/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/200324.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 24, 2020, Vol. 24, No. 83 Headlines 4L HOLDINGS: S&P Assigns CCC+ ICR; Outlook Stable A NEW START: April 9 Disclosure Statement Hearing Set ACCO BRANDS: S&P Alters Outlook to Negative, Affirms 'BB' ICR ADVANCED POWER: Hires Shraiberg Landau as Bankruptcy Counsel AKORN INC: Gets Final Court Approval of Class Action Settlement ALTA MESA: No Recovery for Unsecureds in Liquidating Plan APG SUBS: Unsecureds Owed $1.58M to Get Up to 3% in Amended Plan ASCENT INDUSTRIES: CCAA Proceedings Concluded, To File MCTO ASPIRA OF DELAWARE: S&P Cuts Bond Rating to 'BB'; Outlook Negative AYTU BIOSCIENCE: Gets Rights to Distribute COVID-19 Test Products BCP RAPTOR II: S&P Downgrades ICR to 'B-' on Elevated Leverage BIOSTAGE INC: Gets IND Approval from FDA for Cellspan BLOOMIN' BRANDS: S&P Lowers Issuer Credit Rating to 'BB-' BRAND BRIGADE: Plan to Be Funded by $50K Contribution C2R GLOBAL: Court Rules on Claim Construction in Verde Patent Row CAST & CREW: S&P Places 'B' Issuer Credit Rating on Watch Negative CELADON GROUP: Hires Colliers as Real Estate Broker CELADON GROUP: Hires UHY Advisors as Tax Consultant CENTER CITY HEALTHCARE: Exclusivity Period Extended to June 24 CENTRAL PALM BEACH SURGERY: May Access Cash Through April 14 CLARE OAKS: Asks Court to Extend Exclusivity Period to June 30 COLFAX CORP: S&P Alters Outlook to Negative, Affirms 'BB+' ICR COLUMBIA NUTRITIONAL: Cash Collateral Use Allowed Until April 17 COOL HOLDINGS: Completes Restructuring of Debt Owed to Gamestop CPI CARD: Douglas Pearce Won't Seek Reelection to Board CTE 1 LLC: Exclusivity Period Extended Until June 23 CW WELDING: April 14 Plan Confirmation Hearing Set CYTODYN INC: Raises $900K in Securities Offering DAVID CROWE: Bankr. Court Junks Bid to Abstain or Stay TPT Suit DOMINION GROUP: Has Final Nod on DIP Financing, Cash Collateral Use DOUBLE L FARMS: To Lease Out Real Property Pending Sale EAGLECLAW MIDSTREAM: S&P Lowers ICR to 'B-' on Elevated Leverage EARTH FARE: Committee Hires Alvarez & Marsal as Financial Advisor EARTH FARE: Committee Hires Pachulski Stang as Counsel EAST JEFFERSON GENERAL HOSPITAL: S&P Alters Outlook to Developing EESTOR CORPORATION: Amends Terms of $50K Bridge Loan EXELA TECHNOLOGIES: Completes $40M Divestment of SourceHOV Tax FIRST FLORIDA: May 27 Disclosure Statement Hearing Set GARDENA BUSINESS: Case Summary & 4 Unsecured Creditors GIGA-TRONICS INC: Cornelis F. Wit Reports 9.7% Equity Stake GLOBAL EAGLE: Adopts Shareholder Rights Plan GLOBAL EAGLE: Board Adopts Shareholder Rights Plan GRAFTON FOOD: May Continue Using Cash Collateral Through April 28 GROM SOCIAL: Restructures $4.0 Million Promissory Notes HLPG NEWACO: Seeks to Hire Johnson Pope as Counsel HOUSTON BLUEBONNET: Court to Hold Trial on Damage Claims HY-POINT FAMILY: Unsec. Creditors to Have 95% Recovery Under Plan ITHRIVE HEALTH: Has Until June 16 to Exclusively File Plan J&D CONSTRUCTION: April 15 Plan & Disclosure Hearing Set JJE INC: Plan & Disclosures Hearing Reset to April 29 JPM REALTY: April 23 Amended Disclosure Hearing Set JRV GROUP USA: Hires BMC Group as Administrative Agent K & M SPRAYING: May Continue Using Cash Collateral Through May 15 LOG STORM SECURITY: Has Approval to Access Cash Through March 31 MENDOTA LUTHERAN: Midland States Bank Prohibits Cash Collateral Use MIDWAY OILFIELD: Amended Liquidating Plan Confirmed by Judge MINUTEMAN SPILL: Bid for Summary Judgment Tossed NEW YORK AVENUE: Voluntary Chapter 11 Case Summary NORTH TAMPA ANESTHESIDA: Hires Johnson Pope as Counsel NPHSS LLC: Hires Agency Carmel as Real Estate Broker NUVECTRA: Sells to Cirtec; Assigns License Agreement OFFSHORE MARINE: Exclusivity Period Extended Until June 1 PATRICIAN HOTEL: Needs More Time to Formulate Chapter 11 Plan PG&E CORP: BOKF NA Objects to Disclosure Statement POET TECHNOLOGIES: Extends Exercise Period for 2018 Warrants PRADHAN AND COMPANY: Court Approves Second Amended Disclosure PRIME GLOBAL: Reports $31K Net Loss for First Quarter PUERTO RICAN PARADE: Amended Reorganization Plan Confirmed by Ju RECYCLING REVOLUTION: Has Authorization to Use Cash Collateral REJUVI LABORATORY: May 7 Plan & Disclosure Hearing Set RENTPATH HOLDINGS: Has Final Nod to Obtain Financing, Access Cash RESOLUTE FOREST: S&P Downgrades ICR to 'B+'; Outlook Negative ROLLING INVESTMENTS: Voluntary Chapter 11 Case Summary SK GLOBAL: Abdul Shamim Seeks Loan to Cover Plan Funding Shortfall SOCAL REO: April 22 Plan Confirmation Hearing Set SOUTHERN FOODS: Asks Court to Extend Exclusivity Period to May 25 SPECTRA7 MICROSYSTEMS: Cures Debenture Event of Default SPINEGUARD INC: Hires Buchanan Ingersoll as Co-Counsel SPINEGUARD INC: Hires Hanson Bridgett as Co-Counsel SPINEGUARD INC: May Continue Using Cash Collateral Until April 17 TOYS R US: Creditor Litigation Trust Sues Ex-CEO, Directors U.S.A. PARTS: Case Summary & 13 Unsecured Creditors UCORE RARE: IBC Files Motion for Summary Judgment in Utah Court VARTEK LLC: May Obtain Plan Votes Until End of Confirmation Hearing VIDEO CORP: Allowed to Use Cash Collateral Through March 23 WILLIAM R. CANADA: 5th Circuit Upholds Dismissal of Suit v. IRS WITTER HARVESTING: April 20 Disclosure Statement Hearing Set WOODSTOCK REALTY: May Continue Using Cash Collateral Until March 31 [*] S&P Places 77 Ratings on 32 Aircraft ABS Deals on Watch Neg. [^] Large Companies with Insolvent Balance Sheet ********* 4L HOLDINGS: S&P Assigns CCC+ ICR; Outlook Stable ------------------------------------------------- S&P Global Ratings assigned its 'CCC+' issuer credit rating on 4L Holdings Corp. following its emergence from Chapter 11 bankruptcy as a new legal entity on Feb. 3, 2020. The company's Chapter 11 restructuring incorporated the sale of its Imaging business, the acquisition of Teleplan International, and the issuance of a new $80 million term loan. Meanwhile, S&P assigned its 'B-' rating and '2' recovery rating to the company's $80 million senior secured first-lien term loan due in 2024. The '2' recovery indicates S&P's expectation of substantial (70%-90%; rounded estimate: 70%) recovery in the event of default. The stable outlook on 4L reflects S&P's expectation that current cash balances will be adequate to fund negative free cash flow over the next 12 months as the firm works to reduce overhead expenses. The outlook also reflects the rating agency's view that the company will maintain interest coverage of 2x and that increased business and geographic diversity will support stable top line performance. "We could lower the rating to 'CCC' if we believed the company were likely to default because of a near-term liquidity crisis or consider a distressed debt exchange within 12 months. A liquidity crisis could stem from higher-than-expected cash restructuring expenses or an inability to offset revenue declines through cost reductions, leading to weak interest coverage below 1x, or an additional deterioration in negative free cash flow," S&P said. "We could raise the rating to 'B-' if the company's successfully executes its cost reduction plans such that we believed it capable of generating sustainably positive free cash flow. We would also look to consistent revenue performance and stable, if moderate, growth as supportive for an upgrade," S&P said. A NEW START: April 9 Disclosure Statement Hearing Set ----------------------------------------------------- On March 4, 2020, Debtor A New Start Incorporated filed with the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, a Disclosure Statement and a Plan of Reorganization on March 5, 2020. On March 6, 2020, Judge Erik P. Kimball ordered that: * April 9, 2020, at 10:30 a.m. at the United States Bankruptcy Court, 1515 North Flagler Drive, Courtroom B, 8th Floor, West Palm Beach, Florida 33401 is the hearing to consider approval of the Disclosure Statement. * April 2, 2020, is fixed as the last day to file objections to Disclosure Statement. A full-text copy of the order dated March 6, 2020, is available at https://tinyurl.com/w486evv from PacerMonitor at no charge. The Debtor is represented by: Scott A. Underwood, Esq. 401 E. Jackson Street, Suite 2400 Tampa, FL 33602 Tel: (813) 222-1187 Fax: (813) 222-8189 E-mail: scott.underwood@bipc.com About A New Start Incorporated A New Start Incorporated -- https://anewstartincfl.com/ -- is a treatment center in Palm Beach County, Florida, providing outpatient treatment for substance abuse and chemical dependency disorders in adult clients. An outpatient program allows clients to continue working or attending school while receiving treatment and support from the company's program and team of specialists. A New Start Incorporated filed a voluntary Chapter 11 petition (Bankr. S.D. Fla. Case No. 19-13294) on March 14, 2019. In the petition signed by Eugene Sullivan, chief executive officer, the Debtor was estimated to have $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Judge Erik P. Kimball oversees the case. The Debtor tapped the Law Office of Angelo A. Gasparri as bankruptcy counsel; Quintairos Prieto Wood & Boyer, P.A. as special counsel; and Smyth and Hauck, PA as accountant. John D. Emmanuel was appointed as the Debtor's Chapter 11 trustee. The Trustee is represented by Buchanan Ingersoll & Rooney, P.C. ACCO BRANDS: S&P Alters Outlook to Negative, Affirms 'BB' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed its 'BB' long-term issuer credit rating on ACCO Brands Corp. COVID-19 has heightened the risk of a ratings downgrade, given the company's supply chain, cyclical revenues, and tight leverage headroom for its rating category. S&P's negative outlook reflects the elevated risk of the company's credit metrics deteriorating as COVID-19 and a recession could disrupt its supply chain and affect the company's cyclical revenues. The company manufactures about half of its products in China, and while workers have started returning to factories, production ramp to normal levels will take some time. Additionally, some components used in the manufacturing processes globally are also sourced from China, which could delay production outside of China as well. S&P also expects that there could be a decline in demand for its products. "We would consider lowering our ratings if the company sustains debt leverage above 4.0x. We believe this could occur if macroeconomic conditions worsen from the impact of COVID-19 such that revenues and profitability are negatively affected. We could also lower the ratings if the company adopts a more aggressive financial policy by repurchasing shares such that leverage was sustained above 4x," S&P said. "Although unlikely over the next year, we could consider an upgrade if ACCO strengthens its credit metrics, bringing leverage below 2.5x through a further improvement in EBITDA and using free cash flows toward debt repayment. This could also happen through an improvement in the business if ACCO becomes more product and geographically diverse, making it less cyclical," S&P said. ADVANCED POWER: Hires Shraiberg Landau as Bankruptcy Counsel ------------------------------------------------------------ Advanced Power Technologies, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Florida to employ Shraiberg Landau & Page, P.A., as bankruptcy counsel to the Debtor. Advanced Power requires Shraiberg Landau to: a. advise the Debtors generally regarding matters of bankruptcy law in connection with the bankruptcy case; b. advise the Debtors of the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, applicable bankruptcy rules, including local rules, pertaining to the administration of the bankruptcy case and U.S. Trustee Guidelines related to the daily operation of its businesses and administration of the estates; c. represent the Debtors in all proceedings before this Court; d. prepare and review motions, pleadings, orders, applications, adversary proceedings, and other legal documents arising in the case; e. negotiate with creditors, prepare and seek confirmation of a plan of reorganization and related documents, and assist the Debtors with implementation of any plan; and f. perform all other legal services for the Debtors that may be necessary herein. Shraiberg Landau will be paid at these hourly rates: Attorneys $325 to $550 Legal Assistants $225 Prior to the Petition Date, on February 14, 2020, the Debtor paid Shraiberg Landau with a $7,500 retainer for a creditor workout. Prior to the filing of the chapter 11 case, Shraiberg Landau applied the full amount of the $7,500 retainer against its fees and costs in representing the Debtor in the creditor workout. Prior to the Petition Date, on February 20, 2020, the Debtor paid Shraiberg Landau with a $50,000 retainer, which includes $1,717 filing fee. Prior to the filing of the chapter 11 case, Shraiberg Landau applied $16,774 of the $50,000 retainer for pre-bankruptcy matters, including negotiations with the Debtor's senior secured creditor and preparation of all paperwork required to file this chapter 11 case. Shraiberg Landau will also be reimbursed for reasonable out-of-pocket expenses incurred. Bradley S. Shraiberg, a partner at Shraiberg Landau & Page PA, 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. Shraiberg Landau can be reached at: Bradley S. Shraiberg, Esq. SHRAIBERG, LANDAU & PAGE, P.A. 2385 NW Executive Center Drive, #300 Boca Raton, FL 33431 Tel: (561) 443-0800 Fax: (561) 998-0047 E-mail: bss@slp.law About Advanced Power Technologies Advanced Power Technologies, LLC -- http://www.advancedpowertech.com/-- offers interior/exterior lighting, signage, and electrical service needs throughout the United States and Canada. The company works with commercial, hospitality, industrial, institutional, restaurant, and retail clients to save energy and reduce operating costs. Advanced Power Technologies, LLC, based in Pompano Beach, FL, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 20-13304) on March 11, 2020. In the petition signed by Devin Grandis, president, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. The Hon. Paul G Hyman, Jr., oversees the case. Bradley S. Shraiberg, Esq., at Shraiberg Landau & Page PA, serves as bankruptcy counsel. AKORN INC: Gets Final Court Approval of Class Action Settlement --------------------------------------------------------------- As previously disclosed, Akorn, Inc. and certain current and former Company officers and directors are named defendants in a putative class action litigation captioned In re Akorn, Inc. Data Integrity Securities Litigation, C.A. No. 18-cv-1713 (N.D. Ill.), filed in the U.S. District Court for the Northern District of Illinois. On Aug. 9, 2019, the Company and the other defendants in the Securities Class Action entered into a Stipulation and Agreement of Settlement to resolve the Securities Class Action and the claims of the putative class. On Aug. 26, 2019, the Court, among other things, preliminarily approved the settlement, subject to final approval at a settlement hearing to be held at a later date. On March 6, 2020, lead plaintiffs in the Securities Class Action issued a press release via PR Newswire and instructed the settlement claims administrator to update the settlement website to notify the putative class that the Settlement Hearing had been scheduled for March 13, 2020. Between March 9, 2020 and March 12, 2020, entities affiliated with two of the six institutional investors who had previously requested exclusion from the settlement withdrew their requests for exclusion. At the Settlement Hearing on March 13, 2020, the Court granted the lead plaintiff's unopposed motion for final approval of the class action settlement and plan of allocation, certified a plaintiffs' class for settlement purposes, found the settlement consideration fair, reasonable and adequate, and approved lead plaintiff's application for an award of attorneys' fees and litigation expenses. Later on March 13, 2020, the Court entered a final order and judgment. About Akorn Headquartered in Lake Forest, Illinois, Akorn, Inc. -- http://www.akorn.com/-- is a specialty pharmaceutical company engaged in the development, manufacture and marketing of multi-source and branded pharmaceuticals. Akorn has manufacturing facilities located in Decatur, Illinois; Somerset, New Jersey; Amityville, New York; Hettlingen, Switzerland and Paonta Sahib, India that manufacture ophthalmic, injectable and specialty sterile and non-sterile pharmaceuticals. Akorn reported a net loss of $226.8 million for the year ended Dec. 31, 2019, compared to a net loss of $401.91 million on $694.02 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $1.28 billion in total assets, $1.05 billion in total liabilities, and $234.29 million in total shareholders' equity. BDO USA, LLP, in Chicago, Illinois, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Feb. 26, 2020, citing that the Company has suffered recurring losses from operations and has a net working capital deficiency that raise substantial doubt about its ability to continue as a going concern. * * * As reported by the TCR on Feb. 24, 2020, Moody's Investors Service downgraded the ratings of Akorn, Inc. including the Corporate Family Rating to Caa3 from Caa1. The downgrade reflects the high risk of a near-term bankruptcy filing by Akorn, given its ongoing litigation and $845 million term loan maturity in April 2021. Also in February 2020, S&P Global Ratings lowered its issuer credit rating on Akorn Inc. to 'CCC-' from 'B-' with negative outlook. The negative outlook reflects the increasing possibility that Akorn will file for Chapter 11 protection under the U.S. Bankruptcy Code in the next six months to facilitate repayment of its outstanding debt. ALTA MESA: No Recovery for Unsecureds in Liquidating Plan --------------------------------------------------------- Kingfisher Midstream, LLC, and its subsidiary debtors (KFM Debtors) filed a Disclosure Statement in connection with the solicitation of votes on the Plan. The chapter 11 cases of the KFM Debtors are being jointly administered with the chapter 11 cases of their affiliates Alta Mesa Resources, Inc., Alta Mesa Holdings, LP, and certain of their subsidiaries, along with the chapter 11 cases of SRII Opco, LP, and SRII Opco GP, LLC. The Plan is a separate plan for the KFM Debtors only and does not apply to any of the other Debtors. Under the KFM Debtors' Plan, Class 3 Credit Agreement Claims will recover 33 percent in the form of cash. Class 4 General Unsecured Claims will not receive any Distribution under the Plan. After extensive, arm's-length negotiations, on Dec. 31, 2019, Kingfisher selected an affiliate of an indirect equity owner of the Debtors, BCE-Mach III LLC, as the stalking horse bidder for the KFM Assets, subject to higher or otherwise better offers at an auction. Kingfisher entered into that certain Purchase and Sale Agreement to sell substantially all of the KFM Assets to the Stalking Horse Bidder and, on the same day, the Initial Debtors entered into a separate Purchase and Sale Agreement to sell substantially all of the AMH Assets to the Stalking Horse Bidder. The KFM Assets will be substantially liquidated pursuant to the Sale Transaction. A portion of the proceeds will be distributed to the Lenders pursuant to the terms of the Lenders' Adequate Protection Order. Accordingly, the purpose of the Plan is to effectuate the distribution of the remaining proceeds following the closing of the Sale Transaction and the liquidation of any remaining KFM Assets and the orderly wind down of the KFM Debtors' estates. The Plan constitutes a joint chapter 11 plan for all of the KFM Debtors, and the classifications and treatment of Claims and Interests in the Plan apply to all of the KFM Debtors. A portion of the Sale Proceeds will be used to fund the costs of completing the chapter 11 cases and winding down the KFM Debtors' estates. The remaining Sale Proceeds and other available Cash in the KFM Debtors' estates are expected to be used exclusively to pay Credit Agreement Claims. The KFM Debtors do not expect there to be any value from encumbered assets in excess of the Credit Agreement Claims and Adequate Protection Claims or unencumbered assets available to pay General Unsecured Claims. Under the Plan, the KFM Debtors will appoint a Plan Administrator who will, among other things, steer the KFM Debtors toward a quick and efficient final resolution. The Plan Administrator will have the authority, on behalf the KFM Debtors, to implement all provisions of the Plan, including controlling and effectuating the Claims reconciliation process; making distributions in accordance with the Plan; preparing, filing, and prosecuting any necessary filings; and prosecuting, settling, or otherwise resolving all Causes of Action, including claims that the KFM Debtors may have against the Initial Debtors. A full-text copy of the Disclosure Statement dated March 3, 2020, is available at https://tinyurl.com/t4fcvle from PacerMonitor at no charge. The Debtors are represented by: WEIL, GOTSHAL & MANGES LLP Alfredo R. Perez 700 Louisiana Street, Suite 1700 Houston, Texas 77002 Telephone: (713) 546-5000 Facsimile: (713) 224-9511 - and - Ray C. Schrock, P.C. Kelly DiBlasi Lauren Tauro 767 Fifth Avenue New York, New York 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007 About Alta Mesa Resources Alta Mesa Resources, Inc., is an independent energy company focused on the development and acquisition of unconventional oil and natural gas reserves in the Anadarko Basin in Oklahoma, and through Kingfisher Midstream, LLC, provides best-in-class midstream energy services, including crude oil and gas gathering, processing and marketing and produced water disposal to producers in the STACK play. Alta Mesa reported $1.4 billion in assets and $864 million in liabilities as of Dec. 31, 2018. Alta Mesa and six affiliates sought Chapter 11 protection (Bankr.S.D. Tex. Case No. 19-35133) on Sept. 11, 2019. The Hon. Marvin Isgur is the case judge. The Debtors tapped Porter Hedges LLP and Latham & Watkins LLP as attorneys; and Perella Weinberg Partners LP and its affiliate Tudor Pickering Holt & Co Advisors LP as investment banker. Prime Clerk LLC is the claims agent. APG SUBS: Unsecureds Owed $1.58M to Get Up to 3% in Amended Plan ---------------------------------------------------------------- Debtors APG Subs, Inc., CRW Foods, Inc., HRK Group, Inc., Ray's Subway, Inc., and Shore Foods, Inc. filed the Second Amended Disclosure Statement in support of Chapter 11 Plan of Reorganization dated March 6, 2020. Ray's Subway, Inc., owns and operates seven franchise Subway sandwich retail businesses. The auction sale of the assets of store # 31078 at 426 East Main Street, Middletown, DE free and clear of liens was approved by Order entered during the course of the Chapter 11 case. The gross proceeds of the auction sale of the equipment were $3,856 from which the court-approved 30% commission of $1,157 was paid, resulting in a subtotal of $2,699.24 from which were deducted labor expenses of $1,652.50 for the relocation of the equipment, with resulting net proceeds of $1,047 from which reduced storage charges of $500 were deducted with the net amount of proceeds of $546.74 to which the lien and security interest of Xenith Bank attached which sum of $546.74 was paid to the secured creditor and applied to the reduction of its agreed reduced initial principal secured debt of $205,000. The private sale of store # 24569 at 8767 Philadelphia Road, Suite L Rosedale, MD 21237 is pending approval by the U.S. Bankruptcy Court. Holders of Class 9 allowed general unsecured claims calculated to be $1,584,174 will receive distributions in six semi-annual installments each May 1st and November 1st commencing two years following the Effective Date of the Plan each in the amount of 0.5 percent of the allowed unsecured claim, which total Distribution is projected to be 3.00% percent of general unsecured debts which distributions will be in full and final satisfaction and discharge of these obligations. The prior iteration of the Disclosure Statement estimated general unsecured claims to total $1,586,373 while the present iteration estimated such claims to total $1,584,174. Funds required for the implementation of the Plan shall come from Net Operating Revenue and the capital contribution by those general unsecured creditors and those existing stockholders that tender the required payment(s) as new value for and in consideration of the receipt of Interests in the Reorganized Debtors. A full-text copy of the Second Amended Disclosure Statement dated March 6, 2020, is available at https://tinyurl.com/vtkw6pf from PacerMonitor at no charge. Attorneys for the Debtors: Marc R. Kivitz, Esquire 201 North Charles Street, Suite 1330 Baltimore, MD 21201 Tel: (410) 625-2300 Fax: (410) 576-0140 E-mail: mkivitz@aol.com About APG Subs Inc. APG Subs, Inc., et al., operate Subway franchises in Maryland. Based in Edgewood, Md., APG Subs, Inc. and its affiliates sought Chapter 11 protection (Bankr. M.D. Lead Case No. 19-18315) on June 19, 2019. In the petition signed by Raymond Burrows, III, president, APG Subs disclosed total assets of $28,177 and total liabilities of $1,268,112. Judge David E. Rice oversees the case. Marc R. Kivitz, Esq., at the Law Office of Marc R. Kivitz, is the Debtor's bankruptcy counsel. ASCENT INDUSTRIES: CCAA Proceedings Concluded, To File MCTO ----------------------------------------------------------- Ascent Industries Corp. (CSE: ASNT) ("Ascent" or the "Company") on March 6 disclosed that the Company has implemented its first amended and restated consolidated plan of compromise, arrangement and organization ()Plan") under the Companies' Creditors Arrangement Act ("CCAA"). Distributions under the Plan, as well as the issuance of common shares of Ascent that were to be issued pursuant to the terms of the Plan, are now complete. The Company was unable, however, to obtain a further extension of the stay of proceedings provided by the order obtained by the Company on January 28, 2020. Accordingly, the stay of proceedings expires on March 6, 2020 and the Company's CCAA proceedings will conclude upon expiry of the stay. APPLICATION FOR MANAGEMENT CEASE TRADE ORDER As previously reported by the Company, Ascent was advised by the British Columbia Securities Commission that, pursuant to CSA Practice Guidelines, cease trade orders are not issued against reporting issuers who are subject to a stay within CCAA proceedings. However, with the expiry of the CCAA stay of proceedings, the Company expects that it will no longer fall within the scope of the aforementioned CSA Practice Guidelines. Upon exiting from CCAA, the Company will not have filed the following continuous disclosure documents prior to the filing deadlines prescribed under National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"): (i) its audited annual financial statements for the year ended December 31, 2018, including the related management discussion & analysis, and accompanying CEO and CFO certifications (collectively, the "Annual Filings"); and (ii) its interim financial statements for the three month period ended March 31, 2019 and related management discussion & analysis and accompanying CEO and CFO certifications; (iii) its interim financial statements for the three month period ended June 30, 2019 and related management discussion & analysis and accompanying CEO and CFO certifications; and (iv) its interim financial statements for the three month period ended September 30, 2019 and related management discussion & analysis and accompanying CEO and CFO certifications (items (ii), (iii) and (iv) are collectively referred to as the "Interim Filings"). Accordingly, the Company will be making an application to the British Columbia Securities Commission and other applicable securities regulators under National Policy 12-203 ("NP 12-203") requesting that a management cease trade order ()MCTO") be granted in respect of the late filing of the Annual Filings and Interim Filings. If the Company receives the MCTO, it is anticipated that for the duration of the MCTO is in effect, the Company's directors and senior officers and such other persons as determined by the securities regulators will not be able to trade the Company's securities. There is no guarantee, however, that a MCTO will be granted. If the MCTO is granted, the Company intends to comply with the provisions of the alternative information guidelines as set out in NP 12-203 for so long as it remains in default due to the late filing of the Annual Filings and Interim Filings, including the issuance of bi-weekly default status reports by way of press releases. With respect to the preparation and filing of the Annual Filings and Interim Filings, the Company has engaged Kingston Ross Pasnak LLP ("KRP") as the successor auditors of the Company following the resignation of MNP LLP as the Company's auditors which took effect as of February 28, 2020. The Company and its management are committed to working closely with KRP to complete the filing of the Annual Filings and Interim Filings as soon as possible, and ahead of the filing deadline of April 29, 2020 for its audited annual financial statements for the year ended December 31, 2019. CORPORATE UPDATE On January 28, 2020, the Company entered into a loan agreement (the "Loan Agreement") with Enhanced Pet Sciences Corp. ()Borrower") pursuant to which the Company agreed to loan the Borrower the principal amount of US$500,000 ()Principal Amount"). Pursuant to the terms of the Loan Agreement, the Company agreed to permit the Borrower to subsequently advance the Principal Amount by way of an intercorporate loan to its 60% indirectly-owned subsidiary, AgTech Scientific Group, LLC ()AgTech"). The Principal Amount under the Loan Agreement shall be repaid by the Borrower on December 31, 2020. Interest on the Principal Amount accrues at a rate of 8% per annum (non-compounding). In support of the Borrower's obligation to repay the Principal Amount, three major shareholders of the Borrower (the "Guarantors") each have provided the Company with guarantees along with one Guarantor providing collateral security for the Borrower's obligations under the Loan Agreement. The Company holds a minority equity position in the Borrower, pursuant to a CAD$360,000 investment completed in 2017 and 2018 and the Company views this loan as further support of the AgTech business operations. This strategic alliance with AgTech follows the Companies previously disclosed intention to focus its efforts and resources in the US hemp CBD industry. AgTech operates a hemp derived CBD production facility in Paris, Kentucky, including a two million square foot greenhouse and a purpose-built extraction facility to house industry standard ethanol extra and recovery machines. Management of the Company is in discussion with AgTech with a view to future business collaboration. The Company will make further announcements with respect to these discussion as and when appropriate. The Company confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release. BI-WEEKLY DEFAULT STATUS REPORT The Company provides this default status report pursuant to National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") and applicable policy of the British Columbia Securities Commission. As noted above, the Company has not filed the Annual Filings and the Interim Filings prior to the filing deadlines prescribed under NI 51-102 as of the date hereof. As previously reported, Ascent is required to file bi-weekly default status reports in accordance with NP 12-203 until such time that the CCAA proceeding is concluded or until the defaults in filing the Annual Filings and Interim Filings are remedied. Other than as disclosed in this press release, the Company reports that there have been no material changes to the information contained in its last bi-weekly default status report dated February 20, 2020. Furthermore, there is no other material information concerning the affairs of the Company that has not been generally disclosed. The Company confirms that, since its last bi-weekly default status report dated February 20, 2020, there have been no failures by it in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under NP 12-203. About Ascent Industries Corp. The Company's operations currently include facilities in the United States. In the United States, the Company holds licenses in Oregon (for processing and for distribution of cannabis to any licensed entity in the state) and in Nevada (for cultivation and for production, processing and wholesale distribution of cannabis). ASPIRA OF DELAWARE: S&P Cuts Bond Rating to 'BB'; Outlook Negative ------------------------------------------------------------------ S&P Global Ratings lowered its long-term rating on the Delaware Economic Development Authority's series 2016A and 2016B (taxable) charter school revenue bonds, issued for ASPIRA of Delaware Charter Operations Inc., d/b/a Las Americas ASPIRA Academy (LAAA or the school) to 'BB' from 'BB+'. The outlook is negative. "The downgrade reflects our view of a material deterioration in LAAA's financial profile in fiscal 2019, with substantially weakened pro forma lease-adjusted maximum annual debt service coverage and unrestricted liquidity, with days' cash on hand falling below the required covenant level," said S&P Global Ratings credit analyst Shivani Singh. Moreover, LAAA has posted multiple years of growing full accrual operating deficits and is moving forward with its planned high school expansion, which S&P understands led to the hiring of additional staff in fiscal 2019 contributing to increased expenses for the fiscal year. While financial metrics are quite weak, at this time further rating pressure is precluded by what S&P views as LAAA's healthy enterprise profile with robust growth in fall 2019 enrollment and solid historical demand. In addition, S&P believes over the outlook period the school will experience modest improvement in financial metrics with enrollment gains and expenses leveling off. "The negative outlook indicates we think there is a possibility of a lower rating if LAAA is unable to improve operations and liquidity in fiscal 2020 and into fiscal 2021, the school anticipates additional debt to support its high school expansion, or an event of default due to a failure to meet the bond covenants occurs," added Ms. Singh. AYTU BIOSCIENCE: Gets Rights to Distribute COVID-19 Test Products ----------------------------------------------------------------- Aytu BioScience, Inc., signed an addendum to a distribution agreement previously signed March 9, 2020 for the right to commercialize a clinically validated and commercially used coronavirus 2019 (COVID-19) IgG/IgM Rapid Test. The test has been licensed from L.B. Resources, Limited (a Hong Kong Corporation). The test is intended for professional use and delivers clinical results between 2 and 10 minutes at the point-of-care. This Addendum grants Aytu the additional rights to distribute the product in both Canada and Mexico for a period of three years, with additional three-year autorenewals thereafter. The Company expects to pursue expedited regulatory clearance of the product with Health Canada and COFEPRIS (Comision Federal para la Proteccion contra Riesgos Sanitarios), the regulatory agencies in Canada and Mexico, respectively. 