charge these discounted hourly
fees:
Michael Hastings $550
Brandy Rapp $400
J. Zachary Balasko $225
The firm will be paid a retainer in the amount of $3,000 and will
receive reimbursement for work-related expenses incurred.
Michael Hastin, Esq., a partner at Whiteford Taylor, assured the
court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
Whiteford Taylor can be reached at:
Michael E. Hastin, Esq.
Whiteford, Taylor & Preston LLP
7501 Wisconsin Avenue, Suite 700W
Bethesda, MD 20814-6521
Tel: (410) 347-9402
Fax: (410) 223-4302
Email: bstrickland@wtplaw.com
About Cardinal Homes
Cardinal Homes, Inc. -- https://www.cardinalhomes.com --
manufactures made-to-order, modular building components for
building contractors engaged in residential and light commercial
construction projects. It was formed in 1970 and is a wholly-owned
subsidiary of Alouette Holdings, Inc.
Cardinal Homes filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Va. Case No. 19-36275) on Dec. 2, 2019. The case is jointly
administered with the Chapter 11 case of Alouette Holdings (Bankr.
E.D. Va. Case No. 19-36126) filed on Nov. 20, 2019.
At the time of the filing, the Debtors each disclosed assets of
between $1,000,001 and $10 million and liabilities of the same
range.
Judge Kevin R. Huennekens oversees the cases. The Debtors are
represented by Michael E. Hastings, Esq., at Whiteford Taylor &
Preston, LLP.
CARE FOR LIFE: Says Ombudsman Unecessary, Cites Good Standing
-------------------------------------------------------------
Care for Life Home Health, Inc., moves the Bankruptcy Court for
entry of an order excusing an appointment of a patient care
ombudsman.
The Debtor is an Illinois Corporation with its principal place of
business in Chicago, IL and engaged in providing medical care. The
Debtor says the appointment of an ombudsman is not necessary for
the protection of patients in this matter. The Debtor's licenses
to administer medical services are all in good standing pursuant to
the associated regulations, the Debtor employs appropriate licensed
medical staff, for the purpose of monitoring patient care and the
patient records are being maintained in accordance with federal and
state privacy rules, regulations and statutes. The Debtor
continues to manage its financial affairs as debtor-in-possession
and no trustee, examiner, or committee has been appointed in this
case.
Therefore, there is no reason that Debtor's existing staff cannot
continue to self-monitor the quality of patient care.
Proposed attorneys for the Debtor:
Schneider & Stone
8424 Skokie Blvd., Suite 200
Skokie, IL 60077
Tel: 847-933-0300
Fax: 847-676-2676
A full-text copy of the Motion is available at
https://tinyurl.com/vsnhuzr from PacerMonitor.com at no
charge.
About Care For Life Home Health
Based in South Elgin, Ill., Care For Life Home Health, Inc. filed a
Chapter 11 petition (Bankr. N.D. Ill. Case No. 19-33113) on Nov.
21, 2019, listing less than $1 million in both assets and
liabilities. Ben L Schneider, Esq., at Schneider & Stone, is the
Debtor's legal counsel.
CBAK ENERGY: Raises $1.5 Million in Promissory Note Sale
--------------------------------------------------------
CBAK Energy Technology, Inc., entered into a Securities Purchase
Agreement with Atlas Sciences, LLC, pursuant to which the Company
issued a Promissory Note to the Lender dated as of Dec. 30, 2019.
The Note has an original principal amount of $1,670,000, bears
interest at a rate of 10% per annum and will mature 12 months after
the Closing Date, unless earlier paid or redeemed in accordance
with its terms. The Company received proceeds of $1,500,000 after
an original issue discount of $150,000 and payment of Lender's
expenses of $20,000.
The Note provides that, the Company shall have the right to prepay
the Note for an amount equal to 125% multiplied by the portion of
the Outstanding Balance (as defined in the Note) being prepaid.
Beginning on the date that is six months after the Closing Date,
the Lender has the right to redeem any amount of the Note up to
$250,000 per calendar month. Upon the occurrence of an event of
default, interest accrues at the lesser of 22% per annum or the
maximum rate permitted by applicable law and the Lender may
accelerate the Note pursuant to which the Outstanding Balance will
become immediately due and payable in cash. In addition, so long
as the Note is outstanding, in the event the common stock of the
Company is delisted from the Nasdaq Stock Market, the Outstanding
Balance will automatically be increased by ten percent.
The Company relied on the exemption from registration afforded by
Section 4(a)(2) of the Securities Act of 1933, as amended, in
connection with the issuance and sale of the Note.
About CBAK Energy
Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.
CBAK Energy reported a net loss of $1.95 million for the year ended
Dec. 31, 2018, compared with a net loss of $21.46 million for the
year ended Dec. 31, 2017. As of Sept. 30, 2019, CBAK Energy had
$110.40 million in total assets, $98.90 million in total
liabilities, and $11.50 million in total equity.
Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 16, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Dec. 31, 2018. All these
factors raise substantial doubt about its ability to continue as a
going concern.
CENTER CITY: Potter Anderson 2nd Update on Hahnemann Residents
--------------------------------------------------------------
In the Chapter 11 cases of Center City Healthcare, LLC d/b/a
Hahnemann University Hospital, et al., the law firm of Potter
Anderson & Corroon LLP submitted a second amended verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure to disclose an updated list of members of the Ad Hoc
Committee of Hahnemann Residents and Fellows.
In November of 2019, the Ad Hoc Resident Committee was formed. The
Ad Hoc Resident Committee retained Potter Anderson & Corroon LLP to
represents its interests in the Debtors' chapter 11 cases.
The Ad Hoc Resident Committee is made up of residents, fellows and
interns who were employed by Hahnemann University Hospital at some
point during the period between January 10, 2018 and August 9,
2019. Recently, the Ad Hoc Resident Committee began accepting
residents, fellows, and interns from St. Christopher's Hospital for
Children whose tail insurance was not picked up by the purchaser of
St. Christopher's, as well.
The Initial Members of the Ad Hoc Resident Committee are Randol
Hooper, Jen Schwartz, Ashley Lentini, Erika Correa, and Lynn
Mackovick. More than 280 former Hahnemann residents or fellows
have submitted membership entry agreements with the Ad Hoc Resident
Committee, and many more have requested to join. So many former
residents have requested to join the Ad Hoc Resident Committee that
as of this time, no more members are being enrolled in the Ad Hoc
Resident Committee. Nevertheless, the Ad Hoc Resident Committee
continues to represent the interests of all Residents in these
cases.
As of Jan. 10, 2020, the Ad Hoc Resident Committee members and the
years during which they were employed by the Hospital are:
Years Employed
--------------
Alexandra Schmidt 2018-2020
Aarya Rajalakshmi 2016-2019
Ahmed Mostafa 2017-2020
Ajay Kohli 2016-2019
Alex Asp 2017-2018
Alex Cubberley 2017-2020
Ali Haidar 2019-2020
Alin Gragossian 2017-2020
Aliza Olive 2017-2018
Alvaro Galvez 2017-2019
Amanda Teichman 2017-2018
Amy Fong 2018-2019
Anam Fatma 2017-2020
Andrew Agostini 2017-2018
Andrew Chapel 2017-2020
Andrew Kim 2017-2020
Andrew Quinn 2017-2019
Angad Singh 2017-2018
Anh Tran 2017-2019
Anika Ross 2018-2019
The Residents hold contingent, unliquidated unsecured claims
against the Debtors for malpractice insurance tail coverage
required to be provided to the Residents pursuant to Pennsylvania
law and the Residents' employment agreements.
For purposes of this statement, each Resident's address is c/o
Jeremy W. Ryan, Esq., Potter Anderson & Corroon LLP, 1313 N. Market
St., Wilmington, DE 19801.
Potter Anderson & Corroon LLP does not hold any claims against or
interest in any of the Debtors.
Counsel for Ad Hoc Committee of Hahnemann Residents can be reached
at:
POTTER ANDERSON & CORROON LLP
Jeremy W. Ryan, Esq.
R. Stephen McNeill, Esq.
D. Ryan Slaugh, Esq.
1313 North Market Street, Sixth Floor
Wilmington, DE 19801
Telephone: (302)984-6000
Facsimile: (302)658-1192
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/6MSvPW and https://is.gd/qcQThQ
About Center City Healthcare
Center City Healthcare, LLC, is a Delaware limited liability
company that operates Hahnemann University Hospital. Its parent
company is Philadelphia Academic Health System, LLC, which is also
the parent company of St. Christopher's Healthcare, LLC and its
affiliated physician groups.
Center City Healthcare and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
19-11466) on June 30, 2019. At the time of the filing, the Debtors
were estimated to have assets of between $100 million and $500
million and liabilities of the same range.
The cases are assigned to Judge Kevin Gross.
The Debtors tapped Saul Ewing Arnstein & Lehr LLP as legal counsel;
EisnerAmper LLP as restructuring advisor; SSG Advisors, LLC as
investment banker; and Omni Management Group, Inc., as claims and
noticing agent.
Andrew Vara, acting U.S. trustee for Region 3, appointed a
committee of unsecured creditors on July 15, 2019. The committee
tapped Fox Rothschild LLP as legal counsel; Sills Cummis & Gross
P.C. as co-counsel; and Berkeley Research Group, LLC as financial
advisor.
CFN ENTERPRISES: Damon Stein Resigns as General Counsel
-------------------------------------------------------
Damon Stein resigned from his position as general counsel and
secretary of CFN Enterprises Inc., on Jan. 20, 2020. CFN
Enterprises said Mr. Stein did not resign as a result of any
disagreement with the Company on any matter relating to the
Company's operations, policies or practices.
The employment agreement of Mr. Stein expired on Dec. 31, 2019,
pursuant to its terms. Mr. Stein has been an at-will employee of
the Company since that time.
About CFN Enterprises
CFN Enterprises Inc. formerly known as Accelerize Inc. --
http://www.cfnenterprisesinc.com/-- owns and operates CFN Media
Group, an agency and financial media network reaching executives,
entrepreneurs and consumers worldwide.
Accelerize reported a net loss of $11.42 million for the year ended
Dec. 31, 2018, following a net loss of $2.42 million for the year
ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $4.99
million in total assets, $790,339 in total liabilities, and $4.21
million in total stockholders' equity.
RBSM LLP, in New York, NY, the Company's auditor since 2012, issued
a "going concern" qualification in its report dated April 16, 2019,
citing that the Company has suffered recurring losses from
operations and will require additional capital to continue as a
going concern. This raises substantial doubt about the Company's
ability to continue as a going concern.
CHEESEBOY LLC: Gets Access to Cash Collateral Thru Feb. 6, 2020
---------------------------------------------------------------
The Bankruptcy Court for the District of Massachusetts authorized
Cheeseboy, LLC to continue using cash collateral through Feb. 6,
2020.
Hearing on the motion is continued to Feb. 6, 2020 at 12 p.m. in
Springfield, Massachusetts.
About Cheeseboy LLC
Cheeseboy, LLC, owns a commercial real estate in Great Barrington,
Massachusetts. Cheeseboy, LLC, sought Chapter 11 protection
(Bankr. D. Mass. Case No. 19-30675) on Aug. 27, 2019. The case is
assigned to Judge Elizabeth D. Katz. Shatz, Schwartz & Fentin,
P.C., represents the Debtor.
CHILDREN FIRST: Says It's Not a Health Care Business
----------------------------------------------------
Children First Consultants, Inc., moves the Bankruptcy Court for
entry of an order determining that it is not a health care business
for purposes of Chapter 11 of the Bankruptcy Code.
The Debtor is a Florida corporation providing behavioral analyses
services to children with developmental disabilities, including but
not limited to; autism, down syndrome, attention deficit
hyperactivity disorder, depression, anxiety and other conduct and
behavioral issues. It is owned and operated by 3 Board Certified
Behavior Analysts who, through the Debtor, subcontract and
supervise anywhere from 5 to 88 board certified mental health
practitioners, whose qualifications range in multiple levels of
expertise and training therapists, and performs its services on an
hourly basis through its own legal entity or individual name and
pursuant to its contract with the Debtor, and does not engage in
any kind of medical services or treatment.
The Debtor thus seeks entry of an order confirming that the Debtor
does not meet the definition of a health care business pursuant to
the Bankruptcy Code.
A full-text copy of the Motion is available at
https://tinyurl.com/v9o5xfq from PacerMonitor.com at no
charge.
Children First Consultants
Children First Consultants Inc., a mental health services provider
in Miami, Fla., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-25286) on Nov. 13,
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 case is assigned to Judge Robert A. Mark. The
Debtor is represented by Agentis PLLC.
CIVITAS HEALTH: Only Serves Out-Patients, Says PCO Not Needed
-------------------------------------------------------------
Civitas Health Services, Inc., is asking the Bankruptcy Court for a
determination that a healthcare ombudsman is unnecessary. Under
the specific facts of this case, the Debtor does not believe an
Ombudsman is necessary as the Debtor is not responsible for the
care and treatment of patients overnight and provides only
out-patient services.
A full-text copy of the Motion is available at
https://tinyurl.com/ryu7742 from PacerMonitor.com at no charge.
Counsel for Debtors:
W. Greer McCreedy, II
The McCreedy Law Group, PLLC
413 West York Street
Norfolk, VA 23510
Tel: (757) 233-0045
E-mail: mccreedy@mccreedylaw.com
About Civitas Health Services
Civitas Health Services, Inc. -- http://www.civitashealth.com/--
is a health care company in Henrico, Virginia that specializes in
providing mental health skill building services, therapeutic day
treatment, intensive in-home services, outpatient therapy, ABA
therapy, substance abuse services, and peer recovery services.
Civitas Health Services filed a Chapter 11 petition (Bankr. E.D.
Va. Case No. 19-34993) on Sept. 24, 2019 in Richmond, Virginia. In
the petition signed by Lemar Allen Bowers, chief executive officer
and president, the Debtor was estimated to have at least $50,000 in
assets and between $1 million and $10 million in liabilities.
Judge Kevin R. Huennekens oversees the case. Steven Shareff, Esq.,
was hired as the Debtor's initial bankruptcy attorney.
COLLEGE OF NEW ROCHELLE: Selling/Abandoning De Minimus Assets
-------------------------------------------------------------
The College of New Rochelle asks the U.S. Bankruptcy Court for the
Southern District of New York to authorize it (i) to sell de
minimus assets free and clear of liens, claims and encumbrances,
and (ii) to abandon any such unsold asset.
The Debtor's primary asset is the 15.5-acre campus located in New
Rochelle, New York. Prior to the Petition Date, the Debtor also
operated out of four satellite campuses.
The Debtor owns certain assets, the value of which is de minimus.
Examples of De Minimus Assets include teaching materials, course
materials, religious artifacts, certain furniture and furnishings,
shop equipment and broadcasting equipment. If the Debtor were
required to make a motion for the sale of each of the De Minimus
Assetse, the cost of the sale of such Assets would be exponentially
greater than the revenues to be received from such sales. As a
result, the Debtor asks entry of the Proposed Order authorizing the
sale of the De Minimus Assets in accordance with certain
procedures.
The Debtor will use commercially reasonable efforts to sell the De
Minimus Assets prior to abandoning them. In the event the Debtor
is able to locate purchasers for any of the De Minimus Assets,
including through on-line auctions, the Debtor proposes to
consummate sales or transfers of the De Minimus Assets in any
individual transaction or series of related transactions to a
single buyer or group of related buyers with a sale price less than
or equal to $10,000 (unless otherwise agreed to by the Debtor, the
Pre-Petition Lenders and the Committee) without further order of
the Court.
Such sales would be free and clear of all liens, claims, and
encumbrances, with such liens, claims and encumbrances to attach to
the proceeds of sale with the same validity, extent and priority as
existed prior to the sale.
The Debtor proposes that prior to any such sale, it provide a
notice to the Office of the United States Trustee, counsel to the
Committee, the counsel to the DIP Lender and counsel to the
Debtor's Pre-Petition Lenders, identifying the assets to be sold,
the purchaser of such assets and the amount to be paid for such
assets, at least five business days prior to consummation of the
sale or transfer. If no written objections are served on the
counsel for the Debtor on or before 4:00 p.m. on the fifth business
day after service by email of such notice, the Debtor will be
authorized to consummate the transaction. In the event of a
written objection, and in the event such written objection cannot
be resolved, the relevant De Minimus Assets may only be sold upon
further order of the Court.
Any sale or transfer of De Minimus Assets will remain subject to
the Debtor's compliance with the DIP Loan Agreement and the Final
Order entered by the Court authorizing the Debtor to obtain DIP
Financing and the use of cash collateral. If the Debtor is
ultimately unable to sell any of the De Minimus Assets and
determines in its judgment that abandonment of such Assets is in
the best interest of the estate, the Debtor proposes to abandon
such De Minimus Assets to be disposed of pursuant to a chapter 11
plan or in such other manner as the Debtor will determine, without
further order of the Court.
The Debtor proposes that unless such Assets are to be disposed of
through a chapter 11 plan, prior to any such abandonment, it
provide notice to the Notice Parties, and an opportunity for the
Notice Parties to object to such abandonment.
Consummating sales of the De Minimis Assets upon the terms and
procedures set forth herein is both an exercise of sound business
judgment and in the best interests of the estate and creditors.
Disposing of the De Minimis Assets in the manner proposed herein is
the most efficient and cost-effective means of maximizing the value
to be realized.
Obtaining Court approval for each De Minimis Asset sale would
result in unnecessary administrative costs attendant to drafting,
serving, and filing pleadings and notices, which could drastically
reduce the ultimate net value of these assets. The proceeds that
will be generated by the proposed sales do not warrant incurring
such expenses. Moreover, if the Debtor is not authorized to sell
the De Minimis Assets under the procedures proposed, the Debtor
will likely be forced to abandon all of the De Minimis Assets
without attempting to sell them. Finally, the Debtor asks
authority to abandon to any De Minimus Assets unable to be sold by
the Debtor.
A hearing on the Motion was set for Jan. 9, 2020 at 10:00 a.m.
(ET). The objection deadline was Jan. 2, 2020 at 4:00 p.m. (ET).
About the College of New Rochelle
Founded by the Ursuline Sisters in 1904, The College of New
Rochelle comprises four schools: the school of arts & sciences, the
school of nursing & healthcare professions, the graduate school and
the school of new resources for adult learners. CNR provided
education to underprivileged and first-generation college students
at its historic home in New Rochelle, Westchester County, New York.
The College expanded to operate satellite campuses at five other
locations in the Bronx, Brooklyn, Harlem and Yonkers.
The College of New Rochelle shut operations in August 2019 and on
Sept. 20, 2019, sought Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 19-23694) in White Plains, New York.
In the petition signed by Mark Podgainy, interim chief
restructuring officer, the Debtor was estimated to have $50 million
to $100 million in assets and liabilities as of the bankruptcy
filing.
The Hon. Robert D. Drain is the case judge.
The Debtor tapped CULLEN & DYKMAN, LLP as bankruptcy counsel; HOGAN
MARREN BABBO & ROSE, LTD., as regulatory counsel. GETZLER HENRICH
& ASSOCIATES is the restructuring advisor. A&G REALTY PARTNERS and
B6 REAL ESTATE ADVISORS are marketing the Debtor's assets.
KURTZMAN
CARSON CONSULTANTS LLC is the claims agent.
On Oct. 30, 2019, the Office of the United States Trustee appointed
an Official Committee of Unsecured Creditors.
CPI CARD: Court Grants Prelim. OK of Derivative Suit Settlement
---------------------------------------------------------------
The United States District Court for the District of Delaware, on
Jan. 2, 2020, granted preliminary approval of the settlement in the
stockholder derivative action captioned Heckermann v. Montross et
al., C.A. No. 1:17-cv-01673-CFC. The settlement will resolve all
claims that were or could have been asserted in the litigation, and
CPI Card Group Inc. and the named defendants denied and continue to
deny any liability or wrongdoing in connection with the allegations
contained in the lawsuit. Under the settlement, CPI will implement
certain corporate governance reforms and CPI's insurer will pay
fees and expenses awarded to the plaintiff's counsel. There is no
further monetary settlement. The derivative action was filed in
late 2017 and related to CPI's initial public offering in 2015.
The settlement is subject to final court approval.
A full-text copy of the Notice of Settlement to CPI Stockholders
dated Jan. 10, 2020 is available for free at:
https://is.gd/Fzu3K6
About CPI Card
CPI Card Group -- http://www.cpicardgroup.com/-- is a payment
technology company and provider of credit, debit and prepaid
solutions delivered physically, digitally and on-demand. CPI helps
its customers foster connections and build their brands through
innovative and reliable solutions, including financial payment
cards, personalization and fulfillment, and Software-as-a-Service
(SaaS) instant issuance. CPI has more than 20 years of experience
in the payments market and is a trusted partner to financial
institutions and payments services providers. Serving customers
from locations throughout the United States, CPI has a large
network of high security facilities, each of which is registered as
PCI Card compliant by one or more of the payment brands: Visa,
Mastercard, American Express and Discover.
CPI Card reported a net loss of $37.46 million in 2018, following a
net loss of $22.01 million in 2017. As of Sept. 30, 2019, the
Company had $213.74 million in total assets, $363.88 million in
total liabilities, and a total stockholders' deficit of $150.14
million.
* * *
As reported by the TCR on April 4, 2018, Moody's Investors Service
downgraded its ratings for CPI Card Group Inc., including the
company's Corporate Family Rating (to Caa1, from B3) and
Probability of Default Rating (to Caa1-PD, from B3-PD). Moody's
said the downgrades broadly reflect continued uncertainty about
whether CPI can return to revenue and profit growth over the next
12 to 18 months, and an earnings and cash flow profile that can
adequately support the company's heavy debt burden.
In June 2019, S&P Global Ratings affirmed its 'CCC+' issuer credit
rating on CPI Card. "The affirmation reflects our view that
despite improving trends, CPI's operating performance will remain
weak and the capital structure unsustainable," S&P said."
CSI-ABSOLUTE: Court Confirms Modified Reorganization Plan
---------------------------------------------------------
On Oct. 28, 2019, Debtor CSI-Absolute Clean, Inc. filed with the
U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, a Chapter 11 Plan of Reorganization and
Disclosure Statement.
On Dec.19, 2019, the Court ordered that the Modified Plan filed by
the Debtor on October 28, 2019, is confirmed with the following
changes:
* The treatment FC Marketplace on Page 2, Class 3 of the
Modified Plan shall state that the periodic monthly Secured Class 3
payments begin on the 1st of the month in the month after the
effective date of the Plan and will be paid $855 monthly for 84
months.
* Page 3, Class 5 of the Modified Plan shall state that the
total amount owed to Class 5 is $132,528.11 and the total amount
paid to Class 5 is $1,325.28.
* Class 3 in the Modified Payment Schedule attached to the
Modified Plan will be paid $60,000 as a secured creditor at 5.25%
interest over 84 months.
The Court also ruled that the Disclosure Statement contains
adequate information with the following changes:
* The treatment FC Marketplace on Page 9, Class 3 of the Amended
Disclosure Statement shall state that the total amount paid to
Class is $71,820, 5.25% interest rate, with $855 monthly payment
for 84 months.
* Page 19, Class 5 of the Amended Disclosure Statement shall
state that the total amount owed to Class 5 is $132,528.11 and the
total amount paid to Class 5 is $1,325.28.
A full-text copy of the Order Confirming the Plan is available at
https://tinyurl.com/uc669hu from PacerMonitor.com at no charge.
About CSI-Absolute Clean
CSI-Absolute Clean, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 19-04406) on Feb. 19,
2019. At the time of the filing, the Debtor was estimated to have
assets of less than $500,000 and liabilities of less than $500,000.
The case is assigned to Judge Deborah L. Thorne. Schneider & Stone
is the Debtor's counsel.
CVR ENERGY: S&P Assigns 'BB-' ICR; Outlook Stable
-------------------------------------------------
S&P Global Ratings assigned a 'BB-' issuer credit rating to CVR
Energy Inc. (CVI) and a 'BB-' issue-level rating to the $1.1
billion in senior unsecured notes due 2025 and 2028, which the
company plans to raise. The recovery rating is '4', reflecting its
expectation of average (30%-50%; rounded estimate: about 40%)
recovery under a hypothetical default scenario.
The new notes, guaranteed CVR Energy's restricted subsidiary that
operate the company's refining business, will be used to repay the
outstanding $500 million notes due in 2022 at CVR Refining, LLC and
Coffeyville Finance Inc. and for other corporate purposes.
S&P believes CVR Energy is exposed to very volatile businesses and
has a limited scale compared with other industry peers, partially
compensated by the above-average complexity of its two refineries.
Both the refining and nitrogen fertilizer businesses are highly
volatile, with commodity prices spurred by supply-and-demand
patterns that can be affected by economic developments,
geopolitical situations, and climatic conditions, among other
factors. Particularly in the refining business, S&P believes that
many factors cause the volatility, such as changes in refined
product demand, U.S. shale oil production growth, and OPEC's supply
to the global oil markets, all of which are usually outside of a
refining company's control. In addition, the limited scale and
diversification among other refining companies that S&P rates in
the speculative-grade rating category (such as CITGO, PBF Holdings,
and Delek US Holdings) and the chemical business (such as CF
Industries) contribute to the rating agency's business risk profile
assessment of weak on CVR Energy. These negative characteristics
are partially offset by the above-average complexity of CVR
refineries among peers, which better positions the company to
obtain higher margins (by taking advantage of lower-cost crude) and
a recent track record of high utilization volumes. In addition, CVR
Refining has its own logistics business to deliver crude to its
refineries at a lower cost than if sourced from a third party,
improving the realized margins.
The outlook is stable, reflecting S&P's expectation that CVR Energy
will maintain consolidated leverage of about 3x in 2020, declining
to about 2.2x in 2021 because of the successful completion of the
turnaround of its Coffeyville refinery and improving refining
margins.
"We could lower the ratings on CVR Energy if leverage were
sustained above 3x. This could occur if the turnaround of the
Coffeyville refinery took much longer than expected or if refining
margins materially declined from our expectations," S&P said.
"We view an upside as unlikely in the next 12 months because it
would require a material increase in the refining segment capacity
and scale to improve our view of the company's business risk
profile," the rating agency said.
DALI LOU RANCH: Seeks Court Approval to Hire Appraiser
------------------------------------------------------
Dali Lou Ranch Media, LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to hire an appraiser.
The Debtor proposes to hire Sharon Steele of Mid State Appraisal
Services to appraise the real property located at 288 Coyote Creek
Road, Solvang, Calif.
The Debtor will pay the appraiser the sum of $750 once her
employment is approved by the court.
Ms. Steele assures the court that her firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The appraiser can be reached at:
Sharon Steele
Mid State Appraisal Services
P.O. Box 289
Solvang, CA 93464
About Dali Lou Ranch Media
Dali Lou Ranch Media, LLC, a privately held company in Sun Valley,
Calif., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. C.D. Cal. Case No. 19-12425) on Sep. 25, 2019. In the
petition signed by Keith O. Munyan, Jr., managing member, the
Debtor estimated $1 million to $10 million in both assets and
liabilities.
Judge Martin R. Barash oversees the case. Matthew D. Resnik, Esq.,
at Resnik Hayes Moradi, LLP, is the Debtor's legal counsel.
DASHCO INC: Seeks to Hire Birky & Steinkamp as Accountant
---------------------------------------------------------
Dashco Inc. seeks authority from the U.S. Bankruptcy Court for the
Central District of Illinois to employ Birky & Steinkamp Ltd. as
its accountant.
The services to be provided by the firm include tax advice and the
preparation and filing of the Debtor's annual income tax returns.
Birky & Steinkamp bills its annual tax filing work for the Debtor
on a flat fee basis. The amount invoiced for the required 2018
income tax returns, which were not yet completed on the date of the
Debtor's Chapter 11 filing, is $1,900.
The firm's hourly rates are:
Senior Partner $170
Partner $125
Assistant/Non-Accountant $65
Matt Steinkamp, a certified public accountant employed with Birky &
Steinkamp, disclosed in a court filing that the members of his
firm do not hold any interest adverse to the Debtor's estate or
creditors.
The firm can be reached through:
Matt Steinkamp, CPA
716 Tremont St, Ste A
Hopedale, IL 61747
Phone: 309-449-3400
About Dashco Inc.
Dashco Inc., doing business as Rainguard --
https://www.rainguardinc.com/ -- is a family-owned business engaged
in installing siding, windows, soffits and gutters. It has an
insulation division designed to provide customers with energy
savings for their homes.
Dashco sought Chapter 11 protection (Bankr. C.D. Ill. Case No.
19-81229) in Peoria, Ill., on Aug. 28, 2019. In the petition
signed by Debra S. Belfield, president, the Debtor was estimated to
have assets ranging from $100,000 to $500,000 and liabilities
ranging from $1 million to $10 million. Judge Thomas L. Perkins
oversees the case. Rafool, Bourne & Shelby, P.C. is the Debtor's
legal counsel.
DEAN FOODS: Committee Taps Miller Buckfire as Investment Banker
---------------------------------------------------------------
The official committee of unsecured creditors of Southern Foods
Group, LLC and its affiliates seeks authority from the U.S.
Bankruptcy Court for the Southern District of Texas to retain
Miller Buckfire & Co., LLC and Stifel, Nicolaus & Co., Inc. as its
investment banker.
The firm will provide these services to the committee in connection
with the Debtors' Chapter 11 cases:
(a) assist the committee in structuring and effecting the
financial aspects of the Debtors' transactions;
(b) review and perform diligence on information provided on a
confidential basis by the Debtors or the committee;
(c) represent the committee in negotiations regarding any sale
of the Debtors' assets or any bankruptcy plan proposed by the
Debtors;
(d) advise the committee on any restructuring proposals filed
in the Debtors' cases; and
(e) participate in hearings before the bankruptcy court.
Miller Buckfire will be compensated pursuant to this fee
structure:
(a) A monthly fee of $150,000, subject to court orders;
(b) A deferred fee of $3,000,000, due upon consummation of a
transaction, subject to court orders; and
(c) Reimbursement for work-related expenses incurred.
Richard Klein, managing director of Miller Buckfire, attests that
the firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Richard Klein
Miller Buckfire & Co., LLC
787 Seventh Avenue, 5th Floor
New York, NY 10019
Tel: (212) 895-1800
Fax: (212) 895-1853
Email: info@millerbuckfire.com
About Southern Foods Group
dba Dean Foods
Southern Foods Group, LLC, which conducts business under the name
Dean Foods, is a food and beverage company and a processor and
direct-to-store distributor of fresh fluid milk and other dairy and
dairy case products in the United States.
Southern Foods and its affiliates filed for bankruptcy protection
on Nov. 12, 2019 (Bankr. S.D. Texas, Lead Case No. 19-36313). The
petitions were signed by Gary Rahlfs, senior vice president and
chief financial officer. Judge David Jones presides over the
cases.
The Debtors posted estimated assets and liabilities of $1 billion
to $10 billion.
The Debtors tapped David Polk & Wardell LLPas general bankruptcy
counsel; Norton Rose Fulbright US LLP as local counsel; Alvarez
Marsal as financial advisor; Evercore Group LLC as investment
banker; and Epiq Corporate Restructuring LLC as notice and claims
agent.
The Office of the U.S. Trustee appointed creditors to serve on the
official committee of unsecured creditors on Nov. 22, 2019. The
committee is represented by Philip C. Dublin, Esq., at Akin Gump
Strauss Hauer & Feld LLP.
DEAN FOODS: Creditors Committee Members Disclose Claims
-------------------------------------------------------
In the Chapter 11 cases of Southern Foods Group, LLC et al., the
law firm of Akin Gump Strauss Hauer & Feld LLP submitted a verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to disclose that it is representing the Official
Committee of Unsecured Creditors.
On Nov. 22, 2019, pursuant to section 1102 of title 11 of the
United States Code, the United States Trustee for the Southern
District of Texas appointed the following entities as members of
the Committee: (a) Central States, Southeast and Southwest Areas
Pension Fund; (b) The Bank of New York Mellon Trust Company, N.A.;
(c) Pension Benefit Guaranty Corporation; (d) Land O'Lakes, Inc.;
(e) California Dairies Inc.; (f) Consolidated Container Company LP;
and (g) Select Milk Producers, Inc. [Docket No. 288].
On Dec. 3, 2019, the Committee selected Akin Gump Strauss Hauer &
Feld LLP to serve as its counsel in connection with the Debtors'
chapter 11 cases.
The Committee members hold unsecured claims against, and/or serve
as indenture trustee for holders of unsecured claims against, the
Debtors' estates arising from a variety of relationships.
As of Jan. 10, 2020, members of the Committee and their disclosable
economic interests are:
Central States, Southeast and Southwest Areas Pension Fund
8647 W. Higgins Rd., 8th Floor
Chicago, IL 60631
* Central States, Southeast and Southwest Areas Pension Fund
holds a contingent general unsecured claim for withdrawal
liability pursuant to 29 U.S.C. §§ 1381 and 1383 against each
one of the Debtors, jointly and severally, in the estimated
amount of $769,798,794.77.
The Bank of New York Mellon Trust Company, N.A.
240 Greenwich Street, 7th Floor
New York, NY 10286
* The Bank of New York Mellon Trust Company, N.A., holds general
unsecured claims of not less than $700,000,000.00 in aggregate
principal, plus interest, fees, expenses and other liabilities
accruing under and evidenced by that certain indenture, dated
as of February 25, 2015 (as supplemented), by and between Dean
Foods Company and BNYMTC, as trustee, pursuant to which Dean
Foods Company issued the 6.50% senior notes due 2023.
Pension Benefit Guaranty Corporation
1200 K Street N.W.
Washington, D.C.
20005-4026
* Pension Benefit Guaranty Corporation holds a contingent general
unsecured claim of $30,400,000.00 if the Dean Foods
Consolidated Pension Plan terminates, pursuant to 29 U.S.C.
1362(a) and (b). In addition, PBGC holds a contingent general
unsecured claim for potential termination premiums totaling
$37,800,000.00, pursuant to 29 U.S.C. 1306-1307. If PBGC is
appointed the statutory trustee of the terminated Plan, the
Debtors will be jointly and severally liable to PBGC for any
missed minimum funding contributions owed to the Plan (as yet
unknown). PBGC also holds non- contingent claims for any
unpaid PBGC insurance premiums (as yet unknown).
Land O'Lakes, Inc.
4001 Lexington Avenue N.
Arden Hills, MN 55126-2998
* Land O'Lakes, Inc. holds general unsecured claims in the amount
no less than $10,500,000.00 arising from its position as a
trade creditor and contract counterparty.
