/raid1/www/Hosts/bankrupt/TCR_Public/201006.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, October 6, 2020, Vol. 24, No. 279
Headlines
1069 RESTAURANT: Case Summary & Unsecured Creditor
24 HOUR FITNESS: Richards, O'Melveny Update on Crossholder Group
3443 ZEN GARDEN: Romspen Wins Auction With $45M Credit Bid
6709 GREENACRES: U.S. Trustee Unable to Appoint Committee
ACASTI PHARMA: All Proposals Passed at Annual Meeting
ADAMIS PHARMACEUTICALS: Gets Noncompliance Notice from Nasdaq
AGD SYSTEMS: U.S. Trustee Unable to Appoint Committee
ALLEGIANT TRAVEL: Moody's Affirms Ba3 CFR, Outlook Negative
ANAMARIED AVILA FARIAS: Oct. 16 Hearing on Martinez Property Sale
AS IS AUTO MART: Gets Approval to Hire Brady & Conner as Counsel
BEAMBLE INC: Case Summary & 18 Unsecured Creditors
BELZO LLC: Case Summary & 20 Largest Unsecured Creditors
BLUE CAY: U.S. Trustee Unable to Appoint Committee
CEDAR MART: Trustee Selling Inventory to Big Chief for $41.5K
CENTURY 21: U.S. Trustee Appoints Creditors' Committee
COCRYSTAL PHARMA: Court Preliminarily OKs Derivative Lawsuit Deal
CONTRACT TRANSPORT: Case Summary & 5 Unsecured Creditors
COSMOLEDO LLC: Oct. 23 Auction of Substantially All Assets
COVIA HOLDINGS: Porter, Paul Update on Term Lender Group
CREDITLOANS CANADA: Obtains CCAA Initial Stay Order; BDO as Monitor
DIJ CORP: Subchapter V Bankruptcy Case Terminated
FAITH CATHEDRAL: U.S. Trustee Unable to Appoint Committee
FALLS EVENT: Trustee Gets OK to Hire Ray Quinney as New Counsel
FIGUEROA MOUNTAIN: Case Summary & 20 Largest Unsecured Creditors
FLORIDA HOMESITE: Voluntary Chapter 11 Case Summary
FOUNDATION OF HOPE: Voluntary Chapter 11 Case Summary
FOXFIRE CONSOLIDATED: Administrator Unable to Appoint Committee
FRANK HELMKA: Selling Wall Property to Garvolinos for $1.1M
GLOSTATION USA: U.S. Trustee Appoints Creditors' Committee
HIDALGO COUNTY EMS: Government Claims It Committed PPP Fraud
IBIO INC: Enters Into Agreement with Safi Biosolutions
ICONIX BRAND: Receives Noncompliance Notice from Nasdaq
INTELSAT SA: Acquiring Gogo's Commercial Unit for $400 Million Cash
INTELSAT SA: Should Protect Foreign Funds, Says Bankruptcy Watchdog
JMX CONTRACTING: Restructuring Under CCAA; Soberman Named Monitor
K&W CAFETERIAS: U.S. Trustee Appoints Creditors' Committee
LAKEWAY PUBLISHERS: Gets Court Approval to Hire Szabo Associates
LAS VEGAS MONORAIL: U.S. Trustee Appoints Creditors' Committee
LIBBEY GLASS: Fee Examiner Taps Bielli & Klauder as Counsel
LIBBEY GLASS: To Cease Production at Shreveport Facility This Year
LIBBEY GLASS: Union Ratify Four-Year Agreements
LIBBEY INC: Files Amended Plan of Reorganization
LIBBEY INC: Postpones Chapter 11 Bankruptcy Exit
LILIS ENERGY: Pursues Sale After Investor Funds Declined to Invest
LONESTAR RESOURCES: Fitch Lowers IDR to D on Chapter 11 Filing
MARINER SEAFOOD: True North Buying All Assets for $2.75 Million
MASON JAR: U.S. Trustee Unable to Appoint Committee
MVK INTERMEDIATE: Moody's Lowers CFR to B3, Outlook Stable
NATURE'S WAY: Voluntary Chapter 11 Case Summary
PACIFIC ALLIANCE: Taps Parr Brown as Special Counsel in Utah Suit
PROTEUS DIGITAL: $15-Mil. Sale to Otsuka America Approved
REGUS CORP: U.S. Units File for Bankruptcy
RTW PROPERTIES: Voluntary Chapter 11 Case Summary
RTW RETAILWINDS: Closes Sale of E-Commerce Business to Saadia
RUSSELL CLARK: Rogers Buying Heavner Property for $550K
SABLE PERMIAN RESOURCES: Lenders to Take Over Bankrupt Company
SABLE PERMIAN: Paul Hastings Represents Mineral Lien Claimants
SEANERGY MARITIME: Receives Noncompliance Notice from Nasdaq
SERENDIPITY LABS: Gets Approval to Hire Nelson Mullins as Counsel
SHILOH INDUSTRIES: U.S. Trustee Appoints Creditors' Committee
SLIM DOLLAR: Gets Approval to Hire Victor W. Dahar as Legal Counsel
STEIN MART: Chairman Jay Stein Sold His Shares After Ch. 11 Filing
STEIN MART: Court Gives Nod for $250M Liquidation Sales
STEVEN BOYUM: Kari Boyum Buying Goodhue County Land for $240K
STUDENT SERVICES: Moody's Cuts Rating on $132MM Bonds to 'Ba1'
SUGAR FACTORY: U.S. Trustee Unable to Appoint Committee
SYNCHRONOSS TECHNOLOGIES: Hikes Jeffrey Miller's Salary to $500K
TRC FARMS: Lees Buying Craven County Property for $535K
TRUDY'S TEXAS: Kunik Buying Nofalia's Austin Property for $4.1M
TUESDAY MORNING: Oct. 21 Auction of Substantially All Assets
URBAN ONE: Launches Exchange Offer for 7.375% Senior Notes
VAL'S FOOD: May Use Liftfund's Cash Collateral on Final Basis
VOLUSION LLC: U.S. Trustee Unable to Appoint Committee
VTV THERAPEUTICS: Edward Taibi Quits as Director
WEATHERLY INVESTORS: Voluntary Chapter 11 Case Summary
YOUNGEVITY INTERNATIONAL: Receives Nasdaq Noncompliance Notices
[*] Chapter 11 Bankruptcy Can Save Small Firms Hit by Pandemic
[^] Large Companies with Insolvent Balance Sheet
*********
1069 RESTAURANT: Case Summary & Unsecured Creditor
--------------------------------------------------
Ten affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
1069 Restaurant Group, LLC (Lead Case) 20-05582
1069 W. Morse Blvd.
Winter Park, FL 32789
Metro Corral Partners, Inc. 20-05584
Metro Corral Partners, LLC 20-05583
MCP of Kissimmee, Inc. 20-05593
Maingate GC, Inc. 20-05589
Altamonte G.C. Inc. 20-05585
Celebration GC Ventures, LLC 20-05586
Clermont GC, LLC 20-05587
East Colonial, LLC 20-05588
Metro I Drive, LLC 20-05594
Business Description: 1069 Restaurant Group, LLC is an operator of
franchised buffet restaurants.
Chapter 11 Petition Date: October 5, 2020
Court: United States Bankruptcy Court
Middle District of Florida
Judge: Hon. Lori V. Vaughan
Debtors' Counsel: R. Scott Shuker, Esq.
SHUKER & DORRIS, P.A.
121 S. Orange Avenue
Suite 1120
Orlando, FL 32801
Tel: (407) 337-2060
Email: rshuker@shukerdorris.com
1069 Restaurant Group's
Estimated Assets: $10 million to $50 million
1069 Restaurant Group's
Estimated Liabilities: $50 million to $100 million
The petitions were signed by Eric A. Holm, manager.
1069 Restaurant listed Regions Bank as its sole unsecured creditor
holding a claim of $9,391,000.
Copies of five of the Debtors' petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/NCY73LQ/1069_Restaurant_Group_LLC__flmbke-20-05582__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/3FZCTPY/Metro_Corral_Partners_Inc__flmbke-20-05584__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/2ZDXMSI/Metro_Corral_Partners_LLC__flmbke-20-05583__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/Z5GKAQQ/MCP_of_Kissimmee_Inc__flmbke-20-05593__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/ZRDOL7Q/Maingate_GC_Inc__flmbke-20-05589__0001.0.pdf?mcid=tGE4TAMA
24 HOUR FITNESS: Richards, O'Melveny Update on Crossholder Group
----------------------------------------------------------------
In the Chapter 11 cases of 24 Hour Fitness Worldwide, Inc., et al.,
the law firms of O'Melveny & Myers LLP and Richards, Layton &
Finger, P.A. submitted an amended joint verified statement under
Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose
an updated list of Ad Hoc Group of Crossholders that they are
representing.
The Ad Hoc Group, comprised of institutions that hold and/or manage
accounts holding Term Loans and/or Revolving Loans in each case
made pursuant to that certain Credit Agreement, dated as of May 31,
2018, by and among the Debtors, Morgan Stanley Senior Funding,
Inc., as administrative agent and collateral agent, and the lenders
party thereto; and/or 8.000% senior unsecured notes due 2022 issued
by 24 Hour Fitness Worldwide, Inc., as successor by merger to 24
Hour Holdings III LLC pursuant to the indenture, dated as of May
30, 2014, by and among the Debtors and the indenture trustee party
thereto ; and/or senior secured term loans made pursuant to that
certain Superpriority Senior Secured Debtor-in-Possession Credit
Agreement, dated as of June 17, 2020.
O'Melveny is a law firm that maintains offices at Times Square
Tower, Seven Times Square, New York, New York 10036, and has
additional offices in the United States and abroad. RLF is a law
firm that maintains offices at 920 North King Street, Wilmington,
Delaware 19801.
The Ad Hoc Group was formed prior to the Debtors' chapter 11 filing
when certain members of the Ad Hoc Group contacted and engaged
O'Melveny.
The Ad Hoc Group retained RLF as local counsel shortly before the
Debtors' chapter 11 filing in the United States Bankruptcy Court
for the District of Delaware.
Other than as disclosed herein, neither O'Melveny nor RLF (a)
represents or purports to represent any other entities with respect
to the Cases or (b) holds any claim against or interest in the
Debtors, except to the extent O'Melveny and/or RLF have claims
against the Debtors for fees and/or expenses arising from services
rendered in connection with their representation of the Ad Hoc
Group.