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. The 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. BCP RAPTOR II: S&P Downgrades ICR to 'B-' on Elevated Leverage -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating and issue-level rating on BCP Raptor II LLC to 'B-' from 'B'. S&P's '3' recovery rating on its debt remains unchanged, indicating its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The outlook is negative. "The downgrade follows the downward revision of our commodity price deck, which we expect will cause BCP Raptor II to have lower adjusted EBITDA and volume flow levels than we previously forecast. We expect the company and its midstream peers to face a more challenging marketplace for the remainder of 2020 and 2021 as producers reevaluate their development timelines and production forecasts. We anticipate that BCP Raptor II will sustain an adjusted debt-to-EBITDA ratio in the 6.5x area over the next 12 months, though we believe it will have adequate liquidity and the support of its sponsors to maintain stable operations and deleverage over time," S&P said. The negative outlook reflects S&P's expectation that BCP Raptor II will realize lower throughput volumes than the rating agency previously forecast and leverage metrics will remain elevated over the next 12 months, with adjusted debt to EBITDA ratio in the 6.5x area. "We could lower our rating on BCP Raptor II if the company's capital structure becomes unsustainable or its liquidity deteriorates such that it threatens its ability to service its debt. This could occur due to a prolonged period of weak throughput volumes or if it sustained higher than expected operating expenses without additional support from its sponsors," S&P said. "We could revise the outlook on BCP Raptor II to stable if it maintains a debt-to-EBITDA ratio of less than 6.5x while increasing its throughput volumes and consistently sweeping cash to pay down its outstanding term loan balance," the rating agency said. BIOSTAGE INC: Gets IND Approval from FDA for Cellspan ----------------------------------------------------- The U.S. Food and Drug Administration (FDA) has approved Biostage, Inc.'s Investigational New Drug application (IND) for the Cellspan Esophageal Implant (CEI) to treat patients with end-stage esophageal disease that require a segmental surgical resection to repair the diseased tissue. The FDA notified the Company that it removed the clinical hold and that the Company may proceed with its study. "FDA's approval of Biostage's first IND is an extremely important milestone for Biostage as it will transition Biostage into a clinical stage company. In addition, establishing a safety profile for the CEI in adults will facilitate and support the use of the CEI in Esophageal Atresia patients. Esophageal Atresia (EA) is a congenital condition in infants who are born with an incomplete esophagus and are unable to receive oral nutrition. We believe the CEI will be a significant advancement for EA and will provide a treatment option that will hopefully change the standard of care for these infants," said Jason Jing Chen, Biostage's chairman. "Further, this IND approval is a very vital corporate milestone and a critical step forward to achieving a strategic partnering arrangement and/or capital funding. We are confident that the industry will recognize the tremendous value and the advancement in tissue engineering and cell-based therapies that the CEI product represents. I would especially thank Dr. William Fodor, our CSO and the Biostage team who managed the interactions with the FDA and the substantial and timely responses to the Agency. The team dedicated themselves to accomplishing this goal. Many long hours and weekends went into this IND submission to ensure that the FDA received the highest quality document possible." The approved IND will investigate the safety and feasibility of the CEI in adult patients. The study will be an unblinded single arm study in patients that require surgical resection of the esophagus. The CEI will be implanted into the resected esophagus vs. complete esophagectomy, which essentially removes the entire esophagus and replaces it with either a section of the colon or with a portion of the stomach that has been reconstructed. "The use of the CEI is an organ sparing approach that preserves the esophagus while treating conditions that would otherwise require the use of other organs to repair the diseased tissue," commented Dr. William Fodor, chief scientific officer of Biostage. "Our next goal is focused on 'clinical readiness' and to build upon our expertise in the clinical application of tissue engineered and cell-based products," stated Dr. Fodor. "This is an exciting time for Biostage to establish itself as a leader in the clinical application of regenerative medicinal products, such as the CEI, where the product provides the stimulus and the foundation for the body to heal itself." "We wish to acknowledge all the help and support of our Scientific Advisory Board, our clinical advisors and our regulatory/clinical consultants, Avania (formerly Boston Biomedical Associates), who assisted with the construction of the IND modules and our interactions with the FDA." About Biostage Headquartered in Holliston, Massachusetts, Biostage, Inc., formerly Harvard Apparatus Regenerative Technology, Inc. -- http://www.biostage.com/-- is a biotechnology company developing bioengineered organ implants based on its novel Cellframe technology. The Company's Cellframe technology is comprised of a biocompatible scaffold that is seeded with the patient's own stem cells. The Company's Cellspan technology combines a proprietary, biocompatible scaffold with a patient's own cells to create an esophageal implant that could potentially be used to treat pediatric esophageal atresia and other conditions that affect the esophagus. Biostage reported a net loss of $7.53 million for the year ended Dec. 31, 2018, compared to a net loss of $11.92 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $2.06 million in total assets, $941,000 in total liabilities, and $1.12 million in total stockholders' equity. In its report dated March 29, 2019, RSM US LLP, in Boston, Massachusetts, the Company's auditor since 2018, issued an opinion on the Company's consolidated financial statements for the year ended Dec. 31, 2018, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor stated that the Company has suffered recurring losses from operations, has an accumulated deficit, uses cash flows in operations, and will require additional financing to continue to fund operations. BLOOMIN' BRANDS: S&P Lowers Issuer Credit Rating to 'BB-' --------------------------------------------------------- S&P Global Ratings took various negative rating actions on 10 U.S. casual dining restaurant operators that it thinks has especially heavy exposure to the disruptions associated with the coronavirus pandemic. The rating actions on companies with casual dining exposure reflect the heightened risk these issuers face to a dramatic and possibly sustained decline in foot traffic. The Center for Disease Control and Prevention has provided guidelines to maintain social distancing in an effort to slow the spread of COVID-19. Restaurants across the country are voluntarily or being mandated to close or severely limit their dine-in capacity. S&P also expect social distancing guidelines will continue to cause cancellations and postponements of gatherings to celebrate birthdays and other events for at least the next couple of months, which will negatively affect issuers who offer event facilities and services. S&P said, "At this time, it is difficult to quantify the precise impact to the sector but we expect these issuers to experience dramatic temporary drops in volumes of generally more than 50% in the near-term pressuring credit measures. These rating actions reflect the uncertainty of each issuer's ability to recover from this unprecedented shock. While many restaurant issuers offer take-out or delivery, we do not expect these alternatives to be immune from consumers' fear of contagion and therefore believe these will only modestly soften the blow. International operations are unlikely to provide the benefits of geographic diversity typical in normal times because of the pandemic's nearly simultaneous spread across the globe. We will continue to evaluate developments in the sector, including government edicts and the prospect of a recovery, as we surveil the ratings on these issuers in the coming weeks and months." Darden Restaurants Inc. S&P said, "We are placing our 'BBB' rating on Darden Restaurants Inc. on CreditWatch with negative implications. This reflects the risk that the recent steep drop in restaurant sales from the impact of the coronavirus will be prolonged and cause significantly weaker operating results and credit protection metrics than our previous expectations. Darden operates nearly 1,800 restaurants with minimal franchisee operations." "We expect concerns over the spread of the coronavirus will result in very depressed customer traffic and restaurant sales for at least the next month with a slow rebound thereafter. The company recently noted a swift drop in same-restaurant-sales during the quarter-to-date period, with the current week's sales down about 60%. Yet, the ultimate impact of coronavirus is currently difficult to forecast given the uncertainty surrounding the duration of the crisis. Olive Garden, Darden's largest restaurant concept, has developed a solid off-premise business, representing approximately 18% of sales, which could serve as a partial mitigant. However, in relation to lost dine-in sales, we think the contribution from to-go and delivery orders will be modest." "Further, Darden is one of the few large casual dining chains that has not partnered with a third-party delivery service, which may be detrimental if customer usage rates in this channel pick-up. However, we believe Darden is the best-positioned company in the casual dining sector to weather a temporarily severe disruption in business given its scale, financial resources, and liquidity. The company has no near-term maturities, around $1 billion in excess liquidity, and has considerable covenant cushion under its total debt to capitalization covenant. Recent steps, including suspending its quarterly dividend and fully drawing on its $750 million revolver will bolster near-term liquidity in our view. We also believe the company has the ability to reduce discretionary spending, including suspending shareholder returns and deferring growth capex." "We expect to resolve the CreditWatch placement as we learn more about the severity of the coronavirus' impact on Darden and its liquidity profile." Bloomin' Brands Inc. S&P said, "We are lowering the issuer credit rating on Bloomin to 'BB-' from 'BB' (and instrument ratings one notch) and placing the ratings on CreditWatch with negative implications. The downgrade reflects our view that the recovery from the recent steep drop in restaurant sales due to Covid-19 will be tepid at best and will result in in significantly weaker operating results and credit protection metrics than our previous expectations. The CreditWatch placement reflects our uncertainty around the impact and duration of the Covid-19 social distancing measures to the company's performance." Bloomin's concepts generate the majority of sales from dine-in occasions, have higher average checks than more value-oriented competitors, and are largely directly exposed to operating cost pressures. The c0mpany operates approximately 80% of its restaurants, exposing it to significant potential margin deterioration if there is a protracted and meaningful decline in demand. While its off-premise business, which represents around 15% of sales at its largest restaurant chain, Outback Steakhouse, could serve as a partial mitigant to lost on-premise sales, we think the relative lift to sales will be limited pressuring credit measures including adjusted S&P adjusted debt-to-EBITDA deteriorating substantially to 4.5x or more this year. Bloomin' has no meaningful near-term maturities and has $448 million of liquidity in the form of cash and availability under its $1 billion revolving credit facility as of Dec. 29, 2019, which should provide the company with decent liquidity over the near term if conditions improve in the coming months. Bloomin' is subject to a maximum net leverage ratio under its credit agreement, but the company had approximately 50% cushion as of the most recent quarter. Additionally, S&P expects the company will take steps to conserve cash, including deferring growth capex, limiting non-essential spending, and suspending share buy backs. S&P expects to resolve the CreditWatch placement as it learns more about the severity of the coronavirus' impact on Bloomin and its liquidity profile. IRB Holding Corp. S&P said, "We are placing our 'B+' rating on IRB Holding Corp. on CreditWatch with negative implications to reflect its exposure to dine-in volumes, specifically at Buffalo Wild Wings (BWW). While the company franchises more than 80% of system-wide restaurants, its company-operated restaurants are more concentrated in the BWW concept, where it operates about 50% of units, representing around a third of EBITDA contribution As of March 17, 2020, the company had closed its dining rooms at all four concepts among company-operated restaurants and we expect most franchisees to follow suit. The company will likely see some offsetting benefits from its delivery, drive-thru, and drive-in points of sale, which could limit the impact to the consolidated business. Still, leverage for the company has been elevated at more than 8x on an S&P adjusted basis following a series of acquisitions and owing to the good cash flow conversion characteristics of its largely franchisor model." "We do not anticipate liquidity to be of immediate concern, as the company has ample revolver availability and a healthy cash balance to get through a period of deteriorated revenue. The company has no near-term maturities, which should allow for some time to assess the evolving impact of the coronavirus on demand. IRB has a springing leverage covenant when revolver usage exceeds 30% of commitments, which limits its first-lien net leverage to 4.75x." "We expect to resolve the CreditWatch placement as we learn more about the severity of the coronavirus' impact on IRB and its liquidity profile." Flynn Restaurant Group LP S&P said, "We are revising the outlook on Flynn Restaurant Group LP to negative from stable. The issuer credit rating is 'B'. The outlook revision reflects our view that a significant decline in dine-in volumes because of a potentially extended coronavirus outbreak could pressure performance and tighten liquidity in the near term. About 50% of sales and 33% of EBITDA accounted for by the casual dining Applebee's segment which is not part of the creditors restricted group but which we consider in our assessment of the group's overall credit quality because we believe the parent is committed to support its various operations. In addition, we expect the lunch day-part and catering business at the fast-casual Panera operations to also get significantly hurt due to an increase in remote working arrangements and a decline in corporate and social events. The company's QSR operations may experience a less severe deterioration but we also expect those operations to undergo significant demand declines." As a franchisee, the company operates 100% of its restaurants with exposure to potentially significant top-line and margin deterioration if there is a protracted and meaningful demand decline. The company may have some modest offsets from take-away and delivery orders." Flynn has moderate cushion in its credit measures to absorb lower demand with leverage currently in the low- to mid-6x area relative to our downgrade trigger of 7x. The company has no near-term maturities which should allow for some time to see the evolving impact of the coronavirus on demand." Outlook S&P said, "The negative outlook reflects the likelihood that we could lower the rating due to the headwinds the restaurant sector is facing as a whole. While Flynn's has a relatively high proportion of QSR exposure may offset severe declines in fast-casual and dine-in sales, we still expect high levels of sales deterioration in the near-term, at minimum." Downside S&P said, "We could lower the rating if we expect debt to EBITDA will be sustained above 7x. This could occur if we expect revenues will decline by about 10% this year and margins deteriorate by 100 basis points and there is limited prospects for subsequent improvement that would cause revenue to return to growth and margins to adjust back to near current levels. We could also lower the rating if cash burn accelerates to the point where we believe liquidity has been impaired." Upside S&P could revise outlook to stable if it does not expect debt to EBITDA will remain above 7x. This could occur if the impact of the coronavirus pandemic is relatively short-lived and does not impact QSRs to the same degree. Fogo de Chao Inc. S&P said, "We are placing our 'B' rating on Fogo De Chao on CreditWatch with negative implications. We highlight that Fogo has meaningful exposure to both business travel and group dining typically tied to conference and events. In the near term, we expect revenue related to these will dramatically decrease due to widespread cancellations. Further, as a higher price point offering relative to other casual diners we think the company may have even greater sensitivity than other restaurants to the anticipated domestic economic recession." "Fogo de Chao has minimal cushion in its credit metrics of roughly half a turn, given current S&P Global Ratings' adjusted leverage of roughly 6x times and our downside trigger of 6.5x. Given current expectations for material declines, we believe there is an increased likelihood that leverage will increase beyond our trigger. However, we note Fogo has decent liquidity, with ample availability on the revolver and modest cash on balance sheet and no near term maturities. We believe these factors allow for some time to assess the evolving impacts of the coronavirus on the company's performance in the near term." "We expect to resolve the CreditWatch placement as we learn more about the severity of the coronavirus' impact on Fogo de Chao and its liquidity profile." Golden Nugget Inc. S&P said, "We are placing our 'B' rating on Golden Nugget Inc. on CreditWatch with negative implications. Golden Nugget is exposed to the downturn as both an operator of casual diners and casinos across the U.S., and we anticipate meaningfully negative performance because of the impacts of social distancing and expected government mandated closures. We also note the company has meaningful exposure to consumer traffic related to tourism and conferences, which we expect will decline dramatically in the near term." "Given these expectations, there is an increased likelihood that S&P Global Ratings' adjusted leverage will increase closer to our downgrade trigger of 7x from the current 6x. Golden Nugget has reasonable liquidity, with modest cash balances and availability on the revolver; and we believe it has the ability to reduce capital spending and variable expenses to preserve cash. We believe these factors provide some time to see the evolving impacts of the coronavirus on demand and assess implications for performance in the near term." "We expect to resolve the CreditWatch placement as we learn more about the severity of the coronavirus' impact on Golden Nugget and its liquidity profile." CEC Entertainment Inc. S&P said, "We are placing our 'B-' rating on CEC Entertainment on CreditWatch with negative implications to reflect our view that the widespread coronavirus outbreak and CEC Entertainment's action to suspend nationwide in-store dining and entertainment rooms (including its Chuck E. Cheese's operations) until March 31, 2020, will likely lead to a meaningful decline in the company's operating performance. We expect customer traffic will be difficult to recover after social distancing mandates are lifted, and result in negative same-store sales, lower EBITDA, and cash flow pressures in 2020. We expect the company to reduce operating expenses and capital spending in the near term to preserve liquidity. CEC has limited time to refinance its senior unsecured notes, which mature in February 2022. In the event these notes are not repaid or refinanced, maturity of the credit facility (revolver and term loan) will accelerate to 91 days prior to the notes maturity date." "We expect to resolve the CreditWatch placement as we learn more about the severity of the coronavirus' impact on CEC and its liquidity profile." Cooper's Hawk Intermediate Holding LLC S&P said, "We are placing our 'B-' rating on Cooper’s Hawk on CreditWatch with negative implications. This reflect our expectation that current store closures including both dine-in and carryout service because of the coronavirus could dramatically affect operating performance over the next few months. We believe the meaningful decline in customer traffic will result in significantly lower revenue and EBITDA in the first half of 2020, followed by continued weak results due to lower consumer confidence for the remainder of the year, notwithstanding its recurring membership revenue model. We believe Cooper's Hawk will have certain ability to reduce operating costs and defer capital spending to offset the negative impact to the cash flow." "We expect EBITDA margin to meaningfully contract, at least temporarily, resulting in a spike in leverage that may not decline to levels appropriate for the rating over the next 12 months. The company has no meaningful near-term maturities which should allow for some time to assess the evolving impact of the coronavirus on demand." "We expect to resolve the CreditWatch placement as we learn more about the severity of the coronavirus' impact on Cooper's Hawk and its liquidity profile." Miller's Ale House Inc. S&P said, "We are placing our 'B-' rating on Millers Ale House on CreditWatch with negative implications. Miller's is an operator of casual dining restaurants and a small regional player focused in Florida which we believe may subject it to even more volatile performance than national operators. The company also generates dine-in revenue linked to conferences and other events, which have been uniformly cancelled across the U.S., adding further sales pressure." "Although we think Miller's Ale House has sufficient liquidity in the near-term due to a recent upsize of its term loan and we believe it has some levers to pull to conserve cash, headroom under its net total leverage ratio could come under pressure because we anticipate the coronavirus pandemic will lead to substantial declines in EBITDA. In the most recent quarter, headroom under this covenant was around 30% and S&P Global Ratings' adjusted leverage was high at around 6x debt to EBITDA." "We expect to resolve the CreditWatch placement as we learn more about the severity of the coronavirus' impact on Miller's and its liquidity profile." PHD Group Holdings LLC S&P said, "We are placing our 'B-' rating on PHD on CreditWatch with negative implications to reflect our view that PHD's business model and capital structure could be subject to irreparable harm depending on the magnitude and duration of impact from the COVID-19 pandemic, as well as the subsequent economic fallout. At the time of this publication, the company had announced closures of its dine-in service at its restaurants in Illinois, Indiana, and Minnesota, while other restaurants remain open to dine-in customers. Portillo's restaurants are large format units, which normally attract large crowds of dine-in customers. Given its relatively high drive-thru and takeout penetration at approximately 50%, we believe the company may see some offset to declining dine-in sales." "The company's recent term loan extension and revolver upsizing are positive offsets as it has no near-term maturities. However, despite about 40% cushion on its net leverage covenant, we believe long-term, localized social distancing mandates in Chicago and surrounding areas could result in sharply deteriorating profitability. We also view the company's capital structure as very highly leveraged, with estimated S&P Global Ratings' adjusted leverage of more than 10x in fiscal 2019, which includes adjustments to debt for operating lease commitments and for its redeemable preferred units currently accruing PIK interest at 11%. Prior to the impact of COVID-19, we expected only modestly positive cash flow generation. Our assessment of the sustainability of its capital structure will depend on our updated expectation of cash flow." "We expect to resolve the CreditWatch placement as we learn more about the severity of the coronavirus' impact on PHD and its liquidity profile." Ratings List Bloomin' Brands, Inc. Downgraded; CreditWatch/Outlook Action To From Bloomin' Brands, Inc. Issuer Credit Rating BB-/Watch Neg/-- BB/Stable/-- Ratings Affirmed; CreditWatch/Outlook Action To From OSI Restaurant Partners LLC Issuer Credit Rating BB/Watch Neg/-- BB/Stable/-- CEC Entertainment Inc. Ratings Affirmed; CreditWatch/Outlook Action To From CEC Entertainment Inc. Issuer Credit Rating B-/Watch Neg/-- B-/Stable/-- Cooper's Hawk Intermediate Holding, LLC Ratings Affirmed; CreditWatch/Outlook Action To From Cooper's Hawk Intermediate Holding, LLC Issuer Credit Rating B-/Watch Neg/-- B-/Stable/-- Darden Restaurants Inc. Ratings Affirmed; CreditWatch/Outlook Action To From Darden Restaurants Inc. Issuer Credit Rating BBB/Watch Neg/A-2 BBB/Stable/A-2 Flynn Restaurant Group LP Ratings Affirmed; CreditWatch/Outlook Action To From Flynn Restaurant Group LP Issuer Credit Rating B/Negative/-- B/Stable/-- Fogo De Chao, Inc. Ratings Affirmed; CreditWatch/Outlook Action To From Fogo De Chao, Inc. Issuer Credit Rating B/Watch Neg/-- B/Stable/-- Golden Nugget Inc. Ratings Affirmed; CreditWatch/Outlook Action To From Golden Nugget Inc. Issuer Credit Rating B/Watch Neg/-- B/Stable/-- Inspire Brands Inc. Ratings Affirmed; CreditWatch/Outlook Action To From IRB Holding Corp. Inspire Brands Inc. Issuer Credit Rating B+/Watch Neg/-- B+/Stable/-- PHD Group Holdings LLC Ratings Affirmed; CreditWatch/Outlook Action To From PHD Group Holdings LLC Portillo's Holdings LLC Issuer Credit Rating B-/Watch Neg/-- B-/Stable/-- BRAND BRIGADE: Plan to Be Funded by $50K Contribution ----------------------------------------------------- Debtor Brand Brigade, LLC, filed a Second Amended Plan of Reorganization and a Disclosure Statement on March 6, 2020. On Sept. 6, 2019, the Debtor filed its Notice of Motion and Motion for Order Authorizing the Debtor to Enter into Loan Agreement and Granting Administrative Priority. By the Financing Motion, the Debtor sought to borrow $25,000 on an administrative priority basis from Jimmy Wang, plus interest. The Bankruptcy Court entered an order granting the Financing Motion in part and denying it in part on October 28, 2019. The Financing Motion was granted with respect to approving the Debtor's borrowing of $25,000 on an administrative priority basis but denied in part in that no interest would be payable to Jimmy Wang on amounts borrowed. The loan was funded in full and used to retain The Shore Law Office as special litigation counsel with respect to the Kazerooni Litigation. This is the basis of Jimmy Wang's $25,000 administrative claim in this case. In connection with Plan confirmation, an individual or entity to be formed will contribute the sum of $50,000 as a new value contribution to the Debtor. Although the identity, nature, and composition of New Equity is not yet determined, the New Equity maybe Jimmy Wang individually, or an entity owned or controlled, in part or in whole, by Jimmy Wang. General Unsecured Creditors in Class 2 will receive payment of 10% on their allowed claims as set forth in the 18-month plan projections. As set forth in the Plan. Unsecured creditors will receive six quarterly payments commencing in the third month following the Effective Date of the Plan. The first three payments shall be $5,000 each and the last three payments shall be $6,000 each, for a total of $33,000. If allowed Class 2 unsecured creditors exceed $330,000, then the final quarterly payment shall include an additional payment equal to 10% of the amount by which Class 2 unsecured claims exceed $330,000. The Debtor reserves the right to pay the amount due to Class 2 creditors under the Plan more quickly than provided in the Plan Projections A full-text copy of the Second Amended Disclosure Statement dated March 6, 2020, is available at https://tinyurl.com/swqjzjg from PacerMonitor at no charge. The Debtor is represented by: DANIEL H. REISS JEFFREY S. KWONG LEVENE, NEALE, BENDER, YOO & BRILL L.L.P. 10250 Constellation Blvd., Suite 1700 Los Angeles, CA 90067 Tel: (310) 229-1234 Fax: (310) 229-1244 E-mail: dhr@lnbyb.com jsk@lnbyb.com About Brand Brigade Based in Anaheim, Calif., Brand Brigade LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-16397) on May 31, 2019, listing under $1 million in both assets and liabilities. Jeffrey S. Kwong, Esq., at Levene Neale Bender Yoo & Brill LLP, is the Debtor's bankruptcy counsel. Shore Law Offices is the special litigation advisory counsel. C2R GLOBAL: Court Rules on Claim Construction in Verde Patent Row ----------------------------------------------------------------- Bankruptcy Judge Beth E. Hanan ruled on proposed claim construction in a patent infringement litigation between debtor C2R Global Manufacturing, Inc., and Verde Environmental Technologies, Inc. On July 29, 2018, three months before C2R's Chapter 11 filing, Verde filed a lawsuit against the Debtor in the Eastern District of Wisconsin, asserting claims for false advertising under 15 U.S.C. section 1125(a) and Wisconsin Statute section 100.18, as well as claims for infringement of two of its patents, U.S. Patent No. 8,475,837 B2 (the "'837 Patent") and U.S. Patent No. 8,535,711 B2 (the "'711 Patent"). The Debtor and Verde dispute a patent concerning disposal systems for medications. After the debtor filed its bankruptcy petition, the litigation in the district court was stayed. Verde timely filed a proof of claim for $6,821,918, claiming the patent and non-patent related damages asserted in its district court case. C2R objected to the proof of claim, denying liability on Verde's claims and asserting counterclaims seeking a declaratory judgment that both patents are invalid. The parties attempted mediation with retired bankruptcy judge Susan V. Kelley, but those efforts were unsuccessful. As the first step in resolving C2R's claim objection and its counterclaims, the parties have asked the Bankruptcy Court to construe the meaning of several terms in the patents at issue. Determination of patent infringement and validity both require a two-step process that begins with claim construction -- a legal analysis where the court interprets the meaning and scope of the claims -- as the first step. Accordingly, Judge Hanan's decision concerns only the first step, claim construction. Judge Hanan held that the appropriate starting point in construing a claim is the "intrinsic evidence," which includes the words of the claims themselves, the patent specification, and the patent prosecution history. Beyond this intrinsic evidence, the Court also may consider extrinsic evidence. Extrinsic evidence in this context may include inventor testimony, expert testimony, documentary evidence of how the patentee and alleged infringer have used the claim terms, dictionaries, treatises, and similar sources. The parties dispute the meaning of terms used in claims 1, 8, and 9 of the '837 Patent, and claims 1, 2, 6, 7, 11, and 12 of the '711 Patent. A copy of the Court's Decision and Order dated Feb. 20, 2020 is available at https://bit.ly/384wZdB from Leagle.com. C2R Global Manufacturing, Inc., Debtor In Possession, represented by Brent Alan Lorentz -- blorentz@winthrop.com -- Winthrop & Weinstine, P.A., Brooks F. Poley -- bpoley@winthrop.com -- Winthrop & Weinstine, Evan Schmit, Kerkman & Dunn, Gregory M. Schrieber, Kerkman & Dunn, Ian Michael Rubenstrunk, Winthorp & Weinstine, P.A., Jerome R. Kerkman, Kerkman & Dunn, Johanna Wilbert -- johanna.wilbert@quarles.com -- Quarles & Brady LLP & Michael Piery -- michael.piery@quarles.com -- Quarles & Brady LLP. Office of the U. S. Trustee, U.S. Trustee, represented by Laura D. Steele, Office of the U.S. Trustee, Lauren L. Tobiason, Office of the U.S. Trustee & Michelle S.Y. Cramer, U.S. Trustee. About C2R Global Manufacturing Headquartered in Burlington, Wisconsin, C2R Global Manufacturing, Inc. -- http://www.c2r-globalmfg.com/-- specializes in developing, manufacturing, and marketing products for small to medium-sized customers. Its products include tooling and electronics (software and circuit design), metal castings, sheet metal fabrications, and molding all forms of plastics and rubbers. C2R Global Manufacturing, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 18-30182) on Oct. 29, 2018. At the time of the filing, the Debtor estimated assets of $1 million to $10 million and liabilities of $1 million to $10 million. The case is assigned to Judge Beth E. Hanan. The Debtor tapped Kerkman & Dunn as its legal counsel. CAST & CREW: S&P Places 'B' Issuer Credit Rating on Watch Negative ------------------------------------------------------------------ S&P Global Ratings placed all of its ratings on Cast & Crew Payroll LLC, including its 'B' issuer credit rating, on CreditWatch with negative implications To slow the spread of the COVID-19 virus, federal governments and local authorities have imposed social distancing requirements on public gatherings--which have led to the cancellation of many concerts and festivals, theatrical events, and film releases--as well as restrictions that limit the ability of production crews to film or produce media. While some projects will be delayed (for example, the Coachella music festival was delayed to October), others will be scaled back (such as television series) or cancelled outright. Because of the abrupt work stoppage, Cast & Crew's gross payroll processing volumes could decline severely if the pullback in the entertainment industry is prolonged. However, there are certain wages the company will still process, including those from continued payment or guaranteed wage contracts and severance payments or retainer fees. "The CreditWatch placement reflects our view that prolonged suspensions or cancellations of entertainment media and live event production could diminish the company's creditworthiness or deteriorate its liquidity position, potentially affecting the sustainability of its capital structure," S&P said. "We expect to resolve the CreditWatch placements within the next 90 days as we continue to assess the potential for further delays and disruptions of major events later in the year. In resolving the CreditWatch placements we will determine if Cast & Crew's adjusted leverage would remain above our 7x threshold over the next 12 months and if it can maintain an adequate intra-quarter liquidity profile. We could lower our ratings by up to two notches if we expect credit measures to remain weak or if we conclude the company's capital structure is unsustainable," S&P said. CELADON GROUP: Hires Colliers as Real Estate Broker --------------------------------------------------- Celadon Group, Inc., and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ Pratt McGarry Inc. d/b/a Colliers International, as real estate broker to the Debtors. Celadon Group requires Colliers to market and sell the Debtors' nonresidential real property located at 50 Omands Creek Boulevard, Winnipeg, Manitoba, Canada, which property includes (a) 13.51 acres of land, (b) an industrial building with approximately 17,079 square feet, and (c) all apparatus, machinery and equipment affixed to and used in connection with the operation and occupancy of such property. Colliers will be paid a commission of 4% of the final sale or disposition value of the property. Colliers will also be reimbursed for reasonable out-of-pocket expenses incurred. Wayne Pratt, partner of Pratt McGarry Inc. d/b/a Colliers International, 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. Colliers can be reached at: Wayne Pratt PRATT MCGARRY INC. D/B/A COLLIERS INTERNATIONAL 305 Broadway, Suite 500 Winnipeg, MB RJ7 Canada Tel: (204) 943-1600 About Celadon Group Celadon Group, Inc. -- https://celadontrucking.com/ -- is a North American truckload freight transportation company, primarily providing point-to-point shipping, warehousing, supply chain logistics, tractor leasing and other transportation and logistics services for major customers throughout North America. Celadon Group and 25 affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12606) on Dec. 8, 2019. As of Dec. 2, 2019, the Debtors disclosed $427 million in