California Dairies, Inc.
2000 N. Plaza Drive
Visalia, CA 93291
* California Dairies, Inc. holds general unsecured claims in the
amount no less than $6,499,148.00 arising from its position as
a trade creditor and contract counterparty.
Consolidated Container Company LP
2500 Windy Ridge Parkway, Suite 1400
Atlanta, GA 30339
* Consolidated Container Company LP holds a prepetition general
unsecured claim of approximately $6,717,397.78, plus additional
postpetition general unsecured claims of approximately
$3,939,221.00 arising from its position as a trade creditor and
contract counterparty.
Select Milk Producers, Inc.
5151 Beltline Rd., Suite 455
Dallas, TX 75254
* Select Milk Producers, Inc. holds general unsecured claims in
the amount no less than $4,484,598.96 arising from its position
as a trade creditor and contract counterparty.
Counsel to the Official Committee of Unsecured Creditors of
Southern Foods Group, LLC, et al. can be reached at:
AKIN GUMP STRAUSS HAUER & FELD LLP
Marty L. Brimmage, Jr., Esq.
1700 Pacific Avenue, Suite 4100
Dallas, TX 75201
Telephone: (214) 969-2800
Facsimile: (214) 969-4343
Email: mbrimmage@akingump.com
- and -
Ira S. Dizengoff, Esq.
Philip C. Dublin, Esq.
Meredith Lahaie, Esq.
One Bryant Park
New York, NY 10036
Telephone: (212) 872-1000
Facsimile: (212) 872-1002
Email: idizengoff@akingump.com
pdublin@akingump.com
mlahaie@akingump.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/Bl7ZZ0
About Southern Foods
Southern Foods Group, LLC, d/b/a Dean Foods, is a food and beverage
company and a processor and direct-to-store distributor of fresh
fluid milk and other dairy and dairy case products in the United
States.
The Company and its 40+ affiliates filed for bankruptcy protection
on Nov. 12, 2019 (Bankr. S.D. Tex. Lead Case No. 19-36313). In the
petitions signed by Gary Rahlfs, senior vice president and CFO, the
Debtors were estimated to have assets and liabilities of $1
billion
to $10 billion.
Judge David Jones is the presiding judge.
David Polk & Wardell LLP serves as general bankruptcy counsel to
the Debtors, and Norton Rose Fulbright US LLP serves as local
counsel. Alvarez Marsal is financial advisor to the Debtors,
Evercore Group LLC is investment banker, and Epiq Corporate
Restructuring LLC is notice and claims agent.
DISTINGUISHED KITCHENS: Seeks to Hire Furr & Cohen as Counsel
-------------------------------------------------------------
Distinguished Kitchens and Baths, LLC seeks authority from the U.S.
Bankruptcy Court for the Southern District of Florida to hire Furr
& Cohen, P.A. as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
(a) advise the Debtor of its powers and duties in the
continued management of its business operations;
(b) advise the Debtor of its responsibilities in complying
with the U.S. trustee's operating guidelines and reporting
requirements and with the rules of the court;
(c) represent the Debtor in all matters pending before the
bankruptcy court; and
(d) represent the Debtor in negotiation with its creditors in
the preparation of a bankruptcy plan.
The firm charges these hourly rates:
Robert Furr $650
Charles Cohen $550
Alvin Goldstein $550
Alan Crane $500
Marc Barmat $500
Aaron Wernick $500
Jason Rigoli $350
Paralegal $150
Furr & Cohen received a retainer in the sum of $25,000 and will be
reimbursed for work-related expenses incurred.
Aaron Wernick, Esq., a partner at Furr & Cohen, assured the court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
Furr & Cohen can be reached at:
Aaron A. Wernick, Esq.
Furr & Cohen, P.A.
2255 Glades Road, Suite 301E
Boca Raton, FL 33431
Tel: (561) 395-0500
Fax: (561) 338-7532
Email: awernick@furrcohen.com
About Distinguished Kitchens and Baths
Distinguished Kitchens and Baths, LLC filed for Chapter 11
bankruptcy protection (Bankr. S.D. Fla. Case No. 19-26953) on Dec
19, 2019, listing under $1 million in both assets and liabilities.
Judge Erik P. Kimball oversees the case. Aaron A. Wernick, Esq.,
at Furr & Cohen, P.A. is the Debtor's legal counsel.
DJL BUILDERS: Has Until April 1, 2020 to File Plan & Disclosures
----------------------------------------------------------------
Judge Thomas J. Tucker of the U.S. Bankruptcy Court for the Eastern
District of Michigan, Southern Division, established the following
deadlines and hearing dates for Debtors DJL Builders, Inc., et
al.:
* Jan. 28, 2020, is the deadline for the debtors to file
motions.
* Feb. 27, 2020, is the deadline for parties to request the
debtors to include any information in the disclosure statement.
* April 1, 2020, is the deadline for the debtors to file a
combined plan and disclosure statement.
* May 6, 2020, is the deadline to return ballots on the plan, as
well as to file objections to final approval of the disclosure
statement and objections to confirmation of the plan.
* May 13, 2020, at 11:00 a.m., in Room 1925, 211 W. Fort Street,
Detroit, Michigan is the hearing on objections to final approval of
the disclosure statement and confirmation of the plan.
A full-text copy of the Order is available at
https://tinyurl.com/wudrt74 from PacerMonitor.com at no charge.
About DJL Builders
DJL Builders, Inc., is a Michigan corporation, founded by David J.
Latawiec in 2009, which provides home remodeling services to
homeowners in southeastern Michigan. David J. Latawiec is the
Debtor's sole shareholder.
DJL Builders, Inc., filed a Chapter 11 petition (Bankr. E.D. Mich.
Case No. 19-56856) on Nov. 29, 2019. Lynn M. Brimer, Esq. --
lbrimer@stroblpc.com -- at STROBL SHARP PLLC represents the Debtor
as counsel.
DOLPHIN ENTERTAINMENT: Issues $1.3 Million Note to Lincoln Park
---------------------------------------------------------------
Dolphin Entertainment, Inc., entered into a securities purchase
agreement with Lincoln Park Capital Fund, LLC, pursuant to which
the Company agreed to issue and sell to the Investor, and the
Investor agreed to purchase from the Company, a senior convertible
promissory note in an initial principal amount of $1,300,000 at a
purchase price of $1,200,000 (representing an original issue
discount of approximately 7.692%), together with warrants to
purchase up to 207,588 shares of the Company's common stock, par
value $0.015 per share, at an exercise price of $0.7828 per share
(subject to pro rata adjustments for stock splits,
recapitalizations, reorganizations and similar events). On Jan. 3,
2020, the Company issued and sold the Note and the Warrants to the
Investor and received aggregate gross proceeds before expenses of
$1,200,000.
On Jan. 6, 2020, the Company used the proceeds from the issuance of
the Note and Warrant to repay its existing indebtedness of
$1,231,678 outstanding under its 8% secured convertible promissory
note issued to Pinnacle Family Office Investments which matured on
Jan. 5, 2020. In conjunction with such repayment, Pinnacle has
agreed to release all liens it holds on the assets of the Company
and its subsidiaries.
The Warrants will become exercisable on July 3, 2020 and thereafter
at any time during the five-year period following such date. If a
resale registration statement covering the shares of Common Stock
underlying the Warrants is not effective and available at the time
of exercise, the Warrants may be exercised by means of a "cashless"
exercise formula.
The Note is convertible at any time into shares of Common Stock at
an initial conversion price equal to the lower of (A) $2.00 and (B)
the lower of (i) the lowest intraday sale price of the Common Stock
on the applicable conversion date and (ii) the average of the three
lowest closing sale prices of the Common Stock during the twelve
consecutive trading days ending on and including the trading day
immediately preceding the conversion date, subject, in the case of
this clause (B), to a floor price of $0.7828. If an event of
default under the Note occurs prior to maturity, then from and
after the occurrence of such event of default and for the remaining
term of the Note, the Note will be convertible into shares of
Common Stock at a 15% discount to the applicable Conversion Price.
The Conversion Price is subject to price protection anti-dilution
for a period of 180 days from and after the Closing Date upon any
dilutive issuance (or deemed issuance) of Common Stock at a price
below $0.7828 per share, and is also subject to pro rata
adjustments for stock splits, recapitalizations, reorganizations
and certain fundamental transactions involving the Company or its
securities.
The Note is a general senior unsecured obligation of the Company
and ranks equal in right of payment with all of the Company's
existing and future unsubordinated indebtedness. Outstanding
principal under Note will not accrue interest, except upon and
during the continuance of an event of default under the Note, in
which case interest at a default rate of 18% per year would accrue
until such event of default is cured and will be payable upon
conversion (in the form of shares of Common Stock), prepayment or
redemption of the Note or upon certain bankruptcy related events of
default. The Note matures on Jan. 3, 2022 unless earlier
converted, prepaid or redeemed. The Company may, at its option,
prepay all or any portion of the outstanding balance under the Note
without premium or penalty.
In connection with the transactions contemplated by the Purchase
Agreement, on Jan. 3, 2020, the Company entered into a registration
rights agreement with the Investor, pursuant to which the Company
has agreed to register the Conversion Shares for resale by the
Investor under the Securities Act, if, during the six-month period
commencing on the date of the Registration Rights Agreement, the
Company determines to file a resale registration statement with the
SEC.
About Dolphin Entertainment
Headquartered in , Coral Gables, Florida, Dolphin Entertainment,
Inc. -- http://www.dolphinentertainment.com/-- is an independent
entertainment marketing and premium content development company.
Through its subsidiaries 42West and The Door, the Company provides
strategic marketing and publicity services to many of the top
brands, both individual and corporate, in the entertainment and
hospitality industries. Dolphin's recent acquisition of Viewpoint
Creative adds full-service creative branding and production
capabilities to the Company's marketing group.
Dolphin Entertainment reported a net loss of $2.91 million for the
year ended Dec. 31, 2018. For the nine months ended Sept. 30,
2019, the Company reported a net loss of $1.12 million. As of
Sept. 30, 2019, Dolphin Digital had $37.61 million in total assets,
$29.89 million in total liabilities, and total stockholders' equity
of $7.72 million.
BDO USA, LLP, in Miami, Florida, the Company's auditor since 2014,
issued a "going concern" qualification in its report dated April
15, 2019, citing that the Company has suffered recurring losses
from operations from prior years, has an accumulated deficit, and a
working capital deficit that raise substantial doubt about its
ability to continue as a going concern.
DONALD KLEIN: Selling 200 Head of Livestock at Local Sale Barns
---------------------------------------------------------------
Donald Duane Klein and Norma Jean Klein ask the U.S. Bankruptcy
Court for the District of Nebraska to authorize the sale of up to
200 head of livestock, i.e., a mixture of open cows and 2019
calves, at local sale barns.
The proceeds of these sales, less costs and reimbursement for input
costs (including but not limited to feed and vaccinations), will be
paid via check to made payable to secured creditors MNB Bank, as
successor in interest to McCook National Bank and First Central
Bank McCook, within five business days of the sale of the
livestock. The Debtors will provide a copy of the sale barn
receipts from the sale of livestock to MNB Bank and First Central
Bank McCook.
Pursuant to Rule 6004-1, tax consequences of the sale of the
personal property described are:
A. Tax Cost Basis of Property is zero.
B. Estimated Projected Costs of Sale are unknown.
C. Estimated Anticipated Capital Gain/Loss is unknown
(computed as follows: Unknown Sale Price less tax cost basis of
zero, less unknown costs of sale).
D. The estimated Anticipated Net Taxable Income from Sale
After Adjustments is unknown until December because net taxable
would be determined after the end of taxable year.
The case is In re Donald Duane Klein and Norma Jean Klein (Bankr.
D. Neb. Case No. 19-40963-TLS).
Counsel for the Debtors:
John C. Hahn, Esq.
Justin C. Valencia, Esq.
WOLFE, SNOWDEN, HURD, AHL,
SITZMANN, TANNEHILL, & HAHN, LLP
Wells Fargo Center
1248 O Street, Suite 800
Lincoln, NE 68508-1424
Telephone: (402) 474-1507
Facsimile: (402) 474-3 170
E-mail: ihalm@wolfesnowden.com
jvalencia@wolfesnowden.com
DORIAN LPG: BW Euroholdings' Stake Down to 4.8% as of Jan. 9
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BW Euroholdings Limited disclosed that as of Jan. 9,
2020, it may be deemed to be the beneficial owner of, and may be
deemed to have shared voting and dispositive power over, 2,617,174
Common Shares of Dorian LPG Ltd., which represents 4.8% of the
total outstanding Common Shares. This percentage is based on
54,596,027 Common Shares outstanding as of Oct. 25, 2019, according
to the Q2 2020 10-Q.
As of Jan. 9, 2020 Each of Sohmen Family Foundation and BW Group
Limited may be deemed to be the beneficial owner of, and may be
deemed to have shared voting and dispositive power over, 2,617,274
Common Shares of Dorian LPG Ltd., which represents 4.8% of the
total outstanding Common Shares.
As Jan. 9, 2020, BW LPG Limited and BW LPG Holding Limited may be
deemed to be the beneficial owner of, and may be deemed to have
shared voting and dispositive power over, 100 Common Shares, which
represents 0.0% of the total outstanding Common Shares.
On Jan. 7, 2020, Euroholdings sold 300,000 Common Shares in open
market transactions executed by a broker on Euroholdings' behalf.
A full-text copy of the regulatory filing is available for free at
the SEC's website at:
https://is.gd/VMEnJM
About Dorian LPG
Stamford, Connecticut-based Dorian LPG Ltd. --
http://www.dorianlpg.com/-- is a liquefied petroleum gas shipping
company and an owner and operator of modern very large gas
carriers. Dorian LPG's fleet currently consists of twenty-three
modern VLGCs. Dorian LPG has offices in Stamford, Connecticut,
USA; London, United Kingdom; Copenhagen, Denmark; and Athens,
Greece.
Dorian LPG reported a net loss of $50.94 million for the year ended
March 31, 2019, a net loss of $20.40 million for the year ended
March 31, 2018, and a net loss of $1.44 million for the year ended
March 31, 2017. As of Sept. 30, 2019, Dorian LPG had $1.64 billion
in total assets, $687.83 million in total liabilities, and $954.37
million in total shareholders' equity.
EP ENERGY: 1.125L Trustee Says Applicable Premium Due Under Plan
----------------------------------------------------------------
UMB Bank, National Association, in its capacity as successor
trustee and successor notes collateral agent to Wilmington Trust,
National Association under the Indenture with respect to the
offering of debtors EP Energy LLC and Everest Acquisition Finance
Inc.of their 7.750% Senior Secured Notes due May 15, 2026 ("1.125L
Notes"), submitted an objection to the motion of Debtors for entry
of an order approving proposed Disclosure Statement.
The 1.125L Notes Trustee notes that the Disclosure Statement does
not include adequate information concerning the Plan's third-party
releases, which also appear to alter the contractual, legal, or
equitable rights of the 1.125L Notes. The Disclosure Statement
does not explain which creditors are included within this vague
catch-all provision. However, insofar as holders of Allowed 1.125L
Notes Claims are deemed to be Releasing Parties, the Plan alters
their legal and equitable rights and cannot be approved as a matter
of law.
The 1.125L Notes Trustee notes that a critical component of the
Plan is the proposed reinstatement of approximately $1.5 billion of
senior secured debt pursuant to Section 1124(2) of the Bankruptcy
Code. Section 1124(2) requires that, to render a claim unimpaired,
the plan, among other things, must "not otherwise alter the legal,
equitable or contractual rights to which such claim entitles the
holder of such claim or interest." The Debtors bear the burden of
proving compliance with and satisfaction of section 1124(2).
The 1.125L Notes Trustee and Ad Hoc Group intend to demonstrate, at
the appropriate time, that the Applicable Premium is valid, due,
and owing under applicable state law, is not subject to
disallowance under Section 502 of the Bankruptcy Code, and is
accordingly part of the claim that must be unimpaired for the
Debtors to invoke section 1124(2) of the Bankruptcy Code. The
Disclosure Statement fails to inform creditors of this dispute or
the risk that it imposes to implementation of the Debtors' proposed
Plan.
* The Disclosure Statement fails to adequately disclose the degree
to which the Plan’s Releases, Exculpation, and Injunction Related
to Releases and Exculpation will deprive the 1.125L Secured Parties
of their existing rights to pursue actions against non-Debtor third
parties, altering their legal and equitable rights and thereby
barring reinstatement as a matter of law.
A full-text copy of UMB's objection is available at
https://tinyurl.com/szx56yk from PacerMonitor.com at no charge.
Special Counsel for the Ad Hoc Group and Texas Counsel for the
Successor Trustee:
John P. Melko
FOLEY GARDERE
Foley & Lardner LLP
1000 Louisiana, Suite 2000
Houston, Texas 77002
Telephone: (713) 276-5727
E-mail: jmelko@foley.com
Counsel for the Ad Hoc Group and Lead Counsel for the Successor
Trustee:
Dennis L. Jenkins
Brett H. Miller
Jamie Levitt
Michael Birnbaum
Craig Damast
Rahman Connelly
MORRISON & FOERSTER LLP
250 West 55th Street
New York, New York 10019
Telephone: (212) 468-8000
E-mail: djenkins@mofo.com
brettmiller@mofo.com
jlevitt@mofo.com
mbirnbaum@mofo.com
cdamast@mofo.com
rconnelly@mofo.com
Counsel to the Successor Trustee:
James Millar
DRINKER BIDDLE & REATH LLP
1177 Avenue of the Americas, 41st Floor
New York, NY 10036-2714
Telephone: (212) 248-3140
E-mail: james.millar@dbr.com
- and -
Vincent P. Slusher
Kristen L. Perry
DRINKER BIDDLE & REATH LLP
1717 Main Street, Suite 5400
Dallas, TX 75201-7367
Telephone: (469) 357-2500
E-mail: vince.slusher@dbr.com
kristen.perry@dbr.com
About EP Energy
EP Energy Corporation and its direct and indirect subsidiaries(OTC
Pink: EPEG) -- http://www.epenergy.com/-- are a North American oil
and natural gas exploration and production company headquartered in
Houston, Texas. The Debtors operate through a diverse base of
producing assets and are focused on the development of drilling
inventory located in three areas: the Eagle Ford shale in South
Texas, the Permian Basin in West Texas, and Northeastern Utah.
EP Energy Corporation and its subsidiaries sought Chapter 11
protection on Oct. 3, 2019, after reaching a deal with Elliott
Management Corporation, Apollo Global Management, LLC, and certain
other noteholders on a bankruptcy exit plan that would reduce debt
by 3.3 billion.
The lead case is In re EP Energy Corporation (Bankr. S.D. Tex. Lead
Case No. 19-35654).
EP Energy was estimated to have $1 billion to $10 billion in assets
and liabilities as of the bankruptcy filing.
The Hon. Marvin Isgur is the case judge.
The Debtors tapped Weil, Gotshal & Manges LLP as counsel; Evercore
Group L.L.C. as investment banker; and FTI Consulting, Inc., as
financial advisor. Prime Clerk LLC is the claims agent.
EP ENERGY: MSB Owners Say Plan Patently Unconfirmable
-----------------------------------------------------
Storey Minerals, Ltd., Storey Surface, Ltd., Maltsberger, LLC,
Maltsberger/Storey Ranch, LLC, the Estate of Sarah Lee Maltsberger,
and Rene R. Barrientos, Ltd. file their objection to the Disclosure
Statement for Amended Joint Chapter 11 Plan of Reorganization of EP
Energy Corporation and its Affiliated Debtors, and respectfully
state as follows:
The Disclosure Statement cannot be approved because it does not
provide adequate information and disclosure related to the MSB
Owners' rights and potential remedies. Specifically, the Debtors
have failed to disclose the significant legal rights that the MSB
Owners are entitled to assert and have maintained, and the
significant risk that the Debtors face in the event that the MSB
Owners are successful in establishing their rights.
The Disclosure Statement also cannot be approved because the Plan
is patently unconfirmable in several respects even before
solicitation is to begin. With respect to the MSB Owners, the Plan
fails to classify and treat the MSB Owners appropriately. Further,
the Plan fails to meet the best interests of creditors test, as the
MSB Owners would receive substantially more in a Chapter 7
liquidation than under the Plan.
According to the MSB Owners, the Plan is patently unconfirmable
because it treats substantially similar creditors differently by
providing, without any valuation having been conducted or market
testing of the going concern, 99% equity to the Secured 1.5L Notes
Claims and only 1% equity to the General Unsecured Claims, even
though both claimants may yet be substantially similar, and thus
able to be discriminated against.
The Bankruptcy Court should not approve the Disclosure Statement
unless and until the Debtors improve the adequacy of information
contained in the Disclosure Statement regarding the MSB Owners and
the basis for valuation, and amend the Plan to comply with the
Bankruptcy Code.
A full-text copy of MSB Owners' objection is available at
https://tinyurl.com/u2pgef8 from PacerMonitor.com at no charge.
The MSB Owners are represented by:
HAYNES AND BOONE, LLP
Patrick L. Hughes
Arsalan Muhammad
David Trausch
1221 McKinney Street, Suite 2100
Houston, Texas 77010
Telephone: (713) 547-2000
Facsimile: (713) 547-2600
E-mail: Patrick.Hughes@haynesboone.com
E-mail: Arsalan.Muhammad@haynesboone.com
E-mail: David.Trausch@haynesboone.com
- and -
MCGINNIS LOCHRIDGE LLP
Donald D. Jackson
Christopher L. Halgren
Austin W. Brister
711 Louisiana St., Suite 1600
Houston, Texas 77002
Telephone: (713) 615-8500
Fax: (713) 615-8585
E-mail: djackson@mcginnislaw.com
chalgren@mcginnislaw.com
abrister@mcginnislaw.com
About EP Energy
EP Energy Corporation and its direct and indirect subsidiaries(OTC
Pink: EPEG) -- http://www.epenergy.com/-- are a North American oil
and natural gas exploration and production company headquartered in
Houston, Texas. The Debtors operate through a diverse base of
producing assets and are focused on the development of drilling
inventory located in three areas: the Eagle Ford shale in South
Texas, the Permian Basin in West Texas, and Northeastern Utah.
EP Energy Corporation and its subsidiaries sought Chapter 11
protection on Oct. 3, 2019, after reaching a deal with Elliott
Management Corporation, Apollo Global Management, LLC, and certain
other noteholders on a bankruptcy exit plan that would reduce debt
by 3.3 billion.
The lead case is In re EP Energy Corporation (Bankr. S.D. Tex. Lead
Case No. 19-35654).
EP Energy was estimated to have $1 billion to $10 billion in assets
and liabilities as of the bankruptcy filing.
The Hon. Marvin Isgur is the case judge.
The Debtors tapped Weil, Gotshal & Manges LLP as counsel; Evercore
Group L.L.C. as investment banker; and FTI Consulting, Inc., as
financial advisor. Prime Clerk LLC is the claims agent.
FIRST EAGLE: Moody's Lowers CFR to Ba2, Outlook Stable
------------------------------------------------------
Moody's Investors Service downgraded First Eagle Holdings, Inc's
Corporate Family Rating and its senior secured bank loan ratings to
Ba2 from Ba1. The rating action follows the company's announcement
of its financing package for its recent acquisition on THL Credit
Advisors LLC. First Eagle will issue $300 million in debt as an
add-on to its outstanding term loan to finance the transaction. The
rating outlook remains stable.
The downgrade reflects the leverage impact from the THL acquisition
and its view that the company may struggle to organically de-lever
from a now higher leverage level due to weakness in its core value
active equity business. The pro-forma leverage increase from the
THL transaction will be approximately 4.3x (based on Moody's
calculations). The rating action is also based on its concern that
while First Eagle's acquisition strategy has been measured and
thoughtful, it reflects management's increased appetite for
debt-financed acquisitions and for exposure to less liquid credit
strategies in the company's assets under management (AUM) mix late
in the credit cycle.
The THL acquisition markedly increases the scale of First Eagle's
credit platform as well as adding a high quality CLO manager. First
Eagle first entered the credit business in 2017 with the
acquisition of the NewStar Financial. The acquisition also
strengthens First Eagle's improving AUM diversification and adds
longer duration client capital to its AUM mix which are both
positive for the company's AUM stability. While the THL acquisition
offers a number of benefits to First Eagle, the growth of the
credit business adds additional investment complexity and liquidity
risk to the firm. Further, Moody's views the firm's credit business
to be a lower margin business than its core active equity business
given its lower fee rate and higher balance sheet and resource
intensiveness. The average fee rate on THL's AUM is significantly
less than that of First Eagle's flagship global value equity
strategy.
The following is a summary of the rating actions:
Issuer: First Eagle Holdings, Inc.
Corporate Family Rating, downgraded to Ba2 from Ba1
Senior Secured Bank Credit Facility, downgraded to Ba2 from Ba1
The rating outlook remains stable
RATINGS RATIONALE
First Eagle Holdings, Inc's Ba2 rating is supported by: 1) the
firm's focused, investment led culture, which has helped to
generate a superb long-term track record; 2) the firm's
historically solid and stable AUM retention; and 3) the company's
conservative and disciplined expense management with its ability to
flex its cost base to maintain margins through a market downturn.
The company's rating is constrained by: 1) increased risk appetite
under private equity ownership; 2) the secular shift within the
asset management industry away from higher-fee active investment
management to lower-fee passive management; 3) high financial
leverage of 4.3x as of 30 September 2019 (pro-forma, as calculated
by Moody's); 4) high concentration of firm AUM in two investment
products (First Eagle Global Fund and First Eagle Overseas Fund)
which makes the firm's financial performance highly correlated to
their investment performance and commercial appeal; 5) key person
risk within the firm's flagship value investment team.
First Eagle has experienced net outflows for each of the past 8
quarters (from the quarter ending 12/31/17 through 12/31/2019), a
concerning trend even as US active equity managers as a whole have
struggled with flow pressures. Moody's is additionally concerned
with the increased risk appetite of management, as evidenced by the
company's consistently increasing notional leverage since its
acquisition by Blackstone and Corsair Capital. Mitigating some of
the secular pressures facing First Eagle and its peers is the
conservative portfolio exposure in the company's flagship funds,
which reflect less exposure to high-valuation mega-cap companies
and an above average exposure to gold. Based on current exposures
and past behavior, Moody's would expect First Eagle's flagship
funds to outperform the broad markets during a severe market
correction, thereby enhancing its brand. Should this fail to
materialize, this could diminish its franchise value and credit
profile.
Adding to its 2017 acquisition of NewStar (rebranded as First Eagle
Private Credit, or FEPC), the company's acquisition of THL has
strengthened First Eagle's positioning into the growing private
credit market and has also helped the company increase its presence
within the multi-asset income market, another industry segment that
is seeing above-average AUM growth. With the overlap of THL and
FEPC's capabilities, First Eagle expects the acquisition of THL to
produce material cost synergies, which would somewhat offset the
corresponding increase in leverage. While the emphasis on growing
its private credit businesses has helped with its diversity of
offerings, it consequently exposes the company to liquidity,
opacity, and product reputation risks.
Upward pressure on the ratings of First Eagle could arise following
(1) rapid deleveraging, with debt to EBITDA (including Moody's
standard adjustments) sustained below 3.5x, (2) strong absolute
investment performance combined with organic AUM growth and/or (3)
diversification of asset mix as a result of asset raising in new
products.
Downward pressure on the ratings of First Eagle could arise
following (1) continued deviation of the company's management and
culture away from its historical conservatism, (2) leverage
sustained above 5.0x debt to EBITDA (including Moody's standard
adjustments), (3) decrease in AUM arising from net outflows, (4)
significant underperformance of the firm's two flagship funds
relative to their benchmarks and/or (5) significant staff turnover,
particularly within the Global Value portfolio management team.
First Eagle Holdings, Inc. is the parent company of First Eagle
Investment Management, LLC, an asset manager specializing in equity
mutual funds. First Eagle had been majority-owned by the Arnhold
and Kellen families since 1931, until private equity co-sponsors
Blackstone and Corsair Capital executed a leveraged buyout of the
firm.
The principal methodology used in these ratings was Asset Managers
Methodology published in November 2019.
FLOORS TODAY: Court Approves Disclosure Statement
-------------------------------------------------
Judge Elizabeth D. Katz has ordered that the Disclosure Statement
in support of the Chapter 11 Plan of Floors Today, LLC, is approved
and to the extent not withdrawn, settled or resolved, all
objections to the Disclosure Statement are overruled.
All persons and entities entitled to vote on the Plan shall deliver
their Ballots by mail, overnight courier, electronic mail, or
facsimile so as to be received no later than 4:30 p.m., Eastern
Standard Time, on Feb. 5, 2020.
The hearing to consider confirmation of the Plan is scheduled for
Feb. 14, 2020, at 12:30 p.m., Eastern Standard Time, at the United
States Bankruptcy Court for the District of Massachusetts, Harold
Donahue Federal Building and Courthouse, 595 Main Street,
Worcester, Massachusetts 01608.
Any objection to confirmation of the Plan must be filed and served
no later than 4:30 p.m., Eastern Standard Time, on or before Feb.
5, 2020.
Any objection to the assumption of an executory contract or
unexpired lease, or to a Cure Claim associated therewith, must be
filed and served no later than 4:30 p.m., Eastern Standard Time, on
or before Feb. 5, 2020.
About Floors Today
Floors Today, LLC -- https://www.floorsandkitchenstoday.com/ --
owns and operates flooring stores offering carpets, tiles, woods,
waterproof floors, laminates, area rugs and more. The Company also
retails bathroom and kitchen furniture including cabinetry,
countertops, and interior products. The Company has locations in
the Greater Boston, Providence, and Worcester areas.
Floors Today, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Mass. Case No. 19-41126) on July 7,
2019. At the time of the filing, the Company disclosed assets of
between $500,000 to $1 million and liabilities of between $1
million to $10 million. The petition was signed by the Company's
managing partner, Vincent Virga. The Hon. Elizabeth D. Katz is the
case judge. The Company is represented by Donald Ethan Jeffery,
Esq., at Murphy & King, Professional Corporation.
FORTRESS GLOBAL: Gets Initial Order in CCAA Restructuring
---------------------------------------------------------
Fortress Global Enterprises Inc. (TSX:FGE) (OTCQX:FTPLF) announces
that the Superior Court of Quebec has rendered, at the request of
the Company's senior secured lenders, a first day initial order
granting the Company and certain of its material subsidiaries
creditor protection under the Companies' Creditors Arrangement Act
in order to restructure their affairs.
Under the terms of the First Day Order, Deloitte Restructuring Inc.
has been appointed as Monitor to oversee the CCAA proceedings and
report to the Court. All of Fortress' members of the Board of
Directors, other than Giovanni Iadeluca, as well as Kurt Loewen,
the Company's Chief Financial Officer, resigned immediately prior
to the granting of the First Day Order. Mr. Iadeluca shall
continue in his role as President, Chief Executive Officer and sole
director of the Company to provide support to the Monitor in
respect of the CCAA proceedings.
A hearing by teleconference has been scheduled on December 26, 2019
for the Company’s request to extend the terms of the First Day
Order until Jan. 10, 2020, and potentially increase the amounts
which the Debtors are authorized to borrow under the Interim
Financing Agreement. The Court has also advised the Applicants
that it will hear their motion for the issuance of an amended and
restated initial order under the CCAA at the Comeback Hearing. If
rendered, the amended and restated initial order shall confirm the
provisions of the First Day Order and shall grant further relief in
respect of the Fortress Parties, including and extension of the
Stay of Proceedings and an order allowing the Fortress Parties to
borrow under the Interim Financing Agreement an aggregate amount of
up to $6,000,000.
Trading in the common shares of the Company and the convertible
debentures on the Toronto Stock Exchange has been halted. The
Company expects that the previously announced remedial delisting
review by the TSX will be accelerated and the Company's common
shares and convertible debentures will soon be delisted from
trading on the TSX.
For more information, contact:
Fortress Global Enterprises Inc.
Attn: Giovanni Iadeluca
Tel: 819-985-5117
Fortress Global Enterprises Inc
1190, avenue des Canadiens-de-Montréal, Suite 500
Montreal QC H3B 0M7
Jean-François Boucher, CPA
Tel: 514-393-7322
1-866-930-7322 (Toll free)
Fax: 514-390-4103
Email: Fortress@deloitte.ca
Counsels to the Debtors:
BCF Business Law
25th Floor
1100 Rene-Levesque Blvd. W Suite 2500
Montreal, Québec, H3B 5C9
Gary Rivard
Email: gary.rivard@bcf.ca
Claude Paquet
Email: claude.paquet@bcf.ca
Counsels to the Monitor:
McCarthy Tetrault LLP
1000 de la Gauchetiere Street West, Suite 2500
Montreal, Quebec, H3B 0A2
Alain N. Tardif
Email: atardif@MCCARTHY.CA
Pascale Klees Themens
Email: pkleesthemens@mccarthy.ca
Additional information regarding the CCAA proceedings will be
available on the Monitor's website at
http://www.insolvencies.deloitte.ca/Fortress.
Fortress Global Enterprises -- https://www.fortressge.com/ -- is
focused on the expanding global market for innovative high value
biomass-based products.
FRESH ALTERNATIVES: Unsec. Creditors Owed $1.08M to Get $25K
------------------------------------------------------------
Fresh Alternatives, LLC, has proposed a reorganization plan.
Under the Plan, the Debtor would have the ability to continue
operations as a going concern, and maintain and increase its
value. Under the Plan, the holders of Allowed Secured Claims will
receive a payment of 100% of their allowed claims or as otherwise
agreed, and the Allowed General Unsecured Claims will receive a pro
rata distribution of the New Value Payment.
Holders of Allowed General Unsecured Claims (Class 7), estimated to
total $1,083,644, will receive a pro rata distribution of $25,000
on Effective Date, with the amount to be funded as part of the New
Value Payment.
The Debtor has two members: (i) BM Fund II who owns 74.2% of the
Debtor, and (ii) Banyan Equity Investors II, Inc. who owns 25.8% of
the Debtor.
Under the Plan, in exchange for the New Value Payment, including
forgiveness of $3,568,750 in secured debt, BM Fund II will receive
64.00% of New Equity in the Reorganized Debtor.
In exchange for the New Value Payment, including forgiveness of
$681,250 in secured debt, BM Fund will receive 11.89% of New Equity
in the Reorganized Debtor. Banyan Equity Investors, Inc., will
receive 1.86% and Banyan Equity Investors II, Inc., will receive
22.25%.