Although the Ad Hoc Group has retained Counsel to represent it
collectively as a group, each member of the Ad Hoc Group makes its
own decisions as to how it wishes to proceed and does not speak
for, or on behalf of, any other holder of Prepetition Loans, Senior
Notes, and or DIP Loans, including the other members of the Ad Hoc
Group in their individual capacities. In addition, the Ad Hoc Group
does not represent or purport to represent any other entities in
connection with the Cases.
As of June 15, 2020, members of the Ad Hoc Group and their
disclosable economic interests are:
Canyon Capital Advisors LLC
2000 Avenue of the Stars, 11th Floor
Los Angeles, CA 90067
Attn: Jonathan Kaplan
* Senior Secured Loans: $4,445,377.46
* DIP Loans: $3,492,305.98
Canyon CLO Advisors LLC
2000 Avenue of the Stars,11th Floor
Los Angeles, CA 90067
Attn: Jonathan Kaplan
* Senior Secured Loans: $10,195,059.90
* DIP Loans: $8,009,279.04
Cyrus Capital Partners, L.P.
65 East 55th Street, 35th Floor
New York, NY 10022
Attn: John Rapaport
* Senior Secured Loans: $56,327,512.87
* DIP Loans: $44,758,363.85
* Senior Notes: $52,935,000.00
Franklin Advisers, Inc.
1 Franklin Pkwy Building 920 / 3rd Floor
San Mateo, CA 94403
Attn: Victoria Penfield
* Senior Secured Loans: $37,935,599.88
* DIP Loans: $29,802,356.15
HPS Investment Partners, LLC
40 West 57th Street, 6th Floor
New York, NY 10019
Attn: Jonathan Rabinowitz
* Senior Secured Loans: $35,747,686.13
* DIP Loans: $28,083,522.56
Keyframe Capital Partners, L.P.
65 East 55th Street, 35th Floor
New York, NY 10022
Attn: Ethan Goldsmith
* Senior Secured Loans: $14,142,530.87
* DIP Loans: $11,237,786.13
* Senior Notes: $19,065,000.00
Monarch Alternative Capital LP
535 Madison Ave, 26th Floor
New York, NY 10022
Attn: Patrick Fallon
* Senior Secured Loans: $81,421,584.19
* DIP Loans: $84,897,608.00
MSD Credit Opportunity Master Fund, L.P.
645 Fifth Avenue 21st Floor
New York, NY 10022
Attn: Simon Crocker
* Senior Secured Loans: $7,232,055.24
* DIP Loans: $5,681,530.99
* Senior Notes: $43,250,000.00
Nuveen Alternatives Advisors LLC
730 3rd Avenue
New York, NY 10017
Attn: Ji Min Shin
* Senior Secured Loans: $7,971,178.22
* DIP Loans: $6,262,188.91
Sculptor Capital Investments, LLC
9 West 57th Street, 39th Floor
New York, NY 10019
Attn: Norman Greenberg
* Senior Secured Loans: $188,754,197.80
* DIP Loans: $149,380,068.50
* Senior Notes: $254,363,000.00
Symphony Asset Management LLC
555 California Street, Suite 3100
San Francisco, CA 94104
Attn: Ji Min Shin
* Senior Secured Loans: $30,383,573.88
* DIP Loans: $23,869,454.91
Voya Investment Management Co. LLC
7337 E. Doubletree Ranch Rd, Suite 100
Scottsdale, AZ 85258
Attn: Robert Wilson
* Senior Secured Loans: $41,136,580.79
* DIP Loans: $29,771,295.66
Nothing contained in this Statement is intended to, or should be
construed to constitute (a) a waiver or release of any claims filed
or to be filed against or interests in any of the Debtors held by
any member of the Ad Hoc Group, its affiliates, or any other
entity, or (b) an admission with respect to any fact or legal
theory. Nothing herein should be construed as a limitation upon, or
waiver of, any rights of any member of the Ad Hoc Group to assert,
file, and/or amend any proof of claim in accordance with applicable
law and any order entered in these Cases.
From time to time, additional parties may become members of the Ad
Hoc Group, and certain members of the Ad Hoc Group may cease to be
members in the future. Counsel reserves the right to amend or
supplement this Statement as necessary for that, or any other,
reason in accordance with Bankruptcy Rule 2019.
The information contained herein is intended only to comply with
Bankruptcy Rule 2019 and is not intended for any other use or
purpose.
Counsel for the Ad Hoc Group can be reached at:
RICHARDS, LAYTON & FINGER, P.A.
Mark D. Collins, Esq.
Michael J. Merchant, Esq.
David T. Queroli, Esq.
920 North King Street
Wilmington, DE 19801
Telephone: (302) 651-7700
Facsimile: (302) 651-7701
Email: collins@rlf.com
merchant@rlf.com
queroli@rlf.com
- and -
O'MELVENY & MYERS LLP
John J. Rapisardi, Esq.
Daniel S. Shamah, Esq.
Diana Perez, Esq.
Times Square Tower
Seven Times Square
New York, NY 10036
Telephone: (212) 326-2000
Facsimile: (212) 326-2061
Email: jrapisardi@omm.com
dshamah@omm.com
dperez@omm.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/36yJuAP and https://bit.ly/2GBNAgK
About 24 Hour Fitness
24 Hour Fitness Worldwide, Inc., owns and operates fitness centers
in the United States. As of March 31, 2017, the company operated
426 clubs serving approximately 3.6 million members across 13
states and 23 markets, predominantly in California, Texas and
Colorado. For the 12 months ended March 31, 2017, the company
generated total revenue of about $1.4 billion. In May 2014, 24 Hour
Fitness was acquired by affiliates of AEA Investors LP, Fitness
Capital Partners and Ontario Teachers' Pension Plan for a total
purchase price of approximately $1.8 billion.
24 Hour Fitness Worldwide and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11558) on June 15,
2020. 24 Hour Fitness was estimated to have $1 billion to $10
billion in assets and liabilities as of the bankruptcy filing.
The Hon. Karen B. Owens is the case judge.
The Debtors tapped Weil, Gotshal & Manges, LLP as lead bankruptcy
counsel; Pachulski Stang Ziehl & Jones, LLP as local counsel; FTI
Consulting, Inc. as financial advisor; Lazard Freres & Co. LLC as
investment banker; and Prime Clerk, LLC as claims agent.
3443 ZEN GARDEN: Romspen Wins Auction With $45M Credit Bid
----------------------------------------------------------
Paul Thompson of Austin Business Journal reports that Canada-based
Romspen Mortgage LP won a bankruptcy auction for a prominent
109-acre East Austin campus ripe for redevelopment, but hurdles
remain before the lender walks away with the property.
The campus, which fell into bankruptcy earlier this year, is along
U.S. Highway 183 near FM 969 and was once home to Motorola and
later Freescale Semiconductor. Romspen won the auction with a
credit bid of $45 million, according to an Oct. 1, 2020 filing from
Greg Milligan, the trustee appointed to oversee the bankruptcy
proceedings for current campus owner 3443 Zen Garden LP.
Credit bidding allows a secured creditor to use its bankruptcy
claim to bid at an auction. Romspen had sought an estimated allowed
claim for its credit bid of just over $100 million, according to
court filings.
Any objections to the sale to Romspen will need to be filed by noon
on Oct. 5, 2020. A hearing to possibly approve the sale has been
set for Oct. 7, 2020 at 9:30 a.m.
Despite winning the auction, controversy has swirled around
Romspen. An ongoing adversarial lawsuit from Canadian businessman
Dan White, the man behind Zen Garden, accuses Rompsen of fraud and
operating a loan-to-own scheme in part by denying funds for the
development of the campus, leading to lengthy and crippling delays.
White is seeking $250 million in financial relief from the lender.
Romspen is fighting the allegations against it.
Redevelopment has been in the cards for awhile at the site, under
names including Eightfold, Austin Viie and, most recently, Tech
3443. Coworking company Work Well Win was once supposed to take
100,000 square feet and serve as the anchor tenant at the campus,
but that deal crumbled. Rompsen has been involved through it all
— at one point it backed Chris Milam's efforts to turn the site
into a data center.
It's unclear what will happen to the former Motorola campus. This
site map, from when the redevelopment project was still called
Austin Viie, shows existing buildings as well as newly planned
ones.
It's unclear what will happen to the former Motorola campus. This
site map, from when the redevelopment project was still called
Austin Viie, shows existing buildings as well as newly planned
ones.
AUSTIN VIIE
The latest plans called for 4.6 million square feet of office space
for technology companies, including, eventually, multiple towers.
But progress has stalled amid the dispute between Romspen and 3443
Zen Garden LP. White and Austin-based Adam Zarafshani are Zen
Garden's principals, but the pair have been at odds since at least
the winter of 2019.
An involuntary bankruptcy filed this spring by unpaid contractors
— including Zarafshani's Panache Development, which is serving as
general contractor for Tech 3443 — cast further doubt upon the
future of the development. Those contractors also filed an
adversarial lawsuit, which pinpointed Romspen as a "key cause, if
not the sole cause" of the insolvency issues for the developers.
Outside of Romspen, White was the only other qualified bidder at
the auction through an entity called 2289946 Alberta Ltd., which
submitted a cash bid of $13 million. Milligan opted not to select a
backup bidder.
White strongly opposed Romspen's credit bid, pointing to his
allegations of the lender's loan-to-own scheme. White alleged in
his lawsuit that Romspen denied draws against a loan needed to pay
contractors and prevented Zen Garden from acquiring $25 million in
financing for energy efficient construction through PACE funding.
White's attorney, Stephan Seeger, said he intends to "proceed
against Romspen to the full extent possible."
"This, from the very beginning, has been a situation where White
has been the target of a premeditated shakedown," Seeger said.
In court filings, Romspen claims White has challenged its efforts
to credit bid with a clear motive to “frustrate the purpose of
the sale process.”
It also argued that it has loaned more than $90 million for the
redevelopment of the campus and has "financed the preservation”
of the project during the bankruptcy process."
"The White Parties ill-motivated attempt to strip Romspen of all
credit bid rights after Romspen has provided all of the funding and
financing to preserve the Project is transparently inequitable and
should be disregarded by the Court," Romspen argued in a Sept. 22,
2020 filing.
