/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/200430.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, April 30, 2020, Vol. 24, No. 120 Headlines A&E TELEVISION: Bank Debt Trades at 19% Discount A.C. FURNITURE: July 20 Auction of All Assets Set ABE INVESTMENT: Bank Debt Trades at 19% Discount ACME HOLDINGS: U.S. Trustee Unable to Appoint Committee ADVANZEON SOLUTIONS: Subsidiary Gets $1.2 Million PPP Loan AFFINION GROUP: Bank Debt Trades at 28% Discount AFFINITY GAMING: Bank Debt Trades at 28% Discount AFFINITY GAMING: Bank Debt Trades at 28% Discount AIRXCEL INC: Bank Debt Trades at 28% Discount AKORN INC: Bank Debt Trades at 29% Discount ALLEGIANT TRAVEL: Bank Debt Trades at 19% Discount ALPHA ENTERTAINMENT: Seeks to Hire Young Conaway as Counsel ALPHA GUARDIAN: Committee Taps McDonald Carano as Local Counsel ALPHABET HOLDING: Bank Debt Trades at 19% Discount ALPHATEC HOLDINGS: Terminates Agreement to Acquire EOS Imaging AMCP CLEAN: Bank Debt Trades at 59% Discount AMERICA-CV STATION: Court Approves Disclosure Statement AMERICAN AIRLINES: Bank Debt Trades at 23% Discount AMPLE HILLS: Hires Stretto as Claims and Noticing Agent ANICHINI INC: Hires Bilodeau Wells & Co. as Accountant AP GAMING: S&P Rates New Term Loan 'B'; Ratings on Watch Negative APODACA ENTERPRISES: Court Conditionally Approves Disclosure Statem ARAMARK SERVICES: S&P Rates New Senior Unsecured Notes 'BB-' ASBURY GRAIN: Expands Steve Spensley Scope of Service ASSOCIATED ASPHALT: Bank Debt Trades at 28% Discount ASTER DM: Bank Debt Trades at 21% Discount ASTER DM: Bank Debt Trades at 21% Discount ASTER DM: Bank Debt Trades at 21% Discount ASTERIAS CRUDE: Bank Debt Trades at 20% Discount AUSTIN CONVENTION: S&P Lowers Subordinated Bond Rating to 'BB' AUTOKINITON US: Bank Debt Trades at 18% Discount AVEANNA HEALTHCARE: Bank Debt Trades at 19% Discount AWAZE LTD: Bank Debt Trades at 29% Discount AWAZE LTD: Bank Debt Trades at 30% Discount AYTU BIOSCIENCE: Cerecor Reports 0% Equity Stake BALTIMORE HOTEL: S&P Lowers Senior Secured Bond Rating to 'BB' BCP RENAISSANCE: Bank Debt Trades at 29% Discount BCP RENAISSANCE: Bank Debt Trades at 34% Discount BDF ACQUISITION: Bank Debt Trades at 19% Discount BEASLEY BROADCAST: S&P Downgrades ICR to 'CCC+'; Outlook Negative BEASLEY MEZZANINE: Bank Debt Trades at 18% Discount BELK INC: Bank Debt Trades at 58% Discount BENDON INC: Bank Debt Trades at 29% Discount BLACKBRUSH OIL: Bank Debt Trades at 28% Discount BLACKHAWK NETWORK: Bank Debt Trades at 19% Discount BLOUNT INTERNATIONAL: S&P Downgrades ICR to 'B-'; Outlook Stable BOARDRIDERS INC: Bank Debt Trades at 28% Discount BRAZOS DELAWARE II: Bank Debt Trades at 47% Discount BRIDGE STREET: To File Amended Request to Sell Holyoke Property BRIGHT HORIZONS: S&P Downgrades ICR to 'B+'; Outlook Negative BROOKFIELD RETAIL: Bank Debt Trades at 28% Discount C AND N TRANSPORT: U.S. Trustee Unable to Appoint Committee CARECENTRIX INC: Bank Debt Trades at 29% Discount CARLISLE FOODSERVICE: Bank Debt Trades at 19% Discount CARVANA CO: Shareholders Elect Two Directors CHAMP ACQUISITION: Bank Debt Trades at 29% Discount CHASSIX INC: Bank Debt Trades at 28% Discount COLOUROZ INVESTMENT: Bank Debt Trades at 19% Discount COLOUROZ INVESTMENT: Bank Debt Trades at 19% Discount COLUMBIA NUTRITIONAL: April 30 Hearing on Excess Equipment Sale COLUMBIA PROPERTY: Bank Debt Trades at 19% Discount COLUMBIA PROPERTY: Bank Debt Trades at 19% Discount COLUMBUS OFFICE: Bank Debt Trades at 19% Discount COMMERCIAL BARGE: Bank Debt Trades at 68% Discount CONFIE SEGUROS: Bank Debt Trades at 30% Discount CONTEXTMEDIA HEALTH: Bank Debt Trades at 28% Discount COPY CONTROL: Hires Jennis Law Firm as Counsel CORNERSTONE ONDEMAND: S&P Assigns 'B' ICR on Saba Acquisition COROTOMAN INC: Taps Whitfield, Hartley Law as Special Counsel CORSAIR GAMING: Bank Debt Trades at 28% Discount COX LAND & TIMBER: Hires GlassRatner as Forensic Accountant CRIDER AVENUE: Real Estate Sale Proceeds Fund Liquidating Plan CROSSROADS CHARTER ACADEMY: S&P Alters Outlook to Negative CVENT INC: Bank Debt Trades at 19% Discount CYTODYN INC: Board Appoints Michael Mulholland as Interim CFO CYTODYN INC: Stockholders File Complaint Alleging Unjust Enrichment DASH GROUP: U.S. Trustee Unable to Appoint Committee DATABASEUSA.COM LLC: Court Approves Disclosure Statement DAYCO PRODUCTS: Bank Debt Trades at 28% Discount DEAN FOODS: Quin Emanuel Represents Noteholder Group DENTAL CORP: Bank Debt Trades at 23% Discount DEXKO GLOBAL: Bank Debt Trades at 19% Discount DIAMOND BC: Bank Debt Trades at 20% Discount DIXON PAVING: U.S. Trustee Unable to Appoint Committee DO@KING PLOW ARTS: $313K Sale of Atlanta Property Approved DOLPHIN ENTERTAINMENT: Receives $2.1M PPP Loan from BankUnited DRILLING INFO: Bank Debt Trades at 21% Discount DRIVE CHASSIS: Bank Debt Trades at 29% Discount ELECTRONICS FOR: Bank Debt Trades at 28% Discount ENALASYS CORP: Bankruptcy Court to Hear Suit vs Former President EPIC CRUDE: Bank Debt Trades at 38% Discount FAIR ISAAC: S&P Alters Outlook to Negative, Affirms 'BB+' ICR FAIRWAY GROUP: $1.5M Sale of Assets to Amazon Retail Approved FAIRWAY GROUP: $5M Sale of Assets to Seven Seas Approved FAIRWAY GROUP: $76M Sale of Assets to Village Super Approved FCPR ACQUISITION: Trustee's $660K Sale of Assets Approved FEMUR BUYER: S&P Cuts ICR to 'CCC+; Ratings on Watch Negative FERRELLGAS PARTNERS: GP Enters Change in Control Bonus Agreement FLEETPRIDE INC: S&P Affirms 'B-' ICR; Outlook Revised to Negative FLEXENTIAL INTERMEDIATE: Bank Debt Trades at 29% Discount FLYNN RESTAURANT: Bank Debt Trades at 28% Discount FRANK INVESTMENTS: May 7 Hearing on North Palm Beach Property Sale FTS INTERNATIONAL: Bank Debt Trades at 34% Discount GEORGIA DIRECT: Hires Mattingly Burke as Special Counsel GFL ENVIRONMENTAL: S&P Rates New Sr. Secured Notes Due 2025 'BB-' GI REVELATION: Bank Debt Trades at 29% Discount GIP III STETSON: Bank Debt Trades at 58% Discount GNC HOLDINGS: Receives Notice of Noncompliance from NYSE GRANITE US: Bank Debt Trades at 19% Discount GRAY LAND: June 4 Plan Confirmation Hearing Set GRIZZLY NATURAL: Bank Debt Trades at 28% Discount HALO BUYER: Bank Debt Trades at 19% Discount HANKEY O'ROURKE: Seeks June 8 Extension for Plan & Disclosures HEART ROCK: Seeks to Hire Lamey Law Firm as Legal Counsel HELEN REALTY: U.S. Trustee Unable to Appoint Committee HELIX ACQUISITION: Bank Debt Trades at 19% Discount HOOVER GROUP: Bank Debt Trades at 19% Discount HORNBLOWER SUB: Bank Debt Trades at 29% Discount INMAR INC: Bank Debt Trades at 22% Discount INTEGRITY TELECOMMUNICATIONS: Files for Chapter 7 Liquidation INTERNAP TECHNOLOGY: Taps Prime Clerk as Claims and Noticing Agent IXS HOLDINGS: Bank Debt Trades at 19% Discount JASON INC: Bank Debt Trades at 68% Discount JONATHAN S. RESNICK: Trustee Hires Zvi Guttman as Counsel KENNY STRANGE: Court Approves Disclosure Statement KINGPIN INTERMEDIATE: Bank Debt Trades at 28% Discount KPEX HOLDINGS: Bank Debt Trades at 19% Discount KRYSTAL COMPANY: Rountree Represents Buckhead, 9 Others LEGACY JH762: Comerica Bank Says 3% Interest Too Low LOGIX HOLDING: Bank Debt Trades at 19% Discount LSC COMMUNICATIONS: Hires Young Conaway as Co-Counsel LTI HOLDINGS: Bank Debt Trades at 19% Discount LTI HOLDINGS: Bank Debt Trades at 19% Discount LUCKY BUCKS: Bank Debt Trades at 17% Discount MACQUARIE INFRASTRUCTURE: S&P Lowers ICR to 'BB'; Outlook Negative MARRONE BIO: Gets Nasdaq Notice for Failure to Satisfy Listing Rule MAUSER PACKAGING: S&P Alters Outlook to Negative, Affirms 'B' ICR MCCLATCHY COMPANY: Committee Taps Moelis as Investment Banker MESCO INC: Hires Prenovost Normandin as Special Counsel MILLER'S ALE: Bank Debt Trades at 29% Discount MITEL NETWORKS: S&P Lowers Long-Term ICR to 'B-' MOBILE ADDICTION: Unsecured Creditors to Get 100% in 7 Years MURRAY ENERGY: U.S. Trustee Objects to Disclosure Statement NAVISTAR INTERNATIONAL: S&P Rates $500MM Senior Secured Notes 'B' NAVITAS MIDSTREAM: Bank Debt Trades at 48% Discount NEIGHBORHOOD ACADEMY: Bank Debt Trades at 17% Discount NEIMAN MARCUS: S&P Lowers ICR to 'D' on Missed Interest Payment NEOVIA LOGISTICS: S&P Cuts ICR to 'CCC'; Ratings on Watch Negative NET ELEMENT: Amends Master Exchange Agreement with ESOUSA NETFLIX INC: S&P Rates New Senior Unsecured Notes 'BB-' NEUSTAR INC: Bank Debt Trades at 19% Discount NN INC: S&P Cuts ICR to 'B-'; Ratings on CreditWatch Negative NORTHRIVER MIDSTREAM: Bank Debt Trades at 17% Discount NSG HOLDINGS: S&P Raises ICR to 'BB+' on Improved Financial Risk OBALON THERAPEUTICS: Gets $430K PPP Loan from Silicon Valley Bank ODYSSEY LOGISTICS: Bank Debt Trades at 19% Discount OFFICE DEPOT: S&P Discontinues 'B' Issuer Credit Rating OFFSHORE MARINE: $5.45M Sale of Vessel to JAD Approved OMG MH HOLDINGS: U.S. Trustee Appoints Creditors' Committee OMNIQ CORP: Receives $3.9M Purchase Order From Supermarket Chain ONE CALL: Bank Debt Trades at 18% Discount OWENS PRECISION: Responds to LaMonica's Plan Objection PACE INDUSTRIES: U.S. Trustee Appoints Creditors' Committee PANDA HUMMEL: Bank Debt Trades at 17% Discount PARADIGM MIDSTREAM: Bank Debt Trades at 29% Discount PARKINSON SEED: Plan Admin's Sale of Property Approved PATHWAY VET: Bank Debt Trades at 19% Discount PEARL 53: Case Summary & 3 Unsecured Creditors PERFORMANCE FOOD: S&P Rates New $250MM Senior Unsecured Notes 'B' PERSPECTA INC: S&P Affirms 'BB' ICR Despite Loss Of Navy Contract PESCRILLO NIAGARA: U.S. Trustee Unable to Appoint Committee PH BEAUTY: Bank Debt Trades at 19% Discount PH BEAUTY: S&P Alters Outlook to Negative, Affirms 'B-' ICR PIONEER ENERGY: Hires Norton Rose Fulbright as Co-Counsel PIONEER ENERGY: Hires Paul Weiss as Counsel PIONEER ENERGY: Taps Alvarez & Marsal as Financial Advisors PIONEER ENERGY: Taps Ernst & Young as Tax Services Provider PITBULL REALTY: Seeks May 12 Extension for Amended Plan PLANTRONICS INC: S&P Alters Outlook to Negative, Affirms 'B+' ICR PLAYA RESORTS: Bank Debt Trades at 20% Discount PRAIRIE ECI: Bank Debt Trades at 28% Discount PRECISION GLOBAL: Bank Debt Trades at 20% Discount PROPULSION ACQUISITION: Bank Debt Trades at 19% Discount Q HOLDCO: S&P Alters Outlook to Negative, Affirms 'B' ICR Q INTERNATIONAL: Bank Debt Trades at 19% Discount RADIO SYSTEMS: S&P Alters Outlook to Negative, Affirms 'B' ICR RANDOLPH HOSPITAL: Committee Hires Sills Cummis as Co-Counsel RECESS HOLDINGS: Bank Debt Trades at 19% Discount RENAISSANCE HOLDINGS: Bank Debt Trades at 19% Discount RESIDENTIAL CAPITAL: Shaddock's Late Proof of Claim Barred RICK'S INC: Seeks to Hire Maples Law Firm as Attorney ROYAL CARIBBEAN: Bank Debt Trades at 28% Discount ROYAL CARIBBEAN: Bank Debt Trades at 29% Discount RUDY'S BARBERSHOP: May 7 Auction of All Assets Set SCREENVISION LLC: Bank Debt Trades at 19% Discount SEANERGY MARITIME: Has Until Sept. 25 to Regain Nasdaq Compliance SEAWORLD PARKS: S&P Affirms 'B-' ICR; Outlook Stable SEQUA MEZZANINE: Bank Debt Trades at 28% Discount SERTA SIMMONS: S&P Lowers ICR to 'CCC-' on Liquidity Pressures SHAPE TECHNOLOGIES: Bank Debt Trades at 30% Discount SKLAR EXPLORATION: Clark Hill Represents Lucas Petroleum, Seitel SKLAR EXPLORATION: Seeks to Hire Munsch Hardt as Counsel SKLAR EXPLORATION: Watkins Represents Landmark Oil, 3 Others SLIDEBELTS INC: Unsecured Creditors Recover 4% in Plan SOTHEBY'S: S&P Alters Outlook to Negative, Affirms 'B+' ICR SOUTHERN ROCK: Bank Debt Trades at 17% Discount STAK DESIGN: Says Buyer Won't Close Sale Deal STAPLES INC: Bank Debt Trades at 19% Discount SUITABLE TECHNOLOGIES: July 16 Auction of All Assets Approved SUTHERLAND GLOBAL: Bank Debt Trades at 29% Discount SYNAMEDIA AMERICAS: Bank Debt Trades at 19% Discount TECOSTAR HOLDINGS: S&P Alters Outlook to Neg., Affirms 'B' ICR TGP HOLDINGS: Bank Debt Trades at 24% Discount TIMMY RAY COX: $95K Sale of Grifton Property to Poythress Approved TMK HAWK: Bank Debt Trades at 32% Discount TOOJAY'S MANAGEMENT: Case Summary & 20 Largest Unsecured Creditors TRANSACT HOLDINGS: Bank Debt Trades at 19% Discount TRUCK HERO: Bank Debt Trades at 28% Discount TUPPERWARE BRANDS: Signs Separation Agreement with Asha Gupta ULTRA RESOURCES: Bank Debt Trades at 37% Discount UNITED PF: Bank Debt Trades at 28% Discount UNITED PF: Bank Debt Trades at 30% Discount UNIVISION COMMUNICATIONS: S&P Rates $360MM Sr. Secured Notes 'B' UPSTREAM NEWCO: Bank Debt Trades at 18% Discount USA GYMNASTICS: Twistars Parties Object to Disclosure Statement VALLEY ECONOMIC: To Liquidate its Asset to Pay Claims VARSITY BRANDS: Bank Debt Trades at 29% Discount VBI VACCINES: Grosses $57.5 Million from Common Stock Offering VENTIA DECO: Bank Debt Trades at 19% Discount VERITAS HOLDINGS: S&P Alters Outlook to Neg., Affirms 'B-' ICR VERITY HEALTH SYSTEM: Seeks Davis Wright as Special Counsel VERO PARENT: Bank Debt Trades at 19% Discount VIKING CRUISES: S&P Cuts ICR to 'B'; Ratings on Watch Negative VIRGIN AUSTRALIA: Chapter 15 Case Summary W3 TOPCO: Bank Debt Trades at 17% Discount WELL HEALED: Hires Golan Christie Taglia as Counsel WHEEL PROS: Bank Debt Trades at 28% Discount WILSON ORGANIC: U.S. Trustee Unable to Appoint Committee WIRECO WORLDGROUP: Bank Debt Trades at 28% Discount WP CITYMD: S&P Alters Outlook to Stable, Affirms 'B-' ICR WYNN RESORTS: Bank Debt Trades at 24% Discount YI LLC: Bank Debt Trades at 17% Discount [*] S&P Alters Outlook on Charter School Ratings to Stable [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* A&E TELEVISION: Bank Debt Trades at 19% Discount ------------------------------------------------ Participations in a syndicated loan under which A&E Television Networks LLC is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD700 million term loan is scheduled to mature on June 6, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. A.C. FURNITURE: July 20 Auction of All Assets Set ------------------------------------------------- Judge Paul M. Black of the U.S. Bankruptcy Court for the Western District of Virginia authorized A.C. Furniture Co., Inc.'s the bidding procedures in connection with the auction sale of substantially all assets. Notwithstanding the foregoing, if the Debtor and the Chief Restructuring Officer alter the Bidding Procedures in consultation with the Committee, Bank of the James, Thoroughbred, and SummitBridge National Investments VI, LLC with respect to the assets of the Debtor and the Thoroughbred assets, the Debtor will provide notice of such changes to: (a) the Committee; (b) Bank of the James; (c) Thoroughbred; (d) SummitBridge; and (e) the bidders or the Qualified Bidders (as the case may be). The Debtor is authorized to conduct the Auction as set forth in the Bidding Procedures. The salient terms of the Bidding Procedures are: a. Bid Deadline: July 15, 2020 at 5:00 p.m. b. Initial Bid: TBD c. Deposit: 10% of the Purchase Price d. Auction: If, after the examination of all Qualified Bids, the Debtor and the CRO, in consultation with the Committee, Bank of the James, Thoroughbred, and SummitBridge, determine that an auction is appropriate and will generate an acceptable offer for the purchase of the Assets, the Debtor and the CRO will conduct an auction on July 20, 2020, beginning at 10:00 a.m. at a location which is acceptable to the Committee, Bank of the James, Thoroughbred, and Summitbridge of which the Debtor will inform each Qualified Bidder. e. Bid Increments: TBD f. Sale Hearing: July 21, 2020 at 11:30 a.m. The Debtor and the CRO are authorized to select one or more Stalking Horse Bidder(s) in accordance with the Bid Procedures. The Debtor will file a notice announcing the Notice of Winning Bidder, or, in the event an Auction is not conducted, that there was insufficient interest to conduct the Auction, on the Court’s docket as soon as practicable following the Auction on July 20, 2020. Notwithstanding Bankruptcy Rules 6004(h) and 6006(d), the Order will not be stayed for 14 days after the entry hereof and this Order will be immediately effective and enforceable upon its entry. A copy of the Bidding Procedures is available at https://tinyurl.com/yd7whc2a from PacerMonitor.com free of charge. About A.C. Furniture Company A.C. Furniture Company, Inc. -- https://acfurniture.com/ -- manufactures seating for the hospitality, healthcare, and food service industry. It was founded in 1977. A.C. Furniture Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No. 20-60200) on Feb. 3, 2020. At the time of the filing, the Debtor disclosed $23,295,208 in assets and $9,457,063 in liabilities. Judge Paul M. Black oversees the case. Timothy McGary, Esq., is the Debtor's legal counsel. ABE INVESTMENT: Bank Debt Trades at 19% Discount ------------------------------------------------ Participations in a syndicated loan under which Abe Investment Holdings Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The EUR450 million term loan is scheduled to mature on February 19, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. ACME HOLDINGS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The Office of the U.S. Trustee on April 24, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Acme Holdings of N.Y., Inc. About Acme Holdings of N.Y. Acme Holdings of N.Y., Inc. -- owns an event venue in Batavia, N.Y. It caters to weddings and receptions, holiday and family gatherings, corporate events and conventions, and school functions and fundraisers. Visit http://www.dibbleevents.com/ Acme Holdings of N.Y. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 20-10204) on Feb. 5, 2020. At the time of the filing, Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Carl L. Bucki oversees the case. David H. Ealy, Esq., at Cristo Law Group, LLC, is Debtor's legal counsel. ADVANZEON SOLUTIONS: Subsidiary Gets $1.2 Million PPP Loan ---------------------------------------------------------- Advanzeon Solutions, Inc.'s wholly owned subsidiary, Pharmacy Value Management Solutions, Inc., was granted a loan from Mechanics Bank in an amount of $1,243,840, pursuant to the Paycheck Protection Program under Division A., Title I of the CARES ACT, which was enacted March 27, 2020. The Loan, represented by a Note dated April 23, 2020, issued by the Borrower matures on April 23, 2022 and bears interest at a rate of 1.000%. The Loan is to be repaid in eighteen monthly installments of $69,999.78, beginning on Nov. 23, 2020. Pursuant to the terms of the PPP, certain amounts of the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. About Advanzeon Established in 1969, Advanzeon Solutions, Inc., formerly Comprehensive Care Corp., through its wholly-owned subsidiary Pharmacy Value Management Solutions, Inc., and its wholly-owned subsidiaries during 2015, and partly in 2016, provided managed care services by acting as the administrator for certain administrative service agreements in the behavioral health and substance abuse fields. The Company primarily offered these services to commercial, Medicare, Medicaid, Children's Health Insurance Program health plans, as well as self-insured companies. The Company's managed care operations consisted solely of servicing administrative service agreements. Starting in July of 2015, the Company implemented its comprehensive sleep apnea program, called "SleepMaster Solutions". Advanzeon reported a net loss of $3.25 million for the year ended Dec. 31, 2019, compared to net income of $4.83 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $1.19 million in total assets, $29.59 million in total liabilities, and a total stockholders' deficiency of $28.40 million. AFFINION GROUP: Bank Debt Trades at 28% Discount ------------------------------------------------ Participations in a syndicated loan under which Affinion Group Inc is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD698 million pik term loan is scheduled to mature on April 10, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. AFFINITY GAMING: Bank Debt Trades at 28% Discount ------------------------------------------------- Participations in a syndicated loan under which Affinity Gaming is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD20 million term loan is scheduled to mature on January 31, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. AFFINITY GAMING: Bank Debt Trades at 28% Discount ------------------------------------------------- Participations in a syndicated loan under which Affinity Gaming is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD95 million term loan is scheduled to mature on January 31, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. AIRXCEL INC: Bank Debt Trades at 28% Discount --------------------------------------------- Participations in a syndicated loan under which Airxcel Inc is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD110 million term loan is scheduled to mature on April 27, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. AKORN INC: Bank Debt Trades at 29% Discount ------------------------------------------- Participations in a syndicated loan under which Akorn Inc is a borrower were trading in the secondary market around 71 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD1045 million pik term loan is scheduled to mature on April 16, 2021. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. ALLEGIANT TRAVEL: Bank Debt Trades at 19% Discount -------------------------------------------------- Participations in a syndicated loan under which Allegiant Travel Co is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD546 million term loan is scheduled to mature on February 5, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. ALPHA ENTERTAINMENT: Seeks to Hire Young Conaway as Counsel ----------------------------------------------------------- Alpha Entertainment LLC, seeks authority from the U.S. Bankruptcy Court for the District of Delaware to employ Young Conaway Stargatt & Taylor, LLP, as counsel to the Debtor. Alpha Entertainment requires Young Conaway to: a. provide legal advice with respect to the Debtor's powers and duties as debtor in possession in the continued maintenance of its business and the management of its property, and the sale of its assets; b. prepare documents in connection with confirmation of a plan and approval of a disclosure statement; c. prepare, on behalf of the Debtor, necessary applications, motions, answers, orders, reports, and other legal papers; d. appear in Court and protect the interests of the Debtor before the Court; and e. perform all other legal services for the Debtor that may be necessary and proper in these proceedings. Young Conaway will be paid at these hourly rates: Michael R. Nestor $970 Matthew B. Lunn $795 Kenneth J. Enos $700 Shane M. Reil $525 Matthew P. Milana $400 Troy Bollman, Paralegal $295 Young Conaway received an initial retainer payment in the amount of $250,000 on March 26, 2020 (the "Retainer"). On April 7, 2020, Young Conaway applied the Retainer to its invoice for the period from its engagement as bankruptcy counsel through and including April 6, 2020, in the amount of $107,918. After applying a portion of the Retainer to the outstanding balance existing as of the Petition Date, Young Conaway continues to hold a Retainer in the amount of $16,697. Young Conaway will also be reimbursed for reasonable out-of-pocket expenses incurred. Matthew B. Lunn, partner of Young Conaway Stargatt & Taylor, 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. Young Conaway can be reached at: Matthew B. Lunn, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square, 1000 North King Street Wilmington, DE 19801 Tel: (302) 571-6600 About Alpha Entertainment LLC Alpha Entertainment LLC, which does business as the XFL, is a professional American football league. The XFL kicked off with games beginning on Feb. 8, 2020. The XFL offered fast-paced, three-hour games with fewer play stoppages and simpler rules. The XFL featured eight teams, 46-man active rosters, and a 10-week regular season schedule, with a postseason consisting of two semifinal playoff games and a championship game. The eight XFL teams were the DC Defenders, the Dallas Renegades, the Houston Roughnecks, the Los Angeles Wildcats, the New York Guardians, the St. Louis BattleHawks, the Seattle Dragons, and the Tampa Bay Vipers. For more information, visit https://www.alphaentllc.com. Alpha Entertainment LLC, based in Stamford, CT, filed a Chapter 11 petition (Bankr. D. Del. Case No. 20-10940) on April 13, 2020. The Hon. Laurie Selber Silverstein presides over the case. In its petition, the Debtor estimated $10 million to $50 million in both assets and liabilities. The petition was signed by John Brecker, independent manager. The Debtor hires Young Conaway Stargatt & Taylor, LLP; Donlin Recano & Company, Inc., as administrative advisor. ALPHA GUARDIAN: Committee Taps McDonald Carano as Local Counsel --------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Alpha Guardian and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire McDonald Carano, LLP as its local counsel. McDonald Carano will provide these services in connection with Debtors' bankruptcy cases: a. assist the committee in its consultation with Debtors; b. represent the committee at court hearings; c. assist the committee in its examination and analysis of the conduct of Debtors' affairs; d. review and analyze all application, motions, orders, statements of operations and schedules filed with the court by Debtors and other parties, advise the committee as to their propriety and, after consultation with the committee, take appropriate actions; e. prepare court documents and witnesses; f. apprise the court of the committee's analysis of Debtors' operations; g. confer with the financial advisors and any other professionals retained by the committee so as to advise the committee and the court more fully of Debtors' operations; h. assist the committee in its negotiations with Debtors and other partiesin concerning the terms of any proposed plan of reorganization; i. assist the committee in its consideration of any plan of reorganization proposed by Debtors and other parties; j. assist the committee with other services that may contribute to the confirmation of a plan of reorganization; k. assist the committee in evaluating and prosecuting any claims that Debtors may have against third parties; l. assist the committee in determining whether or not to sell assets of the Debtors and if so, how to sell those assets; and m. assist the committee in performing other services, including the commencement of, and participation in, litigation. The firm will be paid at these rates: Ryan Works Partner $500 Sallie Armstrong Partner $450 Amanda Perach Partner $425 McDonald Carano is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Ryan J. Works, Esq. Sallie B. Armstrong, Esq. Amanda M. Perach, Esq. McDonald Carano, LLP 2300 West Sahara Avenue, Suite 1200 Las Vegas, Nevada 89102 E-mail: rworks@mcdonaldcarano.com sarmstrong@mcdonaldcarano.com aperach@mcdonaldcarano.com About Alpha Guardian Established in July 2017, Alpha Guardian -- https://www.alphaguardian.com/ -- provides consumers with secure storage solutions. Its products are sold to major retailers across the United States under the Cannon Safe, Stack-On and GunVault brands, all of which are designed to fill unique consumer needs. The company operates manufacturing and distribution facilities in the U.S. and Mexico and has employees in multiple countries. Cannon Safe -- https://www.cannonsafe.com/ -- is a manufacturer of large-scale gun safes and secure home storage solutions. Since 1965, its focus has been on manufacturing safes to protect prized possessions. GunVault -- https://www.gunvault.com -- offers a wide range of gun safes including biometric safes, pistol safes, and portable safes. Stack-On -- https://www.stack-on.com/ -- manufactures and distributes gun security products. Alpha Guardian and its affiliates filed Chapter 11 petitions (Bankr. D. Nev. Lead Case No. 20-11016) on Feb. 24, 2020. At the time of the filing, Debtors had estimated assets of between $10 million and $50 million and liabilities of between $100 million and $500 million in liabilities. Judge Bruce T. Beesley presides over the cases. Debtors tapped Garman Turner Gordon LLP as their bankruptcy counsel, and Nicholas Rubin of Force Ten Partners, LLC, as their chief restructuring officer. Stretto is Debtors' claims noticing and solicitation agent. The U.S. Trustee for Region 17 appointed a committee of unsecured creditors on March 11, 2020. The committee tapped Brown Rudnick, LLP as its lead bankruptcy counsel, and McDonald Carano, LLP as its local counsel. ALPHABET HOLDING: Bank Debt Trades at 19% Discount -------------------------------------------------- Participations in a syndicated loan under which Alphabet Holding Co Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD400 million term loan is scheduled to mature on August 15, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. ALPHATEC HOLDINGS: Terminates Agreement to Acquire EOS Imaging -------------------------------------------------------------- Alphatec Holdings, Inc., has terminated the Tender Offer Agreement, dated Feb. 26, 2020, under which it was to acquire EOS Imaging, SA, for up to $88 million, plus debt retirement of $33.9 million, in a combination of cash and equity. This decision follows ATEC's consideration and analysis of the expected ongoing market effects of the COVID-19 pandemic. Based upon its assessment, ATEC concluded that a "Material Adverse Effect" (as defined in the TOA) has occurred, resulting in circumstances that are no longer conducive to completion of the transaction described in the TOA. ATEC notified EOS of its termination decision, as required by the TOA, in a letter dated April 24, 2020. "This has been a difficult, disappointing decision," said Pat Miles, ATEC's chairman and chief executive officer. "Both companies have worked so hard and so cooperatively, over many months, to bring this transaction together. On behalf of the entire ATEC Family, I want to personally thank EOS for its commitment and hospitality throughout this process. It has been a thrill for me and other members of ATEC leadership to engage directly with so many of the talented EOS team members, and to see firsthand their prowess and passion for their work - attributes both our companies share. While the acquisition is no longer feasible as contemplated, I continue to believe that ATEC's and EOS's interests are best served through a strategic collaboration. I have shared my belief with EOS leadership, and look forward to the opportunity to continue to explore ways that our companies can work together to bring informed operative experiences to spine." In connection with the termination of the TOA, ATEC and Perceptive Credit Holdings III, LP, have agreed to terminate the commitment letter for up to $160 million in secured debt financing, which was intended to retire ATEC's existing credit facilities and fund the cash required to complete the acquisition of EOS. The Company's current credit facilities with MidCap Funding IV, LLC and Squadron Medical Finance Solutions, LLC remain in place. "We continue to believe that there is tremendous strategic value in an ongoing relationship between ATEC and EOS, which could enable growth acceleration for both companies," said Sam Chawla, portfolio manager, Perceptive Advisors. "Our confidence in ATEC and its management team remains strong, and we look forward to future opportunities to provide our support." About Alphatec Holdings Alphatec Holdings, Inc. (ATEC) (www.atecspine.com), through its wholly-owned subsidiaries, Alphatec Spine, Inc. and SafeOp Surgical, Inc., is a medical device company dedicated to revolutionizing the approach to spine surgery through clinical distinction. ATEC architects and commercializes approach-based technology that integrates seamlessly with the SafeOp Neural InformatiX System to provide real-time, objective nerve information that can enhance the safety and reproducibility of spine surgery. Alphatec reported a net loss of $57 million for the year ended Dec. 31, 2019, compared to a net loss of $28.97 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $169.95 million in total assets, $36.39 million in total current liabilities, $53.45 million in long-term debt, $925,000 in operating lease liability, $11.95 million in other long-term liabilities, $23.60 million in redeemable preferred stock, and $43.63 million in total stockholders' equity. AMCP CLEAN: Bank Debt Trades at 59% Discount --------------------------------------------- Participations in a syndicated loan under which AMCP Clean Acquisition Co LLC is a borrower were trading in the secondary market around 41 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $60 million facility is a delay-draw term loan. It is scheduled to mature on July 10, 2025. The Company's country of domicile is U.S. AMERICA-CV STATION: Court Approves Disclosure Statement ------------------------------------------------------- America-CV Station Group, Inc., Caribevision Holdings, Inc., America-CV Network, LLC and Caribevision TV Network, LLC, filed a motion dated February 26, 2020 for entry of an order (A) Approving First Amended Joint Disclosure Statement on a final basis; (B) Authorizing solicitation of votes on Plans of Reorganization; (C) Approving solicitation procedures; and (D) Scheduling a hearing on Confirmation of the Plans of Reorganization. Judge A. Jay Cristol has granted the Motion and ruled that the Amended Disclosure Statement contains adequate information and is approved on a final basis. A hearing to consider confirmation of the Plan and approval of fee applications will be on May 28, 2020 at 2:00 p.m. in United States Bankruptcy Court 301 N Miami Ave, Courtroom 7 Miami, FL 33128. The deadline for objections to claims will be on April 17, 2020. The deadline for fee applications will be on May 7, 2020. The deadline for objections to confirmation will be on May 14, 2020. The deadline for filing ballots accepting or rejecting Plans will be on May 14, 2020. About America-CV Station Group America-CV Station Group, Inc. is a privately held company primarily in the television station ownership and program production business. It provides broadcasting services. America-CV and affiliate Caribevision Holdings, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case Nos. 19-16355 and 19-16359) on May 14, 2019. On May 28, 2019, America-CV Network, LLC and Caribevision TV Network, LLC also filed Chapter 11 petitions (Bankr. S.D. Fla. Case Nos. 19-16976 and 19-16977). The cases are jointly administered under Case No. 19-16355). At the time of the filing, each of the Debtors disclosed assets of $10 million to $50 million and liabilities of $1 million to $10 million. Judge Jay A. Cristol oversees the cases. The Debtors tapped Genovese Joblove & Battista, P.A. as their bankruptcy counsel, and Fletcher, Heald & Hildreth, P.L.C. as Genovese's co-counsel. On Feb. 26, 2020, the Debtors filed a Chapter 11 plan of reorganization and disclosure statement. AMERICAN AIRLINES: Bank Debt Trades at 23% Discount --------------------------------------------------- Participations in a syndicated loan under which American Airlines Inc is a borrower were trading in the secondary market around 77 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD990 million term loan is scheduled to mature on April 28, 2023. As of April 24, 2020, USD960 million from the loan remains outstanding. The Company's country of domicile is U.S. AMPLE HILLS: Hires Stretto as Claims and Noticing Agent ------------------------------------------------------- Ample Hills Holdings, Inc. and its debtor-affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Stretto as claims and noticing agent in the Debtors' Chapter 11 cases. The firm will provide these claims and noticing services in connection with the Debtors' Chapter 11 cases: (a) prepare and serve required notices and documents in the Chapter 11 Cases in accordance with the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure in the form and manner directed by the Debtors and/or the Court; (b) maintain an official copy of the Debtors' schedules of assets and liabilities and statements of financial affairs, listing the Debtors' known creditors and the amounts owed thereto; (c) maintain (i) a list of all potential creditors, equity holders and other parties in interest and (ii) a "core" mailing list consisting of all parties described in Bankruptcy Rule 2002(i), (j) and (k) and those parties that have filed a notice of appearance pursuant to Bankruptcy Rule 9010; update said lists and make said lists available upon request by a party-in-interest or the Clerk; (d) furnish a notice to all potential creditors of the last date for the filing of proofs of claim and a form for the filing of a proof of claim, after such notice and form are approved by this Court, and notify said potential creditors of the existence, amount and classification of their respective claims as set forth in the Schedules, which may be effected by inclusion of such information (or the lack thereof, in cases where the Schedules indicate no debt due to the subject party) on a customized proof of claim form provided to potential creditors; (e) maintain a post office box or address for the purpose of receiving claims and returned mail, and process all mail received; (f) for all notices, motions, orders or other pleadings or documents served, prepare and file or cause to be filed with the Clerk an affidavit or certificate of service within seven business days of service; (g) process all proofs of claim received, including those received by the Clerk's Office, check said processing for accuracy, and maintain the original proofs of claim in a secure area; (h) maintain the official claims register for each Debtor on behalf of the Clerk on a case-specific website; upon the Clerk's request, provide the Clerk with certified, duplicate unofficial Claims Registers; and specify in the Claims Registers the following information for each claim docketed: (i) the claim number assigned, (ii) the date received, (iii) the name and address of the claimant and agent, if applicable, who filed the claim, (iv) the amount asserted, (v) the asserted classification(s) of the claim {e.g., secured, unsecured, priority, etc.), (vi) the applicable Debtor; and (vii) any disposition of the claim; (i) provide public access to the Claims Registers, including complete proofs of claim with attachments, if any, without charge; (j) implement necessary security measures to ensure the completeness and integrity of the Claims Registers and the safekeeping of the original claims; (k) record all transfers of claims and provide any notices of such transfers as required by Bankruptcy Rule 3001(e); (l) relocate, by messenger or overnight delivery, all of the court-filed proofs of claim to the offices of Claims and Noticing Agent, not less than weekly; (m) upon completion of the docketing process for all claims received to date for each case, turn over to the Clerk copies of the Claims Registers for the Clerk's review (upon the Clerk's request); (n) monitor this Court's docket for all notices of appearance, address changes, and claims-related pleadings and orders filed and make necessary notations on and/or changes to the Claims Registers; (o) assist in the dissemination of information to the public and respond to requests for administrative information regarding these Chapter 11 Cases as directed by the Debtors or this Court; (p) if the cases are converted to chapter 7, contact the Clerk's office within three (3) days of notice to Claims and Noticing Agent of entry, of the order converting the cases; (q) 30 days prior to the close of these Chapter 11 Cases, to the extent practicable, request that the Debtors submit to this Court a proposed order dismissing Claims and Noticing Agent and terminating the services of such agent upon completion of its duties and responsibilities and upon the closing of these Chapter 11 Cases; (r) within seven days of notice to Claims and Noticing Agent of entry of an order closing the Chapter 11 Cases, provide to the Court the final version of the Claims Registers in an electronic format along with images of all claims in numeric order as of the date immediately before the discharge of Claims and Noticing Agent or close of the chapter 11 cases; and (s) at the close of the Chapter 11 Cases, box and transport all original documents, in proper format, as provided by the Clerk's Office, to (i) the Federal Archives Record Administration, located at Central Plains Region, 200 Space Center Drive, Lee's Summit, MO 64064 or (ii) any other location requested by the Clerk's Office. Prior to the petition date on March 15, 2020, the Debtors provided Claims and Noticing Agent a retainer in the amount of $5,000. Stretto will bill the Debtors no less frequently than monthly. All invoices shall be due and payable upon receipt. Where an expense or group of expenses to be incurred is expected to exceed $10,000, Stretto may require advance or direct payment from the Debtors before the performance of services, if any amount is unpaid as of 30 days after delivery of an invoice, the Debtors agrees to pay a late charge equal to 1.5% of the total amount unpaid every 30 days. Robert Klamser, managing director of corporate restructuring at Stretto, disclosed in court filings that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert Klamser STRETTO 7 Times Square, 16th Floor New York, NY 10036 About Ample Hills Holdings, Inc. Ample Hills Holdings Inc. -- https://www.amplehills.com -- is a Brooklyn-based producer, distributor, and retailer of ice cream and related merchandise. It currently operates 10 retail stores and kiosks, which are primarily located in the metropolitan New York area, and a factory in the Red Hook neighborhood of Brooklyn. On March 15, 2020, Ample Hills Holdings, Inc., and its affiliates sought Chapter 11 protection (Bankr. E.D.N.Y. Case No. 20-41559). In the petition signed by Phillip Brian David Smith, CEO, the Debtor was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Hon. Nancy Hershey Lord is the case judge. The Debtors tapped Herrick Feinstein LLP as counsel; and SSG Capital Advisors, LLC as investment banker. Bankruptcy Management Solutions, Inc., doing business as Stretto, is the claims agent. ANICHINI INC: Hires Bilodeau Wells & Co. as Accountant ------------------------------------------------------ Anichini, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Vermont to employ Bilodeau Wells & Co., PC, as accountant to the Debtor. Anichini, Inc. requires Bilodeau Wells & Co. to assist the Debtor in the preparation of its taxes for years 2015 through 2020. Bilodeau Wells & Co. will be paid at these hourly rates: Certified Public Accountants $170 to $250 Paraprofessionals $85 to $140 Bilodeau Wells & Co. will also be reimbursed for reasonable out-of-pocket expenses incurred. Joseph Bilodeau, partner of Bilodeau Wells & Co., 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. Bilodeau Wells & Co. can be reached at: Joseph Bilodeau BILODEAU WELLS & CO., PC 20 Main Street Essex Junction, VT 05453 Tel: (802) 879-1117 About Anichini Inc. Anichini, Inc. -- https://anichini.com -- is an American luxury textiles company based in Tunbridge, Vermont. The company is a manufacturer and importer of luxury linens and textiles and produces hand made products. Anichini supplies hotels, resorts, and spas. Anichini, Inc., based in Tunbridge, VT, filed a Chapter 11 petition (Bankr. D. Vt. Case No. 20-10089) on March 12, 2020. In the petition signed by Susan Dollenmaier, sole shareholder, the Debtor was estimated to have $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The Hon. Colleen A. Brown oversees the case. The Debtor hired DRUMMOND WOODSUM & MACMAHON as bankruptcy counsel. AP GAMING: S&P Rates New Term Loan 'B'; Ratings on Watch Negative ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level and '3' recovery ratings to Las Vegas-based gaming equipment manufacturer AP Gaming Holdings LLC's proposed $80 million incremental term loan due in February 2024 which will be issued by AP Gaming I LLC. The '3' recovery reflects S&P's expectation for meaningful (50%-70%; rounded estimate: 55%) recovery for lenders in a payment default. The debt rating is on CreditWatch with negative implications. S&P lowered its ratings on AP Gaming on April 7, 2020, and all ratings remain on CreditWatch with negative implications. The company plans to use the proceeds from the proposed term loan for general corporate purposes, specifically to bolster its liquidity position. AP Gaming will add approximately $71 million cash to the balance sheet after paying fees and expenses associated with the transaction. AP Gaming is facing an extraordinarily challenging operating environment stemming from the temporary closures of casinos across the U.S. amid the COVID-19 pandemic, resulting in weaker credit measures and heightened liquidity pressure. Pro forma for the proposed incremental term loan, S&P estimates AP Gaming had about $114 million cash available as of March 31, 2020, after giving effect to the previously announced full draw of its $30 million revolving credit facility. S&P believes the company's liquidity sources, including the proposed debt issuance, provide sufficient liquidity runway, to cover its daily cash burn, including fixed operating costs, capital spending, and debt service for approximately 11 months if casino closures are prolonged. The company has taken a number of steps to minimize monthly cash burn and preserve liquidity. Incorporating these actions, AP Gaming estimates it has reduced its monthly cash outflow, excluding debt service, to $4 million. All ratings remain on CreditWatch with negative implications. "In the event AP Gaming does not complete the proposed transaction to bolster its liquidity position, we could lower ratings. We plan to resolve the CreditWatch when we can evaluate how the U.S. recession, increasing unemployment, and potential continued social distancing measures might affect consumer discretionary spending at casinos in 2020 and 2021. We plan to assess how quickly AP Gaming's EBITDA and cash flow generation might recover later this year and into next year, as well as how quickly its credit measures can recover following a spike in 2020," S&P said. Issue Ratings – Recovery Analysis Key analytical factors -- The proposed incremental term loan would increase secured debt in the capital structure and result in lower recovery prospects for lenders, but not enough to lower the recovery and issue-level ratings on the company's first-lien credit facility. S&P's rounded recovery estimate for the first-lien debt will decrease to 55% from 65% upon close of the incremental term loan. -- S&P's simulated default scenario contemplates a default by 2023, reflecting a significant decline in cash flow as a result of prolonged economic weakness that reduces consumer spending on gaming, an extended gaming replacement cycle, and meaningfully reduced spending on new equipment. S&P assumes AP Gaming's $30 million revolver is 100% drawn at default. Simplified waterfall -- Emergence EBITDA: about $73 million -- EBITDA multiple: 5.5x -- Gross recovery value: approximately $400 million -- Net recovery value after administrative expenses (5%): $385 million -- Obligor/nonobligor valuation split: 94%/6% -- Collateral value available for senior secured claims: $376 million -- Unpledged value to satisfy secured deficiency claims and other unsecured claims: $9 million -- Total value available for senior secured claims: $385 million -- Estimated senior secured claims: $650 million -- Recovery range: 50%-70% (rounded estimate: 55%) All debt amounts include six months of prepetition interest. APODACA ENTERPRISES: Court Conditionally Approves Disclosure Statem ------------------------------------------------------------------- Judge Christopher D. Jaime has ordered that the Disclosure Statement filed by Apodaca Enterprises, debtor, is conditionally approved. May 26, 2020 as the last day for filing written acceptances or rejections of the Plan of Reorganization. May 26, 2020 as the last day for filing and serving written objections to the Disclosure Statement and Confirmation of the Plan of Reorganization. June 9, 2020 at 2:00 p.m. as the hearing on final approval of the Disclosure Statement (if a written objection has been timely filed) and for the hearing on confirmation of the Plan. Attorneys for the Debtor: Gabriel E. Liberman LAW OFFICES OF GABRIEL LIBERMAN, APC 1545 River Park Drive, Suite 530 Sacramento, California 95815 Telephone: (916) 485-1111 Facsimile: (916) 485-1111 About Apodaca Enterprises Apodaca Enterprises, Inc., a company in the fast food restaurants industry, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 19-26373) on Oct. 11, 2019. At the time of the filing, the Debtor disclosed $1,061,853 in assets and $106,377 in liabilities. The case is assigned to Judge Christopher D. Jaime. The Debtor is represented by the Law Offices of Gabriel Liberman, APC. ARAMARK SERVICES: S&P Rates New Senior Unsecured Notes 'BB-' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue-level rating to Aramark Services Inc.'s proposed senior unsecured notes due 2025 and placed the rating on CreditWatch with negative implications. The '5' recovery rating reflects S&P's expectation for modest (10%-30%; rounded estimate: 10%) recovery in the event of a payment default. "We expect the net proceeds will be retained by the group to increase its already meaningful cash position. Our rating assumes the transaction closes on the terms presented to us," S&P said. "All of our ratings on the company, including our 'BB-' issuer credit rating, remain on CreditWatch with negative implications because of the substantial uncertainty the coronavirus pandemic poses to the economy, consumers' disposable incomes, and their willingness to utilize food service concessions. Although some of Aramark's business segments, including health care, corrections, and facility services, should perform relatively well through the remainder of calendar 2020, there is a high degree of uncertainty around more discretionary and high-social-interaction segments. These include education, sports, leisure, and certain business and industry categories. We believe it is increasingly likely a large portion of sports and leisure facilities will remain closed for at least a few more weeks and possibly months. Upon reopening, customer traffic may be meaningfully lower," S&P said. An important variable is whether most schools (which, at 23% of sales, represent Aramark's largest customer vertical) will resume normal operations by early fall 2020, including a typical amount of students using on-premise concessions or grab-and-go options. The potential for coronavirus