A full-text copy of the Disclosure Statement dated Dec. 16, 2019,
is available at https://tinyurl.com/wj7zmxc from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
Bradley S. Shraiberg, Esq.
Joshua B. Lanphear, Esq.
SHRAIBERG, LANDAU &PAGE P.A.
2385 NW Executive Center Drive, Suite 300
Boca Raton, FL 33431
Telephone: (561) 443-0800
Facsimile: (561) 998-0047
E-mail: bss@slp.law
E-mail: jlanphear@slp.law
About Fresh Alternatives
Fresh Alternatives -- https://www.crispers.com/ -- operates a
restaurant and provides catering services for various events. It
conducts business under the name Crispers LLC.
Fresh Alternatives filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-05842) on June
20, 2019. In the petition signed by Phil Birkhold, chief operating
officer, the Debtor disclosed $378,766 in total assets and
$5,349,790 in total liabilities. Bradley S. Shraiberg, Esq., at
Shraiberg, Landau & Page, P.A., is the Debtor's counsel.
No official committee of unsecured creditors has been appointed in
the Debtor's bankruptcy case.
FRONTIER COMMUNICATIONS: BlackRock Has 9.3% Stake as of Dec. 31
---------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of Dec. 31, 2019, it
beneficially owns 9,798,577 shares of common stock of Frontier
Communications Corporation, which represents 9.3 percent of the
shares outstanding. A full-text copy of the regulatory filing is
available for free at the SEC's website at:
https://is.gd/CLxSbh
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.
As reported by the TCR on Nov. 20, 2019, S&P Global Ratings lowered
the issuer credit rating and issue-level rating on the senior
unsecured debt on U.S.-based telecommunications service provider
Frontier Communications Corp. to 'CCC-' from 'CCC' based on a
higher risk of default following its decision to deplete the
availability under its revolving credit facility.
FRONTIER COMMUNICATIONS: Morgan Stanley Has 4% Stake as of Dec. 31
------------------------------------------------------------------
Morgan Stanley disclosed in an amended Schedule 13G filed with the
Securities and Exchange Commission that as of Dec. 31, 2019, it
beneficially owns 4,298,635 shares of common stock of Frontier
Communications Corp, which represents 4.1 percent of the shares
outstanding. A full-text copy of the regulatory filing is
available for free at the SEC's website at:
https://is.gd/qTIH7f
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.
As reported by the TCR on Nov. 20, 2019, S&P Global Ratings lowered
the issuer credit rating and issue-level rating on the senior
unsecured debt on U.S.-based telecommunications service provider
Frontier Communications Corp. to 'CCC-' from 'CCC' based on a
higher risk of default following its decision to deplete the
availability under its revolving credit facility.
FTS INTERNATIONAL: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg
-------------------------------------------------------------------
Moody's Investors Service downgraded FTS International, Inc.'s
Corporate Family Rating to Caa1 from B3, Probability of Default
Rating to Caa1-PD from B3-PD, senior secured debt ratings to Caa2
from Caa1, and Speculative Grade Liquidity rating to SGL-3 from
SGL-2. The outlook was changed to negative from stable.
The downgrades of FTSI's ratings reflect continued challenges to
the operating environment, increased debt refinancing risks and
bonds meaningfully below par which elevates risk of a distressed
debt exchange that could be deemed a default by Moody's.
Downgrades:
Issuer: FTS International, Inc.
Corporate Family Rating, Downgraded to Caa1 from B3
Probability of Default Rating, Downgraded to Caa1-PD from
B3-PD
Speculative Grade Liquidity Rating, Downgraded to SGL-3
from SGL-2
Senior Secured Term Loan, Downgraded to Caa2 (LGD4) from
Caa1 (LGD4)
Senior Secured Regular Bond/Debenture, Downgraded to Caa2 (LGD4)
from Caa1 (LGD4)
Outlook Actions:
Issuer: FTS International, Inc.
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
FTSI's Caa1 CFR reflects rising financial leverage as well as debt
refinancing risks and potential for a distressed debt exchange.
Moody's expects FTSI's leverage will rise amid challenging
operating conditions for pressure pumpers. FTSI's significant debt
reduction since 2018 partially offsets rising leverage as EBITDA
fell sharply in 2019. Also, FTSI's sizable cash balance provide
means to address its $90 million term loan due April 2021. However,
there is increasing risk of default and debt restructuring as the
maturity of the $370 million senior secured notes due May 2022
approaches, and as the company's access to capital markets will be
constrained.
The Caa1 rating is supported by the company's scale within the
market for hydraulic fracturing and exposure to multiple producing
basins, albeit with a strategic concentration in the Permian Basin
as well as some customer concentration. Moody's expects ongoing
pressures on FTSI's prices which have declined since mid-2018 due
to sustained capital discipline in the upstream sector, a highly
competitive market, and oversupply of hydraulic fracturing
equipment, despite retirement of available horsepower within the
sector. During the fourth quarter of 2019, FTSI retired some of its
own idle fleets though utilization for the remaining fleets remains
pressured. Lower revenue could be partially offset by cost
reductions.
Governance considerations include FTSI's financial policies and
concentrated ownership. In May 2019, the company's board of
directors authorized up to $100 million of stock to be repurchased
until May 2020. While only $8 million had been repurchased as of
September 30, 2019, until leverage is further reduced, cash
directed toward stock repurchases would pressure FTSI's credit
profile. As of December 1, 2019, Temasek, Chesapeake, and RRJ
capital owned about 70% of the company.
The negative outlook reflects heightening risk of default and
further erosion of liquidity as debt maturities approach.
The SGL-3 rating reflects adequate liquidity through 2020. However,
as the maturity of the company's $370 million of senior secured
notes due May 2022 approaches, liquidity will weaken substantially
if not proactively addressed. As of September 30, 2019, the company
had $204 million of cash and $91 million available under its
undrawn revolver. The ABL revolver expires in 2023 but has a
springing maturity 90 days prior to the term loan due April 2021
(or the senior secured notes due May 2022 if the term loan is
repaid). The revolver has a springing maximum fixed charge coverage
ratio of 1x based on excess availability.
FTSI's senior secured term loan and senior secured notes are rated
Caa2, one notch below the CFR. The notching reflects contractual
priority ranking of the senior secured ABL revolver ahead of these
instruments with respect to the more liquid collateral that
includes pledges of accounts receivable and inventory.
An upgrade is unlikely until debt is significantly reduced and
refinancing risks abate. However, prospective factors that could
lead to an upgrade include sustainable EBITDA growth in an
improving industry environment and sustained adequate liquidity.
Factors that could lead to a downgrade include increasing default
risk including distressed exchanges; lower prospects for lender
recovery; or weakening of liquidity.
The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.
FTSI, headquartered in Fort Worth, Texas, is a publicly-traded
provider of hydraulic fracturing services to exploration and
production companies in North America. Revenue for the twelve
months ended September 30, 2019 was $882 million.
GATEWAY WIRELESS: First State Has Issues With Plan Outline
----------------------------------------------------------
First State Community Bank has issues with the Amended Disclosure
Statement for Gateway Wireless LLC's Plan of Reorganization.
The Bank has filed unsecured proofs of claim against the Debtor,
not because it has no collateral to support its loans but because
the collateral was not estate property.
Paragraph 7.6 of the First Amended Disclosure Statement and 7.10 of
the Plan of Reorganization provide for compelled Third Party
Releases which are permitted in this Circuit via In re AIRADIGM,
519 F.3d 640 (7th Cir. 2008) under limited circumstance.
The Bank points out that the Debtor has diluted the severity of
doing so in 5.05 of its Plan providing for "...reaffirmation of
guarantees and pledges of personal assets securing liabilities of
the Debtor".
The Bank further points out that the distribution to unsecured
claims per paragraph 4.09 of the Plan and 4.21 of the Disclosure
Statement is relatively minimal.
The Bank is unsure of the combined applications of the foregoing
paragraphs as they apply to Bank and therefore, its objections are
as follows:
(A) The Disclosure Statement should "spell out" the repayment of
the reaffirmed indebtednesses, method and scheduling of payments
satisfying these creditors; and
(B) In the event the Court does not allow the Third Party
Releases provision, the consequence to the Plan or adjustments to
be made to the Plan.
Attorneys for First State Community Bank:
Paul H. Berens #2617 E.D. #24091 MO
3113 Independence, P.O. Box 1300
Cape Girardeau, MO 63702-1300
Telephone: (573) 334-0555
E-mail: PaulB@BradshawSteele.com
About Gateway Wireless
Gateway Wireless LLC is a privately-held company in Glen Carbon,
Illinois, which operates in the telecommunications industry.
Gateway Wireless sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ill. Case No. 18-31491) on Oct. 12,
2018. In the petition signed by Ryan F. Walker, president, the
Debtor was estimated to have assets of $10 million to $50 million
and liabilities of $10 million to $50 million. Judge Laura K.
Grandy is the presiding judge. The Debtor tapped Carmody MacDonald
P.C. as its legal counsel.
No official committee of unsecured creditors has been appointed.
GENESIS ENERGY: S&P Affirms 'B+' ICR; Outlook Stable
----------------------------------------------------
S&P Global Ratings affirmed all of the ratings on Genesis Energy
L.P., including the 'B+' issuer credit rating.
The rating affirmation follows Genesis' announcement of a cash
tender offer on its $750 million 6.75% notes due 2022. The company
plans to issue new debt with a maturity in 2028 to fund the
tendered notes and redeem all the remaining outstanding 2022
notes.
Meanwhile, S&P assigned a 'B+' rating to the new proposed issuance
with maturity in 2028. Its recovery ratings on the senior unsecured
debt remain '4', with a rounded recovery of 30% under a
hypothetical default scenario.
In addition to paying down the existing $750 million notes due
2022, S&P believes the company will use the proceeds from the
proposed debt to repay part of the revolving senior secured credit
facility. It believes this liability management is opportunistic
and reduces refinancing risk in the short term. The 2022
bondholders are being offered a premium in the cash tender offer,
and S&P considers that even if the refinancing does not take place,
Genesis' liquidity and EBITDA is strong enough to continue making
interest payments in the upcoming years.
The stable outlook reflects S&P's view that Genesis' adjusted
leverage will improve in the upcoming 12 months due to favorable
growth prospects in the offshore segment and normalization in soda
ash production, but that S&P Global Ratings-adjusted debt to EBITDA
levels will remain above 5.5x. S&P continues to consider Genesis'
preferred stock to be 100% debt because it lacks the ability to
defer cash dividends.
"We could lower the rating if leverage materially rises, with
adjusted debt to EBITDA consistently exceeding 6x. This may stem
from lower-than-expected volumes flowing through Genesis' midstream
assets or significantly lower soda ash prices," S&P said.
"We could raise the rating if Genesis consistently achieves an
adjusted debt to EBITDA of below 5x. This may stem from a
combination of additional pay downs on the revolving credit
facility, improved cash flows, and less volatility in the offshore
and onshore segments supported by more take-or-pay contracts," the
rating agency said.
GL BRANDS: Expects First Quarter 2020 Revenue of $2.1M to $2.4M
---------------------------------------------------------------
GL Brands is projecting revenue for the first fiscal quarter of
2020 in the range of $2.1 million to $2.4 million, matching its
total audited 2019 annual revenue of $2.1 million and surpassing
its reported Q1 2019 revenue of $0.6 million, an almost 4X revenue
growth. This record revenue growth is a result of the Company's
successful integration of Green Lotus product lines and new
distribution partnerships that have positioned GL Brands' hemp and
CBD products on the shelves of major retail chains throughout the
U.S. and Mexico.
"The first fiscal quarter of 2020 saw our strongest financial
results to date," said Carlos Frias, CEO of GL Brands. "We see
continued top-line growth. We know what steps we need to take to
make this business profitable in the long-term. What enabled our
near 4x growth in revenue was, first, our successful migration and
integration of Green Lotus, and second, our redefining the Company
as both a hemp global consumer packaged goods company and a house
of brands. For the future, we'll continue to build brand awareness
and increase the efficiency of our supply chain for further rapid
and sustainable growth."
The Company will be filing its 10Q for the period of July 1st to
September 30th within the next 14 days.
About GL Brands
Headquartered in Addison, Texas, GL Brands, formerly known as
Freedom Leaf -- https://www.glbrands.com/ -- is a multinational
hemp consumer packaged goods company that creates authentic,
enduring and culturally relevant brands engaged in the development
and sale of cannabis-derived wellness products. Through its
premier brands Green Lotus and IrieCBD, GL Brands delivers a full
portfolio of hemp and hemp-derived CBD products, including
tinctures, softgels, gummies, capsules, sparkling beverages, vapes,
flower and topical segments to promote greater wellness and
balance, in the U.S. and throughout the world.
Freedom Leaf reported a net loss attributable to common
stockholders of $12.73 million for the year ended June 30, 2019,
compared to a net loss attributable to common stockholders of $4.63
million for the year ended June 30, 2018. As of June 30, 2019, the
Company had $18.23 million in total assets, $9.33 million in total
liabilities, and $8.89 million in totla stockholders' equity.
Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, the
Company's auditor since 2018, issued a "going concern"
qualification in its report dated Nov. 14, 2019, citing that
the Company has suffered recurring losses from operations and has a
net capital deficiency that raise substantial doubt about its
ability to continue as a going concern.
GODSTONE RANCH: Claims to Be Paid in Full in Plan
-------------------------------------------------
Debtor Godstone Ranch Real Estate LLC filed with the U.S.
Bankruptcy Court for the Southern District of Texas, Houston
Division, a First Amended Chapter 11 Disclosure Statement
describing its Plan of Reorganization.
The Debtor says it has no general unsecured claims against it.
However, to the extent if there is any allowed unsecured claims,
holders of these claims (Class 3) will receive a distribution of
100% of their allowed claims.
The secured claim of Texas Gulf Bank in the amount of $782,902 will
be paid in equal monthly installments over a 77 month period
following the effective date of the plan with interest accruing at
7.50%, including a one-time lump sum payment of $450,000 to be paid
on or Dec. 31, 2020, with such funds generated through the sale or
refinance of real property commonly known as 3012 Canal Street,
Houston, TX 77003. Thus, payments to Texas Gulf Bank will be
$6,307.01 beginning April 1, 2020, and each month thereafter until
paid in full.
The secured claim of the East End District in the amount of $520.47
will paid in equal monthly installments over a 9-month period
following the effective date of the plan, with interest accruing at
12% pursuant to Sec. 511. Thus, payments to East End District will
be $61.75 per month beginning April 1, 2019.
John Jolley McCutchen, II and Karen McCutchen are the only equity
interest holder in the debtor and will retainer their ownership
interest in the corporation. Mr. and Mrs. McCutchen will receive
no distributions under this plan on account of any prepetition
insider claims, and will retain their interests in the limited
liability company.
The plan of reorganization will be funded by the Debtor through
cash flow from operations and future income. On Time Electric,
Inc., tje Debtor's tenant, currently pays $4,848.52 in monthly
rental payments. These rental payments will continue to be used by
Debtor to satisfy the contractual interest payments owed to Texas
Gulf Bank, NA and required by prior order of this Court. On April
1, 2020, On Time Electric, Inc. will begin paying $7,411.10 to
Debtor to meet the obligations of this plan. Further, On Time
Electric, Inc. has deposited, and will continue to deposit, funds
as required to pay 2019 and 2020 ad valorem property taxes. The
current management, John Jolly McCutchen, II and Karen McCutchen,
will remain in control of the reorganized debtor.
A full-text copy of the First Amended Disclosure Statement is
available at https://tinyurl.com/v2k7csa from PacerMonitor.com at
no charge.
The Debtor is represented by:
MICHAEL HARDWICK LAW, PLLC
Michael L. Hardwick
2200 North Loop West, Suite 116
Houston, TX 77018
Tel: (832) 930-9090
Fax: (832) 930-9091
E-mail: michael@michaelhardwicklaw.com
About Godstone Ranch Real Estate
Godstone Ranch Real Estate, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-33153) on June
3, 2019. At the time of the filing, the Debtor was estimated to
assets of between $100,001 and $500,000 and liabilities of the same
range. The case is assigned to Judge Jeffrey P. Norman. Michael
Hardwick, PLLC, is the Debtor's bankruptcy counsel.
GREEN GLOBAL: Unsecureds to Have 100% Recovery in Over 18 Months
----------------------------------------------------------------
Debtor Green Global, LLC, filed a Second Amended Disclosure
Statement to accompany its Second Amended Plan dated December 5,
2019.
The Debtor now has the ability to produce and sell goods and has a
buyer for said goods. The Debtor now files the instant Plan to pay
all creditors 100% of their allowed claims based on the revenue to
be generated from the sale of goods including, but not limited to,
the sale of goods to American International Resources, Inc.
The total amount of unsecured claims scheduled and/or filed and the
amount of allowable unsecured claims includes $336,975 in insider
claims that will be subordinated to all other claims. The General
Unsecured Creditors of the Debtor will receive 100 percent of their
allowed claims over a period of 18 months pursuant to the Plan.
Class 8 is impaired by the Plan.
Class 4 consists of the general unsecured claim of Wendell H. Stone
and Company, Inc., in the amount of $126,710.00 pursuant to the
Consent Order of Court dated July 20, 2015. This claim is being
separately classified only to incorporate the Consent Order of
Court dated July 20, 2015. The Class 4 claim of Wendell H. Stone
and Company, Inc. shall be treated and paid in accordance with all
other general unsecured creditors in Class 8.
All Plan payments will be made from the ongoing revenue of the
Debtor's employment. The Debtor's Plan calls for payment to
creditors over a period of 18 months. As the Debtor is projecting
an estimated profit of $232,243.32 per month, the Plan is clearly
feasible. Payment to creditors over 18 months allows for any
unanticipated shortages of anticipated revenue due to weather or
other production issues. If the projections regarding revenue and
expenses are ultimately accurate, creditors could be paid in full
pursuant to the terms of the Plan prior to the expiration of the
18-month time period.
A full-text copy of the Second Amended Disclosure Statement dated
Dec. 19, 2019, is available at https://tinyurl.com/vvcs6nb from
PacerMonitor.com at no charge.
About Green Global
Based in Southwest, Pennsylvania, Green Global, LLC, filed a
voluntary Chapter 11 Petition (Bankr. W.D. Penn. Case No. 14-20131)
on Jan. 10, 2014. At the time of filing, the Debtor was estimated
to have assets are $100,000 to $500,000, and the estimated
liabilities are $1 million to $10 million. The case is assigned to
Hon. Thomas P. Agresti.
The Debtor is represented by:
Christopher M. Frye Date
Steidl and Steinberg, P. C.
Suite 2830 – Gulf Tower
707 Grant Street
Pittsburgh, PA 15219
Tel: 412-491-3130
E-mail: chris.frye@steidl-steinberg.com
GUE LIQUIDATION: Court Confirms Ch. 11 Plan of Liquidation
----------------------------------------------------------
Debtors GUE Liquidation Companies, Inc., et al., filed with the
U.S. Bankruptcy Court for the District of Delaware a First Amended
Joint Plan of Liquidation dated Dec. 13, 2019.
On Dec. 19, 2019, Judge Laurie Selber Silverstein ordered that:
* The Plan is approved and confirmed under Section 1129 of the
Bankruptcy Code in each and every respect.
* The Debtors are hereby authorized to execute, deliver, file, or
record such documents, contracts, instruments, releases, and other
agreements, and take such other actions as may be necessary to
effectuate, implement, and further evidence the terms and
conditions of the Plan, including all such actions delineated in
Article III of the Plan, and this Confirmation Order.
* Prior to and after the Effective Date, purchasers of the
Debtors' assets pursuant to the FTD/ProFlowers Sale Order, Gourmet
Foods Sale Order, and Personal Creations Sale Order shall provide
the Liquidation Trustees, as applicable, with reasonable access to
the books and records, related documents, and materials necessary
for the Liquidation Trustees to perform their respective duties and
the duties of the Liquidation Trusts under the Plan, this
Confirmation Order, and the Liquidation Trust Agreements.
* The rights of Aetna Life Insurance Company are hereby reserved
to recover from the Debtors and the Debtor Liquidation Trust all
amounts that become due to Aetna under the Master Services
Agreement No. MSA-847080, effective as of January 1, 2018, and
related, schedules, exhibits, appendices and documents.
A full-text copy of the Order Confirming the Plan is available at
https://tinyurl.com/wur2unu from PacerMonitor.com at no charge.
About FTD Companies
FTD Companies, Inc. -- http://www.ftdcompanies.com/-- is a premier
floral and gifting company. Through its diversified family of
brands, it provides floral, specialty foods, gifts, and related
products to consumers primarily in North America. It also provides
floral products and services to retail florists and other retail
locations throughout these same geographies.
FTD has been delivering flowers since 1910, and the
highly-recognized FTD brand is supported by the iconic Mercury Man
logo, which is displayed in over 30,000 floral shops in more than
125 countries. In addition to FTD, its diversified portfolio of
brands includes these trademarks: ProFlowers, Shari's Berries,
Personal Creations, Gifts.com, and ProPlants. FTD Companies is
headquartered in Downers Grove, Ill.
On June 3, 2019, FTD Companies and 14 domestic subsidiaries sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-11240). The
Debtors disclosed $312.7 million in assets and $374.9 million in
liabilities.
Judge Laurie Selber Silverstein oversees the cases.
The Debtors tapped Jones Day and Richards, Layton & Finger, P.A.,
as legal counsel; Moelis & Company LLC as financial advisor; and
Piper Jaffray & Co. as investment banker. AP Services, LLC, an
affiliate of AlixPartners, provides restructuring services. Omni
Management Group is the claims agent and has put up the site
http://www.FTDrestructuring.com/.
HAMLETT ENTERPRISES: To Seek Plan Confirmation on Feb. 18
---------------------------------------------------------
Judge Joseph M. Meier has ordered that that the Disclosure
Statement in support of the Chapter 11 Plan filed by Hamlett
Enterprises, Inc., is approved.
The hearing to consider confirmation of the Plan will be held at
the U.S. Courtroom, Federal Building, 801 E. Sherman Avenue,
Pocatello, Idaho on Feb. 18, 2020, at 1:30 p.m.
Feb. 4, 2020 is fixed as the last day for filing written
acceptances or rejections of the Plan. The last day for filing and
serving written objections to confirmation of the Plan is also on
Feb. 4.
As reported in the Troubled Company Reporter, according to its
Second Amended Disclosure Statement, motel operator Hamlett
Enterprises Inc., is proposing a Chapter 11 plan that provides that
unsecured creditors will be paid bi-annually in an amount equal to
2.5% of their claims for a payment of 5% annually. Over the term
of the 5-year plan, unsecured creditors will be paid a total of 25%
of their claims. The Debtor will continue to rent both the hotel
rooms and the RV spaces.
A full-text copy of the Second Amended Disclosure Statement dated
Dec. 13, 2019, is available at https://tinyurl.com/rx48gbk from
PacerMonitor.com at no charge.
About Hamlett Enterprises
Hamlett Enterprises, Inc., owns the motel known as the Sacajawea
Inn, which is located at 705 S. Challis St., Salmon, Idaho 83467
the property consists of 21 rooms totaling 7,171 square feet and 8
RV spaces, as well as a 1769 square-foot office/apartment building,
a 551 square-foot storage area and a restaurant. The land area is
approximately 2 acres.
Hamlett Enterprises filed a petition under Chapter 11 of the
Bankruptcy Code (Bankr. D. Idaho Case No. 18-41169) on Dec. 14,
2018. In the petition signed by Barbara Hamlett-Soper, president,
the Debtor was estimated to have under $1 million in both assets
and liabilities. Maynes Taggart PLLC, led by Robert J. Maynes, is
the Debtor's counsel.
HENLEY PROPERTIES: Watkins Buying Mountain View Property for $14K
-----------------------------------------------------------------
Henley Properties, LLC, asks the U.S. Bankruptcy Court for the
Western District of Missouri to authorize the sale of the real
property located at Lot 5, Round Bottom Pool Estates, Mountain
View, Arkansas to Steve and Dana Watkins for $14,000.
The following sales costs, liens of record, and other charges and
expenses related to the sale are to be paid out of the sale
proceeds at the time of closing in the estimated amounts as
indicated:
(a) Recorded liens of record in the amounts indicated: Lien of
Bancorp South securing note of Floyd W. Henley, individually in the
amount of $52,563 net sales proceeds to be applied to reduce loan
balance);
(b) Other charges and expenses in the amounts as indicated:
2019 real estate taxes (prorated).
(c) Other charges and expenses in the amounts as indicated:
Commission in the amount of 8%, to be divided between the selling
and the listing agents pursuant agreement.
Notice of Hearing will be provided to all interested parties by the
Court. If no response is filed within 10 days, the Court may enter
an order granting the relief requested.
A copy of the Agreement is available at
https://tinyurl.com/yx82q9qe from PacerMonitor.com free of charge.
About Henley Properties
Henley Properties, LLC, owns and operates weddings and events
venue.
Henley Properties sought Chapter 11 protection (Bankr. W.D. Mo.
Case No. 19-30422) on Aug. 6, 2019. In the petition signed by
Floyd W. Henley and Rebecca L. Henley, members, the Debtor
disclosed total assets at $2,973,329 and $1,192,562 in debt. The
case is assigned to Judge Brian T. Fenimore. The Debtor tapped
Mariann Morgan, Esq., at Checkett & Pauly as counsel.
HIGH RIDGE: Has Interim Court Nod on $40-Mil. DIP Facility
----------------------------------------------------------
High Ridge Brands Co., and debtor affiliates sought permission from
the Bankruptcy Court to obtain up to $40 million in aggregate
maximum principal amount of senior secured, post-petition financing
from BMO Harris Bank, N.A., as administrative agent for itself and
the Debtors' prepetition first lien lenders.
The DIP loan consists of (i) a senior secured, super priority
multi-draw term loan facility in the aggregate amount not to exceed
$20 million, of which up to $12.5 million may be advanced
immediately after entry of the interim order and (ii) a roll-up
facility in an aggregate amount not to exceed $20 million, pursuant
to the DIP Credit Agreement.
The material terms of the DIP Credit Agreement are:
* Borrower: High Ridge Brands Co.
* Subsidiary Borrowers: Golden Sun, Inc.; Continental
Fragrances, Ltd.; Freshcorp, Inc.; Children Oral Care, LLC; and Dr.
Fresh, LLC
* Guarantor: HRB Buyer, Inc.
* DIP Lenders: Prepetition First Lien Lenders
* DIP Administrative and Collateral Agent: BMO Harris Bank,
N.A.
* Commitment:
The DIP facility is a $40 million senior secured priming
facility, consisting of (a) a super priority multi-draw term loan
in the aggregate principal amount not to exceed $20 million and (b)
a roll-up facility in an aggregate amount not to exceed $20
million.
* Maturity: The DIP facility will mature no later than four
months after the Petition Date, but may be extended upon request by
the DIP Debtors, subject to certain conditions.
* Interest Rates: Base rate loans under the DIP facility will
bear interest at a rate per annum equal to the sum of (a) the base
rate as in effect from time to time and (b) the applicable margin.
LIBO rate loans under the DIP Facility will
bear interest at a rate per annum equal to the sum of (a) the LIBO
Rate, determined for the applicable interest period and (b) the
applicable margin in effect from time to time during said interest
period.
* Default Interest Rate:
All outstanding amounts under the DIP facility will bear
interest at the interest rate otherwise applicable to such loans
plus 2.00% per annum and will be payable on demand, at any time
when an event of default under the DIP facility has occurred and is
continuing.
* Expenses and Fees:
The Debtors are jointly and severally obligated to pay all
professional fees, including reasonable, documented, out-of-pocket
fees, costs and expenses of Winston & Strawn LLP, Womble Bond
Dickinson, and Carl Marks Advisory Group, LLC, whether incurred
before or after the Petition Date and without the necessity of
filing fee applications.
* DIP Liens/DIP Collateral:
The DIP obligations are secured by the DIP liens on collateral
including all accounts, chattel paper, deposit accounts, documents,
equipment, general intangibles, instruments, intellectual property,
inventory, investment property, letter-of-credit rights, money, all
commercial tort claims, all books and records pertaining to the
collateral, all supporting obligations, all other goods and
personal property of such grantor arising under the laws of the
United States, all property of any grantor held by the pre-petition
agent or any first lien lender as of the closing date; and, subject
to entry of a final order, all proceeds of avoidance actions of the
Debtors or their estates.
* Super Priority Administrative Claim Status:
In addition to the liens and security interests granted to the
DIP agent on behalf of the DIP lenders, subject to the carve-out,
all of the DIP obligations constitute allowed super priority
administrative expense claims with priority over any and all of the
Debtors’ administrative expenses.
* Carve-out: Carve-out shall consist of:
(a) fees payable to the clerk of the U.S. Bankruptcy Court,
and to the U.S. Trustee;
(b) allowed and unpaid professional fees and disbursements
incurred or accrued by the loan parties and the Committee at any
time prior to the delivery of a carve-out notice, in an aggregate
amount not exceeding the budgeted amounts as reflected in the
Approved Budget; provided that no more than an aggregate of $25,000
of the carve-out amount may be used by the Committee to investigate
the (i) amount, extent, priority, validity, perfection or
enforcement of the indebtedness of the borrowers' owing to the
administrative agent, the lenders, the prepetition agent, or the
prepetition first lien lenders, or (ii) liens or security interests
in the collateral securing said indebtedness;
(c) an aggregate amount not to exceed, the lesser of (1) the
amount of unpaid professionals' fees and disbursements outstanding
and incurred prior to the occurrence of an event of default and (2)
the budgeted amount of professional fees and disbursements set
forth in the approved budget through the date of the delivery of
the carve-out notice but only to the extent not previously
disbursed in accordance with the approved budget, after the
occurrence and during the continuance of an event of default and
following delivery by the administrative agent to the Bankruptcy
Court-approved professionals retained by the loan parties and the
Committee, of a written notice advising that said event of default
has occurred, plus in either case $500,000;
(d) fees of any investment banker earned in conjunction with
the consummation of a transaction or transactions as set forth in
its respective engagement letters with the applicable loan parties,
provided that such amounts may be paid out of the collateral of the
lenders and prepetition first lien lenders;
(e) the payment of fees and expenses of up to $25,000
incurred by a trustee under section 726(b) of the Bankruptcy Code.
* Challenge:
The Committee, if one is appointed, will have until the (a)
later of 60 days from the date of the Committee's appointment (if
said appointment occurs within 75 days from the entry of the
interim order) or (b) 75 days from the entry of the interim order,
and all other non-debtor parties-in-interest will have 75 days from
the entry of the interim order to investigate the validity,
perfection, enforceability, priority, and extent of the prepetition
FL liens and the prepetition first lien obligations, and to assert
any other claims or causes of action against the prepetition first
lien secured parties. However, if a chapter 11 trustee or chapter
7 trustee is appointed prior to the investigation termination date,
said trustee will have until the later of (X) the investigation
termination date and (Y) 20 days after the appointment of said
trustee to file a standing motion.
Cash Collateral, Adequate Protection
The Debtors, moreover, sought permission to use the cash collateral
of the prepetition first lien secured lenders. The Debtors intend
to use the cash collateral and the proceeds of any DIP loans only
for the purposes of funding post-petition administrative expenses,
the Debtors' working capital and the Debtors' sale efforts to the
extent permitted under the DIP Credit Agreement.
As adequate protection, the Debtors propose to grant the
prepetition first lien secured parties, subject in each case to
payment of the carve-out: (a) the adequate protection liens, (b)
the adequate protection superpriority claims, and (c) the adequate
protection payments.
As of the Petition Date, the Debtors owe the prepetition secured
lenders $50,000,000 in aggregate principal amount with respect to
certain revolving loans, and in the aggregate principal amount of
$213,400,000 with respect to term loans, both made under the
prepetition first lien credit agreement, plus accrued interest,
fees, costs and expenses.
The Debtors have granted first priority liens upon, subject only to
first lien permitted liens, and security interests in and on all
collateral to the prepetition agent as security for the prepetition
first lien obligations.
Debtor High Ridge Brands Co. is indebted to the holders of senior
unsecured notes dated as of March 22, 2017 in an aggregate amount
not less than $250,000,000, bearing interest at 8.875% with a
maturity date of March 15, 2025. The domestic subsidiaries of High
Ridge Brands Co., which are also Debtors, guaranteed the 2017
Senior Unsecured Notes.
A copy of the DIP motion is available at https://is.gd/4uhrbJ from
PacerMonitor.com free of charge.
Interim Approval Granted
Judge Brendan Linehan Shannon approved the motion on an interim
basis. The Debtors are authorized to borrow an initial draw under
the DIP facility in the principal amount of up to $12.5 million of
DIP term loans and $12.5 million of roll-up loans, subject to the
interim order and the DIP Credit Agreement.
A copy of the interim order is available at https://is.gd/2uEiIR
from PacerMonitor.com free of charge.
The budget provides for $34.6 million in total operating
disbursements over the six-week-period through Jan. 24, 2020.
A copy of the budget is available at https://is.gd/AlqBA3 also from
PacerMonitor.com at no charge.
Final hearing on the motion will be held on January 15, 2020 at
1:30 p.m. (prevailing Eastern Time). Objections are due by 4 p.m.
on January 8, 2020.
The Debtors' proposed counsel can be reached through:
Robert S. Brady, Esq.
Edmon L. Morton, Esq.
Ian J. Bambrick, Esq.
Allison S. Mielke, Esq.
Jaclyn C. Weissgerber, Esq.
Young Conaway Stargatt & Taylor, LLP
Rodney Square
1000 North King Street
Wilmington, Delaware 19801
Telephone: (302) 571-6600
Facsimile: (302) 571-1256
The Debtors' proposed corporate, finance and litigation counsel can
be reached through:
M. Natasha Labovitz, Esq.
Nick S. Kaluk, III, Esq.
Debevoise & Plimpton LLP
919 Third Avenue
New York, New York 10022
Telephone: (212) 909-6000
Facsimile: (212) 909-6836
About High Ridge Brands
Headquartered in Stamford, Connecticut, High Ridge Brands --
http://www.highridgebrands.com/-- is one of the largest
independent branded personal care companies in the United States by
unit volume, with a mission to craft extraordinary experiences for
savvy consumers. Today, High Ridge Brands has a portfolio of over
thirteen trusted brands, serving primarily North American skin
cleansing, hair care and oral care markets, including Zest(R),
Alberto VO5(R), REACH(R), Firefly(R), Dr. Fresh(R), Coast(R), White
Rain(R), LA Looks(R), Zero Frizz(R), Rave(R), Salon Grafix(R),
Binaca(R) and Thicker Fuller Hair(R). In addition, the Company has
relationships with leading entertainment properties through which
it has a portfolio of licenses such as Star Wars, Batman,
Spiderman, Hello Kitty, and Transformers. The Company operates an
asset-light model, outsourcing its manufacturing needs, and has
approximately 140 employees.