Milligan had also expressed concerns about Romspen's ability to
credit bid, filing an objection in bankruptcy court that ultimately
led to Romspen placing $7 million in escrow ahead of the auction
"for the benefit of unsecured creditors in the event the estate
prevails on its claims against Romspen," Milligan said by email.
Milligan added that while the $7 million resolved his objection to
Romspen's credit bidding rights, it did not serve as a cap against
any potential recovery again the Canadian lender. Rather, Milligan
called the escrow funds "only an amount of cash that is available
to satisfy (partially or in full) any award I might obtain from the
Bankruptcy Court against Romspen."
Milligan echoed that sentiment in his proposed sale order filed
Oct. 1, 2020 writing that nothing in the document "limits or
restricts the amount of any damages" or relief that the trustee,
estate or debtor may obtain against the buyer or lender.
Further information will become available in forthcoming pleadings
and there will also be "evidence presented at the hearing to
approve the auction results" on Oct. 7, 2020 Milligan said.
Witnesses set to appear include Romspen Managing General Partner
Wes Roitman and two representatives from Hilco Real Estate
Appraisal LLC.
Other creditors resolved credit bid objections against Romspen in a
similar fashion. In total, $12 million was placed into escrow to
overcome those objections, Milligan said. Zarafshani's Panache
Development agreed to a stipulation that Romspen would deposit
about $1.4 million into escrow to be "payable in the amount of and
conditioned upon a judgment or order, if any, entered in favor of
Panache" related to its claims.
Cushman & Wakefield was in charge of marketing the property at 3443
Ed Bluestein Blvd. The campus still appears on the real estate
firm’s website, which highlights the location's proximity to
Austin-Bergstrom International Airport and downtown Austin. Other
perks and amenities highlighted include abundant parking and
electrical infrastructure that's being rebuilt.
Milligan has previously said that there are currently no tenants at
the campus but that some are interested in the site "when
construction is completed."
About 3443 Zen Garden
3443 Zen Garden, LP is a "single asset real estate" debtor (as
defined in 11 U.S.C. Section 101(51B)).
On March 22, 2020, creditors Lyle America, Austin Glass & Mirror,
Inc. and ACM Services, LLC filed an involuntary Chapter 11 petition
against 3443 Zen Garden (Bankr. W.D. Texas Case No. 20-10410). The
petitioning creditors are represented by Kell C. Mercer, Esq., at
Kell C. Mercer, PC.
Judge H. Christopher Mott oversees the case.
Gregory S. Milligan was appointed as Chapter 11 trustee for 3443
Zen Garden. The trustee has tapped Wick Phillips Gould & Martin,
LLP as his bankruptcy counsel; HMP Advisory Holdings, LLC as
financial advisor; and Gindler, Chappell, Morrison & Co. PC (GCMC)
as tax accountant.
6709 GREENACRES: 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
6709 Greenacres Florida, LLC, according to court dockets.
About 6709 Greenacres
6709 Greenacres Florida, LLC sought protection under Chapter 11 of
the Bankruptcy Court (Bankr. S.D. Fla. Case No. 20-18663) on Aug.
11, 2020, listing under $1 million in both assets and liabilities.
Judge A. Jay Cristol oversees the case. Joel M. Aresty P.A. serves
as Debtor's legal counsel.
ACASTI PHARMA: All Proposals Passed at Annual Meeting
-----------------------------------------------------
Acasti Pharma Inc. held its Annual and Special Meeting of
Shareholders on Sept. 30, 2020, at which the shareholders:
(a) elected Roderick N. Carter, Jean-Marie (John) Canan, Jan
D'Alvise, and Donald Olds as directors of the Corporation
for the ensuing year;
(b) ratified the appointment of KPMG LLP as the Corporation's
auditors for the ensuing fiscal year and the directors
were authorized to fix their remuneration;
(c) passed an advisory (non-binding) resolution approving the
compensation of the Corporation's named executive
officers;
(d) passed an advisory (non-binding) resolution approving the
option of having an advisory (non-binding) vote approving
the compensation of the Corporation's named executive
officers once every year;
(e) approved amendments to the Corporation's stock option
plan and approved amendments to the Corporation's equity
incentive plan; and
(f) passed a resolution to approve, ratify and confirm the
adoption of the amended and restated general by-law of the
Corporation.
The amendments to the Stock Option Plan and the Equity Incentive
Plan are subject to TSX-V final approval.
Adoption of Amended & Restated General By-Law
About Acasti Pharma
Acasti -- http://www.acastipharma.com/-- is a biopharmaceutical
innovator advancing a potentially best-in-class cardiovascular
drug, CaPre (omega-3 phospholipid), for the treatment of
hypertriglyceridemia, a chronic condition affecting an estimated
one third of the U.S. population. Since its founding in 2008,
Acasti has focused on addressing a critical market need for an
effective, safe and well-absorbing omega-3 therapeutic that can
make a positive impact on the major blood lipids associated with
cardiovascular disease risk. The Company is developing CaPre in a
Phase 3 clinical program in patients with severe
hypertriglyceridemia, a market that includes 3 to 4 million
patients in the U.S. The addressable market may expand
significantly if omega-3s demonstrate long-term cardiovascular
benefits in on-going outcomes studies (REDUCE-IT and STRENGTH).
Acasti may need to conduct at least one additional clinical trial
to expand CaPre's indications to this segment. Acasti's strategy is
to commercialize CaPre in the U.S. and the Company is pursuing
development and distribution partnerships to market CaPre in major
countries around the world.
Acasti reported a net loss and total comprehensive loss of $25.51
million for the year ended March 31, 2020, compared to a net loss
and total comprehensive loss of $39.37 million for the year ended
March 31, 2019. As of June 30, 2020, Acasti had $20.14 million in
total assets, $9.11 million in total liabilities, and $11.04
million in total shareholders' equity.
KPMG LLP, in Montreal, Canada, the Company's auditor since 2009,
issued a "going concern" qualification in its report dated June
29, 2020, citing that the Corporation has incurred operating losses
and negative cash flows from operations since its inception, and
additional funds will be needed in the future that raise
substantial doubt about its ability to continue as a going concern.
ADAMIS PHARMACEUTICALS: Gets Noncompliance Notice from Nasdaq
-------------------------------------------------------------
Adamis Pharmaceuticals Corporation received a notice from the
Listing Qualifications Department of The Nasdaq Stock Market on
Sept. 29, 2020 notifying the Company that for 30 consecutive
business days, the closing bid price of the Company's common stock
was below $1.00 per share, which is the minimum required closing
bid price for continued listing on the Nasdaq Capital Market
pursuant to Marketplace Rule 5550(a)(2). This notice has no
immediate effect on the Company's Nasdaq listing or the trading of
its common stock.
In accordance with Nasdaq Marketplace Rule and 5810(c)(3)(A), the
Company has a period of 180 calendar days from the date of
notification, or until March 29, 2021, to regain compliance. If at
any time before March 29, 2021, the bid price of the Company's
common stock closes at or above $1.00 per share for a minimum of 10
consecutive business days, Nasdaq will provide written notification
that the Company has achieved compliance with the minimum bid price
requirement, and the matter would be resolved. The notice letter
also disclosed that if the Company does not regain compliance
within the initial compliance period, it may be eligible for an
additional 180-day compliance period. To qualify for additional
time, the Company would be required to meet the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for The Nasdaq Capital Market, with the
exception of the bid price requirement, and would need to provide
written notice of a plan to cure the deficiency during the second
compliance period. If the Company meets these requirements, Nasdaq
will inform the Company that it has been granted an additional 180
calendar days to regain compliance. However, if it appears to the
staff of Nasdaq that the Company will not be able to cure the
deficiency, or if the Company is otherwise not eligible, the staff
would notify the Company that it will not be granted additional 180
days for compliance and will be subject to delisting at that time.
In the event of such notification, the Company may appeal the
staff's determination to delist its securities. There are no
assurances that the Company will be able to regain compliance with
the minimum bid price requirements or will otherwise be in
compliance with other Nasdaq listing rules.
The Company intends to monitor the closing bid price for its common
stock and will consider available strategies in an effort to
satisfy the minimum bid price requirement.
About Adamis Pharmaceuticals
Adamis Pharmaceuticals Corporation --
http://www.adamispharmaceuticals.com/-- is a specialty
biopharmaceutical company primarily focused on developing and
commercializing products in various therapeutic areas, including
respiratory disease, allergy and opioid overdose. The company's
SYMJEPI (epinephrine) Injection 0.3mg and SYMJEPI (epinephrine)
Injection 0.15mg products were approved by the FDA for use in the
emergency treatment of acute allergic reactions, including
anaphylaxis.
Adamis reported a net loss of $29.31 million for the year ended
Dec. 31, 2019, compared to a net loss of $39 million for the year
ended Dec. 31, 2018. As of June 30, 2020, the Company had $39.70
million in total assets, $16.58 million in total liabilities, and
$23.12 million in total stockholders' equity.
Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2007, issued a "going concern" qualification in its
report dated March 30, 2020 citing that the Company has incurred
recurring losses from operations and is dependent on additional
financing to fund operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
AGD SYSTEMS: 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
AGD Systems Corporation, according to court dockets.
About AGD Systems Corp.
AGD Systems Corp. is a registered U.S. Defense contractor that
provides services such as aircraft modernization, acquisition,
training, logistics and sustainment.
AGD Systems Corp. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
20-18695) on Aug. 12, 2020. AGD Systems President Mark Daniels
signed the petition. At the time of the filing, the Debtor
disclosed estimated assets of $1 million to $10 million and
estimated liabilities of $500,000 to $1 million. Judge Erik P.
Kimball oversees the case. Brian K. McMahon, P.A. is the Debtor's
legal counsel.
ALLEGIANT TRAVEL: Moody's Affirms Ba3 CFR, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service ("Moody's") affirmed its ratings for
Allegiant Travel Company ("Allegiant"); Ba3 corporate family
rating, Ba3-PD probability of default rating, and Ba3 senior
secured rating; and assigned a Ba3 rating to the $150 million of
new, privately-placed senior secured notes due 2024. The company's
speculative grade liquidity rating was upgraded to SGL-2 from
SGL-3. The ratings outlook is negative.
The new senior secured notes will be secured on a pari passu basis
with Allegiant's existing Term Loan B, with a priority lien on all
assets of the Company other than aircraft and Sunseeker Resorts,
Inc. The notes proceeds will bolster the company's liquidity. The
construction of the Sunseeker Resorts hotel located in Port
Charlotte; Florida has been suspended.