assets and $391 million in liabilities. Judge Karen B. Owens oversees the cases. The Debtors tapped DLA Piper LLP (US) as bankruptcy counsel; Scudder Law Firm, P.C., L.L.O. as special counsel; Alixpartners, LLP as financial advisor; and Kurtzman Carson Consultants, LLC, as notice, claims and balloting agent and administrative advisor. CELADON GROUP: Hires UHY Advisors as Tax Consultant --------------------------------------------------- Celadon Group, Inc., and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ UHY Advisors NY, Inc., as tax consultant to the Debtors. Celadon Group requires UHY Advisors to: (a) identify, recover, and collect on any tax refunds, tax rebates, overpayments, tax attributes, or any other payment (collectively, the "Tax Assets") due to the Debtors from various authorities, including the Internal Revenue Service, Department of Treasury, Social Security Administration, and Department of Commerce (collectively, the "Taxing Authorities"); and (b) if the Debtors seek to obtain or recover a Tax Asset from a Taxing Authorities, UHY will prepare necessary documents and filings such as amended tax returns or other necessary filings for the Debtors. UHY Advisors will be paid at these hourly rates: Partners/Managing Directors $650 to $825 Principals $500 to $650 Senior Managers/Managers $325 to $500 Senior Staffs $240 to $325 UHY Advisors will be paid a retainer in the amount of $50,000. UHY Advisors will also be reimbursed for reasonable out-of-pocket expenses incurred. Mehmet Sengulen, partner of UHY Advisors NY, Inc., 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. UHY Advisors can be reached at: Mehmet Sengulen UHY ADVISORS NY, INC. 1185 Avenue of the Americas, 38th Floor New York, NY 10036-2603 Tel: (212) 381-4700 About Celadon Group Celadon Group, Inc. -- https://celadontrucking.com/ -- is a North American truckload freight transportation company, primarily providing point-to-point shipping, warehousing, supply chain logistics, tractor leasing and other transportation and logistics services for major customers throughout North America. Celadon Group and 25 affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12606) on Dec. 8, 2019. As of Dec. 2, 2019, the Debtors disclosed $427 million in assets and $391 million in liabilities. Judge Karen B. Owens oversees the cases. The Debtors tapped DLA Piper LLP (US) as bankruptcy counsel; Scudder Law Firm, P.C., L.L.O. as special counsel; Alixpartners, LLP as financial advisor; and Kurtzman Carson Consultants, LLC, as notice, claims and balloting agent and administrative advisor. CENTER CITY HEALTHCARE: Exclusivity Period Extended to June 24 -------------------------------------------------------------- Center City Healthcare, LLC obtained a court order extending to June 24 the period during which only the company and its affiliates can file a Chapter 11 plan. The companies can solicit acceptances for the plan until Aug. 24, according to the order signed by Judge Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware. About Center City Healthcare Center City Healthcare, LLC is a Delaware limited liability company that operates Hahnemann University Hospital. Its parent company is Philadelphia Academic Health System, LLC, which is also the parent company of St. Christopher's Healthcare, LLC and its affiliated physician groups. Center City Healthcare and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11466) on June 30, 2019. At the time of the filing, the Debtors were estimated to have assets of between $100 million and $500 million and liabilities of the same range. The cases are assigned to Judge Kevin Gross. The Debtors tapped Saul Ewing Arnstein & Lehr LLP as legal counsel; EisnerAmper LLP as restructuring advisor; SSG Advisors, LLC as investment banker; and Omni Management Group, Inc., as claims and noticing agent. The Office of the U.S. Trustee appointed a committee of unsecured creditors on July 15, 2019. The committee tapped Fox Rothschild LLP as legal counsel; Sills Cummis & Gross P.C. as co-counsel; and Berkeley Research Group, LLC as financial advisor. Suzanne Koenig has been appointed as the patient care ombudsman. CENTRAL PALM BEACH SURGERY: May Access Cash Through April 14 ------------------------------------------------------------ Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern District of Florida authorized Central Palm Beach Surgery Center Ltd. to use cash collateral to pay expenses incurred in the ordinary course of its business operation. The Debtor may use cash collateral up to the amounts shown in the budget, through and including the earlier of (i) the date of the further hearing; (ii) the date on which the Second Interim Order is stayed or of no further force or effect; or (iii) the date on which the Court determines that the Debtor is in material breach of the provisions of the Second Interim Order. The Court will conduct a further hearing on the use of cash collateral on April 14, 2020 at 1:30 p.m. The Debtor represented at the Interim Hearings that, as of the Petition Date, it is indebted to the Lender in the approximate aggregate amount of $1.2 million, including unpaid interest, costs, attorneys' fees and other amounts due. The Debtor is authorized the Debtor to grant the Lender a valid, binding, enforceable, non-avoidable and perfected first priority post-petition security interest and lien in, to and against all of the Debtor's assets, nunc pro tunc to the Petition Date, as security for all of the Debtor's obligation to the extent that the Debtor used the cash collateral. As further adequate protection, the Debtor is directed to pay the lender $35,985.67 per month, consistent with the Debtor's obligations under the credit agreement. A copy of the Second Interim Order is available for free at https://is.gd/Pwl7Un from PacerMonitor.com. About Central Palm Beach Surgery Center Central Palm Beach Surgery Center Ltd. and CPBS Management LLC, owners of an ambulatory surgery center in West Palm Beach, Fla., filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 20-11127) on Jan. 28, 2020. The petitions were signed by Jonathan Cutler, authorized member. Central Palm disclosed $7,115,518 in assets and $12,270,801 in liabilities. Judge Mindy A. Mora oversees the cases. Robert C. Furr, Esq., at Furr & Cohen, P.A., is the Debtors' legal counsel. CLARE OAKS: Asks Court to Extend Exclusivity Period to June 30 -------------------------------------------------------------- Clare Oaks asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusive period to file a Chapter 11 plan to June 30 and the period to confirm a plan to Aug. 31. Clare Oaks also requested the court for an order waiving the exclusive periods as to the unsecured creditors' committee and UMB Bank, N.A., in its capacity as successor bond trustee, to allow either of them to propose a plan. UMB Bank has agreed to extend Clare Oaks' use of the bank's cash collateral to June 30 to allow enough time for all parties to evaluate any plan of reorganization proposed by the bank or the committee. About Clare Oaks Clare Oaks -- https://www.clareoaks.com/ -- is a not-for-profit corporation that operates a continuing care retirement community. Its facilities and services include independent living, assisted living, skilled nursing, rehabilitation, and memory care services. Clare Oaks sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 19-16708) on June 11, 2019. It previously sought bankruptcy protection (Bankr. N.D. Ill. Case No. 11-48903) on Dec. 5, 2011 . At the time of the filing, the Debtor estimated assets of between $10 million and $50 million and liabilities of between $100 million and $500 million. Judge Donald R. Cassling oversees the case. The Debtor tapped Polsinelli PC as legal counsel; Solic Capital Advisors LLC as financial advisor; and Stretto LLC as claims and balloting agent and as administrative advisor. The Office of the U.S. Trustee appointed creditors to serve on the official committee of unsecured creditors on June 28, 2019. The committee tapped Perkins Coie, LLP as its legal counsel. COLFAX CORP: S&P Alters Outlook to Negative, Affirms 'BB+' ICR -------------------------------------------------------------- S&P Global Ratings revised the outlook on Colfax Corp. to negative from stable. At the same time, S&P affirmed its 'BB+' ratings on the company, including the issuer and issue-level credit ratings. Leverage is high as the company transitions out of the air and gas segment and into DJO Medical. Colfax acquired DJO on Feb. 22, 2019, and divested its air and gas handling segment (which markets products under the Howden brand name) on Sept. 30, 2019. Colfax applied the proceeds to debt repayment; however, S&P Global Ratings-adjusted debt to EBITDA is above expectations for the rating level, in the 4x area. While S&P expects one-time acquisition and divesture costs to roll off, lower restructuring costs, and management to continue to decrease leverage and to defer any share buybacks over the next 12 months, the macroeconomic headwinds facing industrial production will put the deleveraging trajectory at risk. The negative outlook on Colfax reflects elevated leverage for the rating, coupled with a likelihood of slower deleveraging given S&P's updated global macroeconomic outlook. While S&P previously expected leverage to come down to the mid-3x range, S&P now believes there is at least a one in three chance that leverage remains at or above 4x over the next 12 months. "We could lower our rating on Colfax if the company's operating performance declines due to diminished demand for its products such that its debt to EBITDA remains above 4x. Although less likely, we could also lower our rating if the company pursues debt-financed acquisitions or material shareholder returns that increase its leverage above 4x on a sustained basis," S&P said. "We could stabilize the outlook on Colfax if the company exhibits good operating performance and is able and willing to sustain leverage below 4x," S&P said. COLUMBIA NUTRITIONAL: Cash Collateral Use Allowed Until April 17 ---------------------------------------------------------------- Judge Brian D. Lynch of the U.S. Bankruptcy Court for the Western District of Washington authorized Columbia Nutritional LLC to use cash collateral to fund expenditures through April 17, 2020 in accordance with the Budget and subject to the conditions set forth in the Final Order. Columbia State Bank ("CSB") asserts the Debtor owes it approximately $6,042,697, secured by certain personal property owned by the Debtor, including without limitation, inventory, equipment, accounts, chattel paper, documents, instruments, general intangibles, and all products and proceeds of any of the foregoing. Bruce Rhine asserts the Debtor owes him approximately $695,000 as of the Petition Date, secured by all of the Debtor's assets, including, without limitation, inventory, accounts, machinery, and equipment, and the products and proceeds thereof. The Debtor is required to make a monthly adequate protection payment to Columbia State Bank in the amount of $50,000, which payment will be due on the 10th day of each month. CSB and Rhine are granted continuing valid, binding, enforceable, and perfected postpetition liens on all property of the Debtor of the same type and category in which they held prepetition liens, with the same priority as their prepetition liens had in such property. The Adequate Protection Liens will be senior in priority to the DIP Facility Liens on such property in the case of CSB, and equal in priority to the DIP Facility Liens in the case of Rhine. In addition, CSB and Rhine will have administrative expense claims under section 503(b) of the Bankruptcy Code that will have superpriority as provided in section 507(b) of the Bankruptcy Code. The Adequate Protection Claims will be senior in priority to the DIP Lender's Superpriority Claim in the case of CSB and equal to the DIP Lender's Superpriority Claim in the case of Rhine. The Debtor will be permitted to segregate weekly in a set aside account, those amounts listed in the Budget for (i) professional fees and expenses of the Debtor's and the Committee's attorneys, accountants, and other professionals, with such funds to be used for payment of professional fees and expenses when allowed, and (ii) anticipated statutory fees payable to the U.S. Trustee. A further hearing to consider the continued use of cash collateral will be held on April 16, 2020, at 10:00 a.m. About Columbia Nutritional Columbia Nutritional, LLC -- https://www.columbianutritional.com/ -- is a contract manufacturer of dietary supplements based in the Pacific Northwest. Columbia Nutritional filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wa. Case No. 20-40353) on Feb. 6, 2020. In the petition signed by COO Brea Viratos, the Debtor was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Brian D. Lynch oversees the case. Thomas W. Stilley, Esq., at Sussman Shank LLP, serves as the Debtor's legal counsel. COOL HOLDINGS: Completes Restructuring of Debt Owed to Gamestop --------------------------------------------------------------- Cool Holdings, Inc. (otcqb:AWSM) (the "Company" or "Cool Holdings"), the parent company of Simply Mac, Inc., the largest Apple Premier Partner in the U.S. ("Simply Mac"), and GameStop Corp. ("GameStop"), have completed a restructuring of the debt owed to GameStop by the Company. On September 25, 2019, Cool Holdings purchased all of the outstanding stock of Simply Mac from GameStop. A portion of the consideration for the purchase included a 12% Secured Promissory Note for $7,858,000 (the "Note") that was due in quarterly installments beginning December 25, 2019. The Company anticipated that it would be able to raise sufficient equity capital to pay the quarterly Note installments. However, that did not occur, and the Company was unable to make the first installment payment. Consequently, on January 15, 2020, the Company received a notice of default from GameStop of its obligations under the Note (the "Default"). The Company announced today that on March 11, 2020 it closed the restructuring of the Note and related agreements in a settlement that resulted in a curing of the Default and the following: -- Cool Holdings made an immediate payment of $250,000 to GameStop; -- $345,000 held in escrow to secure the indemnity obligations of GameStop in connection with the Simply Mac sale to Cool Holdings was released to GameStop; -- The original Note was amended so that the principal amount was adjusted downward to $1,250,000, the Note became unsecured and all Company assets formerly secured were released, the interest rate is set at 6% and all principal and interest accrued from March 11, 2020 will be due upon maturity on February 17, 2024. About Cool Holdings Cool Holdings, Inc., formerly known as InfoSonics Corporation -- http://www.coolholdings.com/-- is a Miami-based company currently comprised of Simply Mac and OneClick, two chains of retail stores and an authorized reseller under the Apple Premier Partner, APR (Apple Premium Reseller) and AAR MB (Apple Authorized Reseller Mono-Brand) programs and Cooltech Distribution, an authorized distributor to the OneClick stores and other resellers of Apple products and other high-profile consumer electronic brands. Cool Holdings reported a net loss of $27.27 million for the year ended Dec. 31, 2018, compared to a net loss of $7.54 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $29.57 million in total assets, $41.07 million in total liabilities, and a total stockholders' deficit of $11.50 million. Kaufman, Rossin & Co., P.A., in Miami, Florida, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 16, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. CPI CARD: Douglas Pearce Won't Seek Reelection to Board ------------------------------------------------------- Douglas Pearce informed the Board of Directors of CPI Card Group Inc. of his decision not to stand for reelection to the Board at the Company's 2020 Annual Meeting of Stockholders. Mr. Pearce intends to continue to serve through the remainder of his current term. Mr. Pearce's decision was not related to any disagreement with the Company on any matter relating to its strategy, leadership, operations, policies or practices. About CPI Card CPI Card Group -- http://www.cpicardgroup.com/-- is a payment technology company and provider of credit, debit and prepaid solutions delivered physically, digitally and on-demand. CPI helps its customers foster connections and build their brands through innovative and reliable solutions, including financial payment cards, personalization and fulfillment, and Software-as-a-Service (SaaS) instant issuance. CPI has more than 20 years of experience in the payments market and is a trusted partner to financial institutions and payments services providers. Serving customers from locations throughout the United States, CPI has a large network of high security facilities, each of which is registered as PCI Card compliant by one or more of the payment brands: Visa, Mastercard, American Express, and Discover. CPI Card reported a net loss of $4.45 million for the year ended Dec. 31, 2019, compared to a net loss of $37.46 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $213.5 million in total assets, $365.92 million in total liabilities, and a total stockholders' deficit of $152.43 million. * * * As reported by the TCR on April 4, 2018, Moody's Investors Service downgraded its ratings for CPI Card Group Inc., including the company's Corporate Family Rating (to Caa1, from B3) and Probability of Default Rating (to Caa1-PD, from B3-PD). Moody's said the downgrades broadly reflect continued uncertainty about whether CPI can return to revenue and profit growth over the next 12 to 18 months, and an earnings and cash flow profile that can adequately support the company's heavy debt burden. In June 2019, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on CPI Card. "The affirmation reflects our view that despite improving trends, CPI's operating performance will remain weak and the capital structure unsustainable," S&P said. CTE 1 LLC: Exclusivity Period Extended Until June 23 ---------------------------------------------------- Judge Vincent Papalia of the U.S. Bankruptcy Court for the District of New Jersey extended to June 23 the period during which only CTE 1 LLC can file a plan. The company has the exclusive right to solicit votes until Aug. 24. About CTE 1 LLC CTE 1 LLC -- https://www.lexusofenglewood.com/ -- is a car dealer in Englewood, N.J., offering a selection of new and pre-owned Lexus vehicles. It offers a full lineup of vehicles, including Lexus LS sedan, Lexus RX SUV and ES Hybrid. CTE 1 sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 19-30256) on Oct. 27, 2019, in New Jersey. In the petitions signed by Carmine DeMaio, operating manager, the Debtor was estimated to have $10 million to $50 million of assets and the same range of liabilities. Judge Vincent F. Papalia oversees the case. The Debtor tapped Robert M. Hirsh, Esq., at Arent Fox LLP, as its legal counsel. Steven F. Agran of Carl Marks Advisory Group LLC is the Debtor's chief restructuring officer. CW WELDING: April 14 Plan Confirmation Hearing Set -------------------------------------------------- Judge William J. Fisher approved the disclosure statement filed by CW Welding and Fabrication, LLC, its proponent, on March 3, 2020, regarding the Plan. April 14, 2020, at 1:30 p.m., in Courtroom 2B, 2nd Floor, 316 N. Robert St, St. Paul MN 55101 is the hearing to consider confirmation of the Plan. April 10, 2020, is the telephonic status conference. Seven days prior to the hearing is the last day to timely deliver an objection, and ten days prior to the hearing is the last day to timely mail an objection. Five days prior to the hearing is fixed as the last day to timely file the ballots to accept or reject the plan. A full-text copy of the order dated March 6, 2020, is available at https://tinyurl.com/wc62lto from PacerMonitor at no charge. About CW Welding & Fabrication CW Welding and Fabrication -- https://www.cwweld.net/ -- is a locally owned and operated welding and fabrication company located in Southwestern Minnesota. The Company also custom builds trailers, fish-house frames, agricultural products, grain chutes/transitions, rock boxes, and other specialty equipment. CW Welding & Fabrication, LLC, CW Equipment, LLC, CW Fabrication, LLC, and CW, LLC, filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Lead Case No. 19-30650) on March 6, 2019. The petitions were signed by Neil D. Cole, president. CW Welding disclosed $405,588 in total assets and $1,586,406 in total liabilities. The Debtors tapped Karl J. Johnson, Esq., at Hellmuth & Johnson, PLLC, and Kesha Tanabe, Esq., at Tanabe Law, as bankruptcy attorneys; and Briggs and Morgan, P.A., as co-counsel. CYTODYN INC: Raises $900K in Securities Offering ------------------------------------------------ CytoDyn Inc. issued in private placements to accredited investors an aggregate of 882 shares of its authorized Series D Convertible Preferred Stock, par value $0.001 per share, with an initial stated value of $1,000 per share, together with warrants to purchase an aggregate of up to 275,625 shares of its common stock, par value $0.001 per share, with an initial exercise price of $1.00 per share for aggregate gross proceeds to the Company of approximately $0.9 million. The shares of Series D Preferred Stock are convertible into shares of Common Stock at an initial conversion price of $0.80 per share and will carry dividends at a rate of 10% per annum (subject to adjustment as provided in the Certificate of Designation of the Rights, Preferences, Privileges and Restrictions of the Series D Convertible Preferred Stock) and have the preferences, rights and limitations set forth in the Series D Certificate of Designation. The Series D Warrants have a five-year term and are immediately exercisable. Pursuant to the subscription agreements entered into with each of the investors, the Company has agreed to use commercially reasonable efforts to prepare and file with the United States Securities and Exchange Commission by April 30, 2020, a registration statement under the Securities Act of 1933, as amended, covering the resale of all of the Common Stock issuable to the investors upon the conversion of the Series D Preferred Stock and the exercise of the Series D Warrants. The representations, warranties and covenants contained in the Subscription Agreements were made solely for the benefit of the parties to the Subscription Agreements. In addition, such representations, warranties and covenants (i) are intended as a way of allocating the risk between the parties to the Subscription Agreements and not as statements of fact, and (ii) may apply standards of materiality in a way that is different from what may be viewed as material by stockholders of, or other investors in, the Company. The shares of Series D Preferred Stock and the Series D Warrants were offered and sold in reliance on an exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D. Each investor has represented that it is an accredited investor, as defined in Regulation D, and has acquired the securities for investment purposes only and not with a view to, or for sale in connection with, any distribution thereof. The securities were not issued through any general solicitation or advertisement. About CytoDyn Inc. Headquartered in Vancouver, Washington, CytoDyn Inc. -- http://www.cytodyn.com/-- is a late-stage biotechnology company focused on the clinical development and potential commercialization of leronlimab (PRO 140), a CCR5 antagonist to treat HIV infection, with the potential for multiple therapeutic indications. Cytodyn reported a net loss of $56.18 million for the year ended May 31, 2019, compared to a net loss of $50.14 million for the year ended May 31, 2018. As of Nov. 30, 2019, CytoDyn had $17.92 million in total assets, $31.55 million in total liabilities, and a total stockholders' deficit of $13.63 million. Warren Averett, LLC, in Birmingham, Alabama, the Company's auditor since 2007, issued a "going concern" qualification in its report dated Aug. 14, 2019, on the Company's consolidated financial statements for the year ended May 31, 2019, citing that the Company incurred a net loss of approximately $56,187,000 for the year ended May 31, 2019 and has an accumulated deficit of approximately $229,363,000 through May 31, 2019, which raises substantial doubt about its ability to continue as a going concern. DAVID CROWE: Bankr. Court Junks Bid to Abstain or Stay TPT Suit --------------------------------------------------------------- Chief Bankruptcy Judge Brenda Moody Whinery denied Plaintiff Turbine Powered Technology, LLC's motion to abstain or alternatively, stay the adversary proceeding captioned TURBINE POWERED TECHNOLOGY, LLC, Plaintiff, v. DAVID K. CROWE and COLLEEN M. CROWE, Defendants, Adversary Case No. 4:19-ap-00260-BMW (Bankr. D. Ariz.). TPT has asked the Court to: (1) permissively abstain from, or in the alternative, stay the adversary proceeding to allow the 16th Judicial District Court for the Parish of St. Mary in the State of Louisiana to liquidate TPT's claims against the Crowes; and (2) extend the initial disclosure and discovery plan deadlines. Debtors David M. Crowe and Colleen M. Crowe have objected to TPT's request for abstention or a stay on the basis that: (a) permissive abstention is inappropriate because this is a core proceeding that involves the dischargeability of debts over which this Court has exclusive jurisdiction; (b) the abstention factors weigh against abstention; and (c) the interest of justice militates against allowing TPT to stay its own adversary proceeding. In November 2016, TPT sued Debtor David Crowe and other third parties in the Louisiana State Court alleging, among other things, breach of contract, breach of fiduciary duty, tortious interference with a business relationship, and violations of the Louisiana Uniform Trade Secrets and Unfair Trade Practices Act. On April 12, 2019, the Crowes filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. On July 16, 2019, TPT filed a proof of claim in the administrative case asserting a claim in the amount of "[n]ot less than $30,014,536.82." The Debtors object to the TPT Claim. On July 22, 2019, TPT commenced an adversary proceeding against the Debtors, alleging that its claims are non-dischargeable pursuant to sections 523(a)(2)(A), 523(a)(4), 523(a)(6), and 727(a)(4) of the Code and expressly requests that the Court enter a non-dischargeable judgment in TPT's favor in "the sum of not less than $30,014,536.82 plus interest of 10% per annum[.]" In ruling on the request, Judge Whinery notes that courts in the Ninth Circuit consider these factors, commonly known as the Tucson Estates factors, when determining whether permissive abstention is appropriate: (1) the effect or lack thereof on the efficient administration of the estate if a Court recommends abstention, (2) the extent to which state law issues predominate over bankruptcy issues, (3) the difficulty or unsettled nature of the applicable law, (4) the presence of a related proceeding commenced in state court or other nonbankruptcy court, (5) the jurisdictional basis, if any, other than 28 U.S.C. section 1334, (6) the degree of relatedness or remoteness of the proceeding to the main bankruptcy case, (7) the substance rather than form of an asserted core proceeding, (8) the feasibility of severing state law claims from core bankruptcy matters to allow judgments to be entered in state court with enforcement left to the bankruptcy court, (9) the burden on [the bankruptcy court's] docket, (10) the likelihood that the commencement of the proceeding in bankruptcy court involves forum shopping by one of the parties, (11) the existence of a right to a jury trial, and (12) the presence in the proceeding of nondebtor parties. In analyzing these factors, the Bankruptcy Court finds that most of the Tucson Estates factors weigh against abstention or are neutral. And given that the Court is in a position to more expeditiously resolve this matter, at this juncture the Court will not abstain from adjudicating this adversary proceeding. In the alternative, TPT has asked the Court to stay this adversary proceeding pursuant to section 105(a). Section 105(a) allows a court to "issue any order, process, or judgment that is necessary or appropriate to carry out the provisions of [the Bankruptcy Code]." Section 105(a) is entirely discretionary. Further, "the [c]ourt's broad injunctive power under [section 105(a)] must be used sparingly." In this case, TPT has not established a sufficient basis for the Court to stay this adversary proceeding, which proceeding was commenced by TPT, and which proceeding is intrinsically intertwined with the pending plan confirmation proceedings. Although there is a related action pending before the Louisiana State Court, the Louisiana State Court is not scheduled to hear dispositive motions until November 2020, at the earliest. The Bankruptcy Court believes that at this point in the proceedings, it is not appropriate for the Court to either stay, or abstain from this adversary proceeding. TPT's motion is, thus, denied. A copy of the Court's Ruling and Order dated Feb. 20, 2020 is available at https://bit.ly/2T70Ptz from Leagle.com. Turbine Powered Technology, LLC, Plaintiff, represented by ERIC ISAIAH HOLDEN HOGGATT, HOGGATT LAW GROUP, ADAM B. NACH, LANE & NACH, P.C., D.C. PANAGIOTIS -- dan@panalaw.com --THE PANAGIOTIS FIRM & HELEN K. SANTILLI, Lane & Nach, P.C. DAVID K. CROWE & COLLEEN M CROWE, Defendants, represented by FREDERICK J. PETERSEN, MESCH, CLARK & ROTHSCHILD, P.C. About David K. Crowe and Colleen M. Crowe David K. Crowe and Colleen M. Crowe sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 19-04406) on April 12, 2019. Mesch, Clark & Rothschild, P.C. is the Debtors' bankruptcy counsel. DOMINION GROUP: Has Final Nod on DIP Financing, Cash Collateral Use ------------------------------------------------------------------- Judge Jerry A. Brown of the U.S. Bankruptcy Court for the Eastern District of Louisiana issued a final order authorizing Dominion Group, LLC and its affiliate Cape Quarry, LLC to obtain postpetition financing (a) up to the principal amount of $276,000 from Ed Milner under the DIP Loan Facility, and (b) up to $1,000,000 as set forth in the factoring agreement with Amerisource Funding, Inc. The Debtors are also allowed to continue to use cash collateral in order to operate their businesses in the ordinary course as set forth in the budget and in accordance with the terms of the Final Order. The DIP Loan contemplates a loan in the aggregate principal amount of up to $276,000, with an interest at the annual rate of 10% per annum. Further the DIP loan requires that interest be paid monthly and that a principal payment be made by May 22, 2020 in the amount of $113,000. The DIP Lender will be entitled to joint and several super-priority administrative expense claim status in the Case of each Debtor. Further, DIP Lender will have the DIP Liens, consisting of: (i) a valid, binding, continuing, enforceable perfected first priority security interest and lien on the property of each Debtor; (ii) a valid, binding, continuing, enforceable junior perfected security interest and lien on the property of each Debtor; and (iii) a valid, binding, continuing, enforceable perfected first priority priming security interest and lien on the property of each Debtor that is Prepetition Collateral for the Prepetition Liens securing the Milner Prepetition Claims. Pursuant to the Factoring Facility, Amerisource may purchase as fee owner the Cape Quarry receivables that were offered to it for purchase and accepted for factoring and in return fund up to 85% of the face amount of each Purchased Receivable. To secure the right of Amerisource to put unpaid receivables to the Debtor, Amerisource will be granted a first and priming superpriority lien in the Debtor's post-petition receivables and its pre- and post-petition inventory, general intangibles and payment intangibles. The DIP Lender has agreed that the Factoring Liens to be granted Amerisource will be superior to the DIP Lender's liens and will be priming, superpriority liens in, to and upon the Factoring Collateral The Debtors are parties to a certain promissory note, which gives rise to the Milner Prepetition Claims. The obligations arising from the Milner Note are secured by the prepetition liens, in, to and upon the prepetition collateral, including without limitation (i) the real property owned by Cape Quarry, including the Mine and (ii) personal property of Cape Quarry, including in all cases, the proceeds therefrom. As of the Petition Date, the principal amount owed to the Prepetition Secured Lender was not less than $3,800,000. The Prepetition Secured Lender will be entitled to adequate protection to the extent of any diminution in value of their interests in the Prepetition Collateral. The Prepetition Secured Lender will receive, as adequate protection, postpetition replacement liens and superpriority adequate protection claims in accordance with the terms of the Final Order. The Prepetition Secured Lender also will be entitled to certain reports from the Debtors. Financial Reports provided to the Prepetition Secured Lender and DIP Lender will be contemporaneously provided to the Committee. With respect to the Milner Prepetition Claims and Prepetition Liens, Carve-Out will mean (i) an amount of $60,000 applicable to the firm Heller Draper; and (ii) fees payable to the clerk of the Court. The Debtors' obligations to the Prepetition Secured Lender under the Milner Prepetition Claims, and the Adequate Protection Claims and Liens, will be subject and subordinate to the carve-out. A copy of the Order is available for free at https://is.gd/PnYybs from PacerMonitor.com. About Dominion Group Dominion Group -- https://www.dominiongp.com/ -- is a turn-key bulk materials producer and provider, which operates marine terminals and provides transportation and logistics support serving businesses on the Mississippi River and Gulf Coast. Cape Quarry, a wholly-owned subsidiary of Dominion, owns and operates a limestone quarry in Cape Girardeau County, Mo. Dominion Group, LLC, based in Baton Rouge, La., and Cape Quarry sought Chapter 11 protection (Bankr. E.D. La. Lead Case No. 19-12366) on Sept. 3, 2019. In the petitions signed by Joe William Cline, III, manager, Dominion Group was estimated to have assets and liabilities of $1 million to $10 million; and Cape Quarry LLC was estimated assets of $10 million to $50 million and estimated liabilities of $1 million to $10 million. Judge Jerry A. Brown oversees the cases. The Debtors hired Adams & Reese LLP as counsel; Chiron Advisory Services LLC as financial advisor; and Chiron Financial LLC as investment banker. The U.S. Trustee for Region 5 appointed a committee of unsecured creditors in the Chapter 11 case of Dominion Group LLC's affiliate Cape Quarry, LLC on Oct. 29, 2019. The committee is represented Simon, Pergaine, Smith & Redfearn, LLP. DOUBLE L FARMS: To Lease Out Real Property Pending Sale ------------------------------------------------------- Debtor Double L Farms, Inc., filed the Second Amended Disclosure Statement describing its Chapter 11 Plan dated March 3, 2020. The Plan calls for the controlled and timely liquidation of all assets over the next year through a series of sales, surrenders, and liquidations, while preserving estate values by leasing out the Debtor's real property pending sale. The Debtor's Plan envisions that the Debtor will liquidate under the management of current leadership. The dairy operation will be sold in two parts, with 80 milk cows to be sold to Young and Young Livestock for $80,000 and the remainder of the herd and operation to be sold as a going concern to Trevor and Joel Hill for $103,963, resulting in a total of $183,963. This will be accomplished via a Sec. 363 motion that will be filed and heard concurrently with this Disclosure Statement. Purchasers will also assume the lease for the 2016 Volvo L60H loader. The Net Proceeds