The Debtors sought Chapter 11 protection (Bankr. D. Del. Case No.
19–12689) on Dec. 18, 2019. The Debtor affiliates include High
Ridge Brands Holdings, Inc., HRB Midco, Inc., HRB Buyer, Inc., High
Ridge Brands Co., Golden Sun, Inc., Continental Fragrances, Ltd.,
Freshcorp, Inc., Children Oral Care, LLC, and Dr. Fresh, LLC.
Judge Brendan Linehan Shannon is assigned to the cases.
Young Conaway Stargatt & Taylor, LLP, is the Debtors' counsel.
Debevoise & Plimpton LLP is corporate, finance and litigation
counsel to the Debtors. PJT Partners LP is the Debtors' investment
banker.
IMAGINE GROUP: S&P Raises ICR to 'CCC' on Liquidity Infusion
------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on
Minneapolis-based marketing solutions provider The Imagine Group
LLC to 'CCC' from 'CCC-' to reflect the company's improved
near-term liquidity.
S&P took the rating action after the company received a $25 million
liquidity infusion in the form of a term loan from its financial
sponsor as well as temporary covenant relief from its revolving
credit facility lenders that allows for up to $30 million in
borrowings under the facility, as opposed to $12 million
previously. As a result of these agreements, the company had about
$45 million in cash and revolving credit facility availability as
of Dec. 31, 2019.
Meanwhile, S&P assigned a 'CCC' issue-level rating to the new $25
million term loan B-2 and '4' recovery rating. The '4' recovery
rating indicates its expectation for average (30%-50% (rounded
estimate: 35%) recovery in the event of a payment default. S&P
raised its issue-level ratings on the company's first-lien
revolving credit facility and existing term loan to 'CCC' from
'CCC-'. S&P also raised the issue-level rating on the second-lien
debt to 'CC' from 'C'." The recovery ratings on the first- and
second-lien debt remain unchanged.
The upgrade reflects S&P's view that The Imagine Group LLC's
improved liquidity position with approximately $45 million in cash
and revolving credit facility availability as of Dec. 31, 2019,
will allow it to pursue its business turnaround plan through 2020
despite generating negative cash flows. However, further upside to
the rating is limited by the company's operating challenges, which
stem from the loss of a major customer in 2019, underperformance in
its Midnight Oil division, and negligible covenant cushion once the
new financial covenant under its amended revolving credit facility
becomes active in December 2020. S&P believes Imagine would likely
violate the financial covenant if it cannot successfully turn
around its business.
The negative outlook reflects S&P's view that despite near-term
liquidity relief, Imagine remains vulnerable to operating
challenges and overall economic conditions, and it would likely
violate the financial covenant imposed by its amended revolving
credit facility once it becomes active in December 2020 if it
cannot sufficiently improve its performance by then, triggering a
default.
"We could lower our rating if we expect a default within the next
six months as a result of either a covenant violation or liquidity
constraints. Operating challenges and declining business conditions
including increased competition from peers would most likely cause
a downside scenario," S&P said.
"We could raise our rating if Imagine demonstrates it has
successfully executed its turnaround plan such that it has
organically grown revenues and EBITDA, and generated positive free
cash flows. We would also look for it to maintain a 15% or larger
cushion on its financial maintenance covenant over the next 12
months for an upgrade," the rating agency said.
IMR SECURITY: Plan & Disclosures Deadline Extended to Mid-February
------------------------------------------------------------------
Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico granted the motion filed by Debtor IMR
Security & Investigation Services, LLC requesting an extension of
time to file Disclosure Statement and Chapter 11 Plan.
In seeking a 60-day extension of the Dec. 16, 2019 deadline to file
a Chapter 11 plan and disclosure statement, the Debtor said there
are certain circumstances related to Debtor's operation which still
need to be worked with prior to filing a disclosure statement.
Among those, there is a corporation which existed prior to IMR
Security from which the operation was acquired and there are some
debts from said corporation which we need to identify if should be
paid within the captioned voluntary petition. The accountant from
the estate has been making said analysis. In addition, the Debtor
is considering moving the operation to another property and said
decision has occupated Debtor's President's attention within the
last month. Finally, the Debtor's President has been actively
searching for new contracts.
About IMR Security & Investigation Services
IMR Security & Investigation Services, LLC, a privately held
company in Puerto Rico that offers security and investigation
services, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D.P.R. Case No. 19-04668) on Aug. 16, 2019. At the time of
the filing, the Debtor had estimated assets of between $100,000 and
$500,000 and liabilities of between $1 million and $10 million.
The case is assigned to Judge Enrique S. Lamoutte Inclan. Nilda M.
Gonzalez-Cordero, Esq., is the Debtor's counsel.
INTERIM HEALTHCARE: Says Patient Care Ombudsman Unnecessary
-----------------------------------------------------------
Interim Healthcare of Southeast Louisiana, Inc., is a healthcare
service provider based in Covington, LA, with its main
administrative facility located at 71677 Riverside Drive,
Covington, LA 70433, and provides healthcare services through
itself and affiliates Interim Healthcare Hospice, Inc. and Interim
Healthcare Personal Care Services, Inc.
The Debtor is asking the Court to enter an order determining that
the appointment of a patient care ombudsman is unnecessary. It
notes that the healthcare operations are limited to offsite
outpatient care, which includes physical therapy, occupational
therapy, and home health aide. It adds that its treatment of a
particular patient commences only after a licensed physician
recommends that an individual receive such care and then refers the
patient to the Debtor, and does not provide emergency care,
impatient treatment, surgery, or perform any other high-risk
procedures.
Julia Burden serves as chief executive officer and director of the
Debtor and has over a decade of experience in the health care
industry.
The Debtor is already subject to ongoing oversight from state and
federal authorities, and has demonstrated its ability and
commitment to providing excellent care for patients.
Therefore, the Debtor believes that the appointment of an ombudsman
in this case would be redundant and unnecessary administrative
costs on the Debtor's estate.
A full-text copy of the Debtor's motion is available at
https://tinyurl.com/t5vmmje from PacerMonitor.com at no charge.
About Interim Healthcare of Southeast Louisiana
Interim Healthcare of Southeast Louisiana, Inc., is a home health
care services provider based in Covington, La.
Interim Healthcare of Southeast Louisiana filed a voluntary Chapter
11 petition (Bankr. Case No. 19-13127) on Nov. 19, 2019. In the
petition signed by Julia Burden, president and chief executive
officer, the Debtor estimated $1 million to $10 million in both
assets and liabilities. Joseph Patrick Briggett, Esq., at
Lugenbuhl, Wheaton, Peck, Rankin & Hubbard, is the Debtor's legal
counsel.
IONIX TECHNOLOGY: CEO Yubao Liu Steps Down
------------------------------------------
Yubao Liu resigned as chief executive officer, president,
secretary, treasurer and a member of the Board of Directors of
Ionix Technology, Inc., effective as of Jan. 7, 2020. Mr. Liu's
resignation was not the result of any disagreements with the
Company on any matter relating to its operations, policies, or
practices. Effective upon resignation of Mr. Liu, on Jan. 7, 2020,
the Company's Board appointed Mr. Cheng Li as chief executive
officer, Mr. Shuyu Li as president and treasurer, and Mr. Long Xie
as secretary of the Company.
Cheng Li, age 64, is a director and Chairman of the Board. Mr.
Cheng Li has participated in the operation and management of the
Company since 2015. From April 2013 to March 2015, Mr. Li served
as the general manager and financial controller of Dalian Huanyu
Venture Capital Co., Ltd, where he engaged in project approvals,
financing, and investments and accumulated substantial experience
in the field of high-tech and financing operations. From 1996 to
2012, Mr. Li served in the Ministry of Industry and Information
Technology of Jiamusi city, Heilongjiang Province and the
Association for Science and Technology of Jiamusi. He received his
undergraduate degree in 1980 from Liaoning Normal University.
Mr. Shuyu Li, born in 1989, graduated in 2012 from Auckland
University of Technology with a Bachelor degree in Business, double
majored in Accounting and Finance. From August 2013 to October
2017, he worked as accountant assistant and office manager at Snug
Insulation Limited in Auckland, New Zealand, where he was mainly
responsible for business operation, budgeting, inventory control
and bookkeeping. Mr. Li joined the Company since 2018, and serves
as the director of Overseas Business department of the Company.
Mr. Long Xie, born in 1976, graduated from Liaoning University of
Technology, majoring in industrial and civil architecture. He
successively worked in Dalian TV station as an editor, Wantangshiye
Development Co., Ltd. as project manager. Mr. Xie joined the
Company since March 2016.
About Ionix
Headquartered in Liaoning Province, China, Ionix Technology, Inc.
-- http://www.iinx-tech.com/-- is a holding company that is
principally engaged in the photoelectric display and smart energy
industries. The company has four operating subsidiaries: Changchun
Fangguan Photoelectric Display Technology Co., Ltd, a company which
specializes in developing, designing, producing, and selling TN and
STN LCD, STN, CSTN, and TFT LCD modules as well as other related
products; Shenzhen Baileqi Electronic Technology Co., Ltd, a
company which specializes in LCD slicing, filling, researching and
designing, manufacturing and selling of LCD Modules (LCM) and PCBs;
Lisite Science Technology (Shenzhen) Co., Ltd., a company engaged
in the production of intelligent electronic devices; and Dalian
Shizhe New Energy Technology Co., Ltd., a company engaged in
photo-voltaic power generation, electric vehicles and charging
piles with corresponding operation and maintenance and three
dimensional parking.
As of Sept. 30, 2019, Ionix had $18.78 million in total assets,
$8.69 million in total current liabilities, and $10.09 million in
total stockholders' equity.
Prager Metis CPAs, LLC, in Hackensack, New Jersey, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated Sept. 30, 2019, citing that the Company has not
generated sufficient cash flow from its operating activities for
the past two years and did not have enough cash to support future
operating plan. These circumstances, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.
IPS WORLDWIDE: Trustee Amends Plan of Liquidation
-------------------------------------------------
IPS WORLDWIDE, LLC, through its Chapter 11 Trustee, has filed an
Amended Plan of Liquidation.
The Plan or Disclosure Statement did not provide for an estimated
percentage recovery for unsecured creditors, which assert claims in
excess of $100,000,000.
According to the Disclosure Statement, recoveries for creditors in
this case will come from the Extraordinary Income generated from:
(i) liquidation of the Debtor's assets owned (either directly or
indirectly) on the Petition Date; (ii) proceeds from avoidance
Causes of Action including actions arising under Sections 544
through 553 of the Bankruptcy Code; (iii) proceeds from other
Causes of Action and noted in the Litigation Analysis.
As noted, the Bankruptcy Estate currently has in excess of
$8,000,000 in cash from liquidation of bank accounts and the Assets
Sale. Additionally, the Bankruptcy Estate also holds several loan
obligations owed by third parties which are being collected in
ordinary course or, upon default, through collection actions.
The Plan provides for the creation of the Liquidating Trust,
responsible for the recovery of Extraordinary Income for the
benefit of IPS's creditors with allowed claims. The initial
Liquidating Trustee shall be Alex D. Moglia, who shall cease being
the Chapter 11 Trustee when he becomes the Liquidating Trustee.
A full-text copy of the Amended Plan of Liquidation dated December
16, 2019, is available at https://tinyurl.com/v6d5d9y from
PacerMonitor.com at no charge.
Counsel for Chapter 11 Trustee:
R. Scott Shuker, Esq.
Mariane L. Dorris, Esq.
John B. Dorris, Esq.
Shuker & Dorris, P.A.
121 S. Orange Ave., Suite 1120
Orlando, FL 32801
Telephone: (407) 337-2060
Facsimile: (407) 337-2050
About IPS Worldwide
IPS Worldwide, LLC, filed a Chapter 11 petition (Bankr. M.D. Fla.
Case No. 19-00511) on Jan. 25, 2019. In the petition signed by
William Davies, president, the Debtor was estimated to have assets
of less than $50,000 and liabilities of $100 million to $500
million. The case is assigned to Judge Karen S. Jennemann. The
Debtor tapped the Law Offices of Scott W. Spradley, P.A., as its
bankruptcy counsel, and Moglia Advisors, as investment banking
advisor.
Judge Karen S. Jennemann approved the appointment of Alex D. Moglia
as the Chapter 11 trustee for IPS Worldwide. The Trustee retained
Klayer and Associates, Inc., as counsel and Moglia Advisors, as
investment banking advisor.
The U.S. Trustee for Region 21 on Feb. 15, 2019, appointed three
creditors to serve on an official committee of unsecured creditors
in the Chapter 11 case.
On June 25, 2019, the Court entered its order authorizing the sale
of substantially all of the Debtor's assets. The Chapter 11
Trustee conducted an auction on June 19, 2019, with Europe
Management, SPRL, being the highest and best bidder. The asset
sale closed in July 2019 and the amount of $2,300,000 was paid into
the estate.
J.E.L. SITE: Unsecureds Owed $1.08M to Get Retainage, $300K Pot
----------------------------------------------------------------
J.E.L. Site Development, Inc., has proposed a reorganization plan.
The Plan contemplates that the Reorganized Debtor will continue to
operate the Debtor's business. The Reorganized Debtor believes the
cash flow generated from the continued operation of the Debtor's
business and collection of retainage will be sufficient to meet the
operating needs and Plan Payments.
The Plan treats claims as follows:
* Class 1 - Secured Claim of United. IMPAIRED. Total claim
$661,557. On the first day of the month following the Effective
Date the Reorganized Debtor will commence making modified payments
to United on account of its Allowed Secured Class 1 claim based
upon fixed monthly payments of $13,021.72 based on a five year
amortization and maturity, with interest at six and three-quarter
percent (6.75%) per annum.
* Class 4 - Secured Claim of BFS. IMPAIRED. Total claim
$576,195. On the first day of the month following the later of the
Effective Date or resolution of any Adversary Proceeding, the
Reorganized Debtor will commence making modified payments to BFS on
account of its Allowed Secured Class 4 claim based upon fixed
monthly payments of $6,616.11 based on a 10-year amortization and
maturity, with interest at 6.75% per annum.
* Class 5 - Secured Claim of Caterpillar (Claim No. 23).
IMPAIRED. Total claim $257,478. In full satisfaction of its
Allowed Secured Class 5 Claim, the Debtor will transfer the
Caterpillar Claim 23 Collateral, or the proceeds thereof, to
Caterpillar as the indubitable equivalent of its Allowed Secured
Claim.
* Class 6 - Secured Claim of Caterpillar (Claim No. 24).
IMPAIRED. Total claim $876,021. In full satisfaction of its
Allowed Secured Class 6 Claim, the Debtor will transfer the
Caterpillar Claim 24 Collateral, or the proceeds thereof, to
Caterpillar as the indubitable equivalent of its Allowed Secured
Claim.
* Class 7 - Secured Claim of Komatsu. IMPAIRED. Total claim
$372,772. On the first day of the month following the Effective
Date the Reorganized Debtor will commence making modified payments
to Komatsu on account of its Allowed Secured Class 7 claim based
upon fixed monthly payments of $7,337.44 based on a 5-year
amortization and maturity, with interest at 6.75% per annum.
* Class 8 - Disputed Secured Claim of HGR. IMPAIRED. $760,625.
On the first day of the month following the later of the Effective
Date, resolution of the HRG Adversary Proceeding, or State Court
Appellate Proceeding, the Reorganized Debtor will commence making
modified payments to HGR on account of its Allowed Secured Class 8
claim based upon fixed monthly payments of $8,733.81 based on a
10-year amortization and maturity, with interest at six and
three-quarter percent (6.75%) per annum.
* Class 9 - General Unsecured Claims. IMPAIRED. After full
payment of said Administrative Claims and Priority Claims, the
Debtor will use the remainder of the Retainage to pay Class 9
Allowed General Unsecured Claims pro rata. To the extent that the
remaining Retainage is insufficient to pay all Class 9 Allowed
General Unsecured Claims in full, the Debtor will pay up to $5,000
per month for a period of five years, for a maximum total of
$300,000 (the "Unsecured Pot"), which sum will be used to pay Class
9 Allowed General Unsecured Claims pro rata. The Liquidation
analysis estimates that unsecured claims total $1,083,377.
A full-text copy of the Disclosure Statement dated Dec. 16, 2019,
is available at https://tinyurl.com/sgmrp9f from PacerMonitor.com
at no charge.
Counsel for the Debtor:
Jeffrey S. Ainsworth, Esquire
BransonLaw, PLLC
1501 East Concord Street
Orlando, Florida 32803
Telephone: (407) 894-6834
Facsimile: (407) 894-8559
E-mail: jeff@bransonlaw.com
About J.E.L. Site Development
J.E.L. Site Development, Inc. -- http://www.jelsite.com/-- is a
family-owned construction company in Winter Park, Fla. It also
provides in-house digitized estimates, earthwork, demolition, fire
protection, asphalt paving, clearing and grubbing, grading,
building pads, base work, pond excavation, portable water systems,
sanitary sewer systems, storm sewer systems, and silt fence
installation and erosion control services.
J.E.L. Site Development sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-05398) on Aug. 16,
2019. At the time of the filing, the Debtor was estimated to have
assets of less than $50,000 and liabilities between $1 million and
$10 million. The case is assigned to Judge Cynthia C. Jackson.
BransonLaw PLLC is the Debtor's counsel.
JMU LIMITED: Transfers Shares Listing to Nasdaq Capital Market
--------------------------------------------------------------
JMU Limited's application to transfer the Company's listing of its
American Depositary Shares from the Nasdaq Global Market to the
Nasdaq Capital Market has been approved by the Listing
Qualification Department of The Nasdaq Stock Market.
Accordingly, the Company's ADSs began trading on the Nasdaq Capital
Market effective at the opening of business on Jan. 6, 2020. The
Nasdaq Capital Market is a continuous trading market that operates
in substantially the same manner as the Nasdaq Global Market and
listed companies must meet certain financial requirements and
comply with Nasdaq's corporate governance requirements. The
transfer of the Company's listing from the Nasdaq Global Market to
the Nasdaq Capital Market is expected to have no impact on trading
in the Company's ADSs, and the Company's ADS's will continue to
trade under the symbol "JMU."
About JMU Limited
Headquartered in Shanghai, People's Republic of China, JMU Limited
currently operates an online platform for providing
business-to-business services to food-industry suppliers and
customers in China.
Michael T. Studer CPA P.C., in Freeport, New York, USA, the
company's auditor since 2019, issued a "going concern"
qualification in its report dated June 28, 2019, citing that the
Group experienced a net loss of approximately $25.3 million, $161.9
million and $123.2 million for the years ended Dec. 31, 2016, 2017
and 2018, respectively, and negative cash flows from operations of
approximately $5.8 million, $9.9 million and $4.3 million for the
years ended Dec. 31, 2016, 2017 and 2018, respectively. As at Dec.
31, 2018, the Group's current liabilities exceeded its current
asset by $15.7 million and there was a capital deficiency of $22.2
million. These conditions raise substantial doubt about the
Group's ability to continue as a going concern.
JOSEPH FORD: Magnussons Buying Boca Raton Property for $623K
------------------------------------------------------------
Joseph Louis Ford, III, asks the U.S. Bankruptcy Court for the
Southern District of Florida to authorize the sale of his real
property located at 400 SW 13 Place, Boca Raton, Florida, PIN
06-43-47-06-005-0120, to Marcus and Lisa Magnusson for $632,500,
subject to higher or better offers.
On April 30, 2019, the Debtor filed his Motion for Approval of
Settlement Agreement with Joseph L. Ford, IV, dated April 29, 2019.
The relevant part of the Settlement Agreement was that Joseph L.
Ford, IV ("Son") agreed to release his mortgage on the Property,
dated Dec. 28, 2018 that was recorded in the Palm Beach County
public records at OR BK 3040, pages 997-1001 on Jan. 2, 2019.
On Aug. 5, 2019, the Court entered its Order Granting Debtor's
Motion for Approval of Settlement Agreement. As a result of the
Court's entry of the Settlement Order, which is now final and
non-appealable, the Property is unencumbered. As such, the Debtor
requests permission to sell the Property in order to use all net
sales proceeds to fund a plan.
As set forth, there are no liens, claims and encumbrances against
the Property.
The Debtor has been working with Joseph Santini who has shown the
Property to various interested purchasers over the past several
months. The Real Estate Broker has received an offer to purchase
the Property from the Purchasers, in the amount of $632,500. The
offer is the highest and best offer that the Real Estate Broker has
received, and in his professional experience selling real property
in Palm Beach County, Florida, the offer is well in line with
current market prices for similar properties in the area.
The Debtor, the Real Estate Broker and the Purchasers have agreed
to the terms contained in the Sales Contract. The Debtor has
accepted the Contract, subject to Bankruptcy Court approval, which
contains the following material terms:
a. The purchase price is $632,500, with an initial deposit
that has been paid by the Purchasers in the amount of $20,000,
which is in the possession of the escrow agent.
b. The closing date of the sale is Jan. 31, 2020.
Furthermore, the sale of the Property will be free and clear of all
liens, claims and encumbrances and subject to higher and better
offers.
The Real Estate Broker will be paid a commission at closing from
the proceeds of the sale in the amount of $18,975 (which equals 3%
of the Purchase Price). The Purchasers' Broker also will be paid a
commission at closing from the proceeds of the sale in the amount
of $18,975 (which equals 3% of the Purchase Price).
In conjunction with the approval of the Contract, the Debtor asks
approval to compensate the Real Estate Broker and the Purchasers'
Broker, pursuant to the terms described in the Motion.
The Debtor believes that the Real Estate Broker is disinterested
and represents no interest adverse to the estate, as set forth in
the Real Estate Broker's Affidavit.
The Debtor proposes that at closing, after payment of normal and
customary closing costs and the commissions to the Real Estate
Broker and the Purchasers' Broker as set forth, the remaining
proceeds be transferred to the Mark S. Roher, P.A. law firm trust
account, pending further order of the Court.
The proposed sale will be subject to higher or better offers.
Therefore, should the Debtor receive any higher or better offers
prior to the hearing on the Motion, he will ask the approval of bid
procedures at the hearing on the Motion, where competing bids can
then be made.
The Debtor, exercising his business judgment, believes that the
sale of the Property to the Purchasers is in the best interest of
the bankruptcy estate.
In addition, he asks that the Court waives the stay period under
Fed. R. Bank. P. 6004(h), so that the parties can close on the
scheduled closing date.
A copy of the Contract is available at https://tinyurl.com/quksusk
from PacerMonitor.com free of charge.
Joseph Louis Ford, III, sought Chapter 11 protection (Bankr. S.D.
Fla. Case No. 19-10309) on Jan. 9, 2019. The Debtor tapped Kenneth
R. Noble, Esq., as counsel. On Oct. 3, 2019, the Court appointed
Joseph Santini as the broker and Lisa Bradley as the real estate
agent for the Debtor.
JOVI ENTERPRISES: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Jovi Enterprises, Inc.
504 Brook Avenue, Apt. 2B
New York, NY 10025
Business Description: Jovi Enterprises, Inc. is a Single Asset
Real Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: January 13, 2020
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 20-10068
Judge: Hon. Martin Glenn
Debtor's Counsel: Norma Ortiz, Esq.
ORTIZ & ORTIZ LLP
3272 Steinway Street, Ste 402
Astoria, NY 11103
Tel: 718-522-1117
E-mail: email@ortizandortiz.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $0 to $50,000
The petition was signed by Clara Correa, president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A copy of the petition is available for free at PacerMonitor.com
at:
https://is.gd/s8wmRk
K3D PROPERTY: Samples Jennings Represents 2 Banks
-------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Samples, Jennings, Clem & Fields, PLLC submitted a
verified statement that it is representing First Citizens National
Bank and First National Community Bank in the Chapter 11 cases of
K3D Property Services, LLC:
As of Jan. 9, 2020, the enlisted parties and their disclosable
economic interests are:
* First Citizens National Bank
P.O. Box 370
Dyersburg, TN 38025
First Citizens has filed claim #1 in the amount of $193,487.50
which is secured by a deed of trust on real property located at
5609 Tennessee Ave., Chattanooga, TN which includes an assignment
of rents.
* First National Community Bank
701 North 3rd Ave.
Chatsworth, GA 30705
First National Community Bank has the following claims (proof
of claim has not been filed yet):
a. Promissory note dated May 3, 2019 in the original
principal amount of $279,998.68 which is secured by a deed of trust
on real property located at 612 Ladd Ave., Chattanooga, TN 3405; a
UCC-1 and Fixture Filing on all equipment and materials used in
construction; a security interest in proceeds and accounts
receivable, etc.; and an Assignment of Rents and Leases. The
estimated pay off of this note as of 12/23/2019 is $146,727.06.
b. Promissory note dated May 3, 2019 in the original
principal amount of $273,138.92 which is secured by a deed of trust
on real property located at 612 Ladd Ave., Chattanooga, TN 3405; a
UCC-1 and Fixture Filing on all equipment and materials used in
construction; a security interest in proceeds and accounts
receivable, etc.; and an Assignment of Rents and Leases. The
estimated pay off of this note as of 12/23/2019 is $134,294.83.
c. Promissory note dated October 31, 2018 in the original
principal amount of $264,333.28 with a maturity date of October 31,
2019. This note is secured by a deed of trust, assignment of
rents, and security agreement which covers machinery, equipment,
tools, proceeds, accounts receivable, etc. The estimated payoff of
this note as of 12/23/2019 is $212,477.97.
James A. Fields and the firm of Samples, Jennings, Clem & Fields,
PLLC represents each of these clients individually. They do not
constitute a committee of any kind.
The Firm can be reached at:
Samples, Jennings, Ray & Clem, PLLC
James A. Fields, Esq.
130 Jordan Drive
Chattanooga, TN 37421
Tel: (423)892-2006
E-mail: ecfcreditor@sampleslaw.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/KJIs9b
About K3D Property Services
K3D Property Services, LLC, offers a variety of services, including
home remodeling, basement finishing, drywall installation and
finishing, tile installation, carpet installation, wall framing,
bathroom remodeling, kitchen remodeling, deck installation and
maintenance, interior and exterior painting, commercial painting,
wallpaper and popcorn ceiling removal, deck staining, concrete
floor coatings, and metal roof painting.
K3D Property Services, LLC, filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No.
19-15361) on Dec. 23, 2019. The petition was signed by Kenneth
Morris, managing member. At the time of the filing, the Debtor had
estimated $1 million to $10 million in both assets and liabilities.
The case is assigned to Judge Shelley D. Rucker. Amanda Stofan,
Esq. at FARINASH & STOFAN and Steven R. Fox, Esq. at THE FOX LAW
CORPORATION, INC. are the Debtor's legal counsels.
M.E. SMITH: Court Approves Disclosure Statement
-----------------------------------------------
Judge Elizabeth D. Katz has ordered that the Disclosure Statement
explaining the Chapter 11 Plan filed by M.E. Smith, Inc. is
approved as containing adequate information.
Feb. 5, 2020, is the last day for creditors to submit ballots on
the Chapter 11 Plan.
Any objections to confirmation of the Chapter 11 Plan must be filed
on or before Feb. 7, 2020 by 4:30 p.m.
The hearing to consider confirmation of the Chapter 11 Plan and on
any applications for compensation will be held on Feb. 14, 2020 at
11:00 a.m. at the United States Bankruptcy Court, Donohue Federal
Building, 595 Main Street, Worcester, MA 01608.
The Debtor is ordered to file a report of ballots and an affidavit
in support of confirmation of the Chapter 11 Plan by Feb. 11,
2020.
Debtor M.E. Smith, Inc., filed with the U.S. Bankruptcy Court for
the District of Massachusetts, Central Division, a third amended
plan of reorganization and a disclosure statement. According to
the Third Amended Disclosure Statement, the Plan contemplates a pro
rata distribution of $100,000 over five years which equates to a
6.5% dividend of allowed unsecured claims. Mark E. Smith will
retain his equity interests in exchange for a contribution of new
value.
A full-text copy of the Third Amended Disclosure Statement is
available at https://tinyurl.com/yxxar583 from PacerMonitor.com at
no charge.
About M.E. Smith
Established in 2004, M.E. Smith, Inc., is a Massachusetts
corporation providing construction and maintenance of municipal
water utilities. Services are provided generally to cities and
towns in Massachusetts and Connecticut. Its sole shareholder is
Mark E. Smith.
M.E. Smith, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.
Mass. Case No. 19-40235) on Feb. 12, 2019. The Hon. Elizabeth D.
Katz is the case judge. The Debtor is represented by Michael Van
Dam, Esq. at Van Dam Law LLP.
MABVAX THERAPEUTICS: Unsecured Claims in Plan Hiked to $15.9M
-------------------------------------------------------------
Mabvax Therapeutics Holdings, Inc., et al., filed an Amended
Combined Disclosure Statement and Joint Plan of Liquidation to
disclose, among other things that:
* Priority non-tax claims are now estimated at $74,994, instead
of $78,151; and
* General Unsecured Claims are now estimated to total
$15,885,420 instead of $4,822,340.
Like in the prior iteration of the Plan, the Amended Plan provides
that priority non-tax claims in Class 3are estimated to recover
100% while general unsecured claimants in Class 4 will recover 3%.
Equity holders are estimated to have a 0% recovery. On the
Effective Date, all Equity Interests shall be extinguished, and
owners thereof shall receive no Distribution on account of such
Equity Interests. Equity Interest shall be non-transferable from
and after the Effective Date; provided, however, if the Plan
Administrator receives over time sufficient Available Cash to
achieve the class 4 satisfaction, a procedure motion will be filed
to make Distributions to junior classes.
From the sale proceeds received, the Debtors paid $3,220,000 to
Oxford, its fully secured prepetition lender, in full satisfaction
of all amounts owed.
A black-lined copy of the Amended Combined Disclosure Statement
and Joint Plan of Liquidation for Debtors dated Dec. 16, 2019, is
available at https://tinyurl.com/wjbyzbz from PacerMonitor.com at
no charge.
Counsel to the Debtors:
Frederick B. Rosner
Scott J. Leonhardt
Jason A. Gibson
Zhao (Ruby) Liu
THE ROSNER LAW GROUP LLC
824 N Market Street, Suite 810
Wilmington, Delaware 19801
Tel.: (302) 777-1111
E-mail: rosner@teamrosner.com
leonhardt@teamrosner.com
gibson@teamrosner.com
liu@teamrosner.com
About MabVax Therapeutics
MabVax Therapeutics -- https://www.mabvax.com/ -- is a
clinical-stage biotechnology company with a fully human antibody
discovery platform focused on the rapid translation into clinical
development of products to address unmet medical needs in the
treatment of cancer.
MabVax Therapeutics Holdings, Inc. and MabVax Therapeutics, Inc.
each filed a voluntary Chapter 11 petition (Bankr. D. Del. Case No.
19-10603 and 19-10604, respectively) on March 21, 2019. At the
time of filing, MabVax Therapeutics Holdings was estimated to have
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities. MabVax Therapeutics, Inc., was estimated to have up
to $50,000 in assets and liabilities.
Jason A. Gibson, Esq., at the Rosner Law Group LLC, is the Debtors'
bankruptcy counsel.
MENDENHALL AUCTION: Seeks to Hire Ivey McClellan as Legal Counsel
-----------------------------------------------------------------
Mendenhall Auction Company seeks approval from the U.S. Bankruptcy
Court for the Middle District of North Carolina to hire Ivey,
McClellan, Gatton & Siegmund as its legal counsel.
The firm will assist the Debtor in investigating and examining
contracts, leases, financing statements and other documents;
determine the rights and priorities of lienholders; advise the
Debtor in preserving its assets; and generally assist in
administering its bankruptcy estate.
The firm's hourly rates are:
Dirk Siegmund $390
Tabitha Coltrane $100
Dirk Siegmund, Esq., a partner at Ivey, disclosed in court filings
that she and her firm are "disinterested" as defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Dirk Siegmund, Esq.
Ivey, McClellan, Gatton & Siegmund, LLP
P.O. Box 3324
Greensboro, NC 27402
Telephone: 336-274-4658
Email: skb@iveymcclellan.com
About Mendenhall Auction Company
Mendenhall Auction Company, an estate sale company in High Point,
N.C., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. M.D.N.C. Case No. 19-11406) on Dec. 30, 2019. At the time
of the filing, the Debtor disclosed under $1 million in both assets
and liabilities. Judge Benjamin A. Kahn oversees the case.
Ivey, McClellan, Gatton & Siegmund, LLP, is the Debtor's legal
counsel.
MILK SPECIALTIES: S&P Lowers ICR to 'B' on Weak Performance
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Minnesota-based Milk Specialties Co. (Milk) to 'B' from 'B+'. At
the same time, S&P lowered its issue-level rating on the company's
$50 million revolving credit facility due August 2021 and $475
million first-lien term loan due August 2023 to 'B' from 'B+' with
a recovery rating of '3' (reflecting a rounded estimate recovery of
50% in the event of a payment default).
The downgrade reflects S&P's view that Milk's leverage will remain
elevated due to its weaker-than-expected profitability. Milk's
debt to EBITDA increased to just below 6x for the 12 months ended
Sept. 30, 2019, from about mid-4x at the end of fiscal 2018 due to
challenging industry conditions including depressed dairy prices
and the African Swine Fever (ASF) epidemic as well as input-cost
inflation. S&P now believes that profitability improvements as a
result of a rebound in milk prices, better product mix management
in the Animal Nutrition business, and increased co-manufacturing
capacity will take longer than initially expected. As such, S&P
does not expect any significant profitability improvements driven
by these factors to begin materializing before fiscal 2021.
Although global pricing trends for the company's carbohydrate
by-products have shown some stabilization after a sharp
deterioration due to weak Chinese demand, S&P expects profitability
within this sub-segment to remain at the current low levels for the
remainder of fiscal 2020 given continued weak demand trends from
Chinese customers. Based on these expectations, the rating agency
forecasts that Milk's leverage will stay in the low- to mid-5x
range at the end of fiscal 2020.