The affirmation of Allegiant's ratings considers its good liquidity
notwithstanding the broad and severe adverse impact of the
coronavirus on the aviation industry, and air passenger demand.
Also supporting the ratings affirmations are Moody's belief that
Allegiant will experience a sooner and stronger recovery in demand
than most of its US peers because of its low cost, leisure focused,
US domestic operation and its broad geographic coverage. Moody's
also believes that there is strong potential for Allegiant to
substantially improve key credit metrics towards 2019 levels
through 2023 if coronavirus vaccines are broadly available in the
US by the end of 2021.
The negative outlook reflects the potential for a resurgence of the
coronavirus through the winter that would further constrain
passenger demand relative to the current depressed level, which
could pressure average daily cash burn and weaken the company's
liquidity cushion. The pace and scope of the ultimate recovery of
Allegiant's credit profile could also be slowed versus Moody's
current expectations.
The adverse impacts of the coronavirus pandemic on the global
economy, oil prices and asset prices have sustained a severe and
extensive credit shock across many sectors, regions, and markets.
The combined credit effects of these developments are
unprecedented. The passenger airline industry is one of the sectors
most significantly affected by the shock given its exposure to
travel restrictions and sensitivity of consumer demand to
sentiment. Moody's regards the coronavirus pandemic as a social
risk under its ESG framework, given the substantial implications
for public health and safety.
RATINGS RATIONALE
The Ba3 corporate family rating reflects the financial benefits of
Allegiant's differentiated airline model that provides limited
competition across about 80% of its routes. Moody's expects
Allegiant to continue to achieve one of the strongest operating
margins of the airlines it rates following mitigation of the
coronavirus. The re-making of the fleet required an $800+ million
debt-funded investment for mostly used Airbus aircraft.
Debt-to-EBITDA remained below 3.5x during the investment period and
was 2.7x at the end of 2019.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if the pace of recovery of
passenger demand is slower than Moody's expects, additional sources
of liquidity become scarce, or the company is unable to strengthen
credit metrics through the recovery phase, indicated by
debt-to-EBITDA sustained above 3.75x, funds from operations +
interest-to-interest below 4x, EBIT margins approach 12%, or free
cash flow from airline operations is sustained below $100 million.
There will be no upwards rating pressure until passenger demand
begins a bonafide and sustained recovery towards pre-coronavirus
levels, Allegiant maintains liquidity above $400 million and key
credit metrics improve such as EBIT margin exceeds 15%,
debt-to-EBITDA declines towards 3x and funds from operations +
interest-to-interest is sustained above 5.5x.
The principal methodology used in these ratings was Passenger
Airline Industry published in April 2018.
The following rating actions were taken:
Affirmations:
Issuer: Allegiant Travel Company
Corporate Family Rating, Affirmed Ba3
Probability of Default Rating, Affirmed Ba3-PD
Senior Secured Bank Credit Facility, Affirmed Ba3 (LGD3)
Upgrades:
Issuer: Allegiant Travel Company
Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3
Assignments:
Issuer: Allegiant Travel Company
Senior Secured Regular Bond/Debenture, Assigned Ba3 (LGD3)
Outlook Actions:
Issuer: Allegiant Travel Company
Outlook, Remains Negative
Allegiant Travel Company, headquartered in Las Vegas, Nevada, is a
publicly traded (NASDAQ: ALGT) operator of a low-cost passenger
airline marketed to leisure travelers in small cities, selling air
travel, hotel rooms, rental cars, and other travel related services
on a stand-alone or bundled basis. In 2019, Allegiant operated more
than 450 routes across the US and served almost 15 million
scheduled passengers, facing no direct competition on about 80% of
its routes. The company generated revenues of approximately $1.84
billion in 2019 and $1.44 billion for the last twelve months ended
June 30, 2020.
ANAMARIED AVILA FARIAS: Oct. 16 Hearing on Martinez Property Sale
-----------------------------------------------------------------
Judge Charles Novack of the U.S. Bankruptcy Court for the Northern
District of California will convene a hearing on Oct. 16, 2020 at
11:00 a.m. via Tele/Videoconference to consider Anamarie Avila
Farias' sale of the real property located at 950 Country Run Road,
Martinez, California to Stephen A. Rivers and Nancy L. O'Brien for
$632,500.
On April 17, 2020, the Debtor filed a proposed Chapter 11 Plan
which has not yet been confirmed. The plan provides, among other
things, that the Debtor would sell the Country Run Property as the
primary funding source for the plan. Her mother, Anamarie Bugarin,
is also on title to the Country Run property.
The property is currently occupied by a tenant, Russ Salva. The
tenant has agreed to move and is expected to vacate the property
not later than Oct. 17, 2020.
The purchase price equates to $424.50 per square foot.
From the sales price of 632,500, the following will be paid out of
escrow: (i) JP Morgan Chase - $155,725 (est.), (ii) Capital Gain
(Federal & State) - 120,000 (est.), (iii) Parkside 7266 HOA -
$1,000 (est.), (iv) Commission and escrow fees - $40,000 (est.),
and (v) Demiris Law Firm - $33,191.
Therefore, assuming the payments out of escrow are not increased,
the total amount realized from the sale of Country Run will be
approximately $282,584. These funds will be turned over to the Sub
Chapter 5 Trustee pending confirmation of a plan.
The Debtor will serve on Oct. 2, 2020, the Order Shortening Time
for Hearing on the Motion, the Motion, the Notice of Hearing on
Motion, and supporting declarations on all creditors and parties in
interest by first class mail. Any opposition to the Motion may be
raised at the time of hearing.
A copy of the Contract is available at https://tinyurl.com/ybbk9god
from PacerMonitor.com free of charge.
Counsel for Debtor:
Sarah Little, Esq.
KORNFIELD, NYBERG,
BENDES, KUHNER & LITTLE P.C.
1970 Broadway, Suite 600
Oakland, CA 94612
Telephone: (510) 763-1000
Facsimile: (510) 273-8669
E-mail: s.little@kornfieldlaw.com
Anamarie Avila Farias sought Chapter 11 protection (Bankr. N.D.
Cal. Case No. 20-40377) on Feb. 19, 2020. The Debtor tapped Sarah
Little, Esq., at Kornfield, Nyberg, Bendes, Kuhner & Little, PC, as
counsel.
AS IS AUTO MART: Gets Approval to Hire Brady & Conner as Counsel
----------------------------------------------------------------
AS Is Auto Mart of Arkansas LLC received approval from the U.S.
Bankruptcy Court for the Western District of Arkansas to hire Brady
& Conner, PLLC as its legal counsel.
The services to be provided by the firm are as follows:
(a) advise Debtor of its rights, powers and duties;
(b) assist in the negotiation and documentation of financing
agreements, cash collateral orders and related transactions;
(c) investigate into the nature and validity of liens asserted
against the property of Debtor and advise Debtor concerning the
enforceability of said liens;
(d) take the necessary actions to collect and, in accordance
with applicable law, recover property for the benefit of Debtor's
estate;
(e) prepare legal papers and review financial and other
reports to be filed;
(f) advise Debtor concerning and prepare responses to
applications, motions, pleadings, notices and other documents which
may be filed and served;
(g) advise Debtor in connection with the formulation,
negotiation and promulgation of a plan of reorganization and
related documents; and
(h) perform such other legal services as may be necessary or
appropriate in the administration of Debtor's Chapter 11 case.
The hourly rates charged by Brady & Conner are as follows:
Partners $300
Associates $175
Paralegals $45-$55
Brady & Conner received a general retainer of $6,000.
The firm can be reached through:
Don Brady, Esq.
Brady & Conner, PLLC
3398 E. Huntsville Rd.
Fayetteville, AR 72701
Phone: (479) 443-8080
About AS Is Auto Mart of Arkansas LLC
AS Is Auto Mart of Arkansas LLC is an Arkansas limited liability
company with its principal assets located in Washington County,
Ark.
AS Is Auto Mart of Arkansas LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ark. Case No.
20-71932) on Sept. 3, 2020, listing under $1 million in both assets
and liabilities.
Judge Ben T. Barry oversees the case. Brady & Conner, PLLC serves
as Debtor's legal counsel.
BEAMBLE INC: Case Summary & 18 Unsecured Creditors
--------------------------------------------------
Debtor: Beamable, Inc.
FKA Disruptor Beam, Inc.
100 Pennsylvania Avenue
Suite 2
Framingham, MA 01701
Business Description: Beamable, Inc. --
https://www.beamable.com -- is a software
company in Framingham, Massachusetts.
Beamable enables game makers to easily add
social, commerce and content management
features to their games with drag-and-drop
prefabs inside Unity3D without the need of a
game server. A Unity package features
ready-to-ship user interfaces distilled from
best-practices with every feature, and a
visual skinning designer so they seamlessly
integrate with the developer's game.
Chapter 11 Petition Date: October 1, 2020
Court: United States Bankruptcy Court
District of Massachusetts
Case No.: 20-40986
Debtor's Counsel: Jesse I. Redlener, Esq.
ASCENDANT LAW GROUP LLC
204 Andover Street, Suite 401
Andover, MA 01810
Tel: 978-409-2038
Email: jredlener@ascendantlawgroup.com
Total Assets: $637,987
Total Liabilities: $3,356,584
The petition was signed by Jon Radoff, CEO.
A copy of the petition containing, among other items, a list of the
Debtor's 18 unsecured creditors is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/E4WUMEI/Beamable_Inc__mabke-20-40986__0001.0.pdf?mcid=tGE4TAMA
BELZO LLC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Belzo LLC
d/b/a Rockaway Pharmacy & Compounding
25 West Main Street
Rockaway, NJ 07866
Business Description: Belzo LLC operates as a full service Morris
County pharmacy and compounding center.
Chapter 11 Petition Date: October 5, 2020
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 20-21322
Debtor's Counsel: David Edelberg, Esq.
CULLEN AND DYKMAN LLP
433 Hackensack Avenue, 12th Fl.
Hackensack, NJ 07601
Tel: 201-488-1300
Email: dedelberg@cullenanddykman.com
Total Assets: $572,500
Total Liabilities: $1,761,853
The petition was signed by Greg DePaolo, managing member.
A copy of the petition containing, among other items, a list of the
Debtor's 20 largest unsecured creditors is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/TNOBPPA/Belzo_LLC_dba_Rockaway_Pharmacy__njbke-20-21322__0001.0.pdf?mcid=tGE4TAMA
BLUE CAY: 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
Blue Cay LLC, according to court dockets.
