/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/200317.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, March 17, 2020, Vol. 24, No. 76 Headlines 5 STONE PRODUCTS: Seeks to Hire Strawn & Robertson as Counsel ALPHA GUARDIAN: Seeks to Hire Stretto as Claims Agent AMERICORE HOLDINGS: Ombudsman Hires SAK Management as Advisor AMERICORE HOLDINGS: Ombudsman Hires Saul Ewing as Counsel API AMERICAS: Committee Retains Montgomery McCracken as Counsel ARADIGM CORPORATION: Seeks to Hire Moss Adams as Accountant ATS AUTOMATION: Moody's Affirms Ba3 CFR & B2 Sr. Unsec. Rating AYTU BIOSCIENCE: Armistice Reduces Stake to 9.1% as of March 13 AYTU BIOSCIENCE: Signs $20 Million Securities Purchase Agreement AYTU BIOSCIENCE: Will Raise $9M in Registered Direct Offering BATTERS BOX: Hires Santinacho Enterprises as Contractor BLINK CHARGING: Fires President Christodoulou for Misconduct BLVCK BVLLED: Taps Wiggam & Geer as Legal Counsel BORDEN DAIRY: Seeks to Hire KPMG LLP as Tax Consultant BRIDGE STREET: Hires Ligris & Associates as Special Counsel BRIDGE STREET: Hires Sloane and Walsh as Special Counsel COLORADO WINDOW: Seeks to Hire Kutner Brinen as Counsel DAK RESOURCES: Seeks to Hire Lansing Roy as Co-Counsel ELITE HOME HEALTH: Seeks to Hire Rehan N. Khawaja as Legal Counsel FORTVILLE APARTMENTS: Gets Approval to Hire Zousmer Law as Counsel FRONTIER COMMUNICATIONS: Skips Interest Payment GTN PROPERTIES: Seeks to Hire Sue Lasky as Legal Counsel HAWAIIAN HOLDINGS: Egan-Jones Lowers Sr. Unsecured Ratings to BB+ INTERCOM INC: Seeks to Hire Spector & Cox as Legal Counsel INTERNATIONAL PAPER: Egan-Jones Cuts Sr. Unsecured Ratings to BB+ J.T. SHANNON LUMBER: Hires Associated Auction as Auctioneer LPL HOLDINGS: Moody's Alters Outlook on Ba2 CFR to Stable M/I HOMES: Fitch Affirms BB- LongTerm IDR, Outlook Stable NATES AUTO REPAIR: Seeks to Hire Van Horn Law Group as Counsel NAVIENT CORP: Fitch Affirms Longterm IDR & Sr. Unsec. Debt at BB NOVA CHEMICALS: Fitch Withdraws BB+ LT IDR on Insufficient Data OCEANEERING INT'L: Egan-Jones Lowers Sr. Unsecured Ratings to B+ OLYMPIC RESTAURANTS: Seeks to Hire CG Accounting as Accountant PG&E CORPORATION: Hires Hunton Andrews as Special Counsel RIVOLI & RIVOLI: Seeks to Hire Gelsomino & Company as Accountant ROCHESTER DRUG: Cooperative Files for Chapter 11 to Wind Down SIGNATURE PACK: Taps Roe CPA as Accountant SLM CORP: Fitch Affirms BB+ LongTerm IDR, Outlook Stable TOUCH OF HEAVEN: Seeks to Hire HD Davis as Accountant UNITED RESOURCE: Voluntary Chapter 11 Case Summary VIASAT INC: Fitch Alters Outlook on 'B+' LongTerm IDR to Positive WARNER CONSTRUCTION: Seeks to Hire Yumkas Vidmar as Counsel WC 2101 W BEN WHITE: Seeks to Hire Fishman Jackson as Legal Counsel WHITE STONE: Hires Rodriguez Kinzbrunner as Accountant WIEDER REALTY: Hires Raymond C. Cahill as Accountant WOOD COUNTY HOSPITAL: Moody's Cuts Rating on $54MM Debt to Ba3 [^] Large Companies with Insolvent Balance Sheet ********* 5 STONE PRODUCTS: Seeks to Hire Strawn & Robertson as Counsel ------------------------------------------------------------- 5 Stone Products, LLC, seeks authority from the United States Bankruptcy Court for the Middle District of Alabama to hire Strawn & Robertson, LLC, as its counsel. The professional services to be rendered by the counsel are: a. give the debtor legal advice with respect to its powers and duties as debtor; b. negotiate and formulate a plan of rearrangement under Chapter 11 which will be acceptable to its creditors; c. deal with secured lien claimants regarding adequate protection and arrangements for payment of its debts and/or contesting the validity of same; d. prepare the necessary petition, schedules, statements, answers, orders, reports and other legal documents; and e. provide all other legal services which may become necessary. The firm received $2,000 as retainer, plus $1,717 filing fee. The firm will charge an hourly rate of $200 for its services. The firm neither holds nor represents any interest adverse to the Debtor's estate, according to court filings. The firm can be reached through: Ralph K. Strawn, Jr., Esq. STRAWN & ROBERTSON, LLC 2401 Rainbow Drive Gadsden, AL 35901 Tel: (256)459-4548 Fax: (256)459-4435 Email: rstrawn@srlawfirm.comcastbiz.net About 5 Stone Products, LLC 5 Stone Products, LLC is a privately held company engaged in the business of nonmetallic mineral mining and quarrying. 5 Stone Products, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 20-80143) on Jan. 29, 2020. In the petition signed by Jimmy Hutton, sole member, the Debtor estimated $1 million to $10 million in both assets and liabilities. The case is assigned to Judge William R. Sawyer. Ralph K. Strawn, Jr., Esq. at Strawn & Robertson, LLC, represents the Debtor as counsel. ALPHA GUARDIAN: Seeks to Hire Stretto as Claims Agent ----------------------------------------------------- Alpha Guardian and its debtor-affiliates seek authority from the United States Bankruptcy Court for the District of Nevada to hire Stretto as their claims, noticing, and solicitation agent. The firm will oversee the distribution of notices and the maintenance, processing and docketing of proofs of claim filed in the Debtors' Chapter 11 cases. The firm's hourly rates for its services are: Analyst $30 - $50 Associate/Senior Associate $65 - $165 Director/Managing Director $175 - $210 Chief Operating Officer/Senior Managing Director Waived Solicitation Associate $190 Director of Securities $210 Robert Klamser, managing director of Stretto, disclosed in court filings that the firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. Stretto can be reached at: Robert Klamser Stretto 410 Exchange, Suite 100 Irvine, CA 92602 Tel: 714-716-1872 About Alpha Guardian Established in July 2017, Alpha Guardian -- https://www.alphaguardian.com -- provides consumers with secure storage solutions. Its products are sold to major retailers across the United States under the Cannon Safe, Stack-On and GunVault brands, all of which are designed to fill unique consumer needs. The company operates manufacturing and distribution facilities in the U.S. and Mexico and has employees in multiple countries. Alpha Guardian and its debtor-affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 20-11016) on Feb. 24, 2020. The petitions were signed by Nicholas D. Rubin, chief restructuring officer. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $100 million to $500 million in liabilities. Gregory E. Garman, Esq. at GARMAN TURNER GORDON LLP represents the Debtor as counsel. AMERICORE HOLDINGS: Ombudsman Hires SAK Management as Advisor ------------------------------------------------------------- Suzanne A. Koenig, the Patient Care Ombudsman of Americore Holdings, LLC, and its debtor-affiliates, seeks authority from the U.S. Bankruptcy Court for the Eastern District of Kentucky to employ SAK Management Services, LLC, as medical operations advisor to the Patient Care Ombudsman. Ms. Koenig requires SAK Management to: (a) conduct interviews of patients, family members, guardians and facility staff as required; (b) review license and governmental permits; (c) reviewing adequacy of staffing, supplies and equipment; (d) review safety standards; (e) review facility maintenance issues or reports; (f) review patient, family, staff or employee complaints; (g) review risk management reports; (h) reviewg litigation relating to the Debtors; (i) review patient records; (j) review any possible sale, closure or restructuring of the Debtors and how it impacts patients; (k) review other information, as applicable to the Debtors and the Bankruptcy Cases, including, without limitation, patient satisfaction survey results, regulatory reports, utilization review reports, discharged and transferred patient reports, staff recruitment plans and nurse/patient/acuity staffing plans; (l) review various financial information, including, without limitation, current financial statements, cash projections, accounts receivable reports and accounts payable reports to the extent such information may impact patient care; and (m) assist the Ombudsman with such other services as may be required under the circumstances of these Cases, including any diligence or investigation required for the reports to be submitted by the Ombudsman. SAK Management will be paid at these hourly rates: Suzanne Koenig $400 Joyce Ciyou $375 Anzhelika Shatrov $375 Richard Snider $375 Danielle Prosperini $100 SAK Management will also be reimbursed for reasonable out-of-pocket expenses incurred. Suzanne A. Koenig, president of SAK Management Services, 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. SAK Management can be reached at: Suzanne A. Koenig SAK MANAGEMENT SERVICES, LLC 300 Saunders Road, Suite 300 Riverwoods, IL 60015 Tel: (847) 446-8400 Fax: (847) 446-8432 E-mail: skoenig@sakmgmt.com About Americore Holdings Americore Holdings, LLC and its affiliates, including Americore Health LLC, own and operate the Ellwood City Medical Center in Pennsylvania, Southeastern Kentucky Medical Center (formerly Pineville Community Hospital), Izard County Medical Center in Arkansas; and St. Alexius Hospital in St. Louis. Americore Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case No. 19-61608) on Dec. 31, 2019. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of less than $50,000. Judge Gregory R. Schaaf oversees the case. Bingham Greenebaum Doll, LLP is the Debtor's legal counsel. AMERICORE HOLDINGS: Ombudsman Hires Saul Ewing as Counsel --------------------------------------------------------- Suzanne A. Koenig, the Patient Care Ombudsman of Americore Holdings, LLC, and its debtor-affiliates, seeks authority from the U.S. Bankruptcy Court for the Eastern District of Kentucky to employ Saul Ewing Arnstein & Lehr, LLP, as counsel to the Patient Care Ombudsman. Ms. Koenig requires Saul Ewing to: (a) represent the Ombudsman in any proceeding or hearing in the Bankruptcy Court, and in any action in other courts where the rights of the patients may be litigated or affected as a result of the Bankruptcy Cases; (b) advise the Ombudsman concerning the requirements of the Bankruptcy Code and Bankruptcy Rules relating to the discharge of her duties under section 333 of the Bankruptcy Code; (c) advise and represent the Ombudsman in evaluating any patient or healthcare related issues, including, in connection with any sale, reorganization, closure or liquidation; and (d) perform such other legal services as may be required under the circumstances of these Cases in accordance with the Ombudsman's powers and duties as set forth in the Bankruptcy Code, including assisting the Ombudsman with reports to the Court, fee applications or other matters. Saul Ewing will be paid at these hourly rates: John D. Demmy $715 Jeffrey C. Hampton $665 Melissa A. Martinez $315 Partners $410 to $1,025 Counsels $395 to $850 Associates $260 to $475 Paraprofessionals $125 to $370 Saul Ewing will also be reimbursed for reasonable out-of-pocket expenses incurred. John D. Demmy, a partner at Saul Ewing Arnstein & Lehr, 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. Saul Ewing can be reached at: John D. Demmy, Esq. SAUL EWING ARNSTEIN & LEHR, LLP 1201 N. Market Street, Suite 2300 Wilmington, DE 19899 Tel: (302) 421-6848 E-mail: john.demmy@saul.com About Americore Holdings Americore Holdings, LLC and its affiliates, including Americore Health LLC, own and operate the Ellwood City Medical Center in Pennsylvania, Southeastern Kentucky Medical Center (formerly Pineville Community Hospital), Izard County Medical Center in Arkansas; and St. Alexius Hospital in St. Louis. Americore Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case No. 19-61608) on Dec. 31, 2019. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of less than $50,000. Judge Gregory R. Schaaf oversees the case. Bingham Greenebaum Doll, LLP is the Debtor's legal counsel. API AMERICAS: Committee Retains Montgomery McCracken as Counsel --------------------------------------------------------------- The Official Committee of Unsecured Creditors of API Americas Inc., and its debtor-affiliates, seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to retain Montgomery McCracken Walker & Rhoads LLP, as counsel to the Committee. API Americas requires Montgomery McCracken to: a. advise the Committee with respect to its rights, duties, and powers in the Chapter 11 case; b. assist and advise the Committee in its consultation and communications with the Debtors relative to the administration of the Chapter 11 cases; c. assist the Committee in analyzing the claims of the Debtor's creditors and the Debtors' capital structure and in negotiating with holders of claims and equity interests; d. assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and of the operation of the Debtors' business; e. assist the Committee in its investigation of the liens and claims of the holders of the Debtors' pre-petition debt and the prosecution of any claims or causes of action revealed by such investigation; f. assist the Committee in its analysis of, and negotiation with, the Debtors or any third party concerning matters related to the assumption or rejection of certain leases of nonresidential real property and executory contracts, asset dispositions, financing of other transactions and the terms of one or more plans of reorganization for the Debtors and accompanying disclosure statements and related plan documents; g. assist and advise the Committee as to its communications to unsecured creditors regarding significant matters in the Chapter 11 cases; h. represent the Committee at hearings and other proceedings; i. review and analyze applications, orders, statement of operations, and schedules filed with the Court and advise the Committee as to their propriety; j. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; k. prepare on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections, or comments in connection with any of the foregoing in furtherance of the Committee's interests and objectives in the Chapter 11 Cases, including the preparation of retention applications and fee applications for the Committee's professionals; and l. perform such other services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. Montgomery McCracken will be paid at these hourly rates: Partners $375 to $820 Senior Counsels/Counsels $335 to $695 Associates $330 to $445 Paralegals $250 to $285 Montgomery McCracken will also be reimbursed for reasonable out-of-pocket expenses incurred. Ed Schnitzer, partner of Montgomery McCracken Walker & Rhoads 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. Montgomery McCracken can be reached at: Ed Schnitzer, Esq. MONTGOMERY MCCRACKEN WALKER & RHOADS LLP 1735 Market Street, 21st Floor Philadelphia, PA 19103 Tel: (215) 772-1500 About API Americas API Americas Inc. -- http://www.apigroup.com/-- is a manufacturer of foils, laminates, and holographic materials. Among other customers, API Americas provides packaging to companies in the premium drinks, confectionery, tobacco, perfume, personal care, cosmetics, and healthcare sectors. API Americas was originally founded as Dry Print in New Jersey. Re-branded in 1998, API Americas is currently headquartered in Lawrence, Kansas inside a 56,000 square foot facility with manufacturing capabilities. API Americas Inc., and holding company API (USA) Holdings Limited, filed Chapter 11 petitions (Bankr. N.D. Del. Lead Case No. 20-10239) on February 2, 2020. The petitions were signed by Douglas Woodworth, director. As of Dec. 31, 2019, API Americas Inc., has $37.3 million in total assets, $5.8 million in current liabilities and $47.3 million in long-term liabilities. API (USA) Holdings Limited holds $51.6 million in total assets and $2.9 million in total liabilities. Saul Ewing Arnstein & Lehr LLP and Eversheds Sutherland (US) LLP represent the Debtors as general bankruptcy counsel. Ernst & Young LLP is the Debtors' financial advisor. Bankruptcy Management Solutions, Inc., d/b/a Stretto, serves as the Debtors' claims and noticing agent. The U.S. Trustee for Regions 3 and 9 on Feb. 13, 2020, appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of API Americas, Inc. and API (USA) Holdings Limited. The Committee hires Montgomery McCracken Walker & Rhoads LLP, as counsel; Emerald Capital Advisors, as financial advisor. ARADIGM CORPORATION: Seeks to Hire Moss Adams as Accountant ----------------------------------------------------------- Aradigm Corporation, seeks authority from the U.S. Bankruptcy Court for the Northern District of California to employ Moss Adams LLP, as accountant to the Debtor. Aradigm Corporation requires Moss Adams to assist the Debtor to prepare and file its 2019 California state and federal corporate income tax returns. Moss Adams will be paid $16,000 for the services rendered. Moss Adams will also be reimbursed for reasonable out-of-pocket expenses incurred. Kunaal Patel, partner of Moss Adams 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. Moss Adams can be reached at: Kunaal Patel MOSS ADAMS LLP 999 3rd Avenue Suite 3300 Seattle, WA 98104 Tel: (206) 302-6800 About Aradigm Corporation Aradigm Corporation -- http://www.aradigm.com/-- is an emerging specialty pharmaceutical company focused on the development and commercialization of products for the treatment and prevention of severe respiratory diseases. Over the last decade, the company invested a large amount of capital to develop drug delivery technologies, particularly the development of a significant amount of expertise in respiratory (pulmonary) drug delivery as incorporated in its lead product candidate that recently completed two Phase 3 clinical trials, Linhaliq inhaled ciprofloxacin, formerly known as Pulmaquin. The company is headquartered in Hayward, Calif. Aradigm Corporation sought Chapter 11 protection (Bankr. N.D. Cal. Case No. 19-40363) on Feb. 15, 2019. In the petition signed by John M. Siebert, executive chairman and interim principal executive officer, the Debtor was estimated to have $10 million to $50 million in both assets and liabilities. The case is assigned to Judge William J. Lafferty. The Debtor tapped Jeffer, Mangels, Butler & Mitchell LLP as bankruptcy counsel; Sheppard Mullin Richter & Hampton LLP as special patent counsel; and EMA Partners, LLC as investment banker. ATS AUTOMATION: Moody's Affirms Ba3 CFR & B2 Sr. Unsec. Rating -------------------------------------------------------------- Moody's Investors Service affirmed ATS Automation Tooling Systems Inc.'s Ba3 corporate family rating, Ba3-PD probability of default rating, and B2 rating on its senior unsecured notes. The speculative grade liquidity rating remains SGL-2. The outlook is stable. The ratings affirmation reflects ATS's solid credit profile, which will partially mitigate exposure to subdued manufacturing fundamentals and weak economic growth during 2020. Affirmations: Issuer: ATS Automation Tooling Systems Inc. Corporate Family Rating, Affirmed Ba3 Probability of Default Rating, Affirmed Ba3-PD Senior Unsecured Regular Bond/Debenture, Affirmed B2 (LGD5) Outlook Actions: Issuer: ATS Automation Tooling Systems Inc. Outlook, Remains Stable RATINGS RATIONALE ATS (Ba3 CFR) benefits from: (1) low leverage sustained under 2.5x (2.1x LTM Dec 19); (2) stable margins (12% EBITA margin LTM Dec 19) through 2020 supported by recent restructuring and some flexibility to adjust costs; (3) significant revenue concentration in the less cyclical life sciences end market (53% of revenues LTM Dec 19) and other high-growth verticals; and (4) good liquidity. The company is constrained by: (1) small scale among large players in a competitive environment; (2) the volatile nature of order bookings and cyclicity of the manufacturing industry; and (3) an active acquisition strategy involving event and execution risks. The stable outlook reflects that despite weak manufacturing fundamentals and a more challenging economic landscape, ATS will demonstrate resilience, maintaining strong credit metrics and good liquidity. ATS's ratings could be upgraded if the company generates positive free cash flow (minus C$25 million LTM Dec 19), maintains steady organic revenue growth (7% LTM Dec 19) and sustains debt/EBITDA comfortably below 2.5x (2.1x LTM Dec 19). Upward ratings pressure would also be dependent on stable manufacturing industry conditions. ATS's ratings could be downgraded if debt/EBITDA is sustained above 4x (2.1x LTM Dec 19), or if EBITA margins fall towards 5% (12% LTM Dec 19). ATS has good liquidity (SGL-2). Sources total close to C$780 million, consisting of cash on hand of about C$120 million as of December 2019, expected free cash flow of around C$40 million over the following four quarters and about C$620 million availability (after letters of credit) under the C$750 million revolver due August 2021. The company has no upcoming debt maturities or refinancing risk until the revolver comes due. Moody's expects the company to extend the revolver during Q2 and potentially draw funds for future acquisitions. ATS's revolver is subject to leverage and coverage covenants with which the company will remain comfortably in compliance. ATS has some flexibility to boost liquidity from asset