outbreaks to develop after social distancing measures are relaxed is also a risk factor. Nevertheless, Aramark's already strong liquidity position will be further enhanced following the proposed note issuance. S&P continues to believe the company has a highly variable cost structure that should enable positive free cash flow generation absent a large, protracted drop in sales, which it believes is possible. ASBURY GRAIN: Expands Steve Spensley Scope of Service ----------------------------------------------------- Asbury Grain Service, LLC has filed a supplemental application with the U.S. Bankruptcy Court for the Western District of Wisconsin seeking approval to hire Steve Spensley, as real estate broker to the Debtor. Steve Spensley will assist the Debtor in the process of straightening and cleaning up the facility, putting the equipment in order and removing equipment, obstacles that interfere with the natural appearance of a going concern of a grain elevator. Steve Spensley's 3% commission covers all the expenses, and no additional expenses beyond the commission. About Asbury Grain Service Asbury Grain Service, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wisc. Case No. 20-10564) on Feb. 26, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Catherine J. Furay oversees the case. Pittman & Pittman Law Offices, LLC, is the Debtor's legal counsel. ASSOCIATED ASPHALT: Bank Debt Trades at 28% Discount ---------------------------------------------------- Participations in a syndicated loan under which Associated Asphalt Partners LLC is a borrower were trading in the secondary market around 73 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD350 million term loan is scheduled to mature on April 5, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. ASTER DM: Bank Debt Trades at 21% Discount ------------------------------------------- Participations in a syndicated loan under which Aster DM Healthcare FZC is a borrower were trading in the secondary market around 79 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $100 million facility is a term loan. It is scheduled to mature on May 19, 2027. The Company's country of domicile is the UAE. ASTER DM: Bank Debt Trades at 21% Discount ------------------------------------------- Participations in a syndicated loan under which Aster DM Healthcare FZC is a borrower were trading in the secondary market around 79 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $70 million facility is a term loan. It is scheduled to mature on May 19, 2027. The Company's country of domicile is the UAE. ASTER DM: Bank Debt Trades at 21% Discount ------------------------------------------- Participations in a syndicated loan under which Aster DM Healthcare FZC is a borrower were trading in the secondary market around 79 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $55 million facility is a term loan. It is scheduled to mature on May 19, 2027. The Company's country of domicile is the UAE. ASTERIAS CRUDE: Bank Debt Trades at 20% Discount ------------------------------------------------- Participations in a syndicated loan under which Asterias Crude Carrier SA is a borrower were trading in the secondary market around 80 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $70 million facility is a term loan. It is scheduled to mature on September 30, 2024. The Company's country of domicile is U.S. AUSTIN CONVENTION: S&P Lowers Subordinated Bond Rating to 'BB' -------------------------------------------------------------- S&P Global Ratings lowered its senior secured bond rating on Austin Convention Enterprises Inc. (ACE) to 'BBB-' from 'BBB+' and its subordinated bond rating to 'BB' from 'BBB-'. The ratings remain on CreditWatch negative due to the unprecedented reduction in travel and cancellation of convention center events resulting from the global pandemic. Austin Convention Enterprises Inc. (ACE) owns Hilton Austin, an 801-room, full-service hotel in downtown Austin, Texas, across from the Austin Convention Center. The hotel opened on Dec. 27, 2003, and operates in a 31-story tower (24 stories are occupied by the hotel), with about 98,800 sq. ft. of meeting space (including prefunction space). Below the hotel is a 750-space parking garage, 600 of which the hotel operates. S&P lowered the ratings on ACE's senior secured and subordinate bonds by two notches each and keeping them on CreditWatch with negative implications based on the reduction in travel and cancellation of conference center events resulting from the global pandemic. The CreditWatch placements for the ratings on ACE's senior secured and subordinated bonds reflect uncertainty over the duration of near $0 RevPAR in 2020, the size of negative cash flows from operating in such conditions, the shape of the recovery, and how much of reserves will be drawn to cover debt service. "We are revising our base-case forecast and expect to resolve the CreditWatch placements within 90 days. We could further lower the ratings by at least one notch if the pressure on the project's ability to fund debt service grows significantly under our revised base-case forecast. In this scenario, we would expect not only significantly lower minimum coverage levels, but material draws on the senior debt service reserve, which would no longer be consistent with the investment-grade rating on the senior debt," S&P said. AUTOKINITON US: Bank Debt Trades at 18% Discount ------------------------------------------------ Participations in a syndicated loan under which Autokiniton US Holdings Inc is a borrower were trading in the secondary market around 82 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD100 million term loan is scheduled to mature on March 30, 2024. As of April 24, 2020, USD99 million from the loan remains outstanding. The Company's country of domicile is U.S. AVEANNA HEALTHCARE: Bank Debt Trades at 19% Discount ---------------------------------------------------- Participations in a syndicated loan under which Aveanna Healthcare LLC is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD585 million term loan is scheduled to mature on March 16, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. AWAZE LTD: Bank Debt Trades at 29% Discount ------------------------------------------- Participations in a syndicated loan under which Awaze Ltd is a borrower were trading in the secondary market around 71 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The EUR116 million term loan is scheduled to mature on May 9, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. AWAZE LTD: Bank Debt Trades at 30% Discount ------------------------------------------- Participations in a syndicated loan under which Awaze Ltd is a borrower were trading in the secondary market around 71 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The EUR469 million term loan is scheduled to mature on May 9, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. AYTU BIOSCIENCE: Cerecor Reports 0% Equity Stake ------------------------------------------------ Cerecor Inc. disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of April 27, 2020 it does not own any shares of Aytu Bioscience, Inc.'s common stock and therefore has 0% holdings in the Issuer. On April 10, 2020 the Reporting Person converted 9,805,845 shares of the Issuer's convertible preferred stock into 9,805,845 shares of the Issuer's common stock, and became a 8.32% stockholder in the Issuer. A full-text copy of the regulatory filing is available for free at: https://is.gd/Yph9KN 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. BALTIMORE HOTEL: S&P Lowers Senior Secured Bond Rating to 'BB' -------------------------------------------------------------- S&P Global Ratings lowered the rating on Baltimore Hotel Corp.'s (BHC) senior secured revenue refunding bonds to 'BB' from 'BB+'. BHC owns Hilton Baltimore, which is located close to the Baltimore Convention Center (BCC) and has been operated by Hilton Worldwide since August 2008. It is a 757-room convention center hotel located in downtown Baltimore's Inner Harbor area, overlooking the Camden Yards baseball park and connected to BCC by a pedestrian bridge. The hotel has meeting rooms, a 37,000-sq.-ft. ballroom, and a 567-space, four-story parking garage with two subterranean levels. The hotel's net revenues and pledged city tax revenues secure the bonds. The city revenues include a $7 million annual guarantee funded through a second lien on the citywide hotel occupancy tax revenue. City revenues also include a pledge of site-specific hotel occupancy tax revenue, which will vary based on the project's occupancy levels, and the tax increment payment, which is equal to the hotel's property tax payment. "We are lowering the rating on BHC by one notch and keeping it on CreditWatch with negative implications based on the reduction in travel and cancellation of conference center events resulting from the global pandemic. We previously lowered the rating to 'BB+' from 'BBB-' on March 16," S&P said. The CreditWatch negative placement for the rating on BHC's senior secured bond reflects uncertainty over the duration of near $0 RevPAR in 2020, the size of negative cash flows from operating in such conditions, and the shape of the recovery. "We are revising our base-case forecast and expect to resolve the CreditWatch placement within 90 days. We could lower the rating further, most likely by one notch, if we expect the hotel to run at very low or no RevPAR for most of the rest of the year or have slower recovery than expected. In this scenario, we would expect significantly lower minimum coverage levels," S&P said. BCP RENAISSANCE: Bank Debt Trades at 29% Discount ------------------------------------------------- Participations in a syndicated loan under which BCP Renaissance Parent LLC is a borrower were trading in the secondary market around 71 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD1255 million term loan is scheduled to mature on November 1, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. BCP RENAISSANCE: Bank Debt Trades at 34% Discount -------------------------------------------------- Participations in a syndicated loan under which BCP Renaissance Parent LLC is a borrower were trading in the secondary market around 66 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $65 million facility is a term loan. It is scheduled to mature on November 1, 2024. The Company's country of domicile is U.S. BDF ACQUISITION: Bank Debt Trades at 19% Discount ------------------------------------------------- Participations in a syndicated loan under which BDF Acquisition Corp is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD257 million term loan is scheduled to mature on August 8, 2023. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. BEASLEY BROADCAST: S&P Downgrades ICR to 'CCC+'; Outlook Negative ----------------------------------------------------------------- S&P Global Ratings lowered the issuer credit rating on Beasley Broadcast Group Inc. to 'CCC+' from 'B'. S&P expects declines in advertising revenue will cause Beasley's leverage to spike in 2020 and remain elevated in 2021 and beyond. Beasley Broadcast Group Inc.'s S&P-adjusted leverage was about 5.8x as of Dec. 31, 2019, after acquiring radio station WDMK-FM and the Houston Outlaws e-sports team in 2019, which were partially funded with debt. S&P expects Beasley's leverage will spike above 10x in 2020 due to a material decline in advertising revenue, which the rating agency believes it cannot fully offset with cost cuts. S&P expects the company will reduce costs through actions similar to those announced by other radio companies, including pay cuts, furloughs, reductions in travel and entertainment expenses, and eliminating its dividend. "The negative outlook reflects our view that Beasley will need to obtain a waiver from its lenders to avoid breaching its covenants in 2020 as economic weakness from the COVID-19 outbreak reduces advertising revenue and elevates leverage. It also reflects our expectation that the company will face elevated refinancing risks over the next two to three years," S&P said. "We could lower the rating if it becomes apparent that Beasley will not be able to obtain a covenant waiver before its June 30, 2020 test, or if we believe a default scenario will likely occur in the next 12 months because of a potential payment default or distressed debt exchange," the rating agency said. While unlikely at this time, S&P could raise the rating if all of the below scenarios occurred: -- A covenant amendment were obtained such that S&P expected the company to maintain covenant headroom of at least 15% over the next year; -- S&P believes that Beasley will be able to reduce leverage back below 6x by the end of 2021 and that it will not face any risk refinancing its debt maturities in 2022 and 2023; and -- S&P believed that a distressed exchange were unlikely over the next year. BEASLEY MEZZANINE: Bank Debt Trades at 18% Discount ---------------------------------------------------- Participations in a syndicated loan under which Beasley Mezzanine Holdings LLC is a borrower were trading in the secondary market around 82 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $35 million facility is a delay-draw term loan. It is scheduled to mature on November 1, 2023. The Company's country of domicile is U.S. BELK INC: Bank Debt Trades at 58% Discount ------------------------------------------- Participations in a syndicated loan under which Belk Inc is a borrower were trading in the secondary market around 42 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD972 million term loan is scheduled to mature on July 31, 2025. As of April 24, 2020, USD964 million from the loan remains outstanding. The Company's country of domicile is U.S. BENDON INC: Bank Debt Trades at 29% Discount -------------------------------------------- Participations in a syndicated loan under which Bendon Inc is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD119 million term loan is scheduled to mature on April 1, 2021. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. BLACKBRUSH OIL: Bank Debt Trades at 28% Discount ------------------------------------------------ Participations in a syndicated loan under which BlackBrush Oil & Gas LP is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD200 million term loan is scheduled to mature on February 9, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. BLACKHAWK NETWORK: Bank Debt Trades at 19% Discount --------------------------------------------------- BLACKHAWK NETWORK: Bank Debt Trades at 19% Discount Participations in a syndicated loan under which Blackhawk Network Holdings Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD400 million term loan is scheduled to mature on June 15, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S BLOUNT INTERNATIONAL: S&P Downgrades ICR to 'B-'; Outlook Stable ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Blount International Inc. to 'B-' from 'B'. At the same time, S&P lowered its issue-level rating on its $75 million revolving credit facility and $627 million term loan B to 'B-' from 'B'. The '3' recovery rating remains unchanged. An economic recession and weakness in its end markets will likely pressure Blount's sales volume in 2020. In light of the coronavirus pandemic, S&P now expects the U.S. to enter a recession and believe U.S. real GDP will contract by 5.2% for 2020, including a 34.5% decline in the second quarter and a 12.1% contraction in equipment investment. Furthermore, S&P expects eurozone real GDP to decline by 7.3% and forecast a 2.4% contraction in global real GDP. Given this challenging backdrop, the rating agency expects the performance of Blount's forestry, lawn, and garden (FLAG) segment, which accounts for approximately 75% of its revenue, to decline by between 10% and 15% in 2020 due to a combination of lower original equipment manufacturer (OEM) and replacement sales. "We believe the company will partially offset the decline in its sales with healthy demand for its products used in the distribution of forest products, including timber, paper, and other wood-based goods. We view these goods as essential amid the coronavirus pandemic, including wood chips to produce fibers for masks, lumber for pallets to move food and medical supplies, and hardwood fuel pellets for energy production," S&P said. The stable outlook indicates S&P's expectation for positive FOCF and adequate liquidity despite the recessionary environment. S&P could lower its rating on Blount if: -- The company experiences a significant reduction in OEM sales throughout 2020, which significantly reduces its EBITDA such that its adjusted debt to EBITDA appears unsustainable; or -- The company's working capital or operating trends deteriorate materially leading to negative FOCF, reduced liquidity, and heightened risk of a potential covenant violation. S&P could raise its rating on Blount if: -- The conditions in its end markets rebound materially and S&P expects the company to maintain positive FOCF and sufficient liquidity; and -- S&P expects its adjusted debt to EBITDA to remain consistently below 6.5x in 2020 and 2021. BOARDRIDERS INC: Bank Debt Trades at 28% Discount ------------------------------------------------- Participations in a syndicated loan under which Boardriders Inc is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD450 million term loan is scheduled to mature on April 6, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. BRAZOS DELAWARE II: Bank Debt Trades at 47% Discount ---------------------------------------------------- Participations in a syndicated loan under which Brazos Delaware II LLC is a borrower were trading in the secondary market around 53 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD900 million term loan is scheduled to mature on May 29, 2025. As of April 24, 2020, USD893 million from the loan remains outstanding. The Company's country of domicile is U.S. BRIDGE STREET: To File Amended Request to Sell Holyoke Property --------------------------------------------------------------- Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the District of Massachusetts has ordered Bridge Street Equities, LLC to file an amended sale motion and proposed order in connection with the sale of former rental apartment building, 510 S. Bridge Street Holyoke, Massachusetts to Next Realty, Inc. for $350,000. About Bridge Street Equities Bridge Street Equities, LLC, is a limited liability company that owns a rental apartment building located at 510 S Bridge Street, Holyoke, Massachusetts. It also conducts related estate business. Bridge Street Equities filed a voluntary petition seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 19-30718) on September 9, 2019. Pursuant to 11 U.S.C. Sec. 1107, the Debtor is operating its businesses and managing its affairs and properties as a debtor-in-possession. The Debtor listed under $1 million in both assets and liabilities in its petition. The Debtor hired the Law Offices of Louis S. Robin, as counsel; Ligris & Associates, P.C., Sloane and Walsh, LLP, as special counsel. BRIGHT HORIZONS: S&P Downgrades ICR to 'B+'; Outlook Negative ------------------------------------------------------------- S&P Global Ratings lowered its ratings on U.S.-based child care center operator Bright Horizons Family Solutions LLC by one notch including the issuer credit rating to 'B+' from 'BB-'. "We expect the COVID-19 pandemic and a broader economic downturn to significantly hurt Bright Horizons Family Solutions LLC's operations through 2021. The numerous center closures across the firm's footprint will strain credit metrics, and we forecast revenue will fall more than 30% in 2020. In addition to the revenue shortfalls, Bright Horizons will have to cut costs while keeping the center fleet in ready condition for re-openings, which we expect to be gradual and incremental rather than uniform. Once reopened, many of the firm's retail-based centers will face utilization challenges, given the increasing number of households affected by surging unemployment, which we expect will remain at about 8.8% for 2020. Further complicating matters are the lasting impacts of social distancing and potential aversion to exposure of large groups even after people return to work," S&P said. The negative outlook reflects the heightened uncertainty regarding the continued impact of the COVID-19 pandemic and recession on Bright Horizon's profitability and credit metrics, including the large number of center closures. Although S&P expects a gradual reopening of centers beginning in the second quarter at the earliest, a resurgence of COVID-19 cases, additional governmental restrictions, or a reduced employer base could hinder the return to historical levels of center occupancy. "We could lower the rating on Bright Horizons if the extent of center closures and the impact of a recession on operating performance result in leverage remaining above 5x on a sustained basis. Further downside pressure is possible if the economic conditions result in lower demand for out-of-home child care and fewer employers offering child care as an employment benefit," S&P said. "We could revise the outlook to stable if performance stabilizes and centers begin to return to historical levels of profitability and occupancy, allowing Bright Horizons to grow its EBITDA in line with historical growth rates and reduce leverage to under 5x," S&P said. BROOKFIELD RETAIL: Bank Debt Trades at 28% Discount --------------------------------------------------- Participations in a syndicated loan under which Brookfield Retail Holdings VII Sub 3 LLC is a borrower were trading in the secondary market around 73 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD2000 million term loan is scheduled to mature on August 24, 2023. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. C AND N TRANSPORT: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of C and N Transport, LLC, according to court dockets. About C and N Transport C and N Transport LLC, a transportation services provider based in Cape Coral, Fla., sought bankruptcy protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-00427) on Jan. 21, 2020. In the petition signed by Cynthia Trayner, member, Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. Michael R. Dal Lago, Esq., at Dal Lago Law, serves as Debtor's legal counsel. CARECENTRIX INC: Bank Debt Trades at 29% Discount ------------------------------------------------- Participations in a syndicated loan under which CareCentrix Inc is a borrower were trading in the secondary market around 71 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD450 million term loan is scheduled to mature on April 3, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. CARLISLE FOODSERVICE: Bank Debt Trades at 19% Discount ------------------------------------------------------- Participations in a syndicated loan under which Carlisle FoodService Products Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $75 million facility is a delay-draw term loan. It is scheduled to mature on March 20, 2025. The Company's country of domicile is U.S. CARVANA CO: Shareholders Elect Two Directors -------------------------------------------- Carvana Co. held its 2020 Annual Meeting of Shareholders on April 21, 2020, at which the shareholders elected Michael Maroone and Neha Parikh as driectors for three-year terms expiring at the Company's 2023 Annual Meeting or until their respective successors are duly elected and qualified. The Company's shareholders also ratified the appointment of Grant Thornton LLP as the Company's independent auditor for the year ending Dec. 31, 2020. About Carvana Founded in 2012 and based in Tempe, Arizona, Carvana Co. -- http://www.carvana.com/-- is a holding company that was formed as a Delaware corporation on Nov. 29, 2016. Carvana is an e-commerce platform for buying and selling used cars. Carvana reported a net loss of $364.6 million in 2019, a net loss of $254.74 million in 2018, and a net loss of $164.32 million in 2017. As of Dec. 31, 2019, the Company had $2.05 billion in total assets, $1.86 billion in total liabilities, and $191.94 million in total stockholders' equity. * * * As reported by the TCR on May 24, 2019, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on Carvana Co. to reflect the company's improved liquidity after it raised $480 million by issuing about $230 million of common stock and a $250 million add-on to its existing senior unsecured notes due 2023. CHAMP ACQUISITION: Bank Debt Trades at 29% Discount --------------------------------------------------- Participations in a syndicated loan under which Champ Acquisition Corp is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD150 million term loan is scheduled to mature on December 21, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. CHASSIX INC: Bank Debt Trades at 28% Discount --------------------------------------------- Participations in a syndicated loan under which Chassix Inc is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD225 million term loan is scheduled to mature on November 15, 2023. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. COLOUROZ INVESTMENT: Bank Debt Trades at 19% Discount ----------------------------------------------------- Participations in a syndicated loan under which ColourOZ Investment 2 LLC is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD112 million term loan is scheduled to mature on September 7, 2021. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. COLOUROZ INVESTMENT: Bank Debt Trades at 19% Discount ----------------------------------------------------- Participations in a syndicated loan under which ColourOZ Investment 2 LLC is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD677 million term loan is scheduled to mature on September 7, 2021. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. COLUMBIA NUTRITIONAL: April 30 Hearing on Excess Equipment Sale --------------------------------------------------------------- Judge Brian D. Lynch of the U.S. Bankruptcy Court for the Western District of Washington will convene a hearing on April 30, 2020 to consider Columbia Nutritional, LLC's sale of excess machinery and equipment. The response deadline will be April 27, 2020. The counsel will give notice of thee hearing to parties in interest within 24 hours of the entry of the Order. 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. The petition was signed by Brea Viratos, chief operating officer. At the time of filing, 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. COLUMBIA PROPERTY: Bank Debt Trades at 19% Discount --------------------------------------------------- Participations in a syndicated loan under which Columbia Property Trust Operating Partnership LP is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD150 million term loan is scheduled to mature on July 29, 2022. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. COLUMBIA PROPERTY: Bank Debt Trades at 19% Discount --------------------------------------------------- Participations in a syndicated loan under which Columbia Property Trust Operating Partnership LP is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD300 million delay-draw term loan is scheduled to mature on January 31, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. COLUMBUS OFFICE: Bank Debt Trades at 19% Discount ------------------------------------------------- Participations in a syndicated loan under which Columbus Office LLC is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD1100 million termloan is scheduled to mature on May 9, 2022. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. COMMERCIAL BARGE: Bank Debt Trades at 68% Discount --------------------------------------------------- Participations in a syndicated loan under which Commercial Barge Line Co is a borrower were trading in the secondary market around 32 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD1,150 million term loan is scheduled to mature on November 12, 2020. As of April 24, 2020, USD934 million from the loan remains outstanding. The Company's country of domicile is U.S. CONFIE SEGUROS: Bank Debt Trades at 30% Discount ------------------------------------------------ Participations in a syndicated loan under which Confie Seguros Holding II Co is a borrower were trading in the secondary market around 70 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD220 million term loan is scheduled to mature on November 2, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. CONTEXTMEDIA HEALTH: Bank Debt Trades at 28% Discount ----------------------------------------------------- Participations in a syndicated loan under which Contextmedia Health LLC is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD325 million term loan is scheduled to mature on December 23, 2021. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. COPY CONTROL: Hires Jennis Law Firm as Counsel ---------------------------------------------- Copy Control Management, Inc., seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ Jennis Law Firm, as counsel to the Debtor. Copy Control requires Jennis Law Firm to: (a) take all necessary action to protect and preserve the estate of the Debtor, including the prosecution of actions on its behalf, the defense of any actions commenced against the Debtor, negotiations concerning any litigation in which the Debtor may be involved, and objections, when appropriate, to claims filed against the estate; (b) prepare, on behalf of the Debtor, any applications, answers, orders, reports, and papers in connection with the administration of the estate; (c) counsel the Debtor with regard to its rights and obligations as a debtor-in-possession; (d) prepare and file schedules of assets and liabilities; (e) prepare and file a chapter 11 plan and corresponding disclosure statement; and (f) perform all other necessary legal services in connection with the chapter 11 case. Jennis Law Firm will be paid at these hourly rates: Attorneys $275 to $495 Paralegals $120 to $160 The Debtor is filing an Emergency Motion to Obtain Postpetition Financing from an Insider, and, Grant Administrative Expense Status which is being filed contemporaneously with the Application to Employ Jennis Law Firm. Through the Emergency Motion, the Debtor is seeking a postpetition administrative expense loan of $31,717 to provide Jennis Law Firm with a bankruptcy retainer of $30,000 and to repay the filing fee of $1,717. Should the Jennis Law Firm be denied and the Debtor has no other means of providing the retainer, the Firm will immediately seek to withdraw the Application to Employ Jennis Law Firm and its representation of the Debtor. Jennis Law Firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Daniel E. Etlinger, a partner of Jennis Law Firm, 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. Jennis Law Firm can be reached at: Daniel E. Etlinger, Esq. David S. Jennis, Esq. JENNIS LAW FIRM Address: 606 East Madison Street Tampa, FL 33602 Fax: (813) 405-4046 Tel: (813) 229-2800 E-mail: detlinger@jennislaw.com ecf@jennislaw.com About Copy Control Management Copy Control Management, Inc. -- http://www.ccmgraphicsolutions.com -- was founded in 1986 as a document support services company. Over the past 20 years, the Company has provided comprehensive document and technology solutions pioneering advancements in facilities management and on demand print for legal professional and corporate clients. Copy Control Managment, Inc., based in Tampla, FL, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 20-03186) on April 21, 2020. In the petition signed by Robert Cayo, president, the Debtor disclosed $444,874 in assets and $2,181,047 in liabilities. Daniel E. Etlinger, Esq., at Jennis Law Firm, serves as bankruptcy counsel. CORNERSTONE ONDEMAND: S&P Assigns 'B' ICR on Saba Acquisition ------------------------------------------------------------- S&P Global Ratings assigned a 'B' issuer credit rating to learning and people development software-as-a-service (SaaS) provider Cornerstone OnDemand Inc. after the company agreed to acquire talent experience solutions provider Saba for approximately $1.295 billion. Cornerstone issued a new credit facility consisting of a $150 million revolving credit facility and $1.005 billion first-lien term loan. S&P assigned a 'B' issue rating to the revolving credit facility and first-lien term loan, with a '3' recovery rating. Cornerstone's S&P-adjusted starting leverage will be around 7x with its new credit facility for the Saba acquisition, but the rating agency expects modest revenue growth and executed cost savings plan will help decrease leverage to the low-6x area in 2020. "While we project revenue growth to be modest in 2020 because of the macroeconomic impact from COVID-19, almost 95% of Cornerstone and Saba's revenue is subscription. This should make the company more resilient against macroeconomic impact than other companies that rely more on perpetual license revenue. Cornerstone also has low customer concentration, with its top 10 customers generating less than 10% of its total revenue, which will mitigate its customers' ability to exert pricing pressure. We expect Cornerstone will achieve its publically announced cost savings plan in 2020, helping expand EBITDA and decrease leverage to the low-6x area in 2020," S&P said. The stable outlook reflects S&P's expectation that Cornerstone will be able to keep business operations stable through the macroeconomic impact of COVID-19 and acquisition of Saba to deleverage to the low-6x area in 2020. "We could downgrade Cornerstone if it cannot deleverage from the 7x area in 2020. This could occur because of the macroeconomic impact from COVID-19 affecting new sales such that revenue declines more than expected. This could occur if EBITDA is constrained on disruptions to the business from the Saba acquisition. This could also occur if debt-funded acquisitions result in leverage approaching 7x," S&P said. "We could upgrade Cornerstone if we believe it will to maintain leverage below 5x through the macroeconomic impact of COVID-19 and the acquisition of Saba. This could happen if it uses free cash flow generation to pay down additional debt and achieve its full cost savings plan," the rating agency said. COROTOMAN INC: Taps Whitfield, Hartley Law as Special Counsel ------------------------------------------------------------- Corotoman, Inc., received approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to hire Whitfield, Bryson & Mason, LLP and Hartley Law Group, PLLC as special counsel. Both firms will represent Debtor in connection with its claims stemming from a contract dispute with the Central West Virginia Regional Airport Authority (Adv. Proc. No. 19-ap-2013). They will be compensated under a contingent fee arrangement as follows: a. 25 percent of any recovery if the case is settled or resolved prior to having a hearing on a motion for judgment on the pleadings or a motion to dismiss; b. 33.33 percent of any recovery if the case is settled or resolved after discovery begins or there is a hearing on a motion for judgment on the pleadings or a motion to dismiss; or c. 40 percent of any recovery if the case is settled or resolved within 30 days of the trial setting of this matter, whichever is earlier. The contingent fee arrangement does not include any appeal that may be subsequently taken by any party. Both firms are "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firms can be reached through: Scott C. Harris, Esq. Whitfield, Bryson & Mason, LLP 900 W. Morgan Street Raleigh, NC 27603 Main Telephone: 919-600-5000 Direct Telephone: 919-600-5003 Fax: 919-600-5035 E-mail: scott@wbmllp.com -- and -- James C. Wright, Esq. Hartley Law Group, PLLC 2001 Main Street,Suite 600 Wheeling, WV 26003 Local (800) 625-2889 Toll-Free (888) 510-6547 About Corotoman Inc. Corotoman Inc. sought Chapter 11 protection (Bankr. S.D. W.Va. Case No. 19-20134) on March 29, 2019. In the petition signed by John H. Wellford, III, president, Debtor had estimated assets of less than $50,000 and liabilities of between $100,001 and $500,000. The Debtor is represented by the Law Office of John Leaberry, PLLC. CORSAIR GAMING: Bank Debt Trades at 28% Discount ------------------------------------------------ Participations in a syndicated loan under which Corsair Gaming Inc is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD50 million term loan is scheduled to mature on August 28, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. COX LAND & TIMBER: Hires GlassRatner as Forensic Accountant ----------------------------------------------------------- Jason H. Watson, the Examiner of Cox Land & Timber, Inc., and its debtor-affiliates, seek authority from the U.S. Bankruptcy Court for the Northern District of Georgia to employ GlassRatner Advisory & Capital Group LLP, as forensic accountant to the Examiner. The Examiner requires GlassRatner to: (a) analyze relevant records and financial information; (b) identify counterparties to the Debtors' timber sales agreement who may have a claim against the Debtors related to the allegations of fraud; and (c) quantify and summarize the potential amount of damages that could be claimed by each counterparty. GlassRatner will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul Dopp, partner of GlassRatner Advisory & Capital Group LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. GlassRatner can be reached at: Paul Dopp GLASSRATNER ADVISORY & CAPITAL GROUP LLP 3445 Peachtree Road, Suite 1225 Atlanta, GA 30326 Tel: (470) 346-6846 Fax: (470) 346-6804 E-mail: pdopp@glassratner.com About Cox Land & Timber Cox Land & Timber, Inc., is a timber company based in Pike County, Ga. It appraises timber to determine its value, harvests and buys timber, and offers cutting and thinning services. Cox Land & Timber filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 18-12425) on Nov. 21, 2018. In the petition signed by John B. Cox, president and chief executive officer, the Debtor was estimated to have between $1 million and $10 million in assets and less than $50,000 in liabilities. The case is jointly administered with Mr. Cox's Chapter 11 case (Bankr. N.D. Ga. Case No. 18-12424). The Hon. Homer W. Drake is the case judge. The Debtors tapped Stone & Baxter, LLP, as their bankruptcy counsel and C. Brian Jarrard, LLC, as their special counsel. Victor Hartman was appointed as examiner. Baker, Donelson, Bearman, Caldwell & Berkowitz, P.C. represents the examiner as legal counsel. CRIDER AVENUE: Real Estate Sale Proceeds Fund Liquidating Plan -------------------------------------------------------------- Crider Avenue Properties, LLC, filed a Plan of liquidation that will be funded from the balance of monies held from the closing on the sale of the real estate and from the collection of the three remaining outstanding claims held by the Bankruptcy Estate. The Debtor owned a commercial/industrial property constituting 9 acres with a 58,123 square foot production/warehouse building constructed on the property. The property has been leased to NW Sign Industries, Inc., a commercial sign business which was similarly owned and controlled by Ron Brodie, since 1991. Secured Claims are claims secured by liens on property of the estate. There are three classes of secured claims. Class 1 is the secured real estate tax lien claim of the Township of Moorestown, New Jersey. Class 2 is the mortgage lien claim of Noble Opportunity Fund II, L.P. Class 3 is the Subordinated Secured Claim of Super G Funding, LLC. Moorestown was paid in full prom the proceeds of the sale of real estate to Joseph Ceylan for $2,250,000. Noble agreed to accept $1,725,000 in full satisfaction of its first mortgage. Super G Funding accepted $199,762 to release its mortgage on the Debtor's property to allow the sale to be effectuated. The unsecured claimant, Super G. Funding, LLC, whose subordinated mortgage lien claim was not satisfied upon the sale of Debtor's real estate has a deficiency claim which will be treated as a general unsecured claim under this Plan of Liquidation. The allowed claims of unsecured creditors shall be treated as Class 4 Claims under this Plan of Liquidation. All allowed unsecured claims shall be paid on a pro-rata basis from available liquidated estate proceeds after the payment of 11 U.S.C. Section 503(b)(2) approved claims. Unsecured creditors’ claims are impaired under this Plan of Liquidation. A full-text copy of the Amended Disclosure Statement dated April 8, 2020, is available at https://tinyurl.com/w73ve34 from PacerMonitor.com at no charge. Attorneys for Crider Avenue Properties: Paul J. Winterhalter Offit Kurman, P.A. 1801 Market Street, Suite 2300 Philadelphia, PA 19103 Telephone: 267.338.1370 Facsimile: 267.338.1335 About Crider Avenue Properties Crider Avenue Properties, LLC, a Single Asset Real Estate Debtor, sought Chapter 11 protection (Bankr. D.N.J. Case No. 19-18343) on April 25, 2019. In the petition signed by Ronald Brodie, managing member, the Debtor was estimated to have assets of less than $50,000, and $1 million to $10 million in debt. The case is assigned to Judge Andrew B. Altenburg Jr. The Debtor tapped Paul J. Winterhalter, Esq., at Offit Kurman, P.A., as counsel. CROSSROADS CHARTER ACADEMY: S&P Alters Outlook to Negative ---------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed its 'BB-' rating on Crossroads Charter Academy, Mich.'s (the academy) series 2012 public school academy revenue bonds and series 2007 revenue bonds. At the end of fiscal 2019, Crossroads had approximately $6,405,000 outstanding on its series 2012 and 2007 bonds. The negative outlook reflects S&P's view that there is at least a one-in-three chance that it could lower the rating, given expected deficit spending resulting from significantly weaker enrollment numbers than budgeted, which will result in S&P Global Ratings-calculated lease-adjusted maximum annual debt service of less than 1x, though MADS coverage below 1x does not constitute a breach of covenant. Shortly after a state of emergency was declared in response to the COVID-19 pandemic, Michigan Governor Gretchen Whitmer initially closed kindergarten to grade 12 (K-12) school buildings from March 16 through April 5, then on April 2 subsequently moved to close all school buildings for in-person instruction through the end of the 2019-2020 school year. Crossroads has accordingly implemented measures to provide academic instruction through distance learning. "It is difficult to quantify the impact of COVID-19 on the school's operations for fiscal 2020, and a similar amount of uncertainty is present concerning state funding expectations for fiscal 2021," said S&P Global Ratings credit analyst Beatriz Peguero. "We believe if funding were to decrease, it would put meaningful pressure on the school's already slim liquidity position and reduce covenant headroom. We continue to monitor developments for credit implications and will take action as appropriate." S&P could lower the rating over the one-year outlook period if operating margins continue to be negative or if cash levels worsen to levels that are no longer commensurate with the 'BB-' rating, or the school violates any of its financial covenants. S&P could also lower the rating if enrollment does not stabilize or if academic performance weakens such that it threatens charter renewal. S&P could revise the outlook back to stable if management is able to sustain operations at least at a break-even level, while improving upon its cash position and implementing a credible plan to stabilize enrollment. CVENT INC: Bank Debt Trades at 19% Discount ------------------------------------------- Participations in a syndicated loan under which Cvent Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD700 million term loan is scheduled to mature on November 30, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. CYTODYN INC: Board Appoints Michael Mulholland as Interim CFO ------------------------------------------------------------- The Board of Directors of CytoDyn Inc. appointed Michael D. Mulholland, SVP-finance and executive advisor to chief executive officer Nader Z. Pourhassan, Ph.D., as interim chief financial officer, effective April 23, 2020. Mr. Mulholland replaces former CFO, Craig S. Eastwood, who left the Company on April 23, 2020. There were no disagreements between the Company and Mr. Eastwood on any matter relating to the Company's operations, policies or practices which lead to his departure. Mr. Eastwood's departure from the Company is considered a termination without cause under the terms of his employment agreement effective Nov. 13, 2019. Pursuant to his employment agreement, Mr. Eastwood is entitled to receive a severance payment equal to 12 months of his base salary (less applicable withholdings and authorized deductions) and vesting of all stock options and other awards he has under the Company's 2012 Equity Incentive, as amended, to the extent not already vested and (if applicable) exercisable, on his termination date. Mr. Mulholland joined the Company in December 2012 and served as chief financial officer, treasurer and corporate secretary until November 2019, when he assumed the position of SVP-finance and executive advisor to the CEO. Upon his appointment to interim chief financial officer, Mr. Mulholland's annual base salary was increased to $375,000. 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. As of Feb. 29, 2020, the Company had $38.82 million in total assets, $43.20 million in total liabilities, and a total stockholders' deficit of $4.38 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. CYTODYN INC: Stockholders File Complaint Alleging Unjust Enrichment ------------------------------------------------------------------- Certain stockholders of CytoDyn Inc., including two former directors and a company controlled by a former director (Anthony D. Caracciolo of the Caracciolo Family Trust, Gregory A. Gould, and Alpha Venture Capital Partners L.P., controlled by Carl C. Dockery, respectively), filed a derivative stockholder complaint in the Court of Chancery of the State of Delaware on April 24, 2020, alleging claims for breach of fiduciary duty and unjust enrichment against the Company's CEO, current and former CFO, CMO, and current and former members of the Company's board of directors in connection with certain equity grant awards to these individuals in December 2019 and January 2020. The Company disclosed these awards in its Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission on Dec. 27, 2019 and Feb. 3, 2020. The Company was named as a nominal defendant. The plaintiffs seek the rescission of the awards, a finding that the named directors breached their fiduciary duty to the Company, and an unnamed amount of damages. About CytoDyn Inc. Headquartered in Vancouver, Washington, CytoDyn Inc. -- http://www.cytodyn.com/-- is a late-stage biotechnology company developing innovative treatments for multiple therapeutic indications based on leronlimab, a novel humanized monoclonal antibody targeting the CCR5 receptor. CCR5 appears to play a critical role in the ability of HIV to enter and infect healthy T-cells. The CCR5 receptor also appears to be implicated in tumor metastasis and immune-mediated illnesses, such as GvHD and NASH. CytoDyn has successfully completed a Phase 3 pivotal trial with leronlimab in combination with standard antiretroviral therapies in HIV-infected treatment-experienced patients. As of Feb. 29, 2020, the Company had $38.82 million in total assets, $43.20 million in total liabilities, and a total stockholders' deficit of $4.38 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. DASH GROUP: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina on April 24, 2020, disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Dash Group Properties, Inc. About Dash Group Properties Dash Group Properties, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 20-01217) on March 18, 2020. At the time of the filing, Debtor was estimated to have assets of between $500,001 and $1 million and liabilities of the same range. Judge Stephani W. Humrickhouse oversees the case. Paul D. Bradford, PLLC, is Debtor's legal counsel. DATABASEUSA.COM LLC: Court Approves Disclosure Statement -------------------------------------------------------- DatabaseUSA.com LLC, a Nevada limited liability company, filed its motion for an order approving the disclosure statement explaining its Plan of Reorganization, which came on for hearing on Feb. 25, 2020. Judge Bruce T. Beesley has ordered that the Motion is granted in its entirety. The Disclosure Statement as it may have been or may be further modified to reflect changes made or ordered on the record of the Hearing is approved. All ballots must be properly executed, completed, and the original will be delivered to Debtor's counsel so as to be actually received by no later than 5:00 p.m. (Pacific Time) on August 10, 2020. The hearing to consider confirmation of the Plan will be held on Aug. 26 to 28, 2020, at 10:00 a.m. (Pacific Time) Objections to confirmation of the Plan must be filed with the Court no later than August 12, 2020. All replies to any objections to confirmation must be filed with the Court by no later than August 19, 2020. The ballot summary must be filed on or before Aug. 19, 2020. Attorneys for DatabaseUSA.com LLC: TALITHA GRAY KOZLOWSKI, ESQ. TERESA M. PILATOWICZ, ESQ. GARMAN TURNER GORDON LLP 7251 Amigo Street, Suite 210 Las Vegas, Nevada 89119 Tel: (725) 777-3000 Fax: (725) 777-3112 E-mail: tgray@gtg.legal E-mail: tpilatowicz@gtg.legal - and - HEATHER (VOEGELE) ANSON DVORAK LAW GROUP, LLC 9500 W. Dodge Rd., Suite 100 Omaha, Nebraska 68114 Telephone 402-933-9597 E-mail: hvoegele@ddlawgroup.com About DatabaseUSA.com LLC DatabaseUSA.com LLC -- https://databaseusa.com/ -- provides full-service database and email marketing solutions. It offers customers a database of 15 million businesses. DatabaseUSA.com sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 19-10001) on Jan. 1, 2019. At the time of the filing, the Debtor was estimated to have assets of $10 million to $50 million and liabilities of $10 million to $50 million as of the bankruptcy filing. The case is assigned to Judge Bruce T. Beesley. The Debtor tapped Dvorak Law Group, LLC, as its bankruptcy counsel. DAYCO PRODUCTS: Bank Debt Trades at 28% Discount ------------------------------------------------ Participations in a syndicated loan under which Dayco Products LLC is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD470 million term loan is scheduled to mature on May 19, 2023. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. DEAN FOODS: Quin Emanuel Represents Noteholder Group ---------------------------------------------------- In the Chapter 11 cases of Southern Foods Groups, LLC, et al., the law firm of Quinn Emanuel Urquhart & Sullivan, LLP submitted a verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose that it is representing Ascribe III Investments LLC, Behrens Investment Group Management LLC, Ensign Peak Advisors, Inc., Kingsferry Capital, LLC and Knighthead Capital Management, LLC. The Noteholder Group consists of certain institutions that hold and/or manage funds, entities and/or accounts holding 6.500% Senior Notes due 2023. In April, Knighthead Capital Management, LLC initially retained Quinn Emanuel Urquhart & Sullivan, LLP; subsequently, the other members of the Noteholder Group also retained Quinn Emanuel to represent the Noteholder Group in connection with the Noteholder Group's Response To Debtors' Motion For Entry Of An Order Extending The Exclusive Periods Within Which To File A Chapter 11 Plan And Solicit Acceptances Thereof And Request Pursuant To Section 105(d) Of Bankruptcy Code, and any matters related thereto. As of April 21, 2020, members of the Noteholder Group and their disclosable economic interests are: Ascribe III Investments LLC 299 Park Avenue, 34th Fl New York, NY 10171 * Senior Notes: $80,338,000 Behrens Investment Group Management LLC 712 5th Ave. New York, NY 10019 * Senior Notes: $9,490,000 Ensign Peak Advisors, Inc. 60 East South Temple Suite 400 Salt Lake City, UT 84111 * Senior Notes: $37,691,000 Kingsferry Capital, LLC 291 S. La Cienega Blvd Ste. 200 Beverly Hills, CA 90211 * Senior Notes: $86,699,000 Knighthead Capital Management, LLC 1140 Avenue of the Americas, 12th Floor New York, NY 10036 * Senior Notes: $98,206,000 Quinn Emanuel does not hold any claims against or interests in the Debtors. Quinn Emanuel represents only the Noteholder Group and does not represent or purport to represent any entities other than the Noteholder Group in connection with these Chapter 11 Cases. Neither the Noteholder Group nor any member thereof (a) assumed any fiduciary or other duties to any other entities in connection with the Chapter 11 Cases or (b) purports to act, represent, or speak on behalf of any other entities in connection with these Chapter 11 Cases. Nothing in this Verified Statement is intended to or should be construed to constitute (a) a waiver or release of any claims filed to be filed against or interests in the Debtors, or (b) an admission with respect to any fact or legal theory. Nothing in this Verified Statement is intended or should be construed as a limitation upon the Noteholder Group's or any noteholder's rights to assert, file and/or amend their claims in accordance with the applicable law and any Orders entered in these Chapter 11 Cases. Additional holders of the Senior Notes may become members of the Noteholder Group, and certain members of the Noteholder Group may cease to be members in the future. Counsel to the Noteholder Group can be reached at: Patricia B. Tomasco, Esq. Devin van der Hahn, Esq. QUINN EMANUEL URQUHART & SULLIVAN, LLP 711 Louisiana Street, Suite 500 Houston, TX 77002 Telephone: 713-221-7000 Facsimile: 713-221-7100 - and - Susheel Kirpalani, Esq. Eric Kay, Esq. Jordan Harap, Esq. QUINN EMANUEL URQUHART & SULLIVAN, LLP 51 Madison Avenue, 22nd Floor New York, NY 10010 Telephone: (212) 849-7000 Facsimile: (212) 849-7100 A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/OkwShA About Southern Foods Group 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. Dean Foods was estimated to have assets and liabilities of $1 billion to $10 billion as of the bankruptcy filing. Judge David Jones oversees the cases. 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. DENTAL CORP: Bank Debt Trades at 23% Discount ---------------------------------------------- Participations in a syndicated loan under which Dental Corp of Canada Inc is a borrower were trading in the secondary market around 77 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $50 million facility is a delay-draw term loan. It is scheduled to mature on June 6, 2026. The Company's country of domicile is Canada. DEXKO GLOBAL: Bank Debt Trades at 19% Discount ---------------------------------------------- Participations in a syndicated loan under which Dexko Global Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The EUR249 million term loan is scheduled to mature on July 24, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. DIAMOND BC: Bank Debt Trades at 20% Discount -------------------------------------------- Participations in a syndicated loan under which Diamond BC BV is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The EUR970 million term loan is scheduled to mature on September 6, 2024. As of April 24, 2020, EUR941 million from the loan remains outstanding. The Company's country of domicile is U.S. DIXON PAVING: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Bankruptcy Administrator for the Eastern District of North Carolina on April 24, 2020, disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Dixon Paving, Inc. About Dixon Paving Based in Raleigh, North Carolina, Dixon Paving, Inc., is a commercial paving and milling company. Dixon Paving filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.C. Case No. 20-00656) on Feb. 14, 2020. At the time of the filing, Debtor was estimated to have $1 million to $10 million in liabilities. Judge David M. Warren oversees the case. Debtor's counsel is Trawick H. Stubbs, Jr., Esq., at Stubb & Perdue, P.A. DO@KING PLOW ARTS: $313K Sale of Atlanta Property Approved ---------------------------------------------------------- Judge Jeffery W. Cavender of the U.S. Bankruptcy Court for the Northern District of Georgia authorized DO@King Plow Arts Center, LLC to sell the real property located at and near 517 Jones Avenue, Atlanta, Georgia to The Atlanta Development Authority, doing business as Invest Atlanta and Atlanta Beltline, Inc., for $313,202. The Purchase Agreement, including any amendments, supplements, and modifications thereto, and all of the terms and conditions therein, is approved. The sale is free and clear of all interests of any kind or nature whatsoever, except as otherwise expressly provided for in the Purchase Agreement and the Order, with all such interests of any kind or nature whatsoever attaching to the net sale proceeds. Upon closing of the Sale, all net sale proceeds will be payable to the first priority secured lien holder, CenterState Bank, N.A., formerly known as National Bank of Commerce, after payment of closing items and all property taxes and a $3,500 attorney fee carve-out. The Carve-Out will be held in escrow by the Debtor's counsel pending Court approval of fees and expenses of the Debtor's counsel and the Debtor's special real estate counsel, and then applied pro rata to any award of attorney fees to Debtor’s counsel and the Debtor's special real estate counsel. Notwithstanding any rule to the contrary, the provisions of the Order will be immediately effective and enforceable upon its entry, and the Debtor and the Beltline Authority are authorized to close the Sale immediately upon entry of the Order. About DO@King Plow Arts Center DO@King Plow Arts Center LLC is a commercial, performing and visual arts center in Atlanta. DO@King Plow Arts Center sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-60066) on Jan. 2, 2020. In the petition signed by Nacasha Leca Ruffin, authorized representative, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Judge Jeffery W. Cavender oversees the case. William A. Rountree, Esq. at Rountree Leitman & Klein, LLC, is the Debtor's legal counsel. DOLPHIN ENTERTAINMENT: Receives $2.1M PPP Loan from BankUnited -------------------------------------------------------------- Dolphin Entertainment, Inc., and certain of its subsidiaries recently executed notes and received loans from BankUnited, N.A., under the Paycheck Protection Program which was established under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and is administered by the U.S. Small Business Administration. As of April 23, 2020, the amounts of the PPP loans for the Company, Shore Fire Media, Ltd, 42 West LLC, Viewpoint Computer Animation Incorporated and The Door Marketing Group LLC, are $54,900, $322,200, $725,200, $321,000 and $672,700, respectively. A total of five PPP Loans were made to the Company and its subsidiaries. The proceeds from each PPP Loan will be used in accordance with the terms of the CARES Act program, as described further below. The aggregate amount received under the PPP Loans by the Company and its subsidiaries is approximately $2.1 million. The PPP Loans mature between April 19, 2022 and April 23, 2022 and bear interest at a rate of 1.0% per annum. Commencing Nov. 19, 2020 through Nov. 23, 2020, the Company and its subsidiaries are required to pay the Lender all accrued interest that has not been forgiven. Additionally, beginning on the First Payment Dates and each month thereafter, the Company and its subsidiaries shall make equal monthly payments of principal and accrued interest as necessary to fully amortize the principal amount outstanding by the maturity date. The PPP Loans may be prepaid by the Company at any time prior to maturity with no prepayment penalties. The PPP Loans are unsecured, and all or a portion of the PPP Loans may be forgiven upon application to the Lender for certain expenditure amounts made, including payroll costs, during the 8-week period beginning on the date of first disbursement, in accordance with the requirements under the PPP. About Dolphin Entertainment Headquartered in Coral Gables, Florida, Dolphin Entertainment, Inc. -- http://www.dolphinentertainment.com/-- is an independent entertainment marketing and premium content development company. Through its subsidiaries, 42West LLC, The Door Marketing Group LLC and Shore Fire Media, Ltd, the Company provides expert strategic marketing and publicity services to many of the top brands, both individual and corporate, in the entertainment, hospitality and music industries. Dolphin Entertainment reported a net loss of $1.19 million for the year ended Dec. 31, 2019, compared to a net loss of $2.91 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $42.57 million in total assets, $32.88 million in total liabilities, and $9.69 million in total stockholders' equity. BDO USA, LLP, in Miami, Florida, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 30, 2020 citing that the Company has suffered recurring losses from operations from prior years, has an accumulated deficit, and a working capital deficit that raise substantial doubt about its ability to continue as a going concern. DRILLING INFO: Bank Debt Trades at 21% Discount ------------------------------------------------ Participations in a syndicated loan under which Drilling Info Holdings Inc is a borrower were trading in the secondary market around 79 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $100 million facility is a delay-draw term loan. It is scheduled to mature on July 30, 2025. The Company's country of domicile is U.S. DRIVE CHASSIS: Bank Debt Trades at 29% Discount ----------------------------------------------- Participations in a syndicated loan under which Drive Chassis Holdco LLC is a borrower were trading in the secondary market around 71 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD825 million term loan is scheduled to mature on April 10, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. ELECTRONICS FOR: Bank Debt Trades at 28% Discount ------------------------------------------------- Participations in a syndicated loan under which Electronics For Imaging Inc is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD225 million term loan is scheduled to mature on July 23, 2027. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. ENALASYS CORP: Bankruptcy Court to Hear Suit vs Former President ---------------------------------------------------------------- In the case captioned ENALASYS CORPORATION, Plaintiff, v. JAMES ERIC TAYLOR, et al., Defendants, Case No. 19cv1153-LAB (JLB) (S.D. Cal.), Chief District Judge Larry Alan Burns denied Defendants' motion for abstention or remand and granted the Plaintiff's motion to transfer the case to the United States Bankruptcy Court for the Central District of California. Plaintiff Enalasys Corporation removed the case from California state court, citing 28 U.S.C. sections 1334 and 1452. According to the operative complaint, Enalasys' shareholders fired and replaced the board of directors around Dec. 6, 2018. The new board in turn fired all the corporation's officers, including its president, Eric Taylor. Enalasys alleges that after Taylor found out he had been removed, he unauthorizedly withdrew over $200 from the corporate bank account, refused to cooperate with the transfer of power, and withheld over $6 million worth of corporate assets. Enalasys brought action in Imperial County Superior Court, obtaining a temporary restraining order and preliminary injunction. On May 17, it filed its third amended complaint. Enalasys says it is in possession of less than $50,000 worth of the $6 million in assets. The $6 million is based on an earlier representation by Taylor, so it is unclear whether the allegedly missing assets are still worth that much. Nevertheless, according to the complaint and injunction, Enalasys is seeking both money and important company assets from Taylor, including real property, software, technology, access to accounts, and records, many of which are identified as necessary to keep running the company. On May 23, 2019, Defendants filed a demurrer. That same day, Enalaysis filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the Central District of California, Santa Ana division, case number 19bk11987-MW. Enalasys sought to have the action transferred to the Central District. Defendants have moved to remand or abstain. Defendants do not dispute that this case is related to the Chapter 11 bankruptcy proceeding, and the Court therefore has original jurisdiction over it under 28 U.S.C. Sec. 1334(b). Instead, they argue the Court is required to abstain under Sec. 1334(c)(2). Alternatively, they argue the Court should exercise its discretion to abstain under Sec. 1334(c)(1). Defendants Taylor and Greennet IOT, LLC argue that Santa Ana is an inconvenient venue and that El Centro, which they allege to be Enalasys' address, is convenient for Enalasys. Enalasys disputes the address, insisting its address is Newport Beach. According to the Court, it must abstain under section 1334(c)(2) if five conditions are met: (1) the motion is timely; (b) the claim is based on state law; (c) the claim is not based on bankruptcy law and did not arise in a bankruptcy case; (d) the claim could not have been filed in federal court absent bankruptcy jurisdiction; and (e) the claim must be capable of being timely adjudicated in state court. The absence of even one element means abstention is not mandatory. Although describing it as "mandatory" might suggest it is not jurisdictional, and can be waived. Three of the five requirements for mandatory abstention are arguably met, the Court says. The condition in (c) does not appear to be met. But most notably, Defendants have not met their burden of showing that the case can be timely adjudicated in state court. Defendants have not disputed that the state case is subject to the automatic stay, and have not adequately responded to Enalasys' argument that the claims could not be timely adjudicated if remanded. Rather, in a separate section they argue that the case "can be at issue and set for trial within 6 month[s] after the stay is lifted and a trial set within 1 year after that if [ ] normal procedures are followed." In a separate section of their reply brief, Defendants offered to stipulate to the stay's being lifted, but only "if Debtor also agrees the case can proceed as suggested by moving parties." Apparently Defendants have a bargain in mind which the brief does not disclose. They do not show why the proffered stipulation would be effective at persuading either the bankruptcy court to grant relief from the automatic stay or the state court to lift the stay as to all claims. And it appears likely creditors would object, particularly if the conditions Defendants wish to impose include permitting the counterclaim against Enalasys to go forward. Enalasys also argues that abstention under section 1334(c)(2) does not apply because the removed claims are core proceedings, over which the Court has original jurisdiction. The Court agrees the claims are predominantly core claims under 11 U.S.C. section 157(b)(2)(E) and (O), because the action attempts to compel Taylor to turn over nearly $6 million in Enalasys' (and thus the estate's) assets it alleges he is wrongfully withholding. Because all five elements are not established, mandatory abstention does not apply here. Following removal, the party removing the case may file a motion to change venue, which may be granted either for the convenience of the parties or in the interest of justice. In addition to this presumption, factors the Court may consider in determining whether the interest of justice warrants transfer include the economics of estate administration, judicial economy, whether the parties would receive a fair trial, whether the judgment would be enforceable, whether either forum has an interest in having the controversy resolved within its borders, and the plaintiff's original choice of forum. The Court also considers the convenience of the parties. Administration of the estate, and judicial economy are important factors, and both weigh in favor of transfer. Enalasys' claims seek the turnover of assets that are both important for its own continued operation and would become part of the estate. The state court apparently is not prepared to adjudicate the case until bankruptcy proceedings end. And waiting until the bankruptcy proceeding ends to adjudicate those claims makes little sense. To the extent the claims are core claims, federal policy favors transferring them to the court where the bankruptcy is pending. Having considered and weighed these factors, the Court concludes that transfer would serve the interest of justice. A copy of the Court's Order dated March 12, 2020 is available at https://bit.ly/2V19DBc from Leagle.com. Enalasys Corporation, a Delaware Corporation, Plaintiff, represented by Michael Anthony Jones , M Jones & Associates, PC & Tyler Joseph Buck , Byron & Edwards APC. James Eric Taylor, an individual & Greennet IOT, LLC, a Wyoming limited liability company, Defendants, represented by Lowell F. Sutherland , Sutherland and Gerber. ECS Alliance, LLC, a Wyoming limited liability company, Defendant, represented by John W. Breeze , Plourd and Breeze. Greennet Registry, LLC, a Wyoming limited liability company & John P. Carrieri, an individual, Defendants, represented by Douglas A. Pettit -- dpettit@pettitkohn.com -- Pettit Kohn Ingrassia & Lutz PC & Sabrina Danielle Johnson -- sjohnson@pettitkohn.com -- Pettit Kohn Ingrassia Lutz & Dolin. About Enalasys Corporation Enalasys Corporation develops, markets and sells heating and air conditioning-related products and services especially those related to environmental matters. Enalasys Corporation filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-11987) on May 23, 2019, listing under $1 million in both assets and liabilities. The Debtor is represented by Michael Jones, Esq., at M Jones & Associates, PC. EPIC CRUDE: Bank Debt Trades at 38% Discount -------------------------------------------- Participations in a syndicated loan under which EPIC Crude Services LP is a borrower were trading in the secondary market around 63 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD1,000 million term loan is scheduled to mature on March 1, 2026. As of April 24, 2020, USD990 million from the loan remains outstanding. The Company's country of domicile is U.S. FAIR ISAAC: S&P Alters Outlook to Negative, Affirms 'BB+' ICR ------------------------------------------------------------- S&P Global Ratings revised its rating outlook on Fair Isaac Corp. (FICO) to negative from stable. At the same time, S&P affirmed all its ratings, including the 'BB+' issuer credit rating on the company and the 'BB+' issue-level rating on its senior unsecured notes. Weaker credit creation and consumer spending amid the economic backdrop would lead to declining demand for FICO's service offering in the upcoming quarter. Given the weak economic environment, high levels of unemployment (S&P Global's economists estimate unemployment could reach 19% in May) and weak consumer confidence (with consumer spending plunging 33.5%), S&P anticipates weak retail credit creation over the next year. This would affect demand for FICO's solutions, which support credit cards, personal finances, mortgages, and auto loan originations. In addition, a decline in bookings from new software and professional services revenue and lower volume in the high-margin Scores segment will likely pressure EBITDA margins and result in leverage in the high 2x area over the next 12 months. Furthermore, ongoing investments in the software business and ongoing share repurchases would also pressure credit measures. However, S&P expects FICO will preserve cash by curtailing share repurchases and operating costs to support liquidity as needed. The negative outlook reflects the risk of weak consumer demand affecting credit creation stemming from the current recessionary environment and the possibility of a prolonged period of business disruption resulting from the COVID-19 pandemic. S&P could lower its rating within the next 12 months if it expected FICO would sustain adjusted leverage above 3x beyond fiscal 2020 (year ending Sept. 30) with a longer-than-expected recession or a weaker economic recovery. S&P could also lower the rating if there were major share buybacks or software investments leading to pressures on cash flows to service debt. "We could revise the outlook to stable if we became increasingly convinced FICO would preserve its credit measures and liquidity through the current global recession while sustaining leverage comfortably in the 2x area," S&P said. FAIRWAY GROUP: $1.5M Sale of Assets to Amazon Retail Approved ------------------------------------------------------------- Judge James L. Garrity, Jr. of the U.S. Bankruptcy Court for the Southern District of New York authorized Fairway Group Holdings Corp. and debtor affiliates to the following assets to Amazon Retail LLC, or its permitted assigns for $1.5 million: (i) Store No. 1005 - Paramus Store (Lease Only) located at #4 Fashion Center Mall Route 17 North 30 Ridgewood Avenue, Paramus, New Jersey; and (ii) 1010 - Woodland Park Store (Lease Only) located at 1510 Route 46 West Woodland Park, New Jersey. The Sale Hearing was held on April 14, 2020. The payment of the Purchase Price will be deposited by wire transfer into an account designated by the Debtors to be applied to the obligations under the DIP Facility (as such term is defined in the orders approving the DIP Facility in accordance with the terms of the DIP Orders and subject to the rights of parties in interest thereunder). The Purchase Agreements and all transactions contemplated therein (including, but not limited to, all Related Agreements contemplated thereby), and all of the terms and conditions thereof, are approved. The sale is free and clear of Interests or Claims, with all such Interests or Claims to attach to the cash proceeds of the Sale Transactions. Pursuant to sections 105(a), 363, and 365 of the Bankruptcy Code, and subject to and conditioned upon the occurrence of the Closing Date, the Sellers' assumption and assignment to the Buyer, and the Buyer's assumption on the terms set forth in the Purchase Agreements of the Transferred Contracts is approved in its entirety. All Cure Costs have been or will be determined in accordance with the Bidding Procedures Order and either (a) will be paid in cash by the Debtors in accordance with the terms of the Purchase Agreements within 10 business days after the Closing Date in the amounts set forth on Exhibit C with respect to Cure Costs that have been reconciled among the parties; or (b) have been segregated and reserved by the Debtors in accordance with the Bidding Procedures Order and the Order. Notwithstanding the provisions of Bankruptcy Rules 6004(h), 6006(d), 7062, or any applicable provisions of the Local Rules, the Sale Order will not be stayed after the entry thereof, but will be effective and enforceable immediately upon entry, and the 14-day stay provided in Bankruptcy Rules 6004(h) and 6006(d) is expressly waived and will not apply. The Debtors and the Buyer may close the Sale Transactions as soon as practicable. Any party objecting to the Sale Order must exercise due diligence in filing an appeal and pursuing a stay within the time prescribed by law and prior to the Closing Date, or risk its appeal being foreclosed as moot. About Fairway Group Fairway Group -- https://www.fairwaymarket.com/ -- is a food retailer operating 14 supermarkets across the New York, New Jersey and Connecticut tri-state area, including two with freestanding wine and liquor stores (the Stamford and Pelham locations) and two with in-store wine and liquor stores (the Woodland Park and Paramus locations). The company's flagship store is located at Broadway and West 74th Street, on the Upper West Side of Manhattan, featuring a cafe, Sur la Route, and state of the art cooking school. Fairway's stores emphasize an extensive selection of fresh, natural, and organic products, prepared foods, and hard-to-find specialty and gourmet offerings, along with a full assortment of conventional groceries. Fairway Group Holdings Corp. and 25 affiliated companies sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-10161) on Jan. 23, 2020. In the petitions signed by CEO Abel Porter, the Debtors were estimated to have $100 million to $500 million in assets and liabilities. Judge James L. Garrity, Jr., is assigned to the cases. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel; Peter J. Solomon and Mackinac Partners, LLC as financial advisor; and Omni Agent Solutions as claims, noticing and solicitation agent. FAIRWAY GROUP: $5M Sale of Assets to Seven Seas Approved -------------------------------------------------------- Judge James L. Garrity, Jr. of the U.S. Bankruptcy Court for the Southern District of New York authorized Fairway Group Holdings Corp. and debtor affiliates to the following assets to Seven Seas Georgetowne, LLC or its permitted assigns for $5 million: Store No. 1017 - Georgetowne Store, located at 2149 Ralph Avenue, Brooklyn, New York. The Sale Hearing was held on April 14, 2020. The payment of the Purchase Price will be deposited by wire transfer into an account designated by the Debtors to be applied to the obligations under the DIP Facility (as such term is defined in the orders approving the DIP Facility in accordance with the terms of the DIP Orders and subject to the rights of parties in interest thereunder). The Purchase Agreements and all transactions contemplated therein (including, but not limited to, all Related Agreements contemplated thereby), and all of the terms and conditions thereof, are approved. The sale is free and clear of Interests or Claims, with all such Interests or Claims to attach to the cash proceeds of the Sale Transactions. Pursuant to sections 105(a), 363, and 365 of the Bankruptcy Code, and subject to and conditioned upon the occurrence of the Closing Date, the Sellers' assumption and assignment to the Buyer, and the Buyer's assumption on the terms set forth in the Purchase Agreements of the Transferred Contracts is approved in its entirety. All Cure Costs have been or will be determined in accordance with the Bidding Procedures Order and either (a) will be paid in cash by the Debtors in accordance with the terms of the Purchase Agreements within 10 business days after the Closing Date in the amounts set forth on Exhibit C with respect to Cure Costs that have been reconciled among the parties; or (b) have been segregated and reserved by the Debtors in accordance with the Bidding Procedures Order and the Order. Notwithstanding the provisions of Bankruptcy Rules 6004(h), 6006(d), 7062, or any applicable provisions of the Local Rules, the Sale Order will not be stayed after the entry thereof, but will be effective and enforceable immediately upon entry, and the 14-day stay provided in Bankruptcy Rules 6004(h) and 6006(d) is expressly waived and will not apply. The Debtors and the Buyer may close the Sale Transactions as soon as practicable. Any party objecting to the Sale Order must exercise due diligence in filing an appeal and pursuing a stay within the time prescribed by law and prior to the Closing Date, or risk its appeal being foreclosed as moot. About Fairway Group Fairway Group -- https://www.fairwaymarket.com/ -- is a food retailer operating 14 supermarkets across the New York, New Jersey and Connecticut tri-state area, including two with freestanding wine and liquor stores (the Stamford and Pelham locations) and two with in-store wine and liquor stores (the Woodland Park and Paramus locations). The company's flagship store is located at Broadway and West 74th Street, on the Upper West Side of Manhattan, featuring a cafe, Sur la Route, and state of the art cooking school. Fairway's stores emphasize an extensive selection of fresh, natural, and organic products, prepared foods, and hard-to-find specialty and gourmet offerings, along with a full assortment of conventional groceries. Fairway Group Holdings Corp. and 25 affiliated companies sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-10161) on Jan. 23, 2020. In the petitions signed by CEO Abel Porter, the Debtors were estimated to have $100 million to $500 million in assets and liabilities. Judge James L. Garrity, Jr., is assigned to the cases. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel; Peter J. Solomon and Mackinac Partners, LLC as financial advisor; and Omni Agent Solutions as claims, noticing and solicitation agent. FAIRWAY GROUP: $76M Sale of Assets to Village Super Approved ------------------------------------------------------------ Judge James L. Garrity, Jr. of the U.S. Bankruptcy Court for the Southern District of New York authorized Fairway Group Holdings Corp. and debtor affiliates to the following assets to Village Super Market, Inc. or its permitted assigns for $76 million: (a) Store No. 1001 - Upper West Side Store located (i) at 2121-2127 Broadway, New York, New York and (ii) at 2131 Broadway, New York, New York; (b) Store No. 1002 - Harlem Parking Lot located (i) at Approx. btw. West 131st and 133rd Streets, 12th Avenue, New York, New York and (ii) 2288-2312 12th Avenue, New York, New York; (c) Store No. 1006 – Pelham Store located at 847 Pelham Parkway, Pelham Manor, New York; (d) Store No. 1008 – Upper East Side Store located at 230-240 E. 86th Street, New York, New York; (e) Store No. 1012 - Kips Bay Store located at 542-580 Second Avenue, New York, New York; and (f) Store No. 1013 – Chelsea Store located at 55 W 25th Street, also known as 766 Avenue of the Americas, New York, New York; and (g) Store No. 9913 – Production and Distribution Center located at 400 Walnut Avenue, Bronx, New York. The Sale Hearing was held on April 14, 2020. The payment of the Purchase Price will be deposited by wire transfer into an account designated by the Debtors to be applied to the obligations under the DIP Facility (as such term is defined in the orders approving the DIP Facility in accordance with the terms of the DIP Orders and subject to the rights of parties in interest thereunder). The Purchase Agreements and all transactions contemplated therein (including, but not limited to, all Related Agreements contemplated thereby), and all of the terms and conditions thereof, are approved. The sale is free and clear of all Claims, with all such Claims to attach to the cash proceeds of the Sale Transactions. Pursuant to sections 105(a), 363, and 365 of the Bankruptcy Code, and subject to and conditioned upon the occurrence of the Closing Date, the Sellers' assumption and assignment to the Buyer, and the Buyer's assumption on the terms set forth in the Purchase Agreements of the Transferred Contracts is approved in its entirety. All Cure Costs have been or will be determined in accordance with the Bidding Procedures Order and either (a) will be paid in cash by the Debtors in accordance with the terms of the Purchase Agreements within 10 business days after the Closing Date in the amounts set forth on Exhibit C with respect to Cure Costs that have been reconciled among the parties; or (b) have been segregated and reserved by the Debtors in accordance with the Bidding Procedures Order and the Order. Notwithstanding the provisions of Bankruptcy Rules 6004(h), 6006(d), 7062, or any applicable provisions of the Local Rules, the Sale Order will not be stayed after the entry thereof, but will be effective and enforceable immediately upon entry, and the 14-day stay provided in Bankruptcy Rules 6004(h) and 6006(d) is expressly waived and will not apply. The Debtors and the Buyer may close the Sale Transactions as soon as practicable. Any party objecting to the Sale Order must exercise due diligence in filing an appeal and pursuing a stay within the time prescribed by law and prior to the Closing Date, or risk its appeal being foreclosed as moot. About Fairway Group Fairway Group -- https://www.fairwaymarket.com/ -- is a food retailer operating 14 supermarkets across the New York, New Jersey and Connecticut tri-state area, including two with freestanding wine and liquor stores (the Stamford and Pelham locations) and two with in-store wine and liquor stores (the Woodland Park and Paramus locations). The company's flagship store is located at Broadway and West 74th Street, on the Upper West Side of Manhattan, featuring a cafe, Sur la Route, and state of the art cooking school. Fairway's stores emphasize an extensive selection of fresh, natural, and organic products, prepared foods, and hard-to-find specialty and gourmet offerings, along with a full assortment of conventional groceries. Fairway Group Holdings Corp. and 25 affiliated companies sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-10161) on Jan. 23, 2020. In the petitions signed by CEO Abel Porter, the Debtors were estimated to have $100 million to $500 million in assets and liabilities. Judge James L. Garrity, Jr., is assigned to the cases. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel; Peter J. Solomon and Mackinac Partners, LLC as financial advisor; and Omni Agent Solutions as claims, noticing and solicitation agent. FCPR ACQUISITION: Trustee's $660K Sale of Assets Approved --------------------------------------------------------- Judge Caryl E. Delano of the U.S. Bankruptcy Court for the Middle District of Florida authorized Alex Moglia, the chapter 11 Trustee for FCPR Acquisition, LLC, Cedar Plastics, LLC, and Cedar Trucking, LLC, to sell substantially all of the Debtors' assets free and clear of all liens, claims and interests as follows: (i) all of Plastics' assets to Winchester Carpets. Inc. for $325,000; (ii) FCPR's trucks to DC Foam Recycle, Inc. for $30,000; and (iii) all of Trucking's assets to for $305,000. Each purchaser will allocate their purchase price and each purchase price will be subject to CenterState's approval. If a purchaser fails to allocate the purchase price or CenterState does not agree to the allocated purchase prices, then the sale of the assets will be deemed to be rejected by the Court. The purchaser's allocation and CenterState's approval may be done on an asset-by-asset basis. The Sales will be to the extent of any interest the estate may have in the property described in the Offers on an "As-Is, Where-Is" basis but free and clear of all claims, liens, interest and encumbrances with any liens to attach to the Sale Proceeds. The purchase price to be paid under the Offers less (a) an amount equal to 17.5% of the Sale Proceeds to pay inter alia the allowed administrative expenses and reimbursement of the Trustee, the Jennis Law Firm, the counsel to the Committee of Unsecured Creditors and unsecured creditor, and (b) the fees payable to the United States Treasury. Any amount that CenterState, NMCT and Dahl Brothers agree may be held in escrow on account of the U-Puller will be paid by the Trustee to CenterState Bank. Any U-Puller Proceeds will be returned pending further Order of the Court. Any competing claims to the Sale Proceeds asserted by any party claiming a liens security interest, or other interest from assets or proceeds, must be filed with the Court on April 30, 2020 with supporting documentation for the basis of perfection of such interest. Any claims to the Sale Proceeds will be considered at a preliminary hearing on the issues on May 11, 2020 at 2:30 p.m. Effective, March 16, 2020 and continuing until further notice, Judges in all Divisions will conduct all preliminary and non-evidentiary hearings by telephone. For Judge Delano parties should arrange a telephone appearance through Court Call (866-582-6878). Each Friday beginning on April 24, 2020, the Trustee will file weekly reports of his activity related to the Sale Order. The Court further finds that based on the circumstances of these cases, it is appropriate to establish an expedited procedure for approved additional sales of property to the extent identified and located by the Trustee or his agents. All Additional Sales may be heard at the April 20, 2020 2:00 p.m. or May 11, 2020 2:30 p.m. hearings, or, specially set. About FCPR Acquisition FCPR Acquisition, LLC, provides carpet recycling services. The company is doing business as Florida Carpet & Pad Recycling. FCPR sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-08611) on Sept. 11, 2019. Its affiliates, Cedar Plastics, LLC (Bankr. M.D. Fla. Case No.19-09429) and Cedar Trucking, LLC (Bankr. M.D. Fla. Case No.19-09430) filed Chapter 11 petitions on Oct. 3, 2019. The cases are jointly administered under Case No. 19-08611. At the time of the filing, FCPR and Cedar Plastics were estimated to have assets of less than $50,000 and debts of less than $10 million. Cedar Trucking had estimated assets of less than $50,000 and liabilities of less than $1 million. The cases have been assigned to Judge Caryl E. Delano. The Debtors are represented by Daniel E. Etlinger, Esq., at Jennis Law Firm. The U.S. Trustee for Region 21 on Nov. 15, 2019, appointed three creditors to serve on the official committee of unsecured creditors. The Committee retained Buss Ross, P.A., as counsel. FEMUR BUYER: S&P Cuts ICR to 'CCC+; Ratings on Watch Negative ------------------------------------------------------------- S&P Global Ratings lowered its rating on Femur Buyer Inc. to 'CCC+' from 'B-' and lowered its rating on its first-lien debt to 'CCC+' from 'B-'. S&P's '3' recovery rating on the first-lien remains unchanged. The rating agency is also placing all the ratings on CreditWatch with a negative implications. It intends to resolve the CreditWatch placement once it has more clarity on the COVID-19 impact on Femur's business prospects and once the risk of a covenant breach is addressed. COVID-19 related disruption will significantly lower sales, EBITDA, and cash flow generation, resulting in a leverage increase to above 10x in 2020. "We believe that Orchid's top line and profitability will be impacted by COVID-19 because of its material orthopedic products exposure. In mid-March, the Centers for Medicare and Medicaid Services (CMS) has recommended that non-elective procedures be delayed to limit the spread of the virus and to conserve personal protection equipment. In addition, the majority of states have instructed people to stay at home. We expect these measures to impact the company's operation in two ways. On the supply side, it will create labor disruption with higher-than-normal absenteeism. On the demand front, we project the company will see a reduction in orders, as we expect a large percentage of orthopedic related procedures to be delayed over the next quarter or two. The likely EBITDA decline will cause Orchid's leverage to further increase above 10x from an already-high 9.4x as of the end of third quarter in 2019. Although we believe the demand for the company's products will likely resume to a more normalized level once the impact of COVID-19 subsides, we believe Femur's leverage will remain above 9x in 2021 as it addresses the FDA warning letter on its manufacturing facility and the inefficiencies these remediation efforts may create," S&P said. The CreditWatch placement reflects the heightened risk of further deterioration in operating performance beyond S&P's base case and the risk of a near-term liquidity crisis stemming from a tightening covenant cushion. S&P intends to resolve the CreditWatch placement once it has more clarity on the COVID-19 impact on the Femur's business prospects and once the risk of a covenant breach is addressed. FERRELLGAS PARTNERS: GP Enters Change in Control Bonus Agreement ---------------------------------------------------------------- Ferrellgas, Inc. (the "General Partner") entered into a Change in Control Retention Bonus Letter Agreement with each of William E. Ruisinger, chief financial officer and treasurer, Bryan J. Wright, senior vice president and chief operating officer and Tamria A. Zertuche, senior vice president and chief information officer. Pursuant to the terms of each CIC Bonus Agreement, commencing on April 24, 2020 and continuing through the date of consummation of a "change in control" that occurs on or prior to April 30, 2021, the General Partner will pay a change in control retention bonus in an amount equal to 1.5 times each Named Executive Officer's current base compensation rate, less applicable withholdings and deductions required by law. Eligibility to receive the Change in Control Retention Bonus requires that the Change in Control occurs during the Retention Period and that the Named Executive Officer is employed on a continuous basis through the date of consummation of a Change in Control that occurs during the Retention Period. For purposes of the CIC Bonus Agreement, "change in control" means, in summary, the occurrence of (i) acquisition by any person or group of persons (excluding the General Partner or its subsidiaries or any related employee benefit plan) of 33% or more of the combined voting power of the General Partner's outstanding securities, (ii) the consummation of a merger or consolidation of the General Partner or any direct or indirect subsidiary of the General Partner with any other corporation or other entity (subject to certain exceptions, including a merger or consolidation involving a related party), (iii) approval of a plan of liquidation or winding up of the General Partner or agreement for sale or disposition of all of the General Partner’s assets (excluding sales to related parties), (iv) a change in the majority of the board of directors of the General Partner, (v) Ferrell Companies, Inc. ceases to beneficially own 51% of the economic interests in the capital stock of the General Partner, (vi) the General Partner ceases to manage and control Ferrellgas Partners, L.P. and Ferrellgas, L.P., (vii) the Partnership ceases to control 100% of the Operating Partnership, and (viii) a change in control or similar event pursuant to the terms of any indebtedness of the General Partner, the Partnership or the Operating Partnership. Amendments to Articles of Incorporation On and effective as of April 24, 2020, the Partnership, as the sole limited partner of the Operating Partnership, and its General Partner, in its capacity as the general partner of the Operating Partnership, entered into a Fourth Amended and Restated Agreement of Limited Partnership of Ferrellgas, L.P., amending and restating in its entirety the Operating Partnership's Third Amended and Restated Agreement of Limited Partnership dated as of April 7, 2004, as thereafter amended. The primary changes to the Current Partnership Agreement effected by the Fourth Partnership Agreement include: (i) authorizing the Operating Partnership to admit two additional general partners, each of which is a separate Delaware limited liability company controlled by Ferrell Companies, Inc.; (ii) providing for the manner in which multiple general partners manage the Operating Partnership, including by majority vote of the general partners; (iii) conforming changes to reflect the addition of multiple general partners; and (iv) establishing authority for the issuance of "blank check" Operating Partnership securities, which may be authorized by the Operating Partnership's general partners for any partnership purpose, which securities may be issued from time to time in one or more classes, or one or more series, with such designations, preference and relative, participating, optional or other special rights, powers and duties as the general partners may determine. About Ferrellgas Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico. Ferrellgas reported net loss of $64.54 million for the year ended July 31, 2019, a net loss of $256.82 million for the year ended July 31, 2018, and a net loss of $54.50 million for the year ended July 31, 2017. As of Jan. 31, 2020, the Company had $1.47 billion in total assets, $754.88 million in total current liabilities, $1.73 billion in long-term debt, $84.55 million in operating lease liabilities, $45.26 million in other liabilities, and a total partners' deficit of $1.14 billion. * * * As reported by the TCR on Oct. 22, 2019, S&P Global Ratings lowered its issuer credit rating on Ferrellgas Partners L.P. to 'CCC-' from 'CCC'. The downgrade was based on S&P's assessment that Ferrellgas' capital structure is unsustainable given the upcoming maturity of its $357 million notes due June 2020. As reported by the TCR on March 18, 2020, Moody's Investors Service downgraded Ferrellgas Partners L.P.'s Corporate Family Rating to Caa3 from Caa2. "Ferrellgas's downgrade is driven by the company's continued high financial leverage and the very high likelihood that the partnership will complete a full debt recapitalization in the near-term," said Arvinder Saluja, Moody's vice president. FLEETPRIDE INC: S&P Affirms 'B-' ICR; Outlook Revised to Negative ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on Irving, Texas-based distributor of aftermarket truck and trailer parts FleetPride Inc. and revised the outlook to negative. At the same time, S&P is affirming its 'B-' issue-level and on the company's $620 million first-lien term loan; recovery rating remains '4'. In addition, the rating agency is affirming its 'CCC' issue-level on the company's $225 million second-lien term loan; the recovery remains '6'. "We expect weakened credit metrics over the near term driven by weak demand from customers in the oil and gas end markets. We expect sales to decline somewhat this year, in part due to lower demand from Fleetpride customers who serve energy markets following the recent fall in oil prices. However, we assume Fleetpride's revenue declines will be limited because demand for repair parts is largely nondiscretionary, particularly as fleet operator customers defer purchases of new trucks and repair spending on existing trucks increases. In our view EBITDA margin reduction this year will be somewhat offset by the company's variable cost structure and the benefits of cost-cutting initiatives," S&P said. The negative outlook reflects S&P's expectation for weakened credit metrics in the near term driven by weak demand from customers in the oil and gas end markets and elevated debt balances from the recent draw down on its revolving credit facility. "We could lower the ratings within the next 12 months if weaker-than-expected operating performance results in sustained negative free cash flow or strained liquidity. This could occur if Fleetpride faces greater-than-expected declines in demand or working capital uses to fund ongoing business needs. Alternatively, we could lower the ratings if we come to believe that Fleetpride depends on favorable business, financial, and economic conditions to meet its financial commitments, or if we view the company's financial commitments as unsustainable in the long term, even though it may not face a credit or payment crisis within the next 12 months," S&P said. "We could revise the outlook to stable if the company experiences better-than-expected revenue and EBITDA growth, such that FOCF remains positive and adjusted debt to EBITDA declines well below 7x in a stabilized operating environment, and we expect this performance to be sustainable," the rating agency said. FLEXENTIAL INTERMEDIATE: Bank Debt Trades at 29% Discount --------------------------------------------------------- Participations in a syndicated loan under which Flexential Intermediate Corp is a borrower were trading in the secondary market around 71 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD1200 million term loan is scheduled to mature on August 1, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. FLYNN RESTAURANT: Bank Debt Trades at 28% Discount -------------------------------------------------- Participations in a syndicated loan under which Flynn Restaurant Group LP is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD135 million term loan is scheduled to mature on June 29, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. FRANK INVESTMENTS: May 7 Hearing on North Palm Beach Property Sale ------------------------------------------------------------------ Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern District of Florida continued the hearing on the proposed sale by Frank Investments, Inc. of the real property located at 11380 Prosperity Farms Road, Unit 101, North Palm Beach, Florida to Natalia Tsar for $475,000, currently scheduled for April 23, 2020 is continued to May 7, 2020 at 10:30 a.m. About Frank Investments Frank Investments Inc., Frank Theatres Management LLC and Frank Entertainment Companies, LLC are affiliates of Rio Mall, LLC, which sought bankruptcy protection (Bankr. S.D. Fla. Case No. 18-17840) on June 28, 2018. Rio Mall, LLC, owns and operates commercial real property that comprises the shopping center known as Rio Mall located at 3801 Route 9 South, Rio Grande, N.J. Frank Investments and its debtor-affiliates sought Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 18-20019) on Aug. 17, 2018. At the time of the filing, Frank Investments and Frank Entertainment had estimated assets of between $10 million and $50 million and liabilities of the same range. Frank Theaters had estimated assets of between $10 million and $50 million and liabilities of between $50 million and $100 million. Bradley S. Shraiberg, Esq., at Shraiberg Landau & Page, P.A., is the Debtors' bankruptcy counsel. No official committee of unsecured creditors has been appointed. FTS INTERNATIONAL: Bank Debt Trades at 34% Discount ---------------------------------------------------- Participations in a syndicated loan under which FTS International Inc is a borrower were trading in the secondary market around 66 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD550 million term loan is scheduled to mature on April 16, 2021. As of April 24, 2020, USD90 million from the loan remains outstanding. The Company's country of domicile is U.S. GEORGIA DIRECT: Hires Mattingly Burke as Special Counsel -------------------------------------------------------- Georgia Direct Carpet, Inc., and its debtor-affiliates, seek authority from the U.S. Bankruptcy Court for the Sothern District of Indiana to employ Mattingly Burke Cohen & Biederman LLP, as special counsel to the Debtors. Georgia Direct requires Mattingly Burke to pursue any and all chapter 5 avoidance actions that the Debtors have against any entity. Mattingly Burke will be paid on contingency basis, as follows: a. For the first $170,000 recovered from the Avoidance Actions, West End Bank and Mattingly Burke shall each receive 50% of any amount recovered until a total of $85,000 has been collected to be utilized for payment to the Debtors' professionals, subject to the filing of fee applications by Debtors' professionals. The $85,000 is to be utilized for payment of all fees and expenses incurred in the bankruptcy case by the Debtors' professionals, including any fees and expenses yet to be incurred. With the exception of the contingency fee described below, the Debtors' professionals will not be entitled to receive more than a combined total of $85,000 for payment of fees and expenses incurred in this bankruptcy case. b. Once a total of $170,000 has been recovered from the Avoidance Actions, Mattingly Burke will then be entitled to a contingency fee for additional recoveries from avoidance actions received thereafter as follows: i. 15% of the recovery of any Avoidance Action resolved prior to filing a complaint; ii. 25% of the recovery of any Avoidance Action resolved after a complaint is filed but before one month prior to trial; and iii. 33% of the recovery of any Avoidance Action that is resolved within one month or after going through trial. Mattingly Burke will also be reimbursed for reasonable out-of-pocket expenses incurred. Sarah L. Fowler, partner of Mattingly Burke Cohen & Biederman LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Mattingly Burke can be reached at: Sarah L. Fowler, Esq. Weston E. Overturf, Esq. MATTINGLY BURKE COHEN & BIEDERMAN LLP 155 E. Market Street, Ste 400 Indianapolis, IN 46204 Tel: (317) 614-7320 E-mail: Sarah.Fowler@mbcblaw.com Wes.Overturf@mbcblaw.com About Georgia Direct Carpet Georgia Direct Carpet, Inc., also known as Georgia Carpet Direct, owns and operates a carpet and flooring store in Richmond, Ind. It offers carpets, hardwoods, laminate flooring and ceramic tile floor products. Georgia Direct Carpet and its affiliates sought Chapter 11 protection (Bankr. S.D. Ind. Lead Case No. 19-06316) on Aug. 26, 2019. In the petition signed by Anthony Bledsoe, president, Georgia Direct Carpet estimated assets and liabilities at $1 million to $10 million. The Hon. Robyn L. Moberly is the case judge. The Debtors tapped Mattingly Burke Cohen & Biederman LLP as their legal counsel; Mattingly Burke Cohen & Biederman LLP, as special counsel; and Barron Business Consulting, Inc. as their financial advisor. The Office of the U.S. Trustee appointed creditors to serve on the official committee of unsecured creditors on Oct. 9, 2019. The committee is represented by Mercho Caughey. GFL ENVIRONMENTAL: S&P Rates New Sr. Secured Notes Due 2025 'BB-' ----------------------------------------------------------------- S&P Global Ratings said it assigned its 'BB-' issue-level rating and '2' recovery rating to GFL Environmental Inc.'s proposed senior secured notes due 2025. GFL plans to raise US$ 400 million in this private offering, but S&P believes the amount could be upsized if market conditions are favorable. The '2' recovery rating on the notes indicates S&P's expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of default. "We assume GFL will use the proceeds primarily to fund acquisitions at multiples that should maintain pro forma credit measures about in line with what we had previously assumed. This debt issuance is consistent with our view that GFL will continue to expand its operating breadth through primarily debt-funded acquisitions. We now forecast adjusted debt-to-EBITDA on a pro forma basis to be 6.0x-6.5x and adjusted EBITDA interest coverage of about 3x over the next couple of years. These forecast credit measures are commensurate with our issuer credit rating (ICR) on GFL and incorporate a modest adverse impact on earnings this year from COVID-19 disruptions, particularly on the company's commercial and industrial segments, which comprise about one-third of revenue," S&P said. "Our 'B+' ICR and stable outlook on GFL reflect the company's position as the fourth-largest waste management company in North America with pro forma annual revenue of about C$4 billion (split about equally between Canada and the U.S.). In our view, the environmental services industry has low risk characteristics stemming from the essential nature of its solid waste services that are less exposed to cyclical downturns than many other industries. GFL also benefits from high revenue visibility due to multiyear service contracts and high renewal rates across a diversified customer base, which should contribute to low-single-digit annual organic revenue growth with stable earnings and operating cash flow generation," S&P said. These positive characteristics are partially offset by S&P's view that GFL is exposed to cyclical demand in certain segments such as infrastructure and soil remediation (about 16% of 2019 revenue), and liquid waste (about 10% of 2019 revenue). S&P also believes there remains some integration risk in the near term from the significant number of acquisitions the company completed over the past couple of years, which have more than tripled GFL's size (based on revenue). "We could lower our ratings on the company within the next 12 months if adjusted debt-to-EBITDA increases above 6.5x on a pro forma basis, with poor prospects of deleveraging within the subsequent 12 months, or we expect EBITDA interest coverage to be below 2.0x. In our view, this could result from a higher level of acquisitions than we currently forecast, poor execution of integrating acquisitions, volume and pricing pressure from tough market conditions, or operating inefficiencies that contribute to weaker-than-expected earnings and cash flow," S&P said. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- The '2' recovery rating on GFL's senior secured debt indicates S&P's expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of default. -- The '6' recovery rating on the company's senior unsecured debt indicates S&P's expectation for negligible (0%-10%; rounded estimate: 0%) recovery in default. -- S&P's simulated default scenario contemplates a default in 2024, stemming from a loss of customer contracts, heightened competition, and margin erosion caused by an unexpected increase in costs related to acquisition integration issues. -- In this scenario, GFL is unable to service its financial obligations, prompting the need for its restructuring as a going concern. -- S&P's recovery analysis assumes a reorganization value for the company of about C$3.6 billion, reflecting emergence EBITDA of about C$604 million and a 6x multiple. -- S&P assumes there is no debt outstanding at GFL's subsidiaries, resulting in all the value of the company's U.S. operations flowing up to GFL creditors. -- S&P assumes that the company's C$628 million revolving credit facility is 85% drawn at the time of default. Simulated default assumptions -- Simulated year of default: 2024 -- Revolver to be 85% drawn at default -- LIBOR at 2.5% in S&P's assumed default year -- Emergence EBITDA: C$604 million -- Multiple: 6x -- Gross recovery value: C$3.62 billion Simplified waterfall -- Net enterprise value (after 5% administrative costs): C$3.44 billion -- Total value available to secured first-lien debt claims: C$3.44 billion -- Secured first-lien debt claims: C$4.45 billion -- Recovery expectations: 70%-90% (rounded estimate: 75%) -- Total value available to unsecured claims: 0 -- Senior unsecured debt and pari passu claims: C$2.22 billion -- Recovery expectations: 0%-10% (rounded estimate: 0%) All debt amounts include six months of prepetition interest. GI REVELATION: Bank Debt Trades at 29% Discount ----------------------------------------------- Participations in a syndicated loan under which GI Revelation Acquisition LLC is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD140 million term loan is scheduled to mature on April 17, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. GIP III STETSON: Bank Debt Trades at 58% Discount -------------------------------------------------- Participations in a syndicated loan under which GIP III Stetson I LP is a borrower were trading in the secondary market around 42 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD1,000 million term loan is scheduled to mature on July 18, 2025. As of April 24, 2020, USD985 million from the loan remains outstanding. The Company's country of domicile is U.S. GNC HOLDINGS: Receives Notice of Noncompliance from NYSE -------------------------------------------------------- GNC Holdings, Inc., has received notice from the New York Stock Exchange that the Company does not presently meet certain NYSE continued listing standards which require the Company to maintain a minimum average closing price of $1.00 per share over a period of 30 consecutive trading days, and an average market capitalization of at least $50 million over a period of 30 consecutive trading days, unless at the same time the Company's total stockholders' equity is equal to or greater than $50 million. As set forth in the notice, as of April 21, 2020, the 30 trading-day average closing share price of the security was $0.56, the 30 trading-day average market capitalization was approximately $47.3 million and its last reported stockholders' equity as of Dec. 31, 2019 was approximately $(207.3) million. The notice has no immediate impact on the listing of the Company's common stock, which will continue to trade on the NYSE subject to the Company's compliance with the other continued listing requirements. In accordance with applicable NYSE procedures, the Company plans to timely notify the NYSE that it intends to pursue actions to meet the minimum average share price requirement. The NYSE provides for a period of six months following receipt of the notice to meet the share price standard and regain compliance for continued listing on the NYSE. In accordance with applicable NYSE procedures, the Company also plans to timely notify the NYSE that it intends to present a plan to meet the minimum market capitalization requirement. The NYSE provides for a period of 45 days from receipt of the notice to submit a plan advising the NYSE of definitive actions the Company has taken, or is taking, that would bring it into conformity with the market capitalization listing standard within 18 months of receipt of the notice. The Company is currently evaluating its available options and developing a plan to return to conformity with the minimum market capitalization requirement. About GNC Holdings GNC Holdings, Inc., headquartered in Pittsburgh, PA, is a global health and wellness brand with a diversified, multi-channel business. The Company's assortment of performance and nutritional supplements, vitamins, herbs and greens, health and beauty, food and drink and other general merchandise features innovative private-label products as well as nationally recognized third-party brands, many of which are exclusive to GNC. The Company serves consumers worldwide through company-owned retail locations, domestic and international franchise activities, and e-commerce. As of Dec. 31, 2019, GNC had approximately 7,500 locations, of which approximately 5,400 retail locations are in the United States (including approximately 1,800 Rite Aid licensed store-within-a-store locations) and the remainder are locations in approximately 50 countries. GNC Holdings reported a net loss of $35.11 million for the year ended Dec. 31, 2019, compared to net income of $69.78 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $1.65 billion in total assets, $1.64 billion in total liabilities, $211.39 million in series A convertible preferred stock, and a total stockholders' deficit of $207.3 million. PricewaterhouseCoopers LLP, in Pittsburgh, Pennsylvania, the Company's auditor since 2003, issued a "going concern" qualification in its report dated March 25, 2020 citing that the Company has significant debt (specifically the Convertible Notes and the Tranche B-2 Term Loan) maturing at the latest in March 2021. The Company has insufficient cash flows from operations to repay these debt obligations as they come due, which raises substantial doubt about its ability to continue as a going concern. GRANITE US: Bank Debt Trades at 19% Discount -------------------------------------------- Participations in a syndicated loan under which Granite US Holdings Corp is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD900 million term loan is scheduled to mature on September 30, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. GRAY LAND: June 4 Plan Confirmation Hearing Set ----------------------------------------------- A hearing to consider confirmation of Gray Land & Livestock, LLC's Plan is set for June 4, 2020, at 1:30 p.m., at 904 West Riverside Avenue Suite 304, Spokane, WA 99201. The ballots must be returned to the appropriate plan proponent on or before May 1, 2020 by 5 p.m. Pacific Time. Any objection to the confirmation must be filed and served on orbefore May 11, 2020. Attorney for the Debtor: Roger Bailey Bailey & Busey PLLC 411 North 2nd Street Yakima, WA 98901 About Gray Land & Livestock Gray Land & Livestock is a privately held company that operates in the animal food manufacturing industry. Gray Land & Livestock sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wash. Case No. 19-00467) on Feb. 28, 2019. At the time of the filing, the Debtor was estimated to have assets of less than $50,000 and liabilities of $1 million to $10 million. The case is assigned to Judge Frederick P. Corbit. The Debtor tapped Bailey & Busey LLC as its legal counsel. GRIZZLY NATURAL: Bank Debt Trades at 28% Discount ------------------------------------------------- Participations in a syndicated loan under which Grizzly Natural Gas LLC is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD285 million term loan is scheduled to mature on January 16, 2023. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. HALO BUYER: Bank Debt Trades at 19% Discount -------------------------------------------- Participations in a syndicated loan under which Halo Buyer Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD260 million term loan is scheduled to mature on June 28, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. HANKEY O'ROURKE: Seeks June 8 Extension for Plan & Disclosures -------------------------------------------------------------- Hankey O'Rourke Enterprises, LLC, filed a motion seeking an order (i) that the hearing on use of cash collateral be continued to a date in early May; and (ii) that the deadline for it to file its disclosure statement and plan be extended to June 8, 2020. The Debtor's sole tenant is Cove Bowling and Entertainment, Inc., which operates a bowling and entertainment center at the premises. The COVID-19 pandemic has caused dramatic disruption to The Cove's operations. Initially the Debtor's principals, Juanita O'Rourke and Thomas Hankey, learned that they might have been exposed to coronavirus. As a result, they were ordered to "self-quarantine" for fourteen days. Subsequently Governor Baker issued orders that non-essential business had to be closed until at least May 4, 2020. As a result, The Cove is not currently operating and cannot pay rent, which in turn renders the Debtor unable to make adequate protection payments. The Debtor has communicated these issues and developments with its largest secured creditor, IOFUS. Unfortunately, the parties have not been able to reach agreement on modified terms. Subject to approval by this Court, the Debtor request the following; * That the order on the Debtor’s use of cash collateral be modified to provide for a moratorium on adequate protection payments to for the months of April and May, 2020; * That the hearing on use of cash collateral be continued to a date after May 4, 2020; * That the Debtor and The Cove will promptly notify IOFUS of approval of and receipt of any EIDL and PPP loans and the manner in which they intend to use the proceeds of the EIDL and PPP loans; * That any net proceeds from such loans (after paying payroll and necessary expenses) will be used to make adequate protection payments to IOFUS, to the extent that doing so is permitted by the loan documents and applicable law enabling those loans. Hankey O'Rourke Enterprises, LLC, respectfully prays: * That the order on used of cash collateral be modified, and use of cash collateral be extended to a date after May 4, 2020; * That the deadline for filing the disclosure statement and plan be extended to June 8, 2020 Counsel for the Debtor: Steven Weiss, Esquire Shatz, Schwartz and Fentin, PC 1441 Main Street, Suite 1100 Springfield, MA 01103 Tel: (413) 737-1131 E-mail: sweiss@ssfpc.com About Hankey O'Rourke Hankey O'Rourke Enterprises LLC, a privately held company in Great Barrington, Mass., filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 19-30500) on June 21, 2019. In the petition signed by Juanita O'Rourke, manager, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. The case is assigned to Judge Elizabeth D. Katz. Shatz, Schwartz & Fentin, P.C., is the Debtor's counsel. HEART ROCK: Seeks to Hire Lamey Law Firm as Legal Counsel --------------------------------------------------------- Heart Rock, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to hire Lamey Law Firm, P.A. as its legal counsel. The firm will advise Debtor of its powers and duties under the Bankruptcy Code and will provide other legal services in connection with its Chapter 11 case. The firm's hourly rates are: John Lamey III, Esq. $335 Associate/Contract Attorneys $250 Law Clerks $150 Paralegals $130 Lamey Law received a $3,717 retainer, of which $1,717 was used to pay the filing fee. Lamey Law does not hold conflicts with regard to any of the creditors or other interested parties in Debtor's bankruptcy case, according to court filings. The firm can be reached through: John D. Lamey III, Esq. Lamey Law Firm, P.A. 980 Inwood Avenue North Oakdale, MN 55128 Phone: 651.309.8180 About Heart Rock Heart Rock, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Case No. 20-50300) on April 26, 2020. At the time of the filing, Debtor disclosed assets of between $500,001 and $1 million and liabilities of the same range. Judge Robert J. Kressel oversees the case. Lamey Law Firm, P.A. is Debtor's legal counsel. HELEN REALTY: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Helen Realty Corp., according to court dockets. About Helen Realty Corp. Helen Realty Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 20-40069) on Feb. 19, 2020. At the time of the filing, Debtor disclosed assets of between $500,001 and $1 million and liabilities of the same range. Bruner Wright, P.A. is the Debtor's legal counsel. HELIX ACQUISITION: Bank Debt Trades at 19% Discount --------------------------------------------------- Participations in a syndicated loan under which Helix Acquisition Holdings Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD120 million term loan is scheduled to mature on September 29, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. HOOVER GROUP: Bank Debt Trades at 19% Discount ---------------------------------------------- Participations in a syndicated loan under which Hoover Group Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD60 million term loan is scheduled to mature on January 28, 2021. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. HORNBLOWER SUB: Bank Debt Trades at 29% Discount ------------------------------------------------- Participations in a syndicated loan under which Hornblower Sub LLC is a borrower were trading in the secondary market around 71 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $25 million facility is a term loan. It is scheduled to mature on April 27, 2025. The Company's country of domicile is U.S. INMAR INC: Bank Debt Trades at 22% Discount -------------------------------------------- Participations in a syndicated loan under which Inmar Inc is a borrower were trading in the secondary market around 78 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD995 million term loan is scheduled to mature on May 1, 2024. As of April 24, 2020, USD975 million from the loan remains outstanding. The Company's country of domicile is U.S. INTEGRITY TELECOMMUNICATIONS: Files for Chapter 7 Liquidation ------------------------------------------------------------- Integrity Telecommunications LLC filed for voluntary Chapter 7 bankruptcy protection April 7, 2020 (Bankr. W.D. Tex. Case No. 5:20-bk-50750). Appointed as interim Chapter 7 trustee was: John Patrick Lowe 2402 East Main Street Uvalde, TX 78801 The Hon. Craig A. Gargotta is the case judge. According to PacerMonitor.com, a meeting of creditors is scheduled for May 12, 2020 at 2:00 p.m. The San Antonio Business Journal reports that the Debtor listed an address of 9140 Timber Path #3606, San Antonio, and is represented in court by attorney Monica C. Morales. Integrity Telecommunications was estimated to have up to $50,000 in assets and liabilities in its petition. The filing did not identify a largest creditor. The Debtor's counsel: Monica C. Morales Graves Law Firm Tel: 210-738-3230 E-mail: moda97@hotmail.com Integrity Telecommunications is a telecommunications service provider based in San Antonio, Texas that provides data and voice services to small, medium and big companies. The Company had $7.87 million in gross revenue in 2019 and $1.56 million in 2018. Its revenue from Jan. 1, 2020 until the filing date was $0. INTERNAP TECHNOLOGY: Taps Prime Clerk as Claims and Noticing Agent ------------------------------------------------------------------ Internap Technology Solutions Inc. and its debtor-affiliates sought and obtained approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Prime Clerk LLC as claims and noticing agent in the Debtors' Chapter 11 Cases effective nunc pro tunc to the petition date on March 16, 2020. The firm will provide these services in connection with the Debtors' Chapter 11 case: (a) prepare and serve required notices and documents in these Chapter 11 Cases in accordance with the Bankruptcy Code and the Bankruptcy Rules in the form and manner directed by the Debtors and/or the Court; (b) maintain an official copy of the Debtors' schedules of assets and liabilities and statements of financial affairs, listing the Debtors' known creditors and the amounts owed thereto; (c) maintain (i) a list of all potential creditors, equity holders and other parties-in-interest and (ii) a "core" mailing list consisting of all parties described in Bankruptcy Rule 2002(i), (j) and (k) and those parties that have filed a notice of appearance pursuant to Bankruptcy Rule 9010; update and make said lists available upon request by a party-in-interest or the Clerk; (d) furnish a notice to all potential creditors of the last date for filing proofs of claim and a form for filing a proof of claim, after such notice and form are approved by the Court, and notify said potential creditors of the existence, amount and classification of their respective claims as set forth in the Schedules, which may be effected by inclusion of such information (or the lack thereof, in cases where the Schedules indicate no debt due to the subject party) on a customized proof of claim form provided to potential creditors; (e) maintain a post office box or address for the purpose of receiving claims and returned mail, and process all mail received; (f) for all notices, motions, orders or other pleadings or documents served, prepare and file or cause to be filed with the Clerk an affidavit or certificate of service within seven business days of service; (g) process all proofs of claim received; (h) provide an electronic interface for filing proofs of claim; (i) maintain the official claims register for each Debtor on behalf of the Clerk on a case specific website; upon the Clerk's request, provide the Clerk with certified, duplicate unofficial Claims Registers; and specify in the Claims Registers the following information for each claim docketed: (i) the claim number assigned, (ii) the date received, (iii) the name and address of the claimant and agent, if applicable, who filed the claim, (iv) the amount asserted, (v) the asserted classification(s) of the claim (e.g., secured, unsecured, priority, etc.), (vi) the applicable Debtor and (vii) any disposition of the claim; (j) provide public access to the Claims Registers; (k) implement necessary security measures to ensure the completeness and integrity of the Claims Registers and the safekeeping of the original claims; (l) record all transfers of claims and provide any notices of such transfers as required by Bankruptcy Rule 3001(e); (m) relocate, by messenger or overnight delivery, all of the court-filed proofs of claim to the offices of Prime Clerk, not less than weekly; (n) upon completion of the docketing process for all claims received to date for each case, turn over to the Clerk copies of the Claims Registers for the Clerk's review (upon the Clerk's request); (o) monitor the Court's docket for all notices of appearance, address changes, and claims-related pleadings and orders filed and make necessary notations on and/or changes to the Claims Register and any service or mailing lists; (p) identify and correct any incomplete or incorrect addresses in any mailing or service lists; (q) assist in the dissemination of information to the public and respond to requests for administrative information regarding these Chapter 11 Cases as directed by the Debtors or the Court; (r) if these Chapter 11 Cases are converted to cases under chapter 7 of the Bankruptcy Code, contact the Clerk's office within three (3) days of notice to Prime Clerk of entry of the order converting the cases; (s) 30 days prior to the close of these Chapter 11 Cases, to the extent practicable, request that the Debtors submit to the Court a proposed order dismissing Prime Clerk as Claims and Noticing Agent and terminating its services in such capacity upon completion of its duties and responsibilities and upon the closing of these Chapter 11 Cases; (t) within seven days of notice to Prime Clerk of entry of an order closing these Chapter 11 Cases, provide to the Court the final version of the Claims Registers as of the date immediately before the close of the Chapter 11 Cases; and (u) at the close of these Chapter 11 Cases, (i) box and transport all original documents, in proper format, as provided by the Clerk's office, to (i) the Federal Archives Record Administration, located at Central Plains Region, 200 Space Center Drive, Lee's Summit, MO 64064 or (ii) any other location requested by the Clerk's office. The professionals designated to provide services to the Debtors will be paid at these hourly rates: Analyst $35-$55 Technology Consultant $35-$95 Consultant/Senior Consultant $70-$170 Director $175-$195 Chief Operating Officer No charge Executive Vice President No charge Solicitation Consultant $195 Director of Solicitation $215 Prior to the petition date, the Debtors provided Prime Clerk an advance in the amount of $50,000. Benjamin J. Steele, vice president of Prime Clark LLC, that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin J. Steele PRIME CLARK LLC One Grand Central Place 60 East 42nd Street, Suite 1440 New York, NY 10165 About Internap Corporation Internap Corporation (NASDAQ: INAP) -- http://www.INAP.com/-- is a leading-edge provider of high-performance data center and cloud solutions with 100 network Points of Presence worldwide. INAP's full-spectrum portfolio of high-density colocation, managed cloud hosting and network solutions supports evolving IT infrastructure requirements for customers ranging from the Fortune 500 to emerging startups. INAP operates in 21 metropolitan markets, primarily in North America, with 14 INAP Data Center Flagships connected by a low-latency, high-capacity fiber network. On March 16, 2020 Internap Technology Solutions Inc. and six affiliated debtors, including INAP Corporation, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. The Debtors have requested that their cases be jointly administered under lead case In re Internap Technology Solutions Inc., et al. (Bankr. S.D.N.Y. Case No. 20-20-22393). INAP is advised in this matter by FTI Consulting as restructuring advisor, Milbank LLP as legal counsel and Moelis & Company as financial advisor. Prime Clerk LLC is the claims agent. IXS HOLDINGS: Bank Debt Trades at 19% Discount ---------------------------------------------- Participations in a syndicated loan under which IXS Holdings Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD620 million term loan is scheduled to mature on March 5, 2027. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. JASON INC: Bank Debt Trades at 68% Discount ------------------------------------------- Participations in a syndicated loan under which Jason Inc is a borrower were trading in the secondary market around 32 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD110 million term loan is scheduled to mature on June 30, 2022. As of April 24, 2020, USD90 million from the loan remains outstanding. The Company's country of domicile is U.S. JONATHAN S. RESNICK: Trustee Hires Zvi Guttman as Counsel --------------------------------------------------------- Zvi Guttman, the Trustee of The Law Offices of Jonathan S. Resnick, PLLC, seeks authority from the U.S. Bankruptcy Court for the District of Maryland to employ The Law Offices of Zvi Guttman, P.A., as counsel to the Trustee. The Trustee requires Zvi Guttman to assist the Trustee in the Chapter 11 bankruptcy proceedings, and perform such legal services as may be necessary or desirable in the administration of the bankruptcy case. Zvi Guttman will be paid at these hourly rates: Attorneys $525 Paralegals $185 Zvi Guttman will also be reimbursed for reasonable out-of-pocket expenses incurred. Zvi Guttman, partner of The Law Offices of Zvi Guttman, P.A., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Zvi Guttman can be reached at: Zvi Guttman, Esq. THE LAW OFFICES OF ZVI GUTTMAN, P.A. Baltimore, MD 21282 Tel: (410) 580-0500 Fax: (410) 580-0700 E-mail: Zvi@zviguttman.com About The Law Offices of Jonathan S. Resnick, PLLC The Law Offices of Jonathan S. Resnick, LLC, is a provider of legal services based in Pikesville, Maryland. The Law Offices of Jonathan S. Resnick sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 20-12822) on March 4, 2020. The petition was signed by Jonathan S. Resnick, managing member. At the time of filing, the Debtor was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Debtor hired Maurice VerStandig of The VerStandig Law Firm and Craig M. Palik of McNamee Hosea Jernigan Kim Greenan & Lynch, P.A as its attorneys. KENNY STRANGE: Court Approves Disclosure Statement -------------------------------------------------- The case came before the Court for hearing on October 17, 2019, November 19, 2019, January 23, 2020 and February 11, 2020 at 10:00 a.m. to consider (a) final approval of the Disclosure Statement in Connection with Plan of Liquidation of Kenny Strange Electric, Inc.; (b) confirmation of the Plan of Liquidation of Kenny Strange Electric, Inc. and, (c) Objection to Chapter 11 Plan by Ally Financial and Debtor’s Response to Objection to Chapter 11 Plan by Ally Financial. The Ballot Tabulation as filed on October 15, 2019 reflects Classes 1, 2, 7, 8 and 9 have affirmatively accepted the Plan by creditors holding the required number and amount of allowed claims; Class 10 is unimpaired and therefore deemed to have accepted the Plan; and, Classes 3, 4, 5 and 6 did not vote to accept or reject the Plan. Judge Karen K. Specie has ordered that the Disclosure Statement complies with Section 1125 of the Bankruptcy Code and is APPROVED ON A FINAL BASIS, and the Plan is CONFIRMED. The Confirmation Order also includes an Amendment to Address Scrivener's Error: Classes 8 and 9 are to be paid 80% of their allowed claims by the Debtor. In addition, the Buyer has agreed to assume $22,903.64 of the aggregate allowed claims of Class 8 ("Assumed Liabilities") as further described in the APA. The Plan contained a scrivener's error identifying those Assumed Liabilities as being in Class 9. The APA and other disclosures, schedules, exhibits and sections of the reflect that the Assumed Liabilities were those identified in Class 8 and that Court finds that the modification announced to correct the scrivener’s error does not require additional disclosure or solicitation. The Ally Objection is OVERRULED. A full-text copy of the Order Confirming the Plan dated April 8, 2020, is available at https://tinyurl.com/stgmaqr from PacerMonitor.com at no charge. About Kenny Strange Electric Kenny Strange Electric, Inc., provides electrical work and services. It was founded in 2004 and is based in Panama City, Florida. Kenny Strange Electric sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 19-50012) on Jan. 23, 2019. At the time of the filing, the Debtor disclosed $2,405,817 in assets and $790,920 in liabilities. The case has been assigned to Judge Karen K. Specie. The Debtor tapped David Jennis, P.A. as its legal counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case. KINGPIN INTERMEDIATE: Bank Debt Trades at 28% Discount ------------------------------------------------------ Participations in a syndicated loan under which Kingpin Intermediate Holdings LLC is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD820 million term loan is scheduled to mature on July 3, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. KPEX HOLDINGS: Bank Debt Trades at 19% Discount ------------------------------------------------ Participations in a syndicated loan under which KPEX Holdings Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $45 million facility is a delay-draw term loan. It is scheduled to mature on January 31, 2025. The Company's country of domicile is U.S. KRYSTAL COMPANY: Rountree Represents Buckhead, 9 Others ------------------------------------------------------- Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, the law firm of Rountree Leitman & Klein, LLC submitted a verified statement to disclose that it is representing Buckhead 14th KB, LLC, Fairburn KB Freestanding, LLC, Krystal Columbus DT, LLC, LakePoint KB, LLC, Eden Star Properties, LLC, Clark/Willmschen Holdings 2, LLC, Krystal Commerce, LLC, Loren, LLC, Johnson Controls, Inc. and SLM Waste & Recycling Services, Inc. in the Chapter 11 cases of The Krystal Company, et al. On or about January 23, 2020, the Firm was retained to represent Buckhead 14th KB, LLC, Fairburn KB Freestanding, LLC, Krystal Columbus DT, LLC, and LakePoint KB, LLC in connection with the Chapter 11 Cases. On or about January 29, 2020, the Firm was retained to represent Eden Star Properties, LLC in connection with the Chapter 11 Cases. On or about January 30, 2020, the Firm was retained to represent Clark/Willmschen Holdings 2, LLC and Krystal Commerce, LLC in connection with the Chapter 11 Cases. On or about February 4, 2020, the Firm was retained to represent Loren, LLC in connection with the Chapter 11 Cases. On or about February 12, 2020, the Firm was retained to represent Johnson Controls, Inc. in connection with the Chapter 11 Cases. On or about April 24, 2020, the Firm was retained to represent SLM Waste & Recycling Services, Inc. in connection with the Chapter 11 Cases. The Firm represents only Buckhead, Fairburn, Krystal Columbus, LakePoint, Eden, Clark, Krystal Commerce, Loren, Johnson Controls, and SLM in the Chapter 11 Cases. Aside from the claims they hold against the Debtors, the Creditors do not appear to have any other "disclosable economic interests" as defined in Bankruptcy Rule 2019. Attorneys for the Creditors can be reached at: ROUNTREE LEITMAN & KLEIN, LLC William A. Rountree, Esq. Benjamin R. Keck, Esq. David S. Klein, Esq. Century Plaza I 2987 Clairmont Road, Suite 175 Atlanta, GA 30329 Telephone: (404) 584-1244 Email: wrountree@rlklawfirm.com bkeck@rlklawfirm.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/teLrA3 About The Krystal Company Founded in Chattanooga, Tenn., in 1932, The Krystal Company -- http://www.krystal.com/-- is a quick-service restaurant chain with locations in the Southeastern United States. It is known for its small, square hamburgers, served fresh and hot off the grill on the iconic squarebun at approximately 320 restaurants in nine states. Krystal's Atlanta-based Restaurant Support Center serves a team of 7,500 employees. The Krystal Company, and affiliates Krystal Holdings, Inc., and K-Square Acquisition Co., LLC, sought Chapter 11 protection (Bankr. N.D. Ga. Case No. No. 20-61065) on Jan. 19, 2020. The Debtors tapped King & Spalding LLP as legal counsel; Scroggins & Williamson, P.C. as conflicts counsel; Piper Jaffray as investment banker; and Kurtzman Carson Consultants, LLC as claims agent. Alvarez & Marsal provides interim management to the Debtors. LEGACY JH762: Comerica Bank Says 3% Interest Too Low ---------------------------------------------------- Secured creditor Comerica Bank objects to JH762 LLC's First Amended Disclosure Statement and First Amended Chapter 11 Plan. The Secured Creditor points out that the treatment of Secured Creditor Class 1 is vague, providing four options without specific repayment amounts nor treatment of Secured Creditor. Secured Creditors request that the Debtor provides adequate information regarding the Secured Creditor's treatment. Secured Creditor further points out that the Disclosure Statement and Plan fail to provide adequate information within the meaning of 11 U.S.C Sec. 1125 (a)(1) to allow creditor the opportunity to understand the proposed treatment of its claim in the Plan. Secured Creditor objects to any sale that is less than the amount sufficient to satisfy its lien in full. Secured Creditor reserves the right to provide an updated payoff prior to any closing of sale. Secured Creditor complains that the Debtor failed to provide proof that the Property has sufficient hazard insurance. Secured Creditor requests that the Debtor provides a copy of the current insurance policy. According to Secured Creditor that the Debtor failed to assert that any Homeowners Association fees and/or due are current. Secured Creditor objects to the interest rate of 3% as listed in option four as repayment of Secured Creditor's claim. Said interest rate is below the fair market rate and not proposed in good faith. Attorney for Secured Creditor: Scott Weiss Robertson, Anschutz & Schneid, P.L. 6409 Congress Ave., Suite 100 Boca Raton, FL 33487 Telephone: 561-241-6901 Facsimile: 561-997-6909 Email: sweiss@rasflaw.com About Legacy JH762 LLC Legacy JH762, LLC owns three real properties in Pinehurst, N.C. and Jupiter, Fla., having a total comparable sale value of $5.1 million. Legacy JH762 filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-16308) on May 23, 2019. In the petition signed by James W. Hall, managing member, the Debtor was estimated to have $5,100,100 in assets and $3,456,044 in liabilities. David L. Merrill, Esq., at The Associates, is the Debtor's counsel. LOGIX HOLDING: Bank Debt Trades at 19% Discount ----------------------------------------------- Participations in a syndicated loan under which Logix Holding Co LLC is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD250 million term loan is scheduled to mature on December 22, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. LSC COMMUNICATIONS: Hires Young Conaway as Co-Counsel ----------------------------------------------------- LSC Communications, Inc., and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Southern District of New York to employ Young Conaway Stargatt & Taylor, LLP, as co-counsel to the Debtors. LSC Communications requires Young Conaway to: (a) support in case management duties, such as monitoring the docket, maintaining appropriate service lists, maintaining critical date calendars and preparing agendas for court hearings; (b) utility issues, including negotiating with utility providers in connection with requests for adequate assurance pursuant to section 366 of the Bankruptcy Code; (c) claims reconciliation for reclamation claims and claims entitled to priority pursuant to section 503(b)(9) of the Bankruptcy Code, as well as other claims designated by the Debtors and S&C to be handled by Young Conaway, including negotiating resolutions of, or conducting litigation with respect to, such claims; (d) assist the Debtors in connection with the preparation of schedules and statements of financial affairs and any amendments thereto; (e) prepare and prosecute retention applications for various professionals; (f) provie analysis and evaluation of certain executor contracts and leases as designated by the Debtors and Sullivan & Cromwell LLP, including prosecuting motions to assume, assume and assign or reject such contracts and leases and responding to motions to compel assumption or rejection filed by contract counterparties; (g) provide such other services as may be specifically designated; and (h) perform all necessary legal services relating to the foregoing, including (i) preparing motions, applications, answers, orders, appeals, reports and papers; (ii) attending meetings and negotiating with representatives of creditors and other parties in interest; (iii) advising the Debtors; and (iv) appearing before the Court, any appellate courts and the U.S. Trustee, and protecting the interests of the Debtors' estates before those Courts and the U.S. Trustee. Young Conaway will be paid at these hourly rates: Pauline K. Morgan, Partner $1,025 Sean T. Greecher, Partner $715 Joseph M. Mulvihill, Associate $525 Betsy L. Feldman, Associate $415 Catherine C. Lyons, Associate $400 Debbie Laskin, Paralegal 305 Young Conaway received a retainer in the amount of $150,000 on March 19, 2020. Young Conaway applied the Retainer to its outstanding balance as of the Petition Date, and will retain the balance of the Retainer in the amount of $137,708.50. Young Conaway will also be reimbursed for reasonable out-of-pocket expenses incurred. Pauline K. Morgan, a partner at Young Conaway, 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. Young Conaway can be reached at: Pauline K. Morgan, Esq. Sean T. Greecher, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP 1270 Avenue of the Americas, Suite 2210 New York, NY 10020 Tel: (212) 332-8840 Fax: (212) 332-8855 About LSC Communications, Inc. LSC Communications, Inc. -- http://www.lsccom.com/-- is a Delaware corporation established in 2016 with its headquarters located in Chicago, Illinois. The Debtors offer a broad range of traditional and digital print products, print-related services, and office products. The Company serves the needs of publishers, merchandisers, and retailers worldwide, with a service offering that includes e-services, logistics, warehousing and fulfillment and supply chain management services. The Company prints magazines, catalogs, directories, books, and some direct mail products, and manufactures office products, including filing products, envelopes, note-taking products, binder products, and forms. The Company has offices, plants, and other facilities in 28 states, as well as operations in Mexico, Canada, and the United Kingdom. LSC Communications, Inc., based in Chicago, IL, and its debtor-affiliates, filed a Chapter 11 petition (Bankr. S.D.N.Y. Lead Case No. 20-10950) on April 13, 2020. In its petition, the Debtor estimated $1,649,000,000 in assets and $1,721,000,000 in liabilities. The petition was signed by Andrew B. Coxhead, chief financial officer. The Debtors hire SULLIVAN & CROMWELL LLP as counsel; YOUNG CONAWAY STARGATT & TAYLOR, LLP, as co-counsel; EVERCORE GROUP L.L.C., as investment banker; ALIXPARTNERS LLP as restructuring advisor; PRIME CLERK LLC as notice, claims and balloting agent. LTI HOLDINGS: Bank Debt Trades at 19% Discount ---------------------------------------------- Participations in a syndicated loan under which LTI Holdings Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD125 million term loan is scheduled to mature on July 24, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. LTI HOLDINGS: Bank Debt Trades at 19% Discount ---------------------------------------------- Participations in a syndicated loan under which LTI Holdings Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD1300 million term loan is scheduled to mature on September 6, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. LUCKY BUCKS: Bank Debt Trades at 17% Discount ---------------------------------------------- Participations in a syndicated loan under which Lucky Bucks LLC is a borrower were trading in the secondary market around 83 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $15 million facility is a delay-draw term loan. It is scheduled to mature on January 29, 2025. The Company's country of domicile is U.S. MACQUARIE INFRASTRUCTURE: S&P Lowers ICR to 'BB'; Outlook Negative ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Macquarie Infrastructure Corp. (MIC) to 'BB' from 'BB+'. S&P also lowered the rating on ITT Holdings LLC (IMTT) to 'BB' because it is capped by the rating on MIC, even though the rating agency thinks IMTT's stand-alone credit profile (SACP) points to a 'BBB-' rating. S&P is also lowering the issue ratings on the senior unsecured debt at both MIC and IMTT to 'BB' from 'BB+'. The recovery ratings are '3'. "We downgraded MIC based on both leverage that will be stressed for the rating in 2020 and 2021 and a revised view of its exposure to macroeconomic forces. While recent economic stress has had a different effect on MIC's three main subsidiaries, the overall impact at the parent level is decidedly negative. We now expect adjusted EBITDA to be 20% lower than our previous forecast in 2020 while adjusted debt to EBITDA approaches 6x this year, declining below 5x in 2021. Deleveraging over the next 12–18 months will be driven mainly by the timing and magnitude of the general economic recovery, and most importantly the return of aviation travel activity and fuel demand to 2019 levels," S&P said. "The negative outlook primarily reflects uncertainty regarding both Atlantic's and Hawaii Gas's operating performance over the next 12–18 months, which is currently under pressure from diminished travel activity. We expect adjusted debt to EBITDA to approach 6x in 2020, which is stressed for the rating. Under our base-case assumptions, leverage declines gradually below 5x in 2021 while funds from operations (FFO) to debt averages about 15%-16% over the next two years. We expect deleveraging will largely be driven by the timing of the economic rebound and travel activity returning to 2019 levels. Finally, we could review the ratings if MIC were to announce a sale of one or more subsidiaries," S&P said. The outlook on IMTT is driven by the outlook on MIC, because any contemplated rating action on MIC would apply to the corporate credit rating on IMTT given its status as a highly strategic subsidiary. "We could lower the rating on MIC if we expect leverage to remain over 5x for an extended period, which would likely be the result if travel activity doesn't rebound and the company cannot materially deleverage in 2021. We could also consider lower ratings if the stand-alone creditworthiness (SACP) of its operating subsidiaries deteriorate meaningfully. The SACP at Atlantic, currently on Developing outlook, could weaken if we expect severe stress on its operating performance will persist beyond 2020, such that liquidity sources deteriorate to inadequate or adjusted leverage is expected to be elevated above the mid-5x area through 2021," S&P said. "We could revise our outlook to stable if we expect leverage to fall below 5x during 2021 and we revise the outlook to stable or raise the rating at Atlantic. This could be the result if we expect business and general aviation to quickly rebound, and parent liquidity remains adequate," the rating agency said. MARRONE BIO: Gets Nasdaq Notice for Failure to Satisfy Listing Rule ------------------------------------------------------------------- Marrone Bio Innovations, Inc., has received a letter from the Listing Qualifications Department of The Nasdaq Stock Market notifying the Company of its noncompliance with Nasdaq Listing Rule 5550(a)(2) as a result of the company's closing bid price being below $1.00 per share for 30 consecutive days. Under Nasdaq Listing Rules, the Company usually has 180 calendar days from the date of the notification to regain compliance with Nasdaq Listing Rules. However, on April 16, 2020, Nasdaq filed an immediately effective rule change with the Securities and Exchange Commission resulting in the compliance periods for various price-based continued listing requirements being tolled until July 1, 2020. Thus, the Company has until Dec. 28, 2020 to regain compliance. To regain compliance, the closing bid price of the Company's common stock on the Nasdaq Capital Market must be at least $1.00 per share for a minimum of ten consecutive business days prior to the expiration of the tolled compliance period on Dec. 28, 2020. This notification has no immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market and the the Company's common stock will continue to trade on the Nasdaq Capital Market under the symbol "MBII" during this period. If the Company does not regain compliance by Dec. 28, 2020, the Company may be eligible for a second 180 day compliance period, provided that, on such date, the Company meets the continued listing requirement for market value of publicly held shares and all other applicable initial listing requirements for the Nasdaq Capital Market (other than the minimum closing bid price requirement) and the Company provides written notice to Nasdaq of its intention to and plans for curing the deficiency during the second compliance period. The Company will monitor the closing bid price for its common stock between now and Dec. 28, 2020, and intends to take all reasonable measures available to regain compliance under the Nasdaq Listing Rules and to maintain the listing of its common stock on the Nasdaq Capital Market. About Marrone Bio Innovations Based in Davis, California, Marrone Bio Innovations, Inc. -- http://www.marronebio.com/-- discovers, develops and sells innovative biological products for crop protection, plant health and waterway systems treatment. MBI has screened over 18,000 microorganisms and 350 plant extracts, leveraging its in-depth knowledge of plant and soil microbiomes enhanced by advanced molecular technologies to rapidly develop seven effective and environmentally responsible pest management products to help customers operate more sustainably while uniquely improving plant health and increasing crop yields. Supported by a robust portfolio of over 400 issued and pending patents around its natural product chemistry, MBI's currently available commercial products are Regalia, Grandevo, Venerate, Majestene, Haven Stargus and Amplitude, Zelto and Zequanox. Marrone Bio reported a net loss of $37.17 million for the year ended Dec. 31, 2019, compared to a net loss of $20.21 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $72.72 million in total assets, $49.16 million in total liabilities, and $23.56 million in total stockholders' equity. Marcum LLP, in San Francisco, CA, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 16, 2020 citing that the Company 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. MAUSER PACKAGING: S&P Alters Outlook to Negative, Affirms 'B' ICR ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Mauser Packaging Solutions Holding Co. and revised the outlook to negative from stable. Broad economic recession expected to pressure Mauser's operating performance over the next 12-18 months. In light of the coronavirus pandemic and plunge in oil prices, S&P now expects a U.S. recession with a 5.2% contraction in real GDP for 2020 and residential/nonresidential activity estimated to decline 6.1% and 11.8%, respectively. Given this challenging backdrop, S&P expects that Mauser's operating performance will be somewhat volatile and challenged due to its broad exposure to cyclical end-markets. "Over the next 12-18 months, we expect Mauser's volumes will vary significantly by end markets and product categories. On the downside, we expect demand in the company's petrochemical, general manufacturing, and housing/construction end markets and reconditioning services to see a drop-off in activity in line with broader economic trends. On the other hand, we expect volumes for some large-format metal and plastic drums and aerosol cans to see a sustained pickup, driven by the spike in demand for chemicals used in cleaning and sanitizing applications. Given these dynamics, we assume that overall volumes will be down as we expect the broader economic decline will more than outweigh pockets of strong demand within certain business lines," S&P said. The negative outlook reflects the possibility that a sustained economic recession could cause Mauser's already elevated credit metrics to further deteriorate or constrain its liquidity position, such that it becomes increasingly dependent on its ABL facility or triggers the fixed charge covenant with no near-term remedy. "We could lower our ratings on Mauser if our adjusted debt-to-EBITDA remains above 9x over the next 12 months. We could also consider a downgrade if we expect liquidity to tighten such that S&P Global Ratings-adjusted interest coverage approaches 1.5x or if the company triggers the ABL facility's springing fixed charge covenant with no near-term remedy. Finally, we will lower our rating if the company continues to pursue acquisitions or shareholder rewards, regardless of size, while credit metrics remain elevated at current levels," S&P said. "We could revise our outlook to stable if the company's credit metrics strengthen, such that its S&P Global Ratings-adjusted debt to EBITDA and interest coverage improve towards 8x and 2x, respectively, on a sustained basis. In addition, we would require assurance that the company and its financial sponsor will maintain financial policies supportive of the improved credit metrics, inclusive of any acquisitions or shareholder rewards," the rating agency said. MCCLATCHY COMPANY: Committee Taps Moelis as Investment Banker ------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of The McClatchy Company and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Moelis & Company LLC as its investment banker. Moelis & Company will provide these services to the committee in connection with Debtors' Chapter 11 cases: a. assist the committee in reviewing and analyzing Debtors' results of operations, financial condition and business plan; b. review, analyze and negotiate a potential restructuring; c. analyze Debtors' capital structure; d. assess the financial issues and options concerning Debtors' Chapter 11 plan of reorganization and sale of their assets; e. review any alternatives to a restructuring proposed by Debtors or their creditors; f. advise the committee in negotiations; g. participate in hearings before the court and provide testimony and expert reports; and h. provide other investment banking services in connection with the restructuring. The firm will be paid a restructuring fee of $3.45 million and a monthly fee of $150,000. After six full monthly fees have been paid to Moelis, 50 percent of any subsequent monthly fees actually paid to and retained by the firm will be credited once (without duplication) against any restructuring fee subsequently payable to the firm. William Derrough, managing director and co-head of Moelis & Company's Recapitalization and Restructuring Group, disclosed in court filings that his firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. Moelis & Company can be reached through: William Q. Derrough Moelis & Company LLC 399 Park Avenue, 5th Floor New York, NY 10022 Tel: +1 212 883 3830 Email: william.derrough@moelis.com About The McClatchy Company The McClatchy Co. (OTC-MNIQQ) -- https://www.mcclatchy.com/ -- operates 30 media companies in 14 states, providing each of its communities local journalism in the public interest and advertising services in a wide array of digital and print formats. McClatchy publishes iconic local brands including the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News & Observer, and the Fort Worth Star-Telegram. McClatchy is headquartered in Sacramento, Calif., and listed on the New York Stock Exchange American under the symbol MNI. On Feb. 13, 2020, The McClatchy Company and 53 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-10418) with a plan of reorganization that will cut $700 million of funded debt in half. McClatchy was estimated to have $500 million to $1 billion in assets and debt of at least $1 billion as of the bankruptcy filing. The cases are pending before the Honorable Michael E. Wiles. Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as general bankruptcy counsel; Togut, Segal & Segal LLP as co-bankruptcy counsel with Skadden; Groom Law Group as special counsel; FTI Consulting, Inc. as financial advisor; and Evercore Inc. as investment banker; and Deloitte & Touche LLP as auditor. Kurtzman Carson Consultants, LLC is the claims agent. The U.S. Trustee for Region 2 appointed a committee of unsecured creditors in Debtors' bankruptcy cases. The committee tapped Stroock & Stroock & Lavan LLP as its bankruptcy counsel, and Berkeley Research Group, LLC as its financial advisor. MESCO INC: Hires Prenovost Normandin as Special Counsel ------------------------------------------------------- MESCO, Inc., seeks authority from the U.S. Bankruptcy Court for the Central District of California to employ Prenovost Normandin Dawe & Rocha, as special counsel to the Debtor. In June of 2018, the Debtor borrowed monies from a group of investors (the "FCI" Lenders"). One loan was for $335,000 and is secured by the Debtor's real property known as the Silverado Lot located at 27482 Silverado Canyon, Silverado, CA, and the Hazel Bell Property located at 29200 Hazel Bell Drive, Silverado, CA. A second loan was for $360,000 and was secured by the Silverado Residence located 27462 Silverado Canyon, Silverado, CA, and the Silverado Lot. In connection with one of the loans, the FCI Lenders were obligated to pay the Debtor's obligation to the Internal Revenue Service in the amount of $57,000. However, the FC Lenders failed to pay, and the Internal Revenue Service levied on the Debtor's account during 2019. In connection with the loans, $30,000 was to be released to pay for construction on the Hazel Bell Property, but it was never released to the Debtor. In January 2019, the Debtor went into default on the FCI Lenders loans in as one of the Debtor's customers withheld payment on a large receivables. MESCO, Inc. requires Prenovost Normandin to: -- investigate the transactions with and actions of FCI Lenders and, bring proceedings in connection thereto; and -- pursue the collection of unpaid receivables. Prenovost Normandin will be paid at these hourly rates: Thomas R. Normandin $350 Brian Cronin $250 Cathy Jones $150 Prenovost Normandin will be paid a retainer in the amount of $2,500. Prenovost Normandin will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas R. Normandin, partner of Prenovost Normandin Dawe & Rocha, 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. Prenovost Normandin can be reached at: Thomas R. Normandin PRENOVOST NORMANDIN DAWE & ROCHA 2122 N Broadway Santa Ana, CA 92706 Tel: (714) 547-2444 About MESCO, Inc. MESCO, Inc. is the fee simple owner of three real properties in Silverado, Calif., consisting of a single-family residence and a parcel of land. The properties have a total current value of $1.45 million. MESCO filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 20-10262) on Jan. 27, 2020, disclosing $2,087,458 in assets and $1,897,255 in liabilities. The petition was signed by Michael E. Silbermann, president. Judge Catherine E. Bauer oversees the case. Michael G. Spector, Esq., at the Law Offices of Michael G. Spector, serves as the Debtor's legal counsel. MILLER'S ALE: Bank Debt Trades at 29% Discount ---------------------------------------------- Participations in a syndicated loan under which Miller's Ale House Inc is a borrower were trading in the secondary market around 71 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD250 million term loan is scheduled to mature on May 30, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. MITEL NETWORKS: S&P Lowers Long-Term ICR to 'B-' ------------------------------------------------ S&P Global Ratings lowered its long- term issuer credit rating on Ottawa-based telephony communications company Mitel Networks (International) Ltd. to 'B-' from 'B'. At the same time, S&P lowered its issue-level ratings on Mitel's first-lien senior secured debt to 'B-' from 'B' and second-lien senior secured debt to 'CCC' from 'CCC+'. The recovery ratings are unchanged at '3' and '6', respectively. Operational underperformance and weak macroeonomic trends have weakened credit quality. The downgrade and negative outlook reflect S&P's expectation that Mitel's capital structure will remain pressured because the company entered 2020 with already high leverage of above 8x. Mitel's 2019 EBITDA was less than forecast, reflecting weaker operating performance from the company's on-premise segment and higher restructuring costs. In addition, the uncertainty about the severity and duration of the macroeconomic downturn could lead to company credit measures weaker than S&P's base-case forecast, in which Mitel sustains leverage above 8.0x. "In our view, the weakened global macroeconomic environment triggered by the global outbreak of COVID-19 will hurt enterprise and consumer IT spending. Hence, we expect demand trends for Mitel's on-premise segment, particularly in the small and midsize business (SMB) end market, to witness higher-than-anticipated revenue decline, pressuring the company's EBITDA generation. Nevertheless, increasing tailwinds of work-from-home initiatives that various organizations are adopting could propel cloud-based revenues and somewhat mitigate the declines in the on-premise business driven by software applications that aid in working from home. In our view, we do not expect Mitel's cloud growth to completely offset the significant declines in the company's on-premise segment. Therefore, we expect Mitel's fixed charges to remain tight at about 1.3x over the next 12 months. If weak macroeconomic conditions continue pressuring revenues and EBITDA, the company's already high leverage and weak fixed-charge coverage could deteriorate, leading to an unsustainable capital structure," S&P said. The negative outlook reflects S&P's uncertainty about how severely the coming macroeconomic downturn will affect Mitel's operating performance given the company products' cyclical nature and high exposure to the small and midsize business (SMB) end market, particularly because leverage could be above 8.0x and the fixed-charge coverage ratio could be about 1.3x over the next 12 months. "We could lower the ratings over the next 12 months if the company is unable to generate positive free cash flow and fixed-charge coverage approaches 1x, reflecting weakened liquidity and an unsustainable capital structure. Such a scenario could occur if there is a prolonged economic downturn leading to weaker operating performance, stemming from higher-than-expected on-premise revenue declines or an inability to expand Mitel's cloud-based product offering sufficiently to offset the decline from the on-premise business, thereby pressuring EBITDA generation," S&P said. "We could revise the outlook to stable if the company is able to navigate through the uncertainties of the economic recession and delivers meaningful growth from its cloud business, which will support Mitel's organic EBITDA growth and cause leverage to drop below 7.5x over the next 12 months," the rating agency said. MOBILE ADDICTION: Unsecured Creditors to Get 100% in 7 Years ------------------------------------------------------------ Mobile Addiction, LLC, submitted an Amended Reorganization Plan and an Amended Disclosure Statement on April 8, 2020. Mobile Addiction does not own any real property. At the end of Feb. 29, 2020, Mobile Addiction's INTRUST account had a balance of $526.30. Also, the balance of the operating account on Feb. 29, 2020 that VIP Management is currently maintaining with TD Bank is $438,201. Mobile Addiction also maintains leases for 69 of its doors. Those leases only maintain value to extent they can be assumed and sold. Mobile Addiction estimates that a reasonable average value per Door is $20,000. Therefore, the total value of the Doors is $1,560,000. The value of the inventory actually owned by Mobile Addiction is $764,362. Class 2 consists of VIP Wireless's claim for cell phone inventory it has currently consigned to Mobile Addiction. Under the Amended Plan, the current terms Mobile Addiction has with VIP Wireless on consigned inventory will remain in place after Confirmation. Class 4 consists of secured claims of VIP Wireless. Mobile Addiction seeks to amortize this secured claims over 7 years at 4.75% interest and make monthly payments to VIP Wireless until such debt is satisfied. Class 7 consists of the general unsecured claims owed by Mobile Addiction. It is Mobile Addiction's plan to pay all Allowed Unsecured Claims in full over the next 7 years from the following sources: (1) Mobile Addiction's disposal income as projected in Exhibit 7 on a Pro Rata basis; and (2) any recovery from Chapter 5 actions brought by the Committee after payment of any fees and expenses incurred by the Committee in pursuant of any such recovery. The projected minimum monthly payment will be at least $24,790.38. Class 8 consists of the sole Interest Holder in Mobile Addiction. Thomas is the sole Interests Holder of Mobile Addiction. Thomas proposes to retain his interest in Mobile Addiction and is willing to provide new value or repurchase his equity through a cash contribution and Salman is willing to purchase an equity interest in Mobile Addiction if confirmation of the Amended Plan is contested and an unsecured creditor claims that the Amended Plan violates 11 U.S.C. § 1129(b)(2)(B)(ii). Thomas and Salman would propose that their initial capital contribution would be $12,500 each, for a total of $25,000.00. A feasibility or cash-flow analysis indicates that Mobile Addiction will be able to provide funding for the payment of all amounts required to be paid under the Amended Plan as of the Effective Date. A full-text copy of the Amended Disclosure Statement dated April 8, 2020, is available at https://tinyurl.com/vl2qn3k from PacerMonitor.com at no charge. Attorneys for Mobile Addiction: Nicholas R. Grillot HINKLE LAW FIRM LLC 1617 N. Waterfront Pkwy, Suite 400 Wichita, Kansas 67206-6639 Tel: (316) 660-6211 Fax: (316) 660-6523 E-mail: ngrillot@hinklaw.com About Mobile Addiction Mobile Addiction LLC, a wholesaler of gadgets such as i-pads, smartphones, tablets and computers, filed a Chapter 11 petition (Bankr. D. Kan. Case No. 19-11449) on July 31, 2019. In the petition signed by Charles R. Thomas, owner, the Debtor was estimated to have $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Robert E. Nugent oversees the case. Hinkle Law Firm LLC is the Debtor's bankruptcy counsel. The Office of the U.S. Trustee appointed creditors to serve on the official committee of unsecured creditors on Nov. 26, 2019. The committee is represented by Eron Law, P.A. MURRAY ENERGY: U.S. Trustee Objects to Disclosure Statement ----------------------------------------------------------- Andrew R. Vara, United States Trustee for Regions 3 & 9, filed an objection to Murray Energy Holdings Co., et al.'s Disclosure Statement for their First Amended Joint Plan of Reorganization. The United States Trustee points out that Debtor's First Amended Plan improperly imposes deemed consent to releases on several classes of creditors. The United States Trustee further points out that the Debtors' non-consensual third-party releases, exculpation, and injunction provisions are not "unusual circumstances" that would warrant the Court's approval. The United States Trustee complains that the confirmation hearing notice is unclear as to the effects of the opt-out provisions for releases. The United States Trustee asserts that there are discrepancies between the master ballot and beneficial holder ballot. According to United States Trustee, the Amended Disclosure Statement contains insufficient information about the Debtors' proposed management incentive plan. The United States Trustee asserts that generally, the Amended Disclosure Statement contains inadequate information. About Murray Energy Holdings Co. Headquartered in St. Clairsville, Ohio, Murray Energy -- http://murrayenergycorp.com/-- is the largest privately owned coal company in the United States, producing approximately 76 million tons of high quality bituminous coal each year, and employing nearly 7,000 people in the United States, Colombia and South America. Murray Energy now operates 15 active mines in five regions in the United States, plus two mines in Colombia, South America. It operates 12 underground longwall mining systems, 42 continuous mining units, 10 transloading facilities, and five mining equipment factory and fabrication facilities. Murray Energy and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 19-56885) on Oct. 29, 2019. At the time of the filing, the Debtors disclosed assets of between $1 billion and $10 billion and liabilities of the same range. The cases have been assigned to Judge John E. Hoffman Jr. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel; Dinsmore & Shohl LLP as local counsel; Evercore Group L.L.C. as investment banker; Alvarez and Marsal L.L.C. as financial advisor; and Prime Clerk LLC as notice and claims agent. The U.S. Trustee for Region 9 appointed creditors to serve on the official committee of unsecured creditors on Nov. 7, 2019. The committee tapped Morrison & Foerster LLP as legal counsel; AlixPartners, LLP as financial advisor; and Vorys, Sater, Seymour and Pease LLP as local counsel. Moelis & Company LLC, as investment banker. NAVISTAR INTERNATIONAL: S&P Rates $500MM Senior Secured Notes 'B' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '4' recovery rating to Navistar International Corp.'s proposed $500 million senior secured notes due 2025. At the same time, S&P placed the rating on the proposed issuance on CreditWatch with negative implications. The '4' recovery rating indicates its expectation for average recovery (30%-50%; rounded estimate: 45%) in the event of a payment default. At the same time, S&P lowered its issue-level rating on the company's senior unsecured notes to 'CCC+' from 'B-', given the increase in senior secured debt and revised its recovery rating to '6' from '5'. The '6' recovery rating indicates S&P's expectation for negligible recovery (0%-10%; rounded estimate: 5%) in the event of a payment default." All ratings, including the rating on the proposed senior secured notes, are on CreditWatch with negative implications, where they were placed on Apr. 15, 2020 reflecting the uncertainty in the economic outlook and its impact on Navistar's leverage and cash flow. The company plans to use the proceeds from the senior secured notes for general corporate purposes. The proposed notes will be secured by a first-lien equity pledge from a holding company that owns Navistar's Mexican, Canadian, and Brazilian subsidiaries, a second-lien on the U.S. cash and equity from its foreign subsidiary holding company, and a third-lien on the company's term loan B collateral. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P assigned its '4' recovery rating to the company's proposed $500 million senior secured notes. -- At the same time, S&P lowered its issue-level rating on the company's senior unsecured debt to 'CCC+' and revised its recovery rating to '6'. -- S&P's default scenario contemplates a default occurring in 2023 because of a prolonged downturn and declines in Navistar's key markets as potential truck and bus customers defer their purchases of new equipment. -- The company is incorporated in the U.S. and it expects that it would file for reorganization in the U.S. -- S&P assumes the borrowings under the company's $125 million asset-based lending revolver would be a priority claim and expect the facility to be 60% drawn at default, less letters of credit outstanding. -- S&P values the company using an earnings multiple approach with a 5.5x multiple to arrive at a total enterprise value, generally in line with other automotive original equipment manufacturers (OEMs). -- S&P assumes the company's U.S. pension deficit would become an unsecured claim in any bankruptcy proceedings. -- LIBOR of 250 basis points at default. Simulated default assumptions -- Simulated year of default: 2023 Simplified waterfall -- Net recovery value for waterfall after administrative expenses (5%): $2.2 billion -- Value available for first-lien claims: $1.77 billion -- Estimated first-lien claims: $1.55 billion -- Recovery expectations: 90%-100% (rounded estimate: 95%) -- Value available for second-lien claims: $224 million -- Estimated second-lien claims: $227 million -- Recovery expectations: 90%-100% (rounded estimate: 95%) -- Value available for third-lien claims: $245 million -- Estimated third-lien claims: $524 million -- Recovery expectations: 30%-50% (rounded estimate: 45%) -- Value available for unsecured claims: $185 million -- Estimated unsecured claims: $1.13 billion -- Recovery expectations: 0%-10% (rounded estimate: 5%) Note: All debt amounts include six months of prepetition interest. Collateral value equals asset pledge from obligors after priority claims plus equity pledge from nonobligors after nonobligor debt. Ratings List Navistar International Corp. Issuer Credit Rating B/Watch Neg/-- B/Watch Neg/-- New Rating Navistar International Corp. Senior Secured US$500 mil nts due 2025 B /Watch Neg Recovery Rating 4(45%) Ratings Affirmed Navistar International Corp. Navistar Inc. Senior Secured BB- /Watch Neg BB- /Watch Neg Recovery Rating 1(95%) 1(95%) Ratings Lowered; Recovery Ratings Revised Navistar International Corp. Senior Unsecured CCC+ /Watch Neg B- /Watch Neg Recovery Rating 6(5%) 5(10%) NAVITAS MIDSTREAM: Bank Debt Trades at 48% Discount ---------------------------------------------------- Participations in a syndicated loan under which Navitas Midstream Midland Basin LLC is a borrower were trading in the secondary market around 52 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $40 million facility is a term loan. It is scheduled to mature on December 13, 2024. The Company's country of domicile is U.S. NEIGHBORHOOD ACADEMY: Bank Debt Trades at 17% Discount ------------------------------------------------------ Participations in a syndicated loan under which The Neighborhood Academy is a borrower were trading in the secondary market around 83 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $2 million facility is a delay-draw term loan. It is scheduled to mature on September 19, 2023. The Company's country of domicile is U.S. NEIMAN MARCUS: S&P Lowers ICR to 'D' on Missed Interest Payment --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Dallas-based department store operator Neiman Marcus Group LLC (NMG) to 'D' from 'CCC-'. At the same time, S&P lowered its issue-level ratings on the company's unsecured debt to 'D'. S&P also lowered its issue-level ratings on the company's other debt and expects to lower them to 'D' if the company makes an announcement that it has defaulted on these instruments or files a bankruptcy petition. The recovery ratings are unchanged. "Recent reports indicate that NMG did not pay interest due on its unsecured notes maturing in October 2021 and we do not expect the company to make the payment. We also do not expect the company to make future interest payments and believe NMG will pursue a comprehensive out-of-court or in-court restructuring," S&P said. NEOVIA LOGISTICS: S&P Cuts ICR to 'CCC'; Ratings on Watch Negative ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Neovia Logistics LP and its issue-level rating on the company's first-lien term loan from 'CCC+' to 'CCC', and placed all its ratings on CreditWatch with negative implications. "We expect challenging macroeconomic conditions over the next year will have a significant impact on Neovia, given its significant end-market and customer concentration. We expect Neovia's volumes and revenues to decline in 2020, as the company's customers in the automotive and industrial end markets (which together account for around 75% of revenues) face a steep reduction in demand as a result of the COVID-19 pandemic. Although most of the company's automotive exposure comes from aftermarket parts, which are generally less cyclical than the broader industry, we expect the segment to be affected in the current environment, given extensive travel restrictions and business disruptions. In terms of the broader automotive market, S&P Global Ratings also expects sharply lower light vehicle sales in 2020, with substantial declines in the U.S. and Europe, with the U.S. declining by 25%. Additionally, Neovia's customer base remains concentrated (top 10 customers accounted for around 70% of revenues), but note that the company has staggered contract end dates with all of its customers," S&P said. "We expect to resolve the CreditWatch placement when we learn more about the effect of the coronavirus on Neovia's credit metrics. We could lower our rating on the company if we anticipate liquidity concerns caused by continued weakness in the company's EBITDA such that availability under its revolving credit facility is restricted by the springing covenant. Given the current macroeconomic environment and the company's history of undertaking debt exchanges, we could also lower the ratings if we believe there is a possibility of the company engaging in a transaction that we view as distressed," the rating agency said. NET ELEMENT: Amends Master Exchange Agreement with ESOUSA --------------------------------------------------------- Net Element, Inc., entered into an Amendment to Master Exchange Agreement dated as of March 27, 2020 with ESOUSA Holdings, LLC, a New York limited liability company. The Amendment increased from $2,000,000 to $5,000,000 the principal amount and unpaid interest of one or more promissory notes of the Company or its direct or indirect subsidiaries that ESOUSA either purchased in whole or has an irrevocable right to purchase in tranches from RBL Capital Group, LLC. The Company has the right pursuant to the Agreement (as amended by the Amendment) to request ESOUSA to exchange in tranches such promissory notes for shares of the Company's common stock on the terms and conditions and subject to the limitations set forth in the Agreement. Those shares of restricted common stock of the Company are issuable to ESOUSA under an exemption from the registration requirements of the Securities Act of 1933, as amended, in reliance upon Section 3(a)(9) of the Securities Act. About Net Element Headquartered in North Miami Beach, Florida, Net Element, Inc. (NASDAQ: NETE) -- http://www.NetElement.com/-- operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. In the U.S. it aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, its cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element recorded a net loss attributable to the company's stockholders of $6.46 million for the year ended Dec. 31, 2019, compared to a net loss attributable to the company's stockholders of $4.94 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $23.04 million in total assets, $19 million in total liabilities, and $4.04 million in total stockholders' equity. Daszkal Bolton LLP, in Fort Lauderdale, Florida, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 30, 2020 citing that the Company has sustained recurring losses from operations and has working capital and accumulated deficits that raise substantial doubt about its ability to continue as a going concern. NETFLIX INC: S&P Rates New Senior Unsecured Notes 'BB-' ------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Netflix Inc.'s proposed senior unsecured notes. The company will split the the issuance between a dollar-denominated tranche and a euro-denominated tranche. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery of principal in the event of a payment default. Netflix plans to use the net proceeds from these notes for continued investments in original content and general corporate purposes. Pro forma for the debt issuance, the company's adjusted leverage was 4.4x as of Dec. 31, 2019, and S&P expects the company's leverage to decline to the mid-3x area by the end of 2020. S&P also expects Netflix's free operating cash flow (FOCF) deficits to improve to about $1.0 billion in 2020 from $3.3 billion in 2019 due to stronger subscriber growth and lower spending on content due to production shutdowns stemming from the coronavirus pandemic. S&P's 'BB-' issuer credit rating on Netflix reflects its expectation for continued EBITDA margin improvement supported, in part, by strong subscriber growth and price increases. These factors demonstrate the strength of the company's business model and its ability to expand globally, increase its margins, and manage its rising debt burden. Additionally, the demand for in-home entertainment is skyrocketing due to the government stay-at-home and shelter-in-place mandates currently in effect around the world to slow the spread of the coronavirus. S&P expects Netflix to continue to be one of the main beneficiaries of this trend due to its position as the leading global subscription video on demand (SVOD) service. Offsetting these positive trends are the recent and impending launches of new SVOD services (e.g. Disney+, HBO Max, and Peacock), which will increase the company's competition in 2020 and beyond. In addition, the weakening global economic environment could negatively affect Netflix's subscriber trends in the second half of 2020 and into 2021 as consumers rationalize their entertainment spending habits, though it has historically performed well through weak economic environments due to strong secular factors for streaming video. "The stable outlook reflects our expectation that Netflix will maintain its solid operating performance as it expands globally. Specifically, we expect the company to report revenue growth of approximately 20% in 2020 and 15%-20% in 2021 while it benefits from operating leverage and expands its margins by approximately 300 basis points per year. We expect the company to finance its FOCF deficits, due to its significant investment in original content, with debt," S&P said. NEUSTAR INC: Bank Debt Trades at 19% Discount --------------------------------------------- Participations in a syndicated loan under which NeuStar Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD200 million term loan is scheduled to mature on August 8, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. NN INC: S&P Cuts ICR to 'B-'; Ratings on CreditWatch Negative ------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on NN Inc. to 'B-' from 'B'. At the same time, S&P lowered its issue-level ratings on NN's secured debt to 'B-' from 'B'. The recovery rating on this debt is '3' (50%-70%; rounded estimate: 55%) "The downgrade reflects our expectation that the COVID-19-related disruption will significantly lower sales, EBITDA, and cash flow generation. We believe all three segments of NN's business will be hurt by COVID-19 with its mobile solutions segment (about 30% of sales) to be severely affected by the downturn in the automotive sector. We also expect the power solutions and life sciences segments to be materially affected as well," S&P said. The majority of states have implemented stay-at-home policies that limit people's movement that will depress demand in most sectors. Further, the Centers for Medicare and Medicaid Services (CMS) and other federal and state agencies have recommended that discretionary and nonelective procedures be delayed amid the COVID-19 pandemic to limit the spread of the virus and to conserve personal protection equipment. These factors will likely lower demand for the orthopedic product produced by its life sciences segment. S&P will monitor NN's operating performance over the next several weeks. S&P expects to resolve the CreditWatch placement after it has a better understanding of the impact of COVID-19 on the company's operations and credit metrics, and how it plans to address its tightening financial covenants, including a potential amendment or waiver. NORTHRIVER MIDSTREAM: Bank Debt Trades at 17% Discount ------------------------------------------------------ Participations in a syndicated loan under which Northriver Midstream Finance LP is a borrower were trading in the secondary market around 83 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD1,000 million term loan is scheduled to mature on October 1, 2025. As of April 24, 2020, USD988 million from the loan remains outstanding. The Company's country of domicile is Canada. NSG HOLDINGS: S&P Raises ICR to 'BB+' on Improved Financial Risk ---------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on NSG Holdings LLC (NSGH) to 'BB+' from 'BB', and its issue-level rating on the company's senior secured notes to 'BBB-' from 'BB+'. The '2' recovery rating on the notes is unchanged. NSGH's cash flows are relatively more stable than S&P expected and are underpinned by the power purchase agreements (PPAs) it has with creditworthy counterparties. The company's risks mainly relate to operational risk because fuel risk has been largely hedged. Even in the current environment, volume and energy margin risk is mitigated because of the nature of the PPAs, which have maturities that provide some cushion over the debt's fully amortizing profile. Coupled with cash flow stability, the fully amortizing debt profile contributes to an improving capital structure and steadily declining leverage. Therefore, the company's financial risk continues to decline as principal balances amortize. S&P forecasts EBITDA of about $200 million-$250 million and expect debt to EBITDA of approximately 2.0x over the next 12 months. The stable outlook reflects S&P's expectation that cash flows will remain predictable and stable, given the company's fully contracted and stable operations and no debt being added. Under its base-case scenario, S&P expects NSGH's capital structure will improve based on the debt's fully amortizing profile, with leverage remaining about 2.0x over the next 12-24 months. "We could lower the rating if leverage increased to above 2.5x. This would most likely occur if NSGH issues additional debt, but could also stem from a significant increase in operating costs and major plant outages, leading to lower operating margins," S&P said. "If leverage declines below 1.75x on a sustained basis, and cash flows remain stable in the absence of operational difficulties and additional debt, we could take a positive rating action during the 24-month outlook period," the rating agency said. OBALON THERAPEUTICS: Gets $430K PPP Loan from Silicon Valley Bank ----------------------------------------------------------------- Obalon Therapeutics, Inc., executed a promissory note in favor of Silicon Valley Bank evidencing an unsecured loan in the aggregate principal amount of $430,047, which was made pursuant to the Paycheck Protection Program. The PPP was established under the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"), which was enacted on March 27, 2020, and is administered by the U.S. Small Business Administration. All the funds under the PPP Loan were disbursed to the Company on April 23, 2020. The Note provides for a fixed interest rate of one percent per year with a maturity date of April 22, 2022. Monthly principal and interest payments due on the PPP Loan are deferred for a six-month period beginning from the date of disbursement of the PPP Loan. The PPP Loan may be prepaid by the Company at any time prior to the Maturity Date with no prepayment penalties or premiums. The Note contains customary event of default provisions. Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of the loans granted under the PPP. Such forgiveness will be subject to approval by the SBA and the Lender and determined, subject to limitations, based on factors set forth in the CARES Act, including verification of the use of loan proceeds for payment of payroll costs and payments of mortgage interest, rent and utilities. In the event the PPP Loan, or any portion thereof, is forgiven, the amount forgiven is applied to outstanding principal. The terms of any forgiveness may also be subject to further regulations and guidelines that the SBA may adopt. The Company will carefully monitor all qualifying expenses and other requirements necessary to attain loan forgiveness; however, no assurance is provided that the Company will obtain forgiveness of the PPP Loan in whole or in part. The Company intends to use all proceeds from the PPP Loan to retain employees, maintain payroll and make lease and utility payments. About Obalon Obalon Therapeutics, Inc. (NASDAQ:OBLN) -- http://www.obalon.com-- is a San Diego-based company focused on developing and commercializing novel technologies for weight loss. Obalon recorded a net loss of $23.68 million for the year ended Dec. 31, 2019, compared to a net loss of $37.38 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $20.39 million in total assets, $4.54 million in total liabilities, and $15.85 million in total stockholders' equity. KPMG LLP, in San Diego, California, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Feb. 27, 2020, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. ODYSSEY LOGISTICS: Bank Debt Trades at 19% Discount --------------------------------------------------- Participations in a syndicated loan under which Odyssey Logistics & Technology Corp is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD527 million term loan is scheduled to mature on October 12, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. OFFICE DEPOT: S&P Discontinues 'B' Issuer Credit Rating ------------------------------------------------------- S&P Global Ratings discontinued all of its ratings on Florida-based Office Depot Inc. because the company no longer has any rated debt outstanding. The ratings S&P discontinued include its 'B' issuer credit rating on the company and its 'BB-' issue-level rating on its secured debt. S&P's outlook on Office Depot was stable at the time of the discontinuance. The discontinuance follows the company's full repayment of its rated senior secured term loan with proceeds from its recently refinanced $1.3 billion asset-based lending (ABL) facility. OFFSHORE MARINE: $5.45M Sale of Vessel to JAD Approved ------------------------------------------------------ Judge Jerry Brown of the U.S. Bankruptcy Court of the Eastern District of Louisiana authorized Offshore Marine Contractors, Inc.'s (a) compromise with (i) Michael M. Eymard, Raimy D. Eymard and Louis J. Eymard, II ("Guarators"); and (ii) Caterpillar Financial Services regarding the disposition of its vessel the L/B Raimy Eymard Official Number 1249839, and Caterpillar's concomitant secured and unsecured claims, through their settlement agreement; and (b) related sale of the Vessel to JAD Construction Limited for total $5.45 million through their asset purchase agreement. Pursuant to sections 363(b) and 363(f) of the Bankruptcy Code, the Vessel will be transferred to JAD upon consummation of the APA free and clear of all liens, claims, interests and encumbrances of any kind or nature whatsoever with all such liens, claims, interests or encumbrances of any kind or nature whatsoever to attach to the proceeds of the Sale. The proceeds of the Sale will be paid to Caterpillar at the Closing. Any and all public officers and offices, including the U.S. Coast Guard and National Vessel Documentation Center, are authorized and directed to cancel and erase from the public record all mortgages, liens, privileges and other items listed of record, including the following Preferred Ship Mortgages: a. Caterpillar Financial Services, Preferred Ship Mortgage (Batch Number 15676400, Document ID Number 2); b. Mississippi River Bank, Preferred Ship Mortgage (Batch Number 28527500, Document ID Number 4). Upon the Closing of the Sale and accompanying payment of the Sale proceeds to Caterpillar, Caterpillar's Proof of Claim Number 12 is allowed under Bankruptcy Code Section 502(b) against all parties in the amount of $7,821,729. Such claim is deemed a secured claim under Bankruptcy Code Section 506(a)(1) to the extent of the amount it received from the Sale. The Order will be immediately effective and executory upon entry on the docket of the record of the case, and the 14-day stay provided by Fed. R. Bankr. P. 6004(h) will be abrogated and waived. 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. OMG MH HOLDINGS: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------------- The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of OMG MH Holdings LLC, according to court dockets. About OMG MH Holdings OMG MH Holdings, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). OMG MH Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-00478) on Feb. 12, 2020. At the time of the filing, Debtor disclosed zero assets and total liabilities of $4,291,161. Judge Cynthia C. Jackson oversees the case. Brennan, Manna & Diamond is the Debtor's legal counsel. OMNIQ CORP: Receives $3.9M Purchase Order From Supermarket Chain ---------------------------------------------------------------- OMNIQ Corp. has received a purchase order valued at more than $3.9 million from a U.S. supermarket chain for the supply of mobile data collection, computing and communications equipment. The order represents follow-on business from this customer, who recently purchased $1.5 million in handheld equipment from OMNIQ. The rugged handheld mobile computers are designed to enhance the productivity of the retail workforce by providing the ability to scan inventory and to track data using integrated features through a handheld device, with the fastest and most dependable wireless connection inside and outside four walls. The industrial-designed device improves logistics efficiencies by enabling quick and accurate control of data collection, shipping/receiving and inventory management. Shai Lustgarten, president and CEO of OMNIQ, stated, "We're pleased to announce this $3.9M order for a state-of-the-art device for use as part of the logistics system of one of the largest retail corporations in the U.S. With technology revolutionizing the Supply Chain industry, OMNIQ has had proven success as a reliable supplier to many Fortune 500 customers. This substantial follow-on order from one of our valued partners, demonstrates our ability to source and provide new technologies that enable our customers to operate at the highest levels of efficiency. The handheld, rugged computing solution represents next generation enterprise technology that's as easy to use as a smartphone, with the durability to perform well in warehouses and other industrial settings, while driving employee productivity and keeping data secure. "As the world continues to navigate the COVID-19 virus, the current situation highlights the importance of hands-free, automated solutions to public safety; both from the perspective of protecting employees and from the vantage point of protecting end customers. The less hand to hand transport of items such as produce, from warehouse to point of sale, the safer everyone in the supply chain will be, and our products and solutions heighten the capability of 'touch free' supply chain management. We look forward to expanding our relationships with existing and new customers with our new, proprietary AI-based solutions which we believe have the opportunity to contribute significant value to the Supply Chain as well as to the Smart City, Public Safety and Traffic Control verticals." About OMNIQ Corp. Headquartered in Salt Lake City, Utah, OMNIQ Corp. (OTCQB: OMQS) -- http://www.omniq.com-- provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management and access control applications. The technology and services provided by the Company help clients move people, assets and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments. Omniq reported a net loss attributable to common stockholders of $5.31 million for the year ended Dec. 31, 2019, compared to a net loss attributable to common stockholders of $5.41 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $34.45 million in total assets, $32.64 million in total liabilities, and $1.81 million in total stockholders' equity. Haynie & Company, in Salt Lake City, Utah, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 30, 2020, citing that the Company has a deficit in stockholders' equity, and has sustained recurring losses from operations. This raises substantial doubt about the Company's ability to continue as a going concern. ONE CALL: Bank Debt Trades at 18% Discount ------------------------------------------ Participations in a syndicated loan under which One Call Corp is a borrower were trading in the secondary market around 82 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD956 million term loan is scheduled to mature on November 27, 2022. As of April 24, 2020, USD939 million from the loan remains outstanding. The Company's country of domicile is U.S. OWENS PRECISION: Responds to LaMonica's Plan Objection ------------------------------------------------------ Owens Precision, Inc., a Nevada corporation, as debtor and debtor-in-possession, filed a response to creditor LaMonica Properties, LLC’s, limited objection to Debtor's Third Amended Chapter 11 Plan of Reorganization and Combined Disclosure Statement. After review of the Objection and a brief review of the Motion, the Debtor does not believe LaMonica is entitled to expenses and fees described in the Motion, which relates to the Objection filed. The Debtor's counsel is currently assessing its First Interim Application for Compensation. Once filed, this document will demonstrate as of recent date the administrative expenses owed by Debtor. This filing will be able to provide creditors such as LaMonica with insight into the feasibility of Debtor's Plan with respect to administrative expenses. Attorneys for the Debtor: Brittany M. Woodman, Esq. Maurice B. VerStandig, Esq. THE VERSTANDIG LAW FIRM, LLC 1452 W. Horizon Ridge Pkwy, #665 Henderson, NV 89012 Telephone: 301-444-4600 Facsimile: 301-576-6885 E-mail: britt@mbvesq.com About Owens Precision Owens Precision, Inc. -- http://owensprecision.com/-- is a Carson City, Nevada-based CNC machining shop that provides contract manufacturing services to the aerospace, defense, semiconductor, and process control industries. Owens Precision filed a Chapter 11 petition (Bankr. D. Nev. Case No. 19-51323) on Nov. 12, 2019 in Reno, Nevada. In the petition signed by James Mayfield, president and director of Owens Precision, Inc., the Debtor was estimated with assets $1 million to $10 million, and liabilities within the same range. Judge Bruce T. Beesley oversees the case. The Verstandig Law Firm, LLC, is the Debtor's counsel. PACE INDUSTRIES: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------------- The U.S. Trustee for Region 3 on April 24, 2020, appointed a committee to represent unsecured creditors in the Chapter 11 cases of Pace Industries, LLC and its affililiates. The committee members are: 1. Commercial Metals Company Attn: Suzy Rhodes 6565 Macarthur Blvd, Ste. 800 Irving, TX 75039 Phone: 214-689-5887 Email: Suzy.Rhodes@cmc.com 2. Real Alloy Attn: Travis Carr 3700 Park East Drive, Ste. 300 Beachwood, OH 44122 Phone: 260-571-7640 Fax: 216-916-4924 Email: Travis.Carr@realalloy.com 3. Shapiro Sales Company dba Shapiro Metals Attn: Rick Dobkin 9666 Olive Bl., Ste. 500 St. Louis, MO 63132 Phone: 314-218-6803 Fax: 314-381-4728 Email: rdobkin@shapirometals.