About Blue Cay
Blue Cay, LLC filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-18877) on
Aug. 18, 2020, listing under $1 million in both assets and
liabilities. Judge Mindy A. Mora oversees the case. Van Horn Law
Group, P.A., led by Chad Van Horn, Esq., is Debtor's legal counsel.
CEDAR MART: Trustee Selling Inventory to Big Chief for $41.5K
-------------------------------------------------------------
Robert Yaquinto Jr., the Chapter 11 Trustee of Cedar Mart, Inc.,
asks the U.S. Bankruptcy Court for the Northern District of Texas
to authorize and confirm the sale of inventory (Exhibit B) to Big
Chief Hemp TX, Inc. for $41,540.
The Debtor operates a convenience store and gas station located at
2625 N. Dallas Avenue, Lancaster, Texas. The real property is
owned by Gateway to Lancaster, LLC, who also filed a Chapter 11
Bankruptcy on June 3, 2019 under case number 19-31872-HDH-11. The
case was converted to a Chapter 7 Bankruptcy on Jan. 3, 2020.
Diane Reed is the Chapter 7 Trustee. The Debtor leases the
property for the convenience store and gas station from Gateway to
Lancaster, LLC pursuant to a Commercial Lease dated Nov. 14, 2018.
On March 20, 2020, the Court entered an Order Granting Trustee
Reed's Motion to Sell Property of the Estate Free and Clear of
Liens, Claims, and Encumbrances in the Gateway Case. On June 25,
2020, Trustee Reed and Citizens National Bank of Waxahachie ("CNB")
entered into an Agreed Order for Stay Relief and Adequate
Protection in the Gateway Case. It allowed CNB to post the real
estate for foreclosure on Sept. 1, 2020 and under certain
circumstances, spelled out in the order, to postpone the
foreclosure to Oct. 6, 2020. The foreclosure is postponed to Oct.
6, 2020.
After the entry of the Agreed Order for Stay Relief and Adequate
Protection in the Gateway Case, Trustee Yaquinto concluded his
options were limited. On July 23, 2020, Citizens National Bank of
Texas filed a Motion for Relief of the Automatic Stay. On July 31,
2020, Victron Energy, Inc. filed a Motion for Relief of Automatic
Stay. On Aug. 19, 2020, the Court granted the relief requested by
CNB and Victron respectively.
Cedar Mart was managed by Mr. Mostafa Saad who identified himself
as manager. The Debtor was "owned" by Mahmoud Fawaz, who appeared
at the telephonic creditors meeting on May 13, 2020, with Mr. Saad
who acted as interpreter. Following the creditors meeting, Trustee
Yaquinto had two conversations with Mr. Fawaz prior to Sept. 4,
2020.
On July 13, 2020, Trustee Yaquinto had a conference call with Diana
Zugg, the bookkeeper and accountant for the Debtor and Mr. Fawaz.
He was directed to Ms. Zugg her for financial information. He then
explained the status of the Cedar Mart case to Mr. Fawaz, the
issues raised by the looming foreclosure and suggested he speak
with his attorney.
The next conversation Trustee Yaquinto had with Mr. Fawaz was Aug.
17, 2020. He made arrangements with West Inventory to perform a
routine inventory of the convenience store. He had informed Mr.
Saad the inventory would be taken and he would meet Becky West
owner of West Inventory in the convenience store on Aug. 17, 2020.
When Trustee Yaquinto arrived, Becky West and her assistant were
present and initiated the inventory. While the inventory was being
taken, Trustee Yaquinto, Mr. Saad, and Mr. Fawaz discussed why the
inventory was being taken, the status of the case, the foreclosure
noticed for Sept. 1, 2020, payments due to the U.S. Trustee,
Monthly Operating Reports and if Victron was going to close the
purchase of the real estate owned by Gateway to Lancaster, LLC.
On Aug. 27, 2020 Trustee Yaquinto was informed Victron had decided
to proceed with the purchase of the Gateway property. On Aug. 31,
2020, he Yaquinto determined the best course of action was to
replace the Mr. Saad and Mr. Fawaz with management approved by
Victron. On Sept. 2, 2020, he met with Mr. Ali Al Zubi, president
of Big Chief Hemp TX, Inc. at Victron's conference room. On Sept.
4, 2020, Trustee Yaquinto met West Inventory at the Cedar Mart
location for a final inventory and informed Mr. Saad of the change
in management. Eventually Mr. Mahmoud Fawaz and Mr. Hedari Fawaz
were convinced to leave and the transition to the Big Chief headed
by Ali Al Zou'bi began.
As part of the transition and to fix the amount to be paid, West
Inventory took a final inventory of the alcohol, tobacco, food,
snacks, soft drinks and other miscellaneous items offered for sale
at the convenience store. After removing the out of date items,
West Inventory determined the inventory had a retail value of
$60,757 and a cost value of $41,540. The new operator paid to
Trustee Yaquinto $41,540. It was a decline in retail value of
$7,237 and in the cost value of $5,046 from the value of the
inventory taken Aug. 17, 2020.
The Trustee believes the amount paid by the new operator for the
store's inventory is fair value and is more than an auction of the
same inventory would bring. There was a danger the inventory would
continue to be reduced and would not be replenished as Mr. Saad
and Mr. Mahmoud Fawaz continued to operate the store. Under the
circumstances, the sale had to occur upon change in management.
Accounting for inventory sold belonging to the Debtor and new
inventory purchased by Big Chief Hemp TX would be difficult if not
impossible to track. With the sale of the inventory to Big Chief
Hemp TX, the accounting issue is eliminated. The only ongoing
accounting is the sale and purchase of alcoholic beverages which is
done through Cedar Mart, Inc. This takes the Debtor out of the
convenience store operation business and allows Big Chief Hemp TX,
Inc. to operate freely.
Victron, has reconciled Cedar Mart's fuel purchase account and
refunded the amount paid for the fuel delivered to Cedar Mart as of
Sept. 4, 2020. It has closed out the Cedar Mart account and
refunded $26,026 to the bankruptcy estate. Victron has retained
$1,000 for six months to be applied to any charge backs. At the
end of six months, $1,000 less any charge backs will be paid to the
bankruptcy estate.
As part of the sale of the inventory and in order to continue to
purchase and sell beer and wine, Trustee Yaquinto employs Big Chief
as interim manager controlled by Mr. Ali Al Zou'bi. Big Chie will
act as Cedar Mart's alcohol beverage manager for the purchase and
sale of alcoholic beverages. All purchases of alcoholic beverages
will be made by Cedar Mart and paid by Cedar Mart and Big Chief
will act as its manager selling alcoholic beverages. After
deducting sales tax, Cedar Mart will pay to Big Chief Hemp 10% of
the proceeds for acting as its manager pending approval of its
license application. Once Big Chief receives its alcoholic
beverage sales license, Cedar Mart's license will terminate.
Trustee Yaquinto asks approval and confirmation of the sale of the
inventory to Big Chief Hemp TX, Inc. for $41,540, the return of
fuel and refund of payments and deposits from Victron in the amount
of $26,026 and hold back of $1,000 for six months and the
management by Big Chief of alcoholic beverage purchases and sales
for the Debtor pending approval of its application. He believes it
is in the best interest of the estate and it is the most efficient
manner to install new management, remove the burden of the day to
day operations from the bankruptcy estate, put cash in the estate
to pay administrative expenses.
There are few debts owed by Cedar Mart pre-petition. Neither Mr.
Saad nor Mr. Fawaz were responsive to the Trustee's requests, they
failed to pay the UST quarterly payments or to assist Trustee
Yaquinto in preparing Monthly Operating Reports, failed to provide
requested documents and had not paid the electricity bill since
June, 2020.
The Trustee expects other unpaid ordinary course Chapter 11
administrative expenses. The sale of the inventory and the refund
of the Victron deposit and return of unused fuel provide the funds
to pay these expenses. As part of the transition, Big Chief will
transfer utilities to its name and assume the day to day costs of
operation until the Lease is terminated and the sale to Victron
closes.
A copy of the Exhibit B is available at
https://tinyurl.com/yy2jxzvy from PacerMonitor.com free of charge.
About Cedar Mart
Cedar Mart, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 20-30813) on March 6,
2020. At the time of the filing, the Debtor was estimated to have
between $100,001 and $500,000 in assets, and less than $50,000 in
liabilities. Judge Harlin Dewayne Hale oversees the case. Joyce
W. Lindauer Attorney, PLLC served as the Debtor's legal counsel.
CENTURY 21: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------
The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in the Chapter 11 cases of Century 21
Department Stores, LLC and its affiliates.
The committee members are:
1. Local 888 Pension Fund
160 East Union Avenue
East Rutherford, NJ 07073
(914) 668-8881
Email: rperez@ufcw888.org
Attention: Rosalba Pérez, Fund Director
2. United Food & Commercial Workers Local 888
160 East Union Avenue
East Rutherford, NJ 07073
(973) 520-2950
Email: mbruny@ufcw888.org
Attention: Max Bruny, President
3. The CIT Group/Commercial Services, Inc.
11 West 42nd Street
New York, NY 10036
(704) 339-2975
Email: robert.franklin@citgroup.com
Attention: Robert W. Franklin, Asst. General Counsel
4. PVH Corp.
200 Madison Avenue
New York, NY 10016
(908) 698-6345
Email: jeffreyhellman@pvh.com
Attention: Jeffrey Hellman, Assistant Secretary
5. Adidas America Inc.
685 Cedar Crest Road
Spartanburg, SC 29651
(864) 587-3461
Email: brian.eliasson@adidas-group.com
Attention: Brian Eliasson, Senior Manager Credit
6. Albee Development LLC
c/o Acadia Realty Trust
411 Theodore Fremd Avenue – Suite 300
Rye, NY 10580
(914) 288-8138
Email: jblacksberg@acadiarealty.com
Attention: Jason Blacksberg, Senior Vice President
7. Mr. Michael Tannenbaum
30 Lake Shore Drive S
Rock Hill, NY 12775
(914) 419-3235
Email: mtannenbaum957@yahoo.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 Century 21
Century 21 Department Stores LLC and its affiliates are pioneers in
off-price retail offering access to designer brands at amazing
prices. They opened their iconic flagship location in downtown
Manhattan in 1961. As of the petition date, the Debtors have 13
stores across New York, New Jersey, Pennsylvania and Florida and an
online retail presence, operate seasonal pop-ups, and employ other
innovative retail concepts. Visit http://www.c21stores.comfor
more information.