sales. ATS embodies good corporate governance as a publicly traded entity with no dividend payout and a public net leverage target of under 2.5x. There is risk of a large-scale leveraging acquisition but Moody's expects management to continue to uphold its solid track record and conservative financial policy. It also expects the company to continue to direct a portion of its free cash flow to share buybacks. The principal methodology used in these ratings was Manufacturing Methodology published in March 2020. ATS, headquartered in Cambridge, Ontario, designs, engineers, builds and services automated manufacturing systems and production lines for multinational companies. Revenue for the twelve months ended December 29, 2019 was about C$1.4 billion. AYTU BIOSCIENCE: Armistice Reduces Stake to 9.1% as of March 13 --------------------------------------------------------------- Armistice Capital, LLC, Armistice Capital Master Fund Ltd., and Steven Boyd disclosed in an amended Schedule 13D filed with the Securities and Exchange Commission that as of March 10, 2020, they beneficially own 5,000,001 shares of common stock of Aytu Bioscience, Inc., which represents 9.1 percent, based upon 50,007,523 Shares outstanding as of March 13, 2020, as adjusted for warrants of the Issuer beneficially owned by the Reporting Persons. Armistice Capital is an investment adviser registered with the Securities and Exchange Commission that is principally engaged in the business of providing investment management services to private investment vehicles, including the Master Fund. The principal business address of Armistice Capital is 510 Madison Avenue, 7th Floor, New York, New York 10022. The Master Fund is principally engaged in the business of investing in securities. The principal business address of the Master Fund is c/o dms Corporate Services Ltd., 20 Genesis Close, P.O. Box 314, Grand Cayman KY1-1104, Cayman Islands. The board of directors of the Master Fund consists of Steven Boyd, Kevin A. Phillip and Gregory S. Bennett. Steven Boyd is the managing member of Armistice Capital and a director of the Master Fund. Mr. Boyd's business address is 510 Madison Avenue, 7th Floor, New York, New York 10022. In addition, Mr. Boyd currently serves as a member of Aytu Bioscience's board of directors. A full-text copy of the regulatory filing is available for free at: https://is.gd/kuTpiO About Aytu BioScience Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) -- http://www.aytubio.com/-- is a commercial-stage specialty pharmaceutical company focused on commercializing novel products that address significant patient needs. The company currently markets a portfolio of prescription products addressing large primary care and pediatric markets. T he primary care portfolio includes (i) Natesto, an FDA-approved nasal formulation of testosterone for men with hypogonadism, (ii) ZolpiMist, an FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra XR, an FDA-approved 12-hour codeine-based antitussive syrup. Aytu Bioscience reported a net loss of $27.13 million for the year ended June 30, 2019, compared to a net loss of $10.18 million for the year ended June 30, 2018. As of Dec. 31, 2019, the Company had $74.48 million in total assets, $57.39 million in total liabilities, and $16.76 million in total stockholders' equity. Plante & Moran, PLLC, in Denver, CO, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Sept. 26, 2019, on the Company's consolidated financial statements for the year ended June 30, 2019, citing that the Company has suffered recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. AYTU BIOSCIENCE: Signs $20 Million Securities Purchase Agreement ---------------------------------------------------------------- Aytu BioScience, Inc. has entered into definitive agreements with several healthcare-focused institutional investors for the purchase and sale of an aggregate 16,000,000 shares of Aytu's common stock and warrants to purchase an aggregate of up to 16,000,000 shares of common stock, at a combined purchase price of $1.25 per share and associated warrant, in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering was expected to occur on or about March 13, 2020, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The warrants will have an exercise price of $1.25 per share and exercise period commencing immediately upon issuance and a term of one year. The gross proceeds to Aytu from this offering are expected to be $20 million, before deducting the placement agent's fees and other offering expenses payable by Aytu. In addition, in the event the warrants are exercised in full, Aytu expects to receive approximately $20 million in additional gross proceeds. However, there is no assurance that all or a portion of the warrants will be exercised prior to their expiration. The Company intends to use the net proceeds from this offering for working capital, general corporate purposes, and to continue the commercialization of the Company's prescription and consumer health products. The securities are being offered by Aytu pursuant to a "shelf" registration statement on Form S-3 (File No. 333-221735) previously filed with the Securities and Exchange Commission on Nov. 22, 2017 and declared effective by the SEC on Dec. 1, 2017. The offering of the securities will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.govor by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at placements@hcwco.com. About Aytu BioScience Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) -- http://www.aytubio.com/-- is a commercial-stage specialty pharmaceutical company focused on commercializing novel products that address significant patient needs. The company currently markets a portfolio of prescription products addressing large primary care and pediatric markets. T he primary care portfolio includes (i) Natesto, an FDA-approved nasal formulation of testosterone for men with hypogonadism, (ii) ZolpiMist, an FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra XR, an FDA-approved 12-hour codeine-based antitussive syrup. Aytu Bioscience reported a net loss of $27.13 million for the year ended June 30, 2019, compared to a net loss of $10.18 million for the year ended June 30, 2018. As of Dec. 31, 2019, the Company had $74.48 million in total assets, $57.39 million in total liabilities, and $16.76 million in total stockholders' equity. Plante & Moran, PLLC, in Denver, CO, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Sept. 26, 2019, on the Company's consolidated financial statements for the year ended June 30, 2019, citing that the Company has suffered recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. AYTU BIOSCIENCE: Will Raise $9M in Registered Direct Offering ------------------------------------------------------------- Aytu BioScience, Inc., has entered into a definitive agreement with a single healthcare dedicated institutional investor for the purchase and sale of 7,826,087 shares of Aytu's common stock (or common stock equivalent), at a purchase price of $1.15 per share, in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about March 13, 2020, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds to Aytu from this offering are expected to be approximately $9.0 million, before deducting the placement agent's fees and other estimated offering expenses payable by Aytu. The Company intends to use the net proceeds from this offering for working capital, general corporate purposes, and to continue the commercialization of the Company's prescription and consumer health products. The securities are being offered by Aytu pursuant to a "shelf" registration statement on Form S-3 (File No. 333-221735) previously filed with the Securities and Exchange Commission on Nov. 22, 2017 and declared effective by the SEC on Dec. 1, 2017. The offering of the securities will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.govor by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at placements@hcwco.com. About Aytu BioScience Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) -- http://www.aytubio.com-- is a commercial-stage specialty pharmaceutical company focused on commercializing novel products that address significant patient needs. The company currently markets a portfolio of prescription products addressing large primary care and pediatric markets. T he primary care portfolio includes (i) Natesto, an FDA-approved nasal formulation of testosterone for men with hypogonadism, (ii) ZolpiMist, an FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra XR, an FDA-approved 12-hour codeine-based antitussive syrup. Aytu Bioscience reported a net loss of $27.13 million for the year ended June 30, 2019, compared to a net loss of $10.18 million for the year ended June 30, 2018. As of Dec. 31, 2019, the Company had $74.48 million in total assets, $57.39 million in total liabilities, and $16.76 million in total stockholders' equity. Plante & Moran, PLLC, in Denver, CO, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Sept. 26, 2019, on the Company's consolidated financial statements for the year ended June 30, 2019, citing that the Company has suffered recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. BATTERS BOX: Hires Santinacho Enterprises as Contractor ------------------------------------------------------- Batters Box Miami LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Florida to employ Santinacho Enterprises Corp., as contractor to the Debtor. Batters Box requires Santinacho Enterprises to: a) obtain needed permits; b) assist with required inspections, work to be determined needed to necessary to obtain a Certificate of occupancy; and c) close out and finalize any pending/open permits with Miami- Dade County Building department. The work provided by Santinacho Enterprises will not exceed a total of $2,000. Santinacho Enterprises 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. To the best of the Debtor's knowledge 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. About Batters Box Miami Batters Box Miami, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 20-10638) on Jan. 17, 2020, disclosing under $1 million in both assets and liabilities. Judge Laurel M. Isicoff oversees the case. The Debtor tapped Richard Siegmeister, PA. as its legal counsel, and Lillian Urbandt, an accountant based in Miami. BLINK CHARGING: Fires President Christodoulou for Misconduct ------------------------------------------------------------ Blink Charging Co. terminated the employment of the Company's President and Chief Operating Officer, James Christodoulou, for cause pursuant to the terms of his employment letter for willful misconduct stemming from violations of the Company's employment policies. Mr. Christodoulou had previously been placed on a paid leave of absence from the Company pending a thorough investigation of his conduct, including an opportunity for him to address the issues. The functions previously performed by Mr. Christodoulou will be shared by the Company's chief executive officer and chief financial officer until a replacement has been hired. About Blink Charging Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID), formerly known as Car Charging Group, Inc. -- http://www.CarCharging.com-- is an owner/operator of electric vehicle ("EV") charging stations in the United States and a growing presence in Europe, Asia, Israel, the Caribbean, and South America. As of Sept. 30, 2019, the Company had $14.86 million in total assets, $4.79 million in total liabilities, and $10.06 million in total stockholders' equity. Blink Charging reported a net loss attributable to common shareholders of $26.88 million for the year ended Dec. 31, 2018, compared to a net loss attributable to common shareholders of $79.63 million for the year ended Dec. 31, 2017. "We have not yet achieved profitability and expect to continue to incur cash outflows from operations. It is expected that our operating expenses will continue to increase and, as a result, we will eventually need to generate significant product revenues to achieve profitability. These conditions indicate that there is substantial doubt about our ability to continue as a going concern within one year after the issuance date of the financial statements included in this Report. Historically, we have been able to raise funds to support our business operations, although there can be no assurance, we will be successful in raising additional funds in the future. We expect to have the cash required to fund our operations into the third quarter of 2020 while we continue to apply efforts to raise additional capital," the Company stated in its Quarterly Report for the period ended Sept. 30, 2019. BLVCK BVLLED: Taps Wiggam & Geer as Legal Counsel ------------------------------------------------- Blvck Bvlled Investments, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Wiggam & Geer, LLC as its legal counsel. the firm will provide these services in connection with the Debtor's Chapter 11 case: (a) prepare pleadings and applications; (b) conduct examination; (c) advise the Debtor of its rights and duties; (d) consult with and represent the Debtor with respect to a Chapter 11 plan; and (e) provide legal services incidental and necessary to the day-to-day operations of the Debtor's business, including the institution and prosecution of legal proceedings and general business and corporate legal advice. Wiggam & Geer accepted a retainer of $15,000, excluding the $1,717 Chapter 11 filing fee paid by the Debtor. The firm charges $400 per hour for attorneys and $150 per hour for legal assistants. Will Geer, Esq., at Wiggam & Geer, attests that the firm does not represent an interest adverse to the Debtor. The firm can be reached through: Will B. Geer, Esq. Wiggam & Geer, LLC 50 Hurt Plaza, SE, Suite 1150 Atlanta, GA 30303 Phone: (678) 587-8740 Fax: (404) 287-2767 Email: wgeer@wiggamgeer.com (e-mail) About Blvck Bvlled Investments Blvck Bvlled Investments, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-62128) on Feb. 3, 2020, listing under $1 million in both assets and liabilities. Judge Paul Baisier oversees the case. Will B. Geer, Esq., at Wiggam & Geer, LLC, is the Debtor's legal counsel. BORDEN DAIRY: Seeks to Hire KPMG LLP as Tax Consultant ------------------------------------------------------ Borden Dairy Company, and its debtor-affiliates, seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ KPMG LLP, as audit service provider to the Debtor. Borden Dairy requires KPMG LLP to provide: a. analysis of any Section 382 issues, including a sensitivity analysis to reflect the Section 382 impact of any proposed and hypothetical equity transactions pursuant to any proposed restructuring and analysis of Section 382(1)(5) and (1)(6); b. analysis of net unrealized built-in gains and losses and Notice 2003-65 as applied to the ownership change, if any, resulting from or in connection with any proposed restructuring; c. analysis of the Debtors' tax attributes including net operating losses, tax basis in assets, and tax basis in stock of subsidiaries; d. analysis of cancellation of debt income, including the application of Section 108 and consolidated tax return regulations relating to any restructuring of non- intercompany debt and the completed capitalization/settlement of intercompany debt; e. analysis of the application of the attribute reduction rules under Section 108(b) and Treasury Regulation Section 1.1502-28, including a benefit analysis of Section 108(b)(5) and 1017(b)(3)(D) elections; f. analysis of the tax implications of any internal reorganizations and proposal of restructuring alternatives; g. cash tax modeling; h. analysis of the tax implications of any dispositions of assets and/or subsidiary stock pursuant to any proposed restructuring; i. analysis of potential bad debt and retirement tax losses; j. analysis of the tax treatment of bankruptcy-related costs, if any proposed restructuring is pursuant to a bankruptcy reorganization; j. tax advisory services related to any potential merger/acquisition with third parties, including due diligence and structuring; k. analysis of the state, local, and international tax implications of the foregoing; and l. analysis of any proofs of claim from tax authorities. KPMG LLP will be paid at these hourly rates: Partners $966 to $1,106 Senior Managers $840 Managers $742 Senior Associates $602 Associates $364 Para-Professionals $294 KPMG LLP will also be reimbursed for reasonable out-of-pocket expenses incurred. Howard Steinberg, partner of KPMG 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. KPMG LLP can be reached at: Howard Steinberg KPMG LLP 560 Lexington Ave. New York, NY 10022 Tel: (212) 758-9700 About Borden Dairy Company Borden Dairy Company -- http://www.bordendairy.com/-- is a processor and direct-to-store distributor of fresh fluid milk, dairy case products and other beverages. It produces and distributes a wide variety of branded and private label traditional, flavored and specialty milk, buttermilk, dips and sour cream, juices, tea, and flavored drinks to mass merchandisers, educational institutions, food service retailers, grocery stores, drug stores, convenience stores, food and beverage wholesale distributors, and retail warehouse club stores across the United States. Headquartered in Dallas, Borden Dairy operates 12 milk processing plants and nearly 100 branches across the U.S. It was founded in 1857 by Gail Borden, Jr. Borden Dairy and its subsidiaries sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10010) on Jan. 5, 2020. Judge Christopher S. Sontchi oversees the case. Borden Dairy was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. The Debtors tapped Arnold & Porter Kaye Scholer LLP as general bankruptcy counsel; Young Conaway Stargatt & Taylor LLP as special counsel; and Donlin Recano as the claims agent. BRIDGE STREET: Hires Ligris & Associates as Special Counsel ----------------------------------------------------------- Bridge Street Equities, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Massachusetts to employ Ligris & Associates, P.C., as special counsel to the Debtor. Bridge Street requires Ligris & Associates to represent the Debtor and provide legal services concerning the sale of its real property located at 510 S Bridge Street, Holyoke, Massachusetts. Ligris & Associates will be paid at these hourly rates: Attorneys $400 to $500 Paralegals $125 Ligris & Associates will also be reimbursed for reasonable out-of-pocket expenses incurred. Randy Kaston, partner of Ligris & Associates, P.C., 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. Ligris & Associates can be reached at: Randy Kaston, Esq. LIGRIS & ASSOCIATES, P.C. 1188 Centre Street Newton, MA 02459 Tel: (617) 274-1500 About Bridge Street Equities Bridge Street Equities, LLC, is a limited liability company that owns a rental apartment building located at 510 S Bridge Street, Holyoke, Massachusetts. It also conducts related estate business. Bridge Street Equities filed a voluntary petition seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 19-30718) on September 9, 2019. Pursuant to 11 U.S.C. Sec. 1107, the Debtor is operating its businesses and managing its affairs and properties as a debtor-in-possession. The Debtor listed under $1 million in both assets and liabilities in its petition. The Debtor hires the Law Offices of Louis S. Robin, as counsel; Ligris & Associates, P.C., Sloane and Walsh, LLP, as special counsel. BRIDGE STREET: Hires Sloane and Walsh as Special Counsel -------------------------------------------------------- Bridge Street Equities, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Massachusetts to employ Sloane and Walsh, LLP, as special counsel to the Debtor. Bridge Street requires Sloane and Walsh to represent the Debtor in Housing Court regarding resolution of the fire insurance claim. Sloane and Walsh 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. Brendan L. Labbe, partner of Sloane and Walsh, 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. Sloane and Walsh can be reached at: Brendan L. Labbe, Esq. SLOANE AND WALSH, LLP One Center Plaza, 8th Floor Boston, MA 02108 Tel: (617) 523-6010 About Bridge Street Equities Bridge Street Equities, LLC, is a limited liability company that owns a rental apartment building located at 510 S Bridge Street, Holyoke, Massachusetts. It also conducts related estate business. Bridge Street Equities filed a voluntary petition seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 19-30718) on September 9, 2019. Pursuant to 11 U.S.C. Sec. 1107, the Debtor is operating its businesses and managing its affairs and properties as a debtor-in-possession. The Debtor listed under $1 million in both assets and liabilities in its petition. The Debtor hired the Law Offices of Louis S. Robin, as counsel; Ligris & Associates, P.C., Sloane and Walsh, LLP, as special counsel. COLORADO WINDOW: Seeks to Hire Kutner Brinen as Counsel ------------------------------------------------------- Colorado Window Source, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Colorado to employ Kutner Brinen, P.C., as counsel to the Debtor. Colorado Window requires Kutner Brinen to: a. provide the Debtor with legal advice with respect to its powers and duties; b. aid the Debtor in the development of a plan of reorganization under Chapter 11; c. file the necessary petitions, pleadings, reports, and actions that may be required in the continued administration of the Debtor's property under Chapter 11; d. take necessary actions to enjoin and stay until a final decree the continuation of pending proceedings and to enjoin and stay until a final decree herein the commencement of lien foreclosure proceedings and all matters as may be provided under the Bankruptcy Code; and e. perform all other legal services for the Debtor that may be necessary. Kutner Brinen will be paid at these hourly rates: Lee M. Kutner $550 Jeffrey S. Brinen $475 Jenny M. Fujii $380 Keri L. Riley $320 Maureen M. Gerardo $200 Paralegal $75 Kutner Brinen holds a prepetition retainer for payment of post-petition fees and costs in the amount of $4,690. Kutner Brinen was also paid prepetition fees and costs, including the filing fee, by the Debtor in the amount of $7,274, including the filing fee. Kutner Brinen will also be reimbursed for reasonable out-of-pocket expenses incurred. Keri L. Riley, a partner of Kutner Brinen, P.C., 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. Kutner Brinen can be reached at: Keri L. Riley, Esq. Lee M. Kutner, Esq. KUTNER BRINEN, P.C. 1660 Lincoln Street, Suite 1850 Denver, CO 80264 Tel: (303) 832-2400 Fax: (303) 832-1510 E-mail: klr@kutnerlaw.com About Colorado Window Source Colorado Window Source, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 20-11561) on March 4, 2020, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Keri L. Riley, Esq., at Kutner Brinen, P.C. DAK RESOURCES: Seeks to Hire Lansing Roy as Co-Counsel ------------------------------------------------------ DAK Resources, Inc., seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ Lansing Roy, P.A., as co-counsel to the Debtor. DAK Resources requires Lansing Roy to: a. advise the Debtor on its rights and duties; b. research, organize and litigate the extent, priority, nature and collateral of multiple secured and/or factoring lenders of the estate in order to ensure an orderly estate administration; c. prepare pleadings and other court papers related to this case; including a disclosure statement and plan of reorganization; d. evaluate potential causes of actions the Debtor may have against other parties and either representing the Debtor in those actions or coordinating with outside counsel on behalf of the Debtor; and e. take all other necessary action incident to the proper administration of this case. Lansing Roy will be paid at these hourly rates: Kevin B. Paysinger $325 William B. McDaniel $300 Paralegals $75 The Debtor did not provide a retainer to Lansing Roy for pre-petition and post-petition services and expenses in connection with the bankruptcy case, however prior to the Petition Date, the Debtor paid Lansing Roy $2,640 for services previously rendered to the Debtor. Lansing Roy will also be reimbursed for reasonable out-of-pocket expenses incurred. William B. McDaniel, partner of Lansing Roy, P.A., 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. Lansing Roy can be reached at: William B. McDaniel, Esq. LANSING ROY, P.A. 1710 Shadowood Lane, Suite 210 Jacksonville, FL 32207 Tel: (904) 391-0030 About DAK Resources DAK Resources, Inc., based in Jacksonville, FL, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 20-00728) on Feb. 28, 2020. In the petition signed by David Moorefield, president, the Debtor was estimated to have up to $50,000 in assets and $1 million to $10 million in liabilities. The Debtor hired EDWARD P. JACKSON, P.A., as counsel, and Lansing Roy, P.A., as co-counsel. ELITE HOME HEALTH: Seeks to Hire Rehan N. Khawaja as Legal Counsel ------------------------------------------------------------------ Elite Home Health, LLC, seeks authority from the United States Bankruptcy Court for the Middle District of Florida to hire the Law Offices of Rehan N. Khawaja as its legal counsel. The professional services the attorney will render are: a. advise and counsel the Debtor concerning the operation of its business in compliance with Chapter 11 and Order of the Court; b. prosecute and defend any causes of action on behalf of the Debtor; c. prepare and file all necessary applications, motions, reports and other legal pleadings and documents; d. assist in the formulation of the Plan of Reorganization and Preparation of a Disclosure Statement; and e. provide all other services of a legal nature. Khawaja charges an hourly fee of $375. The firm received a total sum of $15,000 for earned fees for pre-petition services and non-refundable retainer. The firm neither holds nor represents any interest adverse to the Debtor's estate, according to court filings. Khawaja can be reached through: Rehan N. Khawaja, Esq. Law Offices of Rehan N. Khawaja 817 North Main Street Jacksonville, FL 32202 Phone: 904-355-8055 About Elite Home Health, LLC Elite Home Health, LLC provides home health care services. Elite Home also offers health and wellness education as well as the services of a life coach. Elite Home Health, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-00637) on Feb. 25, 2020. In the petition signed by Brandon Groover, president/member, the Debtor estimated $237,800 in assets and $1,439,844 in liabilities. Rehan N. Khawaja, Esq. at the BANKRUPTCY LAW OFFICES OF REHAN N. KHAWAJA is the Debtor's counsel. FORTVILLE APARTMENTS: Gets Approval to Hire Zousmer Law as Counsel ------------------------------------------------------------------ Fortville Apartments, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Zousmer Law Group, PLC 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; b. attend meetings and negotiate with representatives of creditors and other parties in interest; c. take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any action commenced against the Debtor, negotiations concerning all litigation in which the Debtor is involved, and objections to claims filed against the estate; d. prepare legal papers; e. negotiate and prepare a plan of reorganization, disclosure statement and all related agreements and documents, and take any necessary action to obtain confirmation of the plan; f. represent the Debtor in connection with obtaining post-petition loans, if necessary; g. advise the Debtor in connection with any potential sale of its assets; and h. appear before the court and the United States Trustee. Michael Zousmer, Esq., the firm's attorney who will be handling the case, will charge an hourly fee of $395. Prior to the Debtor's bankruptcy filing, Zousmer Law Group was paid $2,500 for pre-bankruptcy services and $17,500 as initial retainer. The firm will be paid an additional retainer of $22,500. Mr. Zousmer disclosed in court filings that the firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. Zousmer Law Group can be reached through: Michael Zousmer, Esq. Zousmer Law Group, PLC 4190 Telegraph Rd, Suite 300 Bloomfield Hills, MI 48302 Tel: 248-351-0099 Fax: 248-351-0487 Email: Michael@zlawplc.com About Fortville Apartments Fortville Apartments, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Fortville Apartments sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-41081) on Jan. 26, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Thomas J. Tucker oversees the case. Zousmer Law Group, PLC is the Debtor's legal counsel. FRONTIER COMMUNICATIONS: Skips Interest Payment ----------------------------------------------- Frontier Communications Corporation (NASDAQ: FTR) said Monday it has elected to defer making the interest payments due on March 16, 2020, on certain of its senior unsecured notes and enter a 60-day grace period as it continues constructive discussions with its bondholders regarding Frontier's capital structure. "We remain actively engaged in constructive discussions with our bondholders as the Company continues to evaluate its capital structure with an eye to reducing debt and interest expense. As part of this process, Frontier has made the decision to take advantage of the 60-day grace period allowed under the indenture to facilitate ongoing discussions as we work to reach a comprehensive resolution. Importantly, we continue to provide quality service to our customers without interruption and work with our business partners as usual," it said. The Company has $245 million of debt maturing in 2020 and $327 million of debt maturing in 2021, according to its latest third quarter report filed with the Securities and Exchange Commission. More than $320 million was scheduled to be paid, according to Bloomberg data. The Company reported a net loss of $5.749 billion for the nine months ended September 30, 2019, including a net loss of $345 million for the third quarter alone. About Frontier Communications Norwalk, Conn.-based 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. As reported by the TCR on Jan. 27, 2020, Fitch Ratings downgraded the Issuer Default Rating of Frontier Communications Corporation and its subsidiaries to 'CC' from 'CCC'. The downgrade of Frontier and its subsidiaries IDRs to 'CC' reflects a default of some kind appears probable. 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. GTN PROPERTIES: Seeks to Hire Sue Lasky as Legal Counsel -------------------------------------------------------- GTN Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Susan D Lasky, 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 financial affairs; (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) prepare legal documents; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a bankruptcy plan. Susan D. Lasky, Esq., will be paid at the reduced rate of $400 per hour for attorney fees and $200 per hour for paralegal services. Prior to its bankruptcy filing, the Debtor paid the firm $2,500 for its pre-bankruptcy services and $1,717 for the filing fee. The firm also received $7,500 for its post-petition services. Ms. Lasky attests that neither she nor her firm represents an interest adverse to the Debtor and the bankruptcy estate. The firm can be reached through: Susan D. Lasky, Esq. Sue Lasky PA 320 S.E. 18 St Ft. Lauderdale, FL 33316 Phone: 954-400-7474 Fax: 954-206-0628 Email: Sue@SueLasky.com About GTN Properties GTN Properties, LLC owns a leashold interest in the following property: Parcel 2-A Fort Lauderdale Executive Airport, Broward County, Fa. The current value of the Debtor's interest in the property is $14.3 million. GTN Properties filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-11743) on Feb. 10, 2020. At the time of filing, the Debtor estimated $14,360,000 in assets and $11,747,729 in liabilities. Judge Scott M. Grossman oversees the case. Susan D. Lasky, Esq., at Sue Lasky, PA, is the Debtor's legal counsel. HAWAIIAN HOLDINGS: Egan-Jones Lowers Sr. Unsecured Ratings to BB+ ----------------------------------------------------------------- Egan-Jones Ratings Company, on March 6, 2020, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Hawaiian Holdings Incorporated to BB+ from BBB-. Hawaiian Holdings, Incorporated provides scheduled and charter air transportation of passengers, cargo, and mail. The Company provides its services among the islands of Hawaii and between Hawaii and several West Coast gateway cities and destinations in the South Pacific. INTERCOM INC: Seeks to Hire Spector & Cox as Legal Counsel ---------------------------------------------------------- Intercom, Inc. seeks authority from the U.S. Bankruptcy Court for the Northern District of Texas to hire Spector & Cox, PLLC, as its counsel. The professional services that the firm will render are: (a) provide legal advice with respect to the Debtor's powers and duties; (b) prepare and pursue confirmation of a Chapter 11 plan and approval of a disclosure statement; (c) prepare on behalf of the Debtor necessary applications, motions, answers, orders, reports and other legal papers; (d) appear in court and protect the interests of the Debtor before the court; and (e) perform all other legal services for the Debtor which may be necessary and proper in its Chapter 11 case. Spector & Cox holds $20,000 as a retainer to secure payment of post-petition fees and expenses. Howard Marc Spector, Esq., member of Spector & Cox, 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: Howard Marc Spector, Esq. Spector & Cox, PLLC 12770 Coit Road, Suite 1100 Dallas, TX 75251 Phone: 214-365-5377 Fax: 214-237-3380 About Intercom Inc. Intercom, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 20-30243) on Jan. 26, 2020, listing under $1 million in both assets and liabilities. Judge Stacey G. Jernigan oversees the case. Howard Marc Spector, Esq., at Spector & Cox, PLLC, represents the Debtor as counsel. INTERNATIONAL PAPER: Egan-Jones Cuts Sr. Unsecured Ratings to BB+ ----------------------------------------------------------------- Egan-Jones Ratings Company, on March 6, 2020, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by The International Paper Company to BB+ from BBB-. The International Paper Company is an American pulp and paper company, the largest such company in the world. It has approximately 56,000 employees and is headquartered in Memphis, Tennessee. J.T. SHANNON LUMBER: Hires Associated Auction as Auctioneer ----------------------------------------------------------- J.T. Shannon Lumber Company, Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of Mississipi to employ Associated Auction & Liquidation Co., as auctioneer to the Debtor. J.T. Shannon Lumber requires Associated Auction to market and auction the Debtor's surplus equipment that is no longer needed in connection with the operation of the Debtor’s business, consisting of: i. One 15,500 Lb Nissan Forklift Serial number VF05- 300957; and ii. One 9,000 LB Nissan Forklift Serial number AN19C50339. Associated Auction will be paid a commission of 10% of the sales price. Charles Lepinski, president of Associated Auction & Liquidation Co., 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. Associated Auction can be reached at: Charles Lepinski ASSOCIATED AUCTION & LIQUIDATION CO. P.O. Box 117 Clarksburg, TN 38324 Tel: (731) 986-5547 Fax: (731) 986-5575 About J.T. Shannon Lumber Memphis, Tenn.-headquartered J.T. Shannon Lumber Company, Inc. – http://www.jtshannon.com/shannonlumber-- is a family-owned company in the hardwood lumber business. It specializes in rough and surfaced lumber, straight-line ripping, double-end trimming, width sorts, and special length pulls. J.T. Shannon Lumber Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 19-11428) on April 1, 2019. At the time of the filing, the Debtor disclosed $11,026,770 in assets and $14,721,825 in liabilities. The case is assigned to Judge Jason D. Woodard. Michael P. Coury, Esq., at Glankler Brown PLLC, is the Debtor's legal counsel. LPL HOLDINGS: Moody's Alters Outlook on Ba2 CFR to Stable --------------------------------------------------------- Moody's Investors Service affirmed LPL Holdings, Inc.'s Ba2 Corporate Family Rating, Ba1 senior secured term loan and revolving credit facility and B1 senior unsecured notes. Moody's has also revised the outlook to stable from positive. Moody's has taken the following rating actions: Corporate Family Rating, Affirmed at Ba2 Senior Secured Bank Credit Facility, Affirmed at Ba1 Senior Unsecured Regular Bond/Debenture, Affirmed at B1 Outlook, Changed to Stable from Positive RATINGS RATIONALE The ratings affirmation reflects LPL's scale as the largest independent retail brokerage in the US and its ability to consistently report positive operating leverage, which Moody's expects will help it weather the current market turbulence and a lower interest rate environment. The change in outlook to stable from positive reflects Moody's expectation that lower interest rates and asset prices will slow the pace of revenue growth at LPL. However, Moody's said the firm's credit profile remains well positioned at its current rating levels because of a number of credit positive strategic and financial policies that LPL has adopted over the last two years. Moody's said the Federal Reserve Board (Fed) cut to the fed funds rate by 50 basis points (to its new range of 1.00%-1.25%) will have a minor immediate impact on LPL's profitability. That is because in the third quarter of 2018, LPL's management started moving client cash balances into fixed-rate contracts (generally with an average duration of around four years). As of fourth quarter 2019, LPL had around 50% of its deposits in fixed rates and plans to move more deposits into fixed contracts raising its target range to 50-75%. The strategy will benefit the firm's profitability now that five cuts have taken place since July 2019. Should interest rates remain low for an extended period of time, such as beyond the average four-year duration of these contracts, profitability will begin to deteriorate with the lower cash sweep revenue starting to seep into LPL's income statement. Moody's said that LPL is unique among its rated broker-dealer peers in having adopted this structure. Additionally, LPL's financial policy has become more creditor-friendly, with debt leverage having improved following its 2015 debt-funded shareholder distributions. Moody's also noted that with LPL's advisory assets growing to 47.8% of its total client assets in the fourth quarter 2019 (compared to 44.4% two years ago) a greater portion of LPL's revenue is driven by client asset levels in the form of advisory fees (as opposed to client-driven commission income). Although advisory fees are recurring, a credit positive, they are highly linked to broad equities markets and could decline in the midst of a market downturn. Moody's expects LPL's large scale and strong balance sheet to help in shielding the effect of a downturn on its credit profile. Accordingly, the ratings affirmation and change of outlook to stable from positive reflect the combination of LPL's prudent financial and strategic policies which will help it in facing market turbulence. Moody's does not have any particular concerns with LPL's governance. Nonetheless, corporate governance remains a key consideration in LPL's ratings and requires ongoing monitoring. Factors that Could Lead to an Upgrade - Strengthened cash flow generation that results in the maintenance of interest coverage above 7.5x and debt leverage under 2.5x on a sustained basis - Continued demonstration of commitment towards strong debt leverage Factors that Could Lead to a Downgrade - Shift in financial policy that significantly increases debt to fund shareholder-friendly capital plans - M&A activity outside of LPL's main business focus, or one that would result in a sustained level of debt leverage above 4x - Significant failure in regulatory compliance or technology The principal methodology used in these ratings was Securities Industry Service Providers Methodology published in November 2019. M/I HOMES: Fitch Affirms BB- LongTerm IDR, Outlook Stable --------------------------------------------------------- Fitch Ratings has affirmed the ratings of M/I Homes, Inc. (NYSE: MHO), including the company's Long-Term Issuer Default Rating, at 'BB-'. The Rating Outlook is Stable. MHO's ratings reflect the company's execution of its business model in the current housing environment, its conservative land policies, management's demonstrated ability to manage land and development spending, healthy liquidity position, and stable credit metrics. Risk factors include the cyclical nature of the homebuilding industry, MHO's somewhat limited geographic diversity and its relatively high speculative-inventory levels. KEY RATING DRIVERS Improving Credit Metrics: MHO's homebuilding debt/capitalization ratio has fallen to 38.3% as of Dec. 31, 2019, from 44.1% at year-end 2018, and 46.4% at year-end 2017. Net debt/capitalization (excluding up to $40 million of cash classified by Fitch as not readily available for working capital) stood at 41.7% at year-end 2017, 44% at year-end 2018 and 38.3% at Dec. 31, 2019. Debt/EBITDA has consistently been at or below 4.0x since 2016 and was 2.9x at year-end 2019, while interest coverage was 4.1x for the year ended Dec. 31, 2019. Fitch expects net debt/capitalization will remain around 38% at year-end 2020. Fitch also expects debt/EBITDA will be below 3.5x and interest coverage will remain over 4.0x during 2020. Land Strategy: At the end of 2019, the company controlled 33,259 lots, of which 44.1% were owned and the remaining lots controlled through options. Based on 2019 closings, MHO controlled 5.3 years of land and owned roughly 2.3 years of land. MHO has one of the highest percentage of lots under option and one of the lowest owned-lot positions among the builders in Fitch's coverage. This strategy reduces the risk of downside volatility and impairment charges in a contracting housing market. Land and Development Spending: MHO spent $600.4 million on land and development activities in 2019, up from $552.5 million in 2018, $528.9 million in 2017 and $407.8 million in 2016. Fitch expects land and development spending will be slightly higher in 2020. Fitch is