The stable outlook reflects S&P's expectation that Milk's operating
performance will modestly improve in 2020, supported by a rebound
in dairy prices, introduction of alternative butterfat and palmitic
products, stabilization of carbohydrate by-product prices, and
ongoing high-protein whey sales growth. The rating agency expects
the company's credit metrics will gradually improve with leverage
declining below 5.5x by the end of fiscal 2020 and to low-5x at the
end of fiscal 2021.
"We could lower the rating if the company's operating performance
further deteriorates, possibly from additional volume declines,
ingredient margin contraction, or an unforeseen manufacturing
disruption. We could also lower the rating if its financial sponsor
elected to raise more debt for either a large acquisition or
shareholder returns, increasing debt to EBITDA to over 6.5x," S&P
said.
S&P estimates leverage could remain above 6.5x if the company faces
a more than 150 basis point (bp) year-over-year decline in EBITDA,
possibly from an ongoing decline in volumes of its milk-protein
products for animals or a negative product mix shift away from its
higher-margin offerings. Leverage could also increase to more than
6.5x if the company undertakes a large debt-financed acquisition.
"We could raise our ratings if the company sustains debt to EBITDA
below 5x with an explicit commitment from its financial sponsor
owners to keep leverage below 5x. To do so, it would have to
improve milk protein volumes under its Animal Nutrition segment
closer to historical levels while the Human Nutrition segment
continues to expand profitability," the rating agency said.
MMMT CORPORATION: PCO Notes 23 Patients to Be Affected by Eviction
------------------------------------------------------------------
Susan N. Goodman filed a supplemental report to her Patient Care
Ombudsman’s First Interim Report filed Nov. 13, 2019 for MMMT
Corporation.
Shortly after the filing of the First Report, a State Court hearing
related to a civil eviction action under Case #19E019686 occurred,
and was informed that the outcome of the Eviction Proceeding was
that the residents/ patients at the care facility would need to be
placed elsewhere.
According to the supplemental report, the PCO promptly engaged with
the State of Nevada Long Term Care Ombudsman team regarding the
eviction news. The State LTCO team engaged with the State Medicaid
office given that some of the affected individuals are members in
this program. At the time of the filing of this supplemental
report, the State LTCO team has been on site and met with Debtor's
clinical, administrative, and social work team members as well as
the Constable who will be posting the eviction notice on Dec. 4,
2019.
The facility currently has 23 patients/residents who will be
affected by the eviction, many with varying levels of memory
impairment. The State LTCO team's best estimation is that they
will need two weeks to place all affected individuals. Placement
will not be possible, from a patient safety standpoint, within the
typical, 24-hour eviction period.
Therefore, the PCO will remain engaged with the State LTCO and
Nevada HHS teams with regular updates regarding placement of
affected residents. Because the Debtor filed a Motion to Dismiss
on Nov. 5, 2019, the Court may want to clarify PCO's potential
obligations for additional updates to the Court, if any, after
December 11, 2019.
A full-text copy of Supplemental Report is available at
https://tinyurl.com/t555yzf from PacerMonitor.com at no charge.
PCO can be reached at:
Susan N. Goodman, RN JD
Pivot Health Law
P.O. Box 69734
Oro Valley, Arizona 85737
Tel: (520) 744-7061
Fax:(520) 575-4075
E-mail: sgoodman@pivothealthaz.com
About MMMT Corporation
MMMT Corporation, a company that operates a skilled nursing
facility in Las Vegas, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 19-16113) on Sept. 21,
2019. At the time of the filing, the Debtor was estimated to have
assets of less than $50,000 and liabilities of between $10 million
and $50 million. The case is assigned to Judge Mike K. Nakagawa.
Johnson & Gubler, P.C., is the Debtor's legal counsel.
MORAN FOODS: S&P Lowers ICR to 'SD' on Missed Interest Payment
--------------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on U.S.-based
hard-discount grocer Moran Foods LLC (Save-A-Lot) to 'SD'
(selective default) from 'CCC' and the issue-level rating on its
first-lien term loan to 'D' from 'CCC'.
The downgrade follows Save-A-Lot's missed Dec. 31, 2019, interest
payment on its $740 million first-lien term loan. Although the
company has reached a forbearance agreement with lenders
representing a supermajority position of the loan, S&P views the
missed payment as a default because it does not believe the company
will satisfy its payment obligation within 30 days of the due date.
In connection with the forbearance agreement, Save-A-Lot plans to
undertake a restructuring that S&P views as distressed. Under the
proposed transaction, which is supported by lenders representing
67% of the company's term loan, Save-A-Lot will cut debt by more
than $400 million and receive $138 million in new capital." The
announcement follows years of heavy losses as the company has
grappled with intense competition, execution issues, and a
substantial debt burden that has constrained financial flexibility.
MOTHER'S TOUCH: Unsecureds Will be Paid 57% of Claims in Plan
-------------------------------------------------------------
Small business debtor Mother's Touch Learning Center Scenic, LLC,
filed a Combined Plan and Disclosure Statement that proposes to pay
creditors of the Debtor from cash flow from future operations:
* Class 1 - Secured claim of Internal Revenue Service.
IMPAIRED. Creditor to be paid 100% of claim [at an interest rate
of 5%] through a monthly payment starting January 2020, with first
payment made on January 30, 2020.
* Class 2 - General Unsecured Creditors. IMPAIRED. General
unsecured creditors listed on Schedule F will be paid 57% of claims
through monthly payment starting January 2022.
* Class 3 - Equity Security Holders. UNIMPAIRED. Member,
Heather Penrod, will continue to receive compensation from the
operation of Debtor's business. Member will receive all prepetition
property of the Debtor after conclusion of the Plan.
A full-text copy of the Combined Plan And Disclosure Statement
dated December 16, 2019, is available at
https://tinyurl.com/r2y8zz4 from PacerMonitor.com at no charge.
Attorney for the Debtor:
Ted L. Tinsman
Douglas, Haun & Heidemann, P.C.
901 E. St. Louis Street, Ste. 1200
Springfield, MO 65806
Tel: (417) 887-4949
Fax: (417) 887-8618
E-mail: ted@dhhlawfirm.com
About Mother's Touch Learning Center Scenic
Mother's Touch Learning Center Scenic, LLC is a limited liability
company in good standing with the State of Missouri. It has been
in the business of child daycare since its inception in 2001.
At that point the Debtor had incurred considerable tax debt, so the
Debtor hired an attorney in November 2017 for the purposes of
working out a payment plan with the Internal Revenue Service.
However, the attorney has not been of any assistance in the matter
and therefore the tax debt has not been resolved and has only
gotten larger, thus leading the Debtor to file this Chapter 11
bankruptcy.
Mothers Touch Learning Center Scenic LLC sought Chapter 11
protection (Bankr. W.D. Mo. Case No. 19-60709) on June 19, 2019.
The Debtor is represented by Douglas, Haun & Heidemann, P.C.
MURRAY ENERGY: Committee Hires AlixPartners as Financial Advisor
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Murray Energy
Holdings Co., and its debtor-affiliates, seeks authorization from
the U.S. Bankruptcy Court for the Southern District of Ohio to
retain AlixPartners, LLP, as financial advisor to the Committee.
The Committee requires AlixPartners to:
a. review and evaluate the Debtors' current financial
condition, business plans and cash and financial forecasts,
and periodically report to the Committee regarding the
same;
b. review the Debtors' cash management, tax sharing and
intercompany accounting systems, practices and procedures;
c. review and investigate: (i) related party transactions,
including those between the Debtors and affiliates
(including, but not limited to, shared services expenses
and tax allocations) and (ii) selected other pre-petition
transactions;
d. identify and review potential preference payments,
fraudulent conveyances and other causes of action that the
various Debtors estates may hold against third parties,
including each other;
e. analyze the Debtors' assets and claims, and assess
potential recoveries to the various creditor constituencies
under different scenarios;
f. evaluate the Debtors' proposed sale process and any related
bids and participate in any meetings with bidders or
auction, as required;
g. assist in the development and review of the Debtors' plan
of reorganization and disclosure statement;
h. review and evaluate court motions filed or to be filed by
the Debtors or any other parties-in-interest, as
appropriate;
i. render expert testimony and litigation support services,
including e-discovery services, as requested from time to
time by the Committee and its counsel, regarding any of the
matters to which AlixPartners is providing services;
j. attend Committee meetings and court hearings as may be
required in the role of advisors to the Committee; and
k. assist with such other matters as may be requested that
fall within AlixPartners' expertise and that are mutually
agreeable.
AlixPartners will be paid at these hourly rates:
Managing Director $990 to $1,165
Director $775 to $945
Senior Vice President $615 to $725
Vice President $440 to $600
Consultant $160 to $435
Paraprofessional $285 to $305
AlixPartners will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David MacGreevey, partner of AlixPartners, LLP, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and (a) is not creditors,
equity security holders or insiders of the Debtors; (b) has not
been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.
AlixPartners can be reached at:
David MacGreevey
ALIXPARTNERS, LLP
909 Third Avenue, Floor 30
New York, NY 10022
Tel: (212) 490-2500
Fax: (212) 490-2500
About Murray Energy Holdings Co.
Headquartered in St. Clairsville, Ohio, Murray Energy --
http://murrayenergycorp.com/-- is the largest privately owned coal
company in the United States, producing approximately 76 million
tons of high quality bituminous coal each year, and employing
nearly 7,000 people in the United States, Colombia and South
America.
Murray Energy now operates 15 active mines in five regions in the
United States, plus two mines in Colombia, South America. It
operates 12 underground longwall mining systems, 42 continuous
mining units, 10 transloading facilities, and five mining equipment
factory and fabrication facilities.
Murray Energy and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 19-56885) on
Oct. 29, 2019. At the time of the filing, the Debtors disclosed
assets of between $1 billion and $10 billion and liabilities of the
same range.
The cases have been assigned to Judge John E. Hoffman Jr.
The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel; Dinsmore & Shohl
LLP as local counsel; Evercore Group L.L.C. as investment banker;
Alvarez and Marsal L.L.C. as financial advisor; and Prime Clerk LLC
as notice and claims agent.
The U.S. Trustee for Region 9 appointed creditors to serve on the
official committee of unsecured creditors on Nov. 7, 2019. The
committee tapped Morrison & Foerster LLP as legal counsel;
AlixPartners, LLP as financial advisor; and Vorys, Sater, Seymour
and Pease LLP as local counsel. Moelis & Company LLC, as investment
banker.
MY KIDZ DENTIST: Gets Interim Approval to Use Cash Collateral
-------------------------------------------------------------
My Kidz Dentist PC sought and obtained interim approval to use cash
collateral to pay all operating expenses of its dental practice,
pursuant to the budget.
The Debtor has filed a motion seeking authority to use cash
collateral on which Live Oak Bank asserts a first priority security
interest and Community Bank of Picken asserts a second priority
interest.
Upon information, Live Oak Bank is owed $170,007.32 and Community
Bank of Picken is owed $553,786.10. Both creditors have filed UCC
financing statements on their claims. A copy of the motion is
available at https://is.gd/To8jO2 from PacerMonitor.com free of
charge.
Judge W. Homer Drake ruled that:
(a) the Debtor may use the cash collateral to pay its president,
Dr. Lona Bibbs-Walker, only for usual and customary salary or other
compensation. Said payments to Dr. Walker will be limited to no
more than $15,000 (inclusive of any payments made during the week
of December 16, 2019) until further Court order.
(b) as partial adequate protection, the lenders are granted
replacement liens on post-petition property of the same validity,
extent, and priority and upon the same cash collateral as the
lenders' pre-petition liens.
(c) the lenders will be entitled to an administrative claim
pursuant to Section 507 (b) of the Bankruptcy Code to the extent,
if any, that the adequate protection for Debtor's use of cash
collateral proves to be inadequate.
(d) the Debtor is to make post-petition payments to:
* Live Oak Banking Company for $9,551,
* Community Bank of Pickens County for $7,994, and
* Viva Captial Funding, LLC for $10,000.
A copy of the interim order, including the budget, is available at
https://is.gd/Rc4a5f from PacerMonitor.com at no charge.
About My Kidz Dentist
Pediatric dental clinics My Kidz Dentist PC, My Kidz Dentist of
Carrollton and My Kidz Dentist of Fayetteville LLC filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga. Case Numbers 19-12506, 19-12507 and 19-12508,
respectively) on Dec. 13, 2019.
In the petitions signed by Dr. Lona Bibbs-Walker, authorized
representative, My Kidz Dentist PC disclosed $6,266,597 in assets
and $2,789,640 in liabilities; My Kidz Dentist of Carrollton
dislcosed $3,202,708 in assets and $1,407,183 in liabilities; and
My Kidz Dentist of Fayetteville disclosed $6,106,233 in assets and
$902,443 in liabilities.
Ian M. Falcone, Esq., at The Falcon Law Firm, P.C., is the Debtors'
legal counsel.
NEWPARK RESOURCES: S&P Affirms 'B' ICR; Outlook Stable
------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on Newpark
Resources Inc. and its 'B' issue-level rating on the company's
senior unsecured convertible notes due in December 2021. The
recovery rating remains '3', indicating S&P's expectation of
meaningful (50%-70%; rounded estimate: 50%) recovery in the event
of a payment default.
S&P then withdrew the issuer and issue-level ratings at the
company's request.
Newpark's key strengths include diversification of its mats and
integrated services segment into non exploration and production end
markets such as energy infrastructure and utilities. It also has a
high proportion of international contracts with international and
national oil companies. Supporting its financial position is low
leverage and flexible capital spending requirements.
However, these strengths are partially mitigated by a lack of
product diversity and limited scale versus peers; its reliance on
the drilling levels of the highly volatile oil and gas industry;
and a challenging oilfield services market environment.
NICHOLAS BAILEY: Lanham Buying Personal Property for $40K
---------------------------------------------------------
Nicholas James Bailey and Yavette Fawn Bailey ask the U.S.
Bankruptcy Court for the District of Wyoming to authorize the sale
of a 2000 Fountain Powerboat and a 2000 Hoss Trailer to Scott Wayne
Lanham for a total sales price of $40,000.
As of the commencement of the case, the Debtors owned the Personal
Property.
On Dec. 2, 2019, the Debtors agreed to sell the Personal Property
to the Buyer, from Cincinnati, Ohio, for a total sales price of
$40,000.
The lien holders on the Property is WyoCentral Federal Credit Union
with a claim amount of $31,980 as of the petition date. The amount
due and owing as of Dec. 9, 2019 is $36,961.
It is in the best interest of the creditors of the case that the
Court approve the sale.
The Debtors project the proceeds of sale to be paid as follows:
Gross sales proceeds: $40,000
WyoCentral Federal Credit Union (est.) ($36,961)
Attorney fees for PPBG ($3,039)
(to be held in trust) (est.)
--------
Net sale proceeds $0
The Debtors have contacted the attorney for the Wyocentral Federal
Credit Union and can represent that the lender does not have any
objection to the sale of the Personal Property. They anticipate
filing a Motion to Shorten Time from 21 days to three days.
The Debtors ask that the Court enters an order pursuant to 11
U.S.C. Section 363(f) to sell the Personal Property free and clear
of liens to Lanham for the sum of $40,000 and directs that the sale
proceeds be used to satisfy (i) the claim of WyoCentral Federal
Credit Union and (ii) the remaining amount will be turned over to
Patten, Peterman, Bekkedahl & Green to be held in trust to pay for
attorney fees.
Nicholas James Bailey and Yavette Fawn Bailey sought Chapter 11
protection (Bankr. D. Wyo. Case No. 18-20602) on July 25, 2018.
The Debtors tapped John M. Van Atta, Esq., at Patten, Peterman,
Bekkendahl & Green PLLC, as counsel.
NIGHTGALLERIE LLC: Hires Mark Rennie Law as Special Counsel
-----------------------------------------------------------
Nightgallerie, LLC, d/b/a Mezzanine SF, seeks authority from the
U.S. Bankruptcy Court for the Northern District of California to
employ Mark Rennie Law Office, as special corporate and litigation
counsel to the Debtor.
Nightgallerie, LLC requires Mark Rennie Law to represent the Debtor
and provide legal services, to assist with:
a) the sale or sales of assets of the Debtor, including its
liquor license and intellectual property and related
corporate issues;
b) defend the Debtor in pending labor law matters, which are
stayed, mainly by updating the appropriate court and
administrative bodies of the status of the Chapter 11 case;
and
c) all legal services related to the foregoing. Proposed
counsel is not a bankruptcy attorney and will take all
appropriate steps to avoid any duplication of services with
Debtor's bankruptcy counsel.
Mark Rennie Law will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Mark E. Rennie, partner of Mark Rennie Law Office, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Mark Rennie Law can be reached at:
Mark E. Rennie, Esq.
MARK RENNIE LAW OFFICE
870 Market Street, Suite 1260
San Francisco, CA 94102
Tel: (415) 981-4500
About Nightgallerie
Nightgallerie, LLC, owns and operates Mezzanine SF --
http://www.mezzaninesf.com/-- a music and entertainment venue
located at 444 Jessie Street San Francisco, CA 94103.
Nightgallerie, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Cal. Case No. 19-31066) on Oct. 9,
2019. The petition was signed by Deborah Jackman, owner/manager. At
the time of the filing, the Debtor was estimated to have $1 million
to $10 million in assets and $500,000 to $1 million in estimated
liabilities. Judge Hannah L. Blumenstiel is assigned to the case.
The Law Offices of James Shepherd serves as the Debtor's counsel.
Mark Rennie Law Office, as special corporate and litigation
counsel.
NORVIEW BUILDERS: Asks Creditors to Vote for 100% Plan
------------------------------------------------------
Norview Builders Inc. says its Fourth Amended Plan of
Reorganization, Dated December 16, 2019, is in the best interests
of creditors and urges creditors to vote for the Plan. If
creditors vote for the Plan and the Plan is confirmed, the Debtor
anticipates that all creditors holding allowed claims will receive
100% of the amount owed to them, plus interest, within 30 days of
confirmation.
The Debtor estimates that on the effective date it will have cash
of about $494,000, although the precise amount depends upon the
actual timing of the effective date.
Each holder of an allowed priority tax claim will receive on
account of that claim, in full satisfaction, settlement, release,
and discharge of, and in exchange for, the claim, full payment
within 30 days of the Plan’s effective date. The Debtor estimates
that there are $498.49 in priority tax claims.
The Debtor will make a single payment of $218,215.51 to Agent
Equity, the holder of the allowed Class 1 claim, within 30 days of
the Plan’s effective date. This payment will be in full
satisfaction of the Class 1 claim.
The Debtor made a payment of $421,139.18 on or about December 3,
2019, to MB, the holder of the allowed Class 2 claim. This payment
was in full satisfaction of the Class 2 claim, and MB will not
receive any other distribution under the Plan.
Will County, the holder of the Class 3 claim, received payment in
full in two installments on October 10 and November 1, 2019. The
Class 3 claim is therefore $0, and Will County will not receive any
other distribution under the Plan.
Distributions to holders of allowed Class 4 claims, the general
unsecured creditors, will be made within 30 days of the Plan's
effective date. The Debtor estimates that creditors holding allowed
Class 4 claims should receive 100% of the amount owed to them by
February 2020.
Class 4 consists of the general unsecured creditors. Total claim
$46,143. Creditors holding allowed unsecured claims will receive
payment in full, with interest, within 30 days of the Plan's
effective date. The interest rate will be the legal rate under 28
U.S.C. Sec. 1961, which at the time of writing is 1.57%.
After payment of MB's allowed claim, the Debtor is holding about
$494,000 in cash. The Debtor generated these funds mostly from the
sale of the Lockport Property, but also through its settlement with
Sovereign and through normal operations. The Debtor will use these
funds to pay creditors.
A full-text copy of the 4th Amended Disclosure Statement dated Dec.
16, 2019, is available at https://tinyurl.com/wjkezv8 from
PacerMonitor.com at no charge.
Counsel for Norview Builders Inc:.
William J. Factor
Jeffrey K. Paulsen
FACTORLAW
105 W. Madison Street, Suite 1500
Chicago, IL 60602
Tel: (847) 239-7248
Fax: (847) 574-8233
E-mail: wfactor@wfactorlaw.com
jpaulsen@wfactorlaw.com
About Norview Builders
Norview Builders, Inc., based in Oak Lawn, Ill., filed a Chapter 11
petition (Bankr. N.D. Ill. Case No. 18-01825) on Jan. 22, 2018. In
the petition signed by Brenda P. O'Sullivan, president, the Debtor
was estimated to have $1 million to $10 million in assets and
$500,000 to $1 million in liabilities. The Hon. Jacqueline P. Cox
oversees the case. Gregory K. Stern, Esq., at Gregory K. Stern,
P.C., serves as bankruptcy counsel.
OAK LAKE: Tonny Fullbright Named Ombudsman for Nursing Home
-----------------------------------------------------------
Nancy J. Gargula, United States Trustee for Region 21, pursuant to
the order entered by the Court on Aug. 2, 2019, directing the
United States Trustee to appoint one or more patient care ombudsmen
in the case of Oak Lake, LLC, pursuant to Chapter 11 U.S.C.
333(a)(1), has appointed Tony Fullbright to serve as the patient
care ombudsman in connection with the Debtor's nursing home
facility.
PCO can be reached at:
Tony Fullbright
Deputy State Long-Term Care Ombudsman
Oklahoma Department of Human Services, Aging Services
Office of the State Long-Term Care Ombudsman
50 NE 23rd Street
Oklahoma City, OK 73105-3002
Tel: (405) 521-6734
A full-text copy of the PCO Appointment is available at
https://tinyurl.com/ravwmvl from PacerMonitor.com at no
charge.
About Oak Lake LLC
Oak Lake LLC owns and operates a skilled nursing care facility in
Grove, Okla.
Oak Lake LLC filed its voluntary Chapter 11 petition (Bankr. N.D.
Ga. Case No. 19-67517) on Nov. 1, 2019. In the petition signed by
Christopher F. Brogdon, manager, the Debtor was estimated to have
$1 million to $10 million in both assets and liabilities. Judge
Barbara Ellis-Monro is assigned to the case. Theodore N.
Stapleton, P.C., is the Debtor's legal counsel.
OFFSHORE MARINE: Gets Interim OK to Hire Pepperman as Accountant
----------------------------------------------------------------
Offshore Marine Contractors, Inc. received interim approval from
the U.S. Bankruptcy Court of the Eastern District of Louisiana to
employ Pepperman, Emboulas, Schwartz, & Todaro, LLC as its
accountant.
Pepperman will help the Debtor meet its accounting obligations
during its Chapter 11 case. The firm will be paid an hourly fee of
$150.
Lucille Hess, a certified public accountant and shareholder of
Pepperman, attests that the firm is a disinterested person as
defined in Section 101(14) of the Bankruptcy Code.
The accountant can be reached through:
Lucille Hess, CPA
Pepperman, Emboulas, Schwartz, &
Todaro, LLC
1815 Clearview Pkwy
Metairie, LA 70001
Phone: (504) 837-4555
About Offshore Marine Contractors
Offshore Marine Contractors -- http://offshoremarine.net/-- is a
family-owned and operated company that provides offshore,
self-propelled and self-elevating liftboats for the petroleum
exploration and transportation industries.
Offshore Marine Contractors sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. La. Case No. 19-13253) on Dec. 4,
2019. In the petition signed by its president, Raimy Eymard, the
Debtor disclosed $32,345,576 in assets and $69,280,946 in debts.
Judge Meredith S. Grabill oversees the case.
The Debtor tapped Stewart Robbins & Brown, LLC as legal counsel;
Bohman Morse, LLC as special maritime counsel; Baldwin Haspel Burke
& Mayer, LLC as special tax counsel; Pepperman, Emboulas, Schwartz,
& Todaro, LLC as accountant; and Stout Risius Ross, LLC as
financial advisor.
OFFSHORE MARINE: Gets Interim OK to Hire Stewart Robbins as Counsel
-------------------------------------------------------------------
Offshore Marine Contractors, Inc. received interim approval from
the U.S. Bankruptcy Court of the Eastern District of Louisiana to
employ Stewart Robbins Brown & Altazan, LLC as its legal counsel.
Stewart Robbins will advise the Debtor of its powers and duties
under the Bankruptcy Code and will provide other legal services
related to its Chapter 11 case.
Stewart Robbins will charge these hourly fees:
P. Douglas Stewart, Jr. $405
Brandon A. Brown $395
William S. Robbins $395
Brooke Altazan $355
Associates $205
Paralegals $120
Paul Douglas Stewart Jr., Esq., a partner at Stewart Robbins,
disclosed in a court filing that his firm is "disinterested" as
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Paul Douglas Stewart, Jr., Esq.
William S. Robbins, Esq.
Brandon A. Brown, Esq.
Stewart Robbins & Brown, LLC
301 Main Street, Suite 1640
P.O. Box 2348
Baton Rouge, LA 70821-2348
Phone: (225) 231-9998
Fax: (225) 709-9467
Email: dstewart@stewartrobbins.com
Email: wrobbins@stewartrobbins.com
Email: bbrown@stewartr obbins.com
About Offshore Marine Contractors
Offshore Marine Contractors -- http://offshoremarine.net/-- is a
family-owned and operated company that provides offshore,
self-propelled and self-elevating liftboats for the petroleum
exploration and transportation industries.
Offshore Marine Contractors sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. La. Case No. 19-13253) on Dec. 4,
2019. In the petition signed by its president, Raimy Eymard, the
Debtor disclosed $32,345,576 in assets and $69,280,946 in debts.
Judge Meredith S. Grabill oversees the case.
The Debtor tapped Stewart Robbins & Brown, LLC as legal counsel;
Bohman Morse, LLC as special maritime counsel; Baldwin Haspel Burke
& Mayer, LLC as special tax counsel; Pepperman, Emboulas, Schwartz,
& Todaro, LLC as accountant; and Stout Risius Ross, LLC as
financial advisor.
OFFSHORE MARINE: Hires Baldwin Haspel as Special Counsel
--------------------------------------------------------
Offshore Marine Contractors, Inc. received interim approval from
the U.S. Bankruptcy Court of the Eastern District of Louisiana to
employ Baldwin Haspel Burke & Mayer LLC as its special counsel.
Baldwin Haspel will provide the Debtor with legal advice on issues
related to compliance with its duties imposed by U.S. tax
regulations.
The firm's hourly rates are:
Leon H. Rittenberg III $525
Andrew T. Sullivan $325
Matthew P. Miller $425
Jeannette S. Waring $225
George "Jack" Casanova Jr. $200
Paralegals and Law Clerks $150
Leon Rittenberg III, Esq., a partner at Baldwin Haspel, disclosed
in a court filing that his firm is "disinterested" as defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Baldwin Haspel Burke & Mayer, LLC
Energy Centre – 36th Floor, 1100 Poydras Street
New Orleans, LA 70163
Phone: 504-569-2900
Fax: 504-569-2099
About Offshore Marine Contractors
Offshore Marine Contractors -- http://offshoremarine.net/-- is a
family-owned and operated company that provides offshore,
self-propelled and self-elevating liftboats for the petroleum
exploration and transportation industries.
Offshore Marine Contractors sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. La. Case No. 19-13253) on Dec. 4,
2019. In the petition signed by its president, Raimy Eymard, the
Debtor disclosed $32,345,576 in assets and $69,280,946 in debts.
Judge Meredith S. Grabill oversees the case.
The Debtor tapped Stewart Robbins & Brown, LLC as legal counsel;
Bohman Morse, LLC as special maritime counsel; Baldwin Haspel Burke
& Mayer, LLC as special tax counsel; Pepperman, Emboulas, Schwartz,
& Todaro, LLC as accountant; and Stout Risius Ross, LLC as
financial advisor.
OFFSHORE MARINE: Taps Bohman Morse as Special Counsel
-----------------------------------------------------
Offshore Marine Contractors, Inc. received interim approval from
the U.S. Bankruptcy Court of the Eastern District of Louisiana to
employ Bohman Morse, LLC as its special counsel.
Bohman Morse will provide legal advice regarding compliance with
the U.S. citizenship and cabotage laws related to the ownership and
operation of U.S.-flagged vessels in the U.S. coastwise trade, and
other maritime law matters.
Bohman's hourly rates are:
Partner (10+ years) & Senior Counsel $290
Partner (5-10 years in practice) $275
Senior Associate (3-10 years in practice) $205
Junior Associate (0-3 years in practice) $175
Paralegal $100
Law Clerk $75
Administrative No Charge
Martin Bohman, Esq., a partner at Bohman Morse, disclosed in a
court filing that his firm is "disinterested" as defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Martin S. Bohman, Esq.
Bohman Morse LLC
650 Poydras Street, Suite 2710
New Orleans, LA 70130
About Offshore Marine Contractors
Offshore Marine Contractors -- http://offshoremarine.net/-- is a
family-owned and operated company that provides offshore,
self-propelled and self-elevating liftboats for the petroleum
exploration and transportation industries.
Offshore Marine Contractors sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. La. Case No. 19-13253) on Dec. 4,
2019. In the petition signed by its president, Raimy Eymard, the
Debtor disclosed $32,345,576 in assets and $69,280,946 in debts.
Judge Meredith S. Grabill oversees the case.
The Debtor tapped Stewart Robbins & Brown, LLC as legal counsel;
Bohman Morse, LLC as special maritime counsel; Baldwin Haspel Burke
& Mayer, LLC as special tax counsel; Pepperman, Emboulas, Schwartz,
& Todaro, LLC as accountant; and Stout Risius Ross, LLC as
financial advisor.
OFFSHORE MARINE: Taps Stout Risius as Financial Advisor
-------------------------------------------------------
Offshore Marine Contractors, Inc. received interim approval from
the U.S. Bankruptcy Court of the Eastern District of Louisiana to
employ Stout Risius Ross, LLC as financial advisor.
Stout will provide the Debtor with financial advice and other
services related to its operations and restructuring efforts.
The firm's hourly rates are:
John Baumgartner Managing Director $450
Ann Huynh Director $390
Ramiro Balladares Manager $275
Hayden Hill Associate $235
John Baumgartner, managing director of Stout Risius, disclosed in a
court filing that his firm is "disinterested" as defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
John D. Baumgartner
Stout Risius Ross, LLC
1000 Main Street, Suite 3200
Houston, TX 77002
Phone: 713-225-9580
Fax: 713-225-9588
Email: jbaumgartner@stout.com
About Offshore Marine Contractors
Offshore Marine Contractors -- http://offshoremarine.net/-- is a
family-owned and operated company that provides offshore,
self-propelled and self-elevating liftboats for the petroleum
exploration and transportation industries.
Offshore Marine Contractors sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. La. Case No. 19-13253) on Dec. 4,
2019. In the petition signed by its president, Raimy Eymard, the
Debtor disclosed $32,345,576 in assets and $69,280,946 in debts.
Judge Meredith S. Grabill oversees the case.
The Debtor tapped Stewart Robbins & Brown, LLC as legal counsel;
Bohman Morse, LLC as special maritime counsel; Baldwin Haspel Burke
& Mayer, LLC as special tax counsel; Pepperman, Emboulas, Schwartz,
& Todaro, LLC as accountant; and Stout Risius Ross, LLC as
financial advisor.
OHIO VALLEY ELECTRIC: S&P Withdraws 'BB+' Unsecured Debt Rating
---------------------------------------------------------------
S&P Global Ratings has withdrawn all its ratings on Ohio Valley
Electric Corp., including its 'BB+' senior unsecured debt rating,
at the issuer's request. The outlook was negative at the time of
the withdrawal.
ORTHO-CLINICAL DIAGNOSTICS: S&P Rates Senior Secured Term Loan 'B-'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating to the proposed $375 million senior secured term
loan that will be co-issued by Ortho-Clinical Diagnostics Bermuda
Co. Ltd.'s (Ortho-Clinical) subsidiaries Ortho-Clinical Diagnostics
S.A. and Ortho-Clinical Diagnostics Inc. The '3' recovery rating
indicates S&P's expectation for meaningful (50%-70%; rounded
estimate: 60%) recovery in the event of a payment default.
Ortho-Clinical will use the proceeds from this issuance to
partially refinance its existing senior notes due 2022. S&P's
ratings on the company's existing term loan and senior notes are
unchanged.
S&P's 'B-' issuer credit rating on parent Ortho-Clinical continues
to reflect the rating agency's expectation that the company's
leverage will remain high at more than 7.5x while its discretionary
cash flow generation stays minimal at about $40 million in 2019 and
2020. The rating also continues to reflect S&P's view that the
company operates in a very mature sector with modest growth
prospects and elevated pricing pressures. These weaknesses are
partially offset by Ortho-Clinical's significant scale and market
presence in the in-vitro diagnostics market and its strong revenue
visibility because of its significant consumable sales. The stable
outlook reflects S&P's expectation for low-single-digit percent
revenue growth and moderate pricing pressure, which is in line with
the trends in the broader clinical diagnostics industry.
PERFORMANCE FOOD: S&P Lowers ICR to 'BB-' on Reinhart Acquisition
-----------------------------------------------------------------
S&P Global Rating lowered its issuer credit rating on U.S.-based
Performance Food Group Inc. (PFG) to 'BB-' from 'BB', and removed
it from CreditWatch, where the rating agency had placed it with
negative implications on July 2, 2019.
S&P lowered its issue-level rating on the company's $350 million
senior unsecured notes to 'B+' from 'BB-' and removed it from
CreditWatch. It assigned a 'B+' issue-level rating and '5' recovery
rating to the company's $1.06 billion senior unsecured notes.
The downgrade reflects PFG's increased debt burden and significant
deterioration in credit metrics following the acquisition of
Reinhart Foodservice. S&P estimates pro forma leverage of about
4.5x, up from about 3.3x at June 30, 2019, and it expects leverage
will be sustained above 4x over the next year.
The stable outlook reflects S&P's view that PFG will modestly
de-lever through steady profit growth and some debt repayment,
while also maintaining an appetite for tuck-in acquisitions. S&P
expects this will result in leverage sustained above 4x over the
next year.
"We could raise the rating if the company improves and sustains
leverage below 4x. This would also be predicated on our view that
the company will maintain more moderate financial policies, and
will not transact additional debt-financed acquisitions or share
repurchases that result in leverage returning to above 4x. We could
also raise the rating if we favorably reassess our view of PFG's
business risk, which could occur if the company successfully
integrates Reinhart and Eby-Brown, realizes significant profit
growth, and continues to improve its scale," S&P said.
"We could lower the rating if leverage increases and remains above
5x. This could occur if PFG adopts even more aggressive financial
policies, or if operating performance weakens, potentially because
the company experiences acquisition integration missteps, has
difficulties managing input (including fuel) and labor costs, or a
recession causes consumer spending on food away from home to
decline significantly," the rating agency said.