Century 21 Department Stores LLC and its affiliates sought Chapter
11 protection (Bankr. S.D.N.Y. Lead Case No. 20-12097 on Sept. 10,
2020).
Century 21 was estimated to have $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.
The Hon. Shelley C. Chapman is the case judge.
The Debtors have tapped Proskauer Rose LLP as their legal counsel,
Berkeley Research Group LLC as financial advisor, and Hilco
Merchant Resources LLC as liquidation consultant. Stretto is
Debtors' claims agent.
COCRYSTAL PHARMA: Court Preliminarily OKs Derivative Lawsuit Deal
-----------------------------------------------------------------
The U.S. District Court for the District of New Jersey entered an
order preliminarily approving the Stipulation and Agreement of
Settlement, dated Aug. 20, 2020 by and among the plaintiffs in the
previously disclosed shareholder derivative action and certain
related shareholder derivative actions, Cocrystal Pharma, Inc. as
the nominal defendant, and defendants, including certain of the
Company's current and former directors and officers. The
settlement as documented in the Stipulation is subject to the
approval of the Court. The proposed settlement requires that
certain defendants named in the Stipulation, other than the
Company, pay the plaintiffs' attorneys' fees and expenses in the
amount of $275,000, and that the Company adopt within 60 days of
the final approval of the settlement by the Court certain corporate
governance enhancements.
About Cocrystal Pharma
Headquartered in Creek Parkway Bothell, WA, Cocrystal Pharma, Inc.
-- http://www.cocrystalpharma.com/-- is a clinical stage
biotechnology company discovering and developing novel antiviral
therapeutics that target the replication machinery of influenza
viruses, hepatitis C viruses, noroviruses, and coronaviruses.
Cocrystal Pharma recorded a net loss of $48.17 million for the year
ended Dec. 31, 2019, compared to a net loss of $49.05 million for
the year ended Dec. 31, 2018. As of June 30, 2020, the Company had
$40.48 million in total assets, $3.42 million in total liabilities,
and $37.05 million in total stockholders' equity.
CONTRACT TRANSPORT: Case Summary & 5 Unsecured Creditors
--------------------------------------------------------
Debtor: Contract Transport Properties LLC
3223 Perkins Ave
Cleveland, OH 44114
Business Description: Contract Transport Properties is the
owner of fee simple title to a building and
facility at 3223 Perkins Avenue having a
current value of $1 million.
Chapter 11 Petition Date: October 5, 2020
Court: United States Bankruptcy Court
Northern District of Ohio
Case No.: 20-14463
Judge: Hon. Jessica E. Price Smith
Debtor's Counsel: Frederic P. Schwieg, Esq.
FREDERICK P SCHWIEG ATTORNEY AT LAW
19885 Detroit Rd #239
Rocky River, OH 44116-1815
Tel: 440-499-4506
E-mail: fschwieg@schwieglaw.com
Total Assets: $1,000,500
Total Liabilities: $1,317,371
The petition was signed by William Madachik, managing member.
A copy of the petition containing, among other items, a list of the
Debtor's five unsecured creditors is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/UQ7J7NQ/Contract_Transport_Properties__ohnbke-20-14463__0001.0.pdf?mcid=tGE4TAMA
COSMOLEDO LLC: Oct. 23 Auction of Substantially All Assets
----------------------------------------------------------
Judge Michael E. Wiles of the U.S. Bankruptcy Court for the
Southern District of New York authorized the bidding procedures
governing the sale of all or substantially all assets of Cosmoledo,
LLC and affiliates, to MK USA, LLC for $3 million cash, plus cure
costs on any Assigned Contracts and Leases, plus a credit bid of up
to the full amount of its secured claim, subject to overbid.
Subject to the right of parties-in-interest to object and the
Court's entry of an order approving the sale, the Debtors are
authorized to enter into the Sale Agreement, and the Stalking Horse
Bid will be subject to higher or better Qualified Bids, in
accordance with the terms and procedures of the Bidding Procedures.
The Bid Protections are approved in their entirety, including,
without limitation, payment by the Debtors of the Break-Up Fee and
Expense Reimbursement to the Stalking Horse Bidder on the terms and
conditions contained in the Bidding Procedures and Sale Agreement,
provided however, that to the extent that the Court reduces the
portion of the Stalking Horse Bidder's Credit Bid attributable to
Cash Collateral to less than $3.4 million, the amount of the
Break-Up Fee will be reduced by 2.5% of such reduction.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Oct. 20, 2020 at 5:00 p.m. (ET)
b. Initial Bid: The Initial Overbid is equal to the sum of (A)
the cash portion of the Purchase Price as defined in the Sale
Agreement of not less than $3 million, (B) the maximum credit bid
amount (subject to the Creditors' Committee's right to challenge)
of $5.4 million, (C) the Break-Up Fee of $160,400 (2.5% of
$6,416,0000, representing the cash portion of the Purchase Price,
plus the amount of Cash Collateral included in the Credit Bid), (D)
$500,000, the maximum amount of the Expense Reimbursement, and (E)
$75,000, the incremental initial overbid amount.
c. Deposit: 20% of the full amount of any proposed purchase
price
d. Auction: The Auction will be held on Oct. 23, 2020 at 10:00
a.m. (ET) at the offices of Mintz & Gold LLP, 600 Third Ave., 25th
Floor, New York, New York 10016, or by videoconference. The
Debtors, in consultation with the Creditors' Committee, have the
right to extend, postpone or cancel the Auction at any time, for
any reason.
e. Bid Increments: $50,000
f. Sale Hearing: Oct. 29, 2020, 2020 at 10:00 a.m. (ET)
g. Sale Objection Deadline: Oct. 21, 2020 at 5:00 p.m. (ET)
h. The Stalking Horse Bidder is deemed a Qualified Bidder, and
the Offer, as reflected in the Sale Agreement, is a Qualified Bid
for all purposes and requirements pursuant to the Bidding
Procedures. If no other Qualified Bid in respect of the Purchased
Assets are received by the Bid Deadline, the Debtors will not
conduct an Auction for the Purchased Assets, and the Stalking Horse
Bidder will be named the Successful Bidder.
The Stalking Horse Bidder will provide the Debtors with a final
list of Contracts or Lease of which it seeks assumption and
assignment by no later than two days prior to the Bid Deadline.
The Creditors' Committee will have until October 14, 2020 to file
an objection to the Stalking Horse Bidder's right to, or amount of,
any credit bid. If the Creditors' Committee does not file an
objection by such time, the maximum amount of the Stalking Horse
Bidder's Approved Credit Bid will be $5.4 million.
The form of Sale Notice is approved, and the Debtors are directed
to serve a copy of the Sale Notice upon the Sale Notice Parties.
The form of Cure Notice is approved. The Debtors are directed to
serve a copy of the Cure Notice upon all non-debtor counterparties
to the executory contracts and unexpired leases set forth on the
parties annexed thereto no later than Oct. 21, 2020 at 4:00 p.m.
(ET). The Cure Claim Deadline is Oct. 27, 2020 at 12:00 p.m.
(ET).
Notwithstanding the possible applicability of Bankruptcy Rules
6004(h), 6006(d), 7062, or 9014, or any applicable provisions of
the Bankruptcy Rules or the Local Rules or otherwise stating the
contrary, the terms and conditions of the Order will be immediately
effective and enforceable upon its entry, and any applicable stay
of the effectiveness and enforceability of the Order is waived.
A copy of the Bidding Procedures is available at
https://tinyurl.com/yyyyudag from PacerMonitor.com free of charge.
About Cosmoledo LLC
Cosmoledo, LLC and affiliates own and operate 16 fine casual bakery
cafes in New York City under the trade name "Maison Kayser."
Maison Kayser, a global brand, is an authentic artisanal French
boulangerie that has been doing business in New York since 2012.
For more information, visit https://maison-kayser-usa.com/
Cosmoledo, LLC, and its affiliates, including Breadroll, LLC,
sought Chapter 11 protection (Bankr. S.D.N.Y Lead Case No.
20-12117) on Sept. 10, 2020.
In the petitions were signed by CEO Jose Alcalay, the Debtors were
estimated to have assets in the range of $10 million to $50
million, and $50 million to $100 million in debt.
The Debtors tapped Mintz & Gold LLP as their bankruptcy counsel,
and CBIZ Accounting, Tax and Advisory of New York LLC as their
financial advisor, accountant and consultant. Donlin Recano & Co.,
Inc. -- https://www.donlinrecano.com/Clients/mk/Index -- is the
claims agent.
COVIA HOLDINGS: Porter, Paul Update on Term Lender Group
--------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP and
Porter Hedges LLP submitted an amended verified statement to
disclose its list of members in Ad Hoc Group of Term Loan Lenders
in the Chapter 11 cases of Covia Holdings Corporation, et al.
In March 2020, the Ad Hoc Group of Term Loan Lenders retained Paul,
Weiss to represent it as counsel in connection with a potential
restructuring of Covia and its affiliated debtors in the Chapter 11
Cases. In June 2020, the Ad Hoc Group of Term Loan Lenders retained
Porter Hedges to serve as its Texas counsel with respect to such
matters.
The Ad Hoc Group of Term Loan Lenders filed the Verified Statement
Pursuant to Bankruptcy Rule 2019 of Ad Hoc Group of Term Loan
Lenders, dated July 9, 2020 [Docket No. 139]. The Ad Hoc Group of
Term Loan Lenders submits this Amended Verified Statement to amend
information disclosed in the Original Verified Statement.
As of Oct. 2, 2020, members of the Ad Hoc Group of Term Loan
Lenders and their disclosable economic interests are:
Term Loans
----------
Anchorage Capital Group, L.L.C. $376,018,487.23
610 Broadway, 6th Fl.
New York, NY 10012
Angel Island Capital Management, LLC $263,190,909.06
1 Embarcadero Center, Suite 2150
San Francisco, CA 94111
Angelo, Gordon & Co., L.P. $33,239,004.44
245 Park Avenue
New York, NY 10167
CBAM Partners, LLC $88,751,657.72
51 Astor Place 12th Floor
New York, NY 10003
HPS Investment Partners, LLC $45,395,207.95
40 West 57th Street, 33rd Floor
New York, NY 10019
Invesco Senior Secured Management, Inc. $50,617,227.49
1166 Avenue of the Americas, 26th Floor
New York, NY 10036
MJX Asset Management, LLC $46,809,014.10
12 E 49th Street, 38th Floor
New York, NY 10017
Oaktree Capital Management, L.P. $4,912,500.00
333 S. Grand Avenue, 28th Floor
Los Angeles, CA 90071
Voya Investment Management Co. LLC and $102,665,587.48
Voya Alternative Asset Management LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, AZ 85258
Nothing contained in this Amended Verified Statement is intended to
or should be construed as (i) a limitation upon, or waiver of any
right to assert, file and/or amend its claims in accordance with
applicable law and any orders entered in these Chapter 11 Cases by
any member of the Ad Hoc Group of Term Loan Lenders, or (ii) an
admission with respect to any fact or legal theory.