from the dairy cows will be applied first to Young & Young Livestock's remaining lien, with the remainder to be applied to Zions Bank's lien. The proceeds from the sale of all calves and equipment will be applied to Zions Bank's lien. The following real property will be sold via Sec. 363 motions to Keith Lewis, subject to overbids: * Shop Property - consisting of three parcels of real property located in Rigby, Idaho, that are not encumbered by any liens. The property is being proposed to be sold for $70,000, with the Net Proceeds of the sale will be placed in the DIP account and distributed according to the Plan. * Yellowstone Property - consisting of 71 acres of real property located in Sections 5 and 8 of Township 4 North, Range 39 East in Rigby, Idaho. The property is being proposed to be sold for $390,500 with the Net Proceeds from the sale to be applied to Zions Bank’s lien. * Hired Hand's Home - located at 4334 E. 500 N. Rigby, Idaho 83442. The home is proposed to sell for $45,000 with the Net Proceeds from the sale to be applied to Zions Bank's lien. The following real property will be marketed immediately for sale by James Billman: * Clark Property - consisting of 89 acres of real property located in Section 23 of Township 4 North, Range 39 East in Rigby, Idaho. The property is estimated to sell for $427,200 with the Net Proceeds from the sale to be applied to Zions Bank's lien. If for some reason the Clark Property fails to sell by the end of 2020, it will be surrendered to Zion's Bank. * Desert Property - consisting of 1595 acres of real property in Roberts, Idaho. Pending any future sale, the Debtor will lease the properties for the 2020 crop year to Keith Lewis, father of Jared and Heath Lewis, for $120/acre. Net Proceeds from the sale of Desert Property will be paid to Zion's Ag and then, once its claim is fully satisfied, then to Zion's Bank. If for some reason the Desert Property fails to sell by the end of 2020, it will be surrendered to Zion's Ag. The Clark Property and Desert Property will be marketed immediately for sale by James Billman of Billman Group. Beef cattle will be sold at a private sale or at auction via a Sec. 363 motion that will be filed and heard concurrently with this Disclosure statement. The beef herd consists of approximately 160 beef cows and 115 beef calves, which are estimated to sell for $202,750. Of course, this is a very rough estimate that relies on market prices at the time of sale and would take into account beef calves of all sizes. Net Proceeds from the sale will be applied to Zions Bank’s lien. The Debtor's equipment will be sold privately, at auction, or surrendered. Equipment sold privately or at auction will be sold via a Sec. 363 motion, with the auction to be handled by Keith Couch of U.S. Auction. Net Proceeds from the sale will be applied as provided for in the Plan. Once the last piece of real property is sold or surrendered, the remaining cash will be distributed as provided for in the Second Amended Plan. A full-text copy of the Amended Disclosure Statement dated March 3, 2020, is available at https://tinyurl.com/vkpbqtg from PacerMonitor.com at no charge. Counsel for the Debtor: Robert J. Maynes, Esq. Mark V. Cornelison, Esq. MAYNES TAGGART PLLC PO Box 3005 Idaho Falls, ID 83403 Telephone: (208) 552-6442 Facsimile: (208) 524-6095 E-mail: rmaynes@maynestaggart.com About Double L Farms Double L Farms, Inc., is a privately-held company in Rigby, Indiana, that operates in the farming industry. Double L Farms sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 18-40910) on Oct. 9, 2018. In the petition signed by Jared Keith Lewis, president, the Debtor was estimated to have assets of $1 million to $10 million and liabilities of $10 million to $50 million. Judge Joseph M. Meier oversees the case. The Debtor tapped Maynes Taggart PLLC as its legal counsel. EAGLECLAW MIDSTREAM: S&P Lowers ICR to 'B-' on Elevated Leverage ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating and issue-level rating on EagleClaw Midstream LLC to 'B-' from 'B'. The '4' recovery recovery remains unchanged, indicating S&P's expectation for average (30%-50%; rounded estimate: 45%) recovery in the event of a payment default. The outlook is negative. "The downgrade follows the downward revision of our commodity price deck, which we expect will cause EagleClaw to have lower adjusted EBITDA and volume flow levels than we previously forecast. We expect the company and its midstream peers to face a more challenging marketplace for the remainder of 2020 and 2021 as producers reevaluate their development timelines and production forecasts. We forecast that EagleClaw will sustain an adjusted debt-to-EBITDA ratio in the 6.5x-7.5x range over the next 12 months, though it will have adequate liquidity and the support of its sponsors to maintain stable operations and deleverage over time. In addition, we believe EagleClaw is better positioned than its Permian basin private-equity backed peers, given its larger asset base and integrated model," S&P said. The negative outlook reflects S&P's expectation that EagleClaw will realize lower throughput volumes than it previously forecast and leverage metrics will remain elevated over the next 12 months, with debt to EBITDA in the 6.5x-7.5x range. "We could lower our rating on EagleClaw if the company's capital structure becomes unsustainable and if its liquidity deteriorates further. This could occur due to a continued underperformance on its throughput volumes or if it sustained higher than expected operating expenses and capital expenditures without additional support from its sponsors," S&P said. "We could revise the outlook on EagleClaw to stable if it maintains a debt-to-EBITDA ratio of less than 6.5x while increasing its throughput volumes and consistently sweeping cash to pay down its outstanding term loan balance," S&P said. EARTH FARE: Committee Hires Alvarez & Marsal as Financial Advisor ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Earth Fare, Inc., and its debtor-affiliates seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to retain Alvarez & Marsal North America, LLC, as financial advisor to the Committee. The Committee requires Alvarez & Marsal to: (a) assist in the assessment and monitoring of cash flow budgets, liquidity and operating results; (b) assist in the review of Court disclosures, including the Schedules of Assets and Liabilities, the Statements of Financial Affairs, Monthly Operating Reports, and Periodic Reports; (c) assist in the review of the Debtors' cost/benefit evaluations with respect to the assumption or rejection of executory contracts and/or unexpired leases; (d) assist in the analysis of any assets and liabilities and any proposed transactions for which Court approval is sought; (e) assist in the review of the Debtors' proposed key employee retention plan and key employee incentive plan; (f) attend meetings with the Debtors, the Debtors' lenders and creditors, potential investors, the Committee and any other official committees organized in these chapter 11 cases, the U.S. Trustee, other parties in interest, and professionals hired by the same, as requested; (g) assist in the investigation and pursuit of avoidance actions; (h) assist in the review of the claims reconciliation and estimation process; (i) assist in the review of the Debtors' business plan; (j) assist in the review of the sales or dispositions of the Debtors' assets, including allocation of sale proceeds; (k) monitor other insolvency proceedings in other jurisdictions related to the Debtor and its subsidiaries; (l) assist in the review and/or preparation of information and analysis necessary for the confirmation of a plan in these chapter 11 cases; and (m) render such other general business consulting or such other assistance as the Committee or its counsel may deem necessary, consistent with the role of a financial advisor and not duplicative of services provided by other professionals in these chapter 11 cases. Alvarez & Marsal will be paid at these hourly rates: Managing Directors $900 to $1,150 Directors $700 to $875 Associates $550 to $675 Analysts $400 to $500 Alvarez & Marsal will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard Newman, partner of Alvarez & Marsal North America, LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and (a) is not creditors, equity security holders or insiders of the 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. Alvarez & Marsal can be reached at: Richard Newman ALVAREZ & MARSAL NORTH AMERICA, LLC 540 West Madison Street, Suite 1800 Chicago, IL 60661 Tel: (312) 288-4056 About Earth Fare Founded in 1975 in Asheville, N.C., Earth Fare, Inc. -- http://www.earthfare.com/-- is a natural and organic food retailer with locations across 10 states. It offers groceries and wellness and beauty products. Earth Fare and its affiliate, EF Investment Holdings, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-10256) on Feb. 4, 2020. At the time of the filing, the Debtors each disclosed assets of between $100 million and $500 million and liabilities of the same range. Judge Karen B. Owens oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as legal counsel; FTI Consulting, Inc. as financial and restructuring advisor; and Epiq Corporate Restructuring, LLC as claims, solicitation and balloting agent. Malfitano Advisors, LLC provides disposition advisory services to the Debtors. The U.S. Trustee for Region 3 appointed five creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Earth Fare, Inc. and EF Investment Holdings, Inc. The Committee hires Pachulski Stang Ziehl & Jones LLP, as counsel. The Committee hires Alvarez & Marsal North America, LLC, as financial advisor. EARTH FARE: Committee Hires Pachulski Stang as Counsel ------------------------------------------------------ The Official Committee of Unsecured Creditors of Earth Fare, Inc., and its debtor-affiliates, seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Pachulski Stang Ziehl & Jones LLP, as counsel to the Committee. The Committee requires Pachulski Stang to: a. assist, advise, and represent the Committee in its consultations with the Debtors regarding the administration of these cases; b. assist, advise and represent the Committee with respect to the Debtors' retention of professionals and advisors with respect to the Debtors' business and these Cases; c. assist, advise, and represent the Committee in analyzing the Debtors' assets and liabilities, investigating the extent and validity of liens and participating in and reviewing any proposed asset sales, any asset dispositions, financing arrangements and cash collateral stipulations or proceedings; d. assist, advise, and represent the Committee in any manner relevant to reviewing and determining the Debtors' rights and obligations under leases and other executory contracts; e. assist, advise, and represent the Committee in investigating the acts, conduct, assets, liabilities, and financial condition of the Debtors, the Debtors' operations and the desirability of the continuance of any portion of those operations, and any other matters relevant to these cases or to the formulation of a plan; f. assist, advise and represent the Committee in connection with any sale of the Debtors' assets; g. assist, advise, and represent the Committee in its participation in the negotiation, formulation, and drafting of a plan of liquidation or reorganization; h. assist, advise, and represent the Committee in understanding its powers and its duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the Committee; i. assist, advise, and represent the Committee in the evaluation of claims and on any litigation matters, including avoidance actions; j. provide such other services to the Committee as may be necessary in these cases. Pachulski Stang will be paid at these hourly rates: Partners $675 to $1,495 Associates $625 to $725 Paralegals $395 to $425 Pachulski Stang will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Not applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Not applicable. Bradford J. Sandler, a partner at Pachulski Stang Ziehl & Jones 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. Pachulski Stang can be reached at: Bradford J. Sandler, Esq. PACHULSKI STANG ZIEHL & JONES LLP 780 Third Avenue, 34th Floor New York, NY 10017 Telephone: (212) 561-7700 Facsimile: (212) 561-7777 About Earth Fare Founded in 1975 in Asheville, N.C., Earth Fare, Inc. -- http://www.earthfare.com/-- is a natural and organic food retailer with locations across 10 states. It offers groceries and wellness and beauty products. Earth Fare and its affiliate, EF Investment Holdings, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-10256) on Feb. 4, 2020. At the time of the filing, the Debtors each disclosed assets of between $100 million and $500 million and liabilities of the same range. Judge Karen B. Owens oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as legal counsel; FTI Consulting, Inc. as financial and restructuring advisor; and Epiq Corporate Restructuring, LLC as claims, solicitation and balloting agent. Malfitano Advisors, LLC provides disposition advisory services to the Debtors. The U.S. Trustee for Region 3 appointed five creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Earth Fare, Inc. and EF Investment Holdings, Inc. The Committee retained Pachulski Stang Ziehl & Jones LLP, as counsel, and Alvarez & Marsal North America, LLC, as financial advisor. EAST JEFFERSON GENERAL HOSPITAL: S&P Alters Outlook to Developing ----------------------------------------------------------------- S&P Global Ratings revised its outlook to developing from negative and affirmed its 'B' long-term rating on Jefferson Parish Hospital Service District No. 2, La.'s series 2011 hospital revenue bonds, issued for East Jefferson General Hospital (EJGH). Revenues of the district and a mortgage on its facilities secure the series 2011 bonds. The bonds encompass all of EJGH's $131.6 million long-term debt outstanding as of Dec. 31, 2019. "The revision reflects EJGH's recently signed definitive agreement with the higher-rated Louisiana Children's Medical Center (LCMC), which outlines the full transfer of EJGH's assets and operations to LCMC from Jefferson Parish," said S&P Global Ratings credit analyst Patrick Zagar. Under the terms of the agreement, S&P understands that the purchase price of $90 million, coupled with EJGH's existing unrestricted reserves, would be used to both retire EJGH's series 2011 bonds and resolve all outstanding defined-benefit pension obligations--an additional $100 million in capital investment has been pledged by LCMC over the next five years. The developing outlook reflects S&P's opinion that events over the one-year outlook horizon could have either positive or negative implications on its credit rating on EJGH. Downside pressure to the rating could stem from either failure to close the proposed transaction with LCMC or deterioration of EJGH's existing financial profile; upside rating lift stems solely from the possible purchase by LCMC. EESTOR CORPORATION: Amends Terms of $50K Bridge Loan ---------------------------------------------------- EEStor Corporation (tsx.v:ESU) has provided a status update under the alternative information guidelines set out in National Policy 12-203 (Management Cease Trade Orders), which require the Corporation to provide biweekly updates until such time as the Corporation is current with its filing obligations under Canadian securities laws. The Corporation announces that it remains unable to file its 2019 annual audited financial statements, the related management's discussion and analysis, and CEO and CFO certifications (collectively, the "Required Filings"), which were due on or before January 28, 2020. The Corporation is currently subject to a voluntary management cease trade order issued by the Ontario Securities Commission on January 29, 2020 in connection with the Required Filings. The annual financial statements and annual management's discussion and analysis and the associated audit work is in process, but the Corporation is unable to complete and file such materials pending the completion of the audit. The Corporation continues to expect the audit to be completed in the coming two weeks and anticipates being in a position to complete the Required Filings by March 20, 2020. As result of the delay in completing the Required Filings, the Corporation has also been delayed in the filing of its interim financial statements for the three-month period ended December 31, 2019, the related management's discussion and analysis, and CEO and CFO certificates (collectively, the "Interim Filings"), which were due on or before March 2, 2020. The Corporation anticipates being able to complete the Interim Filings at the same time as the Required Filings. The Corporation confirms that it will continue to satisfy the provisions of the alternative information guidelines described in Section 9 and Section 10 of National Policy 12-203 (Management Cease Trade Orders) for so long as it remains in default of the requirement to file the Required Filings and the Interim Filings. The Corporation also announces that it has reached an agreement to amended the terms of a bridge loan previously made to the Corporation in the principal amount of $50,000. Under the terms of the amended, the lender has agreed to reduce the financing fee associated with the bridge loan to $3,000. As further consideration for the loan, the Corporation has issued 1,000,000 share purchase warrants to the lender (the "Loan Warrants"), each of which is exercisable to acquire a common share of the Corporation at a price of $0.05 per share until March 10, 2021. The Loan Warrants, and any common shares issuable upon the exercise of the Loan Warrants, are subject to a four-month-and-day statutory hold period from the date of issuance of the Loan Warrants. For further information regarding the bridge loan, readers are encouraged to review the news release issued by the Corporation on February 19, 2020. The Corporation has not taken any steps toward any insolvency proceeding and the Corporation has no other material information to release to the public at this time. The Corporation has made the foregoing representations in accordance with the requirements of applicable securities laws. About EEStor EEStor is a developer of high energy density solid-state capacitor technology utilizing patented Composition Modified Barium Titanate (CMBT) material. EEStor is committed to providing commercially viable and sustainable energy solutions across a broad spectrum of industries and applications. EXELA TECHNOLOGIES: Completes $40M Divestment of SourceHOV Tax -------------------------------------------------------------- Exela Technologies, Inc. has completed the divestment of its tax consulting group, SourceHOV Tax, for a purchase price of $40 million to Private Equity firm Gainline Capital Partners. Raymond James & Associates, Inc. served as the exclusive financial advisor to Exela. This is the first strategic divestment of non-core business units for Exela as part of its previously announced initiative, and follows a $160 million accounts receivable securitization facility that closed in January. While SourceHOV Tax's trusted services continue to play important roles in meeting the needs of CPA firms, corporations and other organizations, they are no longer core to Exela's global long-term strategy. This divestment enables the Company to further focus on its key business areas by streamlining its portfolio holdings, while at the same time increasing its financial flexibility. "We are excited to have successfully completed this divestment, which instantly increases our liquidity and diversifies our funding capabilities as key part of our strategic plan shared in Q3 2019," said Ronald Cogburn, chief executive officer of Exela. "This milestone not only improves our balance sheet in the near term, but also further enables the company to focus on its core business where we are best positioned for sustained long-term growth. With this transaction, we are becoming even better positioned to serve our customers by optimizing Exela's business portfolio and focus." For more than three decades SourceHOV Tax has helped CPA firms and their clients maximize specialized federal and state tax incentives. The company collaborates with accounting firms throughout the country to bring R&D tax credits, cost segregation, Section179D, LIFO, Section199, Fixed Asset Review, and Section45L solutions to their clients. With a team of 70 professionals and offices throughout the country, SourceHOV Tax serves many of the nation's most prominent accounting firms, associations, and middle-market companies. SourceHOV Tax generated $20.7 million of revenue for the year ended Dec. 31, 2019. About Exela Technologies Headquartered in Irving, Texas, Exela -- http://www.exelatech.com/ -- is a business process automation (BPA) company, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of expertise operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune 100. With foundational technologies spanning information management, workflow automation, and integrated communications, Exela's software and services include multi-industry department solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and public sectors. Through cloud-enabled platforms, built on a configurable stack of automation modules, and over 22,000 employees operating in 23 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner. Exela incurred net losses of $162.52 million in 2018, $204.28 million in 2017, and $48.10 million in 2016. As of Sept. 30, 2019, the Company had $1.54 billion in total assets, $1.91 billion in total liabilities, and a total stockholders' deficit of $373.31 million. On Nov. 27, 2019, Exela received a letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying Exela that, for the last 30 consecutive business days, the closing bid price for Exela's common stock was below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market as set forth in Nasdaq Listing Rule 5550(a)(2). In accordance with Nasdaq listing rules, Exela has been provided an initial period of 180 calendar days, or until May 25, 2020, to regain compliance with the Minimum Bid Price Requirement. * * * As reported by the TCR on Nov. 29, 2019, S&P Global Ratings lowered its issuer credit rating on Irving, Texas-based Exela Technologies Inc. to 'CCC-' from 'CCC+' with negative outlook. "We could lower our ratings on Exela if the company defaults, announces a distressed exchange or restructuring, or misses its interest payment," S&P said. FIRST FLORIDA: May 27 Disclosure Statement Hearing Set ------------------------------------------------------ Debtor First Florida Living Options LLC, d/b/a Hawthorne Health and Rehab of Ocala, d/b/a Hawthorne Village of Ocala, d/b/a Hawthorne Inn of Ocala, f/k/a Surrey Place of Ocala filed with the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, a proposed disclosure statement. On March 6, 2020, Judge Jerry A. Funk ordered that: * May 27, 2020, at 11:00 a.m. in 4th Floor Courtroom D, 300 North Hogan Street, Jacksonville, Florida is the hearing to consider and rule on the disclosure statement and any objections or modifications and to consider any other matter that may properly come before the Court. * The attorney for the debtor is directed to serve forthwith copies of the disclosure statement and plan upon the Trustee, Internal Revenue Service, U.S. Securities and Exchange Commission, Office of the United States Trustee and all attorneys who have appeared in the case, and shall file a certificate showing compliance. * Any objection to the Disclosure Statement will be filed and served seven days before the hearing date. A full-text copy of the Order dated March 6, 2020, is available at https://tinyurl.com/u452lma from PacerMonitor at no charge. About First Florida Living Options First Florida Living Options LLC, formerly known as Surrey Place of Ocala, conducts its business under the names Hawthorne Health and Rehab of Ocala, Hawthorne Village of Ocala and Hawthorne Inn of Ocala. The company is based in Ocala, Fla. First Florida Living Options filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-02764) on July 22, 2019. The petition was signed by John M. Crock, vice president of Florida Living Options. The Debtor was estimated to have $1 million to $10 million in both assets and liabilities as of the bankruptcy filing. Judge Jerry A. Funk oversees the case. Johnson Pope Bokor Ruppel & Burns, LLP is the Debtor's bankruptcy counsel. GARDENA BUSINESS: Case Summary & 4 Unsecured Creditors ------------------------------------------------------ Debtor: Gardena Business Group LLC 15332 Antioch Street #144 Pacific Palisades, CA 90272 Business Description: Gardena Business Group is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: March 23, 2020 Court: United States Bankruptcy Court Central District of California Case No.: 20-13198 Judge: Hon. Sheri Bluebond Debtor's Counsel: Ronald W. Ask, Esq. ELDER LAW CENTER, P.C. 3600 Lime Street Suite 412 Riverside, CA 92501-0917 Tel: 951-684-5608 E-mail: elc@elderlawcenter.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Craig Smith, manager. A copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/GMw5rE GIGA-TRONICS INC: Cornelis F. Wit Reports 9.7% Equity Stake ----------------------------------------------------------- Cornelis F. Wit, trustee of Cornelis F. Wit Revocable Living Trust, disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of March 11, 2020, he beneficially owns 253,334 shares of common stock of Giga-tronics Incorporated, which represents 9.7 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://is.gd/v9zMV9 About Giga-Tronics Headquartered in Dublin, California, Giga-Tronics Incorporated produces RADAR filters and Microwave Integrated Components for use in military defense applications as well as sophisticated RADAR and Electronic Warfare (RADAR/EW) test products primarily used in electronic warfare test & emulation applications. Giga-Tronics reported a net loss of $1.04 million for the year ended March 30, 2019, a net loss of $3.10 million for the year ended March 31, 2018, and a net loss of $1.54 million for the year ended March 25, 2017. As of Dec. 28, 2019, the Company had $9.18 million in total assets, $4.80 million in total liabilities, and $4.38 million in total shareholders' equity. GLOBAL EAGLE: Adopts Shareholder Rights Plan -------------------------------------------- Global Eagle Entertainment Inc.'s Board of Directors has adopted a Stockholder Rights Plan, effective March 19, 2020, and declared a dividend distribution of one preferred share purchase right on each outstanding share of the Company's Common Stock. The Rights Plan will expire on Dec. 31, 2020. "The Board and management team are committed to the best interests of all of the Company's stockholders," commented Chairman of the Board Jeff Leddy. "The Board is undertaking this action consistent with its fiduciary duties." The Rights Plan is intended to promote the fair and equal treatment of all Global Eagle stockholders and ensure that no person or group can gain control of Global Eagle through open market accumulation or other tactics without paying a control premium and potentially disadvantaging the interest of all stockholders. The Rights Plan ensures that the Board has sufficient time to exercise its fiduciary duties to make informed judgments about the actions of third parties that may not be in the best interests of Global Eagle and its stockholders. The Rights Plan applies to all current and future stockholders, and is not intended to deter offers that are fair and otherwise in the best interest of the Company's stockholders. The Rights Plan has not been adopted in response to any specific takeover bid or other proposal to acquire control of the Company. The Rights Plan, which was adopted by the Board following evaluation and consultation with the Company's advisors, is similar to plans adopted by numerous publicly traded companies. With certain exceptions, under the Rights Plan, the Rights will become exercisable if a person or group becomes the beneficial owner of 20% or more of the Company's outstanding Common Stock. Stockholders who beneficially owned 20% or more of Global Eagle's outstanding common stock prior to the issuance of this press release (March 19, 2020) will not trigger the exercisability of the Rights so long as they do not acquire beneficial ownership of any additional shares of common stock at a time when they still beneficially own 20% or more of such common stock, subject to certain exceptions as described in the Rights Plan. In the event that the Rights become exercisable due to the triggering ownership threshold being crossed, each Right will entitle its holder to purchase a number of shares of Common Stock or equivalent securities having a market value at that time of twice the Right's purchase price. Rights held by the triggering person or group will become void and will not be exercisable. The distribution of the rights will be made to stockholders of record as of March 30, 2020. The Rights Plan may be amended, redeemed or terminated by the Board at any time prior to being triggered or its expiration. The adoption of the Rights Plan will not be a taxable event, will not affect the reported financial condition or results of operations of the Company and will not change the manner in which the Company's common stock is traded. About Global Eagle Headquartered in Los Angeles, California, Global Eagle -- http://www.GlobalEagle.com/-- is a provider of media, content, connectivity and data analytics to markets across air, sea and land. Global Eagle offers a fully integrated suite of rich media content and seamless connectivity solutions to airlines, cruise lines, commercial ships, high-end yachts, ferries and land locations worldwide. Global Eagle incurred a net loss of $236.60 million for the year ended Dec. 31, 2018, compared to a net loss of $357.11 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $683.41 million in total assets, $1.02 billion in total liabilities, and a total stockholders' deficit of $340.34 million. * * * As reported by the TCR on July 29, 2019, S&P Global Ratings affirmed all ratings on Global Eagle Entertainment Inc., including its issuer credit rating of 'CCC', and revised the outlook to developing to reflect greater flexibility to allow management to execute on its growth initiatives. The outlook change reflects a significantly improved liquidity profile following the recent incremental term loan and credit agreement amendment, which buys the company more time to execute on its growth plan. GLOBAL EAGLE: Board Adopts Shareholder Rights Plan -------------------------------------------------- Global Eagle Entertainment Inc.'s Board of Directors has adopted a Stockholder Rights Plan, effective March 19, 2020, and declared a dividend distribution of one preferred share purchase right on each outstanding share of the Company's Common Stock. The Rights Plan will expire on Dec. 31, 2020. "The Board and management team are committed to the best interests of all of the Company's stockholders," commented Chairman of the Board Jeff Leddy. "The Board is undertaking this action consistent with its fiduciary duties." The Rights Plan is intended to promote the fair and equal treatment of all Global Eagle stockholders and ensure that no person or group can gain control of Global Eagle through open market accumulation or other tactics without paying a control premium and potentially disadvantaging the interest of all stockholders. The Rights Plan ensures that the Board has sufficient time to exercise its fiduciary duties to make informed judgments about the actions of third parties that may not be in the best interests of Global Eagle and its stockholders. The Rights Plan applies to all current and future stockholders, and is not intended to deter offers that are fair and otherwise in the best interest of the Company's stockholders. The Rights Plan has not been adopted in response to any specific takeover bid or other proposal to acquire control of the Company. The Rights Plan, which was adopted by the Board following evaluation and consultation with the Company's advisors, is similar to plans adopted by numerous publicly traded companies. With certain exceptions, under the Rights Plan, the Rights will become exercisable if a person or group becomes the beneficial owner of 20% or more of the Company's outstanding Common Stock. Stockholders who beneficially owned 20% or more of Global Eagle's outstanding common stock prior to the issuance of this press release (March 19, 2020) will not trigger the exercisability of the Rights so long as they do not acquire beneficial ownership of any additional shares of common stock at a time when they still beneficially own 20% or more of such common stock, subject to certain exceptions as described in the Rights Plan. In the event that the Rights become exercisable due to the triggering ownership threshold being crossed, each Right will entitle its holder to purchase a number of shares of Common Stock or equivalent securities having a market value at that time of twice the Right's purchase price. Rights held by the triggering person or group will become void and will not be exercisable. The distribution of the rights will be made to stockholders of record as of March 30, 2020. The Rights Plan may be amended, redeemed or terminated by the Board at any time prior to being triggered or its expiration. The adoption of the Rights Plan will not be a taxable event, will not affect the reported financial condition or results of operations of the Company and will not change the manner in which the Company's common stock is traded. About Global Eagle Headquartered in Los Angeles, California, Global Eagle -- http://www.GlobalEagle.com/-- is a provider of media, content, connectivity and data analytics to markets across air, sea and land. Global Eagle offers a fully integrated suite of rich media content and seamless connectivity solutions to airlines, cruise lines, commercial ships, high-end yachts, ferries and land locations worldwide. Global Eagle incurred a net loss of $236.60 million for the year ended Dec. 31, 2018, compared to a net loss of $357.11 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $683.41 million in total assets, $1.02 billion in total liabilities, and a total stockholders' deficit of $340.34 million. * * * As reported by the TCR on July 29, 2019, S&P Global Ratings affirmed all ratings on Global Eagle Entertainment Inc., including its issuer credit rating of 'CCC', and revised the outlook to developing to reflect greater flexibility to allow management to execute on its growth initiatives. The outlook change reflects a significantly improved liquidity profile following the recent incremental term loan and credit agreement amendment, which buys the company more time to execute on its growth plan. GRAFTON FOOD: May Continue Using Cash Collateral Through April 28 ----------------------------------------------------------------- Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the District of Massachusetts authorized Grafton Food Service Inc. to use cash collateral through April 28, 2020. A further hearing on the Debtor's use of cash collateral is set for April 28 at 10:00 a.m. The Debtor is directed to file (i) a reconciled budget showing actual to projected expenses and income for the period ending March 31, 2020 , and (ii) a projected budget for April, May and June 2020, on or before April 20. A copy of the Order is available for free at https://is.gd/7yJ3Mu from PacerMonitor.com. About Grafton Food Service Grafton Food Service Inc. operates a full service pizza restaurant called Pepperoni Express located in North Grafton, Massachusetts. The company filed a Chapter 11 petition (Bankr. D. Mass. Case No. 20-40215) on Feb. 11, 2020. In the petition signed by its president, Lakis Theoharis, the Debtor disclosed assets and liabilities estimated at $100,001 to $500,000 each. Ehrhard & Associates, P.C., represents the Debtor. GROM SOCIAL: Restructures $4.0 Million