PGN DESIGN: Attractive Buying San Francisco Property for $1.3M
--------------------------------------------------------------
PGN Design Group, LLC, asks the U.S. Bankruptcy Court for the
Central District of California to authorize the sale of the real
property of the estate, located at 212 Putnam Street, San
Francisco, California to Attractive Co., LLC for $1,325,000,
subject to overbid.
As of the Petition Date, the Debtor was the sole owner of the 212
Putnam Property. The property is a residential real property that
debtor purchased in 2018 for purpose of renovation and sale. The
remodeling work on the property is not yet finished and Debtor
believes that the property needs an additional investment of
approximately $150,000 to be considered completed. The property is
vacant and does not produce any income for the estate.
The Debtor entered into an agreement with the Buyer for the
purchase price of $1,325,000. The property is to be sold "as-is."
An escrow has been opened and the Buyer has made an earnest money
deposit of $39,750. The purchase price is subject to overbid. The
transaction has been negotiated and consummated in good faith and
on an arms'-length basis, and confers no special treatment for any
of the Debtor's insiders.
As set forth in the Debtor's schedules A/B, 212 Putnam Property (if
remodeled fully) would be worth $1.5 million. That estimate was
based on sales of comparable residences that were fully remodeled
and required no additional construction work. However, to achieve
that sale price, the Debtor would need an additional investment of
at least $150,000, and the required construction work could last
another 4-5 months. The Debtor does not have readily available
source of income and would have to rely on sales of other
properties to finance the additional remodel work.
In its current condition, still needing some remodeling work, the
estimated fair market price of 212 Putnam Property is $1.3 million.
Therefore, it makes sense for the Debtor to sell the property as
is for $1.325 million rather that spend $150,000 on renovation
work, and additional time only for incremental increase in the
value to the bankruptcy estate.
The 212 Putnam Property is subject to the following liens and
encumbrances in order of priority:
1. A Lien For: Delinquent taxes to San Francisco County Tax
Collector: amount unavailable and estimated to be $7,472.
2. First Priority deed of trust / lien in favor of Toorak Repo
Seller I Trust, as assignee for Patch of Land Lending, LLC and
serviced by Cohen Financial in the amount of $962,013 (subject to
final demand to be submitted to escrow).
By the motion to sell, the Debtor asks an order authorizing Debtor
to pay from the sale proceeds and through escrow certain undisputed
liens and encumbrances, real estate broker commission, other
ordinary costs of sale, including escrow fees and closing costs:
1. Any unpaid property taxes in favor of San Francisco County
Tax Collector, that may be outstanding at the time of the sale.
Debtor believes that amount is currently $7,472.
2. The debt secured by a first deed of trust lien in favor of
Toorak Repo Seller I Trust in the amount of $962,013, subject to
the payoff demand provided to the escrow company (Exception No. 5
on the Preliminary Title Report).
3. The seller's closing costs including but not limited to the
real estate broker commission of 4% (since broker represents both
parties) to Century 21 MM.
4. San Francisco County Tax Collector (Not made) - $7,472
5. Deed of Trust to secure indebtedness to Toorak Repo Seller
I Trust ($962,013) - $962,012
The total is $969,485.
The primary purpose of the Debtor's bankruptcy filing was to afford
it an opportunity to orderly sell its properties, restructure its
debts, and eventually pay off all of its debts with the proceeds of
the sale of its properties. Debtor actually purchased the
properties with the sole purpose of remodeling and selling them.
By the motion, it asks authorization to sell the 212 Putnam
Property and to pay all of the liens against the property, cost of
sale, including closing costs, out of the sale proceeds and through
the escrow. Additionally, it is estimated that the property will
leave over $200,000 in proceeds for the estate. Therefore, the
sale has a sound business justification behind it.
The Debtor asks that the Court waives the 14-day stay imposed by
FRBP 6004(h). It is not anticipated that any creditor of party in
interest will object to the proposed sale. The parties wish to
complete the sale as quickly as possible and, therefore, the Debtor
requests permission to proceed with the sale immediately.
The proposed bid procedures are intended to permit a fair and
efficient, competitive sale of the 212 Putnam Property, and to
identify competing and alternative bids. The bid procedures
recognize Debtor’s fiduciary obligations to maximize sale value
and, as such, do not impair the Debtor's ability to consider all
qualified bid procedures as necessary or appropriate to maximize
value for the bankruptcy estate.
The proposed bid procedures consist of the following provisions:
a. Qualified Bids: Only a qualified bidder may bid on 212
Putnam Property. Attractive Co., LLC is deemed to have satisfied
all of the bidding conditions. The Debtor will determine whether
any other potential buyer qualifies as a Qualified Bidder. In
order to be considered as a Qualified Bidder, a prospective
purchaser must deliver to Debtor, care of KG LAW, APC, by no later
than three court days prior to the date of the hearing on this
Motion to Sell, unless a different deadline is set by the Court:
(a) a non-contingent offer to purchase 212 Putnam Property; (b)
written proof of the prospective purchaser's financial ability to
close the transaction; and (c) $39,900 deposit in the form of a
cashier's check, payable to KG LAW, APC, general insolvency counsel
for DIP. If no qualified bids are received by the Bid Deadline,
then Attractive Co., LLC will be deemed the successful bidder, and
the Debtor will immediately pursue issuance of an order authorizing
sale of the 212 Putnam Property to Attractive Co., LLC.
b. Bidding Increments: An initial competing bid must exceed
the $1,325,000 purchase price by at least $5,000. A competing Bid
may no provide for the competing bidder to receive a break up fee,
topping fee, expense reimbursement, or other similar fee or
arrangement. At the auction, each subsequent bid will be in
increments of no less than $1,000 of as otherwise agreed by the
bidders or set by the Court.
c. Auction: The Qualified Bidders, including Attractive Co.,
LLC must appear in person or through duly authorized representative
at the hearing of the Motion to Sell. The auction sale of the 212
Putnam Property will be conducted at the hearing of the Motion to
Sell. Only Qualified Bidders, including Attractive Co., LLC will
be entitled to bid at the hearing. If more than one bidder appears
at the auction, the bidding order will be randomly selected.
d. Consummation of Sale: Upon conclusion of the auction,
Debtor will decide which bid is the best bid. In the event the
sale of the 212 Putnam Property to the Successful Bidder fails to
occur by reason of any failure of performance, breach or default by
the Successful Bidder, then the Successful Bidder's deposit will be
automatically forfeited to the Debtor’s bankruptcy estate as
liquidated damages.
e. Backup Bid: Upon conclusion of the auction, the Debtor may
also decide which bid is the second-best bid. If the Successful
Bidder fails to close the sale of the 212 Putnam property, then
Debtor may sell the 212 Putnam Property to the Qualified Bidder who
submitted the Backup Bid without further court order, in which
event, the Backup Bidder must pay the amount of Backup Bid. If the
sale of 212 Putnam Property to the Backup Bidder fails to occur by
reason of any failure of performance, breach r default by the
Backup Bidder, then the Backup Bidder's deposit will be
automatically forfeited to the Debtor’s bankruptcy estate as
liquidated damages.
f. Return of Overbid Deposits: The Overbid Deposit from the
Successful Bidder or the Backup Bidder will become non-refundable
upon conclusion of the hearing. The Overbid Deposit of each
unsuccessful bidder will be returned immediately. The Overbid
Deposit submitted by the Backup Bidder will be returned promptly
following the close of escrow of the sale of 212 Putnam Property to
the Successful Bidder.
A hearing on the Motion was set for Jan. 7, 2020 at 10:00 a.m.
A copy of the Purchase Agreement is available at
https://tinyurl.com/wx49z2l from PacerMonitor.com free of charge.
About PGN Design Group
PGN Design Group, LLC is a privately held company headquartered in
Los Angeles, California.
PGN Design Group, LLC, filed a voluntary petition under Chapter 11
of the Bankruptcy code (Bankr. C.D. Cal. Case No. 19-23073) on Nov.
5, 2019. In the petition signed by Robert Williams, managing
member, the Debtor estimates $1 million to $10 million in both
assets and liabilities. Vahe Khojayan, Esq. at KG LAW, APC,
represents the Debtorl.
PIXIUS COMMUNICATIONS: Proposes Sale of Wichita Property
--------------------------------------------------------
Pixius Communications, LLC, asks the U.S. Bankruptcy Court for the
District of Kansas to authorize the sale of the real estate at 301
N. St. Francis, Wichita, Kansas, described as Lots 44 and 46, on
St. Francis Avenue, in J.R. Mead's Addition to Wichita, Sedgwick
County, Kansas.
Included in such Notice is the Debtor's Property. The Debtor files
the Motion asking an order authorizing sale of such real estate
free and clear of liens. By Order filed Dec. 4, 2019, the Court
authorized the Debtor to sell its non-real estate assets free and
clear of liens.
The real estate is subject to the following liens and encumbrances:
(a) Mortgage in favor of Fidelity Bank dated July 10, 2012 and
filed July 20, 2012 in the original amount of $2,272,500.
(b) Second mortgage in favor of Fidelity Bank dated Jan. 24,
2014 and filed Feb. 10, 2014 in the original amount of $815,000.
(c) Lis Pendens lien in favor of Fidelity Bank under Case No.
2019-CV-001776-CM filed Aug. 29, 2019, District Court of Sedgwick
County, Kansas.
(d) Kansas Sales Tax lien under 2019-ST-003370 filed July 25,
2019 in the amount of $30,408.
(e) Kansas Consumers Compensatory Use Tax Lien under
2019-ST-003371 filed July 25, 2019 in the amount of $441,272.
(f) Possible claims of Marc Sumner and/or Everett Womack under
Case No. 2019-CV-203, District Court of Sedgwick County, Kansas.
(g) Ad valorem property taxes in favor of the Board of County
Commissioners, Sedgwick County, Kansas.
Any and all valid liens will attach to the proceeds of the sale.
Objections to the intended sale, the allowance and/or payment of
administrative expenses will be made by Dec. 30, 2019. If no
objections are filed with the Court may enter an order authorizing
the sale free and clear of liens without further notice. If
objections are timely filed a hearing will be held on Jan. 9, 2020
at 10:30 a.m.
About Pixius Communications
Pixius Communications LLC -- https://www.pixius.com/ -- is an
internet service provider in Wichita, Kansas. It offers
comprehensive solutions to its customers to meet their internet and
technology needs, where traditional services fail or do not reach.
Pixius Communications sought Chapter 11 protection (Bankr. D. Kan.
Case No. 19-11749) on Sept. 13, 2019. The Debtor was estimated to
have assets between $1 million and $10 million, and liabilities
between $10 million to $50 million. The petition was signed by
Michael
Langer, manager. Hon. Robert E. Nugent is the case judge. Klenda
Austerman LLC is the Debtor's counsel.
PORTERS NECK COUNTRY: Special Committee Seeks to Hire Ayers & Haidt
-------------------------------------------------------------------
The special committee representing current members of Porters Neck
Country Club Inc. seeks approval from the U.S. Bankruptcy Court for
the Eastern District of North Carolina to hire Ayers & Haidt, PA as
its legal counsel.
The firm will provide these services to the special committee in
connection with the Debtor's Chapter 11 case:
a. advise the special committee of its powers and duties;
b. assist the special committee in its investigation of the
Debtor's affairs;
c. evaluate and respond to the Debtor's plan of reorganization
and any contested matters that may come before the court; and
d. assist the special committee in applying for the
appointment of a trustee or examiner.
David Haidt, Esq., the firm's attorney who will be handling the
case, disclosed in court filings that he does not represent any
interest adverse to the Debtor.
Ayers & Haidt can be reached through:
David J. Haidt, Esq.
Ayers & Haidt, PA
P.O. Box 1544
307 Metcalf Street
New Bern, NC 28563
Tel: 252-638-2955
Email: davidhaidt@embarqmail.com
About Porters Neck Country Club
Porters Neck Country Club, Inc. --
https://www.portersneckcountryclub.com/ -- is a full-service
country club, boasting an 18-hole, Tom Fazio-designed golf course,
in Wilmington, North Carolina. The club, which promotes a
family-oriented environment, also has seven state-of-the-art
Har-Tru tennis courts, a swimming complex, a fitness center and
dining facilities.
Porters Neck Country Club sought Chapter 11 protection (Bankr.
E.D.N.C. Case No. 19-04309) on Sept. 19, 2019, in Wilmington, N.C.
The club was estimated to have $1 million to $10 million in assets
and liabilities as of the bankruptcy filing.
Judge Joseph N. Callaway oversees the cases. Hendren Redwine &
Malone, PLLC serves as Porters Neck Country Club's legal counsel.
On Dec. 17, 2019, two special committees were formed to represent
current and former members of Porters Neck Country Club who hold
equity membership certificates. Ayers & Haidt, PA represents the
committee comprised of current members of the club while Stubbs &
Perdue, P.A. represents the special committee of the club's former
members.
PROFESSIONAL RESOURCES: Has Permission to Use ADOR Cash Collateral
------------------------------------------------------------------
Judge William R. Sawyer authorized Professional Resources
Management of Crenshaw LLC to use the cash collateral of Alabama
Department of Revenue (ADOR). The Court granted the permission on
condition that the Debtor remains current in its adequate
protection payments to ADOR at $5,000 monthly.
A copy of the final order is available at https://is.gd/C74eST from
PacerMonitor.com free of charge.
About Crenshaw Community Hospital
Founded in 2005, Professional Resources Management of Crenshaw,
LLC, doing business as Crenshaw Community Hospital provides general
medical and surgical hospital services. Crenshaw Community
Hospital has 65 beds and offers a range of diagnostic, therapeutic,
emergency, and surgical services.
Crenshaw Community Hospital sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Ala. Case No. 19-33272) on Nov. 7,
2019. Judge William R. Sawyer is assigned to the case. In the
petition signed by its manager, Vicki Lawrenson, the Debtor was
estimated to have assets of less than $50,000 and debt under $10
million. William Wesley Causby, Esq. at MEMORY MEMORY & CAUSBY,
LLP serves as the Debtor's counsel.
PROJECT BOOST: Fitch Affirms 'B' IDR Amid JD Power/AutoData Merger
------------------------------------------------------------------
Fitch Ratings affirmed the Long-Term Issuer Default Rating for
Project Boost Purchaser, LLC at 'B'. The Rating Outlook remains at
Stable. This follows the company's recently closed acquisitions of
J.D. Power & Associates, Inc. and Trilogy Automotive in December
2019. In addition, Fitch upgrades the company's $1.3 billion of
first lien secured debt, including an $80 million revolver and term
loans, to 'BB'/'RR1' from 'BB-'/'RR2'. The upgrade to the first
lien facility reflects incremental debt from the Trilogy
acquisition and a modestly higher recovery multiple assumption that
Fitch believes better reflects the recurring nature of the business
model.
Autodata and J.D. Power are leading providers of data and analytics
solutions for the automotive industry. The combined company serves
a range of industry participants including automotive OEMs, dealers
and suppliers. The December 2019 merger scaled the company
materially, broadened its offerings, and provided Autodata with
exposure to certain non-auto related verticals including financial
institutions, utilities and TMT. Importantly, financial leverage
will likely remain high under private equity ownership, while the
company seeks both organic and acquisitive growth.
Fitch also withdraws the Issuer Default Rating (IDR) and
issue-level ratings for J.D. Power & Associates, Inc., as the
company is now an operating subsidiary of Project Boost Purchaser,
LLC and no longer has debt outstanding.
KEY RATING DRIVERS
Merger Provides Additional Scale: Fitch believes the December 2019
merger between J.D. Power and Autodata significantly enhances each
company's scale and provides a strong platform of data/analytics
capabilities within the automotive segment. The combined entity,
including the December 2019 acquisition of Trilogy Automotive, will
generate annual revenue near $500 million (a more than 1.5x and
3.0x increase from J.D. Power's and Autodata's respective
run-rates) and EBITDA of more than $220 million including
synergies. Fitch believes the company's solutions and data sets are
complementary and could help strengthen the overall competitive
position. Also, the combination significantly improves Autodata's
customer concentration risk as the top ten customers will now
comprise only 49% of revenue versus more than 70% pre-deal.
High Leverage Post Deal: High leverage is a limiting factor for the
IDR. Fitch estimates gross leverage at December 2019 (pro forma for
the J.D. Power merger and Trilogy acquisition) to be 8.4x and will
remain at least in the 6.0x-7.0x range over the next few years.
This leverage is high for the rating category but supported by a
highly recurring business model that provides significant cash flow
predictability. Fitch believes leverage will remain high as the
company seeks additional M&A and/or redistributes cash to
shareholders via dividends. Further, the credit agreement provides
significant flexibility to increase leverage, as the only
maintenance covenant is for First Lien Net Leverage to remain below
8.25x when the revolver is 35%+ drawn.
Critical, Industry Embedded Data Sets: Fitch believes both
Autodata's and J.D. Power's data sets are critical to their
customers' workflows and are difficult to replicate. This is likely
evidenced by more than 75% of its customers having tenure of 10+
years and customer revenue retention of 109%. The company's
products are highly embedded in the decision making processes with
multiple customer touch points across the value chain. J.D. Power's
offerings outside of auto to industries such as financial services
and utilities are less embedded in the industry but provide some
diversification.
Highly Recurring Business Model: Subscription-based revenue
comprises nearly 90% of pro forma combined revenue as of June 2019,
which Fitch believes provides significant visibility and stability
to FCF generation. A meaningful portion of customers operate under
annual or multi-year contracts and net revenue retention has been
high historically and more than 100%. The company also has limited
working capital and capex requirements, which translates into
strong FCF conversion metrics that Fitch projects will be 30%-40%
of EBITDA in the coming years.
Concentrated Exposure to Cyclical Market: The company is heavily
reliant on the health of the auto industry with nearly 85% of
revenue from auto related companies including OEMs (Ford, GM,
Toyota and others), dealers, and auto suppliers. During the
2008-2009 recession, J.D. Power experienced a roughly 13% revenue
decline and adjusted EBITDA margin contracted to 10% from 12% while
legacy Autodata sales fell in the high-single digit percentage
range. Notably, this was much better than the 50%+ U.S. SAAR
(seasonally-adjusted annual rate) decline from its 2005 peak to
early 2009 trough. The combined Autodata now has greater exposure
to contractual, data and analytics businesses which should mitigate
some industry cyclicality, but Fitch believes the business would
still be hurt in an economic slowdown.
M&A Remains a Focus: Fitch expects Autodata could prioritize the
use of cash flows to grow its services in the coming years via
additional acquisitions, with a particular focus expected in
further enhancing its higher margin data and analytics
capabilities. This was evident in the December 2019 acquisition of
Trilogy Automotive for a purchase price of $70 million (7x LTM
EBITDA pre-synergies). PE owner Thoma Bravo's May 2019 purchase of
Autodata, December 2019 purchase of J.D. Power and Trilogy are
clear reflections of its willingness to aggressively use its
balance sheet to consolidate industry players, in its view. Fitch
has not explicitly modelled incremental M&A into its ratings case
although acknowledge strong CF generation could support inorganic
investment spending.
DERIVATION SUMMARY
The combined J.D. Power/Autodata has many positive attributes that
influence the overall IDR. The company is a leading provider of
data and analytics solutions to the automotive industry, with
strong market share and high brand awareness among industry
participants. Further, the company, on a pro forma combined basis,
has a growing top line that is largely comprised of recurring
revenues, strong EBITDA margins in the mid-40% range and a solid
FCF generation profile. Each of these attributes positions it well
versus other data/analytics companies Fitch reviews. However, these
factors are partially offset by lack of end market diversification
(majority of business exposed to auto), cyclicality inherent in the
auto industry, customer concentration (top 10 customers comprise
nearly 50% of revenue) and high leverage. Pro forma leverage,
excluding synergies, of more than 8x is particularly high relative
to other business services companies Fitch rates, partially owed to
the company's acquisition by private equity sponsor, Thoma Bravo.
High leverage and lack of diversification are key limiting factors
that Fitch believes positions the IDR in the 'B' rating category.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within the Rating Case for the Issuer
-- Revenue - mid-single-digit percentage growth over the ratings
horizon, driven by faster growth in the Data and Analytics
segment;
-- EBITDA - margins improve from 38% pro forma combined in 2018
to mid-40% over the ratings horizon. This assumes cost
synergies and faster growth in the higher margin data and
analytics segment;
-- Cash Flow and Debt - early uses of CF go toward modest debt
reduction before the PE owner takes out capital via an
assumed dividend distribution.
-- M&A - Fitch has not forecast incremental acquisitions,
but acknowledges the company may seek additional deals
adjacent to its business, particularly ones that deepen
its data and analytics capabilities.
RECOVERY ANALYSIS:
For entities rated 'B+' and below - where default is closer and
recovery prospects are more meaningful to investors - Fitch
undertakes a tailored, or bespoke, analysis of recovery upon
default for each issuance. The resulting debt instrument rating
includes a Recovery Rating or published 'RR' (graded from 'RR1' to
'RR6'), and is notched from the Issuer Default Rating accordingly.
In this analysis, there are three steps: (i) estimating the
distressed enterprise value (EV); (ii) estimating creditor claims;
and (iii) distribution of value.
Fitch assumed Autodata would emerge from a default scenario under
the going concern (GC) approach versus liquidation. Key assumptions
used in the recovery analysis are as follows:
-- GC EBITDA - Fitch assumes a $175 million GC EBITDA, including
synergies from the JD Power acquisition combined with meaningful
revenue loss from its largest customers. A meaningful customer
loss, while unlikely, is always a risk factor for a business with
meaningful concentration.
-- EV Multiple - Fitch assumes a 8.0x multiple, in-line with
recovery assumptions used for other highly recurring companies
rated by Fitch including software, business services and payments
companies. This multiple is further validated based upon multiples
of: comparable public companies, historic industry M&A and
comparable reorganization multiples Fitch has seen historically in
the TMT sector.
-- Other assumptions - Fully drawn revolver and concession
payments for second lien debt holders.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
-- It is unlikely Autodata would be upgraded in the near term.
However, Fitch-defined adjusted gross leverage, total adjusted
debt/operating EBITDAR, expected to be sustained below 6.0x and/or
interest coverage approaching 2.5x or higher over a multi-year
horizon could lead us to reassess the rating.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-- Adjusted gross leverage expected to remain above 7.5x for a
sustained period.
-- Adverse operating performance, material changes to industry
dynamics and/or the loss of a key customer that meaningfully alters
the overall operating profile.
LIQUIDITY AND DEBT STRUCTURE
Ample Liquidity: Project Boost has sufficient liquidity to operate
its business and execute on its growth strategy in the coming
years, although the pace of M&A will likely be a determining factor
in the level of liquidity over time. Pro forma for the December
2019 J.D. Power merger and Trilogy acquisition, the company had
approximately $59 million of cash on its balance sheet.
Additionally, liquidity is supported by: (i) an $80 million
revolver that will be unused following the incremental TL financing
for Trilogy, and (ii) strong FCF generation that management
forecasts will approach $400 million on a levered cumulative basis
by 2022.
Debt Profile: Pro forma for the $75 million of incremental term
loans to support the recent Trilogy acquisition, the company's debt
structure consists of a mix of first lien secured term loans ($1.23
billion, or 75% of debt) and second lien term loans ($415 million,
or 25% of debt). The company also has an $80 million secured
revolver in place that is projected to be undrawn upon close. All
of its debt is floating rate and matures in 2024-2027.
ESG CONSIDERATIONS
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
Autodata has an ESG Relevance Score of 4 for Governance Structure
due to its current ownership structure including private equity
owners controlling the majority of the board, which has an impact
on the credit profile, and is relevant to the rating in conjunction
with other factors.
PROTEC INSTRUMENT: Court Approves DIP Borrowing of Up to $500,000
-----------------------------------------------------------------
On June 27, 2019, two days after the filing of voluntary petitions
in the Chapter 11 cases of Protec Instrument Corporation and debtor
affiliate, the Bankruptcy Court entered a bridge order authorizing
the Debtors to borrow up to $25,000 from Grant Holdings Limited
(the DIP lender) to pay pre-petition wages and payroll related tax
obligations.
The Court later authorized the Debtors to obtain advances under a
DIP credit facility from the DIP lender: (1) up to $100,000,
pursuant to the first interim order; (2) up to $200,000 under the
second interim order; and (3) up to $275,000 pursuant to the third
interim order.
The Court now approves the DIP credit facility in the amount of up
to $500,000, provided that the sums to be advanced are limited to
$425,000 from the Petition Date through the date of a further
hearing scheduled for March 26, 2020, pursuant to supplemental
budgets as may be filed and approved by the Court.
The Court ruling also included certain modifications be reflected
on the DIP credit facility, including, that (a) the DIP lender is
granted a lien junior to Berkshire Bank, any municipal liens with
respect to the real property, and any other statutory liens or
liens of record existing as of the Petition Date and that (b) the
DIP lender's loan will be junior in priority to fees, costs, and
expenses incurred by any subsequently appointed Chapter 11 or
Chapter 7 Trustee.
A copy of the interim DIP order is available at
https://is.gd/FijXbF from PacerMonitor.com free of charge.
Any creditor or party in interest objecting to the entry of a
further order approving further advances under the DIP credit
facility beyond March 31, 2020 must file written objections with
the Court no later than March 20, 2020 at 4:30 p.m.
According to Court dockets, the interim hearing set for March 26,
2020 at 2 p.m., is re-scheduled to 3 p.m. on March 26, 2020.
About Protec Instrument Corp.
Protec Instrument Corporation manufactures analytical instruments.
Protec RE Holdings owns a property located at 38-40 Edge Hill Road,
Waltham, Massachusetts having an appraised value of $2.17 million.
Protec Instrument Corp. and Protec RE Holdings sought Chapter 11
protection (Bankr. D. Mass. Lead Case No. 19-12164) on June 25,
2019. As of the Petition Date, Protec Instrument disclosed assets
of $3,472,694 and liabilities of $2,725,521; and Protec RE
disclosed assets of $2,170,000 and liabilities of $2,458,971. The
Hon. Christopher J. Panos is the case judge. Parker & Associates
is the Debtors' counsel.
PROTEC INSTRUMENT: Gets Cash Collateral Access Thru March 31
------------------------------------------------------------
Judge Christopher J. Panos authorized Protec Instrument Corporation
and debtor affiliate to use cash and non-cash collateral on a
continuing basis according to the supplemental budget through March
31, 2020.
As adequate protection for Berkshire Bank's secured claim, the
Debtor will make adequate protection payments of $9,810 by the 22nd
of each month hereafter.
The Court ruled that the Debtors shall file their plans of
reorganization and disclosure statements by February 17, 2020.
A further hearing is scheduled for March 26, 2020 at 2 p.m., which
according to Court dockets has been re-scheduled to 3 p.m. on March
26, 2020.
About Protec Instrument Corp
Protec Instrument Corporation manufactures analytical instruments.
Protec RE Holdings owns a property located at 38-40 Edge Hill Road,
Waltham, Massachusetts having an appraised value of $2.17 million.
Protec Instrument Corp. and Protec RE Holdings sought Chapter 11
protection (Bankr. D. Mass. Lead Case No. 19-12164) on June 25,
2019. As of the Petition Date, Protec Instrument disclosed assets
of $3,472,694 and liabilities of $2,725,521; and Protec RE
disclosed assets of $2,170,000 and liabilities of $2,458,971. The
Hon. Christopher J. Panos is the case judge. Parker & Associates
is the Debtors' counsel.
PULMATRIX INC: Sabby Volatility Has 4.9% Stake as of Dec. 31
------------------------------------------------------------
Sabby Volatility Warrant Master Fund, Ltd., Sabby Management, LLC,
and Hal Mintz disclosed in an amended Schedule 13G filed with the
Securities and Exchange Commission that as of Dec. 31, 2019, they
beneficially own 997,729 shares of common stock of Pulmatrix, Inc.,
which represents 4.99% of the shares outstanding.
Sabby Management, LLC and Hal Mintz do not directly own any common
shares, but each indirectly owns 997,729 common shares. Sabby
Management,LLC, a Delaware limited liability company, indirectly
owns 997,729 common shares because it serves as the investment
manager of Sabby Volatility Warrant Master Fund, Ltd., a Cayman
Islands company. Mr. Mintz indirectly owns 997,729 common shares
in his capacity as manager of Sabby Management,LLC.
A full-text copy of the regulatory filing is available for free
at:
https://is.gd/zuLlGV
About Pulmatrix
Pulmatrix, Inc. -- http://www.pulmatrix.com/-- is a clinical stage
biotechnology company focused on the discovery and development of
novel inhaled therapeutic products intended to prevent and treat
respiratory diseases and infections with significant unmet medical
needs. The Company's proprietary product pipeline is focused on
advancing treatments for serious lung diseases, including
Pulmazole, inhaled anti-fungal itraconazole for patients with ABPA,
and PUR1800, a narrow spectrum kinase inhibitor for patients with
obstructive lung diseases including asthma and chronic obstructive
pulmonary disease. Pulmatrix's product candidates are based on
iSPERSE, its proprietary engineered dry powder delivery platform,
which seeks to improve therapeutic delivery to the lungs by
maximizing local concentrations and reducing systemic side effects
to improve patient outcomes.
Pulmatrix incurred a net loss of $20.56 million in 2018 following a
net loss of $18.05 million in 2017. As of Sept. 30, 2019, the
Company had $32.92 million in total assets, $18.19 million in total
liabilities, and $14.72 million in total stockholders' equity.
Marcum LLP, in New York, NY, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated Feb.
19, 2019, on the Company's consolidated financial statements for
the year ended Dec. 31, 2018, citing that the Company continues to
have negative cash flow from its operations, has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
R3D HOLDINGS: Seeks to Hire Buddy D. Ford as Counsel
----------------------------------------------------
R3D Holdings, Inc., seeks authority from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Buddy D. Ford, P.A.,
as counsel to the Debtor.
R3D Holdings requires Buddy D. Ford to:
a. provide analysis of the financial situation and render
advice and assistance to the Debtor in determining whether
to file a petition under Title 11, United States Code;
b. advise the Debtor with regard to the powers and duties of
the Debtor in the continued operation of the business and
management of the property of the estate;
c. prepare and file the petition, schedules of assets and
liabilities, statement of affairs, and other documents
required by the Court;
d. represent the Debtor at the Sec. 341 Creditor's meeting;
e. give the Debtor legal advice with respect to its powers and
duties as Debtor and as Debtor in Possession in the
continued operation of its business and management of its
property;
f. advise the Debtor with respect to its responsibilities in
complying with the United States Trustee's Guidelines and
Reporting Requirements and with the rules of the Court;
g. prepare, on behalf of the Debtor, necessary motions,
pleadings, applications, answers, orders, complaints, and
other legal papers and appear at hearings;
h. protect the interest of the Debtor in all matters pending
before the court;
i. represent the Debtor in negotiation with its creditors in
the preparation of the Chapter 11 Plan; and
j. perform all other legal services for Debtor as Debtor-in-
Possession which may be necessary.
The firm's standard hourly rates are:
Buddy D. Ford, Esq. $425
Sr. Associate Attorneys $375
Jr. Associate Attorneys $300
Paralegals $150
Jr. Paralegals $100
Prior to the commencement of the bankruptcy case, the Debtor paid
Buddy D. Ford an advance fee of $17,000.
Buddy D. Ford will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Buddy D. Ford, partner of Buddy D. Ford, P.A., attests that his
firm represents no interest adverse to Debtor or the estate in
matters upon which it is to be engaged.
The firm can be reached through:
Buddy D. Ford, Esq.
Jonathan A. Semach, Esq.
Heather M. Reel, Esq.
BUDDY D. FORD, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Tel: (813) 877-4669
Fax: (813) 877-5543
E-mail: Buddy@TampaEsq.com
Jonathan@tampaesq.com
Heather@tanoaesq.com
About R3D Holdings
R3D Holdings, Inc. d/b/a Fitness for $10 --
https://www.fit410brandon.com/ -- is a family owned company in the
health club business. Fitness for $10 features 24/7 access,
state-of-the-art cardio equipment, strength training equipment,
functional training equipment, and small group training classes.
R3D Holdings, Inc., based in Brandon, FL, filed a Chapter 11
petition (Bankr. M.D. Fla. Case No. 19-11676) on Dec. 11, 2019. In
the petition signed by Ronald J. Knish, president, the Debtor
disclosed $188,472 in assets and $1,466,273 in liabilities. Buddy
D. Ford, Esq., at Buddy D. Ford, P.A., serves as bankruptcy counsel
to the Debtor.
REWALK ROBOTICS: Sabby Volatility Has 4.9% Stake as of Dec. 31
--------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Sabby Volatility Warrant Master Fund, Ltd., Sabby
Management, LLC, and Hal Mintz disclosed that as of Dec. 31, 2019,
they beneficially own 364,527 ordinary shares of ReWalk Robotics
Ltd., which represents 4.99% of the shares outstanding.
Sabby Management, LLC and Hal Mintz do not directly own any
Ordinary Shares, but each indirectly owns 364,527 Ordinary Shares.
Sabby Management, LLC, a Delaware limited liability company,
indirectly owns 364,527 Ordinary Shares because it serves as the
investment manager of Sabby Volatility Warrant Master Fund, Ltd.
Mr. Mintz indirectly owns 364,527 Ordinary Shares in his capacity
as manager of Sabby Management, LLC.
A full-text copy of the regulatory filing is available for free at
the SEC's website at:
https://is.gd/XXWd7f
About ReWalk Robotics
ReWalk Robotics Ltd. -- http://www.rewalk.com/-- develops,
manufactures, and markets wearable robotic exoskeletons for
individuals with lower limb disabilities as a result of spinal cord
injury or stroke. ReWalk's mission is to fundamentally change the
quality of life for individuals with lower limb disability through
the creation and development of market leading robotic
technologies. Founded in 2001, ReWalk has headquarters in the
U.S., Israel and Germany.
ReWalk incurred a net loss of $21.67 million in 2018, a net loss of
$24.71 million in 2017, and a net loss of $32.50 million in 2016.
As of Sept. 30, 2019, the Company had $28.42 million in total
assets, $14.31 million in total liabilities, and $14.11 million in
total shareholders' equity.
Kost Forer Gabbay & Kasierer, a member of Ernst & Young Global, in
Haifa, Israel, issued a "going concern" qualification in its report
dated Feb. 8, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has suffered recurring losses from operations and has
stated that substantial doubt exists about the Company's ability to
continue as a going concern.
ROCKWOOD SERVICE: S&P Assigns 'B' ICR; Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned a 'B' issuer credit rating to
U.S.-based industrial inspection and maintenance service provider,
Rockwood Service Corp. (d/b/a Acuren).