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Pace Industries Pace Industries, LLC -- http://www.paceind.com/-- is a full-service aluminum, zinc and magnesium die casting company. Headquartered in Fayetteville, Ark., Pace Industries offers end-to-end, nonferrous, die cast supply chain solutions, and a wide array of capabilities and services, including advanced engineering, tool and die fabrication, prototyping, precision machining, assembly, finishing and painting. Pace Industries and 10 affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-10927) on April 12, 2020. At the time of the filing, Debtors disclosed assets of between $100 million and $500 million and liabilities of the same range. Judge Mary F. Walrath oversees the cases. Debtors tapped Young Conaway Stargatt & Taylor, LLP and Willkie Farr & Gallagher, LLP as bankruptcy counsel; FTI Consulting, Inc. as financial advisor; Hughes Hubbard & Reed, LLP as special counsel; and Kurtzman Carson Consultants, LLC as claims, noticing and balloting agent. PANDA HUMMEL: Bank Debt Trades at 17% Discount ----------------------------------------------- Participations in a syndicated loan under which Panda Hummel is a borrower were trading in the secondary market around 83 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $120 million facility is a delay-draw term loan. It is scheduled to mature on October 27, 2022. The Company's country of domicile is U.S. PARADIGM MIDSTREAM: Bank Debt Trades at 29% Discount ---------------------------------------------------- Participations in a syndicated loan under which Paradigm Midstream LLC is a borrower were trading in the secondary market around 71 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD400 million term loan is scheduled to mature on September 5, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. PARKINSON SEED: Plan Admin's Sale of Property Approved ------------------------------------------------------ Judge Joseph M. Meier of the U.S. Bankruptcy Court for District of Idaho authorized Matt McKinlay of CFO Solutions, LLC, doing business as Advanced CFO, duly appointed Plan Administrator of Parkinson Seed Farm, Inc., to sell the real property and improvements located at or about Bowman Road near Downey in Bannock County, Idaho, commonly known as (a) the Downey Farm, consisting of approximately 622 acres ; (b) certain irrigation equipment including four center pivots, and eight-wheel lines used to irrigate the Downey Farm; and (c) the Downey Cellar and other improvements A hearing on the Motion was held on April 20, 2020 at 10:00 a.m. The Plan Administrator is authorized to sell the Downey Property at an auction to be conducted by United Country - Commercial Auction Services on April 27, 2020 (or such later date as may be selected), for a purchase price to be determined at auction and accepted by the Plan Administrator and thereafter convey the Downey Property to the successful bidder or bidders at a closing to occur on or before May 10, 2020. The sale and/or conveyance of the Downey Property authorized will be on an "as is - where is" basis and effected free and clear of all liens, claims, and interests, and all liens, claims, and other interests against the Downey Property will transfer and attach to the proceeds of the sale of the Downey Property, net of any commission and reasonable expenses incurred in the sale. If a final bid to purchase the Downey Property at auction is approved and accepted by the Plan Administrator, then at closing of such sale the Plan Administrator is authorized to pay commissions owed to the Auctioneer, the Seller's costs of closing, and real property taxes owed to Bannock County, Idaho. The Plan Administrator is authorized to pay the net proceeds from the sale of the Downey Property to Compeer Financial ACA Bank in partial satisfaction of Compeer's Allowed Class 3 Secured Claim and the Downey Net Cellar Proceeds will be paid to SummitBridge in partial satisfaction of its Allowed Class 2 Secured Claim as provided in Section 6.4 of the Plan. If the Downey Property and Downey Cellar are sold in a joint sale, then the net proceeds will be paid 77.8% to Compeer and 22.2% to SummitBridge, which is in proportion to appraised value of these properties up until the net proceeds exceed the appraised value. In the event the actual net proceeds of the Downey Property and the Downey Cellar exceed the combined appraised value of them, disposition of such excess net sale proceeds will occur by stipulation or further order of the Court as provided in Section 6.4(e) of the Plan. About Parkinson Seed Farm Located in Saint Anthony, Idaho, Parkinson Seed Farm, Inc. -- http://www.parkinsonseedfarm.com/-- farms approximately 7,200 acres of potatoes. It raises seed potatoes, hard red and hard white wheat, as well as a small amount of alfalfa (mostly to feed horses for recreational purposes). The company raises 11 of what it considers to be more mainstream varieties such as the Russet Burbank, Ranger, three different line selections of Russet Norkotah, white varieties such as Cal Whites and Atlantics, and reds like the Dark Red Norland. The company was founded in 1937. Parkinson Seed Farm sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 18-40412) on May 15, 2018. In the petition signed by Dirk Parkinson, president, the Debtor disclosed $6.11 million in assets and $26.92 million in liabilities. Judge Joseph M. Meier oversees the case. Parkinson Seed Farm hired Robinson & Associates as its legal counsel. The Court approved Henri LeMoyne of LeMoyne Realty & Appraisals as Debtor's realtor. PATHWAY VET: Bank Debt Trades at 19% Discount ---------------------------------------------- Participations in a syndicated loan under which Pathway Vet Alliance LLC is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $77 million facility is a delay-draw term loan. It is scheduled to mature on October 10, 2024. The Company's country of domicile is U.S. PEARL 53: Case Summary & 3 Unsecured Creditors ---------------------------------------------- Debtor: Pearl 53 LLC 15 Cuttermill Rd Ste 269 Great Neck, NY 11021-3252 Business Description: Pearl 53 LLC is engaged in activities related to real estate. The Company has contract to purchase real property at 53 Pearl Street, Brooklyn, NY, having a current value of $9.85 million. Chapter 11 Petition Date: April 28, 2020 Court: United States Bankruptcy Court Eastern District of New York Case No.: 20-41911 Judge: Hon. Carla E. Craig Debtor's Counsel: Kevin J. Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 1501 Broadway 22nd Floor New York, NY 10036 Tel: (212) 221-5700 Email: knash@gwfglaw.com Total Assets: $13,029,500 Total Liabilities: $9,434,104 The petition was signed by David Goldwasser, GC Realty Advisors, manager and chief restructuring officer. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/BVFDNq List of Debtor's Six Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. 177 Water LLC Balance of $9,000,000 50 Hudson Ave Contract Price Brooklyn, NY 11201-1210 2. BKSK Architects LLP Services $186,000 28 W 25th St Fl 4 New York, NY 10010-2742 3. Constantinople & Services $15,000 Vallone Consulting, LLC 233 Broadway Rm 830 New York, NY 10279-0815 4. Gallet Dreyer and Services $811 Berkey 845 3rd Ave Fl 5 New York, NY 10022-6601 5. ICOR Associates LLC Services $129,000 485C US Highway 1S Ste 200 Iselin, NJ 08830-3037 6. Silman Services $103,293 32 Old Slip Fl 10 New York, NY 10005-3500 PERFORMANCE FOOD: S&P Rates New $250MM Senior Unsecured Notes 'B' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating to Performance Food Group Inc.'s (PFG's) proposed $250 million senior unsecured notes due 2025 and placed the rating on CreditWatch with negative implications. The '5' recovery rating reflects S&P's expectation for modest (10%-30%; rounded estimate: 15%) recovery in the event of a payment default. S&P expects PFG to use the net proceeds from the proposed notes to reduce asset-based lending revolver draws and pay related transaction fees and expenses. Total debt outstanding pro forma for the transaction is about $3.8 billion. All of S&P's existing ratings on PFG (B+/Watch Neg/--) are unchanged. The CreditWatch placement with negative implications reflects the potential for a lower rating on PFG, though there is substantial uncertainty about the duration and severity of the coronavirus outbreak. Nevertheless, S&P also recognizes the liquidity improvement from this transaction--assuming it is completed--as well as the recent equity issuance and the junior term loan issuance. PERSPECTA INC: S&P Affirms 'BB' ICR Despite Loss Of Navy Contract ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating on the government services contractor, Perspecta Inc. S&P also affirmed its 'BB' rating on Perspecta's first-lien credit facility. The '3' recovery rating is unchanged. The loss of the U.S. Navy's Next Generation Enterprise Network (NGEN) contract will have a significant effect on Perspecta's earnings, but likely not until fiscal 2022 (ending March 2022). In February 2020, the company lost the follow-on contract for NGEN, which accounts for 15%-20% of Perspecta's annual revenue. It has received extensions on the existing contract that go until September 2020 with three one-month options to December 2020, and has protested the loss, which likely won't be decided until June 2020. If it loses the protest, there will be a nine-month transition period so the company's revenues and earnings should not be substantially affected until fiscal 2022. "Although Perspecta has been working to replace some of the lost revenue, a contract of NGEN's magnitude creates a sizable gap, and we expect revenue and earnings to be lower than our previous forecast for 2022 and beyond. We don't believe the loss of NGEN is a sign of larger problems within the business, but it will take some time for Perspecta to rebuild its scale," S&P said. The stable outlook reflects that although credit ratios will likely improve in the next 12 months, the company will be challenged to replace the lost NGEN business. S&P expects debt to EBITDA of 3x-3.4x in fiscal 2021, increasing to 3.4x-3.8x in fiscal 2022. "Although unlikely in the next 12 months, we could raise the rating on Perspecta if we are confident debt to EBITDA will remain comfortably below 4x in the long term. This could occur if the company wins significant new business to replace the loss of NGEN and management commits to maintaining leverage at this level by avoiding large debt-financed acquisitions or large share repurchases," S&P said. "Although unlikely in the next 12 months, we could lower the rating on Perspecta if debt to EBITDA increases above 5x for an extended period. This could occur if the company is unable to win new business after losing NGEN, resulting in declining revenue. This could also stem from multiple large debt-financed acquisitions, higher-than-expected dividends or share repurchases, or a materially greater impact from the coronavirus than we currently forecast," the rating agency said. PESCRILLO NIAGARA: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Pescrillo Niagara, LLC. About Pescrillo Niagara Pescrillo Niagara, LLC, a domestic limited liability company in Niagara Falls, N.Y., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 20-10379) on March 6, 2020, listing under $1 million in assets and liabilities. Judge Michael J. Kaplan oversees the case. Debtor hired Gleichenhaus, Marchese & Weishaar PC as its legal counsel. PH BEAUTY: Bank Debt Trades at 19% Discount ------------------------------------------- Participations in a syndicated loan under which PH Beauty Holdings III Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD70 million term loan is scheduled to mature on September 28, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. PH BEAUTY: S&P Alters Outlook to Negative, Affirms 'B-' ICR ----------------------------------------------------------- S&P Global Ratings revised its outlook on pH Beauty Holdings I Inc. to negative from positive and affirmed its 'B-' issuer credit rating on the company. "The negative outlook reflects our expectation for a deterioration in sales and EBITDA, resulting in weak interest coverage and covenant pressure. We believe a global recession and a decline in consumer spending because of the COVID-19 pandemic will negatively affect pH Beauty's sales and profitability. One of the company's largest retail customers, Ulta Beauty, closed its stores temporarily to help abide by social distancing guidelines intended to slow the spread of the virus. While many of pH Beauty's other customers are considered essential businesses and will remain open including Walmart, Target, and various drugstores, we believe consumers shopping in these stores will primarily be focused on purchasing food and other essential goods rather than cosmetics. The company sells on Amazon and TMall, but we believe an increase in online sales will only provide a modest offset to sales declines from brick-and-mortar retailers," S&P said. The negative outlook reflects the risk that S&P could lower the rating on pH Beauty over the next 12 months if the company's operating performance decline is more severe than the rating agency currently forecasts because of the COVID-19 pandemic and global recession, leading the rating agency to believe that the company's capital structure is unsustainable. "We could lower the rating on pH Beauty if we believe its capital structure is unsustainable because demand falls more than our current forecast, such that EBITDA interest coverage remains below 1.5x, free cash flow turns negative, or if we believe the company has insufficient liquidity. We could also consider lower ratings if we believe the company will violate its financial maintenance covenants and does not receive an amendment or waiver," S&P said. "We could revise the outlook to stable if the coronavirus outbreak stabilizes and the global economy strengthens such that pH Beauty shows positive sales momentum, and we are confident that interest coverage will improve to above 1.5x and liquidity will remain adequate. Although unlikely over the next 12 months, we could raise our rating on pH Beauty if we have confidence that it will sustain leverage below 7x and EBITDA coverage at about 2x or better," S&P said. PIONEER ENERGY: Hires Norton Rose Fulbright as Co-Counsel --------------------------------------------------------- Pioneer Energy Services Corp. and its debtor-affiliates sought and obtained approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Norton Rose Fulbright US LLP as co-counsel to the Debtors, nunc pro tunc to the petition date on March 1, 2020. The firm will provide these services in connection with the Debtors' Chapter 11 case: (a) provide legal advice and services regarding local rules, practices, and procedures; (b) provide certain services in connection with administration of the Chapter 11 Cases; (c) review and comment on proposed drafts of pleadings to be filed with the Court; (d) at the request of the Debtors, appear in Court and at any meeting with the United States Trustee and any meeting of creditors at any given time on behalf of the Debtors as their local and conflicts bankruptcy co-counsel; (e) perform all other services assigned by the Debtors to the firm as co-counsel to the Debtors; and (f) provide legal advice and services on any matter on which Paul Weiss may have a conflict, or as needed based on specialization. The firm will be paid at these hourly rates: Partners $625-$1,165 Senior Associates $410-$750 Senior Counsel $465-$825 Counsel $230-$825 Associates $315-$750 Patent Agents $285-$520 Of Counsel $695-$1,265 Paralegals $110-$415 Practice Support $45-$450 Jason L. Boland $880 During the 90-day prior to the petition date on March 1, 2020, the firm received payments and advances totaling approximately $394,160.28 for professional services performed and to be performed. The firm currently holds a retainer of $225,000 in a trust account for application to and payment of postpetition fees and expenses that are allowed by the Court upon motion or application of the firm. Jason L. Boland, a partner at Norton Rose Fulbright US LLP, disclosed in court filings that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason L. Boland NORTON ROSE FULBRIGHT US LLP Houston, TX About Pioneer Energy Services Corp. Pioneer Energy Services (OTC: PESX) -- http://www.pioneeres.com/-- provides well servicing, wireline, and coiled tubing services to producers primarily in Texas and the Mid-Continent and Rocky Mountain regions. Pioneer also provides contract land drilling services to oil and gas operators in Texas, Appalachia and Rocky Mountain regions and internationally in Colombia. Pioneer is headquartered in San Antonio, Texas. Pioneer Energy Services Corp. and nine related entities sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-31425) on March 1, 2020 to effectuate its prepackaged plan of reorganization that will cut debt by $260 million. Pioneer Energy disclosed $689,693,000 in assets and $576,545,000 in liabilities as of Sept. 30, 2019. The Hon. David R. Jones is the case judge. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Norton Rose Fulbright US LLP are serving as legal counsel to Pioneer, Lazard is acting as financial advisor and Alvarez & Marsal is serving as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent and Ernst & Young LLP is the tax services provider. Davis Polk & Wardwell LLP and Haynes and Boone, LLP are acting as legal counsel for the ad hoc group of Senior Unsecured Noteholders and Houlihan Lokey is acting as financial advisor. PIONEER ENERGY: Hires Paul Weiss as Counsel ------------------------------------------- Pioneer Energy Services Corp. and its debtor-affiliates sought and obtained approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Paul, Weiss, Rifkind, Wharton & Garrison LLP as attorneys. The firm will provide these services in connection with the Debtors' Chapter 11 case: (a) provide legal advice with respect to the Debtors' powers and duties as debtors-in-possession in the continued operation of their business and management of their properties; (b) attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of these Chapter 11 Cases; (c) take necessary action to protect and preserve the Debtors' estates; (d) prepare and prosecute on behalf of the Debtors all motions, applications, answers, orders, reports and papers necessary to the administration of the estates; (e) advise and assist the Debtors with financing and transactional matters as such may arise during the Chapter 11 Cases; (f) appear in Court and protect the interests of the Debtors before the Court; and (g) perform all other legal services for the Debtors that may be necessary and proper in these Chapter 11 Cases. The firm will be paid at these hourly rates: Partners $1,225-$1,650 Counsel $1,200 Associates $665-$1,110 Paraprofessionals $115-$380 The attorneys designated to provide services to the Debtors will be paid at these hourly rates: Brian S. Hermann (Partner) $1,650 Elizabeth R. McColm (Partner) $1,550 Sarah Harnett (Counsel) $1,200 Brian Bolin (Counsel) $1,200 Eugene Park (Associate) $955 Grace Hotz (Associate) $775 Paul, Weiss received advanced payment retainers in connection with this engagement, including on (i) June 3, 2019 in the amount of $250,000 and (ii) February 28, 2020 in the amount of $500,000, for a total amount of $750,000. The firm has applied $686,490.243 of the retainers to outstanding balances existing as of March 1, 2020. The firm continues to hold the remaining $63,509.76 of the retainers. In addition, the firm received $3,118,392.11, inclusive of the $500,000 retainer received on February 28, 2020, in connection with the firm's general representation of the Debtors in the 90-day period prior to the filing of these Chapter 11 Cases and in connection with the preparation thereof. Elizabeth R. McColm, a partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP, disclosed in court filings that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, and as required under section 327(a) of the Bankruptcy Code. The firm can be reached through: Elizabeth R. McColm, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, NY 10019 About Pioneer Energy Services Corp. Pioneer Energy Services (OTC: PESX) -- http://www.pioneeres.com/-- provides well servicing, wireline, and coiled tubing services to producers primarily in Texas and the Mid-Continent and Rocky Mountain regions. Pioneer also provides contract land drilling services to oil and gas operators in Texas, Appalachia and Rocky Mountain regions and internationally in Colombia. Pioneer is headquartered in San Antonio, Texas. Pioneer Energy Services Corp. and nine related entities sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-31425) on March 1, 2020 to effectuate its prepackaged plan of reorganization that will cut debt by $260 million. Pioneer Energy disclosed $689,693,000 in assets and $576,545,000 in liabilities as of Sept. 30, 2019. The Hon. David R. Jones is the case judge. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Norton Rose Fulbright US LLP are serving as legal counsel to Pioneer, Lazard is acting as financial advisor and Alvarez & Marsal is serving as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent and Ernst & Young LLP is the tax services provider. Davis Polk & Wardwell LLP and Haynes and Boone, LLP are acting as legal counsel for the ad hoc group of Senior Unsecured Noteholders and Houlihan Lokey is acting as financial advisor. PIONEER ENERGY: Taps Alvarez & Marsal as Financial Advisors ----------------------------------------------------------- Pioneer Energy Services Corp. and its debtor-affiliates sought and obtained approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Alvarez & Marsal North America, LLC as the Debtors' financial advisors. The firm will provide these services in connection with the Debtors' Chapter 11 case: (a) assist management and the Debtors' other engaged professions in preparation of the first day motions, declarations, schedules, exhibits and other materials support the first and second day hearings in the Chapter 11 Cases; (b) review the Debtors' cash flow forecast, provide input to convert into a debtor-in-possession cash flow model, and assist with any negotiations of use of cash collateral and debtor-in-possession financing, and any ongoing reporting requirements related to the same; (c) support management together the Debtors' other engaged professionals in developing restructuring plans and internal and external communications action plans regarding any restructuring process and the Chapter 11 Cases; (d) assist accounting staff in preparation for these Chapter 11 Cases; (e) assist management with responses and data gathering required as a result of due diligence conducted by various creditors' advisors; (f) assist with case administration and/or other restructuring efforts, if necessary; (g) assist management's efforts to develop and prepare, in cooperation with the Debtors' other engaged professionals, a chapter 11 plan of reorganization and accompanying disclosure statement; (i) provide testimony, if necessary, in support of relief requested in these Chapter 11 Cases; and (j) other activities as are approved by the responsible officer or the board of directors and agreed to by Alvarez & Marsal. The professionals designated to provide restructuring services to the Debtors will be paid at these hourly rates: Managing Directors $875-$1,100 Directors $675-$850 Analysts/Associates $400-$650 The professionals designated to provide case management services to the Debtors will be paid at these hourly rates: Managing Directors $825-$950 Directors $650-$800 Analysts/Consultants $400-$600 Alvarez & Marsal North America received $250,000 as a retainer in connection with preparing for and conducting the filing of these Chapter 11 Cases. During the 90-period prior to the petition date on March 1, 2020, the firm received retainers and payments totaling $1,164,380.82 in the aggregate for services performed for the Debtors. The firm has applied these funds to amounts due for services rendered and expenses incurred prior to the petition date. James M. Grady, a managing director with Alvarez & Marsal North America, LLC, disclosed in court filings that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and as required under section 327(a) of the Bankruptcy Code. The firm can be reached through: James M. Grady ALVAREZ & MARSAL NORTH AMERICA LLC 600 Madison Avenue, 8th Floor New York, NY 10022 About Pioneer Energy Services Corp. Pioneer Energy Services (OTC: PESX) -- http://www.pioneeres.com/-- provides well servicing, wireline, and coiled tubing services to producers primarily in Texas and the Mid-Continent and Rocky Mountain regions. Pioneer also provides contract land drilling services to oil and gas operators in Texas, Appalachia and Rocky Mountain regions and internationally in Colombia. Pioneer is headquartered in San Antonio, Texas. Pioneer Energy Services Corp. and nine related entities sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-31425) on March 1, 2020 to effectuate its prepackaged plan of reorganization that will cut debt by $260 million. Pioneer Energy disclosed $689,693,000 in assets and $576,545,000 in liabilities as of Sept. 30, 2019. The Hon. David R. Jones is the case judge. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Norton Rose Fulbright US LLP are serving as legal counsel to Pioneer, Lazard is acting as financial advisor and Alvarez & Marsal is serving as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent and Ernst & Young LLP is the tax services provider. Davis Polk & Wardwell LLP and Haynes and Boone, LLP are acting as legal counsel for the ad hoc group of Senior Unsecured Noteholders and Houlihan Lokey is acting as financial advisor. PIONEER ENERGY: Taps Ernst & Young as Tax Services Provider ----------------------------------------------------------- Pioneer Energy Services Corp. and its debtor-affiliates sought and obtained approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Ernst & Young LLP as the Debtors' tax services provider. The firm will provide these bankruptcy tax advisory services and routine tax advisory services in connection with the Debtors' Chapter 11 case: (a) advise the Debtors with respect to the tax issues related to the Chapter 11 Cases for U.S. federal, state and local tax purposes; (b) advise the Debtors on the tax consequences of proposed plans of reorganization; (c) gather information and prepare calculations regarding changes in the Debtors' common stock to determine whether any shifts in stock ownership have caused or may cause reductions or limitations on certain tax attributes; (d) analyze the tax treatment of any debt instruments issued by the Debtors in connection with any plan of reorganization; (e) advise and assist the Debtors with determining the validity and amount of any bankruptcy tax claims or assessments; (f) scope, assist and advise the Debtors on the potential for seeking cash tax refunds; (g) provide documentation of tax analyses, opinions, recommendations, conclusions, and correspondence for any proposed restructuring alternative, bankruptcy tax issue, or other related tax issues; (h) advise the Debtors regarding general tax and transactional issues; (i) assist the Debtors with interactions and communications with tax authorities; (j) review transaction-related documentation; (k) prepare technical memoranda, letters, emails, and other written documentation; (l) prepare estimated tax computations and related vouchers; and (m) prepare sales, use, excise, and property tax returns. The professionals designated to provide bankruptcy tax advisory services to the Debtors will be paid at these hourly rates: Principal/Partner/Managing Director $850-$975 Senior Manager $750-$825 Manager $625-$700 Senior $450-$500 Staff $250-$300 Client Serving Specialist $150-$200 The professionals designated to provide routine tax advisory services to the Debtors will be paid at these hourly rates: Principal/Partner/Managing Director $750 Senior Manager $675 Manager $575 Senior $450 Staff $275 Client Serving Specialist $175 During the 90-day period before the Debtors' petition date on March 1, 2020, the Debtors paid $149,323 to Ernst & Young related to tax compliance and advisory services and tax bankruptcy advisory services provided. Jessica S. Gonzalez, a partner at Ernst & Young LLP, disclosed in court filings that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b) of the Bankruptcy Code. The firm can be reached through: Jessica S. Gonzalez ERNST & YOUNG LLP 100 W. Houston Street San Antonio, TX 78205 About Pioneer Energy Services Corp. Pioneer Energy Services (OTC: PESX) -- http://www.pioneeres.com/-- provides well servicing, wireline, and coiled tubing services to producers primarily in Texas and the Mid-Continent and Rocky Mountain regions. Pioneer also provides contract land drilling services to oil and gas operators in Texas, Appalachia and Rocky Mountain regions and internationally in Colombia. Pioneer is headquartered in San Antonio, Texas. Pioneer Energy Services Corp. and nine related entities sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-31425) on March 1, 2020 to effectuate its prepackaged plan of reorganization that will cut debt by $260 million. Pioneer Energy disclosed $689,693,000 in assets and $576,545,000 in liabilities as of Sept. 30, 2019. The Hon. David R. Jones is the case judge. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Norton Rose Fulbright US LLP are serving as legal counsel to Pioneer, Lazard is acting as financial advisor and Alvarez & Marsal is serving as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent and Ernst & Young LLP is the tax services provider. Davis Polk & Wardwell LLP and Haynes and Boone, LLP are acting as legal counsel for the ad hoc group of Senior Unsecured Noteholders and Houlihan Lokey is acting as financial advisor. PITBULL REALTY: Seeks May 12 Extension for Amended Plan ------------------------------------------------------- Debtor Pitbull Realty Group, Inc., moves the Bankruptcy Court to extend the deadline by which it must file an amended Disclosure Statement and Chapter 11 Plan from April 10, 2020 to May 12, 2020. This Court will hear the Debtor's Motion to Approve Settlement on April 13, 2020. Under the circumstances created by the Covid-19 Pandemic, the Debtor believes that it is reasonable to extend the modification deadline for the short period requested herein so that the Debtor and Plan Proponent know if the Proposed Settlement has been approved or not. The Debtor's attorneys: Eleanor Wm. Dahar, Esq. VICTOR W. DAHAR, P.A. 20 Merrimack Street Manchester, NH 03101 Tel: (603) 622-6595 About Pitbull Realty Group Pitbull Realty Group, Inc. is a limited liability company engaged in single asset real estate, with principal place of business at 373 South Willow Street, Manchester, New Hampshire. Pitbull Realty Group Inc. sought Chapter 11 protection (Bankr. D.N.H. Case No. 19-10923) on June 28, 2019. The Debtor was estimated to have less than $1 million in assets and/or liabilities. WILLIAM S. GANNON PLLC is the Debtor's counsel. The Debtor hired Victor W. Dahar, P.A., as attorney. PLANTRONICS INC: S&P Alters Outlook to Negative, Affirms 'B+' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based communications endpoint provider Plantronics Inc. (Poly) to negative from stable and affirmed its 'B+' issuer credit rating. S&P also affirmed its 'B+' issue-level ratings on the company's senior secured facilities and 'B' rating on its senior unsecured notes. "We revised our base-case assumptions downward due to weaker operating conditions. The outlook revision reflects the more challenging environment in which Poly now operates. As a result of expected weaker demand and supply chain disruptions, we project a low- to mid-single-digit percent revenue decline in fiscal 2021 and EBITDA margins remaining around 15%. This is lower than our previous base-case forecast of a stabilization in pro forma revenues and EBITDA margins improving to the high-teens percent area," S&P said. "The negative outlook reflects our expectation that Poly will face significant operating headwinds over the next 12 months because of reduced demand from a global macroeconomic recession and possible extended supply chain disruptions from COVID-19 containment measures. We believe this could reduce the ramp-up in new product sales and expected improvement in FOCF generation in fiscal 2021. We expect a 3%-5% revenue decline and EBITDA margins maintained in the 15% area to lead to FOCF to debt in the high-single-digit percent area in fiscal 2021," S&P said. S&P could lower the rating over the next 12 months if Poly cannot manage near-term business uncertainties and improve margins, or it experiences a deeper or more prolonged global recession than anticipated affecting demand for endpoints. In this scenario, revenues could decline by at least the mid-single-digit percent area, EBITDA margins decrease below 15%, and FOCF to debt remain below 7% on a sustained basis. "We could also downgrade Poly if its liquidity position weakens significantly, which could be due to weaker FOCF generation and an inability to address tightening covenant headroom, resulting in reduced availability of the revolving credit facility (RCF)," S&P said. "We could revise the outlook to stable if we expect Poly to manage potential supply chain disruptions and improve sales and operational execution, with stabilized revenues that put it on the path to growth and improved EBITDA margins above 15% in fiscal 2021 even in the volatile near-term operating environment. This could be further helped by cost savings from restructuring activities and improved free cash flow conversion from better working capital management and lower cash interest. A stable outlook would include Poly increasing FOCF to debt to about 10%, combined with maintaining gross leverage below 6x on a sustained basis," the rating agency said. PLAYA RESORTS: Bank Debt Trades at 20% Discount ----------------------------------------------- Participations in a syndicated loan under which Playa Resorts Holding BV is a borrower were trading in the secondary market around 80 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD1,010 million term loan is scheduled to mature on April 27, 2024. As of April 24, 2020, USD984 million from the loan remains outstanding. The Company's country of domicile is U.S. PRAIRIE ECI: Bank Debt Trades at 28% Discount --------------------------------------------- Participations in a syndicated loan under which Prairie ECI Acquiror LP is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD1530 million term loan is scheduled to mature on March 11, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. PRECISION GLOBAL: Bank Debt Trades at 20% Discount --------------------------------------------------- Participations in a syndicated loan under which Precision Global Corp is a borrower were trading in the secondary market around 80 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $20 million facility is a delay-draw term loan. It is scheduled to mature on August 8, 2024. The Company's country of domicile is U.S. PROPULSION ACQUISITION: Bank Debt Trades at 19% Discount -------------------------------------------------------- Participations in a syndicated loan under which Propulsion Acquisition LLC is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD395 million term loan is scheduled to mature on July 13, 2021. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. Q HOLDCO: S&P Alters Outlook to Negative, Affirms 'B' ICR --------------------------------------------------------- S&P Global Ratings affirmed its 'B' ratings on Q Holdco Ltd. and its senior unsecured debt. S&P also revised the outlook to negative from stable. S&P's '3' recovery rating on the secured debt is unaffected. Q Holdco's credit metrics and liquidity position could deteriorate materially in 2020 because of the coronavirus pandemic and may stay weak in 2021 if automotive segment demand remains soft over the prolonged period. The rapid spread of the novel coronavirus globally is leading to shutdowns of automakers' plants, which consequently, is taking a toll on the entire supply chain. Q Holdco's connector seals and insulators segment is responsible for about 45% of the company's sales and has significant exposure to automotive industry. Thus, S&P expects this segment to report materially weaker results in 2020, given that operations in the industry are now largely on hold. The negative outlook reflects high uncertainty related to the fallout from the pandemic, as well as S&P's view that the company may face tightening liquidity if operations do not normalize by the end of 2020. "We would consider a downgrade if leverage materially increases and free cash flow declines to negligible or negative levels with limited prospects for material improvement in 2021," S&P said. "We could return the outlook to stable if we believe the company has sufficient liquidity to weather the pandemic, and we believe the company will remain compliant with its financial covenants over the next 12 months. In addition, to affirming the rating, we will need to be more certain that the increase in leverage in 2020 is temporary and that the company will be able to reduce leverage closer to historical levels and generate positive free cash flow in in 2021," S&P said. Q INTERNATIONAL: Bank Debt Trades at 19% Discount ------------------------------------------------- Participations in a syndicated loan under which Q International Courier LLC is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD113 million term loan is scheduled to mature on September 19, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. RADIO SYSTEMS: S&P Alters Outlook to Negative, Affirms 'B' ICR -------------------------------------------------------------- S&P Global Ratings affirmed all ratings on Radio Systems Corp. (RSC), including its 'B' issuer credit rating and revised the outlook to negative from stable. Credit measures could face pressure if the severity of economic disruption from COVID-19 pandemic is more pronounced than S&P expects. The company's consistent sales growth trends over the last several quarters have resulted in credit metrics being generally in line with S&P's expectations, providing some headroom within the current rating. S&P expects debt to EBITDA to be just below 7x (about 3.1x excluding preferred equity) for the 12 months ended Dec. 31, 2019, down from almost 8x (almost 4x excluding preferred equity) at the end of fiscal 2018 due to a combination of higher volumes, lower costs (one-time expenses related to production shifts to Vietnam will not recur), and contributions from bolt-on acquisitions. The company also continues to maintain FFO cash interest coverage above 2x (4.7x at the end of fiscal 2018 and expected to improve to close to 5.5x in 2019), and S&P expects the company will continue to generate modest levels of discretionary cash flow, after making dividend payments, which the rating agency expects will remain capped at about $15 million annually. S&P expects FFO cash interest coverage to remain well over 4x in its base-case projections. However, the negative outlook reflects S&P's view that the cushion on the company's credit metrics could erode if the length and severity of the economic downturn from COVID-19 becomes more pronounced than the rating agency's current expectations, which include a modest rebound in the second half of 2020. This could result in significant volume declines in the discretionary sub-segments of the company's portfolio, possibly weakening its cash interest coverage. "We could lower the rating on RSC if S&P Global Ratings' adjusted FFO cash interest falls below 2x on a sustained basis to the extent the economic fallout from COVID-19 lasts longer than a quarter or two and materially affects otherwise stable consumer demand for pet products. We could also consider negative rating action if FOCF turns negative. This could happen if we observe significant working capital outflows and cost-management is not sufficient to avoid a substantial erosion of EBITDA," S&P said. "We could revise the outlook to stable if the company maintains FFO cash interest coverage well above 2x, while continuing to generate positive FOCF. This could occur if the duration of the economic downturn is short and the company's sales volumes do not decline materially," the rating agency said. RANDOLPH HOSPITAL: Committee Hires Sills Cummis as Co-Counsel ------------------------------------------------------------- The Official Committee of Unsecured Creditors of Randolph Hospital, Inc., and its debtor-affiliates seeks authorization from the U.S. Bankruptcy Court for the Middle District of North Carolina to retain Sills Cummis & Gross, P.C., as co-counsel to the Committee. The Committee requires Sills Cummis to: a. provide legal advice regarding the Committee's rights, powers, and duties in these cases; b. prepare all necessary applications, answers, responses, objections, orders, reports, and other legal papers; c. represent the Committee in any and all matters arising in these cases, including any dispute or issue with the Debtor or other third parties; d. assist the Committee in its investigation and analysis of the Debtor, its capital structure, and issues arising in or related to these cases, including but not limited to the review and analysis of all pleadings, claims, and bankruptcy plans that might be filed in these cases, and any negotiations or litigation that may arise out of or in connection with such matters, the Debtor's operations, the Debtor's financial affairs, and any proposed disposition of the Debtor's assets; e. represent the Committee in all aspects of any sale and bankruptcy plan confirmation proceedings; and f. perform any and all other legal services for the Committee that may be necessary or desirable in these cases. Sills Cummis will be paid at these hourly rates: Andrew H. Sherman, Member $825 Boris I. Mankovetskiy, Member $750 Lucas F. Hammonds, Of Counsel $625 Rachel E. Brennan, Associate $595 Gregory Kopacz, Associate $550 Sills Cummis will also be reimbursed for reasonable out-of-pocket expenses incurred. Andrew H. Sherman, partner of Sills Cummis & Gross, P.C., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and (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. Sills Cummis can be reached at: Andrew H. Sherman, Esq. Boris I. Mankovetskiy, Esq. SILLS CUMMIS & GROSS P.C. One Riverfront Plaza Newark, NJ 07102 Tel: (973) 643-7000 Fax: (973) 643-6500 E-mail: asherman@sillscummis.com bmankovetskiy@sillscummis.com About Randolph Hospital Randolph Hospital -- https://www.randolphhealth.org/ -- operates as a hospital that provides inpatient and outpatient services in North Carolina. The Company offers, among other services, cancer care, imaging, maternity services, cardiac services, surgical services, outpatient specialty clinics, rehabilitation services, and emergency services. Randolph Hospital, Inc. and its affiliates, MRI of Asheboro, LLC and Randolph Specialty Group Practice, each filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Lead Case No. 20-10247) on March 6, 2020. In the petition signed by CRO Louis E. Robichaux IV, Randolph Hospital was estimated to have $100 million to $500 million in both assets and liabilities. The Debtor is represented by Jody A. Bedenbaugh, Esq. and Graham S. Mitchell, Esq., at Nelson Mullins Riley & Scarborough LLP. William Miller, the bankruptcy administrator for the U.S. Bankruptcy Court for the Middle District of North Carolina, appointed a committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Spilman Thomas & Battle, PLLC as counsel; Sills Cummis & Gross, P.C., as co-counsel; and Gibbins Advisors, LLC, as financial advisor. RECESS HOLDINGS: Bank Debt Trades at 19% Discount ------------------------------------------------- Participations in a syndicated loan under which Recess Holdings Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD370 million term loan is scheduled to mature on September 29, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. RENAISSANCE HOLDINGS: Bank Debt Trades at 19% Discount ------------------------------------------------------ Participations in a syndicated loan under which Renaissance Holdings Corp is a borrower were trading in the secondary market around 82 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD310 million termloan is scheduled to mature on May 29, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. RESIDENTIAL CAPITAL: Shaddock's Late Proof of Claim Barred ---------------------------------------------------------- In the bankruptcy case captioned In re: RESIDENTIAL CAPITAL, LLC, et al., Chapter 11, Debtors, Case No. 12-12020 (MG) (Bankr. S.D.N.Y.), Bankruptcy Judge Martin Glenn denied Andrew R. Shaddock's motion for leave to file a late proof of claim. On May 14, 2012, the Debtors filed voluntary chapter 11 bankruptcy petitions. On July 17, 2012, Kurtzman Carson was appointed as the claims and noticing agent, authorized to (1) receive, maintain, record, and otherwise administer the proofs of claim filed in these chapter 11 cases and (2) maintain official claims registers for each of the Debtors. In September 2014, Shaddock filed suit against GMACM and GMAC Bank in the Superior Court of Massachusetts. The Complaint included tort and breach of contract claims against the Defendants, which form the basis for the underlying Late Claim that Shaddock seeks leave to file. In the Complaint, Shaddock alleges that he had mortgaged his premises located at 45 Middlesex Street, Springfield, MA, and the Defendants had foreclosed on the Premises. Shaddock further alleges that he had been the subject of misrepresentation by the Defendants, who had provided Shaddock with contradictory information regarding to whom and where Shaddock should send a check to reinstate his mortgage and bring the same current. As part of Shaddock's Lawsuit, counsel for GMACM filed GMAC Mortgage, LLC's Notice of Bankruptcy Status. The Notice of Bankruptcy Status was served on Shaddock's State Court counsel by first class mail on October 14, 2014. The Notice of Bankruptcy Status stated, inter alia, that "[a]ccording to the Debtors' records, [Shaddock] did not file a proof of claim in the Bankruptcy Cases and is barred from continuing to prosecute this action against GMACM." Shaddock now seeks approval to file the Late Claim. Shaddock argues that he should be allowed to file the Late Claim on the sole basis that "he had not received notice of the Bankruptcy of the debtor except through local counsel's receipt" of the Notice of Bankruptcy Status. The Trust argues in its Objection that: (i) Shaddock was served notice of the deadline for filing proofs of claim before the Amended Bar Date, as evidenced by an attached affidavit of service, and has failed to rebut the presumption that he was properly served; and (ii) notwithstanding whether Shaddock was properly served before the Amended Bar Date, Shaddock cannot satisfy the standards for excusable neglect because he received subsequent notice in 2014 that he had failed to timely file a claim prior to the bar date. The Court finds that the Trust has put forth the affidavit of Lydia Do, an employee of KCC, the Debtors' claims and noticing agent, giving rise to the presumption that Shaddock timely received the Bar Date Notice. Shaddock has put forth no evidence to rebut the presumption of receipt. The Affidavit submitted by the Trust is dated Feb. 3, 2020 and establishes that, on or before Oct. 5, 2012, Shaddock was served via first class mail addressed to 1106 Main St, Holyoke, MA, 01040 with the Bar Date Notice and same was never returned as undeliverable. Accordingly, the Court concludes that Shaddock was properly served with notice of the deadline for filing proofs of claim prior to the Amended Bar Date. Shaddock seeks leave to file the Late Claim approximately seven years after the Amended Bar Date and five years after receiving the Notice of Bankruptcy Status. When creditors fail to file claims before a bar date despite having notice, "Bankruptcy Rule 9006(b)(1) gives the court the discretion to enlarge the time to file claims 'where the failure to act was the result of excusable neglect.'" The Supreme Court has interpreted 'excusable neglect' to be a flexible standard -- one that can include 'nadvertence, mistake, or carelessness, as well as by intervening circumstances beyond the party's control.'"