comfortable with this strategy given the company's healthy liquidity position, well-laddered debt-maturity schedule and management's demonstrated ability to manage spending. Fitch expects management will pull back on spending if the housing recovery stalls or dissipates. Cash Flow: The company reported positive cash flow from operations (CFFO [Fitch-defined: CFFO minus preferred dividends]) of $65.6 million in 2019 after reporting negative $2.6 million in 2018, and negative $56 million in 2017. The company repurchased $5.2 million of shares in the first-quarter of 2019 under its $50 million share-repurchase program, but did not repurchase any shares during the rest of the year. Fitch expects MHO will be slightly CFFO negative once again in 2020 due to higher land and development spending, although spending will be driven in part by market conditions. MHO has sufficient liquidity to cover negative cash flow in 2020 if housing market conditions remain favorable and MHO continues higher spending on land and development activities. Speculative Inventory: Management estimates that of the total number of homes closed in 2019 and 2018, about 49% and 45%, respectively, were speculative (spec) homes. MHO ended 2019 with 1,459 spec homes, of which 668 were completed. Total specs at the end of 2019 were just 1.1% above the previous year's level, while total completed specs were 13.0% higher yoy. This translates into about 6.5 specs per community (3.0 completed specs per community), at the end of 2019, compared with 6.9 specs per community (2.8 completed) at the end of 2018. The company has spec homes in order to facilitate delivery of homes on an immediate-need basis. The company has been able to effectively manage its spec activity in the past, although Fitch generally views high spec activity as a credit negative, all else equal, as rapidly deteriorating market conditions could result in sharply lower margins. Somewhat Limited Geographic Diversity: MHO offers homes for sale in 225 communities across 15 local markets in 10 states. The company has a top-10 position in 12 of the 50 largest MSAs in the country. The company has expanded into new markets in the past few years, entering the Minneapolis/St. Paul market in December 2015 with the acquisition of the residential homebuilding operations of Hans Hagen Homes, Inc. In July 2016, MHO entered the Sarasota, FL, market by opening a new division. In March 2018, MHO completed the acquisition of Pinnacle Homes, giving the company entry into the Detroit market. Slight New Housing Growth in 2020: Fitch expects a slight improvement in the overall U.S. housing market in 2020. Affordability, which has improved, remains challenging, particularly for entry-level buyers, and low inventory levels for both new and existing homes will likely constrain growth in housing activity. Additionally, slowing economic growth, combined with ongoing geopolitical tensions and the impact of the coronavirus, may weaken consumer confidence, which is a key factor in home-buying decisions and remodeling spending. Fitch projects total housing starts will grow 1.4% in 2020, while new home sales increase 1.5% and existing home sales improve 0.5% this year. Shift Towards Entry-Level: Due to the robustness in the affordable segment of the market, MHO has shifted its offerings to target the entry-level buyer. At the end of 2019, MHO's affordable product, Smart Series, represented 27% of communities, compared with just 9% at the end of 2018. The shift to this growing segment contributed to MHO's strong growth in orders, which increased 15.9% in 2019. Orders in the second half were particularly strong, with growth of 32.2% in third-quarter 2019 and 43.0% in fourth-quarter 2019. The entry-level/first-time homebuyer has typically represented about 40% of total industry housing sales (new and existing); however, during the current housing recovery, this segment has been closer to 30% of the total. Fitch expects this customer segment will continue to represent a sizeable part of new home demand during the remainder of the upcycle and help spur growth for MHO. DERIVATION SUMMARY MHO's credit metrics and EBITDA margin are weaker compared with Meritage Homes Corporation (BB/Positive). The company is also smaller and less geographically diversified than Meritage. However, MHO has a more conservative land strategy, with over half of its lots controlled through options compared with 34% for Meritage. Meritage also has a more aggressive speculative building activity compared with MHO. KEY ASSUMPTIONS Fitch's Key Assumptions Within the Rating Case for the Issuer - Total U.S. housing starts improve 1.4% in 2020, while new home sales improve 1.5% and existing home sales grow 0.5%; - Revenues improve 1.7% in 2020; - EBITDA margins decline slightly to 8.6% in 2020; - MHO generates slightly negative cash flow from operations in 2020; - Net debt to capitalization of about 38% at year-end 2020. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action - The company increases its size and/or further enhances its geographic diversification and local market leadership position; - MHO commits to maintaining net debt/capitalization below 45% and the company's net debt/capitalization is consistently at or below 40%. Developments That May, Individually or Collectively, Lead to Negative Rating Action - There is sustained erosion of profits, meaningful and continued loss of market share, and/or ongoing land, materials and labor cost pressures, resulting in margin contraction and weakened credit metrics (including net debt/capitalization consistently approaching 50%) and the MHO continues to maintain an aggressive land and development spending program, leading to a diminished liquidity position; - If MHO's liquidity position (cash plus revolver availability) falls sharply and cannot cover maturities over the next two years and any cash flow shortfall in the next 12 months, this would also pressure the rating. LIQUIDITY AND DEBT STRUCTURE Healthy Liquidity Position: At the end of 2019, MHO had $6.1 million of unrestricted cash and $364.9 million of borrowing availability under its $500 million revolving credit facility ($66.0 million outstanding and $69.1 million of letters of credit outstanding), which matures in July 2021. The company has sufficient liquidity to cover working capital needs in the intermediate term. Fitch expects the company will extend the maturity of its revolver well ahead of its scheduled maturity date. Debt Maturities: As of Dec. 31, 2019, MHO's only major debt maturity was its $300 million of 6.75% notes due January 2021. However, in January 2020, the company issued $400 million of 4.95% senior notes due 2028, and used a portion of the proceeds to redeem the 2021 notes and apply the balance toward paying down a portion of borrowings under its $500 million unsecured revolver. The next maturity is in 2025, when $250 million of senior notes come due. SUMMARY OF FINANCIAL ADJUSTMENTS Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation and interest expense included in cost of sales and also excludes impairment charges and land option abandonment costs and acquisition and integration costs. ESG CONSIDERATIONS ESG issues are credit neutral or have only a minimal credit impact on the entity(ies), either due to their nature or the way in which they are being managed by the entity(ies). NATES AUTO REPAIR: Seeks to Hire Van Horn Law Group as Counsel -------------------------------------------------------------- Nates Auto Repair & Performance, Inc., seeks authority from the United States Bankruptcy Court for the Southern District of Florida to hire Van Horn Law Group, P.A., as counsel to the Debtor. Nates Auto Repair requires Van Horn Law to: a. give advice to the Debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the debtor in all matters pending before the court; and e. represent the Debtor in negotiation with its creditors in the preparation of a plan. Van Horn Law will be paid at these hourly rates: Chad Van Horn, Esq. $450 John Schank, Esq. $350 Associates $350 Jay Molluso $300 Law Clerks $175 Paralegals $175 Van Horn Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Chad T. Van Horn, the firm's founding partner, 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. Van Horn Law can be reached at: Chad T. Van Horn, Esq. VAN HORN LAW GROUP, INC. 330 N. Andrews Ave., Suite 450 Fort Lauderdale, FL 33301 Tel: (954) 765-3166 E-mail: Chad@cvhlawgroup.com About Nates Auto Repair & Performance, Inc. Nates Auto Repair & Performance, Inc. -- https://allhookeduptowing.co/ -- provides 24-hour car & heavy truck towing and roadside services in Jupiter, Port St. Lucie, Stuart, Ft Pierce, & I-95 Florida. Nates Auto Repair & Performance, Inc. filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-12446) on Feb. 25, 2020. In the petition signed by Nathan Miskulin, president, the Debtor estimated $50,000 in assets and $1 million to $10 million in liabilities. Judge Erik P. Kimball presides over the case. Chad Van Horn, Esq. at VAN HORN LAW GROUP, P.A. serves as the Debtor's counsel. NAVIENT CORP: Fitch Affirms Longterm IDR & Sr. Unsec. Debt at BB ---------------------------------------------------------------- Fitch Ratings has affirmed Navient Corporation's Long-Term Issuer Default Rating and senior unsecured debt rating at 'BB' and Short-Term IDR at 'B'. The Rating Outlook remains Negative. KEY RATING DRIVERS The Negative Outlook reflects the expected changes to the composition of Navient's balance sheet and risk profile over the outlook horizon as Federal Family Education Loan Program loans continue to run-off and private education loans grow as a percentage of the portfolio from both refinance and in-school loan originations, which could alter the credit risk, leverage and funding mix profile of the company. Specifically, Navient maintains a 5% tangible equity ratio on its private education refinance loans, which, despite their strong credit profile, Fitch believes is a relatively high amount of leverage when compared with other lenders that originate unsecured loans. The Negative Outlook also reflects elevated litigation uncertainty. On Jan. 18, 2017, after conducting a review of the servicing practices of student loans that included an investigation of Navient over the prior three years, the Consumer Financial Protection Bureau announced a lawsuit (enforcement action) against Navient. The CFPB seeks injunctive relief, restitution to borrowers, refunds, damages and civil money penalties. The state attorneys general in California, Illinois, Mississippi, Washington and Pennsylvania have also filed lawsuits against Navient. Fitch believes the enforcement action against Navient creates an additional layer of uncertainty, including not only the potential monetary restitution to borrowers and fines, but the potential reputational risk an adverse judgement could have on current and future client relationships, particularly government contracts. The legal process continues to be in the discovery stage, which must be completed before the trial can move to the next phase or a summary judgement can be requested. Although the outcome is uncertain, Fitch believes a resolution of the CFPB litigation is more likely to occur over the Outlook horizon. The rating affirmation reflects Navient's scale position as one of the largest non-government owners and servicers of student loan assets, a demonstrated track record (including as part of its predecessor organization) in the student loan servicing/collection space, the low credit risk and predictable cash flow nature of its FFELP loan assets, adequate liquidity and seasoned management team. Rating constraints include Navient's concentrated business model, reliance on wholesale funding sources, high level of asset encumbrance, long-term strategic uncertainty related to its growth initiatives, and heightened regulatory, legislative and litigation risk. Navient's $86.8 billion (net) loan portfolio at Dec. 31, 2019 consisted of $64.6 billion of FFELP loans, and $22.2 billion of private education loans. While Navient has supplemented the run-off portfolio with a number of portfolio acquisitions and loan consolidation originations from the acquired Earnest platform, the loan portfolio has been declining since the company's split with SLM Corporation (Sallie Mae) in 2014, falling roughly 35% since that time. In November 2017, Navient acquired Earnest, an online lending platform focused on the student loan refinancing segment. The company originated $4.9 billion of refinance loans in 2019, well above the company's projection of over $3 billion at the beginning of the year. The typical refinance loans originated by Navient are made to seasoned borrowers that have been in the workforce for several years, have six figure incomes, and an average FICO score in the mid-to-high 700s. Navient's life of loan loss expectation for these loans is 1.5%, compared with 6% for in-school private education loan originations. However, the average balance of refinance loans are considerably larger, at over $70,000 on average, and the average life is shorter, which adds to Fitch's concerns of higher loss severity during a downturn in the credit cycle. Further, the profit margins on refinance loans are relatively thin, which provides less loss absorption capacity during periods of economic stress. The company began originating private education loans through the school channel in 2019 following the expiration of its non-compete agreement with Sallie Mae. Loan originations in this channel came in below management's already modest $150 million projection for calendar year 2019, which management attributed to state licensing restrictions related to pricing which the company plans to address this year by partnering with a bank. While these new loan originations, coupled with new refi loan originations, should help mitigate the impact of legacy portfolio run-off, the loans will require additional capital and liquidity. Management is targeting low to mid-teen ROEs on refi loans and mid to high teen ROEs on in-school loans. Navient's "core" earnings and profitability, which primarily adjusts GAAP results for mark-to-market gains/losses on derivatives and goodwill/intangible asset amortization, have steadily declined since its split with Sallie Mae, driven primarily by its declining loan portfolio. However, core earnings reversed this trend in 2019, as it increased 19% versus 2018, aided by stronger credit performance (lower loan loss provision) and gains on loans sales and debt repurchases, a modest decline in operating expenses and a relatively stable net interest margin. While Navient's earnings are well positioned for further declines in market interest rates, uncertainty remains regarding the potential impact of the planned transition away from LIBOR, which is currently expected to sunset at the end of 2021, to another reference rate for its loans, debt, and derivative positions. As of Dec. 31, 2019, the vast majority of Navient's loans and funding were priced off of LIBOR. Further complicating things is that a change in the benchmark rate for FFELP loans will require an act of Congress. While management is heavily involved in discussions with industry and regulatory constituents to settle on an appropriate replacement rate for LIBOR, delays in resolution of the issue could increase the company's basis risk and negatively impact the value of its assets. Navient has sought to offset revenue pressure through improvements in operating cost efficiencies. To this end, the company entered into an outsourcing contract with First Data Corporation in May 2018, which should convert a large portion of its fixed servicing costs to variable costs over time. Fitch views the partnership with First Data favorably as it should enable Navient to better match the variability of its revenue and reduce fixed overhead costs over time, creating greater cash flow stability. However, Fitch believes the contract with First Data would become more meaningful if Navient were to win the latest RFP with the U.S. Department of Education (ED). Navient's servicing contract with ED expired in June 2019 but was extended through December 2020. While ED could potentially extend the current contract through December 2021, it is uncertain whether Navient will be selected by ED for the new servicing contract beyond that period. If Navient were to win some portion of the ED contract and further enhance its cash flow, it would be viewed favorably by Fitch, although the termination of the existing contract would likely not result in negative ratings action given the relatively small contribution of the legacy contract to Navient's revenue and cash flow. Net interest income on the FFELP and private education loan portfolios continues to account for the vast majority of earnings, as the Business Processing segment, which includes its non-education government processing and healthcare collection businesses, saw revenue decline 3% in 2019, due largely to the loss of certain processing contracts that were not renewed in 2018. Still, the segment's EBITDA grew 11% versus 2018 and the EBITDA margin expanded to 19% from 17%. Fitch views the increased revenue diversification from Business Processing favorably, but the pre-tax earnings contribution remains relatively small, at less than 6% of core pre-tax earnings in 2019. Navient has continued to make progress strengthening its liquidity position over the past few years, which has enabled it to address elevated unsecured debt maturities in the 2018-2020 period. Navient did not issue any unsecured debt in 2019, but redeemed $1 billion of 2020 maturities in 4Q19 and repaid $800 million of remaining 2019 maturities from operating cash flow and secured debt financings, thus reducing total unsecured debt outstanding to $9.6 billion at YE 2019. In January 2020, Navient completed a $700 million seven-year unsecured debt issuance of which $500 million could be used to repay 2020 debt maturities and $190 million was exchanged for debt maturing in 2021. To the extent the company uses operating cash flows rather than secured financings to further pay down unsecured debt, Fitch would view this favorably. Fitch believes Navient's available liquidity and operating cash flows will be sufficient to service unsecured debt maturities of $1.1 billion in 2020 and $1.4 billion in 2021 (outstanding prior to the January unsecured debt issuance). Navient had $1.2 billion in unrestricted cash at Dec. 31, 2019 and projected cash flows (before operating expenses, taxes, and shareholder distributions) from its FFELP and private education loans of $2.6 billion and $2.4 billion in 2020 and 2021, respectively. Further, Navient can potentially generate incremental cash flows to repay these maturities by financing additional overcollateralization (OC) from its student loan ABS trusts ($4.2 billion issuance to date), securitizing unencumbered loans, issuing additional unsecured notes and/or reducing shareholder distributions. The percentage of Navient's funding coming from unsecured debt declined to 10.5% at Dec. 31, 2019 versus 11.6% a year ago. While the firm's reliance on secured funding has always been higher-than-peer, a continued increase in the encumbrance of its balance sheet could negatively affect financial flexibility, which Fitch would view unfavorably. Navient returned $587 million to shareholders in 2019, including $147 million in dividends and $440 million in share repurchases. This represented 97% of Navient's core earnings in 2019 and 98% of GAAP earnings. The company's board approved a $1 billion share repurchase program in October 2019. Management has indicated that it expects its share repurchases in 2020 to be consistent with 2019 and for dividends to decline commensurate with its share count. Although Fitch views elevated shareholder distributions with caution, Navient's reduction in the level of share repurchases in recent years is viewed favorably. Outsized share distributions in relation to earnings and cash flows that impair the firm's liquidity or capitalization would lead to negative rating action. Fitch has historically considered capitalization and leverage to be a low influence factor for Navient's ratings because of its high proportion of FFELP loans, which carry an explicit federal government guarantee against credit losses. However, with the loan mix shifting toward private education loans, capitalization and leverage is now viewed as having a higher influence on Navient's overall ratings. Excluding debt associated with FFELP assets, against which Navient holds 50 basis points of capital because of the federal guarantee, Fitch estimates Navient's debt to tangible equity on its remaining businesses to be 9.9x at Dec. 31, 2019 compared with 9.5x at Dec. 31, 2018. Management recently adopted what is essentially the inverse of Fitch's debt to tangible equity ratio as its primary indicator of leverage, the adjusted tangible equity ratio, which ended the year at 7.6%. Fitch views the current level of leverage as high relative to the risk profile of private education loans, and falls within Fitch's 'b' category quantitative benchmark range