The Ad Hoc Group of Term Loan Lenders, through its undersigned
counsel, reserves the right to amend or supplement this Amended
Verified Statement as necessary for that or any other reason in
accordance with the requirements set forth in Bankruptcy Rule
2019.
Counsel for the Ad Hoc Group of Term Loan Lenders can be reached
at:
John F. Higgins, Esq.
M. Shane Johnson, Esq.
Megan N. Young-John, Esq.
Porter Hedges LLP
1000 Main Street, 36th Floor
Houston, TX 77002
Tel: (713) 226-6000
Fax: (713) 226-6248
Email: jhiggins@porterhedges.com
sjohnson@porterhedges.com
myoung-john@porterhedges.com
- and -
Brian S. Hermann, Esq.
Andrew M. Parlen, Esq.
Kyle J. Kimpler, Esq.
Diane Meyers, Esq.
Sean A. Mitchell, Esq.
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019
Tel: (212) 373-3000
Fax: (212) 757-3990
Email: bhermann@paulweiss.com
aparlen@paulweiss.com
kkimpler@paulweiss.com
dmeyers@paulweiss.com
smitchell@paulweiss.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3nnRf2P
About Covia Holdings Corporation
Covia Holdings Corporation and its affiliates --
http://www.coviacorp.com/-- provide diversified mineral-based and
material solutions for the energy and industrial markets. They
produce a specialized range of industrial materials for use in the
glass, ceramics, coatings, foundry, polymers, construction, water
filtration, sports and recreation, and oil and gas markets.
Covia Holdings Corporation, based in Independence, Ohio, and its
affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case
No. 20-33295) on June 29, 2020.
In its petition, Covia disclosed $2,504,740,814 in assets and
$1,903,952,839 in liabilities. The petition was signed by Andrew D.
Eich, executive vice president, chief financial officer, and
treasurer.
The Hon. Marvin Isgur presides over the case.
The Debtors tapped KIRKLAND & ELLIS LLP, and KIRKLAND & ELLIS
INTERNATIONAL LLP, as counsel; JACKSON WALKER L.L.P., as
co-counsel; KOBRE & KIM LLP, as special litigation counsel; PJT
PARTNERS LP, as investment banker; ALIXPARTNERS, LLP, as financial
advisor; and PRIME CLERK LLC, as claims and noticing agent.
CREDITLOANS CANADA: Obtains CCAA Initial Stay Order; BDO as Monitor
-------------------------------------------------------------------
On Sept. 30, 2020, an order was granted by the Honourable Madam
Justice Fitzpatrick of the Supreme Court of British Columbia
pursuant to the Companies' Creditors Arrangement Act granting
Creditloans Canada Financing Inc. and Creditloans Canada Capital
Inc. various relief including, but not limited to, the imposition
of an initial Stay of Proceedings against Creditloans and their
assets through to Oct. 9, 2020.
The Court appointed BDO Canada Limited as the monitor of
Companies.
Pursuant to the CCAA Initial Order, the Companies are to continue
to carry on business in a manner consistent with the commercially
reasonable preservation of its business while they consider and
pursue restructuring alternatives.
A copy of the CCAA Initial Order and a list of the names and
electronic addresses of Creditloans' creditors and amounts due to
creditors as estimated by the management of Creditloans can be
found on the Monitor's website at
https://www.bdo.ca/en-ca/extranets/creditloans/
The monitor can be reached at:
BDO Canada Limited
Licensed Insolvency Trustees
600 - 925 West Georgia Street
Vancouver, BC V6C 3L2 Canada
Tel: 1-604-688-5421
Fax: 1-888-387-0427
Ilya Margulis
Vice President
Tel: 604-646-4395
Email: imargulis@bdo.ca
Jervis Rodriques
Email: jrodrigues@bdo.ca
Counsel for the Monitor:
Fasken Martineau DuMoulin LLP
Attn: Kibben Jackson
2900 - 550 Burrard Street
Vancouver, BC V6C 0A3
Tel: 604-631-4786
Email: vikjackson@fasken.com
Counsel for Creditloans Canada Financing Inc. and Creditloans
Canada Capital Inc.:
McMillan LLP
Attn: Vicki Tickle
Daniel Shouldice
Julie Hutchinson
Royal Centre, Suite 1500
1055 West Georgia St.
Vancouver, BC V6E 4N7
Tel: 236-826-3022
Email: vicki.tickle@mcmillan.ca
daniel.shouldice@mcmilla.ca
Julie.Hutchinson@mcmillan.ca
Creditloans Canada Financing Inc. --
https://www.creditloanscanada.com/ -- engages in sourcing,
originating and servicing consumer loans to individuals unable to
secure loans from traditional sources.
DIJ CORP: Subchapter V Bankruptcy Case Terminated
-------------------------------------------------
DIJ Corp.'s Chapter 11 bankruptcy has been terminated following
entry of the court order granting the Debtor's motion to dismiss
the case.
Judge Donald R. Cassling entered the dismissal order on September
8. The bankruptcy case was closed September 14.
In seeking dismissal of the case, the Debtor noted it timely filed
a Chapter 11 Plan on June 4, 2020. After communicating with the
creditors regarding their treatment under the Plan, the Debtor said
it was confident a modified Chapter 11 Plan would resolve any
creditor objections. However, to fund a feasible plan, the Debtor
needed actual revenues to match projected revenues and to date,
although the numbers have improved every month, they are not where
they need to be for a plan to be confirmed.
The Debtor said its ongoing revenues are the assets which would
fund the plan and it has no additional assets with which to
reorganize beyond those which are depreciating and subject to
under-secured security interests so the Debtor believes there is no
reasonable likelihood of reorganization in this case.
According to the Debtor, cause exists to dismiss the case because
its estate suffers from a substantial or continuing loss to or
diminution of the estate and the Debtor was unlikely to
rehabilitate, which constitutes cause under 11 U.S.C. Sec.
1112(b)(4)(A). The Debtor added that adequate protection payments
are being made, monthly reports are being timely filed and
insurance is in place. Furthermore, Debtor communicated with
creditors to work out deals to go into effect after the bankruptcy
is dismissed.
The Debtor was funding its operations with the use of cash
collateral. Judge Cassling authorized DIJ Corp. to use cash
collateral on an interim basis. The court was scheduled to hold
another hearing September 22 on the continued use of cash
collateral and for authority to incur debt.
Commercial Credit Group Inc. asserted a valid lien on all of the
Debtor's assets, and held a security interest in all the assets of
the Debtor by way of a lien duly filed of which the amount of
$765,072.59 is still due and owing.
The interim cash collateral order granted the Secured Creditor a
lien to the same extent, priority and validity as existed prior to
the Petition date, a security interest in and replacement lien upon
all of the Debtor's now existing or hereafter acquired property to
the extent actually used for the diminution, if any, in the value
of the Secured Creditor's collateral securing all the indebtedness
of the Debtor to the Secured Creditor, which replacement lien would
be the same lien as existed as the pre-petition valid liens of
record. The liens granted will be valid, perfected, and enforceable
without any further action by the Debtor and/or Secured Creditor,
and need not be separately documented.
A full-text copy of the Order is available at
https://bit.ly/33eZKUm from PacerMonitor.com.
About DIJ Corp.
DIJ Corp. is a privately held company in the trucking business. The
company sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ill. Case No. 20-06393) on March 6, 2020. The
Petition was signed by Justinas Slavinskas, president. The case
was assigned to Judge Donald R. Cassling. The Debtor is
represented by Saulius Modestas, Esq. at Modestas Law Offices, P.C.
At the time of filing, the Debtor was estimated to have $1 million
to $10 million in assets and $1 million to $10 million in
liabilities.
FAITH CATHEDRAL: 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 Faith Cathedral Look Up and Live Ministries,
Inc.
About Faith Cathedral Look Up
and Live Ministries
Faith Cathedral Look Up and Live Ministries, Inc., a tax-exempt
religious organization based in Piedmont, S.C., filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.S.C. Case No. 20-03333) on Aug. 24, 2020. Jenette Cureton,
assistant administrator, signed the petition. At the time of the
filing, the Debtor disclosed $1 million to $10 million in both
assets and liabilities. Judge Helen E. Burris oversees the case.
Robert Pohl, Esq., at POHL, P.A., serves as Debtor's legal counsel.
FALLS EVENT: Trustee Gets OK to Hire Ray Quinney as New Counsel
---------------------------------------------------------------
Michael Thomson, the trustee appointed in the Chapter 11 cases of
The Falls Event Center, LLC and its affiliates, received approval
from the U.S. Bankruptcy Court for the District of Utah to hire Ray
Quinney & Nebeker P.C. as his new legal counsel.
Ray Quinney will substitute for Dorsey & Whitney, LLP, the firm
initially tapped by the trustee to represent him in Debtors'
bankruptcy cases.
The hourly rates for the firm's attorneys and paralegals are as
follows:
Shareholders $325 - $470
Of Counsels $270 - $340
Associates $200 - $275
Paralegals $170
The primary attorneys who will be representing the trustee are:
Michael Johnson $420
Brent Wride $365
David Leigh $375
Elaine Monson $340
Justin Kuettel $210
Ray Quinney is "disinterested" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Michael R. Johnson, Esq.
Brent D. Wride, Esq.
David Leigh, Esq.
Elaine A. Monson, Esq.
Justin Kuettel, Esq.
Ray Quinney & Nebeker P.C.
P.O. Box 45385
Salt Lake City, UT 84145-0385
Telephone: 801-532-1500
Facsimile: 801-532-7543
Email: mjohnson@rqn.com
Email: bwride@rqn.com
Email: dleigh@rqn.com
Email: emonson@rqn.com
Email: JKuettel@rqn.com
About The Falls Event Center
The Falls Event Center LLC and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Lead Case
No. 18-25116). At the time of the filing, Falls Event Center had
estimated assets of between $50 million and $100 million and
liabilities of between $100 million and $500 million. Judge R.