(quoting Pioneer Inv. Servs. Co. v. Brunswick Assocs. Ltd. P'ship, 507 U.S. 380, 389 (1993)). " The Pioneer Court established four factors to assist bankruptcy courts in evaluating excusable neglect: (1) the danger of prejudice to the debtor; (2) the length of the delay and its potential impact on judicial proceedings; (3) the reason for the delay, including whether it was within the reasonable control of the movant; and (4) whether the movant acted in good faith. According to the Court, Shaddock bears the burden of establishing excusable neglect. Shaddock does not explicitly argue that he has good cause for filing the Late Claim and, instead, merely argues that he should be granted leave on the sole basis that "he had not received notice of the Bankruptcy of the debtor except through local counsel's receipt" of the Notice of Bankruptcy Status. With respect to first Pioneer factor, the Debtors would be prejudiced if the Court were to allow the Late Claim. Allowance of a late proof of claim filed seven years after the Amended Bar Date, fiveyears after Shaddock received the Notice of Bankruptcy Status, and after distributions have been made would encourage other potential claimants to seek similar relief against the Debtors. As a result, the first Pioneer factor weighs against Shaddock. The second Pioneer factor also weighs against Shaddock as the Trust has established that Shaddock received the Bar Date Notice prior to the Amended Bar Date. With respect to the third Pioneer factor, Shaddock has failed to show that the reason for delay was beyond his control. Shaddock merely asserts that the delay was due to the fact that "he had not received notice of the Bankruptcy of the debtor except through local counsel's receipt" of the Notice of Bankruptcy Status in October 2014. As for the final Pioneer factor -- whether Shaddock acted in good faith -- the Trust states that it has no information whether Shaddock acted in good or bad faith in only recently filing the Motion. The Court will not presume bad faith, but since three of the four Pioneer factors weigh against permitting Shaddock to file a late claim, the Court concludes that the Motion should be denied. A copy of the Court's Memorandum Opinion and Order dated March 12, 2020 is available at https://bit.ly/3bXJU3v from Leagle.com. Residential Capital, LLC, Debtor, represented by Jessica G. Berman , Donald H. Cram -- dhc@severson.com -- Severson & Werson, PC, Stefan W. Engelhardt , Morrison & Foerster LLP, George M. Geeslin , Eight Piedmont Center, Bonnie R. Golub -- bgolub@weirpartners.com -- Weir & Partners LLP, Todd M. Goren -- tgoren@mofo.com -- Morrison & Foerster LLP, Joel C. Haims , Morrison & Foerster LLP, Gary S. Lee , Morrison & Foerster LLP, Lorenzo Marinuzzi , Morrison & Foerster LLP, Larren M. Nashelsky , Morrison & Foerster LLP, Anthony Princi , Morrison & Foerster, Steven J. Reisman -- sreisman@katten.com -- Katten Muchin Rosenman LLP, Norman Scott Rosenbaum , Morrison & Foerster LLP, Kayvan B. Sadeghi , Schiff Hardin LLP & John W.T. Smith -- jsmitht@bradley.com -- Bradley Arant Boult Cummings LLp. Official Committee Of Unsecured Creditors, Creditor Committee, represented by Kenneth H. Eckstein -- keckstein@kramerlevin.com -- Kramer Levin Naftalis & Frankel LLP, Robert J. Feinstein -- rfeinstein@pszjlaw.com -- Pachulski Stang Ziehl & Jones LLP, Ronald J. Friedman , SilvermanAcampora LLP, Douglas Mannal , Kramer Levin Naftalis & Frankel LLP, Robert D. Nosek , Certilman Balin Adler & Hyman, LLP & Steven S. Sparling -- ssparling@kramerlevin.com -- Kramer Levin Naftalis & Frankel, LLP. About Residential Capital Residential Capital LLC, the unprofitable mortgage subsidiary of Ally Financial Inc., filed for bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012. Neither Ally Financial nor Ally Bank is included in the bankruptcy filings. ResCap, one of the country's largest mortgage originators and servicers, was sent to Chapter 11 with 50 subsidiaries amid "continuing industry challenges, rising litigation costs and claims, and regulatory uncertainty," according to a company statement. ResCap disclosed $15.7 billion in assets and $15.3 billion in liabilities at March 31, 2012. Centerview Partners LLC and FTI Consulting are acting as financial advisers to ResCap. Morrison & Foerster LLP is acting as legal adviser to ResCap. Curtis, Mallet-Prevost, Colt & Mosle LLP is the conflicts counsel. Rubenstein Associates, Inc., is the public relations consultants to the Company in the Chapter 11 case. Morrison Cohen LLP is advising ResCap's independent directors. Kurtzman Carson Consultants LLP is the claims and notice agent. Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves as counsel to Ally Financial. ResCap sold most of the businesses for a combined $4.5 billion. The Bankruptcy Court in November 2012 approved ResCap's sale of its mortgage servicing and origination platform assets to Ocwen Loan Servicing, LLC, and Walter Investment Management Corporation for $3 billion; and its portfolio of roughly 50,000 whole loans to Berkshire Hathaway for $1.5 billion. Judge Martin Glenn in December 2013 confirmed the Joint Chapter 11 Plan co-proposed by Residential Capital and the Official Committee of Unsecured Creditors. * * * The ResCap Liquidating Trust was established in December 2013 under the Second Amended Joint Chapter 11 Plan of Residential Capital, LLC, et al., to liquidate and distribute assets of the debtors in the ResCap bankruptcy case. The Trust maintains a website at http://www.rescapliquidatingtrust.com/-- which Unitholders are urged to consult, where Unitholders may obtain information concerning the Trust, including current developments. RICK'S INC: Seeks to Hire Maples Law Firm as Attorney ----------------------------------------------------- Rick's Inc., sees authority from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Maples Law Firm, P.C., as attorneys to the Debtor. Rick's Inc. requires Maples Law Firm to: a. prepare pleadings and applications and conduct examinations incidental to any related proceedings or to the administration of the bankruptcy case; b. develop the relationship of the status of the Debtor to the claims of creditors in this case; c. advise the Debtor of its rights, duties, and obligations as Debtor operating under Chapter 11 of the Bankruptcy Code; d. take any and all other necessary action incident to the proper preservation and administration of this Chapter 11 case; and e. advise and assist the Debtor in the formation and preservation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement, and any and all matters related thereto. Maples Law Firm will be paid at these hourly rates: Attorney $360 Associates $205 to $225 Paralegals $55 to $130 Maples Law Firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Stuart M. Maples, partner of Maples Law Firm, P.C., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Maples Law Firm can be reached at: Stuart M. Maples, Esq. MAPLES LAW FIRM, PC 200 Clinton Avenue West, Suite 1000 Huntsville, AL 35801 Tel: (256) 489-9779 Fax: (256) 489-9720 E-mail: smaples@mapleslawfirmpc.com About Rick's Inc. Rick's, Inc., filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ala. Case No. 20-81043) on April 13, 2020, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Stuart M. Maples, Esq., at Maples Law Firm, P.C. ROYAL CARIBBEAN: Bank Debt Trades at 28% Discount ------------------------------------------------- Participations in a syndicated loan under which Royal Caribbean Cruises Ltd is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD1000 million term loan is scheduled to mature on April 5, 2022. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. ROYAL CARIBBEAN: Bank Debt Trades at 29% Discount ------------------------------------------------- Participations in a syndicated loan under which Royal Caribbean Cruises Ltd is a borrower were trading in the secondary market around 71 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD2200 million term loan is scheduled to mature on March 22, 2021. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. RUDY'S BARBERSHOP: May 7 Auction of All Assets Set -------------------------------------------------- Judge Laurie Silber Silverstein of the U.S. Bankruptcy Court for the District of Delaware authorized the bidding procedures of Rudy's Barbershop Holdings, LLC and its affiliates in connection with the sale of substantially all assets to RBS Salon Holdings, Inc., subject to overbid. The consideration for the Acquired Assets will be (i) an aggregate Dollar amount equal to the sum of (A) $100,000 cash, of which an amount of $100,000 in cash will be used to fund the Wind-Down of the Sellers' estates, plus (B) Seller Proration Amount, if any, and minus (C) the Buyer Proration Amount, if any (such sum, together with the Credit Bid), (ii) the Buyers' credit bid in an amount equal to 100% of the DIP Obligations, and (iii) the Buyers' assumption of the Assumed Liabilities. The Sale Notice is approved. The Debtors shall, within two business days after the entry of the Order, serve a copy of the Sale Notice and the Order on the Sale Notice and Sale Order Parties. The salient terms of the Bidding Procedures are: a. Bid Deadline: May 5, 2020 at 5:00 p.m. (ET) b. Initial Bid: In the event that there is a Stalking Horse Purchaser, and the Qualified Bidder wishes to bid on the same Assets that are included in the Stalking Horse Purchase Agreement, the aggregate consideration proposed by the Qualified Bidder must equal or exceed the sum of the amount of (i) the purchase price under the Stalking Horse Purchase Agreement, plus (ii) any break-up fee, expense reimbursement, or other bid protection provided under the Stalking Horse Purchase Agreement, plus (iii) an overbid of $30,000 of the purchase price under the Stalking Horse Purchase Agreement. c. Deposit: 10% of the aggregate cash Purchase Price set forth in the Transaction Agreement, to be held in a noninterest-bearing escrow account d. Auction: The Auction, if an auction is necessary, will be held at 10:00 a.m. (ET) on May 7, 2020. In light of the outbreak of Coronavirus Disease 2019 (COVID-19), no person or entity will be required to attend the Auction in person. The Auction will be held telephonically and all entities entitled to attend the Auction will receive instructions on attending the Auction telephonically by May 6, 2020. e. Bid Increments: $30,000 f. Sale Hearing: May 11, 2020 at 10:00 a.m. (ET) g. Sale Objection Deadline: May 4, 2020 at 4:00 p.m. (ET) h. Closing: May 13, 2020 i. Holders of claims secured by unavoidable, properly perfected liens on all or a portion of the Acquired Assets will be permitted, but not compelled, to credit bid up to the full amount of their secured claims for any such Acquired Assets. j. Bid Protection: $100,000 Within one business day after conclusion of the Auction, the Debtors will file a notice with the Bankruptcy Court the Auction Results Notice. The Bid Protections are approved, and will be paid in cash when and as set forth in the Stalking Horse Purchase Agreement, without the need for any further order of the Court. The Debtors' obligation to pay the Bid Protections will constitute an administrative expense claim against each of the Debtors' bankruptcy estates, and will survive termination of the Stalking Horse Purchase Agreement in accordance with the terms thereof. The Contract Assumption Notice is approved. On April 17, 2020, the Debtors will serve the Order and the Contract Assumption Notice upon each counterparty to the Assumed Executory Contracts and its counsel (if known). The Assumed Executory Contract Objection Deadline is May 4, 2020 at 4:00 p.m. (ET). If a Contract or Lease is assumed and assigned pursuant to an order of the Court (including the Sale Order), the counterparty to such Assumed Executory Contract will receive the applicable Cure Amount, if any (except for Disputed Cure Amounts), no later than three business days following the closing of the Sale, with payment to be made pursuant to the terms of the Successful Bidder's Asset Purchase Agreement. Notwithstanding the possible applicability of Bankruptcy Rules 6004, 6006, 7062, 9014 or otherwise, the terms and conditions of the Order will be immediately effective and enforceable. A copy of the Bidding Procedures is available at https://tinyurl.com/y8gdqyq3 from PacerMonitor.com free of charge. About Rudy's Barbershop Holdings Rudy's Barbershop Holdings, LLC and its affiliates operate 25 barbershops in five major cities, including 15 in Seattle, five in Los Angeles, three in Portland, and one in Atlanta and New York City. On April 2, 2020, Rudy's Barbershop and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-10746) on April 2, 2020. At the time of the filing, Rudy's Barbershop had estimated assets of between $100,000 and $500,000 and liabilities of between $1 million and $10 million. The Debtors hired Chipman Brown Cicero & Cole, LLP as legal counsel; Glassratner Advisory & Capital Group, LLC as financial advisor; and Stretto as claims and noticing agent. SCREENVISION LLC: Bank Debt Trades at 19% Discount -------------------------------------------------- Participations in a syndicated loan under which Screenvision LLC is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD175 million term loan is scheduled to mature on July 3, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. SEANERGY MARITIME: Has Until Sept. 25 to Regain Nasdaq Compliance ----------------------------------------------------------------- Seanergy Maritime Holdings Corp. has received written notification from The Nasdaq Stock Market dated April 17, 2020, granting an extension to the grace period for regaining compliance with the minimum $1.00 per share bid price requirement from July 13, 2020 to Sept. 25, 2020. The above extension was granted as part of Nasdaq's determination to toll the compliance periods for all public companies, not meeting the continued listing requirements, such as the bid price requirement, due to the extraordinary market conditions and unprecedented turmoil in U.S. financial markets. The Company intends to monitor the closing bid price of its common stock between now and Sept. 25, 2020 and is considering its options, in order to regain compliance with the Nasdaq bid price requirement. This deficiency can be cured, if the closing bid price of its common stock is $1.00 per share or higher for a minimum of ten consecutive business days during the grace period. About Seanergy Maritime Greece-based Seanergy Maritime Holdings Corp. -- http://www.seanergymaritime.com/-- is an international shipping company that provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with a cargo-carrying capacity of approximately 1,748,581 dwt and an average fleet age of approximately 11 years. The Company is incorporated in the Marshall Islands and has executive offices in Athens, Greece and an office in Hong Kong. Seanergy Maritime reported a net loss of US$11.70 million for the Dec. 31, 2019, a net loss of US$21.06 million for the year ended Dec. 31, 2018, and a net loss of US$3.23 million for the year ended Dec. 31, 2017. As of Dec. 31, 2019, the Company had US$282.55 million in total assets, US$252.69 million in total liabilities, and US$29.86 million in total stockholders' equity. Ernst & Young (Hellas) Certified Auditors Accountants S.A., in Athens, Greece, the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 5, 2020 citing that the Company has a working capital deficiency and has stated that substantial doubt exists about the Company's ability to continue as a going concern. In addition, the Company has not complied with a certain covenant of a loan agreement with a bank. SEAWORLD PARKS: S&P Affirms 'B-' ICR; Outlook Stable ---------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on SeaWorld Parks & Entertainment Inc., saying the U.S.-based regional theme park operator has added sufficient liquidity to weather the closure of its parks through the middle of the year. S&P removed all the ratings from CreditWatch, where the rating agency placed it with development implications on March 13. In addition, S&P's base-case assumption for midyear containment and the beginning of a recovery in the second half of 2020 project a slow improvement in leverage to below 7x by 2021. The 'B-' rating reflects adequate anticipated liquidity for SeaWorld to withstand the closure of all of its theme parks until the second half of 2020, and S&P's expectation that EBITDA will be negative for the full year, but leverage could decrease to below 7x in 2021. The company will generate near-zero revenue while its properties are closed and burn an assumed $25 million per month while operations are suspended. If containment occurs midyear, the properties should reopen sometime in the second half of 2020, but lingering apprehensions around crowded public spaces and a recession could hamper recovery. S&P expects that partial recoveries in attendance and in-park spending in 2021 could reduce leverage to below the rating agency's 7x downgrade threshold at the 'B-' rating. SeaWorld may experience weak attendance and a slow ramp under S&P's base-case midyear containment and second-half recovery assumptions. SeaWorld's largest Orlando theme park may experience a slower recovery in its attendance compared to the overall portfolio if domestic and international travel to Orlando are materially diminished for some period. Additionally, the expensive cost of care for large marine animals diminishes SeaWorld's ability to cut costs and stem the cash burn during the shutdown compared to some other regional theme parks. S&P expects these higher fixed costs could also hamper margin improvement in the second half of 2020 and into 2021 if attendance and revenue ramp more slowly. However, if outdoor activities like theme parks open with some social distancing measures that successfully increase the perception of safety among guests, S&P believes they could eventually achieve a level of recovery that exceeds some other discretionary leisure sectors, even in a recession. SeaWorld's theme parks could also benefit from pent-up demand in a scenario where consumers quickly regain confidence. The stable outlook reflects S&P's belief that SeaWorld has adequate liquidity after completing the recent transaction to withstand the anticipated cash burn while its parks are closed. The stable outlook also incorporates S&P's base-case assumption that the parks reopen in the second half of 2020 and begin to ramp back toward generating revenue and EBITDA in a manner that will allow leverage to decrease below 7x in 2021. "We would likely consider rating downside if some combination of a longer shutdown than currently anticipated, weak attendance upon reopening, or an inability to return to sustained positive cash flow threatens SeaWorld's ability to sustain its capital structure. We will continue to monitor efforts to contain the virus and assess how the pandemic might alter or weaken regional theme park demand over time. In the event we no longer believe SeaWorld would recover in 2021 in line with our forecast, we could lower ratings," S&P said. "We could consider signaling ratings upside if parks reopen and ramp up quicker than we currently anticipate. Additionally, we would likely raise the ratings by one notch if parks were to see a quicker-than-anticipated recovery in demand sufficient to sustainably reduce leverage below 6x," the rating agency said. SEQUA MEZZANINE: Bank Debt Trades at 28% Discount ------------------------------------------------- Participations in a syndicated loan under which Sequa Mezzanine Holdings LLC is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD350 million term loan is scheduled to mature on April 28, 2022. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. SERTA SIMMONS: S&P Lowers ICR to 'CCC-' on Liquidity Pressures -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based Serta Simmons Bedding LLC (Serta Simmons) to 'CCC-' from 'CCC'. Concurrently, S&P lowered its issue-level ratings on the company's first-lien term loan to 'CCC-' from 'CCC' and on the second-lien term loan to 'C' from 'CC'. Recovery ratings are unchanged at '3' and '6', respectively. Liquidity could become constrained by the second half of the year if operations do not resume, making the company rely on its cash balances to fund fixed costs. Serta Simmons sells most of its products through specialty retailers, most of which have shuttered their stores since the spread of the coronavirus and stay-at-home orders enacted. Notably, some large specialty retailers, regional and independent retailers, and department stores have substantially closed. The company's club and home improvement customers remain open because they are deemed essential. Its e-commerce channel also continues to grow, especially at the lower price point products. However, these channels are a small portion of the company's revenues and growth in those channels is not sufficient to offset the declines with its key customers. Serta Simmons has temporarily suspended operations at several of its plants where its business has been deemed nonessential. It is still operating some portions of its plants on reduced shifts, as well as producing essential products for sale and donation to coronavirus-affected cities. As a result of these minimal operations, along with the company's fixed costs and high debt service, S&P believes that liquidity could become constrained if closures are prolonged and the company does not generate significant revenue. The negative outlook reflects the likelihood of an imminent default over the next six months if Serta Simmons does not resume full operations, resulting in the inability to fund operations or service its debt. A default could also include a debt restructuring or bankruptcy filing occurring over the next few quarters. "We could lower the rating if the company cannot meet its interest or amortization payments or it commences a distressed exchange on its debt. This could occur if the retail environment remains largely shut down, we remain in a prolonged recession, or the company cannot maintain access to its asset-based lending (ABL) revolver, which becomes current in November 2020," S&P said. "We could raise the rating if the retail environment improves, such that Serta Simmons can resume operations, and we believe that it could generate sufficient cash flow to service its debt and fund operations," S&P said. SHAPE TECHNOLOGIES: Bank Debt Trades at 30% Discount ---------------------------------------------------- Participations in a syndicated loan under which Shape Technologies Group Inc is a borrower were trading in the secondary market around 70 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD350 million term loan is scheduled to mature on April 20, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. SKLAR EXPLORATION: Clark Hill Represents Lucas Petroleum, Seitel ---------------------------------------------------------------- Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, the law firm of Clark Hill Strasburger submitted a verified statement that it is representing Lucas Petroleum Group, Inc. and Seitel Data, Ltd. in the Chapter 11 cases of Sklar Exploration Company, LLC and Sklarco, LLC. As of April 24, 2020, the parties listed and their disclosable economic interests are: Lucas Petroleum Group, Inc. 327 Congress Ave., Suite 500 Austin, TX 78701 * Nature of Claim: Working Interest owner/cash advance creditor * Principal Amount of Claim: Unknown/unliquidated Seitel Data, Ltd. 10811 S. Westview Circle Dr. #1 Houston, TX 77043 * Nature of Claim: Counter-party to seismic data master license Agreement * Principal Amount of Claim: Unknown/unliquidated Clark Hill reserves the right to amend this Verified Statement as necessary. Attorneys for Lucas Petroleum Group, Inc. and Seitel Data, Ltd. can be reached at: CLARK HILL STRASBURGER Duane J. Brescia, Esq. 720 Brazos, Suite 700 Austin, TX 78701 Tel: (512) 499-3600 Fax: (512) 499-3660 E-mail: dbrescia@clarkhill.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/zjjyoM About Sklar Exploration Company Sklar Exploration Company, LLC -- https://sklarexploration.com/ -- is an independent exploration production company owned and managed by Howard F. Sklar. With offices in Boulder, Colo., Shreveport, La., and Brewton, Ala., Sklar owns interests in oil and gas wells located throughout the United States. Its exploration and production activities have historically focused on the hydrocarbon-rich Lower Gulf Coast basins and in the Interior Gulf Coast basins of East Texas, North Louisiana, South Mississippi, South Alabama, and the Florida Panhandle. Sklar Exploration Company and Sklarco, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Lead Case No. 20-12377) on April 1, 2020. At the time of the filing, Sklar Exploration had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Sklarco disclosed assets of between $10 million and $50 million and liabilities of the same range. Judge Elizabeth E. Brown oversees the cases. The Debtors are represented by Kutner Brinen, P.C. SKLAR EXPLORATION: Seeks to Hire Munsch Hardt as Counsel -------------------------------------------------------- The Official Committee of Unsecured Creditors of Sklar Exploration Company, LLC, and its debtor-affiliates, seeks authorization from the U.S. Bankruptcy Court for the District of Colorado to retain Munsch Hardt Kopf & Harr, P.C., as counsel to the Committee. Sklar Exploration requires Munsch Hardt to: a. serve as attorneys of record for the Committee generally in all aspects, which may include adversary proceedings commenced in connection with the Bankruptcy Case, and provide representation and legal advice to the Committee throughout its tenure; b. assist, advise, and represent the Committee with respect to the administration of the Bankruptcy Case, including consulting with the Debtor, any other estate fiduciaries and professionals, major creditor constituencies, and the UST; c. provide all necessary legal advice with respect to the Committee's powers and duties; d. assist the Committee in working to maximize the value of the Debtor's assets for the benefit of the Debtor's unsecured creditors; e. assist the Committee with respect to evaluating and negotiating a plan of reorganization and, if necessary, either challenging or supporting, as appropriate, the confirmation of a plan and the approval of a disclosure statement; f. conduct any investigation, as the Committee deems appropriate, concerning, among other things, the assets, liabilities, financial condition, and operations of the Debtor; g. commence and prosecute any and all necessary and appropriate actions and/or proceedings on behalf of the Committee in the Bankruptcy Case; h. prepare, on behalf of the Committee, necessary applications, pleadings, responses, correspondence, motions, answers, orders, reports, and other legal papers; i. communicate with the Committee's members, constituents, and others as the Committee may consider necessary or desirable in furtherance of its responsibilities; j. appear before the Bankruptcy Court and any appellate courts or other courts having jurisdiction over any matter associated with the Bankruptcy Case in order to represent the interests of the Committee; and k. perform all other legal services for the Committee which are appropriate, necessary, and proper in connection with the Bankruptcy Case in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. Munsch Hardt will be paid at these hourly rates: Shareholders $370 to $700 Associates $270 to $400 Paralegals $170 to $280 Munsch Hardt will also be reimbursed for reasonable out-of-pocket expenses incurred. John D. Cornwell, partner of Munsch Hardt Kopf & Harr, P.C., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and (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. Munsch Hardt can be reached at: John D. Cornwell, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard Street, Suite 3800 Dallas, TX 75201-6659 Tel: (214) 855-7500 Fax: (214) 855-7584 About Sklar Exploration Company, LLC Sklar Exploration Company, LLC -- https://sklarexploration.com/ -- is an independent exploration production company owned and managed by Howard F. Sklar. With offices in Boulder, Colo., Shreveport, La., and Brewton, Ala., Sklar owns interests in oil and gas wells located throughout the United States. Its exploration and production activities have historically focused on the hydrocarbon-rich Lower Gulf Coast basins and in the Interior Gulf Coast basins of East Texas, North Louisiana, South Mississippi, South Alabama, and the Florida Panhandle. Sklar Exploration Company and Sklarco, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Lead Case No. 20-12377) on April 1, 2020. At the time of the filing, Sklar Exploration had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Sklarco disclosed assets of between $10 million and $50 million and liabilities of the same range. Judge Elizabeth E. Brown oversees the cases. The Debtors are represented by Kutner Brinen, P.C. On April 16, 2020, the Office of the United States Trustee for Region 19 organized and appointed the Committee. Munsch Hardt Kopf & Harr, P.C., as counsel. SKLAR EXPLORATION: Watkins Represents Landmark Oil, 3 Others ------------------------------------------------------------ In the Chapter 11 cases of Sklar Exploration Company, LLC and Sklarco, LLC the law firm of Watkins & Eager PLLC submitted a verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose that it is representing (1) Landmark Oil and Gas, LLC, a Mississippi limited liability company,(2) Landmark Exploration, LLC, a Mississippi limited liability company,(3)Lexington Investments, LLC, a Mississippi limited liability company, and (4)Stone Development, LLC, a Mississippi limited liability company. Landmark Oil and Gas, LLC's address is 113 Park Circle Drive, Flowood, MS 39232. W&E's representation of Landmark Oil and Gas, LLC in these cases began in April2020. Landmark Exploration, LLC's address is 113 Park Circle Drive, Flowood, MS 39232. W&E's representation of Landmark Exploration, LLC in these cases began in April2020. Lexington Investments, LLC's address is 113 Park Circle Drive, Flowood, MS 39232. W&E's representation of Lexington Investments, LLC in these cases began in April2020. Stone Development, LLC's address is 126 Port Lane, Brandon, MS 39047. W&E's Representation of Stone Development in these cases began in April 2020. Landmark Oil and Gas, LLC, Landmark Exploration, LLC and Lexington Investments, LLC, are affiliated parties and clients of W&E before the above-captioned cases were filed. W&E has not represented Stone Development, LLC before this matter. W&E is acting counsel for Landmark Oil and Gas, LLC, Landmark Exploration, LLC, Lexington Investments, LLC, and Stone Development, LLC. Each party was informed of the multiple representation by W&E and has consented thereto. Counsel for Landmark Oil and Gas, LLC, Landmark Exploration, LLC, Lexington Investments, LLC, and Stone Development, LLC can be reached at: Paul H. Stephenson, III, Esq. Jim F. Spencer, Jr., Esq. WATKINS & EAGER PLLC P.O. Box 650 Jackson, MS 39205 Tel: (601) 965-1900 Fax: (601) 965-1901 E-mail: pstephenson@watkinseager.com jspencer@watkinseager.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/AQZ7Kt About Sklar Exploration Company Sklar Exploration Company, LLC -- https://sklarexploration.com/ -- is an independent exploration production company owned and managed by Howard F. Sklar. With offices in Boulder, Colo., Shreveport, La., and Brewton, Ala., Sklar owns interests in oil and gas wells located throughout the United States. Its exploration and production activities have historically focused on the hydrocarbon-rich Lower Gulf Coast basins and in the Interior Gulf Coast basins of East Texas, North Louisiana, South Mississippi, South Alabama, and the Florida Panhandle. Sklar Exploration Company and Sklarco, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Lead Case No. 20-12377) on April 1, 2020. At the time of the filing, Sklar Exploration had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Sklarco disclosed assets of between $10 million and $50 million and liabilities of the same range. Judge Elizabeth E. Brown oversees the cases. The Debtors are represented by Kutner Brinen, P.C. SLIDEBELTS INC: Unsecured Creditors Recover 4% in Plan ------------------------------------------------------ SlideBelts Inc. filed a Plan of Reorganization and a Disclosure Statement on April 8, 2020. The Debtor owns no real property. The Debtor's personal property consists of cash on hand in the approximate amount of $373,773 as of the date hereof, inventory with a liquidation value of approximately $170,322, intellectual property in the form of SlideBelts' patented designs and trademark with a liquidation value of approximately $185,876, and miscellaneous office supplies and furnishings with marginal liquidation value, and inventory subject to Amazon's security interest with a book value of $401,576, and a fully encumbered Toyota vehicle. According to the Disclosure Statement, the Plan provides that Class 1 Secured Creditor US Community Credit Union and Class 2 Secured Creditor Amazon Capital Services Inc. will be paid in full with interest of 6%. Each creditors will received quarterly payments on 5-year amortization schedule and retains security interest. Class 4 General Unsecured Claims will be paid 4% of Allowed Claims without interest. Creditors will received quarterly payments over 5 years beginning January 2021. Class 5 Existing Equity Interests will be reinstated, provided, however, that the Debtor may make no payments on account of Equity Interests until the completion of the Plan. Any provision or agreement with holders or Equity Interests for payments of profits will be rejected. At a hearing on June 2, 2020, the Bankruptcy Court determined that this Disclosure Statement contains "adequate information" within the meaning of Section 1125 of the Bankruptcy Code. The Bankruptcy Court has scheduled a hearing to consider Confirmation of the Plan on Aug. 11, 2020, at 9:00 a.m. (Prevailing Pacific Time). Any objections to Confirmation of the Plan must be in writing and must be filed and served no later than July 28, 2020, by no later than 5:00 p.m. (Prevailing Pacific Time). For purposes of determining whether the Plan meets this requirement, the Debtor has analyzed its ability to meet its obligations under the Plan and determined that the Debtor will be able to make all payments contemplated by the Plan, operate its business, and meet its expenses of operation as they come due. A full-text copy of the Disclosure Statement dated April 8, 2020, is available at https://tinyurl.com/vya24mo from PacerMonitor.com at no charge. Attorneys for debtor SlideBelts Inc.: Brian M. Rothschild Grace S. Pusavat Michael R. Brown PARSONS BEHLE & LATIMER 201 South Main Street, Suite 1800 Salt Lake City, Utah 84111 Telephone: 801.532.1234 Facsimile: 801.536.6111 Brothschild@parsonsbehle.com GPusavat@parsonsbehle.com MBrown@parsonsbehle.com ECF@parsonsbehle.com About SlideBelts Inc. SlideBelts Inc., which conducts business under the name SlideBelts and SlideBelts by Brig Taylor, is an e-commerce apparel and emerging wearable technology company offering products such as leather belts, canvas belts, hats and fingerless gloves. Its products are available on http://www.slidebelts.com/,Amazon, eBay and in select retail shops. SlideBelts filed a Chapter 11 petition (Bankr. E.D. Cal. Case No. 19-25064) on Aug. 12, 2019 in Sacramento, Calif. In the petition signed by Brig Taylor, president and chief executive officer, the Debtor disclosed $5,181,151 in total assets and $7,115,000 in total liabilities. Judge Fredrick E. Clement oversees the case. The Debtor tapped Parsons Behle & Latimer as its legal counsel, and Knobbe, Martens, Olson & Bear, LLP as its special counsel for intellectual property issues. SOTHEBY'S: S&P Alters Outlook to Negative, Affirms 'B+' ICR ----------------------------------------------------------- S&P Global Ratings revised its rating outlook on Sotheby's to negative from stable. S&P affirmed its 'B+' issuer credit rating on the company. "The negative outlook on Sotheby's reflects our view that revenue will be pressured as the global economy and discretionary consumer spending contracts in the near term, with an uncertain pace of recovery," S&P said. The negative outlook reflects S&P's belief that the global macroeconomic recession caused by coronavirus creates considerable risk for Sotheby's performance given the highly discretionary nature of high-end art purchases and higher anticipated volatility of asset prices in the global arts market. "We could lower the rating on Sotheby's if we no longer saw a path for the company to reduce leverage below 6x by fiscal 2021. This could occur if performance were meaningfully worse than we expected, with a sharp decline in sales and margins, leading to materially weakened free operating cash flow," S&P said. "We could revise the outlook to stable if we believed that Sotheby's performance would generate positive free operating cash flow and leverage on track to decline below 6x by fiscal 2021. This could occur if the economy quickly rebounded from the coronavirus pandemic, and we expect stability in the art market," S&P said. SOUTHERN ROCK: Bank Debt Trades at 17% Discount ------------------------------------------------ Participations in a syndicated loan under which Southern Rock Restaurants LLC is a borrower were trading in the secondary market around 83 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $5 million facility is a delay-draw term loan. It is scheduled to mature on February 4, 2025. The Company's country of domicile is U.S. STAK DESIGN: Says Buyer Won't Close Sale Deal --------------------------------------------- STAK Design, Inc., will appear before the U.S. Bankruptcy Court for the Southern District of Texas at a hearing on May 13 to seek authority to sell its furniture, fixtures and equipment, including residual property of the estate. STAK entered into an Asset Purchase Agreement with Spoon Exhibit Services, Inc. pursuant to which STAK was to sell substantially all of its assets to Spoon on a going concern basis. However, Spoon has determined that it will not close the purchase. Spoon and the Debtor dispute whether the failure to close the sale is a breach of the APA. That matter will be dealt with in due course. However, it was expected that the Spoon would be taking possession and relocating the majority of the FF&E located at the premises. That now will not happen. Accordingly, the Debtor has determined that the most prudent course of action is to expand the authority of Rosen Systems, Inc., which has been employed as an auctioneer to sell all of the FF&E, including the FF&E that was to be purchased by Spoon. The Debtor has laid off all of its employees except for its President, Stan Zalenski. Mr. Zalenski is overseeing the removal of customer property that is stored at the premises and other matters pertaining to the wind down of STAK's business. Between the customer property and the FF&E of STAK, which includes light industrial equipment, it is not a simple thing to vacate the premises. The Debtor has negotiated an Agreed Order with First Industrial Texas, L.P., the owner of the premises where STAK's business is located to allow the Debtor continued occupancy though the end of May in order to allow Rosen Systems to conduct a sale that would conclude in May with buyers removing their purchases from the premises by the end of May. STAK desires to sell the Property via online auction to the highest bidder, free and clear of all liens, claims and encumbrances, with all liens, claims and encumbrances, if any, attaching to the sale proceeds. The auction will be conducted by Rosen Systems in accordance with the United States Trustee's Guidelines. Rosen Systems will conduct the auction online through its website at www.rosensystems.com. Bidding will open on May 7, 2020, at 9:00 a.m. and close at 10:00 a.m. on May 14. Inspection of the Property will take place on May 12 from 10:00 a.m. to 3:00 p.m. (or by appointment) at the Debtor's location at 407 113th Street, Arlington, TX 76011. Removal of the Property will be weekdays from Monday, May 18 to Friday, May 22, 10:00 a.m. to 4:00 p.m. Sale of the Property in the auction is as is, where is. As previously reported, STAK Design asked the Court to authorize the private sale of substantially all assets to Spoon for $175,000, subject to overbid. In an Order dated March 12, 2020, available at https://bit.ly/2JEJjY7 from Leagle.com, Bankruptcy Judge Harlin DeWayne Hale authorized the sale, free and clear of liens, claims, encumbrances, and interests. The Court also authorized the assumption and assignment of various executory contracts and unexpired leases to Spoon; and held that Spoon is a good faith buyer within the meaning of Section 363(m) of the Bankruptcy Code. STAK has marketed the Assets for over 14 months. Those efforts resulted in a number of parties executing non-disclosure agreements and conducting due diligence into a possible transaction with STAK, but only Spoon has made a binding offer. STAK has a limited window of time to complete a going concern transaction due to its lease expiring and having limited operating capital. Shortly before the Petition Date, STAK began negotiations with Spoon. Those negotiations continued for a period of time shortly after the Petition Date. Finally, on Feb. 5, 2020, STAK and Spoon entered into the Purchase Agreement, which requires that the sale of Assets from STAK to Spoon be consummated through a Chapter 11 Sec. 363 sale process. STAK Design, Inc., Debtor, represented by John Mark Chevallier -- mchevallier@mcslaw.com -- McGuire, Craddock & Strother, P.C. About Stak Design STAK Design, Inc. -- http://www.stakdesign.com/-- is a custom design, engineering, and manufacturing firm. The Company works directly with architects, designers, developers, and general contractors for custom millwork, retail displays, kiosks, RMUs, specialty environments, and custom tradeshow exhibits. The Debtor filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 20-30424) on Feb. 4, 2020. In the petition signed by Stanley Zalenski, president, the Debtor was estimated to have between $500,000 and $1 million in assets and $1 million and $10 million in liabilities. Judge Harlin Dewayne Hale is assigned to the case. McGuire, Craddock & Strother, P.C., represents the Debtor. STAPLES INC: Bank Debt Trades at 19% Discount --------------------------------------------- Participations in a syndicated loan under which Staples Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD300 million term loan is scheduled to mature on September 12, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. SUITABLE TECHNOLOGIES: July 16 Auction of All Assets Approved ------------------------------------------------------------- Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware authorized Suitable Technologies, Inc.'s bidding procedures in connection with the auction sale of substantially all assets. The Sale Notice is approved. Those portions of the Motion seeking approval of (a) the Debtor's entry into a Stalking Horse APA, (b) the Assumption and Assignment Procedures, (c) the Bidding Procedures, (d) the date and time of the Sale Hearing, and (e) the Sale Notice, and the Assumption Notice, are granted. The Debtor is authorized, but not directed, in consultation with the Consultation Parties, to execute one or more APA(s) with a Stalking Horse Purchaser(s) not later than June 29, 2020. In the event the Debtor enters into any Stalking Horse APA, within two business days of the Stalking Horse Designation Deadline, the Debtor will file with the Court and serve the Stalking Horse Notice. The Debtor isauthorized, but not directed, in consultation with the Consultation Parties, to agree in any Stalking Horse APA to a break-up fee and an expense reimbursement for the documented and reasonable expenses incurred by a Stalking Horse Purchaser for any such Stalking Horse Purchaser that is not the Successful Bidder. The Bidding Procedures and Assumption and the Assignment Procedures are approved. The Assumption Notice Deadline is July 1, 2020. The Contract Objection Deadline is July 16, 2020 on 4:00 p.m. (ET). The Stalking Horse Notice, the Sale Notice, the Assumption Notice, the Bidding Procedures, the Auction, the Sale Hearing, and the Assumption and Assignment Procedures and the objection periods associated with each of the foregoing are approved. The Sale Notice is approved. Within five business days of the entry of the Order, the Debtor will serve the Sale Notice upon all Sale Notice Parties. The Debtor will post the Sale Notice, any Stalking Horse Notice, and the Bidding Procedures Order on the website of the Debtor's claims and noticing agent. The salient terms of the Bidding Procedures are: a. Bid Deadline: July 13, 2020 at 5:00 p.m. (ET) b. Initial Bid: In the event that there is a Stalking Horse Purchaser, the aggregate consideration proposed by the Qualifying Bidder must equal or exceed the sum of the amount of (A) any Stalking Horse Purchase Price, (B) any Break-Up Fee, (C) any Expense Reimbursement, and (D) $100,000 c. Deposit: 10% of the purchase price d. Auction: If the Debtor timely receives one or more Qualifying Bids other than any Stalking Horse Purchaser's Qualifying Bid, then the Debtor will conduct the Auction on July 16, 2020 at 10:00 a.m. (ET), at the offices of Young Conaway Stargatt & Taylor, LLP, 1000 North King Street, Wilmington, DE 19801. e. Bid Increments: at least 5% of the Baseline Bid f. Sale Hearing: July 23, 2020 at 3:00 p.m. (ET) g. Sale Objection Deadline: July 16, 2020 at 4:00 p.m. (ET) h. Closing: No later than July 31, 2020 i. In the event any Stalking Horse Purchaser is not the Successful Bidder, the Counterparties will file any Contract Objections solely on the basis of adequate assurance of future performance not later than July 21, 2020 at 4:00 p.m. (ET). j. Bid Protection: (i) The Break-Up Fee will not exceed 2% of the Stalking Horse Purchase Price, and (ii) the aggregate amount of any Expense Reimbursement will not exceed 1% The Debtor will have until July 22, 2020 at Noon (ET) to file and serve a reply to any objection filed in connection with the Sale, including any Sale Objection or Contract Objection. The Order will be effective immediately upon entry, and any stay of orders provided for in Bankruptcy Rules 6004(h) or 6006(d) or any other provision of the Bankruptcy Code, the Bankruptcy Rules or the Local Rules is expressly waived. The Debtor is not subject to any stay in the implementation, enforcement or realization of the relief granted in the Order, and may, in its sole discretion and without further delay, take any action and perform any act authorized or approved under the Order. The requirements set forth in Local Rules 6004-1, 9006-1 and 9013-1 are satisfied or waived. The Schedule A is a summary of the key dates established by the Order. A copy of the Schedule A and the Bidding Procedures is available at https://tinyurl.com/ybgkahro from PacerMonitor.com free of charge. About Suitable Technologies Headquartered in Palo Alto, California, Suitable Technologies, Inc. -- https://www.suitabletech.com/ -- develops, manufactures, and sells telepresence system and technology platforms in both domestic and international markets. It also maintains an intellectual property portfolio, which includes a number of different patents associated with, among other things, wireless connectivity as well as trademarks in the United States and other foreign jurisdictions. Its primary product is called "Beam", a telepresence device designed to promote remote collaboration, provide individuals with the ability to communicate remotely with others on both a visual and audio basis, and move freely through a workplace using the Company's manufactured devices and companion software. Suitable Technologies, Inc., sought Chapter 11 protection (Bankr. D. Del. Case No. 20-10432) on Feb. 26, 2020. The Debtor was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities. The Hon. Mary F. Walrath is the case judge. The Debtor tapped Young Conaway Stargatt & Taylor, LLP as counsel; and Stout Risius Ross Advisors, LLC, as investment banker. Asgaard Capital LLC is the staffing provider and its founder, Charles C. Reardon, is presently serving as CRO for the Debtor. Donlin, Recano & Company, Inc., is the claims agent. SUTHERLAND GLOBAL: Bank Debt Trades at 29% Discount --------------------------------------------------- Participations in a syndicated loan under which Sutherland Global Services Inc is a borrower were trading in the secondary market around 71 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD326 million term loan is scheduled to mature on April 23, 2021. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. SYNAMEDIA AMERICAS: Bank Debt Trades at 19% Discount ---------------------------------------------------- Participations in a syndicated loan under which Synamedia Americas Holdings Inc is a borrower were trading in the secondary market around 82 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD305 million term loan is scheduled to mature on October 29, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. TECOSTAR HOLDINGS: S&P Alters Outlook to Neg., Affirms 'B' ICR -------------------------------------------------------------- S&P Global Ratings affirmed its 'B' ratings on TecoStar Holdings Inc. and its first-lien secured debt and revised the rating outlook on the company to negative from stable. S&P also affirmed its 'CCC+' ratings on TecoStar's second-lien debt. S&P's first-lien recovery rating of '3' and its second-lien recovery rating of '6' are unaffected. The outlook revision reflects S&P's view that TecoStar Holdings Inc.'s high exposure to deferrable orthopedic procedures introduces a significant risk to its 2020 operating performance. In the U.S., the American College of Surgeons, the U.S. Surgeon General, and the Centers for Medicare and Medicaid Services (CMS) have recommended that health care providers nationwide delay elective procedures to avoid spreading the virus and to preserve protective equipment for emergency situations. S&P now expects a large percentage of elective procedures, including elective orthopedic surgeries and procedures in the U.S. and globally, to be deferred for at least a quarter or even longer depending on the severity and duration of the pandemic. The negative outlook reflects significant uncertainty around TecoStar's near-term operating performance given the effects of the COVID-19 pandemic. "We could lower the rating if we believe the company's leverage will increase materially above 8x and cash flow generation will be negative in 2020 with limited prospects for improvement in 2021," S&P said. "We could return the outlook to stable if we become more comfortable that the company can sustain average leverage below 8x, despite the impact of the pandemic, and we are more certain that its free cash flow to debt would improve to above 2.5% in 2021 after the uncertainty regarding the pandemic dissipates," S&P said. TGP HOLDINGS: Bank Debt Trades at 24% Discount ----------------------------------------------- Participations in a syndicated loan under which TGP Holdings III LLC is a borrower were trading in the secondary market around 76 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $40 million facility is a delay-draw term loan. It is scheduled to mature on September 25, 2024. The Company's country of domicile is U.S. TIMMY RAY COX: $95K Sale of Grifton Property to Poythress Approved ------------------------------------------------------------------ Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina authorized Timmy Ray Cox's sale of the real property located at 110 Ward Road; Grifton, Craven County, North Carolina, 42.75 acres of farmland owned by the Debtor in Fee Simple, to Wallace Ray Poythress for $95,000. The sale is free and clear of all liens, encumbrances, rights, interests, and claims of record, including but not limited to the following: A. Any and all property taxes due and owing to any City, County or municipal corporation, and more particularly, to the Craven County Tax Collector. B. Any and all remaining interests, liens, encumbrances, rights and claims asserted against the Ward Road Property, which relate to or arise as a result of a sale of the Ward Road Property, or which may be asserted against the buyer of the Ward Road Property, including, but not limited to, those liens, encumbrances, interests, rights and claims, whether fixed and liquidated or contingent and unliquidated, that have or may be asserted against the Ward Road Property or the buyer of the Ward Road by Trust Bank, the North Carolina Department of Revenue, the Internal Revenue Service, and any and all other taxing and government authorities. The liens described will attach to the proceeds of sale, subject to the relative priorities and in accordance with the Bankruptcy Code. The Buyer of the Ward Road Property does not assume, have any liability for, or in any manner be responsible for any liabilities or obligations of the Debtor, whether in rem claims or in personam claims. The 14-day stay applicable to orders authorizing the sale of property pursuant to Rule 6004(h) of the Federal Rules of Bankruptcy Procedure is waived. The net proceeds of the sale will be paid to Truist Bank. The provisions of Rule 6004(h) of the Federal Rules of Bankruptcy Procedures are waived. Timmy Ray Cox sought Chapter 11 protection (Bankr. E.D.N.C. Case No. 20-00313) on Jan. 23, 2020. The Debtor tapped George Oliver, Esq., as counsel. TMK HAWK: Bank Debt Trades at 32% Discount ------------------------------------------- Participations in a syndicated loan under which TMK Hawk Parent Corp is a borrower were trading in the secondary market around 68 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $25 million facility is a delay-draw term loan. It is scheduled to mature on August 30, 2024. The Company's country of domicile is U.S. TOOJAY'S MANAGEMENT: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- TooJay's Management LLC 20-14792 3654 Georgia Avenue West Palm Beach, FL 33405 TJ Acquisition LLC 20-14793 c/o Branford Chain, Inc. 150 East 58th Street 37th Floor New York, NY 10155 Business Description: TooJay's Management LLC is a South Florida- based deli, bakery, and restaurant chain serving guests in Palm Beach and Broward counties, the Treasure Coast, the West Coast of Florida, the Orlando area and The Villages. TooJay's offers homemade comfort foods, handcrafted sandwiches, and made-from-scratch soups, salads, and baked goods. Chapter 11 Petition Date: April 29, 2020 Court: United States Bankruptcy Court Southern District of Florida Judge: Hon. Erik P. Kimball Debtors' Counsel: Michael Goldberg, Esq. AKERMAN LLP 350 East Las Olas Boulevard Suite 1600 Fort Lauderdale, FL 33301 Tel: 954-463-2700 E-mail: michael.goldberg@akerman.com TooJay's Management's Estimated Assets: $50 million to $100 million TooJay's Management's Estimated Liabilities: $10 million to $50 million TJ Acquisition's Estimated Assets: $0 to $50,000 TJ Acquisition's Estimated Liabilities: $10 million to $50 million The petitions were signed by Edward Maxwell Piet CEO of TooJay's Management and Eric Korsten, director of TJ Acquisition. Copies of the petitions are available for free at PacerMonitor.com at: https://is.gd/LPf8lT https://is.gd/erYKUX List of TooJay's Management's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Truist Bank PPP Loan $6,436,309 200 West Second Street Winston Salem, NC 27101 Brock Wilbor Tel: (561) 362-3554 5350 Town Center Road Suite 200 Boca Raton FL 33486 Email: brock.wilbor@suntrust.com 2. U.S. Foodservice Inc. Trade Debt $1,911,872 P.O. Box 281838 Atlanta, GA 30384 Holly Simmons Tel: (800) 766-4301 Email: holly.simmons@usfoods.com 3. Three Atlanta LLC Media Company $109,076 550 Pharr Rd Suite 900 Atlanta, GA 30305 Nancy Apatov Tel: (404) 835-4550 4. Premier Produce Trade Debt $91,865 Central Florida LLC 640 Distribution Drive Melbourne, FL 32904 Andrew Hoffman Tel: (800) 254-4048 Email: andrewh@premierproducefl.com 5. American Express Corporate $86,898 Credit Card Credit Card P.O. Box 650448 Dallas, TX 75265-0448 Susan Brooks Tel: 561-683-3890 Email: susan.w.brooks@aexp.com 6. Scalisi Produce Co Inc. Trade Debt $66,103 Jackt. Scalisi Wholesale West Palm Beach FL 33411 Jack Scalisi Tel: (561) 718-6379 Email: jack@scalisiproduce.com 7. RSM US LLP Auditors $56,904 5155 Paysphere Circle Chicago, IL 60674 Frank Compiani Tel: (561) 682-1620 Email: frank.compiani.rsmus.com 8. The Villages Operating Company Landlord/Lease $49,426 3619 Kiessel Road The Villages, FL 32163 Rachel Hirsch Tel: (352) 750-9455 9. IPFS Corporation Financing $42,670 24722 Network Place Company for Chicago, IL Insurance 60673-1247 Tel: 866-412-2429 10. Shopcore Properties LP Landlord/Lease $42,317 P.O. Box 27324 San Diego, CA 92198-1324 Adam Sich Tel: (561) 727-2643 Email: asich@shopcore.com 11. Anne M. Gannon Taxes $41,424 Tax Collector PO Box 3828 West Palm Beach, FL 33402-3828 Tel: (561)355-2264 Email: ClientAdvocate@pbctax.com 12. L&J Associates L.L.P. Landlord/Lease $38,158 P.O. Box 6635 West Palm Beach, FL 33405 Jim Morris Tel: (561)758-2111 Email: mawon@aol.com 13. Dove Air Conditioning & Trade Debt $37,269 Refrig. Inc. 2581 Jupiter Park Dr #F 10 Jupiter, FL 33458 Simon Lachance Tel: (561) 746-3757 14. Niagara Distrib. Inc. Trade Debt $36,588 3701 N. 29th Avenue Hollywood, FL 33020 Benis Montero Tel: (954) 925-6775 ext. 215 15. The Villages Operating Company Landlord/Lease $35,078 3619 Kiessel Road The Villages, FL 32163 Rachel Hirsch Tel: (352) 750-9455 16. Zenith Insurance Insurance $31,782 PO Box 9055 Carrier Van Nuys, CA 91499-4076 Kelly Brown Tel: (630) 616-6405 17. Edward Don Company Trade Debt $29,275 2562 Paysphere Circle Chicago, IL 60674 Randy Beird Tel: (954) 378-7131 18. 2980 Investments LLC Landlord/Lease $27,711 c/o Legacy Bank of Florida Fort Lauderdale, FL 33301 Mark Stein Tel: (954)776-1005 Ex.206 Email: mark@diversifiedcos.com 19. PP Omni Ventures, LLC Landlord/Lease $24,636 117 Highbridge St Fayetteville, NY 13066 Jose Rodriquez (Managing Director); Tel: (321) 262-7113 Email: jrodriquez@hlcos.com 20. Palm Beach Outlets Landlord/Lease $24,626 Holdings LLC PO Box 9468 New York, NY 10087-9468 Sarah Kudisch Tel: 561-515-4402 TRANSACT HOLDINGS: Bank Debt Trades at 19% Discount --------------------------------------------------- Participations in a syndicated loan under which Transact Holdings Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD260 million term loan is scheduled to mature on April 30, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. TRUCK HERO: Bank Debt Trades at 28% Discount -------------------------------------------- Participations in a syndicated loan under which Truck Hero Inc is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD295 million term loan is scheduled to mature on April 21, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. TUPPERWARE BRANDS: Signs Separation Agreement with Asha Gupta ------------------------------------------------------------- Asha Gupta, formerly the executive vice president and chief strategy & marketing officer for Tupperware Brands Corporation, and the Company entered into a Separation Agreement and Release of All Claims pursuant to which Ms. Gupta is entitled to receive the following payments and benefits: (i) a payment equal to fifty-two weeks of salary; (ii) a payment equal to twelve months of car allowance; (iii) the opportunity to earn a bonus under the 2020 Annual Incentive Plan; (iv) 12 months of executive outplacement services; (v) payment of COBRA premiums for the full period of the severance payments; (vi) reimbursement for up to $5,500 of financial planning services for the tax year 2020; (vii) repatriation back to Ms. Gupta's home country and certain transition benefits; and (viii) certain stock option vesting and exercisability rights. Ms. Gupta has agreed to a release of claims in favor of the Company and certain of its affiliates, and has agreed to provisions concerning non-competition, confidentiality and covenants not to solicit or disparage, and to cooperate with the Company. About Tupperware Brands Tupperware Brands Corporation -- http://www.tupperwarebrands.com/ -- is a global manufacturer and marketer of innovative, premium products through social selling. Product brands span several categories including design-centric food preparation, storage and serving solutions for the kitchen and home through the Tupperware brand and beauty and personal care products through the Avroy Shlain, Fuller Cosmetics, NaturCare, Nutrimetics and Nuvo brands. As of Dec. 28, 2019, the Company had $1.26 billion in total assets, $688.90 million in total current liabilities, $602.2 million in long-term debt and finance lease obligations, $56 million in operating lease liabilities, $192.3 million in other liabilities, and a total shareholders' deficit of $277 million. * * * As reported by the TCR on April 14, 2020 S&P Global Ratings lowered its issuer credit rating on U.S.-based Tupperware Brands to 'CCC+' from 'B' to reflect heightened refinancing risk and its belief that operating performance for fiscal 2020 will weaken substantially as many markets close and stay-at-home orders are prolonged, limiting the operations of sales representatives. ULTRA RESOURCES: Bank Debt Trades at 37% Discount ------------------------------------------------- Participations in a syndicated loan under which Ultra Resources Inc/US is a borrower were trading in the secondary market around 63 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD975 million PIK term loan is scheduled to mature on April 12, 2024. As of April 24, 2020, USD966 million from the loan remains outstanding. The Company's country of domicile is U.S. UNITED PF: Bank Debt Trades at 28% Discount ------------------------------------------- Participations in a syndicated loan under which United PF Holdings LLC is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD525 million term loan is scheduled to mature on December 30, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. UNITED PF: Bank Debt Trades at 30% Discount -------------------------------------------- Participations in a syndicated loan under which United PF Holdings LLC is a borrower were trading in the secondary market around 70 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $65 million facility is a delay-draw term loan. It is scheduled to mature on December 30, 2026. The Company's country of domicile is U.S. UNIVISION COMMUNICATIONS: S&P Rates $360MM Sr. Secured Notes 'B' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Univision Communications Inc.'s proposed $360 million senior secured notes due 2025. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a payment default. Univision plans to use the proceeds from these notes to repay its existing 6.75% senior notes due 2022 ($358 million outstanding). S&P's 'B' issuer credit rating and stable outlook on the company remain unchanged because the proposed transaction will not affect its net leverage. "We expect the current U.S. recession, stemming from the spread of the coronavirus, to reduce Univision's advertising revenue (57% of revenue) over the next year. However, we expect the company's subscription revenue (38% of revenue) to help stabilize its performance, particularly given the growth in its subscriber fees from contract renewals at the end of 2019. Additionally, the variable nature of Univision's program licensing agreement (PLA) with Televisa (calculated as a percentage of media network revenue) will help to offset the expected decline in its advertising revenue. We expect the company's free operating cash flow-to-debt ratio to be about 5% in 2020, which remains above our 3% downside threshold for the 'B' rating," S&P said. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Following the transaction, Univision Communications Inc. will be the borrower of a senior secured credit facility (including a $850 million senior secured revolving credit facility maturing in 2022 and a $4.3 billion outstanding senior secured term loan maturing in 2024) and senior secured notes ($1.2 billion of 5.125% notes due in 2023, $360 million of notes due in 2025, and $1.5 billion of 5.125% notes due in 2025). -- The senior secured credit facility is guaranteed by Univision Communications Inc.'s material wholly owned restricted domestic subsidiaries (with certain exceptions) and Broadcast Media Partners Holdings Inc. (its parent) and is secured by substantially all of the company's assets and those of its guarantors (with certain exceptions). -- The senior secured notes are guaranteed and secured by substantially all of the subsidiaries that guarantee and secure the senior secured credit facility, although Broadcast Media Partners Holdings Inc. does not guarantee or secure the notes. -- Univision also has an unrated $400 million accounts receivable (AR) facility (comprising a $100 million term component and a $300 million revolving component) maturing in 2022, which has a first-priority interest on sold or contributed receivables. Simulated default assumptions -- S&P's simulated default scenario contemplates a default occurring in 2023 due to a combination of the following factors: increased competition from other Spanish- and English-language content providers, a prolonged decline in advertising revenue due to economic weakness, and financial strain stemming from the company's high debt service requirements. -- Other default assumptions include an 85% draw on the revolving credit facility, a 60% draw on the revolving component of the AR facility, LIBOR is 2.5%, the spread on the revolving credit facility rises to 5% as covenant amendments are obtained, and all debt amounts include six months of prepetition interest. -- S&P has valued Univision on a going-concern basis using a 7x multiple of its projected emergence EBITDA. This multiple is is in line with the multiples S&P uses for the other large television broadcasters it rates. Simplified waterfall -- EBITDA at emergence: $805 million -- EBITDA multiple: 7x -- Gross recovery value: $5.6 billion -- Net recovery value for waterfall after administrative expenses (5%): $5.3 billion -- Estimated priority claims: $285 million -- Value available for senior secured debt claims: $5.1 billion -- Estimated senior secured debt claims: $8.2 billion -- Recovery expectations: 50%-70% (rounded estimate: 60%) UPSTREAM NEWCO: Bank Debt Trades at 18% Discount ------------------------------------------------ Participations in a syndicated loan under which Upstream Newco Inc is a borrower were trading in the secondary market around 82 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD555 million term loan is scheduled to mature on October 24, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. USA GYMNASTICS: Twistars Parties Object to Disclosure Statement --------------------------------------------------------------- Gedderts' Twistars USA Gymnastics Club, Inc., Twistars USA, Inc., John Geddert, Kathryn Geddert filed its objection to the Disclosure Statement for First Amended Chapter 11 Plan of Reorganization proposed by USA Gymnastics. The Twistars Parties assert that the Disclosure Statement needs to clarify that the channeling injunction in favor of the Twistars Parties -- and the payment of the Twistars Contribution of $2.125 million -- is not contingent on the election made by Survivor Claimants. They add that the Disclosure Statement and Plan need to specify that all of the Twistars Parties and their employees and agents are beneficiaries under the channeling injunction. The Disclosure Statement needs to specify that the Twistars Parties are not committing their policy limits to the Twistars Contribution, the Twistars Parties tell the Court. They add that the Disclosure Statement must provide that the Survivor Claimants must execute a release in the form and manner acceptable to the Twistars Parties prior to receipt of their share of the Twistars Contribution. Attorneys for the Twistars Parties: Charles D. Bullock STEVENSON & BULLOCK, P.L.C. 26100 American Drive, Suite 500 Southfield, MI 48034 Tel: (248) 354-7906 Fax: (248) 354-7907 E-mail: cbullock@sbplclaw.com - and - Cameron R. Getto ZAUSMER, AUGUST & CALDWELL, P.C. 32255 Northwestern Hwy., Suite 225 Farmington Hills, MI 48334 Tel: (248) 851-4111 Fax: (248) 851-0100 E-mail: cgetto@zacfirm.com About USA Gymnastics USA Gymnastics -- https://www.usagym.org/ -- is a not-for-profit organization incorporated in Texas. Based in Indianapolis, Indiana, USAG's organization encompasses six disciplines: women's gymnastics, men's gymnastics, trampoline and tumbling, rhythmic gymnastics, acrobatic gymnastics, and group gymnastics. USAG provides educational opportunities for coaches and judges, as well as gymnastics club owners and administrators, and sanctions approximately 4,000 competitions and events throughout the United States annually. More than 200,000 athletes, professionals, and clubs are members of USAG. USAG sets the rules and policies that govern the sport of gymnastics in the United States, including selecting and training the United States gymnastics teams for the Olympics and World Championships. As of the Petition Date, USAG employs 53 individuals, nearly all of whom work for USAG full-time. USA Gymnastics sought Chapter 11 protection (Bankr. S.D. Ind. Case No. 18-09108) on Dec. 5, 2018. USAG estimated $50 million to $100 million in assets and liabilities as of the bankruptcy filing. The petition was signed by James Scott Shollenbarger, chief financial officer. The Hon. Robyn L. Moberly is the case judge. USAG tapped Jenner & Block LLP as counsel; Hilder & Associates, P.C., as ordinary course counsel; Alfers GC Consulting, LLC, and Scramble Systems, LLC, as business consulting services providers; and OMNI Management Group, Inc. as claims agent. VALLEY ECONOMIC: To Liquidate its Asset to Pay Claims ----------------------------------------------------- Valley Economic Development Center, Inc., filed a Second Amended Liquidating Plan dated February 19, 2020, as modified. This Plan is a liquidating Plan. On the Effective Date, the Debtor shall create a liquidating trust and enter into a liquidating trust agreement for the benefit of creditors, as set forth in this Plan. The Liquidating Trust shall be a creditors' liquidating trust for all purposes, including Treasury Regulations Section 301.7701-4(d), and is intended to be treated as a grantor trust for federal income tax purposes. The Plan proposes to treat claims as follows: * Classes 1 – 13a under the Plan consist of claims secured by liens and security interests against certain of the Debtor's assets. The treatment of claims within such classes depends upon the circumstances of each such claim, including whether the claim is oversecured or undersecured, or whether the Debtor/Liquidating Trust and the creditor have entered into a settlement agreement governing the treatment of such creditor's secured claims. Creditors holding claims in classes 1 – 13a, unless they enter into a settlement agreement with the Debtor prior to Plan confirmation, will receive their collateral in full settlement and satisfaction of their allowed secured claims, and, unless specified otherwise in this Plan or the Plan Confirmation Order, will be required to dispose of or liquidate their collateral in a commercially reasonable manner, provided, however, that absent a Bankruptcy Court order providing otherwise, the Debtor will not: (1) transfer any Community Advantage Program loans, or the Community Advantage loan portfolio; and (2) transfer any other loan or grant funds or assets from or related to programs administered by the United States and/or its agencies, without the authorization(s) required under applicable nonbankruptcy law. * Class 13b under the Plan consists of all priority claims that are referred to in Bankruptcy Code Sections 507(a)(3), (4), (5), (6), and (7). The Debtor does not believe there are any such claims, although two proofs of claim have been filed as such priority claims, totaling the amount of $1,437. To the extent any such claims are allowed, they will be paid in full, in cash, within 10 business days after the later of the Effective Date and the date such claims are deemed allowed by the Bankruptcy Court. * Class 14 under the Plan consists of all non-priority general unsecured claims other than claims that are subordinated claims or constitute equity equivalent investments. The total amount of claims in class 14 will depend upon a number of factors, including whether any creditors holding claims in classes 1 - 12 have claims that are not satisfied in full pursuant to a liquidation of such creditors' collateral. Class 14 will receive a pro rata share of any unencumbered cash remaining in the Liquidating Trust after the payment in full of all allowed administrative claims (including the fees and costs of the Liquidating Trust), and all allowed priority claims. Class 15 under this Plan consists of claims whose holders have agreed pursuant to their contractual arrangements with the Debtor to subordinate their claims and/or treat their claims as equity equivalent investments. The Debtor has identified five such parties to date: Wells Fargo Bank; Rabobank; East West Bank; MUFG; and the United States Department of the Treasury. Holders of allowed class 15 claims will receive a pro rata distribution of any unencumbered cash remaining in the Liquidating Trust after the payment in full of all allowed administrative claims (including the fees and costs of the Liquidating Trust), allowed priority claims, and allowed general unsecured claims. A full-text copy of the Second Amended Liquidating Plan, as Modified dated April 13, 2020, is available at https://tinyurl.com/y9er5rsf from PacerMonitor.com at no charge. Attorneys for Chapter 11 Debtor: Ron Bender Eve H. Karasik Krikor J. Meshefejian Jeffrey S. Kwong LEVENE, NEALE, BENDER, YOO & BRILL L.L.P. 10250 Constellation Boulevard, Suite 1700 Los Angeles, California 90067 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 E-mail: RB@LNBYB.COM EHK@LNBYB.COM KJM@LNBYB.COM JSK@LNBYB.COM About Valley Economic Development Center Valley Economic Development Center, Inc., a certified Community Development Financial Institution, is a California tax-exempt non-profit corporation whose mission is to provide financing assistance, management consulting, and training to entrepreneurs and small business owners in and around LosAngeles County and throughout California. Those services include business training for start-up and fledgling small businesses as well as services to more established existing small businesses. Valley Economic Development Center sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-11629) on July 2, 2019. At the time of the filing, the Debtor was estimated to have assets between $10 million and $50 million and liabilities of the same range. The case has been assigned to Judge Deborah J. Saltzman. Levene, Neale, Bender, Yoo & Brill L.L.P. is the Debtor's bankruptcy counsel. VARSITY BRANDS: Bank Debt Trades at 29% Discount ------------------------------------------------ Participations in a syndicated loan under which Varsity Brands Holding Co Inc is a borrower were trading in the secondary market around 71 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD1125 million term loan is scheduled to mature on December 15, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. VBI VACCINES: Grosses $57.5 Million from Common Stock Offering -------------------------------------------------------------- VBI Vaccines Inc. has closed its previously announced underwritten public offering and the exercise in full of the underwriters' option to purchase additional shares. The gross proceeds from the offering, before deducting the underwriting discounts and commissions and estimated offering expenses payable by VBI, are approximately US$57.5 million. 52,272,726 common shares, at a public offering price of US$1.10 per share, were issued and sold in this offering, which includes 6,818,181 shares issued upon the exercise of the underwriters’ option to purchase additional shares. Immediately following the closing of the underwritten public offering, the number of outstanding common shares of the Company is 230,648,396. Raymond James & Associates, Inc. and Oppenheimer & Co. Inc. acted as joint book-running managers, and National Securities Corporation, a wholly-owned subsidiary of National Holdings, Inc. (Nasdaq: NHLD), acted as lead manager for the underwritten public offering. VBI intends to use the net proceeds from the offering to support the regulatory filings, pre-commercialization, and launch planning activities for Sci-B-Vac in the United States, Europe, and Canada, for the continued advancement of its pipeline programs, including the development of VBI-1901, a cancer vaccine immunotherapeutic candidate for recurrent glioblastoma (GBM); VBI-2601, an immunotherapeutic candidate for chronic hepatitis B infection; VBI-1501, a prophylactic cytomegalovirus (CMV) vaccine candidate; and VBI-2901, a prophylactic pan-coronavirus vaccine candidate. The net proceeds will also be used for general corporate purposes, including working capital and capital expenditures. A shelf registration statement relating to the common shares was previously filed with the Securities and Exchange Commission (SEC) and declared effective on July 30, 2018. A preliminary prospectus supplement and accompanying prospectus relating to the underwritten public offering was filed with the SEC on April 21, 2020. A final prospectus supplement and accompanying prospectus, dated April 22, 2020, relating to the offering was filed with the SEC on April 24, 2020, and is available on the SEC's website at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus may also be obtained from Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863, by e-mail at prospectus@raymondjames.com, or from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004 or by e-mail at equityprospectus@opco.com. About VBI Vaccines Inc. VBI Vaccines Inc. (Nasdaq: VBIV) -- http://www.vbivaccines.com/-- is a commercial-stage biopharmaceutical company developing a next generation of vaccines to address unmet needs in infectious disease and immuno-oncology. VBI is advancing the prevention and treatment of hepatitis B, with the only trivalent hepatitis B vaccine, Sci-B-Vac, which is approved for use and commercially available in Israel, and recently completed its Phase 3 program in the U.S., Europe, and Canada, and with an immunotherapeutic in development for a functional cure for chronic hepatitis B. VBI's enveloped virus-like particle (eVLP) platform technology enables development of eVLPs that closely mimic the target virus to elicit a potent immune response. VBI's lead eVLP programs include a vaccine immunotherapeutic candidate targeting glioblastoma (GBM) and a prophylactic CMV vaccine candidate. VBI is headquartered in Cambridge, MA, with research operations in Ottawa, Canada, and research and manufacturing facilities in Rehovot, Israel. VBI Vaccines reported a net loss of $54.81 million for the year ended Dec. 31, 2019, compared to a net loss of $63.60 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $122.20 million in total assets, $29.76 million in total current liabilities, $4.19 million in total non-current liabilities, and $88.25 million in total stockholders' equity. EisnerAmper LLP, in Iselin, New Jersey, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 5, 2020 citing that the Company has incurred, and it anticipates it will continue to incur, significant losses and generate negative operating cash flows and as such will require significant additional funds to continue its development activities to ultimately achieve commercial launch of its products. These factors raise substantial doubt about its ability to continue as a going concern. VENTIA DECO: Bank Debt Trades at 19% Discount --------------------------------------------- Participations in a syndicated loan under which Ventia Deco LLC is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD394 million term loan is scheduled to mature on May 21, 2026. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. VERITAS HOLDINGS: S&P Alters Outlook to Neg., Affirms 'B-' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on Veritas Holdings Ltd to negative from stable and affirmed the 'B-' issuer credit rating. A global economic downturn is likely to hurt Veritas' efforts to stabilize revenues. Veritas reported declining revenues the past four fiscal years, and we expect further declines in fiscal 2020. "Although we previously expected revenues to stabilize in fiscal 2021, we now believe they will likely continue to decline through the rest of the year, with Veritas' integrated appliances and small and midsize business-focused BackupExec businesses faring the worst. We expect some larger customers to delay upgrades and capacity expansion, but the firm's core NetBackup product will likely perform better in this environment, as its large enterprise customers rely on it to protect mission-critical data. The relative stability of this segment, along with a high share of recurring revenues, should mitigate the impact of lower IT spending and limit the rate of Veritas' revenue declines to the single–digits, in our view," S&P said. The negative outlook highlights S&P's view that macroeconomic weakness could lead to accelerating revenue declines, reversal of recent EBITDA margin gains, and liquidity pressures if the company cannot sustain positive free cash flow generation over the next 12 months. S&P notes that the company's $250 million revolver matures in October 2022 and shrinks to $187 million in January 2021, which could constrain liquidity if cash flow deteriorates rapidly and does not recover. S&P could lower its rating on Veritas if: -- The company's revenue decline accelerates to over 10% year over year in fiscal 2021 without significant actions to preserve margins; -- Free cash flow turns negative for the year and is likely to remain negative through fiscal 2022; or -- Cash flow is sufficiently negative to lead S&P to revise its adequate liquidity assessment. S&P would consider revising the outlook to stable if: -- S&P believes the company is likely to generate sustainably positive free cash flow through a macroeconomic downturn; -- Headroom remains over 10% under all covenants; and -- Liquidity and cash balances remain healthy. VERITY HEALTH SYSTEM: Seeks Davis Wright as Special Counsel ----------------------------------------------------------- Verity Health System of California, Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Davis Wright Tremaine LLP as its special counsel. Davis Wright will advise Verity Health System and its affiliates on healthcare regulatory matters that may arise during the pendency of their Chapter 11 cases. Davis Wright's hourly rates range from $300 to $900. The firm, however, has agreed to apply a 10 percent discount to the rates. The discounted rates are as follows: Hope Levy-Biehl Partner $661.50 Stacie Neroni Partner $661.50 Jordan Keville Partner $661.50 Christina Chan Partner $526.50 Caitlin Forsyth Associate $486 Hugh McCullough Partner $634.50 Marisa Meltebeke Counsel $576 Jean Tom Partner $684 The firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Davis Wright can be reached through: Hope Levy-Biehl, Esq. Davis Wright Tremaine LLP 865 South Figueroa St., Suite 2400 Los Angeles, CA 90017-2566 Tel: (213) 633-8608 Fax: (213) 633-6899 E-mail: hopelevybiehl@dwt.com About Verity Health System Verity Health System -- https://www.verity.org/ -- operates as a non-profit health care system in the state of California, with 1,680 inpatient beds, six active emergency rooms, a trauma center, and a host of medical specialties, including tertiary and quaternary care. Verity's two Southern California hospitals are St. Francis Medical Center in Lynwood and St. Vincent Medical Center in Los Angeles. In Northern California, O'Connor Hospital in San Jose, St. Louise Regional Hospital in Gilroy, Seton Medical Center in Daly City and Seton Coastside in Moss Beach are part of Verity Health. Verity Health also includes Verity Medical Foundation. With more than 100 primary care and specialty physicians, VMF offers medical, surgical and related healthcare services for people of all ages at community-based, multi-specialty clinics conveniently located in areas served by the Verity hospitals. Verity Health System was created in a transaction approved by California Attorney General Kamala Harris and completed in December 2015. Verity Health System of California, Inc., and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 18-20151) on Aug. 31, 2018. In the petition signed by CEO Richard Adcock, Verity Health estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Ernest M. Robles oversees the cases. The Debtors tapped Dentons US LLP as their bankruptcy counsel; Pachulski Stang Ziehl & Jones LLP as co-counsel with Dentons; Berkeley Research Group, LLC as financial advisor; Cain Brothers as investment banker; and Kurtzman Carson Consultants as claims agent. The official committee of unsecured creditors appointed in Debtors' cases retained Milbank, Tweed, Hadley & McCloy LLP as its legal counsel. Jacob Nathan Rubin was appointed as patient care ombudsman. He is represented by Levene, Neale, Bender, Yoo & Brill L.L.P. VERO PARENT: Bank Debt Trades at 19% Discount --------------------------------------------- Participations in a syndicated loan under which Vero Parent Inc is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD180 million term loan is scheduled to mature on August 16, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. VIKING CRUISES: S&P Cuts ICR to 'B'; Ratings on Watch Negative -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Viking Cruises Ltd. to 'B' from 'B+'. S&P also lowered all issue-level ratings on the company one notch in line with the lowering of the issuer credit rating. All ratings remain on CreditWatch with negative implications. "We believe the suspension of cruises will extend into the third quarter and spike Viking's leverage in 2020, and that it is unlikely to improve to under 6x in 2021, the threshold at the previous 'B+' rating. In our assumed containment scenario, we believe Viking can begin to recover starting in the fourth quarter of 2020 and into 2021. However, a global recession and lingering travel fears could prolong recovery and impact consumer discretionary spending. As a result, we assume Viking's adjusted leverage may remain high, above 7x, through 2021. This follows a significant deterioration in credit measures and liquidity in 2020 because of a meaningful loss of revenue and cash flow from the COVID-19 pandemic and the suspension of cruising for at least several months," S&P said. In resolving the CreditWatch listing, S&P will monitor Viking's efforts to manage liquidity, including steps it might take to minimize the cash burn while operations are suspended, potential further reductions in capital spending, and potential additional financing transactions that might bolster liquidity. It will also monitor the pace of cash refunds and booking trends through 2021 and their impacts on liquidity in 2020. S&P will also continue to monitor efforts to contain the virus and assess how the pandemic might alter or weaken travel and cruise demand over the longer term. "We could lower the ratings if we no longer believe Viking's liquidity will be sufficient to cover our assumed cash burn this year. Additionally, we could lower the ratings if the suspension of sailings extends beyond the third quarter or cruise recovery is longer or weaker than we currently assume. In the event we no longer believe Viking has a plausible path to reduce adjusted leverage well below 7.5x in 2021, incorporating the benefit of new ship deliveries that occur later in the year, we could also lower ratings," S&P said. VIRGIN AUSTRALIA: Chapter 15 Case Summary ----------------------------------------- Thirty-nine affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Chapter 15 Debtor Case No. ----------------- -------- Virgin Australia Holdings Ltd 20-11024 Virgin Australia International Operations Pty Ltd 20-11025 Virgin Australia International Holdings Pty Ltd 20-11026 Virgin Australia International Airlines Pty Ltd 20-11027 Virgin Australia Airlines (SE Asia) Pty Ltd 20-11028 Virgin Australia Airlines Holdings Pty Ltd 20-11029 VAH Newco No. 1 Pty Ltd. 20-11030 Virgin Australia Regional Airlines Pty Ltd 20-11031 Tiger Airways Australia Pty Limited 20-11032 Virgin Australia Holidays Pty Ltd 20-11033 VB Ventures Pty Ltd 20-11035 Virgin Australia Airlines Pty Ltd 20-11036 Virgin Australia Cargo Pty Ltd 20-11037 VA Borrower 2019 No. 1 Pty Ltd 20-11038 VB Leaseco Pty Ltd 20-11039 VA Borrower 2019 No. 2 Pty Ltd 20-11040 VA Hold Co Pty Ltd 20-11041 Virgin Tech Pty Ltd 20-11042 VA Lease Co Pty Ltd 20-11043 Short Haul 2018 No. 1 Pty Ltd 20-11044 Virgin Australia 2013-1 Issuer Co Pty Ltd 20-11045 Short Haul 2017 No. 1 Pty Ltd 20-11046 737 2012 No. 1 Pty Ltd 20-11047 Short Haul 2017 No. 2 Pty Ltd 20-11048 737 2012 No. 2 Pty Ltd 20-11049 Short Haul 2017 No. 3 Pty Ltd 20-11050 Short Haul 2016 No. 1 Pty Ltd 20-11051 VBNC5 Pty Ltd 20-11052 Short Haul 2016 No. 2 Pty Ltd 20-11053 A.C.N. 098 904 262 Pty Ltd 20-11054 Short Haul 2014 No. 1 Pty Ltd 20-11055 VB Leaseco No. 2 Pty Ltd 20-11056 Short Haul 2014 No. 2 Pty Ltd 20-11057 VB LH 2008 No. 1 Pty Ltd 20-11058 VA Regional Leaseco Pty Ltd 20-11059 VB LH 2008 No. 2 Pty Ltd 20-11060 VB 800 2009 Pty Ltd 20-11061 VB PDP 2010-11 Pty Ltd 20-11062 Tiger International Number 1 Pty Ltd 20-11063 Business Description: Virgin Australia Holdings Limited is an Australian-based full service airline operator providing domestic and international flights. Chapter 15 Petition Date: April 29, 2020 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Sean H. Lane Foreign Representatives: Vaughan Strawbridge Richard Hughes John Greig Salvatore Algeri Foreign Representatives' Counsel: Renee M. Dailey, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP Estimated Assets: Unknown Estimated Debts: Unknown W3 TOPCO: Bank Debt Trades at 17% Discount ------------------------------------------- Participations in a syndicated loan under which W3 TopCo LLC is a borrower were trading in the secondary market around 83 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $38 million facility is a delay-draw term loan. It is scheduled to mature on August 16, 2025. The Company's country of domicile is U.S. WELL HEALED: Hires Golan Christie Taglia as Counsel --------------------------------------------------- Well Healed Pet, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Robert R. Benjamin, Beverly A. Berneman and Caren A. Lederer of Golan Christie Taglia LLP as counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) render legal advice with respect to the powers and duties of the Debtor; (b) prepare all necessary pleadings, orders and reports with respect to this proceeding and to render all other legal services as may be necessary proper therein; and (c) do the necessary legal work regarding approval of the disclosure statement and plan. The firm is a "disinterested person" within the meaning of Section 327(a) of the Bankruptcy Code. The firm can be reached through: Robert R. Benjamin, Esq. Beverly A. Berneman, Esq. Caren A. Lederer, Esq. GOLAN CHRISTIE TAGLIA LLP 70 W. Madison, Ste. 1500 Chicago,IL 60602 Telephone: (312) 263-2300 Facsimile: (312) 263-0939 E-mail: rrbenjamin@gct.law baberneman@gct.law calederer@gct.law About Well Healed Pet,Inc. Well Healed Pet,Inc., a provider of veterinary services based in Mchenry, Illinois, filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 20-07466) on March 16, 2020. The petition was signed by its president, James D. Carlson. At the time of the filing, the Debtor disclosed estimated assets of between $50,001 and $100,000 and estimated liabilities of between $500,001 and $1 million. The Debtor tapped Robert R. Benjamin, Beverly A. Berneman and Caren A. Lederer of Golan Christie Taglia LLP as counsel. WHEEL PROS: Bank Debt Trades at 28% Discount -------------------------------------------- Participations in a syndicated loan under which Wheel Pros Inc is a borrower were trading in the secondary market around 73 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD556 million term loan is scheduled to mature on April 4, 2025. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. WILSON ORGANIC: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina on April 24, 2020, disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Wilson Organic Farm Services, Inc. About Wilson Organic Farm Services Wilson Organic Farm Services, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 20-01190) on March 18, 2020. At the time of the filing, Debtor disclosed assets of between $100,001 and $500,000 and liabilities of the same range. Judge Joseph N. Callaway oversees the case. White & Allen, P.A. is Debtor's legal counsel. WIRECO WORLDGROUP: Bank Debt Trades at 28% Discount --------------------------------------------------- Participations in a syndicated loan under which WireCo WorldGroup Inc is a borrower were trading in the secondary market around 72 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD135 million term loan is scheduled to mature on September 30, 2024. As of April 24, 2020, the full amount has been drawn and is outstanding. The Company's country of domicile is U.S. WP CITYMD: S&P Alters Outlook to Stable, Affirms 'B-' ICR --------------------------------------------------------- S&P Global Ratings revised its outlook on N.Y.-based WP CityMD Bidco LLC to stable from positive and affirmed its ratings on WP CityMD, including the 'B-' issuer credit rating. S&P said, "The outlook revision reflects our view that the impact of COVID-19 pandemic on WP CityMD will lead to weaker than previously projected credit measures and cash flow generation in 2020. Previously, we expected the merger of legacy CityMD with multispecialty physician group Summit Medical Group (SMG) and SMG's new compensation model to both improve the scale of business and cash flow within one year of closing. However, we now expect the large decline in business from the COVID-19 outbreak to change that expectation for the time being. However, we now expect the large decline in business from the COVID-19 crisis to delay the previously projected improvement in credit measures. Moreover, we believe once the situation eases, and the recovery phase begins, we think it could take time before the business returns to pre-outbreak levels "The stable outlook reflects our expectations that telehealth business will help partially offset the negative impact from the pandemic and that the company's liquidity sources will be sufficient to cover its needs for the next twelve months. "We could lower the rating on WP CityMD if there are large patient declines and we believe volume will not return to recent levels, such that free cash flow generation remains negative for longer period. This could happen if the business remains depressed for longer than expected such that both revenue and EBITDA margin decline by more than 300 basis points (bps), resulting in free operating cash flow (FOCF) to debt below 2%. "We could raise the rating if the company improves its margins and working capital such that it consistently generates positive annual free cash flow such that FOCF to debt remains above 3%. To do so, the company would have to exceed our base-case margin assumption by an estimated 150-200 bps or through some combination of lower capex or working capital needs." WYNN RESORTS: Bank Debt Trades at 24% Discount ---------------------------------------------- Participations in a syndicated loan under which Wynn Resorts Finance LLC is a borrower were trading in the secondary market around 76 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The USD1,000 million term loan is scheduled to mature on September 20, 2024. As of April 24, 2020, USD975 million from the loan remains outstanding. The Company's country of domicile is U.S. YI LLC: Bank Debt Trades at 17% Discount ----------------------------------------- Participations in a syndicated loan under which YI LLC is a borrower were trading in the secondary market around 83 cents-on-the-dollar during the week ended Fri., April 24, 2020, according to Bloomberg's Evaluated Pricing service data. The $68 million facility is a delay-draw term loan. It is scheduled to mature on November 7, 2024. The Company's country of domicile is U.S. [*] S&P Alters Outlook on Charter School Ratings to Stable ---------------------------------------------------------- S&P Global Ratings revised its outlook to stable from positive on certain long-term and underlying ratings on charter schools due to the heightened risk of state funding cuts caused by the COVID-19 pandemic and the related recession. S&P said, "In our view, the previous upward momentum will likely be stunted by the challenges facing charter schools due to the COVID-19 pandemic and the recession. Although we no longer think a higher rating is likely during the outlook period, we consider these charter school ratings stable at this time. Although we have made these broad-based outlook revisions, we intend to review all ratings individually to assess underlying financial performance as well as the degree to which each is affected by COVID-19-related events including the recession." "These outlook revisions correspond with the action we took on April 1, 2020, when we revised our outlook on the charter school sector to negative from stable." As described in "An Already Historic U.S. Downturn Now Looks Even Worse," published April 16, 2020, the recession's trajectory is much deeper and faster than previously anticipated. S&P Global Economics now projects that U.S. GDP will contract by 5.3% in 2020. S&P said, "Although we expect the economy will begin to recover in the second half of 2020, we anticipate that the recovery will be gradual and will be constrained by some form of continued social distancing as fears persist over the continued spread of COVID-19. Given this rapid and severe economic shock, we believe upward rating movement is unlikely over the intermediate term." Many states are facing a structural gap in fiscal 2020, although S&P believes the risk of state funding cuts and delays is greater for charter schools in fiscal 2021. Specifically, cuts to state funding, or per-pupil funding could have a significant impact on liquidity and debt service coverage for certain charter schools. The recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriates $150 billion across all state and local governments to offset costs related to the COVID-19 pandemic and alleviate liquidity pressures. Specifically, the Elementary And Secondary School Emergency Relief Fund (ESSER) and the Governor's Emergency Education Relief Fund (Governor's) combined will provide about $16 billion to K-12 education, charter schools and, to some extent, higher education. S&P views this federal government relief as a mitigating factor helping to limit the near-term credit and liquidity pressures for many charter schools. However, uncertainty remains regarding the timing and sufficiency of these measures and whether there will be any additional state or federal support for charter schools. S&P said, "We view the COVID-19 pandemic, and particularly downward credit pressure introduced by social distancing measures and persistent fears of the spread of the virus, as a credit risk for all U.S. public finance ratings. We classify this credit risk as a health and safety social risk under our environmental, social, and governance (ESG) factors." Select Charter School Ratings List The outlook on all ratings is stable. Obligor State Current Rating Cornerstone Schools Florida BBB- Evolution Academy Charter School Texas B Excel Academy Charter School Colorado BBB- Green Dot Public Schools California BBB- Legacy Preparatory Academy Utah BBB- Paterson Charter School for Science & Technology New Jersey BB- Rocky Mountain Academy of Evergreen Colorado B+ Santa Rosa Academy Inc. California BB+ Texas Leadership Charter Academy Texas BB- Victory Charter School Idaho BBB- Voyageur Academy Michigan B- Wasatch Peak Academy Utah BB+ [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Shailesh Patel and Meena Patel Bankr. W.D.N.C. Case No. 20-30455 Chapter 11 Petition filed April 23, 2020 represented by: Bradley E. Pearce, Esq. In re Justice Farms, LLC Bankr. M.D. Tenn. Case No. 20-02266 Chapter 11 Petition filed April 24, 2020 See https://is.gd/JmlsIH represented by: Steven L. Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ E-mail: slefkovitz@lefkovitz.com In re Neal Properties, LLC Bankr. S.D. W.Va. Case No. 20-60042 Chapter 11 Petition filed April 24, 2020 See https://is.gd/8EQISL represented by: John J. Balenovich, Esq. Matthew M. Johnson, Esq. CALDWELL & RIFFEE E-mail: joecaldwell@frontier.com & chuckriffee@frontier.com In re Bimbo and Sons Corporation Bankr. E.D. Cal. Case No. 20-22209 Chapter 11 Petition filed April 24, 2020 See https://is.gd/0WWzRn represented by: Chinonye U Ugorji, Esq. NONYE UGORJI LAW CORPORATION E-mail: nonyelawcorp@gmail.com In re Desert Lake Group, LLC Bankr. D. Utah Case No. 20-22496 Chapter 11 Petition filed April 24, 2020 See https://is.gd/kxk5jJ represented by: Matthew M. Boley, Esq. COHNE KINGHORN, P.C. E-mail: mboley@cohnekinghorn.com In re Laura Ferrucci and Sando Ferrucci Bankr. W.D.N.Y. Case No. 20-10605 Chapter 11 Petition filed April 24, 2020 In re IGB Group Inc. Bankr. E.D. Cal. Case No. 20-90298 Chapter 11 Petition filed April 27, 2020 See https://is.gd/4A8pHH represented by: David C. Johnston, Esq. DAVID C. JOHNSTON In re Heart Rock, LLC Bankr. D. Minn. Case No. 20-50300 Chapter 11 Petition filed April 26, 2020 See https://is.gd/MDtAyZ represented by: John D. Lamey III, Esq. LAMEY LAW FIRM, P.A. E-mail: jlamey@lameylaw.com In re Gold and Silver Auto Sales, LLC Bankr. D. Md. Case No. 20-14710 Chapter 11 Petition filed April 28, 2020 See https://is.gd/rV6QeT represented by: Augustus T. Curtis, Esq. COHEN, BALDINGER & GREENFELD, LLC E-mail: augie.curtis@cohenbaldinger.com In re CRT Food and Beverage, Inc. Bankr. D. Mass. Case No. 20-11043 Chapter 11 Petition filed April 28, 2020 See https://is.gd/Mu0O82 represented by: Jordan Shapiro, Esq. SHAPIRO & HENDER E-mail: jslawma@aol.com In re Thomas L. Yakopin Bankr. W.D. Pa. Case No. 20-21365 Chapter 11 Petition filed April 28, 2020 represented by: Brian Thompson, Esq. In re Melvin W. Warren, Jr. Bankr. N.D. Fla. Case No. 20-30412 Chapter 11 Petition filed April 28, 2020 represented by: Jodi Dubose, Esq. ********* 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. 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