At the same time, S&P assigned 'B' issue-level ratings to the
proposed senior secured term loan and the revolving line of credit.
S&P's '3' recovery rating indicates its expectation for meaningful
recovery (50%-70%; rounded estimate: 50%) in the event of a payment
default.
The rating on Rockwood reflects S&P's view of the company's modest
size and relatively narrow geographic scope in the broader global
engineering and construction (E&C) services sector. While the
company has a foothold in the North America nondestructive testing
(NDT) market, and services some existing customer relationships
through longer-term maintenance contracts, S&P believes overall
demand from its end markets depends on general U.S. economic
conditions. Particularly, the company is exposed to the oil and gas
industry, which comprises the majority of its revenue base.
Furthermore, S&P's view of the company's financial risk reflects
its increased debt leverage pro forma for the proposed transaction,
and its financial sponsor ownership.
S&P expects Rockwood's leverage to remain fairly high but improve
through 2021 driven by continued demand for its services from the
refinery and petrochemical industries.
S&P projects the company's debt to EBITDA will remain in the mid-4x
area in 2020 and improve slightly though 2021. The company has a
strong presence in NDT and maintenance services within North
America. As refineries in North America continue to outsource
inspection and maintenance of aging assets, S&P expects Rockwood's
brand reputation will bolster revenue growth. The company has
implemented some technology initiatives to manage on-site labor and
efficiency, and S&P anticipates EBITDA margins in the low- to
mid-teens percentage area. Over the next few years, the rating
agency believes the company's financial sponsor ownership could
preclude meaningful debt reduction.
The stable outlook on Rockwood reflects S&P's belief that the
company will maintain stable profitability over the next 12 months,
with the potential for modest revenue growth due to the demand for
the maintenance of an aging installed base of industrial assets.
"We could lower our rating on Rockwood during the next 12 months if
debt to EBITDA increases above 6x or if FOCF to debt approaches the
low-single-digit percentage area. This could occur if EBITDA
margins deteriorate substantially beyond our expectations to less
than 10% on a sustained basis. This could occur if, for example,
market conditions in its refinery and chemical business end markets
deteriorate. This could also occur if the company pursues large
debt-financed acquisitions, materially increasing debt balances,"
S&P said.
"Although unlikely, we could raise the rating if we believe the
company's financial sponsor owners would support debt levels
approaching 4x on a sustained basis, along with free operating cash
flow to debt consistently around 10%, and if we believed the
chances of the company releveraging beyond 5x were minimal," the
rating agency said.
ROMA USA: Seeks to Hire GGG Partners as Financial Advisor
---------------------------------------------------------
Roma USA, LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Georgia to employ GGG Partners, LLC as its
financial advisor.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. analyze the Debtor's business, business plan, and strategic
and financial position;
b. assist the Debtor in connection with obtaining financing
and any potential sale of its assets;
c. assist the Debtor in preparing operating reports, financial
reports and material pleadings;
d. assist in the formulation, evaluation and implementation of
various options for a restructuring plan to be confirmed in the
Debtor's case;
e. assist the Debtor in negotiations with creditors,
shareholders, landlords and other parties;
f. provide financial advisory services to the Debtor in
connection with the valuation, financial projection or other
analyses with respect to its restructuring plan; and
g. if necessary, participate in hearings before the bankruptcy
court.
Katie Goodman of GGG Partners will charge $350 per hour for her
services. The firm holds a retainer in the amount of $25,000.
GGG Partners and its professionals are "disinterested" within the
meaning of Section 101(14) of the Bankruptcy Code, according to
court filings.
The firm can be reached through:
Katie Goodman
GGG Partners, LLC
3155 Roswell Rd NE, Suite 120
Atlanta, GA 30305
Phone: (404) 256-0003
Fax: (404) 256-4555
Email: Info@GGGPartners.com
About Roma USA LLC
Based in Atlanta, Roma USA, LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 19-70378) on Dec.
20, 2019. At the time of the filing, the Debtor had estimated
assets and liabilities of less than $1 million. The Debtor is
represented by Scroggins & Williamson, P.C.
SEMILEDS CORP: Reports $317K Net Loss for First Quarter of 2020
---------------------------------------------------------------
SemiLEDs Corporation announced its financial results for the first
quarter of fiscal year 2020, ended Nov. 30, 2019.
Revenue for the first quarter of fiscal 2020 was $1.6 million,
compared to $1.6 million in the fourth quarter of fiscal 2019. GAAP
net loss attributable to SemiLEDs stockholders for the first
quarter of fiscal 2020 was $317,000, compared to a loss of $881,000
in the fourth quarter of fiscal 2019, or a net loss of $0.09 per
diluted share, compared to a net loss of $0.25 per diluted share
for the fourth quarter of fiscal 2019.
GAAP gross margin for the first quarter of fiscal 2020 was 33%,
compared with gross margin for the fourth quarter of fiscal 2019 of
21%. Operating margin for the first quarter of fiscal 2020 was
negative 36%, compared with negative 66% in the fourth quarter of
fiscal 2019. The Company's cash and cash equivalents was $688
thousand at Nov. 30, 2019, compared to $1.4 million at the end of
fiscal 2019.
As of Nov. 30, 2019, the Company had $12.74 million in total
assets, $11.26 million in total liabilities, and $1.48 million in
total equity.
The Company expects revenue for the second quarter ending Feb. 28,
2020 to be approximately $1.2 million +/- 10%.
The Chinese New Year (CNY) of 2020 will begin on Jan. 24, 2020.
The Company's office and factory in Chunan will be closed from Jan.
18, 2020 until Feb. 2, 2020 and will resume operations on Monday,
Feb. 3, 2020.
About SemiLEDs
Headquartered in Miao-Li County, Taiwan, R.O.C., SemiLEDs --
http://www.semileds.com/-- develops and manufactures LED chips and
LED components for general lighting applications, including street
lights and commercial, industrial, system and residential lighting,
along with specialty industrial applications such as ultraviolet
(UV) curing, medical/cosmetic, counterfeit detection, horticulture,
architectural lighting and entertainment lighting.
SemiLEDs reported a net loss of US$3.56 million for the year ended
Aug. 31, 2019, compared to a net loss of US$2.98 million for the
year ended Aug. 31, 2018. As of Aug. 31, 2019, the Company had
US$11.66 million in total assets, US$9.87 million in total
liabilities, and US$1.79 million in total equity.
KCCW Accountancy Corp, in Diamond Bar, California, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Nov. 20, 2019, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.
SMG HOLDINGS: S&P Upgrades ICR to B+ on Merger With AEG Facilities
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to ASM
Global Parent Inc. (ASM), which reflects an upgrade of SMG Holdings
LLC's (SMG) issuer credit rating to 'B+' from 'B'.
SMG has merged with AEG Facilities to form parent company ASM. As
part of the transaction, subsidiary borrower SMG is seeking to
increase the size of its existing first-lien term loan due 2025 by
$190 million, which will be used to fully repay the $180 million
second-lien term loan and outstanding $10 million revolver balance.
SMG also plans to upsize its revolver's capacity to $96 million
from $55 million and extend the facility's maturity to 2024.
Subsidiaries AEG Facilities LLC and ASM Global Holdings LLC will
guarantee the first-lien term loan and revolver.
Meanwhile, S&P raised its issue-level rating on the senior secured
credit facility, which comprises a $96 million revolving credit
facility and a $598 million first-lien term loan, to 'BB-' from
'B+'. The '2' recovery rating remains unchanged because S&P
believes the incremental value from AEG Facilities will offset the
increased amount of first-lien debt in the company's senior secured
facility.
The upgrade reflects S&P's expectation that ASM's lease-adjusted
debt to EBITDA will be in the mid-5x area in 2020. The merger with
AEG Facilities has substantially expanded SMG's EBITDA without
adding any debt to its balance sheet and only modest incremental
lease liabilities. S&P expects ASM to achieve modest organic growth
and undertake voluntary debt repayment to further reduce its
leverage through 2021. Although the combined ASM has a limited
track record, S&P believes that the company will operate with less
leverage than SMG did as a stand-alone entity. The rating agency
also does not expect the company to issue incremental debt in the
near term to finance dividends or acquisitions.
The 2019 merger between SMG and AEG Facilities created a venue
management company with a leading market positon in the outsourced
venue management business. ASM, the largest venue management
company in the world, provides a full range of services--including
event booking, staffing and human resources, facility maintenance,
food and beverage, sponsorship sales, and financial management--and
manages 322 venues in 21 different countries. While SMG generates
most of its EBITDA in the U.S. and U.K., the merger significantly
increased its revenue diversity and provided it with access to
geographies where it has no, or a limited, presence. ASM's
portfolio of premier properties include convention centers,
stadiums, arenas, theatres, and performing arts centers. The
diversity of the portfolio may make ASM more resilient to regional
economic challenges or changes in the demand for specific venue
categories or forms of entertainment. Despite the increased
resilience provided by its diversity, ASM could still be vulnerable
to an economic downturn, particularly if U.S. discretionary leisure
or business spending slows. Somewhat offsetting ASM's exposure to
macroeconomic risk is S&P's belief that live entertainment will
continue to experience tailwinds in the near-term.
The stable outlook reflects S&P's belief that ASM Global will
operate with lease-adjusted debt to EBITDA in the mid 5x area
through 2020 while demonstrating stable contract renewal rates and
a consistent operating performance.
"We could lower our rating on the company if it sustains leverage
of more than 6.5x due to an operating underperformance or a
leveraging transaction," S&P said.
"We would consider raising our rating on the company if it
demonstrates a commitment to operating with leverage of less than
5x on a sustained basis," the rating agency said.
SOUTHERN LIVING: Has Interim Access to Cash Collateral
------------------------------------------------------
Southern Living for Seniors of Burnsville NC, LLC, sought and
obtained interim approval to use cash collateral in order to pay
the operating expenses of its facility, pursuant to the budget.
The 30-day budget provides for $49,584 in total expenses, including
$4,400 in dietary supplies and $3,500 in utilities.
North State Bank holds a claim against the Debtor in the
approximate principal amount of $850,000, as evidenced by a default
judgment entered against the Debtor and others in the General Court
of Justice, Superior Court Division, Yancey County, North Carolina,
on or about November 14, 2019. North State Bank has filed a UCC
financing statement in April 2018 with the North Carolina Secretary
of State with respect to the claim.
A copy of the motion is available at https://is.gd/Givuzq from
PacerMonitor.com at no charge.
The Court granted the Debtor's request on an interim basis. The
Debtor has permission to use cash collateral until 11:59 EDT on the
date of the final hearing on January 8, 2020, or as extended by
consent of the parties.
As adequate protection, Northern Bank is granted a security
interest in and lien upon all of the Debtor's assets for the
diminution in the value of the collateral from the Debtor's use of
cash collateral.
A copy of the interim order, including the budget, is available at
https://is.gd/MoPZpg from PacerMonitor.com free of charge.
About Southern Living for Seniors
of Burnsville NC, LLC
Southern Living for Seniors of Burnsville NC, LLC owns and operates
an assisted living facility.
Based in Dallas, Ga., Southern Living for Seniors of Burnsville NC,
LLC, filed a petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 19-42896) on Dec. 14, 2019. In the
petition signed by Kenneth Mark Simons, member and manager, the
Debtor estimates $50,000 in assets and $1 million to $10 million in
liabilities. Cameron M. McCord, Esq., at Jones & Walden, LLC,
represents the Debtor as counsel.
STEEL CITY POPS: Hires Benton & Centeno as Attorney
---------------------------------------------------
Steel City Pops Holdings, LLC, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Northern District
of Alabama to employ Benton & Centeno, LLP, as attorney to the
Debtors.
Steel City Pops requires Benton & Centeno to represent and provide
legal services to the Debtor in connection with the Chapter 11
bankruptcy proceedings.
Benton & Centeno will be paid at these hourly rates:
Lee R. Benton $450
Samuel C. Stephens $275
Paralegal $80
Benton & Centeno received from the Debtors the amount of $60,000
pre-petition. After deducting expenses and fees, the remaining
balance of $33,602.20, held in the Firm's trust account.
Benton & Centeno will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Lee R. Benton, partner of Benton & Centeno, LLP, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Benton & Centeno can be reached at:
Lee R. Benton, Esq.
BENTON & CENTENO, LLP
2019 Third Avenue North
Birmingham, AL 35203
Tel: (205) 278-8000
Fax: (205) 278-8005
E-mail: lbenton@bcattys.com
sstephens@bcattys.com
About Steel City Pops Holdings
Steel City Pops Holding, LLC, and its affiliates sought Chapter 11
protection (Bankr. N.D. Ala. Lead Case No. 19-04687) on Nov. 14,
2019.
In the petitions signed by James Allen Watkins, president, Steel
City Pops Holding's estimated assets of $1 million to $10 million,
estimated liabilities of $500,000 to $1 million; Steel City Pops
B'ham's estimated assets of $0 to $50,000, and estimated
liabilities of $50,000 to $100,000; Steel City Pops DTX's estimated
assets of $0 to $50,000, estimated liabilities of $50,000 to
$100,000; Steel City Pops FWTX's estimated assets of $0 to $50,000,
and estimated liabilities of $0 to $50,000; Steel City Pops LKY's
estimated assets of $0 to $50,000, and estimated liabilities of $0
to $50,000.
The Hon. D. Sims Crawford oversees the case.
Lee R. Benton, Esq., at Benton & Centeno, LLP, serves as bankruptcy
counsel to the Debtors.
STONEMOR PARTNERS: Suspending Filing of Reports with SEC
--------------------------------------------------------
StoneMor Partners L.P. filed a Form 15 with the Securities and
Exchange Commission notifying the termination of registration of
its Common Units Representing Limited Partner Interests under
Section 12(g) of the Securities Exchange Act of 1934. As a result
of the filing, the Company is no longer obligated to file periodic
reports with the SEC.
About StoneMor Partners
StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 321 cemeteries and 89
funeral homes in 27 states and Puerto Rico. StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn and
mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.
StoneMor reported a net loss of $72.70 million for the year ended
Dec. 31, 2018, compared to a net loss of $75.16 million for the
year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had
$1.73 billion in total assets, $1.77 billion in total liabilities,
$57.50 million in total redeemable convertible preferred units, and
a total partners' deficit of $104.02 million.
* * *
As reported by the TCR on Feb. 14, 2019, Moody's Investors Service
downgraded StoneMor Partners L.P.'s Corporate Family rating to Caa2
from Caa1 and Probability of Default rating to Caa3-PD from
Caa1-PD. The Caa2 CFR reflects Moody's concern that if pre-need
cemetery selling and liquidity pressures do not abate while the
senior secured credit facility is being refinanced, a distressed
exchange or other default event could become more likely.
As reported by the TCR on July 3, 2019, S&P Global Ratings affirmed
its 'CCC+' issuer credit rating on StoneMor Partners L.P. The
outlook remains negative. S&P said, "The rating affirmation
reflects our view that despite the removal of near term maturities
and sufficient liquidity over the next twelve months, we continue
to view StoneMor's capital structure as unsustainable in the long
term given our projection for persistent free cash flow deficits."
SUNDOG STRUCTURES: Taps Stichter Riedel as Legal Counsel
--------------------------------------------------------
Sundog Structures, LLC received approval from the U.S. Bankruptcy
Court for the Middle District of Florida to hire Stichter, Riedel,
Blain & Postler, P.A. as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. advise the Debtor of its powers and duties in the continued
operation of its business and management of its property;
b. participate in negotiations with creditors and other
parties in formulating a plan of reorganization;
e. represent the Debtor in all adversary proceedings,
contested matters and matters involving administration of its
bankruptcy case;
f. represent the Debtor in negotiations with potential
financing sources and prepare contracts, security instruments and
other documents necessary to obtain financing; and
g. represent the Debtor in sale negotiations with potential
purchasers, and prepare letters of intent, asset purchase
agreements and other documents associated with the sale.
The Debtor has agreed to compensate Stichter Riedel on an hourly
basis. The firm received the sum of $14,717 from the Debtor prior
to its bankruptcy filing.
Scott Stichter, Esq., attorney at Stichter Riedel, attests that the
firm is disinterested as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Scott A. Stichter, Esq.
Stichter, Riedel, Blain & Postler, PA
110 E. Madison St., Suite 200
Tampa, FL 33602-4700
Phone: 813-229-0144
Email: mrobens.ecf@srbp.com
About Sundog Structures LLC
Sundog Structures, LLC, a custom home builder in Tampa, Fla., filed
a voluntary Chapter 11 petition (Bankr. M.D. Fla. Case No.
19-11627) on Dec. 10, 2019. In the petition signed by Robert E.
Cox, manager, the Debtor estimated $1 million to $10 million in
both assets and liabilities.
Judge Catherine Peek Mcewen oversees the case. Scott A. Stichter,
Esq., at Stichter, Riedel, Blain & Postler, PA, is the Debtor's
legal counsel.
SUNSHINE INVESTMENTS: Seeks to Hire Douglas J. Burns as New Counsel
-------------------------------------------------------------------
Sunshine Investments Limited Liability Company seeks authority from
the U.S. Bankruptcy Court for the Middle District of Florida to
employ Douglas J. Burns, P.A. as its new legal counsel.
The firm will substitute for Joel Treuhaft, Esq., the attorney
handling the Debtor's Chapter 11 case.
Douglas J. Burns will advise the Debtor of its powers and duties
under the Bankruptcy Code and will provide other legal services
related to the case.
The firm neither holds nor represents any interest adverse to the
Debtor and its bankruptcy estate, according to court filings.
The firm can be reached through:
Douglas J. Burns, Esq.
Douglas J Burns PA
2559 Nursery Rd Ste A
Clearwater, FL 33764-1782
Office: 727-725-2553
Fax: 727-725-9584
Email: dburnspa@tampabay.rr.com
About Sunshine Investments
Based in Tampa, Florida, Sunshine Investments Limited Liability
Company filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 12-03061) on Feb 29,
2012, listing under $1 million in both assets and liabilities.
Judge Catherine Peek McEwen oversees the case. Joel S. Treuhaft,
Esq., represents the Debtor as legal counsel.
On Feb. 27, 2013, the court confirmed the Debtor's Chapter 11 plan
of reorganization.
TARRANT COUNTY: To Self-Report in Lieu of PCO Appointment
---------------------------------------------------------
On Nov. 26, 2019, the U.S. Bankruptcy Court for the Northern
District of Texas held a hearing on a request by Tarrant County
Senior Living Center, Inc., for a determination that the
appointment of a patient care ombudsman is not necessary for
Tarrant County Senior Living Center, Inc., due to the timing and
circumstances of Chapter 11 case.
In light of the Debtor's willingness to self-report in lieu of the
Court's PCO appointment, the Court has ordered that the appointment
of PCO is deemed unnecessary for the protection of the Debtor's
patients. Then, beginning on the date that is 10 days following
entry of the order and every 20 days thereafter, until the
effective date of the Plan, or as otherwise may be ordered by the
Court, the Debtor shall file the Court a verified affidavit
reporting the following information:
* Staff members;
* Staffing changes;
* Patient/resident records;
* Vendors;
* Complaints;
* Litigation;
* Expansion/closures;
* Facility condition; and
* Life-safety issues.
Proposed counsel for the Debtor:
Andrew B. Zolinger
DLA Piper LLP (US)
1900 North Pearl Street, Suite 2200
Dallas, Texas 75201
Tel: (214) 743-5400
Fax: (214) 743-4545
E-mail: andrew.zollinger@dlapiper.com
- and -
Thomas R. Califano
DLA Piper LLP (US)
1251 Avenue of the Americas
New York, New York 10020-1104
Telephone (212) 335-4500
Facsimile: (212) 335-4501
E-mail: thomas.califano@dlapiper.com
- and -
Rachel Nanes
DLA Piper (US)
220 South Biscayne Blvd. Suite 2500
Miami, Florida
Tel: (305) 423-8563
Fax: (305) 675-8206
E-mail: rachel.nanes@dlapiper.com
A full-text copy of the Order is available at
https://tinyurl.com/wc4no4b from PacerMonitor.com at no
charge.
About Tarrant County Senior Living Center
Incorporated in 2006, Tarrant County Senior Living Center, Inc.,
doing business as The Stayton at Museum Way --
https://www.thestayton.com/ -- is a not-for-profit corporation that
has built a senior living retirement community in Fort Worth,
Texas. Stayton operates a continuing care retirement community
that offers its senior residents a continuum of care in a
campus-style setting, providing living accommodations and related
health care and support services to a target market of individuals
aged 62 and older.
Stayton sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Tex. Case No. 19-33756) on Nov. 5, 2019. In the
petition signed by CRO Louis E. Robichaux IV, the Debtor was
estimated to have assets ranging between $100 million and $500
million and liabilities of the same range.
The Hon. Stacey G. Jernigan is the case judge.
The Debtor tapped DLA Piper LLP (US) as bankruptcy counsel; Gilmore
Bell, Esq., as bond counsel; Louis E. Robichaux IV at Ankura
Consulting Group, LLC as chief restructuring officer; and EPIQ
Corporate Restructuring, LLC as claims and solicitation agent.
TATUNG COMPANY: Panel Hires RSR Consulting as Financial Advisor
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Tatung Company of
America, Inc., seeks authorization from the U.S. Bankruptcy Court
for the Central District of California to retain RSR Consulting,
LLC, as financial advisor to the Committee.
The Committee requires RSR Consulting to:
(a) assist the Committee and Committee's counsel in reviewing
and evaluate the Debtor's business plan and associated
financial projections;
(b) assist the Committee and Committee counsel in review
and evaluate the Debtor's business plan and liquidation
analysis, including understanding the Debtor's going-
concern value and evaluating alternatives available to
creditors;
(c) assist the Committee and Committee counsel in analyze
pre-bankruptcy transactions and potential avoidance
actions;
(d) review the Debtor's ongoing financial information,
including, but not limited to, analyses of cash receipts
and disbursements, financial statement items, and proposed
transactions for which Bankruptcy Court approval is
sought;
(e) interface with the Debtor's Chief Restructuring Officer;
(f) attend and participate in meetings with the Committee and
Committee counsel as necessary; and
(g) assist with such other matters as may be requested that
fall within Firm's expertise and that are mutually
agreeable.
RSR Consulting will be paid at these hourly rates:
Managing Directors and Directors $375 to $390
Managers and Consultants $250 to $335
Paraprofessionals $125
RSR Consulting will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Neil Bivona, partner of RSR Consulting, LLC, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and (a) is not creditors,
equity security holders or insiders of the Debtor; (b) has not
been, within two years before the date of the filing of the
Debtor's chapter 11 petition, directors, officers or employees of
the Debtor; and (c) does not have an interest materially adverse to
the interest of the estate or of any class of creditors or equity
security holders, by reason of any direct or indirect relationship
to, connection with, or interest in, the Debtor, or for any other
reason.
RSR Consulting can be reached at:
Neil Bivona
RSR CONSULTING, LLC
1330 Avenue of the Americas, Suite 23A
New York, NY 10019
Tel: (212) 658-0300
About Tatung Company of America
Tatung Company of America, Inc., distributes technology products
for computers and electronics original equipment manufacturers. The
Company manufactures personal computer monitors, home appliances,
point-of-sale equipment, air conditioners, coolers, and purifiers.
Tatung Company of America sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-21521) on Sept. 30,
2019. In the petition signed by CRO Jason Chen, the Debtor was
estimated to have assets ranging between $10 million to $50 million
and liabilities of the same range. Judge Neil W. Bason is assigned
to the case. LEVENE, NEALE, BENDER, YOO & BRILL L.L.P serves as the
Debtor's counsel. RSR Consulting, LLC, as financial advisor.
TEGNA INC: S&P Rates New $1BB Sr. Unsecured Notes 'BB'
------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '3'
recovery rating to TEGNA Inc.'s proposed $1 billion senior
unsecured notes due 2028. The '3' recovery rating indicates S&P's
expectation for meaningful (50%-70%; rounded estimate: 65%)
recovery for lenders in the event of a payment default. TEGNA plans
to use the proceeds from these notes to repay its 5.125% senior
unsecured notes due in 2020 ($310 million outstanding) and 6.375%
senior unsecured notes due in 2023 ($650 million outstanding).
S&P's 'BB' issuer credit rating and stable outlook on TEGNA are
unchanged because the proposed transaction will not affect the
company's net leverage. S&P continues to expect the company's
leverage to decline to the 4.2x-4.4x range in 2020 from about 5x
pro forma in 2019 through a combination of EBITDA growth and debt
repayment.
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
Following the transaction, TEGNA Inc. will be the borrower of a
senior unsecured credit facility (consisting of a $1.5 billion
revolving credit facility maturing in 2024 and $150 million of term
loans maturing in 2020) and senior unsecured notes ($350 million
4.875% notes due in 2021, $325 million 5.5% notes due in 2024, $1.1
billion 5% notes due in 2029, and $1 billion notes due in 2028).
Belo Corp. is also a borrower of senior unsecured notes ($200
million 7.75% notes due in 2027 and $240 million 7.25% notes due in
2027).
TEGNA Inc.'s senior unsecured debt is guaranteed by all of its
wholly owned material domestic subsidiaries, including Belo Corp.
While TEGNA and Belo are co-obligors of Belo's debt, TEGNA's other
material domestic subsidiaries do not guarantee Belo's debt.
Therefore, Belo's senior unsecured debt is structurally
subordinated to TEGNA's senior unsecured debt.
Simulated default assumptions
-- S&P's simulated default scenario contemplates a default
occurring in 2025 due to a combination of the following factors: a
larger-than-expected drop in EBITDA in a nonelection year,
increased competition from alternative media, a prolonged decline
in advertising revenue due to economic weakness, a failure to
generate retransmission revenue commensurate with its local market
and relevant television networks, and pressure from affiliated
networks to remit a significant portion of retransmission fees.
-- Other default assumptions include an 85% draw on the revolving
credit facility, LIBOR is 2.5%, the spread on the revolving credit
facility rises to 5% as covenant amendments are obtained, and all
debt includes six months of prepetition interest.
-- S&P has valued TEGNA on a going-concern basis using a 7x
multiple of its projected emergence EBITDA. This multiple is in
line with the multiples it uses for the other large television
broadcasters that it rates.
Simplified waterfall
-- EBITDA at emergence: $520 million
-- EBITDA multiple: 7x
-- Gross recovery value: $3.7 billion
-- Net recovery value for waterfall after administrative expenses
(5%): $3.5 billion
-- Obligor/nonobligor valuation split: 65%/35%
-- Estimated TEGNA senior unsecured debt claims: $4.2 billion
-- Value available for TEGNA senior unsecured debt claims: $3.2
billion
-- Recovery expectations: 50%-70% (rounded estimate: 65%)*
-- Estimated Belo senior unsecured debt and pari passu claims:
$2.4 billion
-- Value available for Belo senior unsecured debt and pari passu
claims: $1.2 billion
-- Recovery expectations: 50%-70% (rounded estimate: 50%)
*S&P caps its recovery ratings on the unsecured debt issued by
corporate entities with issuer credit ratings of 'BB-' or higher at
'3' because their recovery prospects are at greater risk of being
impaired by the issuance of additional priority or pari passu debt
prior to default.
TOMS SHOES: S&P Lowers Issuer Credit Rating to 'D'
--------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on the
U.S.-based shoes and accessories seller TOMS Shoes LLC to 'D' from
'CCC'. At the same time, S&P lowered its issue-level rating on the
company's first-lien term loan to 'D' from 'CCC'.
The downgrade to 'D' follows TOMS' debt for equity exchange with
its term loan lenders. S&P considers the exchange as tantamount to
a default given that this distressed issuer did not meet its term
loan obligation in accordance with its original terms.
TRANSOCEAN INC: S&P Rates New $750MM Unsec. Guaranteed Notes 'B-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level and '2' recovery
ratings to Cayman Islands-based offshore drilling contractor
Transocean Inc.'s proposed $750 million unsecured guaranteed notes
due 2027. Parent company Transocean Ltd. as well as certain
subsidiaries of Transocean Inc. will guarantee the notes. The '2'
recovery rating indicates its expectation for substantial (70%-90%;
rounded estimate: 85%) recovery to creditors in the event of a
payment default. S&P expects Transocean to use proceeds from the
offering primarily to refinance, repurchase, or redeem existing
debt.
All existing issue and recovery ratings are unchanged. The issuer
credit rating on Transocean Ltd remains 'CCC+' with a negative
outlook.
TRIAX CAPITAL: Taps Kirby Aisner & Curley as Legal Counsel
----------------------------------------------------------
Triax Capital Advisors received approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Kirby Aisner &
Curley LLP as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. advise the Debtor of its powers and duties in the continued
management of its property and affairs;
b. negotiate with creditors in the preparation of a plan of
reorganization and take the necessary legal steps in order to
effectuate the plan;
c. attend meetings and negotiate with representatives of
creditors;
d. advise the Debtor on any potential sale of its business;
e. represent the Debtor in connection with obtaining
post-petition financing, if necessary; and
f. take any necessary action to obtain approval of a
disclosure statement and confirmation of a plan of reorganization.
Kirby Aisner will be paid at these hourly rates:
Attorneys $425 to $525
Of Counsel $350
Paraprofessionals $150
Kirby Aisner will also be reimbursed for work-related expenses
incurred.
Erica Aisner, Esq., a partner at Kirby Aisner, assured the court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
Kirby Aisner can be reached at:
Erica R. Aisner, Esq.
Kirby Aisner & Curley LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Tel: (914) 401-9500
Email: dkirby@kacllp.com
About Triax Capital Advisors
Triax Capital Advisors is an investment advisory firm in New York
with years of experience in restructuring, turnaround and
recapitalization.
Triax Capital Advisors filed a voluntary Chapter 11 petition
(Bankr. S.D.N.Y. Case No. 19-24145) on Dec 19, 2019. In the
petition signed by Joseph Sarachek, managing member, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
Judge Robert D. Drain oversees the case. Erica Aisner, Esq., at
Kirby Aisner & Curley LLP, is the Debtor's legal counsel.
TW TRUCKING: Seeks to Hire Sellers & Mitchell as Legal Counsel
--------------------------------------------------------------
TW Trucking, LLC seeks authority from the U.S. Bankruptcy Court for
the Middle District of Georgia to employ Sellers & Mitchell, P.C.
as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. advise the Debtor of its powers and duties in the continued
operation of its business and management of its property;
b. take necessary actions to stop garnishments and avoid liens
against the Debtor's property obtained by the attachment of any
creditors within 90 days before the filing of the case; and
d. represent the Debtor in reclamation proceedings instituted
by creditors.
Seller's standard hourly rates are:
Shelba Sellers $200
Mark Mitchell $200
Imarald Manning $50
Jennifer Holt $50
Christie Sumner $50
Barbara Garcia $50
Shelba Sellers, Esq., at Sellers & Mitchell, assured the court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Shelba D. Sellers, Esq.
Sellers & Mitchell, P.C.
106 Euclid Dr
Thomasville, GA 31792-4710
Phone: 229-226-9888
Fax: 888-319-7471
Email: shelba_sellers@yahoo.com
About TW Trucking LLC
TW Trucking LLC filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Ga. Case No. 19-71548) on Dec. 27,
2019, listing under $1 million in both assets and liabilities.
Shelba D. Sellers, Esq., at Sellers & Mitchell, P.C. is the
Debtor's legal counsel.
TWIN CARE: Agrees to Appointment of Patient Care Ombudsman
----------------------------------------------------------
Twin Care Home, Inc., is a privately held corporation and operates
a residential facility for adults with special need, licensed by
the State of California and provides round the clock care for its
residents. Its commercial insurance supplemental schedule
describes Debtor's premises as Health Care Facility Twin Care Home,
Inc.
The parties agree that the Debtor is a health care business because
of the nature of the services the Debtor provides to its clients.
Pursuant to a stipulation between the Debtor and the U.S. Trustee,
the parties agree to the U.S. Trustee's appointment of a PCO for
Twin Care Home, Inc.
A full-text copy of PCO Appointment is available at
https://tinyurl.com/wghm5sm from PacerMonitor.com at no
charge.
About Twin Care Home
Twin Care Home, Inc., is a privately held corporation and operates
a residential facility for adults with special need. It is
licensed by the State of California and provides round the clock
care for its residents.
Based in Los Angeles, California, Twin Care sought Chapter 11
protection (Bankr. C.D. Cal. Case No. 19-22666) on Oct. 28, 2019.
Dana M. Douglas, Esq., is the Debtor's counsel.
UNIT CORP: BlackRock Has 7% Equity Stake as of Dec. 31
------------------------------------------------------
BlackRock, Inc. disclosed in an amended Schedule 13G filed with the
Securities and Exchange Commission that as of Dec. 31, 2019, it
beneficially owns 3,867,297 shares of common stock of Unit
Corporation, which represents 7 percent of the shares outstanding.
A full-text copy of the regulatory filing is available for free at
the SEC's website at:
https://is.gd/ONmczY
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.
UNIT CORP: Extends Exchange Offer Expiration to Jan. 31
-------------------------------------------------------
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, Jan. 10, 2020 and will now be 11:59 p.m., New York City
time, on Friday, Jan. 31, 2020, unless further extended. All
references to the Expiration in the Prospectus are hereby amended
such that the Expiration Date will be 11:59 p.m., New York City
time, on Friday, Jan. 31, 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. Questions, requests for assistance
and requests for copies of the prospectus should be directed to 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.
VAC FUND HOUSTON: Goldman Sachs Objects to Cash Collateral Motion
-----------------------------------------------------------------
Goldman Sachs Bank USA is a secured creditor of Vac Fund Houston,
LLC. Between August 2018 and February 2019, GS Bank and the Debtor
entered into six separate loan transactions in which the Debtor
borrowed a total principal amount of $9,261,200, secured by parcels
of residential real property located in Texas. The Debtor
defaulted on its obligations with GS Bank.
In an objection filed with the Bankruptcy Court, GS Bank contended,
among others, that its security interests in the Debtor are not
adequately protected (as the Debtor asserted) because, according to
GS Bank, the Debtor (a) undervalued the full amount of GS Bank's
claim by not taking into account prepetition accrued interest, as
indicated by the Debtor's budget.
A copy of the objection is available for free at
https://is.gd/FLwgak from PacerMonitor.com.
About VAC Fund Houston
VAC Fund Houston, LLC, a Nevada-based company engaged in activities
related to real estate, filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
19-17670) on Dec 2, 2019, disclosing $15,948,556 in total assets
and $17,369,695 in liabilities. The petition was signed by
Christopher Shelton, trustee of VAC Fund Houston Trust, manager of
Debtor. Judge Mike K. Nakagawa oversees the case. Christopher R.