Promissory Notes ------------------------------------------------------- Grom Social Enterprises, Inc., has significantly strengthened its balance sheet by restructuring of $4.0 million of promissory notes that were set to mature on April 2, 2020 at terms favorable to the Company. The $4.0 million of promissory notes were part of the consideration paid by Grom to acquire Manila, Philippines based TD Holdings, Ltd. and its subsidiary, Top Draw Animation, Inc. "The restructuring of these $4 million of promissory notes represents another big step forward in our efforts to further strengthen our balance sheet," said Darren Marks, chairman and chief executive officer of Grom. "We believe this transaction, coupled with the $3 million in debt conversions that we completed at the end of 2019, in addition to raising and additional $1.0 million through the issuance of senior secured convertible notes, has improved our ability to successfully pursue our objectives of completing an equity capital raise, a NASDAQ listing and significant investment into monetizing our Grom Social platform and mobile application. Each of these initiatives should pave the way for creating sustainable, long-term value for our shareholders." About Grom Social Grom -- http://www.gromsocial.com/-- is a social media platform and original content provider of entertainment for children between the ages of 5 and 16, providing safe and secure digital environments for kids that can be monitored by their parents or guardians. Grom Social Enterprises, Inc., has several operating subsidiaries, including Grom Social, which delivers its content through mobile and desktop environments (web portal and apps) that entertain children, let them interact with friends, access relevant news, and play proprietary games, while teaching them about being a good digital citizen. Through its subsidiary TD Holdings, Ltd., the Company owns and operates Top Draw Animation, Inc., which produces award-winning animation content for some of the largest international media companies in the world. Grom also includes Grom Educational Services, which has provided web filtering services for K-12 schools, government and private businesses. BF Borgers CPA PC, in Lakewood, Colorado, the Company's auditor since 2015, issued a "going concern" qualification in its report dated April 16, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, stating that the Company has incurred significant operating losses since inception and has a working capital deficit which raise substantial doubt about its ability to continue as a going concern. Grom Social reported a net loss of $4.87 million for the year ended Dec. 31, 2018, compared to a net loss of $6.04 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $19.22 million in total assets, $13.32 million in total liabilities, and $5.89 million in total stockholders' equity. HLPG NEWACO: Seeks to Hire Johnson Pope as Counsel -------------------------------------------------- HLPG Newaco, LLC, seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ Johnson Pope Bokor Ruppel & Burns, LLP, as counsel to the Debtor. HLPG Newaco requires Johnson Pope to: a. advise the Debtor of its duties and obligations under the Bankruptcy Code; b. analyze and pursue avoidance actions if in the best interest of the estate; c. prepare motions, pleadings and other legal papers; and d. assist the Debtor in taking all legally appropriate steps to effectuate compliance with the Bankruptcy Code. Johnson Pope will be paid at the hourly rate of $400. Pre-petition, the Debtor paid Johnson Pope a retainer in the amount of $13,000. Johnson Pope will also be reimbursed for reasonable out-of-pocket expenses incurred. Angelina E. Lim, partner of Johnson Pope Bokor Ruppel & Burns, 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. Johnson Pope can be reached at: Angelina E. Lim, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson St., Suite 3100 Tampa, FL 33602 Tel: 813-225-2500 Fax: 813-223-7118 E-mail: AngelinaL@JPFirm.com About HLPG Newaco, LLC HLPG Newaco, LLC, based in Tampa, FL, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 20-02102) on March 10, 2020. In the petition signed by Gabriel Perez, manager, the Debtor was estimated to have $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Angelina E. Lim, Esq., at Johnson Pope Bokor Ruppel & Burns, LLP, serves as bankruptcy counsel. HOUSTON BLUEBONNET: Court to Hold Trial on Damage Claims -------------------------------------------------------- Bankruptcy Judge Marvin Isgur grants, in part, and denies, in part, Henry R. Hamman, et al.'s motion for summary judgment in the case captioned HENRY R. HAMMAN, et al, Plaintiffs, v. KENNETH R. LYLE, et al, Defendants, Adv. Proc. No. 16-03251 (Bankr. S.D. Tex.). Henry R. Hamman, et al. filed suit in state court against Kenneth Lyle et al. claiming to have succeeded to an oil and gas interest in a 20-acre leasehold and seeking to be paid net profits or proceeds pursuant to that interest. Houston Bluebonnet, LLC filed a notice of removal of the state court proceeding to the Bankruptcy Court. Lyle filed a motion for summary judgment, arguing that the Hammans' predecessors previously assigned all of their rights and interests in the 20 acres to Humble Oil & Refining Company pursuant to a 1920 Agreement. If that were correct, it would leave the Hammans with no interest or claims related to the leasehold. The Hammans, through a cross-motion for partial summary judgment, countered that the 1920 Agreement did not modify the obligations of Humble and its successor working interest owners to account for and pay the Hammans the net proceeds or profits from production on the 20 acres. On August 15, 2017, the Bankruptcy Court held that the 1920 Agreement preserved the Hammans' interest in the 20 acres despite the conveyance to Humble. The Court further held that the Texas Supreme Court's decision in Sheffield v. Hogg did not operate to bar the Hammans' claims under res judicata principles. On August 29, 2017, Lyle filed a motion for reconsideration, which the Bankruptcy Court denied. Thereafter, Lyle sought an appeal of the Court's decision in the District Court, which affirmed the Bankruptcy Court's decision. Lyle appealed the District Court's order to the United States Court of Appeals for the Fifth Circuit on June 13, 2018. The Fifth Circuit held that the Bankruptcy Court's partial summary judgment did not constitute a final judgment which could be appealed. The Fifth Circuit vacated the District Court's decision. On March 7, 2019, pursuant to the Fifth Circuit's opinion and mandate, the District Court dismissed Lyle's appeal. That same month, Lyle filed a second notice of appeal, seeking leave to appeal the Court's interlocutory order. The District Court denied Lyle's motion for leave and dismissed the second notice of appeal without prejudice. During the pendency of the interlocutory appeal, the Hammans filed a motion for summary judgment as to liability and damages -- the motion now at issue before the Bankruptcy Court. The Hammans seek: (i) four years' worth of damages for net profits owed under the 1913 Assignment, as modified by the 1920 Agreement; (ii) a declaration of specific performance with respect to net profits accruing from Jan. 1, 2018 forward; and (iii) attorney's fees and pre-judgment interest on the unpaid net profits interest. Lyle filed a cross-motion for summary judgment arguing that: (i) the Hammans' claims are barred by the four-year statute of limitations, waiver, and accord and satisfaction; (ii) none of the Lyle Defendants agreed to pay or assumed Humble's debts arising out of either the 1913 Assignment or the 1920 Agreement; and (iii) the Hammans' alleged rights are precluded by Sheffield v. Hogg. Lyle argues that it is not responsible for the payment of any damages to the Hammans, given that: (i) the Hammans have suffered no damages; (ii) genuine issues of fact exist as to liability; (iii) the Hammans have asserted erroneous damages claims by excluding both ordinary operating expenses and fees from their calculations, and any attorney's fees Lyle has incurred in connection with ownership of the property; and (iv) there was no assumption or agreement to pay any of Humble's debts or obligations created under the 1920 Agreement. According to the Bankruptcy Court, the Hammans do not set forth what items were charged as expenses in determining net profits, other than providing for the exclusion of legal fees. Instead, the Hammans provide charts along with e-mail correspondence between counsel in the previous related litigation that purport to show production from March 2000 to December 2017. From these documents, which make up Exhibits D and E, the Hammans created Exhibit F, which deducts legal fees from production to calculate their net profits interest. Moreover, the Court is wary of accepting counsel's "admission" or concession to damages in a previous litigation, as true and binding statements in this proceeding. The Bankruptcy Court notes Lyle's purported concession to the amount of damages does not constitute a judicial admission because the email correspondence which contained the purported admission was part of a prior, separate lawsuit. Counsel's statement that the numbers are "accurate" was not made in this proceeding "intentionally as a waiver, releasing the [Hammans] from a proof of fact." Therefore, Lyle's concession or purported admission that the amounts shown in Exhibits D and E are "accurate" is not "conclusively binding" on Lyle in this proceeding. Moreover, the Hammans have not demonstrated that judicial estoppel applies. Accordingly, the Court will not consider Exhibits D, E, and F as summary judgment evidence as to the Hammans' damages. In light of this, the Bankruptcy Court holds that the Hammans have not met their evidentiary burden. The Hammans have not set forth what items should or will be charged as expenses or taken into consideration in determining profits under the agreements that create the working interests in the Lyle Defendants and which preserve the Hammans' 5% net profits interest in the Hogg-Japhet Lease. Accordingly, summary judgment as to damages is denied. A copy of the Court's Memorandum Opinion dated Feb. 20, 2020 is available at https://bit.ly/2PAbHhx from Leagle.com. Henry R. Hamman, The George and Mary Josephine Hamman Foundation, Laura Hamman Fain & Elizabeth Hamman Oliver, Plaintiffs, represented by Lee S. Gill, Jones Gill LLP & Barnet B. Skelton, Jr. , Attorney at Law. Kenneth R. Lyle, Jennie Kay Lyle Bierscheid, Indepedent Executrix of the Estate of Kenneth R. Lyle, Deceased, Houston Bluebonnet, LLC, E&H, LP, Esther Suckle, Trustee of the Suckle 1999 Living Trust & American Universal Investment Company, Defendants, represented by H. Miles Cohn -- mcohn@craincaton.com -- Crain, Caton & James, PC, Gary Eugene Ellison , Attorney at Law & Michelle Valadares Friery , Crain, Caton & James, P.C. Lukin T. Gilliland, Defendant, represented by Calhoun Bobbitt -- cb@ddb-law.com -- Drought Drought et al. James C. Abbott, Jr., dba Jim Abbott Oil Properties, Defendant, pro se. Virginia Nixon, Patrick R. Reardon & Michael J. Reardon, Defendants, represented by Jeff Weems , Staff Weems LLP. Thunderbird Drilling Co. & Spring Creek Resources, LLC, Defendants, represented by Matthew F. Davis , Porter Hedges LLP. About Houston Bluebonnet Houston Bluebonnet, LLC, is a Texas limited liability company formed Dec. 5, 2007. Houston Bluebonnet owns and manages a working interest in two producing oil and gas wells under an operating agreement for an oil, gas and mineral lease covering 20 acres in Brazoria County, Texas. The value of its working interest fluctuates with the price of oil. As of the filing of this bankruptcy case, the Company valued its working interest at $90,000, based on the tax-assessed value calculated from the sales in 2015. Houston Bluebonnet filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 16-34850) on Sept. 30, 2016. In the petition signed by Allyson Davis, authorized representative, the Debtor estimated assets and liabilities of less than $500,000. H. Miles Cohn, Esq., at Crain, Caton & James, P.C., serves as the Debtor's bankruptcy counsel. Gary E. Ellison, PC, and Snelling Law Firm serve as special counsel. HY-POINT FAMILY: Unsec. Creditors to Have 95% Recovery Under Plan ----------------------------------------------------------------- Debtor Hy-Point Family Limited Partnership filed with the U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division, a Disclosure Statement describing its Plan of Reorganization dated March 5, 2020. Class 3 General Unsecured Claims will be satisfied by the Reorganized Debtor agreeing to pay the General Unsecured Claims as soon as practicable after the Effective Date in an amount that is 95% of the face amount of all General Unsecured Claims. Class 4 Insider Claims will be assumed by the Reorganized Debtor agreeing to pay the Insider Claims as soon as practicable after the Effective Date in an amount that is not more than 90% of the face amount of all General Unsecured Claims. Class 5 Equity Interests will receive no Distribution under the Plan. Except as otherwise provided in the Plan or any agreement, on the Effective Date, all property in the Debtor's bankruptcy estate, the Assumed Contracts, the Causes of Action and any property acquired the Debtor pursuant to the Plan shall vest in the Reorganized Debtor, free and clear of all Liens, Claims, charges, or other encumbrances. On and after the Effective Date, except as otherwise provided in the Plan, the Reorganized Debtor may operate its business and may use, acquire, or dispose of property and compromise or settle any Claims, Interests, or Causes of Action without supervision or approval by the Bankruptcy Court and free of any restrictions of the Bankruptcy Code or Bankruptcy Rules. The Reorganized Debtor will continue to exist after the Effective Date as a separate corporate entity with all the power of a limited liability company pursuant to Kentucky state law. A full-text copy of the Disclosure Statement dated March 5, 2020, is available at https://tinyurl.com/ta8a5ez from PacerMonitor at no charge. About Hy-Point Family Limited Partnership Hy-Point Family Limited Partnership, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Ky. Case No. 20-30489) on Feb. 12, 2020. Proposed counsel to the Debtor: James R. Irving Gina M. Young DENTONS BINGHAM GREENEBAUM LLP 3500 PNC Tower 101 South Fifth Street Louisville, Kentucky 40202 Telephone: (502) 587-3606 Facsimile: (502) 540-2215 E-mail: james.irving@dentons.com gina.young@dentons.com ITHRIVE HEALTH: Has Until June 16 to Exclusively File Plan ---------------------------------------------------------- Judge Thomas Catliota of the U.S. Bankruptcy Court for the District of Maryland extended to June 16 the period during which only iThrive Health, LLC can file a plan. The company has the exclusive right to solicit votes until Aug. 17. About iThrive Health iThrive Health, LLC is a pharmacy in Bethesda, Md., that provides prescription drugs, over-the-counter medications, individualized nutrition and healthy living products. It conducts business under the name Village Green Apothecary. iThrive Health filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code on Nov. 19, 2019. In the petition signed by Marc Isaacson, managing member, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The Debtor tapped McNamee, Hosea, Jernigan, Kim, Greenan & Lynch, P.A. as its legal counsel, and Larry Strauss, Esq., CPA & Associates, Inc. as its accountant. J&D CONSTRUCTION: April 15 Plan & Disclosure Hearing Set -------------------------------------------------------- Judge Harlin DeWayne Hale of the U.S. Bankruptcy Court for the Northern District of Texas, Wichita Falls Division, conditionally approved the Disclosure Statement filed by Debtor J&D Construction LLC and established the following dates: * April 15, 2020, 9:00 a.m. in Room 222, US Post Office and Courthouse, 1000 Lamar Street, Wichita Falls, Texas is the hearing on the final approval of Debtor's disclosure statement and confirmation of the plan of reorganization. * March 25, 2020, at 5:00 P.M. is set as the date to submit ballots for accepting or rejecting the Plan and objections to confirmation of the Plan. A full-text copy of the order dated March 3, 2020, is available at https://tinyurl.com/shlvx7m from PacerMonitor at no charge. The Debtor is represented by: John A. Leonard, Esquire LEONARD, KEY & KEY, PLLC 900 Eighth Street -- Suite 320 Post Office Box 8385 Wichita Falls, Texas 76307-8385 Telephone: 940-322-5217 Facsimile: 940-322-2281 About J&D Construction J&D Construction, LLC, provides construction services and operates its business at 1210 30th St., Wichita Falls, Texas. J&D Construction sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-70190) on July 16, 2019. At the time of the filing, the Debtor estimated assets of less than $1 million and liabilities of less than $500,000. JJE INC: Plan & Disclosures Hearing Reset to April 29 ----------------------------------------------------- Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico granted the motion of Debtor JJE Inc. requesting continuance of hearing and rescheduled the hearing on final approval of the disclosure statement and confirmation of the plan for March 11, 2020, at 9:00 AM, to April 29, 2020, at 9:00 a.m., at the United States Bankruptcy Court, Jose V. Toledo Federal Building and US Courthouse, 300 Recinto Sur Street, Courtroom 3, Third Floor, San Juan, Puerto Rico. A full-text copy of the order dated March 5, 2020, is available at https://tinyurl.com/wmbrzhv from PacerMonitor at no charge. About JJE Inc. JJE, Inc., is a home health care services provider based in Manati, Puerto Rico. JJE, Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case No.19-02034) on April 12, 2019, and is represented by Victor Gratacos Diaz, Esq., in Caguas, Puerto Rico. In the petition signed by Jenny Olivo, president, the Debtor disclosed $295,244 in total assets and $1,953,718 in total liabilities. JPM REALTY: April 23 Amended Disclosure Hearing Set --------------------------------------------------- On March 5, 2020, C. Stephen Gurdin, the counsel of debtor JPM Realty, Inc., filed with the U.S. Bankruptcy Court for the Middle District of Pennsylvania the Debtor's Amended Disclosure Statement and Amended Plan. On March 6, 2020, Judge Robert N. Opel, II ordered that: * April 23, 2020, at 09:30 a.m. at Max Rosenn US Courthouse, Courtroom #2, 197 South Main Street, Wilkes−Barre, PA 18701 is the hearing to consider approval of the amended disclosure statement. * April 9, 2020, is fixed as the last day for filing and serving written objections to the amended disclosure statement. * Within seven days after entry of this order, the Amended Disclosure Statement and Amended Plan will be distributed in accordance with Federal Rules of Bankruptcy Procedure Rule 3017(a). A full-text copy of the order dated March 6, 2020, is available at https://tinyurl.com/uhsbuaw from PacerMonitor at no charge. The Debtor is represented by: C. Stephen Gurdin Jr 67−69 Public Square, Suite 501 Wilkes−Barre, PA 18701−2512 About JPM Realty Inc. JPM Realty, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 18-04511) on Oct. 24, 2018. At the time of the filing, the Debtor was estimated to have assets of less than $500,000 and liabilities of less than $500,000. Judge Robert N. Opel II oversees the case. The Debtor tapped C. Stephen Gurdin Jr., Esq., as its legal counsel, and Frey & Company, CPA's, LLC as its accountant. JRV GROUP USA: Hires BMC Group as Administrative Agent ------------------------------------------------------ JRV Group USA, seeks authority from the U.S. Bankruptcy Court for the District of Delaware to employ BMC Group, Inc., as administrative agent to the Debtor. JRV Group USA requires BMC Group to: (a) tabulate votes and perform subscription services as may be requested or required in connection with any chapter 11 plan filed by the Debtor or the Committee and provide ballot reports and related balloting and tabulation services to the Debtor or the Committee and its professionals; (b) generate an official ballot certification and testify, if necessary, in support of the ballot tabulation results; (c) manage any distribution pursuant to a confirmed plan prior to the effective date of such Plan; and (d) perform such other administrative services as may be requested by the Debtor or the Committee, with the consent of the Debtor's secured lenders, that are not otherwise allowed under the order approving BMC's retention as claims and noticing agent. BMC Group will be paid at these hourly rates: Principals No charge Project Managers $125 to $150 Consultants $100 to $125 Noticing Managers $85 to $100 Technology Data Consultants $85 to $100 Case Associates $45 to $85 Analysts $25 to $45 BMC Group will also be reimbursed for reasonable out-of-pocket expenses incurred. Tinamarie Feil, a partner of BMC Group, Inc., 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. BMC Group can be reached at: Tinamarie Feil BMC GROUP, INC. 600 1st Avenue Seattle, WA 98104 Tel: (206) 499-2169 E-mail: tfeil@bmcgroup.com About JRV Group USA JRV Group USA L.P. -- https://www.erwinhymergroup.com/ -- is based at 1945 Burgundy Place, Ontario, Calif. It was established on Jan. 30, 2015, to carry out the United States business of Erwin Hymer Group, a Germany-based recreational vehicle company. However, in 2016, all business activities of JRV Group were stopped, and it became a shelf company while EHG Global built out its Canadian operations through EHG NA. JRV Group resumed operating activities in November 2017 and continued to be owned indirectly by HG Global until Jan. 31, 2019, comprising a portion of its North American operations. Between November 2017 and March 2018, JRV Group acquired various assets in four asset acquisition transactions. Beginning in March 2018, JRV Group operated as a second-tier original equipment manufacturer and alterer of Jeep Wranglers made by FCA US LLC, an affiliate of Fiat Chrysler Automobiles N.V. Its business typically focused on adding features to the vehicles, such as a tent for camping, that would make them more desirable for recreational vehicle dealers to sell to end users and consumers. JRV Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 19-11095) on May 13, 2019. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as legal counsel; Barnes & Thornburg LLP special counsel; Sherwood Partners Inc. as restructuring advisor; and BMC Group, Inc. as claims and noticing agent. K & M SPRAYING: May Continue Using Cash Collateral Through May 15 ----------------------------------------------------------------- Judge Richard D Taylor of the U.S. Bankruptcy Court for the Eastern District of Arkansas authorized K & M Spraying, LLC to continue using cash collateral on an interim basis. Smart Freight Funding, LLC has a first-position security interest in Debtor's cash collateral and has agreed to allow the Debtor to use the cash collateral to fund its ongoing operations through May 15, 2020 on the following conditions: (a) The Debtor will pay Smart Freight $600 per week in adequate protection payments; and (b) Smart Freight is granted an additional and replacement continuing, valid, binding, non-voidable and automatically and properly perfected security interest in and lien on all of Debtor's pre-petition and post-petition assets, as well as products and proceeds thereof. In the event the Debtor files a Third Motion for Use of Cash Collateral prior to the May 15, Smart Freight agrees to the extension of the other terms in the Order until June 15, 2020, notwithstanding the May 15 deadline, to allow the Debtor to continue to operate while the Second Motion for Use of Cash Collateral is considered. A copy of the Order is available at PacerMonitor.com at https://is.gd/vrNjEf at no charge. About K & M Spraying K & M Spraying, LLC, a company that provides crop spraying services, filed a Chapter 11 petition (Bankr. E.D. Ark. Case No. 19-16314) on Nov. 26, 2019, in Pine Bluff, Ark. The petition was signed by Thomas M. Perry, president. At the time of the filing, the Debtor disclosed $1,439,202 in assets and $1,706,381 in liabilities. Judge Richard D. Taylor oversees the case. Natural State Law, PLLC, is the Debtor's legal counsel. No official committee of unsecured creditors has been appointed in the Debtor's case. LOG STORM SECURITY: Has Approval to Access Cash Through March 31 ---------------------------------------------------------------- Log Storm Security, Inc. sought authorization from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral in order to meet its ordinary cash needs and expenses to (a) maintain and preserve its assets; (b) continue operation of its business; and (c) U.S. Trustee fees. Pursuant to a certain Factoring and Security Agreement, Hubbard Capital LLC has a valid and subsisting first lien on all accounts arising out of Log Storm's operations and any and all cash and non-cash proceeds thereof, securing the Debtor's indebtedness to Hubbard, in the principal amount of $1,116,251, not including default fees as of the Petition Date. Pre-petition, the Debtor also entered into a Secured Convertible Note Purchase Agreement whereby BSIG, LLC agreed to purchase secured convertible promissory notes in the aggregate amount of $1,250,000, secured as set forth in separate Security Agreements. On Feb. 13, 2020, Judge Michael B. Kaplan issued an Interim Order authorizing the Debtor's use of cash collateral. As adequate protection for use of cash collateral, Hubbard and BSIG are each granted: (a) a valid, binding, enforceable non-avoidable, and automatically perfected post-petition security interests in and liens on all property of the Debtor and the Debtor's estate; and (b) a superpriority administrative expense claim, pursuant to Section 507(b) of the Bankruptcy Code. Subsequently, the Debtor, Hubbard and BSIG have agreed to extend cash collateral use up through and including March 31, 2020, on the same terms and conditions set forth in the Interim Order. In his second interim order, Judge Kaplan extended the Debtor's authorization to use cash collateral through March 31. In addition, Judge Kaplan directed any creditor or other interested party having any objection to the Second Interim Order to (a) file with the Clerk of the Court and serve upon counsel for the Debtor a written objection by March 24 and (b) appear to advocate said objection at a Final Hearing to be held on March 31, 2020 at 10:00 a.m. (EST). A copy of the Second Interim Order is available for free at https://is.gd/KCcimj from PacerMonitor.com. About Log Storm Security Inc. Founded in 1999, Log Storm Security, Inc. doing business as BlackStratus -- https://www.blackstratus.com/ -- provides security information event management (SIEM) products and services. The company also offers support to help managed service providers (MSPs) develop new or improve their current security-as-a-service business. Log Storm Security sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-12043) on Feb. 6, 2020. The petition was signed by Dale W. Cline, president. At the time of filing, the Debtor had $29,188 in assets and $5,049,036 in liabilities. The Debtor is represented by Richard D. Trenk, Esq. at McMANIMON, SCOTLAND & BAUMAN, LLC. MENDOTA LUTHERAN: Midland States Bank Prohibits Cash Collateral Use ------------------------------------------------------------------- Midland States Bank asks the U.S. Bankruptcy Court for the Northern District of Illinois to prohibit Mendota Lutheran Home's use of cash collateral unless and until such time as Midland consents to its use for satisfactory adequate protection as required by the Bankruptcy Code. The Debtor currently has two outstanding loans with Midland, secured by all of the Debtor's personal property, including but not limited to, the Debtor's accounts. Midland asserts a perfected security interest in the Debtor's accounts and other collateral. Midland has not given its consent for the Debtor to use its cash collateral. However, Midland believes the Debtor continues to use its cash collateral, as evidenced with the payment of a cashier's check dated Feb. 4, 2020 for $6,000 to First State Bank. Counsel for Midland States Bank: Thomas P. Sandquist, Esq. WilliamsMcCarthyLLP 120 West State Street, #400 P.O. Box 219 Rockford IL 61105 Tel: (815) 987-8929 E-mail: tsandquist@wilmac.com About Mendota Lutheran Home Mendota Lutheran Home is a non-profit organization that offers a variety of services and living arrangements, including: sheltered care, rehab to home private unit within rehab suites, skilled nursing and intermediate care, respite care, hospice and palliative care, and in-patient and out-patient therapy. Mendota Lutheran sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 20-02769) on Jan. 31, 2020. The petition was signed by Erica Falk, administrator. At the time of filing, the Debtor had $2,004,794 in assets and $1,528,925 in liabilities. The case is assigned to Judge Timothy A. Barnes. The Debtor is represented by DAVID P. LLOYD, Ltd. MIDWAY OILFIELD: Amended Liquidating Plan Confirmed by Judge ------------------------------------------------------------ Judge Marvin Isgur entered findings of fact, conclusion of law, and an order confirming the Second Amended Disclosure Statement and Second Amended Plan of Liquidation of Debtor Midway Oilfield Constructors, Inc. The Debtor's designation in the Claims Analysis to its Disclosure Statement, which states that East Texas Mack Sales LLC's scheduled claim in the amount of $109,616 and its filed administrative claim in the amount of $19,741 are subject to objection with a proposed allowed claim amount of zero, no formal objection to the East Texas Mack Claims has yet been filed and, as such, the East Texas Mack Claims will be deemed an allowed claim until such time as a formal objection is filed or agreement reached regarding allowance, with all parties reserving their rights with respect to the claims. Nothing contained in the Plan or in the Plan Confirmation Order releases the obligations of any guarantor with respect to the alleged indebtedness and/or alleged obligations relating to the Real Estate Lien Note in the original principal amount of $900,000 dated Jan. 12, 2017, from the Debtor to The Bank of Madisonville (TBOM) and/or any other claims of TBOM against the Debtor. The Amended Plan and Disclosure Statement contain adequate information within the meaning of Section 1125(a). A full-text copy of the order dated March 3, 2020, is available at https://tinyurl.com/w82o8e6 from PacerMonitor at no charge. About Midway Oilfield Constructors Midway Oilfield Constructors, Inc., provides construction services to the upstream, midstream, and downstream sectors of the oil and gas industry. Based out of Midway, Texas, Midway provides services across the State of Texas and Oklahoma. On Aug. 15, 2018, Midway Oilfield Constructors filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (S.D. Tex. Case No. 18-34567). The Debtor was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities as of the bankruptcy filing. Judge Marvin Isgur is the case judge. The Debtor tapped Hoover Slovacek LLP as its legal counsel. Hrdlicka White Williams & Aughtry, is the special tax counsel. The Office of the U.S. Trustee on Nov. 14, 2018, appointed three creditors to serve on an official committee of unsecured creditors in the Chapter 11 case. The committee members are: (1) Buffalo Gap Instrumentation & Electric Co. Inc.; (2) Sun Coast Resources, Inc.; and (3) Baldwin Redi-Mix Co., Inc. Lugenbuhl Wheaton Peck Rankin & Hubbard, is counsel to the Committee. MINUTEMAN SPILL: Bid for Summary Judgment Tossed ------------------------------------------------ In the case captioned BRIAN J. BOLUS, et al., Plaintiffs, v. AMY CARNICELLA, et al., Defendants, No. 4:15-CV-01062 (M.D. Pa.), the Pennsylvania Office of Attorney General, acting as purported counsel for Defendant Robert B. Stewart, III, has moved the Court for summary judgment on all claims in Plaintiffs' Joint Amended Complaint against Stewart because he is deceased. Upon review, District Judge Matthew W. Brann denies Stewart's motion. Defendant Robert B. Stewart, III was employed by the Pennsylvania Office of Attorney General as a prosecutor from Jan. 2, 2008 through August 2015. The Plaintiff entity Minuteman Spill Response, Inc. ("MSRI") filed for Chapter 11 bankruptcy with the United States Bankruptcy Court for the Middle District of Pennsylvania on April 18, 2014. On Sept. 3, 2014, MSRI initiated an adversary proceeding, naming Stewart as a defendant. On May 29, 2015, Plaintiffs Brian and Karen Bolus filed a complaint naming Stewart as a defendant. On May 23, 2017, the District Court consolidated the MSRI Litigation and the Bolus Litigation into this case. On Nov. 21, 2017, the Huntingdon Daily News published an obituary indicating that Stewart had died on Nov. 16 that year "after a brief but courageous battle with pancreatic cancer." On Dec. 12, 2017, Plaintiffs filed a Joint Amended Complaint in this case. Plaintiffs named Stewart as a defendant but stated that "[o]n information and belief, Defendant Stewart passed away within the last several weeks. Plaintiffs are unaware of any Estate having been raised." Stewart's motion has a fatal threshold procedural deficiency, according to Judge Brann. The Pennsylvania Office of Attorney General has filed the motion on Stewart's behalf. The Office of Attorney General argues that, per earlier notices of appearance, it represents Stewart. But Stewart's death severed the attorney-client relationship, the Court says. Simply put, the Office of Attorney General is no longer Stewart's attorney. The Office of Attorney General, then, lacks standing to bring this motion. This compels dismissal. The motion is, therefore, denied. A copy of the Court's Memorandum Opinion and Order dated Feb. 20, 2020 is available for free at https://bit.ly/399j3jV from Leagle.com. Brian J. Bolus, Karen Bolus & Preston Bolus, Plaintiffs, represented by Daniel D. Haggerty , Edward T. Kang -- dhaggerty@khflaw.com -- Kang Haggerty & Fetbroyt, LLC, Gilbert B. Abramson -- gabramson@theabramsonfirm.com -- Abramson & Abramson, LLC, Jeremy S. Spiegel , Law Office of Jeremy Spiegel -- Spiegel@JeremySpiegelLaw.com -- pro hac vice & Kandis L. Kovalsky -- kkovalsky@khflaw.com --KANG HAGGERTY & FETBROYT LLC. Minuteman Spill Response, Inc., Plaintiff, represented by Gilbert B. Abramson, Abramson & Abramson, LLC, Daniel D. Haggerty, Jeremy S. Spiegel, Law Office of Jeremy Spiegel & Kandis L. Kovalsky, KANG HAGGERTY & FETBROYT LLC. Amy Carnicella, Esquire, Robert B. Stewart, III, Esq., Richard M. Bosco, David A. Ellis, Christopher M. Antonucci, Kathleen G. Kane, Attorney General of the Commonwealth of Pennsylvania, Paul Zimmerer & Joshua Shapiro, Defendants, represented by Anthony R. Bowers , PA Office of Attorney General Litigation Section & Nicole R. DiTomo, Pennsylvania Office of Attorney General Civil Litigation. Northridge Group, Inc., Movant, represented by Joseph A. Holko -- jholko@tthlaw.com -- Thomas, Thomas & Hafer, LLP. About Minuteman Spill Response, Inc. Milton, Pennsylvania-based Minuteman Spill Response, Inc., sought protection under Chapter 11 of the Bankruptcy Code on April 18, 2014 (Bankr. M.D. Pa., Case No. 14-01825). The case was assigned to Judge John J. Thomas. The Debtor's counsel is Robert L Knupp, Esq., at Smigel, Anderson & Sacks, LLP, in Harrisburg, Pennsylvania. NEW YORK AVENUE: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: New York Avenue LLC 42 Howe Avenue Wayne, NJ 07470 Business Description: New York Avenue LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: March 22, 2020 Court: United States Bankruptcy Court District of New Jersey Case No.: 20-14761 Debtor's Counsel: John P. Di Iorio, Esq. SHAPIRO, CROLAND, REISER, APFEL & DI IORIO, LLP 411 Hackensack Avenue 6th Floor Hackensack, NJ 07601 Tel: (201) 488-3900 E-mail: jdiiorio@shapiro-croland.com Total Assets: $2,200,000 Total Liabilities: $1,765,183 The petition was signed by Joseph Ronandelli, sole member and manager of Deb Associates, LLC, sole member of Rolling Investments, LLC, which is the sole member of the Debtor. The Debtor stated it has no unsecured creditors. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/WtFFpF NORTH TAMPA ANESTHESIDA: Hires Johnson Pope as Counsel ------------------------------------------------------ North Tampa Anesthesida Consultants, PA, seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ Johnson Pope Bokor Ruppel & Burns, LLP, as counsel to the Debtor. North Tampa Anesthesida requires Johnson Pope to: a. advise the Debtor of its duties and obligations under the Bankruptcy Code; b. analyze and pursue avoidance actions if in the best interest of the estate; c. prepare motions, pleadings and other legal papers; and d. assist the Debtor in taking all legally appropriate steps to effectuate compliance with the Bankruptcy Code. Johnson Pope will be paid at the hourly rate of $400. Pre-petition, the Debtor paid Johnson Pope a retainer in the amount of $13,000. Johnson Pope will also be reimbursed for reasonable out-of-pocket expenses incurred. Angelina E. Lim, partner of Johnson Pope Bokor Ruppel & Burns, 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. Johnson Pope can be reached at: Angelina E. Lim, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson St., Suite 3100 Tampa, FL 33602 Tel: 813-225-2500 Fax: 813-223-7118 E-mail: AngelinaL@JPFirm.com About North Tampa Anesthesida North Tampa Anesthesida Consultants, PA, based in Tampa, FL, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 20-02101) on March 10, 2020. In the petition signed by Gabriel Perez, director/practice administrator, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Angelina E. Lim, Esq., at Johnson Pope Bokor Ruppel & Burns, LLP, serves as bankruptcy counsel to the Debtor. NPHSS LLC: Hires Agency Carmel as Real Estate Broker ---------------------------------------------------- NPHSS, LLC, seeks authority from the U.S. Bankruptcy Court for the Northern District of California to employ The Agency Carmel, as real estate broker to the Debtor. NPHSS, LLC requires Agency Carmel to market and sell the Debtor's residential real property located at 5 Sand & Sea-San Antonio, Carmel, California 93923. Agency Carmel will be paid a commission of 5% of the purchase price. Cicily Sterling, partner of The Agency Carmel, 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. Agency Carmel can be reached at: Cicily Sterling THE AGENCY CARMEL San Carlos Street 3NE Carmel, CA 93922 Tel: (831) 402-7174 About NPHSS LLC NPHSS, LLC, based in Carmel by the Sea, CA, filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 20-50296) on Feb. 19, 2020. The Hon. Stephen L. Johnson oversees the case. Stanley Zlotoff, Esq., serves as bankruptcy counsel to the Debtor. NUVECTRA: Sells to Cirtec; Assigns License Agreement ---------------------------------------------------- Debtor Nuvectra Corporation filed an Amended Disclosure Statement for its Plan of Liquidation dated March 5, 2020. An auction of the Debtor's assets was held on Feb. 27, 2020. Pursuant to the Notice of Successful and Backup Bidders With Respect to the Auction of the Debtor's Assets, Cirtec Medical Corp. was selected as the successful bidder with respect to all owned intellectual property, including associated documentation, rights to sue, royalties, and similar rights; all furnishings and equipment; specified inventory; specified computer hardware and equipment; and other default Purchased Assets. In addition, pursuant to the notice of designated contracts, the Debtor will seek to assume and assign the License Agreement with Aleva Neurotherapeutics SA as part of the sale to Cirtec. A full-text copy of the Amended Disclosure Statement dated March 5, 2020, is available at https://tinyurl.com/s4dbukk from PacerMonitor at no charge. Counsel for the Debtor: Ryan E. Manns Toby L. Gerber Laura L. Smith Shivani P. Shah NORTON ROSE FULBRIGHT US LLP 2200 Ross Avenue, Suite 3600 Dallas, Texas 75201-7932 Telephone: (214) 855-8000 Facsimile: (214) 855-8200 About Nuvectra Corporation Nuvectra Corporation -- http://www.nuvectramed.com/-- operates as a neurostimulation medical device company. The Algovita Spinal Cord Stimulation (SCS) System is the Company's first commercial offering and is CE marked and FDA approved for the treatment of chronic intractable pain of the trunk and/or limbs. The Company's innovative technology platform also has capabilities under development to support other indications such as sacral neuromodulation (SNM) for the treatment of overactive bladder, and deep brain stimulation (DBS) for the treatment of Parkinson's Disease. Nuvectra filed for Chapter 11 bankruptcy protection (Bankr. E.D. Tex. Case No. 19-43090) on Nov. 12, 2019. In the petition signed by CEO Fred B. Parks, the Debtor was estimated to have $10 million to $50 million in both assets and liabilities. The Hon. Brenda T. Rhoades oversees the case. The Debtor is represented by Ryan E. Manns, Esq. and Toby L. Gerber, Esq. at Norton Rose Fulbright US LLP. The Office of the U.S. Trustee on Nov. 21, 2019, appointed creditors to serve on the official committee of unsecured creditors. The committee is represented by Barnes & Thornburg LLP. OFFSHORE MARINE: Exclusivity Period Extended Until June 1 --------------------------------------------------------- Judge Jerry Brown of the U.S. Bankruptcy Court of the Eastern District of Louisiana extended to June 1 the period during which Offshore Marine Contractors, Inc. has the exclusive right to file a Chapter 11 plan and disclosure statement. The company has the exclusive right to solicit acceptances for its plan until July 31. The company sought exclusivity extension as it is still in negotiations with its largest secured creditors regarding the terms of a plan, including financing and the valuation of its vessels. About Offshore Marine Contractors Offshore Marine Contractors -- http://offshoremarine.net/-- is a family-owned and operated company that provides offshore, self-propelled and self-elevating liftboats for the petroleum exploration and transportation industries. Offshore Marine Contractors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 19-13253) on Dec. 4, 2019. In the petition signed by its president, Raimy Eymard, the Debtor disclosed $32,345,576 in assets and $69,280,946 in debt. Judge Meredith S. Grabill oversees the case. The Debtor tapped Stewart Robbins & Brown, LLC as legal counsel; Bohman Morse, LLC as special maritime counsel; Baldwin Haspel Burke & Mayer, LLC as special tax counsel; Pepperman, Emboulas, Schwartz, & Todaro, LLC as accountant; and Stout Risius Ross, LLC as financial advisor. PATRICIAN HOTEL: Needs More Time to Formulate Chapter 11 Plan ------------------------------------------------------------- Patrician Hotel, LLC, and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Florida to extend the exclusivity period for filing their Chapter 11 plan and disclosure statement for 120 days from March 13, and the period for soliciting acceptances for the plan for an additional 60 days from said date. Prior to the petition date, the companies and their creditors, All Seasons Condominium Association, Inc. and certain owners of condominium units were involved in lengthy litigation regarding an attempt by the companies to purchase all of the condominium units. The litigation ultimately went to trial in 2016. At the 2016 trial, the Circuit Court for the Eleventh Judicial Circuit, Miami-Dade County, Fla., entered judgment for specific performance in favor of Patrician. However, on or about April 24, 2019, the State of Florida Court of Appeal, Third District reversed the judgment and remanded the matter for further proceedings to the trial court. Subsequent to the reversal, additional litigation ensued. However, both the companies and litigants continued to investigate whether a sale of all of the units in the building was possible Currently, the companies have been involved in discussions with the association and at least four parties are interested in buying all of the units in the building. Without putting the amounts of the offer into the public record, the offers that the companies are aware of are substantial and real offers available for the purchase of all units, including the units of the companies and the remaining owners in the building. The association's representatives have indicated to the companies' principal, Simon Nemni, that it would be making counteroffers to the offers. However, the companies have not received any information that any counteroffers have been made notwithstanding that at least three of the offers were received more than a month ago. The companies believe that a sale of the entire building will resolve most of the issues that they have with creditors. About Patrician Hotel Based in Miami Beach, Fla., Patrician Hotel, LLC and three affiliates, 3621 Acquisition LLC, GAIJ LLC and All Seasons 408 LLC, filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 19-25290) on Nov. 14, 2019. At the time of the filing, Patrician Hotel disclosed less than $50,000 in assets and less than $50,000 in liabilities. Judge Robert A. Mark oversees the cases. Robert F. Reynolds, Esq., at Slatkin & Reynolds, P.A., is the Debtors' legal counsel. No committee has been appointed to represent unsecured creditors in the Debtors' bankruptcy cases. PG&E CORP: BOKF NA Objects to Disclosure Statement -------------------------------------------------- BOKF, NA, successor indenture trustee, objects to the Disclosure Statement for Joint Chapter 11 Plan of Reorganization of debtors PG&E Corporation and Pacific Gas and Electric Company and Shareholder Proponents. In support of its objection, BOKF states as follows: * Holders of Utility Impaired Senior Note Claims and Utility Short-Term Senior Note Claims, both signatories and non-signatories to the Noteholder RSA, are Impaired under the Plan and thus entitled to vote. The Plan's failure to provide for full payment of the Senior Notes Trustee Fees will have a direct and negative financial impact on such holders. * It appears the Debtors may propose to include a general disclosure to all holders of prepetition claims of each Funded Debt Trustee's ability to assert a charging lien against distributions under the Plan. Such a vague disclosure is devoid of any connection to a particular class of creditors and fails to explain the effect of forcing BOKF to assert its charging lien against distributions to Impaired Noteholders, particularly when the Utility is directly obligated to pay such Senior Notes Trustee Fees. * The Noteholder RSA, to which BOKF is not a party or signatory, cannot modify the Senior Notes Indentures or abrogate the Utility's direct obligations to BOKF. * BOKF objects to the Disclosure Statement as failing to provide adequate information sufficient to allow the Impaired Noteholders to make an informed judgment about the Plan and requests that the Court deny its approval unless the Trustee's Requested Disclosures are incorporated. A full-text copy of BOKF NA's objection to the Disclosure Statement dated March 6, 2020, is available at https://tinyurl.com/wglkjqo from PacerMonitor at no charge. Counsel for BOKF: Andrew I. Silfen Beth M. Brownstein ARENT FOX LLP 1301 Avenue of the Americas, 42nd Floor New York, New York 10019 Telephone: (212) 484-3900 Facsimile: (212) 484-3990 E-mail: andrew.silfen@arentfox.com beth.brownstein@arentfox.com - and - Aram Ordubegian ARENT FOX LLP 55 Second Street, 21st Floor San Francisco, CA 94105 Telephone: (415) 757-5500 Facsimile: (415) 757-5501 E-mail: aram.ordubegian@arentfox.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. POET TECHNOLOGIES: Extends Exercise Period for 2018 Warrants ------------------------------------------------------------ POET Technologies, Inc., has extended the exercise period for warrants granted to investors in connection with its March 2018 public offering managed by Cormark Securities Inc. based in Toronto, Ontario Canada. The Company will be extending the exercise period by four months to July 23, 2020 for a total of 12,545,350 common share purchase warrants, all of which are exercisable at C$0.75 per share. These existing Warrants were issued pursuant to a public offering completed by Cormark on March 21, 2018 with a two-year period in which to exercise. All other terms and conditions of the Warrants remain unchanged. The Warrant extension, approved by the Company's Board of Directors, has been accepted by the Company's Indenture Trustee and the TSX Venture Exchange. The Company also reported that the Tranche 2b payment of US$8.25 million is on schedule and to be paid to POET on or before March 31, 2020. The Overseas Direct Investment (ODI) application submitted by the Buyer has been accepted by the Chinese authorities in Shanghai and approval of the transfer to POET is expected soon. The remaining Tranche 3 payment of US$5M is expected to be paid by the end of May 2020. In response to the potential risks associated with COVID-19, the Company has taken certain preventive measures to ensure its business remains operational while also protecting employees, including working from home, social distancing among team members, sanitation of test equipment and workstations, and a split rotation schedule that reduces the impact to operations in the event that infection requires quarantining of staff. "Although we elected not to participate in the recent Optical Fiber Conference (OFC) in San Diego, we have been conducting multiple virtual meetings with potential customers, strategic partners and financial analysts that we had planned to see at OFC to review the benefits of the POET Optical Interposer across a number of potential applications," commented Vivek Rajgarhia, president & general manager of POET. "The response has been very positive, and our discussions have focused on products in which our platform can bring tremendous value to their offerings." Due to the uncertainty of travel, the POET Board has deferred setting a date and location for its next Annual General Meeting for approximately six weeks and is considering using the "TSX Trust Virtual Alternative" platform. About POET Technologies POET Technologies -- http://www.poet-technologies.com/-- is a developer and manufacturer of optical light source products for the sensing and data communications markets. Integration of optics and electronics is fundamental to increasing functional scaling and lowering the cost of current photonic solutions. POET believes that its approach to hybrid integration of devices, utilizing a novel dielectric platform and proven advanced wafer-level packaging techniques, enables substantial improvements in device cost, efficiency and performance. Optical engines based on this integrated approach have applications ranging from data centers to consumer products. POET is headquartered in Toronto, with operations in Ottawa, Silicon Valley, the United Kingdom, and Singapore. POET reported net losses of US$16.32 million in 2018, US$12.80 million in 2017, and US$13.22 million in 2016. As of Sept. 30, 2019, the Company had US$26.37 million in total assets, US$11.53 million in total liabilities, and US$14.84 million in shareholders' equity. Marcum LLP, in New Haven, CT, the Company's auditor, issued a "going concern" qualification in its report dated April 29, 2019, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. PRADHAN AND COMPANY: Court Approves Second Amended Disclosure ------------------------------------------------------------- On March 2, 2020, the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, conducted a hearing to consider the Second Amended Disclosure Statement filed by Debtor Pradhan and Company, Inc. d/b/a Express Food. On March 5, 2020, the Court finds that any errors in the Disclosure Statement were not substantial and ordered that the Debtor’s Second Amended Disclosure Statement is finally approved after reviewing the record and the argument of counsel. A full-text copy of the order dated March 5, 2020, is available at https://tinyurl.com/qrxdryw from PacerMonitor at no charge. About Pradhan and Company Pradhan and Company, Inc., owns and operates a gas station located at 15151 FAA Boulevard, Fort Worth, Texas. Pradhan and Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-40923) on March 4, 2019. At the time of the filing, the Debtor was estimated to have assets of less than $1 million and liabilities of less than $1 million. The case is assigned to Judge Edward L. Morris. The Debtor tapped Areya Holder Aurzada, Esq., at Holder Law, as its legal counsel. PRIME GLOBAL: Reports $31K Net Loss for First Quarter ----------------------------------------------------- Prime Global Capital Group Incorporated filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss attributable to the company of $31,240 on $474,576 of net total revenues for the three months ended Jan. 31, 2020 compared to a net loss attributable to the company of $65,792 on $445,488 of net total revenues for the three months ended Jan. 31, 2019. As of Jan. 31, 2020 the Company had $45.27 million in total assets, $17.90 million in total liabilities, and $27.36 million in total equity. As of Jan. 31, 2020, the Company had cash and cash equivalents of $192,712, as compared to $155,845 as of the same period last year. The Company's cash and cash equivalents increased as a result of receiving new bank loans. Prime Global said, "We expect to incur significantly greater expenses in the near future, including the contractual obligations that have assumed ... when development activities begin. We also expect the general and administrative expenses to increase as we expand our finance and administrative staff, and add infrastructure. "We also expect our general and administrative expenses to increase as we expand our finance and administrative staff, add infrastructure, and incur additional costs related to being a large accelerated filer, including directors' and officers' insurance and increased professional fees. "Our continuation as a going concern is dependent upon improving our profitability and the continuing financial support from our stockholders. Our sources of capital in the past have included the sale of equity securities, which include common stock sold in private transactions and public offerings, capital leases and short-term and long-term debts. While we believe that we will obtain external financing and the existing shareholders will continue to provide the additional cash to meet our obligations as they become due, there can be no assurance that we will be able to raise such additional capital resources on satisfactory terms. We believe that our current cash and other sources of liquidity discussed below are adequate to support operations for at least the next 12 months." For the three months ended Jan. 31, 2020, net cash used in operating activities was $100,982, which consisted primarily of a net income (excluding non-cash depreciation) of $91,460, offset by an increase in income tax payable of $15,169. For the three months ended Jan. 31, 2019, net cash used in operating activities was $117,450, which consisted primarily of a net income (excluding non-cash depreciation) of $56,134, offset by a decrease in income tax payable of $172,789. The Company expects rental income from its real estate operations to increase as it increases the occupancy rates of its commercial buildings, which will be offset by the increased expenses associated with developing our residential projects. The Company expects to continue to rely on cash generated through private placements of its securities, however, to finance its operations and future acquisitions. For the three months ended Jan. 31, 2020, net cash used in investing activities was $40,364, consisting of $25,855 of plantation development construction costs, and cost of purchase of bearer plants of $14,509. For the three months ended Jan. 31, 2019, net cash used in investing activities was $28,476, consisting of $14,756 of cost of purchase of bearer plants and cost of purchase of property, plant and equipment of $13,720. The Company expects investing cash outflows to increase when its durian plantation matures and begins to generate revenues in 2020 at the earliest. The Company also expects investing cash outflows to increase due to expenditures associated with developing its residential projects. For the three months ended Jan. 31, 2020, net cash used in financing activities was $95,984, consisting primarily of proceeds from a new loan of $21,451 and advances of $89,729 from Weng Kung Wong, the Company's chief executive officer, interim chief financial officer and interim secretary and director, and offset by repayment of $164,262 on outstanding bank loans. For the three months ended Jan. 31, 2019, net cash provided by financing activities was $207,174, consisting primarily of repayments of $59,909 to Weng Kung Wong, the Company's chief executive officer, interim chief financial officer and interim secretary and director, and repayments of $147,265 on outstanding bank loans. A full-text copy of the Form 10-Q is available for free at: https://is.gd/fOyiPr About Prime Global Prime Global Capital Group Incorporated operates two business segments: (i) its oil palm and durian plantation business; and (ii) its real estate business. The Company's oil palm and durian plantation business is operated through Virtual Setup Sdn. Bhd., or VSSB, and its real estate business is primarily operated through PGCG Assets Holdings Sdn. Bhd., and Dunford Corporation Sdn. Bhd. Prime Global reported a net loss of $267,321 for the year ended Oct. 31, 2019, compared to a net loss of $553,962 for the year ended Oct. 31, 2018. ShineWing Australia, in Melbourne, Australia, issued a "going concern" qualification in its report dated Jan. 28, 2020 citing that the Company has a working capital deficiency, and accumulated deficit from recurring net losses maturing in less than one year as of Oct. 31, 2019. All these factors raise substantial doubt about its ability to continue as a going concern. PUERTO RICAN PARADE: Amended Reorganization Plan Confirmed by Ju ---------------------------------------------------------------- Judge Carol A. Doyle of the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered an order approving the Second Amended Disclosure Statement and confirming the Second Amended Plan of Reorganization. Regarding the distribution of any excess funds available in this Bankruptcy Estate to be paid for distribution to charity as set forth in the Second Amended Disclosure Statement and Second Amended Plan of Reorganization, any such excess funds available in this Bankruptcy Estate will be paid to the Illinois Attorney General's State Projects And Court Ordered Distribution Fund for distribution to the Puerto Rican Cultural Center to be used for the Daniel Ramos Puerto Rican Festival Committee for the purpose of continuing the parade/festival. Post-confirmation status hearing is set for March 26, 2020, at 10:30 a.m. at 219 S. Dearborn, Courtroom 742, Chicago, Illinois. A full-text copy of the order dated March 5, 2020, is available at https://tinyurl.com/rmmqtgg from PacerMonitor at no charge. The Debtor is represented by: Paul M. Bach Penelope N. Bach BACH LAW OFFICES P.O. Box 1285 Northbrook, IL 60065 Tel: (847) 564-0808 About Puerto Rican Parade Committee Puerto Rican Parade Committee of Chicago, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 17-03480) on Feb. 6, 2017. In the petition signed by Angel Medina, president, the Debtor was estimated to have assets of less than $1 million. The case is assigned to Judge Carol A. Doyle. Paul M. Bach, Esq., and Penelope N. Bach, Esq., at the Bach Law Offices, serve as the Debtor's bankruptcy counsel. RECYCLING REVOLUTION: Has Authorization to Use Cash Collateral -------------------------------------------------------------- Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern District of Florida issued an interim order authorizing Recycling Revolution, LLC to use cash collateral to continue to operate in the ordinary course, consistent with the budget. Secured Creditors (Newtek Small Business Finance LLC, Gabrielle/MHT Limited Dividend Housing Partnership and Benjamin Manor MHT Dividend Housing Associates LLC) are each granted a first priority postpetition security interest and lien in, to and against all of the Debtor's assets. To the same extent that the Secured Creditors held a properly perfected prepetition security interest in such assets, which are or have been acquired, generated or received by the Debtor subsequent to the Petition Date. The Debtor is required to pay Newtek monthly adequate protection payments of $2,924. The Debtor will provide financial disclosures to Newtek, at least monthly, which will consist of any documents tendered to the U.S. Trustee, an accounts receivable report, profit and loss statement, general ledgers and any other documents reasonably necessary to assess the Debtor's financial viability. Additionally, the bankruptcy judge ordered that (a) MHT creditors will be listed as a loss payee on the Debtor's insurance policies and (b) the Debtor must provide MHT with proof of the same. About Recycling Revolution Recycling Revolution, LLC -- http://www.RecyclingRevolution.net/-- is a recycling company specializing in low end, contaminated, and hard to handle materials. Recycling Revolution purchases all types of plastic, metal and electronic waste, including HDPE bottles, PET bottles, commingled bottles, and HDPE mixed rigid bottles. Recycling Revolution sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-25063) on Nov. 7, 2019. Judge Mindy A. Mora is assigned to the case. In the petition signed by its member/president, Robin Seskin, the Debtor disclosed $365,896 in assets and $9,318,956 in debt. MARSHALL GRANT, PLLC serves as Debtor's counsel. The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in Debtor's Chapter 11 case. REJUVI LABORATORY: May 7 Plan & Disclosure Hearing Set ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, considered the Combined Plan and Disclosure Statement of debtor Rejuvi Laboratory, Inc., dated March 2, 2020. On March 5, 2020, Judge Dennis Montali ordered that: * The Disclosure Statement is tentatively approved as containing adequate information. * The objections of Maria Corso to the tentative approval of the Disclosure Statement are overruled for the reasons stated on the record. * April 17, 2020, is set as the last day to file and serve objections to confirmation of the Combined Plan and Disclosure Statement. * April 17, 2020, is fixed as the last day for submitting ballots to accept or reject the Combined Plan and Disclosure Statement. * April 23, 2020, at 11:30 a.m. is fixed as the last day for any party filing an objection to confirmation. * May 7, 2020, at 10:00 a.m. is set for the hearing to consider confirmation of the Combined Plan and Disclosure Statement. A full-text copy of the order dated March 5, 2020, is available at https://tinyurl.com/wae9hqz from PacerMonitor at no charge. Attorneys for the Debtor: Stephen D. Finestone Jennifer C. Hayes FINESTONE HAYES LLP 456 Montgomery Street, 20th Floor San Francisco, California 94104 Tel: (415) 421-2624 Fax: (415) 398-2820 E-mail: sfinestone@fhlawllp.com About Rejuvi Laboratory Founded in 1988 by Dr. Wade Cheng, Rejuvi Laboratory, Inc. -- http://www.rejuvilab.com/-- is an integrated cosmetic laboratory with ongoing research, development and production capability. Rejuvi Laboratory sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 18-31069) on Sept. 27, 2018. In the petition signed by Wei Cheng, president, the Debtor disclosed $2,870,211 in assets and $1,357,213 in liabilities. Judge Dennis Montali presides over the case. Attorneys for the Debtor: Stephen D. Finestone Jennifer C. Hayes FINESTONE HAYES LLP 456 Montgomery Street, 20th Floor San Francisco, California 94104 Tel: (415) 421-2624 Fax: (415) 398-2820 E-mail: sfinestone@fhlawllp.com RENTPATH HOLDINGS: Has Final Nod to Obtain Financing, Access Cash ----------------------------------------------------------------- Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware signed a final order authorizing RentPath Holdings, Inc., and its affiliates (a) to continue borrowing under the senior secured postpetition financing facility in the aggregate principal amount of $74 million from Royal Bank of Canada, as DIP agent, and the lenders party thereto, and (b) to use cash collateral. The Debtors are authorized and directed to continue to pay the principal, interest, premiums, fees, payments, expenses, and other amounts described in the DIP Documents, as such amounts become due and payable, in accordance with the Final Order. Pursuant to the Interim Order and as ratified by the Final Order, upon the Closing Date, the Upfront Discount, the Backstop Premium set forth in the Backstop Commitment Letter, and the Redemption Premium became fully earned, non-refundable, and payable in accordance with and at the times specified in the DIP Documents. In order to secure the DIP Obligations, the DIP Agent, for the benefit of itself and the DIP Lenders, is granted a continuing, valid, binding, enforceable, non-avoidable, and automatically and properly perfected postpetition security interests in and liens on all real and personal property of each of the Debtors, subject to the following priority: (a) the DIP Liens will be first priority liens on all of the Debtors' unencumbered assets; (b) the DIP Liens will be immediately junior to any liens on the Debtors' encumbered assets that are subject to valid, perfected, and unavoidable liens in existence immediately prior to the Petition Date or to valid and unavoidable liens in existence immediately prior to the Petition Date that are perfected after the Petition Date; (c) the DIP Liens will be priming first-priority liens on all of the Debtors' assets that serve as collateral under the Prepetition Secured Facilities, senior to the Prepetition Liens and the Adequate Protection Liens. (d) the DIP Liens will not be made subject to or pari passu with any lien or security interest. The DIP Agent is also granted an allowed superpriority administrative expense claims in each of the Chapter 11 Cases and any Successor Cases for all DIP Obligations with priority over any and all administrative expense claims and unsecured claims against the Debtors or their estates in any of the Chapter 11 Cases or any Successor Cases, which will at all times be senior to the rights of the Debtors and their estates, and any successor trustee or other estate representative to the extent permitted by law. Before the Petition Date, the Debtors owe the prepetition lenders (i) not less than $517.70 million pursuant to the Prepetition First Lien Facility; (ii) in amounts equal to $2,391,133 (with respect to the RBC Hedge Counterparty) and $2,381,109 (with respect to the Nomura Hedge Counterparty) under the Prepetition Hedging Agreements; and (iii) $170 million under the second lien term loan. The Prepetition Secured Parties will be entitled to adequate protection of their interests in the Prepetition Collateral solely to the extent of any diminution in value of their interests in the Prepetition Collateral. The Prepetition Secured Parties are granted: (a) a valid, perfected replacement security interest in and lien on all of the DIP Collateral, including Avoidance Action Proceeds, subject and subordinate only to the Carve-Out, the DIP Liens, and the Non-Primed Liens, subject to the terms of the Intercreditor Agreement; (b) superpriority claims as provided in section 507(b) of the Bankruptcy Code; and (c) fees and expenses incurred by the Prepetition Secured Parties. A copy of the Final Order is available for free at https://is.gd/g8FnUg from PacerMonitor.com. About RentPath RentPath is a digital marketing solutions company that empowers millions nationwide to find apartments and houses for rent. RentPath Holdings, Inc., and 11 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10312) on Feb. 12, 2020. RentPath Holdings was estimated to have $100 million to $500 million in assets and $500 million to $1 billion in liabilities as of the bankruptcy filing. Weil, Gotshal & Manges LLP and Richards Layton & Finger are serving as legal counsel, Moelis & Company LLC is serving as financial advisor, and Berkeley Research Group, LLC is serving as restructuring advisor to RentPath. Prime Clerk LLC is the claims agent. RESOLUTE FOREST: S&P Downgrades ICR to 'B+'; Outlook Negative ------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Resolute Forest Products Inc. to 'B+' from 'BB-'. At the same time, S&P Global Ratings lowered its issue-level rating on the company's senior unsecured notes to 'B' from 'B+'. The '5' recovery rating on the notes is unchanged. The downgrade follows sharply higher leverage in 2019, and S&P's expectation for credit measures and liquidity to remain pressured over the next two years. Resolute generated adjusted debt-to-EBITDA of about 10x in 2019, which is well above S&P's previous expectations, and S&P does not expect material improvement in 2020. S&P assumes the company will continue to face pricing pressure in most of its product segments, namely in pulp and specialty paper/newsprint, thereby limiting growth in its prospective earnings and cash flow. S&P is now expecting adjusted debt-to-EBITDA to be sustained above 5x through its forecast, which is consistent with its previous downgrade trigger. S&P estimates leverage in the high-9x area in 2020 and the mid-6x area in 2021. "We expect commodity prices will remain volatile notably due to macroeconomic uncertainty, and we have tempered our estimates over the next two years. We assume pulp prices will remain well below our previous assumptions and relatively flat, following an average decline in 2019 (about 9% year over year). We believe soft demand, specifically from China, and heightened global inventory are likely to limit material improvement. In addition, we expect similar pressure in newsprint and specialty paper; we believe weak North American and export demand will continue to put pressure on prices. Lastly, we expect lumber markets to improve moderately in 2020 and 2021 from weak 2019 levels, led by supply curtailments and improving U.S. housing starts, but not to an extent that materially improves Resolute's cash flow and credit measures. However, weaker-than-expected economic conditions and housing starts remain a key risk," S&P said. The negative outlook reflects S&P's view that weakness in commodity markets could further constrain the company's cash flow and liquidity position. S&P expects debt-to-EBITDA to remain elevated above 5x over the next two years. S&P believes sustained macroeconomic headwinds and sustained commodity pricing pressure are key risks to its earnings and cash flow assumptions. "We could lower the ratings if, over the next 12 months, we expect Resolute to generate negative free cash flow that leads to increased reliance on its credit facilities. We believe this could occur if realized lumber, pulp, or paper prices deteriorate below our estimates, most likely due to global macroeconomic weakness, resulting in a lower cash flow not sufficient to offset its fixed charges. We could also lower the ratings if FFO cash interest coverage falls to close to 2x," S&P said. "We could revise the outlook to stable if, over the next 12 months, we expect the company to generate material positive FOCF that is used to reduce amounts drawn on its bank facility. Alternatively, a stable outlook could reflect sustained improvement in leverage, with adjusted debt-to-EBITDA expected to be sustained near 5x," S&P said. ROLLING INVESTMENTS: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Rolling Investments LLC 42 Howe Avenue Wayne, NJ 07470 Business Description: Rolling Investments LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: March 22, 2020 Court: United States Bankruptcy Court District of New Jersey Case No.: 20-14762 Debtor's Counsel: John P. Di Iorio, Esq. SHAPIRO, CROLAND, REISER, APFEL & DI IORIO, LLP 411 Hackensack Avenue 6th Floor Hackensack, NJ 07601 Tel: (201) 488-3900 E-mail: jdiiorio@shapiro-croland.com Total Assets: $600,000 Total Liabilities: $1,765,183 The petition was signed by Joseph Rolandelli, sole member & manager of Deb Associates LLC, sole member of the Debtor. The Debtor stated it has no unsecured creditors. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/Y3Ypyo SK GLOBAL: Abdul Shamim Seeks Loan to Cover Plan Funding Shortfall ------------------------------------------------------------------ Debtor SK Global Trading Inc. filed the Third Amended Disclosure Statement in connection with the accompanying Second Amended Chapter 11 Plan of Reorganization. The total amount of $180,000 will be paid under the Plan (Plan Funding Monies) to creditors in three annual payments of $60,000 each. The Debtor does not have this money on hand, but will have deposited at least $60,000 into a segregated account prior to the hearing on confirmation of the Plan. The Plan Funding Monies will come from available cash, but since the Debtor is not generating sufficient profits to make all of the payments, a substantial portion of the Plan Funding Monies will be provided by the principal of the Debtor, Abdul Shamim and his family. Mr. Shamim is in the process of seeking a loan secured by a mortgage on his home to cover the anticipated shortfall. No later than one week prior to the hearing on confirmation of the Plan, the Debtor will file a Supplement to the Disclosure Statement providing evidence of the deposit of the $60,000 in Plan Funding Monies so that the Debtor can establish that the Plan is feasible. The Plan Funding Monies will be paid to allowed administrative expenses, which are principally the Professional Fees of the Debtor's attorneys and will be voluntarily capped at $50,000 plus expenses, leaving approximately $130,000 available for unsecured creditors to share pro rata. A full-text copy of the Third Amended Disclosure Statement dated March 5, 2020, is available at https://tinyurl.com/uqofvnp from PacerMonitor at no charge. Counsel for the Debtor: J. Ted Donovan, Esq. Goldberg Weprin Finkel Goldstein LLP 1501 Broadway, 22nd Floor New York NY 10036 Tel: (212) 221-5700 About SK Global Trading Organized in 2013, SK Global Trading Inc. operates a wholesale business selling perfume products, fragrances and watches. SK Global generated total sales revenues of approximately $2.14 million in 2016 and approximately $2.37 million in 2017. SK Global Trading Inc. filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 18-10793) on March 23, 2018. In the petition signed by Abdul Shamim, president, the Debtor disclosed $554,500 in total assets and $2.22 million in total liabilities. The case is assigned to Judge James L. Garrity Jr. J. Ted Donovan, Esq., and Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP, serve as the Debtor's counsel. SOCAL REO: April 22 Plan Confirmation Hearing Set ------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, conducted a hearing to consider approval of the Second Amended Disclosure Statement describing the Second Amended Plan filed by Debtor SoCal REO Acquisitions Group LLC. On March 5, 2020, Judge Mark S. Wallace approved the Second Amended Disclosure Statement and established the following dates and deadlines: * March 27, 2020, is fixed as the last day for the Debtor to give notice to qualified and eligible voting parties that the return and completed Ballots and objection(s) to plan confirmation. * April 10, 2020, is fixed as the last day to file replies to objections and plan confirmation memorandum. * April 22, 2020, at 9:00 a.m., in Courtroom 6C is the Plan Confirmation Hearing. A full-text copy of the order dated March 5, 2020, is available at https://tinyurl.com/uygfggx from PacerMonitor at no charge. Attorneys for Debtor: Henry D. Paloci III VOKSHORI LAW GROUP 1010 Wilshire Blvd. #1404 Los Angeles, CA 90017 Tel: (213) 986-4323 About SoCal REO Acquisitions SoCal REO Acquisitions Group LLC owns two residential property assets. The company owns a single family residence at 10 Admiralty Cross, Coronado, CA. It owns another single family residence at 2389 E. Francis Drive, Palm Springs, CA. Socal Reo Acquisitions Group LLC filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-11375) on April 15, 2019. The Debtor was estimated to have assets and liabilities of $1 million to $10 million. The Hon. Mark S. Wallace is the case judge. Henry D. Paloci III at Vokshori Law Group, is the Debtor's counsel. SOUTHERN FOODS: Asks Court to Extend Exclusivity Period to May 25 ----------------------------------------------------------------- Southern Foods Group, LLC, and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend the exclusive periods to file a Chapter 11 plan to May 25 and to solicit votes on the plan to July 24. William Greendyke, Esq., at Norton Rose Fulbright US, LLP, said extending the exclusive periods would allow the companies to complete the marketing process for a potential reorganization or sale of their assets. "Through continuation of the marketing process, the debtors will be able to negotiate, formulate, file and solicit a Chapter 11 plan and maximize distributable value for the benefit of the debtors' stakeholders," Mr. Greendyke said. The companies are also working with the ad hoc group of pre-bankruptcy unsecured noteholders regarding a possible plan of reorganization for part or all of their businesses. About Southern Foods Southern Foods Group, LLC, d/b/a Dean Foods, is a food and beverage company and a processor and direct-to-store distributor of fresh fluid milk and other dairy and dairy case products in the United States. The Company and its 40+ affiliates filed for bankruptcy protection on Nov. 12, 2019 (Bankr. S.D. Texas, Lead Case No. 19-36313). The petitions were signed by Gary Rahlfs, senior vice president and chief financial officer. Judge David Jones presides over the cases. The Debtors posted estimated assets and liabilities of $1 billion to $10 billion. David Polk & Wardell LLP serves as general bankruptcy counsel to the Debtors, and Norton Rose Fulbright US LLP serves as local counsel. Alvarez Marsal is financial advisor to the Debtors, Evercore Group LLC is investment banker, and Epiq Corporate Restructuring LLC is notice and claims agent. SPECTRA7 MICROSYSTEMS: Cures Debenture Event of Default ------------------------------------------------------- Spectra7 Microsystems Inc. (SEV), a provider of high-performance analog semiconductor products for broadband connectivity markets, disclosed that on March 6, 2020, it received confirmation from Computershare Trust Company of Canada ("Computershare"), in its capacity as trustee under the indenture governing the Company's 7.0% senior unsecured debentures (the "Debentures"), that the Company had cured the previously announced event of default. As disclosed in the Company's January 15, 2020 news release, Spectra7 had not yet made its interest payment that was due to the holders of Debentures on December 31, 2019. On March 4, 2020, the Company issued the late interest payment with incremental interest to Computershare who subsequently distributed the payment to holders of Debentures. Pursuant to the terms of the indenture governing the Debentures, a formal notice will be sent to holders of Debentures advising such holders that the event of default has been cured. About Spectra7 Microsystems Inc. Spectra7 Microsystems Inc. -- http://www.spectra7.com/-- is a high-performance analog semiconductor company delivering unprecedented bandwidth, speed and resolution to enable disruptive industrial design for leading electronics manufacturers in virtual reality, augmented reality, mixed reality, data centers and other connectivity markets. Spectra7 is based in San Jose, California with design centers in Cork, Ireland, and Little Rock, Arkansas. SPINEGUARD INC: Hires Buchanan Ingersoll as Co-Counsel ------------------------------------------------------ Spineguard, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Delaware to employ Buchanan Ingersoll & Rooney PC, as co-counsel to the Debtor. Spineguard, Inc. requires Buchanan Ingersoll to: (a) advise the Debtor of its rights, powers, and duties as Debtor and Debtor in possession under chapter 11 of the Bankruptcy Code; (b) assist in preparing on behalf of the Debtor motions, applications, answers, orders, reports, and papers in connection with the administration of the Debtor's estate; (c) take action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of actions commenced against the Debtor in the Chapter 11 Case, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor; (d) prosecute on behalf of the Debtor any proposed Chapter 11 disclosure statement and plan and seek approval of all transactions contemplated therein and in any amendments thereto; and (e) perform other necessary or desirable legal services in connection with the Chapter 11 case. Buchanan Ingersoll will be paid at these hourly rates: Shareholders/Of Counsel $405 to $1,1320 Counsel/Senior Attorneys $355 to $645 Associates $225 to $495 Paraprofessionals $170 to $325 Prior to the Petition Date, the Debtor paid Buchanan Ingersoll a retainer of $95,000. Buchanan Ingersoll will also be reimbursed for reasonable out-of-pocket expenses incurred. Mary F. Caloway, partner of Buchanan Ingersoll & Rooney PC, 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. Buchanan Ingersoll can be reached at: Mary F. Caloway, Esq. BUCHANAN INGERSOLL & ROONEY PC 919 N Market St. Wilmington, DE 19801 Tel: (302) 552-4209 E-mail: mary.caloway@bipc.com About Spineguard Inc. Based in San Francisco, California, SpineGuard, Inc. --https://www.spineguard.com/ -- is an importer and distributor of single-use, disposable, Dynamic Surgical Guidance (DSG) instruments that measure the density of tissue and enable surgeons to drill holes, safely and without damaging nerves, into the pedicles of a vertebral body in the spine during spinal fusion surgery. A wholly-owned subsidiary of SpineGuard, S.A., SpineGuard, Inc., filed a Chapter 11 petition (Bankr. D. Del. Case No. 20-10332) on Feb. 13, 2020. In the petition signed by Steve McAdoo, general manager, USA, the Debtor was estimated to have between $1 million and $10 million in both assets and liabilities. Judge John T. Dorsey is assigned to the case. Hanson Bridgett LLP is the Debtor's counsel. Buchanan Ingersoll & Rooney PC, is co-counsel. SPINEGUARD INC: Hires Hanson Bridgett as Co-Counsel --------------------------------------------------- Spineguard, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Delaware to employ Hanson Bridgett LLP, as restructuring co-counsel to the Debtor. Spineguard, Inc. requires Hanson Bridgett to: (a) advise the Debtor of its rights, powers, and duties as Debtor and Debtor in possession under chapter 11 of the Bankruptcy Code; (b) assist in preparing on behalf of the Debtor motions, applications, answers, orders, reports, and papers in connection with the administration of the Debtor's estate; (c) take action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of actions commenced against the Debtor in the Chapter 11 Case, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor; (d) advise the Debtor with respect to, and promulgating, on behalf of the Debtor any proposed chapter 11 disclosure statement and plan of reorganization, and seeking approval of such disclosure statement and plan of reorganization, and of all transactions contemplated therein and in any amendments thereto; (e) assist, advise, and represent the Debtor with respect to the employment of professionals and advisors in the Chapter 11 Case; and (f) perform other necessary or desirable legal services in connection with this Chapter 11 Case. Hanson Bridgett will be paid at these hourly rates: Partners $495 to $855 Associates/Senior Counsel $310 to $575 Paraprofessionals $225 to 405 Prior to the Petition Date, the Debtor paid Hanson Bridgett a retainer of $170,000. Hanson Bridgett will also be reimbursed for reasonable out-of-pocket expenses incurred. Neal L. Wolf, a partner at Hanson Bridgett, 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. Hanson Bridgett can be reached at: Neal L. Wolf, Esq. Hanson Bridgett LLP 425 Market Street, 26th Floor San Francisco, CA 94105 Tel: (415) 777-3200 Fax: (415) 541-9366 About Spineguard Based in San Francisco, California, SpineGuard, Inc. -- https://www.spineguard.com/ -- is an importer and distributor of single-use, disposable, Dynamic Surgical Guidance (DSG) instruments that measure the density of tissue and enable surgeons to drill holes, safely and without damaging nerves, into the pedicles of a vertebral body in the spine during spinal fusion surgery. A wholly-owned subsidiary of SpineGuard, S.A., SpineGuard, Inc., filed a Chapter 11 petition (Bankr. D. Del. Case No. 20-10332) on Feb. 13, 2020. In the petition signed by Steve McAdoo, general manager, USA, the Debtor was estimated to have between $1 million and $10 million in both assets and liabilities. Judge John T. Dorsey is assigned to the case. Hanson Bridgett LLP is the Debtor's counsel. Buchanan Ingersoll & Rooney PC, as co-counsel. SPINEGUARD INC: May Continue Using Cash Collateral Until April 17 ----------------------------------------------------------------- Judge John T. Dorsey of the U.S. Bankruptcy Court for the District of Delaware authorized SpineGuard, Inc. to use cash collateral on an interim basis from the Petition Date through and including the earliest to occur of (i) April 17, 2020 at 5:00 p.m. Eastern Time, or (ii) the occurrence of a termination event. The final hearing to consider continued cash collateral use will be held on April 14, 2020 at 2:00 p.m. Objections are due April 7. Pursuant to that certain Investment and Subscription Agreement with bondholders and Norgine Pharma, as agent for the bondholders, the Debtor's parent borrowed approximately $4,905,000 from the issuance of bonds in order to refinance the parent's debt and to obtain working capital, and the Debtor granted the bondholders first priority security interest in and continuing liens on all or substantially all of the Debtor's assets. As adequate protection for the bondholders' interests, the bondholders are granted a continuing replacement security interest in and lien on all pre-petition collateral and on property acquired by the Debtor after the Petition Date, of the same nature, kind, character as the pre-petition collateral and all proceeds and profits thereof. The bondholders' claim in the Debtor's Chapter 11 case will have priority under Section 507(b) of the Bankruptcy Code, in the event the adequate protection provided proves to be inadequate. In addition, the Debtor is directed to pay to the bondholders the amount of $20,000 on the first day of each month. A copy of the Order is available for free at https://is.gd/Y2yXC2 from PacerMonitor.com. About SpineGuard, Inc. Based in San Francisco, California, SpineGuard, Inc. -- https://www.spineguard.com/ -- is an importer and distributor of single-use, disposable, Dynamic Surgical Guidance (DSG) instruments that measure the density of tissue and enable surgeons to drill holes, safely and without damaging nerves, into the pedicles of a vertebral body in the spine during spinal fusion surgery. A wholly-owned subsidiary of SpineGuard, S.A., SpineGuard, Inc., filed a Chapter 11 petition (Bankr. D. Del. Case No. 20-10332) on Feb. 13, 2020. In the petition signed by Steve McAdoo, general manager, USA, the Debtor estimated between $1 million and $10 million in both assets and liabilities. Hanson Bridgett LLP is the Debtor's counsel. Judge John T. Dorsey is assigned to the case. TOYS R US: Creditor Litigation Trust Sues Ex-CEO, Directors ----------------------------------------------------------- The TRU Creditor Litigation Trust on March 12 filed a lawsuit in New York Supreme Court. The hundred-page Complaint alleges fraud and breaches of fiduciary duty by senior executives and corporate directors in connection with the ill-fated bankruptcy and later liquidation of Toys "R" Us. The TRU Trust, which was charged with investigating and bringing claims against the former directors and officers of Toys "R" Us for their wrongful acts, uncovered substantial evidence of wrongdoing. The Complaint includes a laundry list of specific examples, quoting extensively from Toys "R" Us' own internal emails made available to the Trust under a Bankruptcy Court Order. "Toys "R" Us is yet another unfortunate example of corporate greed resulting in executives and private equity firms benefiting at the expense of others," said Greg Dovel, attorney for the TRU Trust. "The Defendants prioritized their own financial well-being, as well as the financial well-being of three private equity companies, ahead of the company that they were entrusted to run. They siphoned desperately-needed funds out of Toys "R" Us as it tumbled into bankruptcy and then misrepresented TRU's financial situation to induce toymakers to provide goods on credit. Some toymakers lost almost everything." It has been widely reported that private-equity firms KKR, Bain Capital, and Vornado Realty Trust acquired Toys "R" Us in 2005 for about $6.6 billion, financed with over $5 billion in debt secured by Toys "R" Us' own assets. They took millions of dollars of fees out of the company, leaving it overleveraged and unable to pay down its debt. The Complaint lays out the following facts: * Improper Executive Bonuses – Just days before filing for bankruptcy, CEO David Brandon caused Toys "R" Us to pay $16 million in bonuses to top executives. Although his compensation was already above market, Brandon included a $2.6 million bonus for himself. The officers and directors had these bonuses paid just before bankruptcy to avoid any scrutiny by the Bankruptcy Court. * Wrongful Advisory Fees – Directors, hand-selected and employed by private equity firms Bain, KKR, and Vornado, had Toys "R" Us pay millions of dollars in "advisory fees" to these same private equity firms, even though TRU was strapped for cash and unable to pay its overwhelming debt. * Misrepresentations and Fraudulent Concealment – David Brandon and other Defendants represented to toymakers that Toys "R" Us would be able to pay for goods shipped on credit throughout the bankruptcy process because Toys "R" Us had secured $3.1 billion in new financing. But by mid-December 2017, company directors and officers learned that the company could not meet financial milestones required by the lenders, which meant the financing would terminate, and Toys "R" Us would not have the ability to pay for goods shipped on credit. Defendants concealed and never disclosed the truth. Instead, Defendants Brandon, Michael Short (former CFO), and Richard Barry (former CMO) continued throughout January, February, and early March 2018, to misrepresent the status of Toys 'R' Us financial condition and to urge vendors to ship more product on credit. When Toys "R" Us liquidated in March 2018, the toymakers lost over $600 million. * Wrongful Decision to Take on $3.1 Billion in DIP Financing and Pledge all Remaining Assets to Lenders – For years, the Defendants took money out of Toys "R" Us and underinvested in critical resources. As a result, in 2017, Toys "R" Us was at a financial crossroads. To satisfy their fiduciary duties, Defendants should have carefully considered all possible paths to determine which would be in the best interest of all stakeholders. Instead, Defendants took Toys "R" Us down the path of obtaining $3.1 billion in debtor-in-possession (DIP) financing that could benefit themselves and the private equity firms to whom they were beholden to the detriment of Toys "R" Us and its creditors. In doing so, they abdicated their fiduciary duties. The DIP financing strategy was a foolish, ill-considered, and selfish gamble that cost Toys "R" Us more than $500 million. The case is TRU Creditor Litigation Trust v. David A. Brandon, Joshua Bekenstein, Matthew S. Levin, Paul E. Raether, Nathaniel H. Taylor, Joseph Macnow, Wendy A. Silverstein, Richard Goodman, Michael Short, Richard Barry, New York Supreme Court, Case No. 651637/2020. A copy of the Complaint is available at http://www.dovel.com/tru-complaint About Dovel & Luner Dovel & Luner is a high-stakes business litigation law firm handling a variety of cases on a contingency-fee basis in courts across the country. About Toys "R" Us Toys "R" Us, Inc., was an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise was sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise was also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us became a privately owned entity but still filed with the U.S. Securities and Exchange Commission as required by its debt agreements. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, were not part of the Chapter 11 filing and CCAA proceedings. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. Consensus Advisory Services LLC and Consensus Securities LLC, serve as sale process investment banker. A&G Realty Partners, LLC, serves as its real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. The Committee retained Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott Rivers, P.C., as local counsel; FTI Consulting, Inc., as financial advisor; and Moelis & Company LLC as investment banker. Grant Thornton is the monitor appointed in the CCAA case. Toys "R" Us UK Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and 3,000 employees, was sent into administration in the United Kingdom in February 2018. Arron Kendall and Simon Thomas of Moorfields Advisory Limited were appointed Joint Administrators on Feb. 28, 2018. The Administrators now manage the affairs, business and property of the Company. The Administrators act as agents only and without personal liability. Liquidation of U.S. Stores Toys "R" Us, Inc., on March 15, 2018, filed with the U.S. Bankruptcy Court a motion seeking Bankruptcy Court approval to start the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all 735 of the Company's U.S. stores, including stores in Puerto Rico. Propco I Debtors Toys "R" Us Property Company I, LLC and its subsidiaries own fee and leasehold interests in more than 300 properties in the United States. The Debtors lease the properties on a triple-net basis under a master lease to Toys-Delaware, the operating entity for all of TRU's North American businesses, which operates the majority of the properties as Toys "R" Us stores, Babies "R" Us stores or side-by-side stores, or subleases them to alternative retailers. Toys "R" Us Property was founded in 2005 and is headquartered in Wayne, New Jersey. Toys 'R' Us Property operates as a subsidiary of Toys "R" Us Inc. Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE II Trust, and Wayne Real Estate Company LLC -- Propco I Debtors -- sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 18-31429) on March 20, 2018. The Propco I Debtors sought and obtained procedural consolidation and joint administration of their Chapter 11 cases, separate from the Toys "R" Us Debtors' Chapter 11 cases. The Propco I Debtors estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Keith L. Phillips presides over the Propco I Debtors' cases. The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP; and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel. The Debtors also tapped Kutak Rock LLP. They hired Goldin Associates, LLC, as financial advisors. U.S.A. PARTS: Case Summary & 13 Unsecured Creditors --------------------------------------------------- Debtor: U.S.A. Parts Supply, Cadillac U.S.A. Oldsmobile U.S.A. Limited Partnership f/d/b/a Cadillac U.S.A. Parts Supply LP 261 Industrial Blvd Kearneysville, WV 25430 Business Description: The Debtor is an auto parts supplier in Kearneysville, West Virginia. Chapter 11 Petition Date: March 22, 2020 Court: United States Bankruptcy Court Northern District of West Virginia Case No.: 20-00241 Judge: Hon. David L. Bissett Debtor's Counsel: James P. Campbell, Esq. CAMPBELL FLANNERY, P.C. 1602 Village Market Boulevard Suite 225 Leesburg, VA 20175 Tel: (703) 771-834 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Cannan, sole shareholder and officer of Gen Partner CUSAPS, Inc. A copy of the petition containing, among other items, a list of the Debtor's 13 unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/EGvzjZ UCORE RARE: IBC Files Motion for Summary Judgment in Utah Court --------------------------------------------------------------- IBC Advanced Technologies, Inc. ("IBC") recently filed a Motion for Summary Judgment against Ucore Rare Metals Inc. ("Ucore") in the United States Federal District Court, District of Utah. IBC is requesting the Federal Court to find the letter agreement, dated March 14, 2015, between Ucore Rare Metals, Inc. ("Ucore") and IBC, as amended and extended (the "Option Agreement") to be unenforceable by its terms as well as invalid based on Ucore's unrectified breaches, including insolvency. The Option Agreement specifically lists insolvency as default of a material provision of the Option Agreement and grounds for termination. Mr. Gavin Harris, an independent forensic accountant, determined that Ucore was insolvent as of the relevant date determined by IBC's Notice of Default which was issued pursuant to the Option Agreement. Supporting Mr. Harris' assessment are findings regarding the principal asset listed by Ucore, the Bokan Mountain rare earth element deposit in Alaska ("Bokan Mine"), made by independent mineral economics expert Dr. David R. Hammond (Hammond International Group). Dr. Hammond conducted an update of the economic value indicators represented by Ucore in its March 13, 2013 Preliminary Economic Assessment ("PEA"). His findings are encapsulated in a sworn declaration, including the following: The current enterprise value of the Bokan Mine operation is zero; the 2019 evaluation shows a pre-tax, current dollar Net Present Value for the project at a 10% nominal discount rate of negative $897 million, with a projected Life of Mine net cash flow of negative $1.582 billion, on a pre-tax, nominal dollar value basis. Based on his understanding and assessment of global rare earth element ("REE") markets and the likely future supply/demand situation (inclusive of present political and trade conditions), Dr. Hammond's opinion is that the Bokan Mine project is highly unlikely to find an opportunity for competitive market entry during the next 30 to 40 years. Mr. Harris' and Dr. Hammond's sworn declarations can be accessed at: http://bit.ly/IBCMRTMarch2020 Ucore has not publicly disputed either Mr. Harris' or Dr. Hammond's sworn declarations. About IBC IBC -- http://www.ibcmrt.com/-- is an award-winning provider of proprietary and innovative Molecular Recognition Technology ("MRT") products and processes, based on green chemistry and green engineering, to premier customers worldwide. IBC's SuperLig(R), AnaLig(R) and MacroLig(R) products and associated processes are used in manufacturing, analytical and laboratory applications. IBC provides proprietary, green chemistry and green engineering SuperLig(R) Molecular Recognition Technology products and processes worldwide. About Ucore Rare Metals Headquartered in Bedford, Canada, Ucore Rare Metals is a development-phase company focused on rare metals resources, extraction and beneficiation technologies with near term potential for production, growth and scalability. VARTEK LLC: May Obtain Plan Votes Until End of Confirmation Hearing ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida extended the period during which Vartek L.L.C. has the exclusive right to solicit acceptances of its Chapter 11 plan of reorganization until the court's conclusion of the hearing to consider confirmation of the plan. About Vartek L.L.C. Vartek, L.L.C. -- https://vartekllc.com/ -- is a privately owned manufacturer of flexible PVC hose and tubing. It manufactures reinforced hose and non-reinforced tubing products, and serves the construction, industrial, irrigation, landscape, marine, medical, pool, spa and waterscape markets. Vartek maintains a warehouse in Tampa, Fla., and a warehouse in San Diego, Calif. Vartek sought Chapter 11 protection (Bankr. M.D. Fla. Case No.19-08083) on Aug. 26, 2019. In the petition signed by CRO William A. Long Jr., the Debtor was estimated to have assets of $1 million to $10 million and liabilities of $10 million to $50 million. Judge Catherine Peek McEwen oversees the Debtor's case. Stichter, Riedel, Blain & Postler, P.A., is the Debtor's legal counsel. VIDEO CORP: Allowed to Use Cash Collateral Through March 23 ----------------------------------------------------------- Video Corporation of America ("VCA") asked the U.S. Bankruptcy Court for the District of New Jersey for authorization (a) to use cash collateral; (b) to obtain secured financing from Wells Fargo Bank, National Association through the continuation of VCA's revolving credit facility and credit card facility with the Bank; and (c) to obtain secured credit from York Telecom Corporation (“Yorktel") pursuant to the Purchase Agreement. Judge Christine M. Gravelle granted the VCA's motion through her First Interim Order and Second Interim Order. However, the VCA continues to require the use of cash collateral and post-petition financing through the closing of the sale of its business assets, which is currently scheduled for March 18, with documents and funds to be released from escrow on March 23. In her order dated March 19, Judge Gravelle issued a Third Interim Order authorizing VCA's continued use of cash collateral and continued access to post-petition financing from the Bank and from Yorktel to meet its ordinary cash needs through March 23. About Video Corporation Video Corporation of America offers full-scale design, engineering, project management, fabrication, installation and support services for AV, broadcast and post-production applications. Video Corporation of America sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 20-11768) on Feb. 3, 2020. At the time of the filing, the Debtor estimated assets of $8,107,684 and liabilities of $11,158,360. The petition was signed by David Berlin, president. Hon. Christine M. Gravelle presides over the case. Daniel M. Stolz, Esq., of Wasserman, Jurista & Stolz, P.C., is the Debtor's counsel. WILLIAM R. CANADA: 5th Circuit Upholds Dismissal of Suit v. IRS ---------------------------------------------------------------- In the case captioned WILLIAM R. CANADA, JR., Plaintiff-Appellant, v. UNITED STATES OF AMERICA (INTERNAL REVENUE SERVICE); MICHAEL HALPERT, Individually and not in his official capacity; ROBERT MEYER, Individually and not in his official capacity; DENISE McCASKILL, Individually and not in her official capacity, Defendants-Appellees, No. 18-11398 (5th Cir.), the US Court of Appeals, Fifth Circuit affirmed the district court's judgment dismissing Canada's lawsuit without prejudice against the United States. Canada successfully challenged in bankruptcy court a tax penalty assessed against him by the Internal Revenue Service that exceeded $40 million. A few months after a district court affirmed the bankruptcy court's decision on the tax liability issue, Canada filed an independent lawsuit against the IRS and three IRS agents in their individual capacities. Canada pleaded a claim for damages against the Individual Defendants under Bivens v. Six Unknown Fed. Narcotics Agents for allegedly violating his Fifth Amendment right to procedural due process, and further sought from the IRS the attorney's fees he incurred litigating the penalty issue in his Chapter 11 bankruptcy case under 26 U.S.C. section 7430 and the Equal Access to Justice Act, 28 U.S.C. section 2412. The district court granted the Defendants' Rule 12(b)(6) motion and dismissed the lawsuit with prejudice because: (1) special factors counselled against extending a Bivens action to a new context; (2) the Individual Defendants were protected by qualified immunity; and (3) Canada's request for attorney's fees under the Internal Revenue Code was untimely. Canada timely appealed those rulings to the Fifth Circuit. The Fifth Circuit affirms the ruling. Canada filed the lawsuit against the Defendants on Sept. 14, 2017. His Amended Complaint seeks damages under Bivens against the Individual Defendants for abridging his rights under the Due Process Clause of the Fifth Amendment when they knowingly and intentionally subjected him to a baseless penalty pegged at an amount so high that he could not seek judicial review. Canada also pleaded for recovery of the attorney's fees he incurred in the bankruptcy litigation pursuant to either the Equal Access for Justice Act or 26 U.S.C. section 7430. The Defendants moved to dismiss Canada's Amended Complaint. Canada's Bivens claims are based on his allegations that the Individual Defendants' actions in assessing and calculating a tax penalty against him were malicious and effectively deprived him of a means of judicial review. The case was referred to a Magistrate Judge, who recommended that Defendants' motion be granted, and that Canada's case be dismissed with prejudice. Specifically, the Magistrate Judge found that an action under Bivens cannot be brought in this case since: (1) Canada's claims are a new Bivens context under Ziglar v. Abbasi, and as such are discouraged; and (2) special factors counsel hesitation to imply a claim for damages against the Individual Defendants. Moreover, the Magistrate Judge determined that the Individual Defendants were protected by qualified immunity. Lastly, the recommendation suggested Canada's claim for attorney's fees be dismissed. In particular, the recommendation noted that 26 U.S.C. section 7430 precludes Canada's recovery of fees under the Equal Access to Justice Act. The Magistrate Judge also agreed with the Defendants that Plaintiff's application for fees under 26 U.S.C. section 7430 was untimely and not tolled by 11 U.S.C. section 108(a). The district court adopted the Magistrate Judge's findings, conclusions, and recommendation over Canada's objections and dismissed the case with prejudice. Canada contends that the Supreme Court recognized a Bivens claim for Fifth Amendment Due Process violations in Davis v. Passman, and thus his claims do not present a new Constitutional context. According to the Fifth Circuit, Canada's reliance on Davis is misplaced, pointing out that the Supreme Court has made clear that claims for violations of Fifth Amendment rights can still be brought in a new context. The district court properly concluded that the case is a new Bivens context under Ziglar. Turning to the substance of the special factors analysis, all three of the special factors suggested by Defendants are sound reasons that counsel the court's hesitation to extend a Bivens claim in this case. Canada's arguments to the contrary are not persuasive. He asserts there is no reason to believe that Congress' failure to provide a damages remedy for the "constitutional torts inflicted on [him]" are more than a "mere oversight", and its silence more than "inadvertent." To support that contention, he points to the 1987 IRS Commissioner's testimony before a Senate Subcommittee in April 1987. The Commissioner was testifying about, in relevant part, a proposed cause of action against IRS employees for "the deprivation of any rights, privileges, or immunities secured by the Constitution." Canada believes that the proposed cause of action was ultimately omitted because of the Commissioner's testimony and, thus, Congress acted "with the explicit understanding that taxpayers already enjoyed a remedy for such injuries under Bivens[,]" not because "Congress' intent [was] that taxpayers be denied any remedy for those violations or injuries." Based upon these premises, Canada suggests this court must interpret Congress' decision to "enact a statutory remedy which it views as fully adequate only in combination with the Bivens remedy." To the extent legislative history is even relevant, Canada's legislative history argument completely ignores the testimony that none of the over 1,000 Bivens suits filed between 1980 and 1986 resulted in a money judgment for the taxpayer. Moreover, Canada would have the court believe that at least the majority of Congress chose to eliminate a statutory cause of action for Constitutional violations because of one executive employee's conclusory opinion as to the application