for finance and leasing companies. While the higher level of leverage is mitigated to some extent by a highly seasoned portfolio, Navient's refi loan originations, which are less seasoned, have already climbed to represent 28% of the company's private education loan portfolio and are expected to increase further over the next few years. Consequently, Fitch believes leverage may continue to trend higher over the outlook horizon depending on the relative growth and capitalization of the company's private education loan businesses. The company adopted the current expected credit loss accounting standard on January 1, 2020. Management estimated an increase to its loan loss allowance of $800 million upon adoption (72% increase from the allowance at YE 2019) and an after-tax impact to common equity of approximately $625 million (24% of tangible common equity at YE 2019). Navient is unique relative to other consumer lenders in that post implementation of CECL, Navient's earnings should benefit through a lower loan loss provision. Since a large portion of its loan portfolio is fully seasoned and is expected to decline, the company should be able to release the incremental reserves fairly quickly through a lower loan loss provision. As such, Navient is expected to recoup the impact on capital stemming from CECL through earnings faster than its peers. Management expects its adjusted tangible equity ratio to remain above 6% in 2020, with the decline from 2019 largely driven by the effects of CECL. The senior unsecured debt rating is equalized with Navient's IDR. The equalization reflects average recovery prospects under a stress scenario given the availability of unencumbered assets. ESG CONSIDERATIONS: Navient has an ESG Relevance Score of 4 for Exposure to Social Impacts due to its exposure to shift in social or consumer preferences as a result of an institution's social positions, or social and/or political disapproval of core activities, which in combination with other factors, impacts the rating. RATING SENSITIVITIES Navient's ratings could be downgraded if the company does not maintain sufficient capital to support growth in its private education loan portfolio and/or there is a sustained increase in secured funding as a percentage of Navient's overall funding mix, such that unsecured debt represents less than 10% of the company's funding. Negative ratings momentum could also occur from management's inability to execute on strategic initiatives that can produce sustainable earnings over time, an increase in shareholder distributions that are sustained at a level above Navient's core earnings, an inability to access the capital markets on economic terms, significant deterioration in credit performance, and/or an adverse outcome in the pending CFPB/state attorneys general legal actions against the company that significantly impairs its market position, liquidity and/or future profitability. The Outlook could be revised to Stable if the company maintains capitalization and leverage near current levels (exclusive of CECL effects) on a risk-adjusted basis and maintains sufficient levels of unencumbered loans relative to its unsecured debt. Fitch believes positive rating momentum is limited in the near term. However, meaningful improvements in core fee-business growth and operating performance, a demonstrated ability to successfully grow new businesses that enhance Navient's earnings capacity and a moderation in shareholder distributions could support positive ratings momentum longer term. The senior unsecured debt ratings are primarily sensitive to changes in the Long-Term IDR of Navient and the availability of unencumbered assets. 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. Navient has an ESG Relevance Score of 4 for Exposure to Social Impacts due to its exposure to shift in social or consumer preferences as a result of an institution's social positions, or social and/or political disapproval of core activities, which in combination with other factors, impacts the rating. NOVA CHEMICALS: Fitch Withdraws BB+ LT IDR on Insufficient Data --------------------------------------------------------------- Fitch Ratings has withdrawn NOVA Chemicals Corporation's 'BB+' Long-Term Issuer Default Rating. In addition, Fitch has withdrawn the 'BB+' ratings on NOVA Chemical's senior unsecured notes and the 'BBB-' ratings on NOVA's senior secured revolving credit facility and term loan. The ratings were withdrawn with the following reason: insufficient information provided. KEY RATING DRIVERS - None. RATING SENSITIVITIES - Rating Sensitivities are not applicable. OCEANEERING INT'L: Egan-Jones Lowers Sr. Unsecured Ratings to B+ ---------------------------------------------------------------- Egan-Jones Ratings Company, on March 6, 2020, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Oceaneering International, Incorporated to B+ from BB-. Oceaneering International, Incorporated is a subsea engineering and applied technology company based in Houston, Texas, U.S. that provides engineered services and hardware to customers who operate in marine, space, and other environments. OLYMPIC RESTAURANTS: Seeks to Hire CG Accounting as Accountant -------------------------------------------------------------- Olympic Restaurants, LLC, seeks authority from the US Bankruptcy Court for the Northern District of Ohio to hire CG Accounting, Inc. as its accountants. CG Accounting will advise the Debtor with respect to financial matters, assist the Debtor in the preparation of all reports, tax returns, and other documents and reports as are necessary in this case, and provide to such accounting services as may be necessary in connection with this case. The accountant's customary rates range from $75 to $175 per hour. Laura Rogent and Brian Greene, accountants with CG expected to assist the Debtor, will charge $75 per hour and $175 per hour, respectively. Brian R. Greene, EA, CFE, accountant at CG Accounting, attests that his firm firm does not hold or represent an interest adverse to the estate with respect to the matters on which they are employed. The firm can be reached at: Brian R. Greene, EA, CFE, CG Accounting, Inc. 7840 Mayfield Road Chesterland, OH 44026 Tel: (440) 729-8284 Fax: (440) 729-8286 E-mail: brian@cgaccounting.com About Olympic Restaurants Olympic Restaurants, LLC is a restaurant and catering business with one location, in Solon, Ohio, and is doing business as Simply Greek. Olympic Restaurants, LLC, dba Simply Greek sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 19-16873) on Nov. 7, 2019, listing under $1 million in both assets and liabilities. Heather E. Heberlein, Esq. at BUCKINGHAM, DOOLITTLE & BURROUGHS, LLC is the Debtor's counsel. PG&E CORPORATION: Hires Hunton Andrews as Special Counsel --------------------------------------------------------- PG&E Corporation, and its debtor-affiliates, seeks authority from the U.S. Bankruptcy Court for the Northern District of California to employ Hunton Andrews Kurth LLP, as special counsel to the Debtors. PG&E Corporation requires Hunton Andrews to: a) advise and represent the Debtors with respect to federal and state laws and regulations as they relate to (1) developing and structuring a securitization program pursuant to Article 5.8 of the California Public Utilities Code to provide for the recovery of costs and expenses in connection with catastrophic wildfires; (2) the registering of securities under the federal securities laws with respect to the securitization program; and (3) advising on the public offering and sale of the securities; b) advise and represent the Debtors with respect to federal and state laws and regulations as they relate to (1) the drafting of secured and unsecured indentures and offering documents to enable the Debtors to sell secured and unsecured debt securities and to participate in tax-exempt financings; (2) the registering of certain secured and unsecured debt securities under the federal securities laws: (3) advising on the public and private offerings and sales of the secured, unsecured, and tax-exempt securities; and (4) establishing an account receivables securitization program; c) advise and represent the Debtors with respect to cybersecurity and privacy matters, including enhancing cybersecurity preparedness, responding to cyber incidents, and ensuring compliance with cybersecurity and privacy laws; d) represent the Debtors in connection with environmental matters, including continuing representation of the Debtor in the implementation of the Consent Decree entered by Judge Seeborg, of the United States District Court for the Northern District of California, on September 7, 2018 in Ecological Rights Foundation v. Pacific Gas and Electric Company, Case No. 3:10-cv-00121-RS; e) advise the Debtors and furnishing documents regarding their interest rate swaps and other derivative products in connection with (1) avoiding insolvency-related defaults under their swap and other derivatives documents, (2) adopting board and/or board committee resolutions and other documents governing their use of swaps and other derivative products, (3) engaging in management oversight and board and/or board committee governance of their swap and other derivative products usage, (4) applying to the California Public Utilities Commission for authorization to enter into interest rate hedges related to their financing activities, (5) determining that they are not required to be registered with the Commodity Futures Trading Commission or the Securities and Exchange Commission as swap dealers or major swap participants, security-based swap dealers or major security-based swap participants, (6) amending their swap and other derivatives documents to observe the qualified financial contract rules applicable to their global systemically important bank counterparties, (7) complying with the requirements of the end-user exception providing an exemption from mandatory swap clearing and exchange-trading requirements, (8) utilizing their exemptions from having to post margin for swaps, (9) entering into swaps and other derivatives transactions with their swap and security-based swap dealer counterparties and (10) entering into forward contracts and other derivatives transactions exempt from regulation as swaps and security-based swaps (including purchase and sale agreements for electric power and natural gas), among other things; and f) provide all other necessary legal services for the Debtors, as related to the above matters, in connection with the above captioned Chapter 11 Cases and the Debtors' financing plans to exit bankruptcy including drafting of financing orders, security documents, registration statements, offering documents, legal opinions, and other transactional documents. Hunton Andrews 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. Hunton Andrews received payments in excess of $837,533.13 in the period during which it has been retained as an Ordinary Course Professional. Michael F. Fitzpatrick, Jr., partner of Hunton Andrews Kurth 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. Hunton Andrews can be reached at: Michael F. Fitzpatrick, Jr., Esq. HUNTON ANDREWS KURTH LLP 200 Park Avenue New York, NW 10166 Tel: (212) 309-1000 Fax: (212) 309-1100 E-mail: mfitzpatrick@HuntonAK.com About PG&E Corporation PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. PG&E Corp. and Pacific Gas employ approximately 24,000 regular employees, approximately 20 of whom are employed by PG&E Corp. Of Pacific Gas' regular employees, approximately 15,000 are covered by collective bargaining agreements with local chapters of three labor unions: (i) the International Brotherhood of Electrical Workers; (ii) the Engineers and Scientists of California; and (iii) the Service Employees International Union. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, said they are facing extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility said it faces an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are serving as PG&E's legal counsel, Lazard is serving as its investment banker and AlixPartners, LLP is serving as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. In order to help support the Company through the reorganization process, PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and their colleagues at AlixPartners will continue to assist PG&E with the reorganization process and related activities. Morrison & Foerster LLP, as special regulatory counsel. Munger Tolles & Olson LLP, as special counsel. The Office of the U.S. Trustee appointed an official committee of creditors on Feb. 12, 2019. The Committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. RIVOLI & RIVOLI: Seeks to Hire Gelsomino & Company as Accountant ---------------------------------------------------------------- Rivoli & Rivoli Orthodontics, P.C. seeks authority from the U.S. Bankruptcy Court for the Western District of New York to hire Gelsomino & Company CPA's as its accountant. Rivoli requires Gelsomino to: (a) prepare federal and state tax returns; (b) provide bookkeeping and accounting services; (c) review and analyze financial information prepared by the Debtor; and (d) assist in the preparation of projections and other financial information in connection with the Debtor's anticipated plan of reorganization. Philip Gelsomino II, the firm's accountant who will be primarily responsible for providing services to the Debtor, will charge $350 per hour for his services. Mr. Gelsomino disclosed in court filings that his firm is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Philip C. Gelsomino, II Gelsomino & Company CPA's 3001 Brockport Road Spencerport, NY 14559 About Rivoli & Rivoli Orthodontics, P.C. Rivoli & Rivoli Orthodontics, P.C. -- http://www.rivoliortho.com-- offers orthodontic services with locations in Spencerport, Rochester, Webster, and Brockport, N.Y. Rivoli & Rivoli Orthodontics filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 19-20627) on June 21, 2019. In the petition signed by Peter S. Rivoli, president, the Debtor estimated $233,492 in assets and $1,778,831 in liabilities. Daniel F. Brown, Esq., at Andreozzi Bluestein LLP, is the Debtor's counsel. ROCHESTER DRUG: Cooperative Files for Chapter 11 to Wind Down ------------------------------------------------------------- Hit with opioid litigation, Rochester Drug Cooperative, Inc., has sought Chapter 11 protection to sell its assets and wind-down its affairs. The Debtor is an independently owned New York cooperative corporation formed in 1905 and incorporated in 1948 with a principal office and place of business located at 50 Jet View Drive, Rochester, New York 14624. The Debtor is owned and directed by approximately 307 stockholding independent pharmacists and pharmacies. Rochester Drug Cooperative is a wholesale regional drug cooperative that operates as both a buying cooperative and a traditional drug distribution company created for the purpose of helping independent pharmacies compete in the current healthcare environment. It recently ranked as the sixth largest pharmaceutical distributor in the United States. The Debtor distributes branded and generic drugs, health and beauty products, and home health care products to a ten-state northeast regional market composed of New York, Pennsylvania, New Jersey, Ohio, Connecticut, Massachusetts, Vermont, New Hampshire, Rhode Island and Maine. Approximately 70% of the Debtor's total revenues come from New York State. The Debtor owns two distribution facilities, one located at 50 Jet View Drive, Rochester, New York and the other located at 116 Lehigh Drive #3013, Fairfield, New Jersey, from which it serviced approximately 1,400 active customers, including community retail pharmacies, long-term care pharmacies, and home health care stores. The Debtor is in the process of consolidating its operations at the Rochester Facility. The Debtor currently employs approximately 75 employees at the Rochester Facility and approximately 75 employees at the Fairfield Facility. The Debtor has been the subject of numerous pending prepetition civil and criminal actions brought by various government authorities and private parties in state, local and federal courts around the country seeking damages against the Debtor as a former distributor of opioid-related medications. The Debtor has responded to these types of action since 2015, when it first addressed the DEA Civil Action. Certain actions brought by government authorities have resulted in the Debtor paying significant fines and implementing robust and costly compliance programs. Several other actions remain pending and are being actively defended by the Debtor. The Debtor's annual revenue grew from approximately $700 million during the 2013 fiscal year to over $2 billion during the 2016 fiscal year through the addition of several specialty pharmacy customers that purchased large quantities of branded products, including controlled substances. Sales thereafter declined rapidly in fiscal year 2018 as certain significant customers ceased operating or were acquired. The Debtor's annual revenue for the 2019 fiscal year was $1.49 billion, and its annual revenue is projected to decline to approximately $790,000,000 for the current fiscal year ending on March 31, 2020. Declining Liquidity John T. Kinney, the Interim Chief Executive Officer and Chief Financial Officer of the Debtor, explains that during the past several months, the Debtor's deteriorating liquidity situation has prevented it from making timely payments to vendors and it has had to forgo rebates and other discounts which have typically generated at least two-thirds of the Debtor's gross profit. Further impacting the Debtor's liquidity was the decision by the Debtor's insurer, Hiscox Insurance Company, Inc., to disclaim coverage under the Debtor's liability policy such that the Debtor has been required to self-fund its attorneys' fees and defense costs in the pending actions. To date, the Debtor has incurred attorneys' fees and costs aggregating over $1,620,000 in defense of these actions. The Debtor has filed a lawsuit against Hiscox regarding the coverage. The Debtor's capital structure includes a senior secured credit facility provided by Manufacturers & Traders Trust Company that consists of a revolving credit facility governed by a borrowing base formula typical of such agreements in the original principal amount of $170,000,000 and a $5,000,000 term loan. The Debtor's maximum revolving commitment under its Credit Agreement with the secured parties was reduced on May 31, 2019 and September 9, 2019 as the Debtor's declining financial performance triggered numerous defaults under the Credit Agreement. Since December 16, 2019, the Debtor has been unable to purchase sufficient levels of inventory using its existing liquidity, further exacerbating the declining sales and a loss of customers. Restructuring Efforts As a result of the decline in financial performance, the Debtor has taken steps since early 2019 to reduce its expenses and explore options for restructuring its finances. On or about April 18, 2019, the Debtor engaged Huron Consulting Services LLC to assess the Debtor's business plan, underlying financial projections, liquidity management and outlook. In addition, the Debtor has explored the sale of some or all of its assets since late 2019. On or around Oct. 31, 2019, the Debtor engaged the services of Houlihan Lokey Capital, Inc., to act as the Debtor's investment banker to market the assets for sale. Houlihan Lokey did not identify qualified prospective purchasers. On Nov. 27, 2019, the Debtor suspended Houlihan Lokey's marketing efforts based on, among other things, the lack of response from qualified prospective purchasers. Since then, the Debtor has continued to receive indications of interest regarding some or all of its assets and has engaged in discussion with, and provided information to, those parties. On Jan. 13, 2020, the Debtor suspended its purchase of Schedule II-V controlled substances and narcotics. The Debtor will surrender its Controlled Substances Act registrations on March 31, 2020. As part of plan to exit the controlled substances and narcotics market, on or Jan. 10, 2020, the Debtor sold a block of controlled substance inventory to Value Drug Company for approximately $2.3 million. The Debtor has also engaged the services of a broker to real estate broker to market the Fairfield Facility and is in the process of engaging a broker to market the Rochester Facility. Chapter 11 Filing Absent chapter 11 relief, the Debtor projects it will not have sufficient cash flow to continue its operations over the long term. The Debtor has concluded that the best option to protect the value of its assets for creditors is to effect an organized wind-down of the operations by entering into the Chapter 11 Case. During this process, the Debtor will also continue the orderly collection of its outstanding accounts receivable in a further effort to generate funds for the benefit of its creditors. As of the Petition Date, the Debtor estimates that its assets are valued at approximately $70,000,000, including accounts receivable totaling approximately $50,000,000. The Debtor owes its Secured Lenders approximately $32,300,000, owes the United States $10,000,000 under the DPA, and has unsecured creditors asserting claims totaling approximately $71,800,000. The purposes of the Debtor's chapter 11 filing, therefore, are to conclude the consolidation of its operations at its Rochester Facility, to operate its business while marketing its assets for sale and to address the Debtor's financial difficulties for the benefit of its creditors. About Rochester Drug Cooperative Rochester Drug Cooperative, Inc., is an independently owned New York cooperative corporation formed in 1905 and incorporated in 1948 with a principal office and place of business located at 50 Jet View Drive, Rochester, New York 14624. Its principal business is to warehouse, merchandise, and then distribute, on a cooperative basis, drugs, pharmaceutical supplies, medical equipment and other merchandise commonly sold in drug stores, pharmacies, health and beauty stores, and durable medical equipment business. It is a wholesale regional drug cooperative that operates as both a buying cooperative and a traditional drug distribution company created for the purpose of helping independent pharmacies compete in the current healthcare environment. Rochester Drug Cooperative sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-20230) on March 12, 2020. The Debtor was estimated to have $50 million to $100 million in assets and $100 million to $500 million in liabilities. The Hon. Paul R. Warren is the case judge. The Debtor tapped BOND, SCHOENECK & KING, PLLC, led by Stephen A. Donato, as counsel. EPIQ CORPORATE RESTRUCTURING, LLC, is the claims and noticing agent. SIGNATURE PACK: Taps Roe CPA as Accountant ------------------------------------------ Signature Pack, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Roe CPA, P.C. as its accountant. The firm will be compensated a flat fee of $9,852.07 to complete the Debtor's 2019 federal and state tax returns. John Charles Roe of the firm Roe CPA assures the court that his firm is a "disinterested person" as defined in Bankruptcy Code Section 101(14). The accountant can be reached through: John Charles Roe, CPA Roe CPA, P.C. 3460 Summit Ridge Pkwy Ste 303 Duluth, GA 30096 Phone: +1 678-969-0523 About Signature Pack Signature Pack, LLC is a privately held company in Pendergrass, Ga., that provides packaging services. Signature Pack filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 19-20916) on May 9, 2019. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $1 million and $10 million. Judge James R. Sacca oversees the case. Leslie M. Pineyro, Esq., at Jones & Walden, LLC, is the Debtor's bankruptcy counsel. SLM CORP: Fitch Affirms BB+ LongTerm IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed SLM Corporation's and Sallie Mae Bank's Long-Term Issuer Default Ratings at 'BB+'. In addition, Fitch has affirmed SLM's and Sallie Mae Bank's Viability Ratings at 'bb+', and SLM's senior unsecured debt rating and preferred stock rating at 'BB+ and 'B+', respectively. The Rating Outlook is Stable. Sallie Mae Bank - LT IDR BB+; Affirmed; previously at BB+ - ST IDR B; Affirmed; previously at B - Viability bb+; Affirmed; previously at bb+ - Support 5; Affirmed; previously at 5 - Support Floor NF; Affirmed; previously at NF - Long-term deposits LT BBB-; Affirmed; previously at BBB- - Short-term deposits STF3; Affirmed; previously at F3 SLM Corporation - LT IDR BB+; Affirmed; previously at BB+ - ST IDR B; Affirmed; previously at B - Viability bb+; Affirmed; previously at bb+ - Support 5; Affirmed; previously at 5 - Support Floor NF; Affirmed; previously at NF - Preferred LT B+; Affirmed; previously at B+ - Senior unsecured LT BB+; Affirmed; previously at BB+ KEY RATING DRIVERS The rating affirmations reflect SLM's leading market position in the U.S. private education loan industry, above average returns and operating performance relative to peer banks, solid asset quality, and sufficient levels of capital and liquidity. Rating constraints include SLM's monoline business model and heavy reliance on net interest income, heightened legislative/regulatory risk associate with the student lending/servicing business, the duration mismatch between demand deposits and longer-term student loans, and SLM's higher proportion of brokered deposits which are more sensitive to interest rates. In January, the company announced a revised strategy, whereby it plans to sell $3 billion of private student loans annually over the next three years beginning in 1Q20. The company plans to use the gains generated as well as the capital freed up from the loan sales for share repurchases ($600 million in 2020 and $1.4 billion over three years). The sales are expected to result in SLM's assets remaining essentially flat over the next three years assuming the transactions are executed as planned. The company announced on March 10 that it had completed the sale of $3 billion loans and entered into an accelerated share repurchase program with JP Morgan. This decision was driven by the underperformance of SLM shares in recent years, which management believes provided an arbitrage opportunity whereby it could clearly demonstrate the market value of its loan portfolio relative to the implied value reflected in its share price. While the gain on sale income will likely result in higher earnings volatility than holding the loans to term, and the increase in share repurchases is viewed less favorably for debtholders, Fitch expects the impact to be relatively neutral to SLM's capital ratios and liquidity position, although the reduction in longer-term profits from selling loans rather than holding them to term is viewed negatively. Fitch expects SLM's capital distributions to shareholders as a percentage of net income to remain below 100%. Management has also stopped originating personal installment loans and will run off the existing portfolio, of roughly $1 billion at Dec. 31, 2019. Fitch views SLM's decision to exit the personal installment loan business favorably, as the product's higher risk profile and more intense competitive landscape more-than-offset the modest diversification benefit. SLM's private education loan origination growth decelerated to 6% in 2019 from 11% in 2018, and period-end private education loan growth moderated to roughly 13% in 2019 from 18% in 2018, as loan consolidations to third parties remained elevated. Period end loan growth has been negatively impacted, over the past few years, by growth of the personal education loan consolidation market. In 2019, nearly $1.5 billion in loans were refinanced away from SLM; a 53% increase from the prior year. This was above the $1.25 billion projected by management at the beginning of the year. Last year was the first year in which Navient Corporation was able to consolidate SLM borrowers' loans following the expiration of its non-compete agreement with SLM, which Fitch believes was a meaningful contributor to the sharp increase. Negative ratings pressure could occur should loans being refinanced away from SLM remain elevated for a sustained period, negatively impacting SLM's earnings and credit performance. Asset quality was solid in 2019 even as the portfolio continued to season and a larger percentage of loans entered repayment. At Dec. 31, 2019, 46% of the private education loan portfolio was in full principal and interest repayment; up from 44% a year ago. Fitch estimates net charge-offs as a percentage of loans in full principal and interest repayment increased to 1.86% in 2019 from 1.66% in 2018. Reserve coverage remained solid, at 2.0x trailing twelve-month (TTM) charge-offs. However, both forbearance and troubled debt restructurings (TDRs) as a percentage of loans in repayment rose to 4.1% and 9.4% at YE 2019 from 3.8% and 8.6%, respectively, at YE 2018. Fitch expects credit losses to to trend higher over the near to medium term as the portfolio seasons and a higher proportion of loans are in full repayment, but to remain with management's 6%-7% life of loan forecast barring a major shift in the macroeconomic environment. In October 2019, the company indicated that it would begin testing changes to its loan modification practices that include limiting the number of forbearance months granted consecutively and the number of times certain extended or reduced repayment alternatives may be granted. Management expects these changes to accelerate defaults and life of loan losses in the portfolio by between 4% and 14%. While Fitch views improved transparency on loss emergence trends and greater consistency of loan modification policies with peer banks favorably, the expected increase in defaults is viewed negatively. SLM's operating performance remained strong in 2019, with pre-tax income up 33% from the prior year driven by 13% loan growth and improved cost controls as SLM's efficiency ratio declined to 34.7% in 2019 from 41.0% in 2018. The company recognized $44 million of non-recurring costs in 2018 related to its business diversification efforts and technology infrastructure migration to the cloud. The company also had a more significant write-down of its tax indemnification receivable in 2018 relative to 2019 as a result of the lapse of statute of limitations, which negatively impacted 2018 results. If not for this item, pre-tax income growth would have been 15.6%, which is more in line with loan growth. SLM's net interest margin declined to 5.76% from 6.10% in the prior year. The decline was primarily driven by an increase in cash and short-term liquidity at the prompting of its regulators in order to be more consistent with peer banks. Nonetheless, pre-tax ROA improved to 2.4% in 2019 from 2.2% in the prior year. Fitch believes the recent 50 bps cut in interest rates by the Fed is a manageable for SLM. Based on its balance sheet at Dec. 31, 2019, management projects a 1.4% decline in net interest income would result over the following 24 months from a down 100 bps interest rate shock (immediate). Sallie Mae Bank's risk-based capital ratios ticked-up as loan growth moderated and the company increased its liquidity levels. Sallie Mae Bank's common equity Tier 1 (CET1) ratio increased by 10 bps, to 12.2% at the end of 2019 compared to the prior year. However, the bank's Tier 1 leverage ratio declined to 10.2% from 11.1% and SLM's tangible common equity ratio declined to 8.9% from 9.7% as a result of the aforementioned increase in SLM's cash and short-term investments as a percentage of assets. The implementation of the CECL accounting standard this year is expected to place near-term pressure on SLM's regulatory capital ratios. Whereas SLM's liquidity (cash and short-term investments) as a percentage of assets has historically been low relative to peer banks, at the prompting of its regulators SLM increased its liquidity portfolio to 18.8% of assets as of Dec. 31, 2019, compared to 10.5% a year ago. The increase in liquidity was largely funded with deposits. While Fitch views the absolute level of liquidity held at Sallie Mae Bank favorably, it is mitigated by the commensurate increase in deposits, which are expected to be prioritized relative to other forms of debt in a default scenario. SLM will have had the largest impact among the consumer lenders in Fitch's rated universe from the implementation of the current expected credit loss (CECL) accounting standard on Jan. 1, 2020. SLM's day one impact from CECL was estimated to be a $1.1 billion increase to its loan loss reserve (+250%) and a negative impact to common equity of $950 million (-33%). Although the impact to SLM's regulatory capital ratios will be significant, it will be mitigated by the three year phase-in period allowed by bank regulators. Following the full phase-in of CECL, Fitch expects SLM to maintain regulatory capital ratios that remain well in excess of regulatory minimums, and with the addition of considerably higher loss reserves of roughly 7% of loans, should provide a larger buffer to absorb credit losses than was available pre-CECL, which Fitch views favorably. Although SLM has diversified its funding profile over the past couple of years, it remains a ratings constraint. SLM has historically targeted a funding mix of 80% deposits and 20% securitization. The securitization funding mix was below the targeted level at 15% of total funding at Dec. 31, 2019, but is expected to trend higher over the course of this year. The majority of SLM's deposits are brokered (57%), which are more price sensitive than traditional retail deposits. Fitch also believes that the duration of brokered deposits does not align as well with student loan assets as securitizations and unsecured debt, particularly during periods of rising interest rates. Although the company does enter into swaps to hedge a portion of the repricing risk, Fitch views SLM's deposit franchise as weaker than its online bank and regional bank peers. The Stable Outlook reflects the expectation that SLM's credit performance will be consistent with management's cumulative loss forecasts through the cycle. The Outlook also reflects management's ability to execute loan sales at reasonable gains that support share repurchases while maintaining flat asset growth and stable capital ratios (excluding the effects of CECL), consistent profitability, and the maintenance of its leading competitive position in private education lending over the Outlook horizon. SUPPORT RATING AND SUPPORT RATING FLOOR SLM has a Support Rating of '5' and Support Rating Floor of 'NF'. In Fitch's view, SLM is not systemically important, and therefore the probability of sovereign support is unlikely. SLM's IDRs and VRs do not incorporate any support. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Fitch's 'B+' rating on the series B preferred shares reflect their linkage to the VR. The notching reflects the subordinated payment priority and weaker recovery prospects for these instruments, in accordance with Fitch's "Global Bank Rating Criteria". The series B preferred shares are rated three notches below the VR, reflecting the instrument's non-performance and relative loss severity risk profile in addition to their non-cumulative nature. DEPOSIT RATINGS Sallie Mae Bank's uninsured long-term deposit ratings are rated one-notch higher than SLM's Long-Term IDR and senior unsecured debt because U.S. uninsured deposits benefit from depositor preference. U.S. depositor preference gives deposit liabilities superior recovery prospects in the event of default. ESG CONSIDERATIONS SLM's has an ESG Relevance Score of 4 for Exposure to Social Impacts due to its exposure to shift in social or consumer preferences as a result of an institution's social positions, or social and/or political disapproval of core activities which, in combination with other factors, impacts the rating. RATING SENSITIVITIES Positive ratings momentum is unlikely in the near term but could be driven longer term by an improvement in the company's funding profile, with a de-emphasis on brokered deposits in relation to retail deposits, and/or an increase in unsecured debt issuance. Positive momentum could also be supported by more meaningful revenue diversification without a corresponding increase in risk profile, and credit performance that is consistent with management's cumulative loss expectations through a full credit cycle. Ratings could be negatively impacted by rapid asset growth relative to SLM's capital and servicing capacity, meaningful deterioration in portfolio credit quality, a greater emphasis on brokered deposits and secured funding, or legislative actions aimed at reducing demand for private education loans. Negative ratings momentum could also be driven by significant erosion in the importance of the school financial aid office channel for student loan originations that could be detrimental to SLM's franchise, or further increases in loans being refinanced from SLM that would result in meaningful margin pressure and/or weaker credit performance. SUPPORT RATING AND SUPPORT RATING FLOOR Since SLM's Support Rating and Support Rating Floor are '5' and 'NF', respectively, there is limited likelihood that these ratings will change over the foreseeable future. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The preferred stock ratings are sensitive to any changes in SLM's VR and would be expected to move in tandem. DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change in SLM's Long- and Short-Term IDRs and would be expected to move in tandem. 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. SLM's has an ESG Relevance Score of 4 for Exposure to Social Impacts due to its exposure to shift in social or consumer preferences as a result of an institution's social positions, or social and/or political disapproval of core activities which, in combination with other factors, impacts the rating. TOUCH OF HEAVEN: Seeks to Hire HD Davis as Accountant ----------------------------------------------------- Touch of Heaven Ministries Inc. seeks authority from the U.S. Bankruptcy Court for the Northern District of Ohio to employ HD Davis CPAs as its accountant and financial advisor. The Debtor requires HD Davies to: (a) assist the Debtor in fulfilling its duties; (b) provide general accounting services; and (c) assist the Debtor by providing financial analyses necessary for its plan of reorganization and disclosure statement, sale of its assets or other transactions related to its reorganization. The firm's hourly rate is $95. HD Davis is a "disinterested person" within the meaning of Sections 101(14) and 327 of the Bankruptcy Code, according to court filings. The firm can be reached through: Randy Slack, CPA HD Davis CPAs 125 Churchill Hubbard Road Youngstown, OH 44505 Phone: (330) 759-8522 About Touch of Heaven Ministries Touch of Heaven Ministries, Inc., a company based in Akron, Ohio, filed a Chapter 11 petition (Bankr. N.D. Ohio Case No. 19-53062) on Dec. 31, 2019. In the petition signed by Godess Clemons, chairwoman, Board of Directors, the Debtor disclosed $1,517,368 in assets and $1,688,729 in liabilities. The Hon. Alan M. Koschik is the presiding judge. The Debtor hired Bates and Hausen, LLC, as its legal counsel. UNITED RESOURCE: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: United Resource, LLC 32900 Capitol Street Livonia, MI 48150 Business Description: United Resource, LLC -- https://www.unitedresourcellc.com/ -- specializes in a full array of environmental services to industrial and municipal clients. The Company provides slurry management, storm water management, property maintenance, inspections and consulting, vacuum truck services, snow removal, sewer cleaning & televising, and waterblasting services. Chapter 11 Petition Date: March 15, 2020 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 20-43856 Judge: Hon. Maria L. Oxholm Debtor's Counsel: Michael E. Baum, Esq. SCHAFER AND WEINER, PLLC 40950 Woodward Ave., Ste. 100 Bloomfield Hills, MI 48304 Tel: (248) 540-3340 E-mail: mbaum@schaferandweiner.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David L. Guth, manager/president. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/SVICpN VIASAT INC: Fitch Alters Outlook on 'B+' LongTerm IDR to Positive ----------------------------------------------------------------- Fitch has affirmed Viasat, Inc.'s 'B+' Long-Term IDR, and assigned a Long-Term 'B+' IDR to Viasat Technologies Limited. The Rating Outlook for Viasat has been revised to Positive from Stable. Viasat Technologies Limited has been assigned a Positive Outlook. Fitch upgraded Viasat's senior unsecured debt to 'BB-'/'RR3' from 'B'/'RR5' owing to higher recovery prospects stemming from Viasat's strong financial performance over the past year. The senior secured debt (the Ex-Im facility) under Viasat Technologies Limited was previously rated by Fitch under Viasat, Inc. and Fitch has corrected the issuer of this facility to Viasat Technologies Limited. Viasat's 'B+' Long-Term IDR reflects the company's strong revenue growth prospects for fiscal 2020 and fiscal 2021. This is balanced against moderate leverage for the rating but high capital intensity and FCF deficits as the company is funding its satellite build program, including two high-capacity satellites that are expected to be launched around the middle and end of calendar year 2021, with a third about a year thereafter. The major boost in capacity provided by these satellites should lead to a slower rate of deployment of satellites in future years, leading to improved FCF. The Positive Outlook recognizes the company's strong financial performance relative to Fitch's positive financial metric sensitivities. The company faces material execution risk with respect to the completion and launch of its first Viasat-3 satellites. The successful launch and placement into service of the first Viasat-3 satellite may lead to an upgrade of the rating. Fitch may revise its Outlook if the launch is delayed beyond the current target of mid-calendar 2021. KEY RATING DRIVERS Strong Revenue Growth and FCF Deficits: The placement of the ViaSat-2 satellite into service in the fiscal fourth-quarter 2018 (4Q18) led to strong revenue growth in fiscal 2019 (ending March 31, 2019), as revenues grew 30% and Fitch Ratings-calculated EBITDA increased 46%. Revenue expectations remain relatively strong for fiscal 2020, primarily due to growth in Satellite Services and Government Systems segments; through nine months ending Dec. 31, 2019, revenues grew 14%. Fitch estimates Viasat Inc.'s gross leverage will approximate 3.8x at FYE 2020 as strong EBITDA growth is expected to offset increased debt. Gross leverage and net leverage were 4.3x and 3.5x, respectively, at FYE 2019. Continued funding of capex is expected to push gross leverage to 4.6x by FYE 2021, but this is expected to be the leverage peak. FCF Deficits from High Capex: Viasat is in the midst of a high capex period as it is building three third-generation high-throughput satellites at a total cost of $2 billion or more. The first of these is expected to be launched in mid-2021, which, when placed into service following in-orbit testing, is expected to boost revenue as the satellite's utilized capacity grows. Capex is expected to remain high as the second satellite is launched about six months after the first and the third satellite launch by the end of 2022. The company has indicated as a frame of reference that positive FCF may follow shortly after the launch of the second ViaSat-3 satellite. Debt funding: The continued build-out of the ViaSat-3 satellites is expected to cause Viasat to enter the capital markets periodically to fund the build-out. In fiscal 2017, the company raised net proceeds of approximately $500 million from an equity offering to support the initial investments in ViaSat-3. Fitch has not assumed the issuance of equity in the forecast period. Fitch assumed the company will issue debt and/or draw on the revolver for funding. Execution Risk: Viasat is in the construction phase of a three satellite constellation which will require the company to not only execute on the construction phase of the satellites but to continue to execute on growth strategies to sustain EBITDA and cash flow growth. The company is expected to benefit from a growing revenue backlog. Revenue Backlog: Viasat had a $1.9 billion backlog at Dec. 31, 2019, of which a little over one-half is expected to be delivered over the next 12 months; this is up slightly from the prior year's $1.8 billion backlog. The company does not include amounts in backlog if the company does not have purchase orders. The backlog does not include anticipated purchase orders for commercial aircraft in-flight connectivity systems or service revenues under agreements. The company provided in-flight internet services to 1,379 commercial aircraft and is anticipated to activate service on more than 690 aircraft under existing customer agreements. A majority of the company's contracts can be terminated at the convenience of its customers for little or no penalties. COVID-19 Impact: The satellite services IFC business has some exposure to the decline in air traffic due to fewer flights and travelers. Overall the revenues from IFC are less than 10% of revenues, and revenues from airtime usage are a proportion of that amount. Fitch has assumed a conservative base case for revenue and EBITDA, incorporating headwinds from economic uncertainties and COVID-19. Vertical Integration: Viasat benefits from vertical integration, which drives cost efficiencies. The satellites network system benefits from the ability of Viasat to develop an end-to-end platform of satellites, ground-networking equipment and user terminals. The advances with respect to ViaSat-3 are expected to drive further efficiencies. Revenue Concentration: By contract, Viasat's revenue concentration is moderate as its five largest contracts provided 20% of its revenues in fiscal 2019, about the same level as prior fiscal years 2018 and 2017. The largest contracts by revenue were related to tactical data-link products and fixed-satellite networks. By customer, revenues are more concentrated as the company's largest customer is the U.S. government, which produced 26% of revenues in fiscal 2019, down from nearly 31% in fiscal 2018. Asset Risk: Satellites are subject to periodic failure of their various components, although satellites in most cases have built-in redundant systems. The small size of Viasat's fleet somewhat elevates its asset risk. The company's risk will be partly offset as it launches its third-generation satellites as the beams can be redirected, if need be, where coverage has been reduced, and this generation of satellites will add a significant amount of capacity with which the company can have additional redundancies. Strong Competitive Position: Viasat operates with a strong competitive position within certain business segments, primarily the Satellite Services segment (fixed residential broadband and in-flight connectivity) where existing competitors may have weaker financial profiles or technology positions. The company is expected to face competition in satellite services from low-earth orbit satellite networks (LEOs) in development. Viasat is expected to have a material advantage in cost/bit of capacity and leveraging its existing business platform, while being disadvantaged in terms of latency. In the Government Systems and Commercial Networks segments, Viasat has a relatively strong competitive position with its product portfolio, but faces competition from higher rated companies with stronger and more diversified businesses. DERIVATION SUMMARY In the Government Systems and Commercial Systems segments, Viasat competes against higher rated companies that have access to much greater resources. In the Government Systems segment, there are numerous competitors, but major competitors in the manufacture of defense electronic against which Viasat competes include BAE Systems plc (BBB/Stable) and Rockwell Collins. In the Commercial Networks segment, the company also competes against much larger companies, included Airbus SE (A-/Positive), General Dynamics, L3Harris Technologies (BBB/Stable) Communications and MAXAR Technologies. In the satellite services business, as a provider of communications infrastructure, comparable businesses to Viasat would include several companies unrated by Fitch, such as Telesat Canada, Intelsat, SBA Communications and Zayo Group Holdings. Unlike some of these companies, Viasat provides services directly to consumers in its satellite services segment. Given its vertically integrated strategy, which not only includes satellite services but the development and manufacture of equipment, the company's EBITDA margins are lower than the pure service providers. In the in-flight connectivity segment, Viasat competes against GoGo Inc., Global Eagle, Inmarsat and Panasonic Avionic Corporation (all unrated by Fitch). KEY ASSUMPTIONS - In a conservative base case forecast, Fitch assumes revenue growth in the 10%-12% range for FY2020-2023; - Fitch calculated EBITDA margins expand from the high-teens in FY2020 to slightly more than 20% in FY2021, and then dip slightly in FY2022 as costs are pressured by the satellite launches. In FY2023, EBITDA margins rise 250-300 bps to reflect revenue generation by the new satellites; - The company is assumed to issue debt and/or draw on its revolver to fund its satellite build program; - Over FY2020-22, capex is approximately $900 million annually; - The first ViaSat-3 launch is completed in mid-calendar 2021, and the second by the end of 2021, placing both launches in FY2022. Recovery: Fitch contemplates a scenario in which default is the result of revenue and EBITDA reductions from intense competition and significant delays in the launches of the ViaSat-3 satellites. Fitch assumes Viasat would be successfully reorganized. Under this scenario, Fitch estimates a going-concern EBITDA run-rate of $341 million, which is approximately 25% below LTM ending Dec. 31, 2019 EBITDA of $454 million. Fitch did not include potential value from satellites under construction, which had a book value of $839 million and would provide significant liquidation value, even if materially discounted. However, no value was included given the uncertainties posed by the stress scenario in estimating a reasonable value. Fitch assumes Viasat will receive a going-concern recovery multiple of 6.0x EBITDA under this scenario, which is supported by the following: Comparable Reorganizations: The 2019 Industrial, Manufacturing, Aerospace and Defense Bankruptcy Enterprise Values and Creditor Recoveries case study, Fitch noted that 59% of industrial and manufacturing defaulted companies had exit multiples between 5.0-8.0x. More than 90% of bankruptcy cases were resolved as a going concern. Fitch forecasts a going-concern valuation of $2.05 billion and recovery multiple of 6.0x, which results in a post-reorganization enterprise value of $1.81 billion, after the deduction of expected administrative claims. Viasat's first-lien debt, assuming a fully drawn revolver, is fully recovered, leading to a 'BB+'/'RR1' rating, and the recovery on the unsecured debt equates to a 'BB-'/'RR3' rating. Although the Ex-Im facility is at an entity that generates only 1% of revenues, Fitch assumes that the facility is fully recovered as under the "best interests" test whereby the recovery on a class of claims in a going concern reorganization would be no less than it would be under a Chapter 7 liquidation. The Ex-Im facility is secured by significant collateral value as the satellite at that entity (and is excluded from the parent security package) provides approximately two-thirds of the company's capacity that supports an approximately $1 billion revenue stream for satellite services and government systems services. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action - Gross debt leverage, and net FFO leverage, sustained below 5.0x and 5.5x, respectively, combined with the successful launch and deployment of service on the first ViaSat-3 satellite. Developments That May, Individually or Collectively, Lead to Negative Rating Action - Gross debt leverage and net FFO leverage sustained above 6.0x and 6.5x, respectively; - Material delays or issues with respect to anticipated satellite launches, or delays in achieving revenue and EBITDA growth from future satellites. LIQUIDITY AND DEBT STRUCTURE Liquidity: Viasat's liquidity is relatively strong availability on its revolver and available cash balances, and is partly offset by FCF deficits. At Dec. 31, 2019, cash and cash equivalents amounted to $48 million. At Dec. 31, 2019, Viasat had approximately $562 million of capacity on its $700 million revolver, as there were $110 million in borrowings on the facility and $28 million in letters of credit. Viasat also had $118 million outstanding under an Ex-Im credit facility, a senior secured direct loan facility. The company had originally fully drawn $362 million under the Ex-Im credit facility, and of the amount borrowed, approximately $321 million, was used to finance up to 85% of the cost of construction, launch and insurance of the ViaSat-2 satellite and related costs. Upon the receipt of the insurance proceeds related to ViaSat-2, the entire proceeds of $188 million received in fiscal 2019 and fiscal 1Q20 were used to pay down the facility, as required. The company is required by the terms of its senior secured credit facilities to have insurance on 75% of the net book value of certain covered satellites. The company has in-orbit insurance on ViaSat-2, ViaSat-1, WildBlue-1 and the Anik F2 satellites. Fitch expects an FCF deficit of around $450 million to $475 million in fiscal 2020 owing to capex, which is expected to exceed fiscal 2019's $687 million. In fiscal 2021, Fitch expects the FCF deficit to exceed $500 million on higher capex levels than in FY 2019 and FY 2020. ESG CONSIDERATIONS ESG issues are credit neutral or have only a minimal credit impact on the entity(ies), either due to their nature or the way in which they are being managed by the entity(ies). WARNER CONSTRUCTION: Seeks to Hire Yumkas Vidmar as Counsel ----------------------------------------------------------- Warner Construction Consultants, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Maryland to employ Yumkas Vidmar Sweeney & Mulrenin, LLC, as counsel to the Debtor. Warner Construction requires Yumkas Vidmar to: (a) advise the Debtor of its rights, powers and duties as a debtor and debtor in possession; (b) advise the Debtor concerning, and assisting in the negotiation and documentation of, financing agreements, debt restructurings, cash collateral arrangements and related transactions; (c) represent the Debtor in defense of any proceedings instituted to reclaim property or to obtain relief from the automatic stay under Section 362(a) of the Bankruptcy Code; (d) represent the Debtor in any proceedings instituted with respect to certain Debtor's use of cash collateral; (e) review the nature and validity of liens asserted against the property of the Debtor and advising the Debtor concerning the enforceability of such liens; (f) advise the Debtor concerning the actions that it might take to collect and to recover property for the benefit of the Debtor's estate; (g) prepare on behalf of the Debtor all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules and other documents, and reviewing all financial and other reports to be filed in this Chapter 11 case; (h) advise the Debtor concerning, and preparing responses to, applications, motions, pleadings, notices and other papers that may be filed and served in this Chapter 11 case; (i) counsel the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization or liquidation and related documents; and (j) perform all other legal services it is qualified to handle for and on behalf of the Debtor that may be necessary or appropriate in the administration of this Chapter 11 case, including advising and assisting the Debtor with respect to debt restructurings, claims analysis and disputes, legal advice with respect to general corporate, bankruptcy, and finance, and matters and litigation other than for discrete matters for which special counsel may be retained. Yumkas Vidmar will be paid at these hourly rates: Members $395 to $495 Associates $300 to $325 Paralegals $140 to $205 Yumkas Vidmar has agreed to act as counsel to the Debtor provided it receives an initial retainer of $20,783, to be provided from the Debtor's funds (the "Retainer"). Yumkas Vidmar presently holds $13,283 as a retainer for the services to be rendered and expenses to be incurred during this Chapter 11 case in order to secure the representation of Yumkas Vidmar, with an additional retainer amount of $7,500 payable 30 days of the Petition Date. Yumkas Vidmar will also be reimbursed for reasonable out-of-pocket expenses incurred. Catherine Keller Hopkin, a partner of Yumkas Vidmar, 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. Yumkas Vidmar can be reached at: Catherine Keller Hopkin, Esq. YUMKAS VIDMAR SWEENEY & MULRENIN, LLC 10211 Wincopin Circle, Suite 500 Columbia, MD 21044 Tel: (443) 569-0788 E-mail: chopkin@yvslaw.com About Warner Construction Consultants Warner Construction Consultants, Inc. -- https://www.warnercon.com/ -- is a multi-disciplined firm providing expert consulting services to a wide variety of construction industry clients, including public owners, private developers, general contractors, and specialty subcontractors. Warner offers professional services in traditional areas, such as construction management, CPM scheduling, and forensic analysis. Warner Construction Consultants, based in Gaithersburg, MD, filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 20-12861) on March 4, 2020. In the petition signed by Peter Anthony Warner, II, senior vice president, the Debtor was estimated to have $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The Hon. Lori S. Simpson oversees the case. Catherine Keller Hopkin, Esq., at Yumkas Vidmar Sweeney & Mulrenin, LLC, serves as bankruptcy counsel to the Debtor. WC 2101 W BEN WHITE: Seeks to Hire Fishman Jackson as Legal Counsel ------------------------------------------------------------------- WC 2101 W Ben White, LP seeks authority from the U.S. Bankruptcy Court for the Western District of Texas to hire Fishman Jackson Ronquillo PLLC as its legal counsel. The Debtor requires the firm to: a. serve as attorneys of record for the Debtor in all aspects; b. provide representation and legal advice to the Debtor throughout its Chapter 11 case; c. assist the Debtor in carrying out its duties under the Bankruptcy Code; d. consult with the United States Trustee, any statutory committee that may be formed, and all other creditors and parties in interest concerning administration of the case; e. assist in the possible sale of the Debtor's assets; f. prepare legal papers; g. assist the Debtor in connection with formulating and confirming a Chapter 11 plan, if necessary; h. assist the Debtor in analyzing and treating the claims of creditors; i. appear before the bankruptcy court and other courts having jurisdiction over any matter associated with the case; and j. provide all other legal services in connection with the Debtor's case. The firm's customary hourly rates are: Attorneys $300 - $450 Paraprofessionals $135 - $175 Mark Ralston, Esq., the firm's attorney who will be handling the case, charges an hourly fee of $400. It is anticipated that Shirley James will provide paraprofessional legal services on behalf of the Debtor. Her standard hourly rate is $140. Fishman Jackson 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: Isl Mark H. Ralston, Esq. Mark H. Ralston, Esq. Fishman Jackson Ronquillo PLLC Three Galleria Tower 13155 Noel Road, Suite 700 Dallas, TX 75240 Tel: (972) 419-5544 Fax: (972) 4419-5500 Email: mralston@fjrpllc.com About WC 2101 W Ben White WC 2101 W Ben White, LP, a Texas limited partnership headquartered in Austin, Texas, filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 20-10182) on Feb. 4, 2020. At the time of filing, the Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $1,000,001 and $10 million. Judge Tony M. Davis oversees the case. The Debtor tapped Fishman Jackson Ronquillo PLLC as its legal counsel. WHITE STONE: Hires Rodriguez Kinzbrunner as Accountant ------------------------------------------------------ White Stone Foods, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Florida to employ Rodriguez Kinzbrunner & Company, LLC, as accountant to the Debtor. White Stone requires Rodriguez Kinzbrunner to: (a) give advice to the Debtor with respect to the Debtor's powers and duties as a debtor-in-possession and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) assist in the preparation and filing of any and all tax returns and other filings required of the respective taxing authorities; and (d) protect the interest of the Debtor in all matters pending before the Court. Rodriguez Kinzbrunner 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. Miguel Rodriguez, partner of Rodriguez Kinzbrunner & Company, 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 Debtor and its estates. Rodriguez Kinzbrunner can be reached at: Miguel Rodriguez RODRIGUEZ KINZBRUNNER & COMPANY, LLC 1776 N Pine Island Rd. Suite 216 Plantation, FL 33322 Tel: (954) 680-6114 Fax: (954) 370-8221 About White Stone Foods White Stone Foods, LLC, a privately held company in the fast-food restaurant business, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case no. 20-11531) on Feb. 4, 2020. In the petition signed by John S. Robles, managing member, the Debtor was estimated to have $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Judge Scott M. Grossman oversees the case. Brian S. Behar, Esq. at Behar Gutt & Glazer, P.A., is the Debtor's legal counsel. WIEDER REALTY: Hires Raymond C. Cahill as Accountant ---------------------------------------------------- Wieder Realty, Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of Florida to employ Raymond C. Cahill, CPA, P.A., as accountant to the Debtor. Wieder Realty requires Raymond C. Cahill to: (a) give advice to the Debtor with respect to the Debtor's powers and duties as a debtor-in-possession and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) assist in the preparation and filing of any and all tax returns and other filings required of the respective taxing authorities; and (d) protect the interest of the Debtor in all matters pending before the Court. Raymond C. Cahill 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. Raymond C. Cahill, a partner of Raymond C. Cahill, CPA, P.A., 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. Raymond C. Cahill can be reached at: Raymond C. Cahill RAYMOND C. CAHILL, CPA, P.A. 4801 S University Drive, Suite 2080 Davie, FL 33328 Tel: (954) 862-1466 About Wieder Realty Wieder Realty, Inc., also known as Century 21 Wide Realty, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-10433) on Jan. 13, 2020. At the time of the filing, the Debtor was estimated to have assets of less than $50,000 and liabilities of between $100,001 and $500,000. Judge Scott M. Grossman oversees the case. Behar Gutt & Glazer, P.A. is the Debtor's legal counsel. WOOD COUNTY HOSPITAL: Moody's Cuts Rating on $54MM Debt to Ba3 -------------------------------------------------------------- Moody's Investors Service has downgraded Wood County Hospital Association's rating to Ba3 from Ba2. The downgrade affects approximately $54 million of rated debt. The outlook has been revised to negative from stable. RATINGS RATIONALE The rating downgrade to Ba3 from Ba2 reflects an expected continuation of weak margins, following a severe decline through six months of fiscal 2020 and increased risk of a covenant breach without improvement in the second half. Volume and revenue declines will be difficult to reverse because of increasing competition and physician turnover. Additionally, significant losses in WCHA's physician group are expected to continue as a newly employed hospitalist group ramps up volumes. Favorably, WCHA's strategic alignment with a large, independent multi-specialty physician group will provide an opportunity for service line expansion. Further, the system's good liquidity position will provide some cushion during a period of operating stress. RATING OUTLOOK The negative outlook reflects challenges to improve weak margins including volume losses from competitive threats, physician turnover and costs to employing physicians. Without meaningful cashflow improvement, liquidity will decline; 30% equity exposure to equities could accelerate the decline. Additionally, the inability to improve performance in the second half of fiscal 2020 will increase the risk of a covenant breach. FACTORS THAT COULD LEAD TO AN UPGRADE - Sustained improvement in margins - Significant improvement of leverage metrics - Meaningful volume and enterprise growth FACTORS THAT COULD LEAD TO A DOWNGRADE - Inability to improve operating performance from year-to-date 2020 levels - Reduction in liquidity - Inability to reverse volume declines - Reduction in headroom to debt covenants LEGAL SECURITY The Series 2012 bonds are secured by a joint and several gross revenue pledge of the Obligated Group. Obligated Group members include Wood County Hospital Association, Wood County Women's Care of Bowling Green, LLC (an OB/GYN physician practice), Wood Health Company, LLC (a physician practice), and Falcon Health Center, LLC. The Series 2012 bonds are supported by a debt service reserve fund but a mortgage pledge is not included. Debt covenants include 1.10 times maximum annual debt service coverage and 90 days cash on hand. Management reports ample headroom to both covenants, with maximum annual debt service coverage of 3.3 times and 306 days cash on hand as of December 31, 2019. PROFILE Wood County Hospital Association includes a 196 bed acute care hospital, a general physician group with 25 providers, an OB/GYN practice and the student health center on the Bowling Green State University (A1 stable) campus. The hospital offers a variety of inpatient and outpatient services that include a 24-hour emergency room, inpatient and outpatient surgery, inpatient ICU, and a sleep lab. METHODOLOGY The principal methodology used in this rating was Not-For-Profit Healthcare published in December 2018. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABBVIE INC ABBV US 89,115.0 (8,172.0) 33,934.0 ABBVIE INC 4AB TE 89,115.0 (8,172.0) 33,934.0 ABBVIE INC ABBV AV 89,115.0 (8,172.0) 33,934.0 ABBVIE INC 4AB GZ 89,115.0 (8,172.0) 33,934.0 ABBVIE INC 4AB TH 89,115.0 (8,172.0) 33,934.0 ABBVIE INC 4AB QT 89,115.0 (8,172.0) 33,934.0 ABBVIE INC ABBVEUR EU 89,115.0 (8,172.0) 33,934.0 ABBVIE INC 4AB GR 89,115.0 (8,172.0) 33,934.0 ABBVIE INC ABBV SW 89,115.0 (8,172.0) 33,934.0 ABBVIE INC ABBV* MM 89,115.0 (8,172.0) 33,934.0 ABBVIE INC-BDR ABBV34 BZ 89,115.0 (8,172.0) 33,934.0 ABSOLUTE SOFTWRE ALSWF US 105.1 (46.5) (26.7) ABSOLUTE SOFTWRE ABT CN 105.1 (46.5) (26.7) ABSOLUTE SOFTWRE OU1 GR 105.1 (46.5) (26.7) ABSOLUTE SOFTWRE ABT2EUR EU 105.1 (46.5) (26.7) ACCELERATE DIAGN 1A8 GR 134.4 (7.4) 113.7 ACCELERATE DIAGN AXDX US 134.4 (7.4) 113.7 ACCELERATE DIAGN AXDX* MM 134.4 (7.4) 113.7 ADAPTHEALTH CORP AHCO US 546.1 (29.2) 30.5 ADVANZ PHARMA CO ADVZ CN 1,593.8 (11.0) 246.2 ADVANZ PHARMA CO 3ZJ TH 1,593.8 (11.0) 246.2 ADVANZ PHARMA CO 3ZJ GR 1,593.8 (11.0) 246.2 ADVANZ PHARMA CO CXREUR EU 1,593.8 (11.0) 246.2 ADVANZ PHARMA CO CXRXF US 1,593.8 (11.0) 246.2 AGILITI INC AGLY US 745.0 (67.7) 17.3 AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMERICA'S CAR-MA CRMT US 597.9 (246.7) 425.9 AMERICA'S CAR-MA HC9 GR 597.9 (246.7) 425.9 AMERICA'S CAR-MA CRMTEUR EU 597.9 (246.7) 425.9 AMERICAN AIR-BDR AALL34 BZ 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE AAL TE 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE A1G SW 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE A1G GZ 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE AAL11EUR EU 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE AAL AV 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE A1G QT 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE A1G GR 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE AAL* MM 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE AAL US 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE A1G TH 59,995.0 (118.0) (10,105.0) AUTODESK I - BDR A1UT34 BZ 6,179.3 (139.1) (559.9) AUTODESK INC AUD GR 6,179.3 (139.1) (559.9) AUTODESK INC ADSK US 6,179.3 (139.1) (559.9) AUTODESK INC AUD TH 6,179.3 (139.1) (559.9) AUTODESK INC ADSKEUR EU 6,179.3 (139.1) (559.9) AUTODESK INC ADSK TE 6,179.3 (139.1) (559.9) AUTODESK INC AUD GZ 6,179.3 (139.1) (559.9) AUTODESK INC ADSK AV 6,179.3 (139.1) (559.9) AUTODESK INC ADSK* MM 6,179.3 (139.1) (559.9) AUTODESK INC AUD QT 6,179.3 (139.1) (559.9) AUTOZONE INC AZ5 TH 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZ5 GR 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZ5 GZ 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZO AV 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZ5 TE 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZO* MM 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZO US 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZOEUR EU 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZ5 QT 12,863.7 (1,711.1) (479.0) AUTOZONE INC-BDR AZOI34 BZ 12,863.7 (1,711.1) (479.0) AVID TECHNOLOGY AVID US 304.3 (155.1) (3.5) AVID TECHNOLOGY AVD GR 304.3 (155.1) (3.5) BENEFITFOCUS INC BNFTEUR EU 331.7 (25.6) 110.6 BENEFITFOCUS INC BNFT US 331.7 (25.6) 110.6 BENEFITFOCUS INC BTF GR 331.7 (25.6) 110.6 BEYONDSPRING INC BYSI US 34.1 22.3 21.9 BIOHAVEN PHARMAC 2VN TH 344.3 (7.4) 262.1 BIOHAVEN PHARMAC BHVN US 344.3 (7.4) 262.1 BIOHAVEN PHARMAC 2VN GR 344.3 (7.4) 262.1 BIOHAVEN PHARMAC BHVNEUR EU 344.3 (7.4) 262.1 BJ'S WHOLESALE C BJ US 5,269.8 (54.3) (441.4) BJ'S WHOLESALE C 8BJ GR 5,269.8 (54.3) (441.4) BJ'S WHOLESALE C 8BJ TH 5,269.8 (54.3) (441.4) BJ'S WHOLESALE C 8BJ QT 5,269.8 (54.3) (441.4) 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 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 BLUE BIRD CORP BLBD US 360.9 (67.9) 29.9 BOEING CO-BDR BOEI34 BZ 133,625.0 (8,300.0) 4,917.0 BOEING CO-CED BA AR 133,625.0 (8,300.0) 4,917.0 BOEING CO-CED BAD AR 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA TE 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BCO GR 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BAEUR EU 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA EU 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BOE LN 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BCO TH 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BOEI BB 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA US 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA SW 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA* MM 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BAUSD SW 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BCO GZ 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA AV 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BCO QT 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA CI 133,625.0 (8,300.0) 4,917.0 BOMBARDIER INC-B BBDBN MM 24,972.0 (5,911.0) (1,832.0) BRAINSTORM CELL GHDN QT 6.5 (12.2) (14.3) BRINKER INTL EAT US 2,503.7 (568.9) (328.1) 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408.6 (2.8) 4.1 MILESTONE MEDICA MMD PW 1.3 (12.4) (13.3) MILESTONE MEDICA MMDPLN EU 1.3 (12.4) (13.3) MOTOROLA SOL-BDR M1SI34 BZ 10,642.0 (683.0) 739.0 MOTOROLA SOL-CED MSI AR 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MTLA TH 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MTLA GR 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MOT TE 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MSI US 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MSI1EUR EU 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MTLA GZ 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MOSI AV 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MTLA QT 10,642.0 (683.0) 739.0 MSCI INC 3HM GR 4,204.4 (76.7) 1,181.0 MSCI INC MSCI US 4,204.4 (76.7) 1,181.0 MSCI INC 3HM SW 4,204.4 (76.7) 1,181.0 MSCI INC 3HM QT 4,204.4 (76.7) 1,181.0 MSCI INC 3HM GZ 4,204.4 (76.7) 1,181.0 MSCI INC MSCI* MM 4,204.4 (76.7) 1,181.0 MSCI INC-BDR M1SC34 BZ 4,204.4 (76.7) 1,181.0 MSG NETWORKS- A MSGN US 784.8 (623.0) 212.8 MSG NETWORKS- A 1M4 GR 784.8 (623.0) 212.8 MSG NETWORKS- A 1M4 QT 784.8 (623.0) 212.8 MSG NETWORKS- A MSGNEUR EU 784.8 (623.0) 212.8 MSG NETWORKS- A 1M4 TH 784.8 (623.0) 212.8 N/A BJEUR EU 5,269.8 (54.3) (441.4) NATHANS FAMOUS NATH US 104.9 (64.2) 77.8 NATHANS FAMOUS NFA GR 104.9 (64.2) 77.8 NATHANS FAMOUS NATHEUR EU 104.9 (64.2) 77.8 NATIONAL CINEMED NCMI US 1,130.0 (121.2) 134.8 NAVISTAR INTL IHR TH 6,363.0 (3,739.0) 1,256.0 NAVISTAR INTL NAVEUR EU 6,363.0 (3,739.0) 1,256.0 NAVISTAR INTL NAV US 6,363.0 (3,739.0) 1,256.0 NAVISTAR INTL IHR GR 6,363.0 (3,739.0) 1,256.0 NAVISTAR INTL IHR QT 6,363.0 (3,739.0) 1,256.0 NAVISTAR INTL IHR GZ 6,363.0 (3,739.0) 1,256.0 NEW ENG RLTY-LP NEN US 243.7 (38.2) - NOVAVAX INC NVV1 TH 173.0 (189.8) 67.4 NOVAVAX INC NVV1 GZ 173.0 (189.8) 67.4 NOVAVAX INC NVAXEUR EU 173.0 (189.8) 67.4 NOVAVAX INC NVV1 GR 173.0 (189.8) 67.4 NOVAVAX INC NVAX US 173.0 (189.8) 67.4 NUNZIA PHARMACEU NUNZ US 0.1 (3.2) (2.5) NUTANIX INC - A 0NU SW 1,863.3 (66.1) 467.0 NUTANIX INC - A 0NU GZ 1,863.3 (66.1) 467.0 NUTANIX INC - A 0NU GR 1,863.3 (66.1) 467.0 NUTANIX INC - A NTNXEUR EU 1,863.3 (66.1) 467.0 NUTANIX INC - A 0NU TH 1,863.3 (66.1) 467.0 NUTANIX INC - A 0NU QT 1,863.3 (66.1) 467.0 NUTANIX INC - A NTNX US 1,863.3 (66.1) 467.0 OCULAR THERAPEUT 0OT TH 78.7 (3.6) 48.1 OCULAR THERAPEUT OCULEUR EU 78.7 (3.6) 48.1 OCULAR THERAPEUT OCUL US 78.7 (3.6) 48.1 OCULAR THERAPEUT 0OT GR 78.7 (3.6) 48.1 OMEROS CORP OMER US 137.0 (109.0) 48.3 OMEROS CORP 3O8 GR 137.0 (109.0) 48.3 OMEROS CORP 3O8 QT 137.0 (109.0) 48.3 OMEROS CORP 3O8 TH 137.0 (109.0) 48.3 OMEROS CORP OMEREUR EU 137.0 (109.0) 48.3 OPTIVA INC OPT CN 87.7 (16.1) 18.5 PAPA JOHN'S INTL PZZA US 730.7 (59.7) (26.4) PAPA JOHN'S INTL PP1 GR 730.7 (59.7) (26.4) PAPA JOHN'S INTL PZZAEUR EU 730.7 (59.7) (26.4) PAPA JOHN'S INTL PP1 GZ 730.7 (59.7) (26.4) PHATHOM PHARMACE PHAT US 79.7 (152.5) (129.8) PHILIP MORRI-BDR PHMO34 BZ 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PM1 TE 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN 4I1 TH 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PM1EUR EU 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PMI SW 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN 4I1 GR 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PM US 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PM1CHF EU 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN 0M8V LN 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PMOR AV 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN 4I1 GZ 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PMIZ IX 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PMIZ EB 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PM* MM 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN 4I1 QT 42,875.0 (9,599.0) 1,681.0 PLANET FITNESS-A PLNT1EUR EU 1,717.2 (707.8) 394.7 PLANET FITNESS-A 3PL QT 1,717.2 (707.8) 394.7 PLANET FITNESS-A PLNT US 1,717.2 (707.8) 394.7 PLANET FITNESS-A 3PL TH 1,717.2 (707.8) 394.7 PLANET FITNESS-A 3PL GR 1,717.2 (707.8) 394.7 PPD INC PPD US 5,556.2 (2,668.1) (288.1) PURPLE INNOVATIO PRPL US 147.7 (4.7) 27.3 RADIUS HEALTH IN RDUS US 219.2 (42.3) 141.8 RADIUS HEALTH IN 1R8 TH 219.2 (42.3) 141.8 RADIUS HEALTH IN RDUSEUR EU 219.2 (42.3) 141.8 RADIUS HEALTH IN 1R8 QT 219.2 (42.3) 141.8 RADIUS HEALTH IN 1R8 GR 219.2 (42.3) 141.8 RECRO PHARMA INC REPH US 110.5 (6.7) 53.7 RECRO PHARMA INC RAH GR 110.5 (6.7) 53.7 REVLON INC-A RVL1 GR 2,980.6 (1,221.2) 154.5 REVLON INC-A REV US 2,980.6 (1,221.2) 154.5 REVLON INC-A REVEUR EU 2,980.6 (1,221.2) 154.5 REVLON INC-A RVL1 TH 2,980.6 (1,221.2) 154.5 REVLON INC-A REV* MM 2,980.6 (1,221.2) 154.5 RH RH US 2,362.0 (63.2) (344.2) RH RHEUR EU 2,362.0 (63.2) (344.2) RH RS1 TH 2,362.0 (63.2) (344.2) RH RH* MM 2,362.0 (63.2) (344.2) RH RS1 GR 2,362.0 (63.2) (344.2) RIMINI STREET IN RMNI US 201.2 (91.3) (82.4) ROSETTA STONE IN RST US 201.1 (16.2) (68.6) ROSETTA STONE IN RS8 GR 201.1 (16.2) (68.6) ROSETTA STONE IN RS8 TH 201.1 (16.2) (68.6) ROSETTA STONE IN RST1EUR EU 201.1 (16.2) (68.6) SBA COMM CORP 4SB GZ 9,759.9 (3,651.0) (714.0) SBA COMM CORP SBAC* MM 9,759.9 (3,651.0) (714.0) SBA COMM CORP 4SB GR 9,759.9 (3,651.0) (714.0) SBA COMM CORP SBAC US 9,759.9 (3,651.0) (714.0) SBA COMM CORP SBACEUR EU 9,759.9 (3,651.0) (714.0) SBA COMM CORP 4SB QT 9,759.9 (3,651.0) (714.0) SBA COMM CORP SBJ TH 9,759.9 (3,651.0) (714.0) SBA COMMUN - BDR S1BA34 BZ 9,759.9 (3,651.0) (714.0) SCIENTIFIC GAMES SGMS US 7,809.0 (2,108.0) 849.0 SCIENTIFIC GAMES TJW GR 7,809.0 (2,108.0) 849.0 SCIENTIFIC GAMES TJW TH 7,809.0 (2,108.0) 849.0 SCIENTIFIC GAMES TJW GZ 7,809.0 (2,108.0) 849.0 SEALED AIR CORP SEE US 5,765.2 (196.2) 127.8 SEALED AIR CORP SDA GR 5,765.2 (196.2) 127.8 SEALED AIR CORP SEE1EUR EU 5,765.2 (196.2) 127.8 SEALED AIR CORP SDA TH 5,765.2 (196.2) 127.8 SEALED AIR CORP SDA QT 5,765.2 (196.2) 127.8 SHELL MIDSTREAM 49M GR 2,019.0 (749.0) 313.0 SHELL MIDSTREAM 49M TH 2,019.0 (749.0) 313.0 SHELL MIDSTREAM SHLX US 2,019.0 (749.0) 313.0 SIRIUS XM HO-BDR SRXM34 BZ 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN RDO TH 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN SIRI US 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN RDO GR 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN SIRIEUR EU 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN RDO GZ 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN SIRI AV 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN RDO QT 11,149.0 (736.0) (2,290.0) SIX FLAGS ENTERT 6FE GR 2,882.5 (186.9) 36.5 SIX FLAGS ENTERT SIXEUR EU 2,882.5 (186.9) 36.5 SIX FLAGS ENTERT 6FE TH 2,882.5 (186.9) 36.5 SIX FLAGS ENTERT 6FE QT 2,882.5 (186.9) 36.5 SIX FLAGS ENTERT SIX US 2,882.5 (186.9) 36.5 SLEEP NUMBER COR SL2 GR 806.0 (159.4) (434.4) SLEEP NUMBER COR SNBR US 806.0 (159.4) (434.4) SLEEP NUMBER COR SNBREUR EU 806.0 (159.4) (434.4) STARBUCKS CORP SRB TH 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX* MM 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SRB GR 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUXEUR EU 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX TE 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX IM 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUXUSD SW 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SRB GZ 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX AV 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP 0QZH LI 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP TCXSBU AU 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX PE 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SRB QT 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX US 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX SW 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX CI 27,731.3 (6,759.1) (2,775.8) STARBUCKS-BDR SBUB34 BZ 27,731.3 (6,759.1) (2,775.8) STARBUCKS-CEDEAR SBUXD AR 27,731.3 (6,759.1) (2,775.8) STARBUCKS-CEDEAR SBUX AR 27,731.3 (6,759.1) (2,775.8) TAILORED BRANDS TLRD* MM 2,540.4 (64.5) 238.1 TAUBMAN CENTERS TU8 GR 4,515.5 (177.4) - TAUBMAN CENTERS TCO US 4,515.5 (177.4) - TAUBMAN CENTERS TCO2EUR EU 4,515.5 (177.4) - TRANSDIGM GROUP TDG US 18,156.0 (4,299.0) 3,302.0 TRANSDIGM GROUP T7D GR 18,156.0 (4,299.0) 3,302.0 TRANSDIGM GROUP TDG* MM 18,156.0 (4,299.0) 3,302.0 TRANSDIGM GROUP T7D TH 18,156.0 (4,299.0) 3,302.0 TRANSDIGM GROUP TDGEUR EU 18,156.0 (4,299.0) 3,302.0 TRANSDIGM GROUP T7D QT 18,156.0 (4,299.0) 3,302.0 TRILLIUM THERAPE R5WP GR 33.0 (0.2) 12.7 TRILLIUM THERAPE TRIL CN 33.0 (0.2) 12.7 TRIUMPH GROUP TGI US 2,625.4 (532.9) 212.9 TRIUMPH GROUP TG7 GR 2,625.4 (532.9) 212.9 TRIUMPH GROUP TGIEUR EU 2,625.4 (532.9) 212.9 TURNING POINT TH TPTX US 422.2 (122.9) - UBIQUITI INC 3UB GR 667.1 (292.1) 324.7 UBIQUITI INC UI US 667.1 (292.1) 324.7 UBIQUITI INC 3UB GZ 667.1 (292.1) 324.7 UBIQUITI INC UBNTEUR EU 667.1 (292.1) 324.7 UNISYS CORP UIS US 2,504.0 (1,228.3) 294.0 UNISYS CORP UIS1 SW 2,504.0 (1,228.3) 294.0 UNISYS CORP UISEUR EU 2,504.0 (1,228.3) 294.0 UNISYS CORP UISCHF EU 2,504.0 (1,228.3) 294.0 UNISYS CORP USY1 TH 2,504.0 (1,228.3) 294.0 UNISYS CORP USY1 GR 2,504.0 (1,228.3) 294.0 UNISYS CORP USY1 GZ 2,504.0 (1,228.3) 294.0 UNISYS CORP USY1 QT 2,504.0 (1,228.3) 294.0 UNITI GROUP INC 8XC TH 5,017.0 (1,483.2) - UNITI GROUP INC UNIT US 5,017.0 (1,483.2) - UNITI GROUP INC 8XC GR 5,017.0 (1,483.2) - VALVOLINE INC 0V4 GR 2,297.0 (196.0) 373.0 VALVOLINE INC 0V4 TH 2,297.0 (196.0) 373.0 VALVOLINE INC VVVEUR EU 2,297.0 (196.0) 373.0 VALVOLINE INC 0V4 QT 2,297.0 (196.0) 373.0 VALVOLINE INC VVV US 2,297.0 (196.0) 373.0 VECTOR GROUP LTD VGR GR 1,505.1 (685.0) 220.5 VECTOR GROUP LTD VGR US 1,505.1 (685.0) 220.5 VECTOR GROUP LTD VGREUR EU 1,505.1 (685.0) 220.5 VECTOR GROUP LTD VGR TH 1,505.1 (685.0) 220.5 VECTOR GROUP LTD VGR QT 1,505.1 (685.0) 220.5 VENUS CONCEPT IN 0RR1 TH 20.7 (21.8) (8.7) VERISIGN INC VRS TH 1,854.0 (1,490.1) 313.4 VERISIGN INC VRS GR 1,854.0 (1,490.1) 313.4 VERISIGN INC VRSN US 1,854.0 (1,490.1) 313.4 VERISIGN INC VRS SW 1,854.0 (1,490.1) 313.4 VERISIGN INC VRSN* MM 1,854.0 (1,490.1) 313.4 VERISIGN INC VRSNEUR EU 1,854.0 (1,490.1) 313.4 VERISIGN INC VRS GZ 1,854.0 (1,490.1) 313.4 VERISIGN INC VRS QT 1,854.0 (1,490.1) 313.4 VERISIGN INC-BDR VRSN34 BZ 1,854.0 (1,490.1) 313.4 VERTIV HOLDINGS VERT/U US 4,657.4 (704.8) 497.7 VERTIV HOLDINGS VRT US 4,657.4 (704.8) 497.7 VERTIV HOLDINGS 49V GR 4,657.4 (704.8) 497.7 VERTIV HOLDINGS 49V GZ 4,657.4 (704.8) 497.7 VERTIV HOLDINGS VRT2EUR EU 4,657.4 (704.8) 497.7 WATERS CORP WAZ TH 2,557.1 (216.3) 721.2 WATERS CORP WAT US 2,557.1 (216.3) 721.2 WATERS CORP WAZ GR 2,557.1 (216.3) 721.2 WATERS CORP WAT* MM 2,557.1 (216.3) 721.2 WATERS CORP WAZ QT 2,557.1 (216.3) 721.2 WATERS CORP WATEUR EU 2,557.1 (216.3) 721.2 WAYFAIR INC- A W US 2,953.0 (944.2) (234.4) WAYFAIR INC- A 1WF QT 2,953.0 (944.2) (234.4) WAYFAIR INC- A 1WF GZ 2,953.0 (944.2) (234.4) WAYFAIR INC- A 1WF GR 2,953.0 (944.2) (234.4) WAYFAIR INC- A WEUR EU 2,953.0 (944.2) (234.4) WESTERN UNIO-BDR WUNI34 BZ 8,758.5 (39.5) (171.1) WESTERN UNION WU US 8,758.5 (39.5) (171.1) WESTERN UNION W3U GR 8,758.5 (39.5) (171.1) WESTERN UNION W3U TH 8,758.5 (39.5) (171.1) WESTERN UNION WU* MM 8,758.5 (39.5) (171.1) WESTERN UNION WUEUR EU 8,758.5 (39.5) (171.1) WESTERN UNION W3U GZ 8,758.5 (39.5) (171.1) WESTERN UNION W3U QT 8,758.5 (39.5) (171.1) WIDEOPENWEST INC WOW US 2,469.0 (267.5) (95.5) WIDEOPENWEST INC WU5 GR 2,469.0 (267.5) (95.5) WIDEOPENWEST INC WU5 TH 2,469.0 (267.5) (95.5) WIDEOPENWEST INC WU5 QT 2,469.0 (267.5) (95.5) WINGSTOP INC WING1EUR EU 166.1 (209.4) (2.7) WINGSTOP INC EWG GR 166.1 (209.4) (2.7) WINGSTOP INC WING US 166.1 (209.4) (2.7) WW INTERNATIONAL WW US 1,498.3 (681.8) (98.7) WW INTERNATIONAL WW6 GR 1,498.3 (681.8) (98.7) WW INTERNATIONAL WW6 GZ 1,498.3 (681.8) (98.7) WW INTERNATIONAL WTW AV 1,498.3 (681.8) (98.7) WW INTERNATIONAL WTWEUR EU 1,498.3 (681.8) (98.7) WW INTERNATIONAL WW6 QT 1,498.3 (681.8) (98.7) WW INTERNATIONAL WW6 TH 1,498.3 (681.8) (98.7) WYNDHAM DESTINAT WD5 TH 7,453.0 (524.0) 479.0 WYNDHAM DESTINAT WYNEUR EU 7,453.0 (524.0) 479.0 WYNDHAM DESTINAT WD5 QT 7,453.0 (524.0) 479.0 WYNDHAM DESTINAT WD5 GR 7,453.0 (524.0) 479.0 WYNDHAM DESTINAT WYND US 7,453.0 (524.0) 479.0 YELLOW PAGES LTD Y CN 326.9 (16.7) 75.2 YELLOW PAGES LTD YLWDF US 326.9 (16.7) 75.2 YUM! BRANDS -BDR YUMR34 BZ 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC TGR TH 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC TGR GR 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC YUM* MM 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC YUMUSD SW 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC TGR GZ 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC YUM AV 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC TGR TE 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC YUM US 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC YUMEUR EU 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC TGR QT 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC YUM SW 5,231.0 (8,016.0) (14.0) ********* 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 publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***