Kaup, Esq., at Tiffany & Bosco, P.A., is the Debtor's legal
counsel.
VAC FUND HOUSTON: Replies to GS Bank, U.S. Trustee Objections
-------------------------------------------------------------
VAC Fund Houston, LLC, in its reply to the objection to use cash
collateral filed by Goldman Sachs Bank USA, the Debtor argued that
GS Bank knew each loan was secured by a 20% equity cushion, and
that GS Bank's objection as to the absence of evidence of its being
adequately secured is meritless and knowingly false.
According to Chris Shelton, trustee of the manager of the Debtor,
the VAC Fund Houston Trust, Genesis Capital, LLC (through Goldman
Sachs), provided financing in the form of six loans, each of which
is secured by several different homes. "Each of the relevant loans
were made on a debt to equity ratio of 80%, meaning that the value
for each loan were worth at least 20% more than the amount of that
loan", Christopher R. Kaup, Esq., the Debtor's proposed counsel at
Tiffany & Bosco, P.A., related.
Concerning the objection raised by the U.S. Trustee, Mr. Kaup
related that the Debtor will revise the cash collateral budget in a
manner consistent and in connection with issues raised by the U.S.
Trustee. The Debtor, however, emphasized that the concerns raised
by the U.S. Trustee do not justify denial of the Debtor's first day
motions to be approved on an interim basis.
A copy of the Debtor's reply can be accessed at
https://is.gd/IFB6Zv from PacerMonitor.com free of charge.
About VAC Fund Houston
VAC Fund Houston, LLC, a Nevada-based company engaged in activities
related to real estate, filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
19-17670) on Dec 2, 2019, disclosing $15,948,556 in total assets
and $17,369,695 in liabilities. The petition was signed by
Christopher Shelton, trustee of VAC Fund Houston Trust, manager of
Debtor. Judge Mike K. Nakagawa oversees the case. Christopher R.
Kaup, Esq., at Tiffany & BOSCO, P.A., is the Debtor's legal
counsel.
VAC FUND HOUSTON: Seeks Authority to Use Cash Collateral
--------------------------------------------------------
VAC Fund Houston, LLC asks the Bankruptcy Court to use cash
collateral in which Genesis Capital, LLC and Lending Home Funding
Corporation may assert an interest. The Debtor is in the business
of buying and renovating homes, which the Debtor would later rent
out or sell in the ordinary course of business.
Before the Petition Date, Genesis Capital advanced to the Debtor
funds in excess of $6,000,000 under six separate business loan
agreements, promissory notes and deeds of trusts. Lending Home
advanced to the Debtor in excess of $7,400,000 of funds pursuant to
a series of separate promissory notes each of which is secured by a
separate deed of trust.
The Debtor seeks permission to use $25,000 of Genesis Capital's
cash collateral and all of Lending Home's cash collateral (a) to
pay operating expenses directly related to homes on which Genesis
Capital and Lending Homes each assert liens, (b) to pay the
company's monthly operating expenses and (c) to create a reserve
for larger maintenance items relating to the Genesis
Capital/Lending Home properties.
The Debtor is willing to pay the remaining balance of the rents as
additional adequate protection and the payment of accruing interest
to Genesis. The Debtor assures the Court that both Genesis and
Lending Home are adequately protected by the substantial equity in
each of their collateral.
A copy of the motion is available at https://is.gd/JrDWQk From
PacerMonitor.com free of charge.
About VAC Fund Houston
VAC Fund Houston, LLC, a Nevada-based company engaged in activities
related to real estate, filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
19-17670) on Dec 2, 2019, disclosing $15,948,556 in total assets
and $17,369,695 in liabilities. The petition was signed by
Christopher Shelton, trustee of VAC Fund Houston Trust, manager of
Debtor. Judge Mike K. Nakagawa oversees the case. Christopher R.
Kaup, Esq., at Tiffany & BOSCO, P.A., is the Debtor's legal
counsel.
VAC FUND HOUSTON: U.S. Trustee Objects to Cash Collateral Motion
----------------------------------------------------------------
Tracy Hope Davis, United States Trustee for Region 17, opposed the
motion to use cash collateral filed by VAC Fund Houston, LLC.
Edward M. McDonald, Jr., trial attorney on behalf of the U.S.
Trustee, said it appears that Genesis Capital may have an equity
cushion of approximately 26.7% and Lending Home an equity cushion
of approximately 24.3%. However, the Debtor proposes to provide
additional adequate protection by granting replacement liens on all
future rents and receivables and to make adequate protection
payments to Genesis in the amount of $10,536. The Ninth Circuit
has held that a 20% equity cushion provides adequate protection,
Mr. McDonald pointed out.
Mr. McDonald also disclosed that the cash collateral supplement
budget does not appear to include payments to Debtor's
professionals, an official committee, U.S. Trustee fees, or to
reserve fees for a Chapter 11 or Chapter 7 trustee.
Given that the Debtor asserts that the secured creditors are
adequately protected by equity cushions, the granting of additional
adequate protection in the form of replacement liens and adequate
protection payments should be denied or deferred until the final
hearing, the trial attorney said. Moreover, given that a limited
carve-out for Debtor's professionals, any official committee, and
U.S. Trustee and Court fees, and the fact that the carve-out does
not include Chapter 11 trustee fees, Chapter 7 trustee fees, and/or
examiner fees could hamper the ability of fiduciaries to perform
their duties, the Court should deny the cash collateral motion, the
trial attorney asserted.
A copy of the U.S. Trustee's omnibus objection is available for
free at https://is.gd/rw8Han from PacerMonitor.com.
About VAC Fund Houston
VAC Fund Houston, LLC, a Nevada-based company engaged in activities
related to real estate, filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
19-17670) on Dec 2, 2019, disclosing $15,948,556 in total assets
and $17,369,695 in liabilities. The petition was signed by
Christopher Shelton, trustee of VAC Fund Houston Trust, manager of
Debtor. Judge Mike K. Nakagawa oversees the case. Christopher R.
Kaup, Esq., at Tiffany & Bosco, P.A., is the Debtor's legal
counsel.
VIANT MEDICAL: Moody's Alters Outlook on Caa1 CFR to Positive
-------------------------------------------------------------
Moody's Investors Service changed Viant Medical Holdings, Inc.'s
outlook to positive from stable. At the same time Moody's affirmed
the Caa1 Corporate Family Rating and Caa1-PD Probability of Default
Rating, the B3 rating of the company's senior secured first lien
credit facilities and the Caa3 rating of the second lien term
loan.
The outlook revision reflects a material improvement of Viant's
liquidity as the company now has access to substantially all of its
$70 million revolving credit facility. The company paid its
revolver outstanding amount as well as a portion of its second lien
term loan using the cash raised from a $120 million add-on to its
existing senior secured first lien term loan. Prior to this
transaction, the company had little availability under its
revolver.
While Viant's liquidity has improved as a result of the above
transaction, the company is likely to generate negative free cash
flow at least until early 2020. This is because of one-time costs
related to moving away from transition service agreements with
Integer Holdings Corporation as well as investments the company is
making to support the new business which generally take 12-18
months to move into production, coupled with some uncertainty
around its ability to improve EBITDA and cash flow in 2020.
The company's leverage also remains very high with any improvement
highly dependent on the realization of acquisition synergies. The
company's adjusted debt/EBITDA was approximately 9.2x for the 12
months ended September 27, 2019. Giving full benefit for synergies
that the company expects to realize by the end of 2020, pro forma
debt/EBITDA would approximate 7.8 times.
Moody's will consider a ratings upgrade if the company becomes free
cash flow positive on a quarterly basis and if the synergies are
realized according to the company's plan.
Ratings affirmed:
Viant Medical Holdings, Inc.
Corporate Family Rating at Caa1
Probability of Default Rating at Caa1-PD
$70 million senior secured first lien revolving
credit facility at B3 (LGD3)
$620 million senior secured first lien term loan at
B3 (LGD3)
$225 million senior secured second lien term loan at
Caa3 (LGD5)
Outlook action:
The outlook changed to positive from stable.
RATINGS RATIONALE
Viant's Caa1 Corporate Family Rating reflects the company's high
financial leverage and Moody's expectation of negative free cash
flow for at least the next few quarters. The company's ratings are
constrained by the execution challenges related to last year's
transformative acquisition, which nearly doubled the company's
revenues. Viant also faces high customer concentration as three
customers represent more than 40% of revenues. Viant's financial
policies are expected to remain aggressive reflecting its ownership
by private equity investors.
The company's rating benefits from a diversified product portfolio
across multiple therapeutic areas and a stable demand for contract
manufacturing services. Given regulatory constraints, the switching
costs for the company's customers is high.
The positive outlook reflects Moody's expectation that the company
will reduce its non-recurring integration costs over the course of
2020 which will help improve free cash flow. Free cash flow will
also benefit as the company has substantially addressed certain
operational issues that caused account receivables and inventory
build-up in 2019.
Ratings could be upgraded if the company improves its free cash
flow and reduces its leverage by improved business performance and
realization of expected synergies. Quantitatively, ratings could be
upgraded if debt/EBITDA is sustained below 7.5 times.
Ratings could be downgraded if the company's liquidity weakens,
and/or if Moody's expects the free cash flow to remain negative for
a prolonged period. If the company incurs meaningful contract
losses, or if operating performance further weakens such that the
sustainability of the capital structure comes into question,
Moody's could downgrade the ratings.
Headquartered in Foxborough, MA, Viant is an outsourced
manufacturer of medical devices serving a broad range of
therapeutic areas including cardiovascular, orthopedics and
advanced surgical. Viant is owned by affiliates of JLL Partners and
Water Street Healthcare Partners.
The principal methodology used in these ratings was Medical Product
and Device Industry published in June 2017.
WALKER COUNTY HOSPITAL: Committee Hires Arent Fox as Legal Counsel
------------------------------------------------------------------
The official committee of unsecured creditors of Walker County
Hospital Corporation seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire Arent Fox LLP as its
legal counsel.
The firm will provide these services to the committee in connection
with the Debtor's Chapter 11 case:
(a) advise the committee of its rights, duties and powers;
(b) represent the committee in its consultation with the
Debtor relative to the administration of the case;
(c) assist the committee in investigating and analyzing the
Debtor's assets and liabilities, investigate the extent and
validity of liens, and participate in and review any proposed asset
sales or dispositions;
(d) attend meetings and negotiate with representatives of the
Debtors, secured creditors and other parties;
(e) assist the committee in its examination, investigation and
analysis of the conduct of the Debtor's affairs;
(f) assist the committee in the review, analysis and
negotiation of any plan of reorganization or liquidation that may
be filed;
(g) assist the committee in the review, analysis and
negotiation of any financing or funding agreements; and
(h) take all necessary actions to protect and preserve the
interests of unsecured creditors.
Arent Fox's hourly rates are:
Partners $650 to $1,105
Of Counsel $530 to $1,050
Associates $385 to $695
Paraprofessionals $170 to $370
The firm will also be reimbursed for work-related expenses
incurred.
George Angelich, Esq., a partner at Arent Fox, assured the court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
Arent Fox can be reached at:
George P. Angelich, Esq.
Andrew I. Silfen, Esq.
Beth M. Brownstein, Esq.
Arent Fox LLP
1301 Avenue of the Americas, Floor 24
New York, NY 10019
Tel: (212) 484-3900
Fax: (212) 484-3990
Email: george.angelich@arentfox.com
andrew.silfen@arentfox.com
beth.brownstein@arentfox.com
About Walker County Hospital Corp.
Walker County Hospital Corporation --
https://www.huntsvillememorial.com/ -- operates a community
hospital in Huntsville, Texas. It is the sole member of its
non-debtor affiliate, HMH Physician Organization. Founded in 1927,
Walker County Hospital provides health care services to the
residents of Walker County and its surrounding communities.
Walker County Hospital sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 19-36300) on Nov. 11,
2019. At the time of the filing, the Debtor disclosed assets of
between $10 million and $50 million and liabilities of the same
range.
Judge David R. Jones oversees the case.
The Debtor tapped Waller Lansden Dortch & Davis, LLP and Morgan,
Lewis & Bockius LLP as bankruptcy counsel; Healthcare Management
Partners, LLC as financial and restructuring advisor; and Epiq
Corporate Restructuring, LLC as claims and noticing agent.
WALKER COUNTY HOSPITAL: Committee Hires FTI as Financial Advisor
----------------------------------------------------------------
The official committee of unsecured creditors of Walker County
Hospital Corporation seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to retain FTI Consulting, Inc.
as its financial advisor.
The firm will provide these services to the committee in connection
with the Debtor's Chapter 11 case:
-- review financial-related disclosures required by the court,
including schedules of assets and liabilities, statement of
financial affairs and monthly operating reports;
-- prepare analyses required to assess any proposed
debtor-in-possession financing or use of cash collateral;
-- assess and monitor the Debtor's short-term cash flow, liquidity
and operating results;
-- analyze asset purchase agreement with potential purchasers of
the Debtor's assets and related negotiations;
-- analyze potential recoveries for unsecured creditors;
-- review any proposed key employee retention and other employee
benefit programs;
-- review the Debtor's analysis of core business assets and the
potential disposition or liquidation of non-core assets;
-- review the Debtor's cost/benefit analysis with respect to the
affirmation or rejection of various executory contracts and
leases;
-- review the Debtor's identification of potential cost savings;
-- assist in the review and monitoring of the asset sale process;
-- review tax issues associated with claims/stock trading,
preservation of net operating losses, refunds due to the Debtors,
plans of reorganization and asset sales;
-- review claims reconciliation and estimation process;
-- assist in the review of other financial information prepared by
the Debtors;
-- attend meetings and assist in discussions with the Debtors,
potential investors, banks, secured lenders, unsecured creditors'
committee and any other official committees organized in the
Debtor's case, the U.S. trustee and other parties;
-- review or prepare information and analysis necessary for the
confirmation of a Chapter 11 plan and related disclosure
statement;
-- analyze the Debtor's plan of reorganization and related
disclosures;
-- evaluate and analyze avoidance actions, including fraudulent
conveyances and preferential transfers; and
-- prosecute committee responses and objections to the Debtor's
motions.
FTI Consulting will be paid at these hourly rates:
Senior Managing Directors $895 - $1,195
Directors/Senior Directors/
Managing Directors $670 - $880
Consultants/Senior Consultants $355 - $640
Administrative/Paraprofessionals $145 - $275
The firm will also be reimbursed for work-related expenses
incurred.
Chad Shandler, a senior managing director at FTI Consulting,
assured the court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
FTI Consulting can be reached at:
Conor P. Tully
FTI Consulting, Inc.
Three Times Square, 9th Floor
New York, NY, 10036
Tel: +1 212 247 1010
Fax: +1 212 841 9350
Email: chad.shandler@fticonsulting.com
About Walker County Hospital Corp.
Walker County Hospital Corporation --
https://www.huntsvillememorial.com/ -- operates a community
hospital in Huntsville, Texas. It is the sole member of its
non-debtor affiliate, HMH Physician Organization. Founded in 1927,
Walker County Hospital provides health care services to the
residents of Walker County and its surrounding communities.
Walker County Hospital sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 19-36300) on Nov. 11,
2019. At the time of the filing, the Debtor disclosed assets of
between $10 million and $50 million and liabilities of the same
range.
Judge David R. Jones oversees the case.
The Debtor tapped Waller Lansden Dortch & Davis, LLP and Morgan,
Lewis & Bockius LLP as bankruptcy counsel; Healthcare Management
Partners, LLC as financial and restructuring advisor; and Epiq
Corporate Restructuring, LLC as claims and noticing agent.
WALKER COUNTY HOSPITAL: Committee Taps Gray Reed as Local Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors of Walker County
Hospital Corporation seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire Gray Reed & McGraw LLP
as its local counsel.
The firm will provide these services to the committee in connection
with the Debtor's Chapter 11 case:
(a) advise the committee of its rights, powers and duties;
(b) advise the committee concerning the unsecured creditors'
rights and remedies in connection with the Debtor's bankruptcy
estate;
(c) analyze all facets of the Debtor's case, including the
acts, conduct, assets, liabilities and financial condition of the
Debtor, claims by and against the estate, the operation of the
Debtor's business, and matters related to the preparation and
confirmation of a Chapter 11 plan;
(d) work with the Debtor concerning the administration of the
case;
(e) work with the Debtor to formulate, prepare and confirm a
Chapter 11 plan; and
(f) review and analyze all applications, motions, orders,
statements of operations and schedules filed with the court.
The firm's standard hourly rates are:
Jason Brookner, partner $720
Lydia Webb, associate $550
Amber Carson, associate $495
Paraprofessionals $110 to $250
Jason Brookner, Esq., a partner at Gray Reed, attests that the firm
and its lawyers are "disinterested" within the meaning of Section
101(14) the Bankruptcy Code.
The firm can be reached through:
Jason S. Brookner, Esq.
Micheal W. Bishop, Esq.
Lydia R. Webb, Esq.
Gray Reed & McGraw LLP
1601 Elm Street, Suite 4600
Dallas, TX 75201
Tel: (214) 954-4135
Fax: (214) 953-1332
Email: jbrookner@grayreed.com
mbishop@grayreed.com
lwebb@grayreed.com
About Walker County Hospital Corp.
Walker County Hospital Corporation --
https://www.huntsvillememorial.com/ -- operates a community
hospital in Huntsville, Texas. It is the sole member of its
non-debtor affiliate, HMH Physician Organization. Founded in 1927,
Walker County Hospital provides health care services to the
residents of Walker County and its surrounding communities.
Walker County Hospital sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 19-36300) on Nov. 11,
2019. At the time of the filing, the Debtor disclosed assets of
between $10 million and $50 million and liabilities of the same
range.
Judge David R. Jones oversees the case.
The Debtor tapped Waller Lansden Dortch & Davis, LLP and Morgan,
Lewis & Bockius LLP as bankruptcy counsel; Healthcare Management
Partners, LLC as financial and restructuring advisor; and Epiq
Corporate Restructuring, LLC as claims and noticing agent.
WILLIAM B. ROBERTS: Selling 33% Interest in RBO for $60K
--------------------------------------------------------
William Barrier Roberts asks the U.S. Bankruptcy Court for the
Northern District of Alabama to authorize the sale of his 33%
membership interest in RBO, LLC, including all rights, claims and
benefits appertaining to the assets of the company, payment
streams, and all files, documents, writings and other materials
with respect thereto, free and clear of all liens, to Roscoe
Roberts for $60,000.
RBO is an Alabama Limited Liability Company in good standing. The
Debtor has entered into an Assignment of Interest in Limited
Liability Company to sell the Property to Roberts for $60,000. He
believes the price provided for in the Assignment is reasonable and
represents fair value for the Property to be sold in the
circumstance.
Any person objecting to the validity, proprietary, or legality
and/or having any objection of any kind to the sale will file a
written objection to the sale five business days before the date
set for the hearing on this Motion and simultaneously serve copies
on the attorney for the Debtor at the address listed in the Motion
and the Trustee, in accordance with Fed. R. Bankr. P. 6004(b).
The Debtor asks that the Court enters an Order Confirming Sale of
the Property, that the Debtor be authorized to take such steps,
make such payments, and execute such documents as reasonably
necessary to implement and effectuate said sale, and that the Court
grants such further relief as may be just and equitable under the
circumstances.
A copy of the Assignment is available at
https://tinyurl.com/uzxkg6s from PacerMonitor.com free of charge.
William Barrier Roberts sought Chapter 11 protection (Bankr. N.D.
Ala. Case No. 18-83442) on Nov. 16, 2018. The Debtor tapped Stuart
M Maples, Esq., at Maples Law Firm, PC, as counsel.
WOOD AT BEAR CREEK: Taps Gleichenhaus Marchese as Legal Counsel
---------------------------------------------------------------
The Woods at Bear Creek, LLC received approval from the U.S.
Bankruptcy Court for the Western District of New York to hire
Gleichenhaus Marchese Weishaar P.C. as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
(a) advise the Debtor of its powers and duties in the
continued operation of its business and in the management of its
assets;
(b) take necessary action to avoid liens or remove any liens
which are avoidable and which were placed against the property of
the Debtor prior to its bankruptcy filing and at a time when the
Debtor was insolvent;
(c) take necessary action to enjoin and stay until final
decree any attempts by secured creditors to enforce liens upon
property of the Debtor; and
(d) represent the Debtor in any proceedings which may be
instituted in the bankruptcy court by creditors or other parties.
The firm's hourly rates are:
Michael Weishaar, Esq. $350
Scott Bogucki, Esq. $350
Robert B. Gleichenhaus, Esq. $300
Other Attorneys $300
Paralegals $80
At the time of the Debtor's bankruptcy filing, Gleichenhaus held a
net retainer in the amount of $3,283.
Michael Weishaar, Esq., a partner at Gleichenhaus, attests that the
firm is "disinterested" within the meaning of Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Robert B. Gleichenhaus, Esq.
Gleichenhaus, Marchese & Weishaar, P.C.
930 Convention Tower, 43 Court Street
Buffalo, NY 14202
Phone: (716) 845-6446
Fax : 716-845-6475
Email: RBG_GMF@hotmail.com
About The Woods at Bear Creek, LLC
The Woods at Bear Creek, LLC -- https://thewoodsatbearcreek.com --
owns and operates an upscale glamping resort designed to connect
and nurture families and individuals in a nature setting with full
service features and activities. The Woods at Bear Creek is
located on 750 acres of forested hills and meadows in Cattaraugus
County, N.Y.
The Woods at Bear Creek filed its voluntary Chapter 11 petition
(Bankr. W.D.N.Y. Case No. 19-12517) on Dec. 5, 2019. In the
petition signed by John L. Hutchins, chief executive officer and
sole member, the Debtor estimated $1 million to $10 million in both
assets and liabilities.
Judge Carl L. Bucki oversees the case. Robert B. Gleichenhaus,
Esq., at Gleichenhaus Marchese Weishaar P.C., is the Debtor's legal
counsel.
WPX ENERGY: S&P Rates New $900MM Senior Unsecured Notes 'BB-'
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to Tulsa, Okla.-based exploration and production
company WPX Energy Inc.'s proposed $900 million aggregate principal
amount of senior unsecured notes. The '3' recovery rating indicates
S&P's expectation for meaningful (50%-70%; rounded estimate: 65%)
recovery of principal in the event of a payment default. The notes
will rank equally with the company's outstanding senior unsecured
notes. At the same time, S&P placed its 'BB-' issue-level rating on
the notes on CreditWatch with positive implications to reflect the
likelihood that it will upgrade WPX pending the close of its
acquisition of Felix Energy.
WPX will use the proceeds from this offering to partially fund its
previously announced $2.5 billion acquisition of Felix Energy.
However, if the deal does not close as anticipated the notes will
be subject to a mandatory redemption by the company at 100% of the
initial issuance price plus any accrued and unpaid interest.
On Dec. 17, 2019, S&P placed all of its ratings on WPX, including
its 'BB-' issuer credit rating, on CreditWatch with positive
implications following the company's announcement of its intention
to acquire Felix Energy. The CreditWatch positive placement
reflects the likelihood that the rating agency will upgrade WPX
following the close of its acquisition of Felix Energy based on the
combined company's larger size and scale.
YOUNGEVITY INTERNATIONAL: Issues Additional 11,375 Series D Shares
------------------------------------------------------------------
Youngevity International, Inc. issued on Jan. 3, 2020 an additional
11,375 shares of Series D Preferred Stock upon the partial exercise
by the underwriters in the Company's recent public offering of
Series D Preferred Stock of the over-allotment option granted to
such underwriters. The over-allotment shares were sold at a price
to the public of $22.75 per share, generating additional gross
proceeds of $258,781 bringing the total gross proceeds in the
public offering to approximately $5.84 million. The shares of
Series D Preferred Stock trade on The Nasdaq Capital Market under
the symbol "YGYIP."
About Youngevity
Chula Vista, California-based Youngevity International, Inc. --
http://www.youngevity.com/-- is a multi-channel lifestyle company
operating in three distinct business segments including a
commercial coffee enterprise, a commercial hemp enterprise, and a
multi-vertical omni direct selling enterprise. The Company
features a multi country selling network and has assembled a
virtual Main Street of products and services under one corporate
entity, YGYI offers products from the six top selling retail
categories: health/nutrition, home/family, food/beverage (including
coffee), spa/beauty, apparel/jewelry, as well as innovative
services.
Youngevity reported a net loss attributable to common stockholders
of $23.50 million in 2018 following a net loss attributable to
common stockholders of $12.69 million in 2017. As of Sept. 30,
2019, the Company had $141.18 million in total assets, $85.01
million in total liabilities, and $56.17 million in total
stockholders' equity.
Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2011, issued a "going concern" qualification in its
report dated April 15, 2019, on the consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has recurring losses and is dependent on additional
financing to fund operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($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 80CD GR 1,593.8 (11.0) 246.2
ADVANZ PHARMA CXREUR EU 1,593.8 (11.0) 246.2
ADVANZ PHARMA CXRXF US 1,593.8 (11.0) 246.2
AGENUS INC AJ81 GZ 174.8 (178.0) (25.8)
AGENUS INC AJ81 GR 174.8 (178.0) (25.8)
AGENUS INC AGEN US 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 AMRSUSD 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 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 AV 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 AZ5 GR 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZ5 TH 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZO US 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZOUSD EU 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZ5 GZ 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZO AV 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZ5 TE 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZO* MM 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZOEUR EU 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZ5 QT 12,700.5 (1,776.1) (711.3)
AUTOZONE INC-BDR AZOI34 BZ 12,700.5 (1,776.1) (711.3)
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
BABCOCK & WILCOX BW US 672.6 (290.1) (160.6)
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 34.1 22.3 21.9
BIOCRYST PHARM BO1 TH 90.5 (41.3) (3.4)
BIOCRYST PHARM BCRX US 90.5 (41.3) (3.4)
BIOCRYST PHARM BCRXUSD EU 90.5 (41.3) (3.4)
BIOCRYST PHARM BO1 QT 90.5 (41.3) (3.4)
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 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 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 1ZB QT 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 TH 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A BE US 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 BAEUR EU 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 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 BCO TH 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 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 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 BA AV 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA CI 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BCO QT 132,598.0 (3,809.0) 9,810.0
BOMBARDIER INC-B BBDBN MM 26,363.0 (4,680.0) (225.0)
BRINKER INTL BKJ GR 2,491.0 (585.1) (342.7)
BRINKER INTL EAT US 2,491.0 (585.1) (342.7)
BRINKER INTL EAT2EUR EU 2,491.0 (585.1) (342.7)
BRINKER INTL BKJ QT 2,491.0 (585.1) (342.7)
BRP INC/CA-SUB V DOO CN 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 DOOEUR EU 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
CATASYS INC HY1N GZ 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 C6O TH 716.9 (87.5) 307.1
CLOVIS ONCOLOGY CLVSEUR EU 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 CYH1USD EU 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 DBD GR 3,889.1 (425.2) 324.3
DIEBOLD NIXDORF DBD US 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 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 DR3 GZ 3,696.2 (112.7) (28.1)
DOLLARAMA INC DOLEUR EU 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 EZV GR 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA DPZ US 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 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
DOMO INC- CL B DOMO US 217.9 (25.2) 38.6
DOMO INC- CL B 1ON GR 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 GZ 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
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 TH 1,567.6 (72.0) 10.3
EVERI HOLDINGS I G2C GR 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 GSHD US 44.4 (27.9) 7.6
GOOSEHEAD INSU-A 2OX GR 44.4 (27.9) 7.6
GOOSEHEAD INSU-A GSHDEUR EU 44.4 (27.9) 7.6
GRAFTECH INTERNA EAF US 1,825.7 (606.9) 724.6
GRAFTECH INTERNA G6G TH 1,825.7 (606.9) 724.6
GRAFTECH INTERNA G6G GR 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 EAFUSD EU 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 HRBEUR EU 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRB QT 2,756.7 (75.7) (662.5)
HANGER INC HNGR US 801.4 (14.2) 95.2
HANGER INC HO8 GR 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 HPQ AR 33,467.0 (1,193.0) (5,116.0)
HEWLETT-CEDEAR HPQC 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 HLT US 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HI91 TH 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HLTUSD EU 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HI91 GR 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 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 US 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 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 AV 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 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 SW 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 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 HPQ TE 33,467.0 (1,193.0) (5,116.0)
HP INC 7HP GR 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ* MM 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 CI 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ AV 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 SW 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 1K0 GZ 269.9 254.6 241.7
IGM BIOSCIENCES IGMSEUR EU 269.9 254.6 241.7
IMMUNOGEN INC IMU TH 254.1 (86.2) 137.5
IMMUNOGEN INC IMGN US 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 TH 158.7 (38.3) (119.3)
INSEEGO CORP INO QT 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)
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 IX 18.6 (6.1) (5.6)
JOSEMARIA RESOUR JOSES EB 18.6 (6.1) (5.6)
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 LTD GR 10,630.0 (1,238.0) 383.0
L BRANDS INC LBUSD EU 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 LTD QT 10,630.0 (1,238.0) 383.0
L BRANDS INC-BDR LBRN34 BZ 10,630.0 (1,238.0) 383.0
LA JOLLA PHARM LJPC US 149.1 (35.2) 90.4
LENNOX INTL INC LXI GR 2,214.8 (277.3) 207.4
LENNOX INTL INC LII US 2,214.8 (277.3) 207.4
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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 MMLP US 691.1 (33.4) 108.7
MARTIN MIDSTREAM MMLPUSD EU 691.1 (33.4) 108.7
MARTIN MIDSTREAM MPB GR 691.1 (33.4) 108.7
MARTIN MIDSTREAM MPB TH 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 SW 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCD US 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 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 MCD AV 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCD CI 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-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 GZ 897.3 (26.0) (96.4)
MEDICINES COMP MZN TH 897.3 (26.0) (96.4)
MEDICINES COMP MZN QT 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)
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MOTOROLA SOLUTIO MTLA TH 10,373.0 (1,084.0) 498.0
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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
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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 1M4 GR 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
N/A BJEUR EU 5,478.1 (104.5) (509.4)
NATHANS FAMOUS NATH US 107.1 (62.9) 78.9
NATHANS FAMOUS NFA GR 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
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NAVISTAR INTL NAV US 6,917.0 (3,723.0) 1,377.0
NAVISTAR INTL IHR GR 6,917.0 (3,723.0) 1,377.0
NAVISTAR INTL NAVEUR EU 6,917.0 (3,723.0) 1,377.0
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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
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NRG ENERGY NRG1USD EU 9,527.0 (1,552.0) 623.0
NRG ENERGY NRGEUR EU 9,527.0 (1,552.0) 623.0
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OMEROS CORP OMER US 91.3 (139.9) 17.0
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OMEROS CORP OMEREUR EU 91.3 (139.9) 17.0
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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 PZZA US 730.6 (69.4) (27.5)
PAPA JOHN'S INTL PP1 GR 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 PMI SW 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 4I1 TH 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 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
POWER SOLUTIONS PSIX US 289.9 (18.6) (4.6)
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 1R8 QT 227.5 (24.3) 155.6
RADIUS HEALTH IN RDUSEUR EU 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 REV US 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
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 RRD US 3,540.5 (276.9) 523.6
RR DONNELLEY & S DLLN GR 3,540.5 (276.9) 523.6
RR DONNELLEY & S RRDEUR EU 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 SBHEUR EU 2,098.4 (60.3) 707.5
SATSUMA PHARMACE STSA US 127.5 118.1 120.6
SATSUMA PHARMACE STSAEUR EU 127.5 118.1 120.6
SATSUMA PHARMACE 1LV GR 127.5 118.1 120.6
SBA COMM CORP SBACUSD EU 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 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 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 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
SCIENTIFIC GAMES TJW TH 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 SEE1USD 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
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 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 SIRI AV 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 SIX US 3,020.7 (89.8) 97.7
SIX FLAGS ENTERT 6FE TH 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 SRB TH 19,219.6 (6,231.0) (514.8)
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 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 SBUX AV 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 CORP 0QZH LI 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SRB QT 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUX SW 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)
SUNPOWER CORP S9P2 TH 1,889.7 (160.3) 264.2
SUNPOWER CORP SPWR US 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 WRM GZ 2,540.4 (64.5) 238.1
TAILORED BRANDS WRM GR 2,540.4 (64.5) 238.1
TAILORED BRANDS TLRD US 2,540.4 (64.5) 238.1
TAILORED BRANDS TLRD* MM 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 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 GZ 750.6 (239.4) 373.5
UBIQUITI INC UBNTEUR EU 750.6 (239.4) 373.5
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 UIS 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 0V4 GR 2,064.0 (258.0) 374.0
VALVOLINE INC 0V4 TH 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
VENUS CONCEPT IN VERO US 20.7 (21.8) (8.7)
VENUS CONCEPT IN HAIREUR EU 20.7 (21.8) (8.7)
VENUS CONCEPT IN 0RR1 GR 20.7 (21.8) (8.7)
VERISIGN INC VRS TH 1,886.7 (1,451.9) 337.3
VERISIGN INC VRS GR 1,886.7 (1,451.9) 337.3
VERISIGN INC VRSN US 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 UWV SW 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 WUSD EU 3,007.6 (682.4) 237.0
WAYFAIR INC- A 1WF QT 3,007.6 (682.4) 237.0
WAYFAIR INC- A 1WF GZ 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 WOW1EUR EU 2,469.0 (267.5) (95.5)
WIDEOPENWEST INC WU5 QT 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 WINA US 48.5 (3.1) 12.6
WINMARK CORP GBZ GR 48.5 (3.1) 12.6
WORKHORSE GROUP WKHSEUR EU 28.0 (38.4) (20.5)
WORKHORSE GROUP WKHSUSD EU 28.0 (38.4) (20.5)
WORKHORSE GROUP WKHS US 28.0 (38.4) (20.5)
WORKHORSE GROUP 1WO GR 28.0 (38.4) (20.5)
WORKHORSE GROUP 1WO TH 28.0 (38.4) (20.5)
WORKHORSE GROUP 1WO GZ 28.0 (38.4) (20.5)
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 WD5 GR 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WYND US 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 WYNEUR EU 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WD5 QT 7,563.0 (570.0) 499.0
YELLOW PAGES LTD Y CN 353.3 (77.7) 54.9
YELLOW PAGES LTD YLWDF US 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 YUM US 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
*********
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 2020. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***