of Bivens. Canada's reliance on the 1987 testimony overlooks the fact that Congress has enacted statutes that provide taxpayers with a claim for damages concerning the actions of IRS agents in the intervening 33 years. The district court properly found that Canada's claims against the Individual Defendants alleged a new Bivens context and that special factors exist under Ziglar, the Fifth Circuit said. Canada's Amended Complaint also sought to recover attorney's fees from the IRS under 26 U.S.C. section 7430 for the fees he incurred litigating the assessed penalties in his bankruptcy case. The 5th Circuit holds that Canada's 26 U.S.C. section 7430 claim for attorney's fees in the bankruptcy case accrued no earlier than when the IRS filed its claim in the bankruptcy court and no later than July 7, 2017, when the IRS could no longer appeal the initial district court's order affirming the bankruptcy court. Accordingly, that claim is a post-petition claim. Consequently, 11 U.S.C. section 108(a) did not toll the 30-day deadline to request fees. Canada did not file this lawsuit until Sept. 14, 2017, nearly 70 days after the final judgment was entered on the tax penalty claim objection. As such, Canada's request was untimely under 28 U.S.C. section 2412(d)(1)(B) and Canada is not a "prevailing party" pursuant to 26 U.S.C. section 7430(c)(4)(A)(ii). Canada therefore is not entitled to recover attorney's fees from the IRS and the district court properly dismissed his claim. A copy of the 5th Circuit's Ruling dated Feb. 20, 2020 is available at https://bit.ly/2Vw65sC from Leagle.com. John Paul Lewis, Jr., for Plaintiff-Appellant. Teresa Ellen McLaughlin, for Defendant-Appellee. Thomas M. Herrin, for Defendant-Appellee. Geoffrey Klimas, for Defendant-Appellee. Canada is a lawyer who primarily worked as a commercial litigator from 1979 through 1995. The Chapter 11 case is In Re: William R. Canada, Jr., Debtor, Case No. 15-33757-BJH (Chapter 11) (Bankr. N.D. Tex., September 15, 2015). WITTER HARVESTING: April 20 Disclosure Statement Hearing Set ------------------------------------------------------------ Debtor Witter Harvesting, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, a Disclosure Statement and Plan. On March 6, 2020, Judge Mindy A. Mora ordered that: * April 20, 2020, at 1:30 p.m. in the United States Bankruptcy Court, 1515 North Flagler Drive, Courtroom A, West Palm Beach, Florida 33401 is the hearing to consider approval of the Disclosure Statement. * March 21, 2020, is the deadline for Service of Order, Disclosure and Plan. * April 13, 2020, is the deadline for objections to Disclosure Statement. A full-text copy of the order dated March 6, 2020, is available at https://tinyurl.com/umsymvo from PacerMonitor at no charge. The Debtor is represented by: Dana Kaplan, Esquire KELLEY, FULTON & KAPLAN, P.L. 1665 Palm Beach Lakes Blvd, Suite 1000 West Palm Beach, FL 33401 Tel: (561) 491-1200 Fax: (561) 684-3773 E-mail: dana@kelleylawoffice.com About Witter Harvesting Witter Harvesting Inc. provides agricultural and crop harvesting services in Okeechobee, Fla. Witter Harvesting sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-14063) on March 29, 2019. At the time of the filing, the Debtor was estimated to have assets and liabilities of between $1 million and $10 million. The case is assigned to Judge Mindy A. Mora. The Debtor tapped Kelley & Fulton, PL, as its bankruptcy counsel; and CPA Tax Solutions, LLC, as accountant. The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case. WOODSTOCK REALTY: May Continue Using Cash Collateral Until March 31 ------------------------------------------------------------------- Judge James J. Tancredi of the U.S. Bankruptcy Court for the District of Connecticut entered a ninth interim order authorizing Woodstock Realty, LLC, to use cash collateral in the ordinary course of its business for a period commencing March 6 and continuing through March 31, 2020. The Debtor is permitted to use up to the maximum amount of $10,000, to be disbursed for payment of insurance, property maintenance, garbage removal, utilities and taxes. The Debtor admits that prior to the Petition Date, it was indebted to TD Bank, N.A. under that certain mortgage loan in the principal amount of $325,000, secured by a first priority mortgage and assignment of rents on the Property and a security interest in all of the Debtor's personalty. As adequate protection, TD Bank is granted (i) a continuing postpetition lien and security interest in all prepetition property of the Debtor as it existed on the Petition Date, of the same type against which TD Bank held validly protected liens and security interests as of the Petition Date, and (ii) a continuing post-petition lien in all property acquired by the Debtor after the Petition date. The replacement liens will maintain the same priority, validity and enforceability as TD Bank's liens on the initial collateral and will be recognized to the extent of any diminution in the value of the collateral. TD Bank will also be entitled to a super-priority administrative claim pursuant to Section 503(b) of the Bankruptcy Code. Moreover, the secured creditor will be entitled to the protections of Section 507(b) of the Bankruptcy Code to the extent the replacement liens are insufficient to compensate for any diminution in value of the collateral. A copy of the 9th interim order is available for free at https://is.gd/LrLQQe from PacerMonitor.com. About Woodstock Realty Woodstock Realty, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Conn. Case No. 19-20916) on May 29, 2019. The Petition was signed by Jon W. Baker, member. The Debtor is estimated to have under $1 million in both assets and liabilities. Gregory F. Arcaro, Esq., Grafstein & Arcaro, is counsel to the Debtor. [*] S&P Places 77 Ratings on 32 Aircraft ABS Deals on Watch Neg. ---------------------------------------------------------------- S&P Global Ratings placed its ratings on 77 classes from 32 aircraft and aircraft engine ABS transactions on CreditWatch with negative implications. The tranches have been placed on CreditWatch with negative implications due to the unprecedented collapse in world travel caused by global travel restrictions and social distancing enacted to combat the spread of COVID-19. These measures are expected to make traveling highly unlikely for the foreseeable future, which will place a significant stress on the liquidity and credit quality of the underlying lessees in these transactions. Global economic conditions--especially in the aviation sector--have weakened substantially and are worsening beyond initial expectations as the COVID-19 pandemic continues to pose serious challenges to the industry and threatens operators' near-term liquidity and long-term credit quality. The ultimate impact of the coronavirus on S&P's global airline ratings will depend on the duration and severity of the situation, and the type and severity of measures airlines and governments take to mitigate it. These decisions will be partly informed by global, national, and local health authorities' advice on travel to highly affected areas. S&P Global Ratings acknowledges a high degree of uncertainty about the rate of spread and peak of the coronavirus outbreak. Some government authorities estimate the pandemic will peak in June or August, and it is using this assumption in assessing the economic and credit implications. S&P believes measures to contain COVID-19 have pushed the global economy into recession and could hurt employment levels and housing markets. As the situation evolves, S&P will update its assumptions and estimates accordingly. CREDITWATCH To resolve these CreditWatches, S&P may conduct scenario testing to determine whether the transactions have sufficient liquidity to absorb prolonged rent deferrals and payment holidays, possible downward migration in portfolio credit quality, longer-than-usual remarketing and repossession time, and the potential for distressed aircraft sales due to remarketing difficulties. Potential scenario tests may be more severe than what S&P's methodology currently considers. While transactions rated by S&P Global Ratings after the financial crisis generally include structural enhancements such as liquidity and maintenance reserves, debt service coverage ratio (DSCR), and utilization rate-based turbo payment mechanisms--which may partially offset the impact of the flight cancellations and route suspensions caused by the pandemic--S&P believes that the severity of the stress could exceed the benefits provided by these structural mitigants. Regional Exposure Given the global outbreak of the coronavirus and the rate at which it is spreading, it seems somewhat outdated to quote statistics on the number of cases in any specific region. However, S&P believes it is helpful to provide the exposure to impacted areas based on a point in time in outstanding S&P Global Ratings-rated aircraft securitizations, as the timing and severity of the impact could come from regions hit earliest with the highest cases, so far. S&P reviewed WHO data as of March 16, 2020, to determine the exposure to impacted areas in the outstanding S&P Global Ratings-rated aircraft securitizations issued between 2013 and 2019. S&P classified areas with over 200 cases as moderate-threat countries and areas over 1,000 cases as high-threat countries." Assumptions In S&P's Methodology Lease rates "We know from some of our rated lessors, as well as servicers of S&P Global Ratings-rated aircraft lease transactions, that many lessees have requested rent deferrals. We believe that this could be a common occurrence that may impact a significant portion of the lease rentals of our rated transactions." While a lessor's decision to grant a deferral depends on a variety of factors, including the desire to maintain a long-term relationship with the airline operator, it also depends on the lessee's financial health. Should the travel restriction and the pandemic continue for an extended period of time, it is highly likely that many airlines will come under severe stress with limited cash resources and will request rent deferrals," S&P said. These additional rent deferrals, or just delinquencies, are expected to further curtail cash flows in addition to the increasing default likelihood of the lessees. S&P does not usually assume this additional cash flow stress when a lessee does not default under the rating agency's assumptions. Although the effect of COVID-19 has already surpassed the 2003 SARS outbreak, data from this event suggests that considerable time is needed for the industry to recover. Therefore, S&P believes future lease rates will also be depressed for an extended period of time. Under S&P's rating methodology, once an aircraft lease expires or defaults, it is released after 6-10 months on the ground at a stressed lease rate. The stressed lease rate, which is based in part on the aircraft's depreciated value and its age, is then further reduced between 40% and 75% under S&P's 'A' stress if the re-lease occurs during any of the rating agency's three modelled recessions. Considering the uncertainty related to the end of the health emergency, travel restrictions, and the depth of the ensuing recession in this industry, it is entirely possible that the decline in re-lease rates and aircraft on-the-ground timing may be more strenuous then S&P's current assumptions. Aircraft type and age matter "Government restrictions on international travel will put more pressure on the already challenged widebody aircraft market. As international travel is the most affected travel at this time, widebody aircraft are almost entirely grounded. Tables 4A and 4B shows the exposure to widebody aircraft in our rated transactions. Our assumptions include higher repossession, remarketing and refurbishment costs, and steeper depreciation rates for widebody aircraft. In addition, these aircraft are typically the first to default under our analysis as we assume aircraft with the highest value will default first. While in our assumptions we also bias defaults toward the widebody aircraft included in the pool, our cash flow analysis may have not contemplated the complete halt of cash flows from these types of aircraft for such an extended period and at all times," S&P said. Although older aircraft have reaped the benefits of relatively low fuel costs and a shortage in supply of aircraft due to the grounding of the Boeing 737 MAX, demand for these aircraft may be more vulnerable and less likely to rebound from the crisis. While its assumptions assume steeper lease rate declines on older aircraft, S&P believes that the utilization rate and, therefore, lease rates of older aircrafts will come under pressure even once the travel restrictions are lifted and the health threat from the virus has subsided. Further, S&P believes that the ability to remarket the airplanes and the consequent on-the-ground time will be severely impaired and lengthened during this period. While its methodology assumes longer on-the-ground time during recessions, S&P believes that the impact of these travel restrictions could extend well beyond its assumptions in particular for widebody aircraft. Servicer strength In its rating analysis, S&P places importance on the experience, prominence, and reputation of the servicer for the successful and active management of aircraft assets. Accordingly, S&P believes that during periods of stress in the industry such as this one, a strong servicer with longer track record and experience is more likely to be successful in negotiating lease terms with the airlines as well as remarketing and placing the aircraft during period of excess capacity. While its methodology adjusts certain assumptions such as lease rate decline based on the score S&P assigns to each servicer, the possible unprecedented number of airline defaults in a compressed period of time would put smaller or less experienced servicers to the test and possibly increase their insolvency risk. Recession timing and lessees' rating transitions In its analysis, S&P typically assumes one recession will occur every seven-10 years. The first recession begins on day one of the transaction when the loan-to-value ratio of the liabilities is the highest. During each recession, the methodology includes stresses to the aircraft's values and lease rates. In addition, S&P assumes lessee defaults and higher re-leasing and re-marketing costs. It believes that the assumption of starting the first recession immediately is consistent with the current industry environment. The steepness of the recession, however, does not contemplate the sudden collapse of air travel for an extended period of time; rather, the recession is assumed to be more gradual. Ratings deterioration and potential defaults among airlines is highly likely at this time. Should the situation continue for an extended period of time, even some of the bigger airlines may not continue to operate without their respective governments' intervention. S&P's methodology assumes approximately 65%-75% of the lessees defaulting during the first downturn, which should capture this risk. In addition, S&P also factors in the potential for further ratings deterioration during the second and third recessions, adding an additional 10-15% on to its initial default rate. Therefore, default rates in the second and third downturns typically range from 75%-90% in S&P's rating scenarios. While these default assumptions would seem very onerous in normal circumstances, the unprecedented travel restrictions and social distancing will make typical travel volumes highly unlikely for the foreseeable future. Therefore, it is reasonable to assume that almost all the lessees in S&P's rated transactions may be driven into default without government support. Depreciation and sales values As travel has been severely curtailed across the globe, should the situation persist, S&P expects airlines to retire aircraft at a higher speed. S&P would expect that the excess capacity and increased retirement would severely and negatively affect the value of aircraft, in particular older aircraft, which the rating agency would also expect to be retired first. Currently, S&P assumes that all aircraft will be sold at the end of their assumed useful life (usually 22-25 years for commercial aircraft) at their then depreciated value, with an additional haircut if the sale occurs during a recession. S&P's methodology currently does not include assumptions for retirements of aircraft in advance of their useful life, which would further decrease the amount of cash flow received by its rated transactions. "We will resolve the CreditWatch negative placements following its completion of a comprehensive review of the transactions," S&P said. A list of Affected Ratings can be viewed at: https://bit.ly/2UjW4we [^] 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 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 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 ABBVEUR EU 89,115.0 (8,172.0) 33,934.0 ABBVIE INC 4AB QT 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 AXDX US 134.4 (7.4) 113.7 ACCELERATE DIAGN 1A8 GR 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) 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 AAL US 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE AAL* MM 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE A1G GR 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 AZO US 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 AZOEUR EU 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZ5 QT 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-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 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) BJ'S WHOLESALE C BJ US 5,269.8 (54.3) (441.4) BLOOM ENERGY C-A 1ZB GR 1,330.3 (158.6) (99.0) BLOOM ENERGY C-A BE1EUR EU 1,330.3 (158.6) (99.0) BLOOM ENERGY C-A 1ZB QT 1,330.3 (158.6) (99.0) BLOOM ENERGY C-A 1ZB TH 1,330.3 (158.6) (99.0) BLOOM ENERGY C-A BE US 1,330.3 (158.6) (99.0) 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 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 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 BCO TH 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 BA TE 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA CI 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 TR TCXBOE AU 133,625.0 (8,300.0) 4,917.0 BOMBARDIER INC-B BBDBN MM 24,972.0 (5,911.0) (1,832.0) BRINKER INTL BKJ GR 2,503.7 (568.9) (328.1) BRINKER INTL EAT US 2,503.7 (568.9) (328.1) BRINKER INTL EAT2EUR EU 2,503.7 (568.9) (328.1) BRINKER INTL BKJ QT 2,503.7 (568.9) (328.1) BRP INC/CA-SUB V DOO CN 3,767.1 (589.7) (211.9) BRP INC/CA-SUB V B15A GR 3,767.1 (589.7) (211.9) BRP INC/CA-SUB V DOOO US 3,767.1 (589.7) (211.9) BRP INC/CA-SUB V B15A GZ 3,767.1 (589.7) (211.9) BRP INC/CA-SUB V DOOEUR EU 3,767.1 (589.7) (211.9) CADIZ INC CDZI US 76.7 (82.1) 11.3 CADIZ INC CDZIEUR EU 76.7 (82.1) 11.3 CADIZ INC 2ZC GR 76.7 (82.1) 11.3 CAMPING WORLD-A CWH US 3,376.2 (159.2) 394.7 CAMPING WORLD-A C83 GR 3,376.2 (159.2) 394.7 CAMPING WORLD-A CWHEUR EU 3,376.2 (159.2) 394.7 CAMPING WORLD-A C83 TH 3,376.2 (159.2) 394.7 CAMPING WORLD-A C83 QT 3,376.2 (159.2) 394.7 CATASYS INC CATS US 23.9 (23.9) 6.3 CATASYS INC HY1N GR 23.9 (23.9) 6.3 CATASYS INC CATSEUR EU 23.9 (23.9) 6.3 CATASYS INC HY1N GZ 23.9 (23.9) 6.3 CDK GLOBAL INC C2G QT 2,935.9 (627.0) 314.0 CDK GLOBAL INC C2G TH 2,935.9 (627.0) 314.0 CDK GLOBAL INC CDKEUR EU 2,935.9 (627.0) 314.0 CDK GLOBAL INC C2G GR 2,935.9 (627.0) 314.0 CDK GLOBAL INC CDK* MM 2,935.9 (627.0) 314.0 CDK GLOBAL INC CDK US 2,935.9 (627.0) 314.0 CEDAR FAIR LP 7CF GR 2,581.1 (10.0) (30.0) CEDAR FAIR LP FUN1EUR EU 2,581.1 (10.0) (30.0) CEDAR FAIR LP FUN US 2,581.1 (10.0) (30.0) CHEWY INC- CL A CHWY US 858.7 (389.5) (445.2) CHOICE HOTELS CZH GR 1,386.7 (23.5) (89.3) CHOICE HOTELS CHH US 1,386.7 (23.5) (89.3) CINCINNATI BELL CIB1 GR 2,653.8 (140.0) (119.7) CINCINNATI BELL CBB US 2,653.8 (140.0) (119.7) CINCINNATI BELL CBBEUR EU 2,653.8 (140.0) (119.7) CLOVIS ONCOLOGY C6O GR 669.6 (174.3) 233.4 CLOVIS ONCOLOGY CLVS US 669.6 (174.3) 233.4 CLOVIS ONCOLOGY C6O QT 669.6 (174.3) 233.4 CLOVIS ONCOLOGY C6O TH 669.6 (174.3) 233.4 CLOVIS ONCOLOGY CLVSEUR EU 669.6 (174.3) 233.4 COGENT COMMUNICA CCOI US 932.1 (203.7) 386.0 COGENT COMMUNICA OGM1 GR 932.1 (203.7) 386.0 COGENT COMMUNICA CCOIEUR EU 932.1 (203.7) 386.0 CYTOKINETICS INC KK3A GR 289.8 (10.9) 207.7 CYTOKINETICS INC CYTK US 289.8 (10.9) 207.7 CYTOKINETICS INC KK3A TH 289.8 (10.9) 207.7 CYTOKINETICS INC CYTKEUR EU 289.8 (10.9) 207.7 CYTOKINETICS INC KK3A QT 289.8 (10.9) 207.7 DELEK LOGISTICS DKL US 744.4 (151.1) (1.5) DELEK LOGISTICS D6L GR 744.4 (151.1) (1.5) DENNY'S CORP DENN US 460.4 (138.1) (42.8) DENNY'S CORP DENNEUR EU 460.4 (138.1) (42.8) DENNY'S CORP DE8 GR 460.4 (138.1) (42.8) DIEBOLD NIXDORF DBD SW 3,790.6 (506.3) 292.4 DIEBOLD NIXDORF DBDEUR EU 3,790.6 (506.3) 292.4 DIEBOLD NIXDORF DBD US 3,790.6 (506.3) 292.4 DIEBOLD NIXDORF DBD GR 3,790.6 (506.3) 292.4 DIEBOLD NIXDORF DLD TH 3,790.6 (506.3) 292.4 DIEBOLD NIXDORF DLD QT 3,790.6 (506.3) 292.4 DINE BRANDS GLOB DIN US 2,049.5 (241.8) (11.0) DINE BRANDS GLOB IHP GR 2,049.5 (241.8) (11.0) DOCEBO INC DCBO CN 20.3 (18.6) (12.9) DOLLARAMA INC DOL CN 3,696.2 (112.7) (28.1) DOLLARAMA INC DR3 GR 3,696.2 (112.7) (28.1) DOLLARAMA INC DLMAF US 3,696.2 (112.7) (28.1) DOLLARAMA INC DR3 GZ 3,696.2 (112.7) (28.1) DOLLARAMA INC DOLEUR EU 3,696.2 (112.7) (28.1) DOLLARAMA INC DR3 QT 3,696.2 (112.7) (28.1) DOLLARAMA INC DR3 TH 3,696.2 (112.7) (28.1) DOMINO'S PIZZA EZV GR 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA DPZ US 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA EZV SW 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA DPZEUR EU 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA EZV TH 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA EZV GZ 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA EZV QT 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA DPZ AV 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA DPZ* MM 1,382.1 (3,415.8) 333.8 DOMO INC- CL B 1ON GR 216.7 (49.2) 18.2 DOMO INC- CL B DOMOEUR EU 216.7 (49.2) 18.2 DOMO INC- CL B 1ON GZ 216.7 (49.2) 18.2 DOMO INC- CL B 1ON TH 216.7 (49.2) 18.2 DOMO INC- CL B DOMO US 216.7 (49.2) 18.2 DUNKIN' BRANDS G DNKN US 3,920.0 (588.0) 324.9 DUNKIN' BRANDS G 2DB GR 3,920.0 (588.0) 324.9 DUNKIN' BRANDS G 2DB TH 3,920.0 (588.0) 324.9 DUNKIN' BRANDS G DNKNEUR EU 3,920.0 (588.0) 324.9 DUNKIN' BRANDS G 2DB QT 3,920.0 (588.0) 324.9 DUNKIN' BRANDS G 2DB GZ 3,920.0 (588.0) 324.9 EMISPHERE TECH EMIS US 5.2 (155.3) (1.4) FLEXION THERAPEU F02 TH 217.6 (20.1) 159.5 FLEXION THERAPEU F02 QT 217.6 (20.1) 159.5 FLEXION THERAPEU FLXNEUR EU 217.6 (20.1) 159.5 FLEXION THERAPEU FLXN US 217.6 (20.1) 159.5 FLEXION THERAPEU F02 GR 217.6 (20.1) 159.5 FRONTDOOR IN FTDR US 1,250.0 (179.0) 97.0 FRONTDOOR IN 3I5 GR 1,250.0 (179.0) 97.0 FRONTDOOR IN FTDREUR EU 1,250.0 (179.0) 97.0 GOLDEN STAR RES GSC CN 374.1 (32.1) (16.6) GOOSEHEAD INSU-A GSHD US 64.6 (31.0) 13.3 GOOSEHEAD INSU-A 2OX GR 64.6 (31.0) 13.3 GOOSEHEAD INSU-A GSHDEUR EU 64.6 (31.0) 13.3 GRAFTECH INTERNA EAF US 1,526.2 (691.1) 462.4 GRAFTECH INTERNA G6G TH 1,526.2 (691.1) 462.4 GRAFTECH INTERNA G6G GR 1,526.2 (691.1) 462.4 GRAFTECH INTERNA EAFEUR EU 1,526.2 (691.1) 462.4 GRAFTECH INTERNA G6G QT 1,526.2 (691.1) 462.4 GRAFTECH INTERNA G6G GZ 1,526.2 (691.1) 462.4 GREENSKY INC-A GSKY US 951.0 (54.9) 285.5 H&R BLOCK - BDR H1RB34 BZ 3,452.4 (318.4) (35.7) H&R BLOCK INC HRB US 3,452.4 (318.4) (35.7) H&R BLOCK INC HRB GR 3,452.4 (318.4) (35.7) H&R BLOCK INC HRB TH 3,452.4 (318.4) (35.7) H&R BLOCK INC HRBEUR EU 3,452.4 (318.4) (35.7) H&R BLOCK INC HRB QT 3,452.4 (318.4) (35.7) HCA HEALTHC-BDR H1CA34 BZ 45,058.0 (565.0) 3,439.0 HCA HEALTHCARE I 2BH TH 45,058.0 (565.0) 3,439.0 HCA HEALTHCARE I HCA US 45,058.0 (565.0) 3,439.0 HCA HEALTHCARE I 2BH GR 45,058.0 (565.0) 3,439.0 HCA HEALTHCARE I HCA* MM 45,058.0 (565.0) 3,439.0 HCA HEALTHCARE I HCAEUR EU 45,058.0 (565.0) 3,439.0 HCA HEALTHCARE I 2BH TE 45,058.0 (565.0) 3,439.0 HERBALIFE NUTRIT HOO GR 2,678.6 (390.0) 523.8 HERBALIFE NUTRIT HLF US 2,678.6 (390.0) 523.8 HERBALIFE NUTRIT HOO GZ 2,678.6 (390.0) 523.8 HERBALIFE NUTRIT HLFEUR EU 2,678.6 (390.0) 523.8 HERBALIFE NUTRIT HOO QT 2,678.6 (390.0) 523.8 HEWLETT-CEDEAR HPQ AR 31,656.0 (1,634.0) (6,390.0) HEWLETT-CEDEAR HPQD AR 31,656.0 (1,634.0) (6,390.0) HEWLETT-CEDEAR HPQC AR 31,656.0 (1,634.0) (6,390.0) HILTON WORLD-BDR H1LT34 BZ 14,957.0 (472.0) (778.0) HILTON WORLDWIDE HLT* MM 14,957.0 (472.0) (778.0) HILTON WORLDWIDE HLT US 14,957.0 (472.0) (778.0) HILTON WORLDWIDE HLTEUR EU 14,957.0 (472.0) (778.0) HILTON WORLDWIDE HLTW AV 14,957.0 (472.0) (778.0) HILTON WORLDWIDE HI91 TE 14,957.0 (472.0) (778.0) HILTON WORLDWIDE HI91 TH 14,957.0 (472.0) (778.0) HILTON WORLDWIDE HI91 GR 14,957.0 (472.0) (778.0) HOME DEPOT - BDR HOME34 BZ 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HD TE 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HD US 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HDI TH 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HDI GR 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HD* MM 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HD CI 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HDUSD SW 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HDI GZ 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HD AV 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC 0R1G LN 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HDEUR EU 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HDI QT 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HD SW 51,236.0 (3,116.0) 1,435.0 HOME DEPOT-CED HDD AR 51,236.0 (3,116.0) 1,435.0 HOME DEPOT-CED HDC AR 51,236.0 (3,116.0) 1,435.0 HOME DEPOT-CED HD AR 51,236.0 (3,116.0) 1,435.0 HP COMPANY-BDR HPQB34 BZ 31,656.0 (1,634.0) (6,390.0) HP INC HPQ US 31,656.0 (1,634.0) (6,390.0) HP INC 7HP TH 31,656.0 (1,634.0) (6,390.0) HP INC 7HP GR 31,656.0 (1,634.0) (6,390.0) HP INC HPQ TE 31,656.0 (1,634.0) (6,390.0) HP INC HPQ CI 31,656.0 (1,634.0) (6,390.0) HP INC 0J2E LI 31,656.0 (1,634.0) (6,390.0) HP INC HPQUSD SW 31,656.0 (1,634.0) (6,390.0) HP INC 7HP GZ 31,656.0 (1,634.0) (6,390.0) HP INC HPQEUR EU 31,656.0 (1,634.0) (6,390.0) HP INC HPQ* MM 31,656.0 (1,634.0) (6,390.0) HP INC HWP QT 31,656.0 (1,634.0) (6,390.0) HP INC HPQ AV 31,656.0 (1,634.0) (6,390.0) HP INC HPQ SW 31,656.0 (1,634.0) (6,390.0) IAA INC IAA US 2,151.2 (137.2) 216.3 IAA INC 3NI GR 2,151.2 (137.2) 216.3 IAA INC IAA-WEUR EU 2,151.2 (137.2) 216.3 IGM BIOSCIENCES IGMS US 269.9 254.6 241.7 IGM BIOSCIENCES 1K0 GR 269.9 254.6 241.7 IGM BIOSCIENCES 1K0 GZ 269.9 254.6 241.7 IGM BIOSCIENCES IGMSEUR EU 269.9 254.6 241.7 IMMUNOGEN INC IMGN* MM 235.3 (76.1) 131.5 INSEEGO CORP INO TH 161.4 (37.4) 19.6 INSEEGO CORP INO QT 161.4 (37.4) 19.6 INSEEGO CORP INSG US 161.4 (37.4) 19.6 INSEEGO CORP INSGEUR EU 161.4 (37.4) 19.6 INSEEGO CORP INO GR 161.4 (37.4) 19.6 INSEEGO CORP INO GZ 161.4 (37.4) 19.6 IRONWOOD PHARMAC I76 GR 402.7 (93.3) 265.9 IRONWOOD PHARMAC I76 TH 402.7 (93.3) 265.9 IRONWOOD PHARMAC IRWD US 402.7 (93.3) 265.9 IRONWOOD PHARMAC I76 QT 402.7 (93.3) 265.9 IRONWOOD PHARMAC IRWDEUR EU 402.7 (93.3) 265.9 JACK IN THE BOX JBX GR 1,690.3 (841.2) (196.0) JACK IN THE BOX JACK US 1,690.3 (841.2) (196.0) JACK IN THE BOX JBX GZ 1,690.3 (841.2) (196.0) JACK IN THE BOX JBX QT 1,690.3 (841.2) (196.0) JACK IN THE BOX JACK1EUR EU 1,690.3 (841.2) (196.0) JOSEMARIA RESOUR JOSES I2 18.7 (16.4) (20.9) JOSEMARIA RESOUR JOSE SS 18.7 (16.4) (20.9) JOSEMARIA RESOUR NGQSEK EU 18.7 (16.4) (20.9) JOSEMARIA RESOUR JOSES IX 18.7 (16.4) (20.9) JOSEMARIA RESOUR JOSES EB 18.7 (16.4) (20.9) L BRANDS INC LTD TH 10,125.3 (1,495.0) 872.3 L BRANDS INC LB US 10,125.3 (1,495.0) 872.3 L BRANDS INC LTD GR 10,125.3 (1,495.0) 872.3 L BRANDS INC LBEUR EU 10,125.3 (1,495.0) 872.3 L BRANDS INC LB* MM 10,125.3 (1,495.0) 872.3 L BRANDS INC LTD QT 10,125.3 (1,495.0) 872.3 L BRANDS INC LBRA AV 10,125.3 (1,495.0) 872.3 L BRANDS INC-BDR LBRN34 BZ 10,125.3 (1,495.0) 872.3 LENNOX INTL INC LII US 2,034.9 (170.2) 118.2 LENNOX INTL INC LXI GR 2,034.9 (170.2) 118.2 LENNOX INTL INC LII* MM 2,034.9 (170.2) 118.2 LENNOX INTL INC LXI TH 2,034.9 (170.2) 118.2 LENNOX INTL INC LII1EUR EU 2,034.9 (170.2) 118.2 MASCO CORP MSQ TH 5,027.0 (56.0) 1,163.0 MASCO CORP MSQ GZ 5,027.0 (56.0) 1,163.0 MASCO CORP MSQ QT 5,027.0 (56.0) 1,163.0 MASCO CORP MAS1EUR EU 5,027.0 (56.0) 1,163.0 MASCO CORP MAS US 5,027.0 (56.0) 1,163.0 MASCO CORP MSQ GR 5,027.0 (56.0) 1,163.0 MASCO CORP MAS* MM 5,027.0 (56.0) 1,163.0 MASCO CORP-BDR M1AS34 BZ 5,027.0 (56.0) 1,163.0 MCDONALD'S CORP TCXMCD AU 47,510.8 (8,210.3) (63.1) MCDONALDS - BDR MCDC34 BZ 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MDO TH 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCD US 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCD SW 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MDO GR 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCD* MM 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCD TE 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCD CI 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCDUSD SW 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MDO GZ 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCDEUR EU 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCD AV 47,510.8 (8,210.3) (63.1) MCDONALDS CORP 0R16 LN 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MDO QT 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCDUSD EU 47,510.8 (8,210.3) (63.1) MCDONALDS-CEDEAR MCD AR 47,510.8 (8,210.3) (63.1) MCDONALDS-CEDEAR MCDC AR 47,510.8 (8,210.3) (63.1) MCDONALDS-CEDEAR MCDD AR 47,510.8 (8,210.3) (63.1) MERCER PARK BR-A BRND/A/U CN 408.6 (2.8) 4.1 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 MOT TE 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MSI US 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MTLA GR 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 GZ 4,204.4 (76.7) 1,181.0 MSCI INC 3HM QT 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 MSGNEUR EU 784.8 (623.0) 212.8 MSG NETWORKS- A 1M4 QT 784.8 (623.0) 212.8 MSG NETWORKS- A 1M4 TH 784.8 (623.0) 212.8 MSG NETWORKS- A 1M4 GR 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 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 IHR QT 6,363.0 (3,739.0) 1,256.0 NAVISTAR INTL IHR GZ 6,363.0 (3,739.0) 1,256.0 NAVISTAR INTL IHR GR 6,363.0 (3,739.0) 1,256.0 NAVISTAR INTL NAV US 6,363.0 (3,739.0) 1,256.0 NEW ENG RLTY-LP NEN US 294.3 (37.8) - NOVAVAX INC NVV1 TH 173.0 (186.0) 71.5 NOVAVAX INC NVV1 GZ 173.0 (186.0) 71.5 NOVAVAX INC NVAXEUR EU 173.0 (186.0) 71.5 NOVAVAX INC NVV1 GR 173.0 (186.0) 71.5 NOVAVAX INC NVAX US 173.0 (186.0) 71.5 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 GZ 78.7 (3.6) 48.1 OCULAR THERAPEUT 0OT TH 78.7 (3.6) 48.1 OCULAR THERAPEUT OCULEUR EU 78.7 (3.6) 48.1 OCULAR THERAPEUT 0OT GR 78.7 (3.6) 48.1 OCULAR THERAPEUT OCUL US 78.7 (3.6) 48.1 OMEROS CORP 3O8 GR 137.0 (109.0) 48.3 OMEROS CORP OMER US 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 PAPA JOHN'S INTL PP1 GR 730.7 (59.7) (26.4) PAPA JOHN'S INTL PZZA US 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 PMI SW 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 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 4I1 TH 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 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 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 4I1 GZ 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN 4I1 QT 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PM* MM 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 1R8 QT 219.2 (42.3) 141.8 RADIUS HEALTH IN RDUSEUR EU 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* MM 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 US 2,980.6 (1,221.2) 154.5 REYNOLDS CONSUME 3ZT GR 4,160.0 (818.0) 192.0 REYNOLDS CONSUME 3ZT GZ 4,160.0 (818.0) 192.0 REYNOLDS CONSUME 3ZT QT 4,160.0 (818.0) 192.0 REYNOLDS CONSUME REYNEUR EU 4,160.0 (818.0) 192.0 REYNOLDS CONSUME 3ZT TH 4,160.0 (818.0) 192.0 REYNOLDS CONSUME REYN US 4,160.0 (818.0) 192.0 RH RH US 2,362.0 (63.2) (344.2) RH RS1 GR 2,362.0 (63.2) (344.2) RH RS1 TH 2,362.0 (63.2) (344.2) RH RHEUR EU 2,362.0 (63.2) (344.2) RH RH* MM 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 TH 201.1 (16.2) (68.6) ROSETTA STONE IN RS8 GR 201.1 (16.2) (68.6) ROSETTA STONE IN RST1EUR EU 201.1 (16.2) (68.6) SBA COMM CORP SBJ TH 9,759.9 (3,651.0) (714.0) SBA COMM CORP 4SB GZ 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 SBAC US 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* MM 9,759.9 (3,651.0) (714.0) SBA COMMUN - BDR S1BA34 BZ 9,759.9 (3,651.0) (714.0) SCIENTIFIC GAMES TJW GZ 7,809.0 (2,108.0) 849.0 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 SEALED AIR C-BDR S1EA34 BZ 5,765.2 (196.2) 127.8 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 SERES THERAPEUTI MCRB US 132.4 (48.3) 54.2 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 GR 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 GZ 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN SIRIEUR EU 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 QT 2,882.5 (186.9) 36.5 SIX FLAGS ENTERT 6FE TH 2,882.5 (186.9) 36.5 SIX FLAGS ENTERT SIX US 2,882.5 (186.9) 36.5 SLEEP NUMBER COR SNBR US 806.0 (159.4) (434.4) SLEEP NUMBER COR SL2 GR 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 SBUX CI 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 TCXSBU AU 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 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 SW 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX US 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 2,419.0 (98.3) 206.4 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 - BDR T1DG34 BZ 18,156.0 (4,299.0) 3,302.0 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 T7D QT 18,156.0 (4,299.0) 3,302.0 TRANSDIGM GROUP TDGEUR EU 18,156.0 (4,299.0) 3,302.0 TRILLIUM THERAPE TRIL US 33.0 (0.2) 12.7 TRILLIUM THERAPE TRIL CN 33.0 (0.2) 12.7 TRILLIUM THERAPE R5WP TH 33.0 (0.2) 12.7 TRILLIUM THERAPE R5WP GZ 33.0 (0.2) 12.7 TRILLIUM THERAPE TREUR EU 33.0 (0.2) 12.7 TRIUMPH GROUP TG7 GR 2,625.4 (532.9) 212.9 TRIUMPH GROUP TGI US 2,625.4 (532.9) 212.9 TRIUMPH GROUP TGIEUR EU 2,625.4 (532.9) 212.9 UBIQUITI INC 3UB GR 667.1 (292.1) 324.7 UBIQUITI INC UI US 667.1 (292.1) 324.7 UBIQUITI INC UBNTEUR EU 667.1 (292.1) 324.7 UBIQUITI INC 3UB GZ 667.1 (292.1) 324.7 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 GR 2,504.0 (1,228.3) 294.0 UNISYS CORP USY1 TH 2,504.0 (1,228.3) 294.0 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 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 GR 5,017.0 (1,483.2) - UNITI GROUP INC UNIT US 5,017.0 (1,483.2) - UNITI GROUP INC 8XC TH 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 VRSN US 1,854.0 (1,490.1) 313.4 VERISIGN INC VRS GR 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 VRS GZ 1,854.0 (1,490.1) 313.4 VERISIGN INC VRSNEUR EU 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 WAZ QT 2,557.1 (216.3) 721.2 WATERS CORP WATEUR EU 2,557.1 (216.3) 721.2 WATERS CORP WAT* MM 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 WU5 GR 2,471.6 (245.9) (108.7) WIDEOPENWEST INC WU5 TH 2,471.6 (245.9) (108.7) WIDEOPENWEST INC WOW1EUR EU 2,471.6 (245.9) (108.7) WIDEOPENWEST INC WU5 QT 2,471.6 (245.9) (108.7) WIDEOPENWEST INC WOW US 2,471.6 (245.9) (108.7) WINGSTOP INC WING1EUR EU 166.1 (209.4) (2.7) WINGSTOP INC WING US 166.1 (209.4) (2.7) WINGSTOP INC EWG GR 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 WTWEUR EU 1,498.3 (681.8) (98.7) WW INTERNATIONAL WW6 QT 1,498.3 (681.8) (98.7) WW INTERNATIONAL WTW AV 1,498.3 (681.8) (98.7) WW INTERNATIONAL WW6 TH 1,498.3 (681.8) (98.7) WYNDHAM DESTINAT WYND US 7,453.0 (524.0) 479.0 WYNDHAM DESTINAT WD5 TH 7,453.0 (524.0) 479.0 WYNDHAM DESTINAT WD5 GR 7,453.0 (524.0) 479.0 WYNDHAM DESTINAT WD5 QT 7,453.0 (524.0) 479.0 WYNDHAM DESTINAT WYNEUR EU 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 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) YUM! BRANDS INC YUM US 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) ********* 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 ***