Kimball Mosier oversees the cases.
Debtors have tapped Ray Quinney & Nebeker P.C. as their legal
counsel and Rocky Mountain Advisory, LLC as their restructuring
advisor.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on July 27, 2018. The committee is represented
by Holland & Hart, LLP.
Michael Thomson was appointed as Debtor's Chapter 11 trustee.
Dorsey & Whitney LLP serves as the trustee's legal counsel.
FIGUEROA MOUNTAIN: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Figueroa Mountain Brewing, LLC
45 Industrial Way
Buellton, CA 93427
Business Description: Founded in 2020, Figueroa Mountain Brewing,
LLC -- https://www.figmtnbrew.com -- is in
the business of manufacturing beer.
Chapter 11 Petition Date: October 5, 2020
Court: United States Bankruptcy Court
Central District of California
Case No.: 20-11208
Judge: Hon. Martin R. Barash
Debtor's Counsel: Christopher E. Prince, Esq.
Matthew A. Lesnick, Esq.
Debra E. Cardarelli, Esq.
LESNICK PRINCE & PAPPAS LLP
315 W. Ninth St., Suite 705
Los Angeles, CA 90015
Tel: (213) 493-6496
Fax: (213) 493-6596
Email: cprince@lesnickprince.com
matt@lesnickprince.com
dcardarelli@lesnickprince.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jaime Dietenhofer, manager.
A copy of the petition containing, among other items, a list of the
Debtor's 20 largest unsecured creditors is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/LPJBHIY/Figueroa_Mountain_Brewing_LLC__cacbke-20-11208__0001.0.pdf?mcid=tGE4TAMA
FLORIDA HOMESITE: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Florida Homesite Developers, LLC
POB 742283
Boynton Beach, FL33474
Chapter 11 Petition Date: October 5, 2020
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 20-20890
Judge: Hon. Mindy A. Mora
Debtor's Counsel: Susan D. Lasky, Esq.
SUE LASKY, PA
320 SE 18 Street
Fort Lauderdale, FL 33316
Tel: 954-400-7474
Email: Jessica@SueLasky.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Valerie Johnson, managing member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A copy of the petition is available for free at PacerMonitor.com
at:
https://www.pacermonitor.com/view/JWPPTZQ/Florida_Homesite_Developers_LLC__flsbke-20-20890__0001.0.pdf?mcid=tGE4TAMA
FOUNDATION OF HOPE: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Foundation of Hope, Inc.
1101 Rincon Road
Taft, TX 78390
Chapter 11 Petition Date: October 5, 2020
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 20-20322
Debtor's Counsel: Jose Rivas, Esq.
LAW OFFICE OF JOSE G. RIVAS
11701 Arsonne Forest TRL
Austin, TX 78759
Tel: 955-330-9623
Email: rivaslaw@aol.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Daniel Villegas, president.
A copy of the petition is available for free at PacerMonitor.com
at:
https://www.pacermonitor.com/view/MAA5YAQ/Foundation_of_Hope_Inc__txsbke-20-20322__0001.0.pdf?mcid=tGE4TAMA
FOXFIRE CONSOLIDATED: Administrator Unable to Appoint Committee
---------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
Foxfire Consolidated Owners Association Inc..
About Foxfire Consolidated Owners Association
Foxfire Consolidated Owners Association, Inc., sought protection
for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C.
Case No. 20-02784) on Aug. 7, 2020, listing $1 million in both
assets and liabilities. Judge David M. Warren oversees the case.
The Debtor has tapped Hendren, Redwine & Malone, PLLC as its
bankruptcy counsel and Jordan Price Wall Gray Jones & Carlton, PLLC
as its special counsel.
FRANK HELMKA: Selling Wall Property to Garvolinos for $1.1M
-----------------------------------------------------------
Frank Helmka and Teresa Helmka ask the U.S. Bankruptcy Court for
the District of New Jersey to authorize their sale of the real
property located at 2165 Allenwood Road, Wall, New Jersey to
Colleen and Ronald Gervolino for $1.05 million, subject to higher
and better offers.
The Debtors own the Property. An appraisal was conducted on Dec.
19, 2018 reflecting a value for the Property of about $855,000.
The Debtors listed a first mortgage held by Wells Fargo, and a
second mortgage held by Citibank as to the Property.
The Property was listed for $1,149,000. As of Aug. 17, 2020, the
payoff amount as to the First Mortgage was $1,002,079. Almost 30
days have elapsed and a new month's payment has become due, and
accordingly, the Debtors believe the Payoff has increased and
continues to do so.
The Debtors desire to sell the Property to the Proposed Purchasers
pursuant to their Contract of Sale executed on Sept. 10, 2020 for
the purchase price of $1.05 million. The sale would be made
subject to higher and better offers which would further assist the
Court in determining the fair market value for the Property. The
sale will be free and clear of all liens, claims and encumbrances,
if any, with valid liens, claims and encumbrances, if any, to
attach to the proceeds of sale.
The Debtors believe it is in the best interest of their bankruptcy
estate and creditors to sell the Property to the Proposed
Purchasers pursuant to the Contract.
A hearing on the Motion is set for Oct. 13, 2020 at 10:00 a.m.
Objections, if any, must be filed at least seven days prior to the
hearing date.
About Frank Helmka and Teresa Helmka
Frank Helmka and Teresa Helmka sought Chapter 11 protection (Bankr.
D. N.J. Case No. 18-32272) on Nov. 9, 2018. The Debtors tapped
Melinda D. Middlebrooks, Esq., at Middlebrooks Shapiro, P.C., as
counsel. Patrick Butera is the realtor.
GLOSTATION USA: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------
The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in the Chapter 11 case of Glostation USA, Inc.
The committee members are:
1. DKMullin Architects
517 S. Main Street
Moscow, Idaho 83834
Attn: Daniel K. Mullin
daniel@dkmullin.com
2. Elevenex LLC
1770 Post St. #312
San Francisco, CA 94115
Attn: Matthew Raphaelson
matthew@elevenexllc.com
3. Stublisher Inc. dba dotdotdash
4784 SE 17th Ave.
Suite 185
Portland, OR 97217
Attn: Kyle Baneulos
accounting@dotdotdash.io
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 Glostation USA, Inc.
Glostation USA Inc. is a virtual reality start-up doing business as
Sandbox VR. Sandbox is a futuristic VR experience for groups of up
to six where they can see and physically interact with everyone
inside, just like the real world. Inspired by Star Trek's Holodeck,
Sandbox's exclusive worlds let people feel like they're living
inside a game or movie, and are built by EA, Sony, and Ubisoft
veterans. Visit http://sandboxvr.comfor more information.
Glostation USA, Inc., a company based in Woodland Hills, Calif.,
and its debtor-affiliates sought Chapter 11 protection (Bankr. C.D.
Cal. Lead Case No. 20-11435) on Aug. 13, 2020.
In its petition, Glostation USA was estimated to have $1 million to
$10 million in assets and $10 million to $50 million in
liabilities. The petition was signed by Steven Zhao, manager,
president and chief executive officer.
Sulmeyerkupetz, APC serves as Debtors' bankruptcy counsel.
HIDALGO COUNTY EMS: Government Claims It Committed PPP Fraud
------------------------------------------------------------
Dave Hendricks of KRGV News reports that the U.S. federal
government accused Hidalgo County EMS of fraud, claiming the
ambulance company obtained a nearly $2.6 million Paycheck
Protection Program loan by making a false statement during the
application process.
In May 2020, when Hidalgo County EMS was locked in a legal battle
with the U.S. Small Business Administration over whether or not
businesses in bankruptcy had been improperly excluded from the
Paycheck Protection Program, the ambulance company applied for a
loan.
A federal bankruptcy judge had signed an injunction against the
Small Business Administration, which allowed Hidalgo County EMS to
apply. By the time Hidalgo County EMS actually submitted the
application, though, another judge had stayed the injunction.
In a motion filed Aug. 15, 2020, the U.S. Attorney's Office for the
Southern District of Texas claimed Hidalgo County EMS had committed
fraud by submitting the loan application three days after the
injunction had been stayed.
"People can dispute legal positions, factual assertions, the merits
of claims, or even the wisdom of policy decisions—but there is no
room to dispute that dishonesty by a debtor-in-possession threatens
the integrity of the bankruptcy process," according to the motion,
which refers to Hidalgo County EMS as the debtor-in-possession.
Channel 5 News asked Hidalgo County EMS about the motion on
Saturday. The company responded Monday afternoon with a statement.
"Hidalgo County EMS denies the government's assertions of any
dishonesty," according to a statement released by Nathaniel Peter
Holzer, an attorney who represents the ambulance company.
"The government's motion is clearly a vehicle for the government to
punish the Debtor for having the temerity to sue the Small Business
Administration. Any further response to these allegations will be
directed to the government in court."
How the dispute is handled may dictate whether or not Hidalgo
County EMS survives bankruptcy.
Hidalgo County EMS — a privately owned ambulance company that
responds to 911 calls in Edinburg, Pharr, parts of rural Hidalgo
County, Jim Hogg County, Jim Wells County, Peñitas, Sullivan City
and Taft — filed for Chapter 11 bankruptcy last year.
Chapter 11 bankruptcy protects businesses from creditors while they
attempt to restructure debt. During the restructuring process, the
coronavirus pandemic struck South Texas.
Faced with a dramatic drop-off in 911 calls, Hidalgo County EMS
wanted to apply for a Paycheck Protection Program loan.
The Small Business Administration, however, excluded businesses in
bankruptcy from the program with a long, complicated question: "Is
the Business or any owner presently suspended, debarred, proposed
for debarment, declared ineligible, voluntarily excluded from
participation in this transaction by any Federal department or
agency, or presently involved in any bankruptcy?"
Any business that answered "yes" would not receive a loan.
Hidalgo County EMS filed a lawsuit against the Small Business
Administration, claiming the question illegally discriminated
against businesses in bankruptcy.
David R. Jones, the chief bankruptcy judge for the Southern
District of Texas, sided with Hidalgo County EMS. On May 8, he
signed a preliminary injunction against the Small Business
Administration, which allowed Hidalgo County EMS to submit a
modified loan application.
Hidalgo County EMS, though, couldn't find a local bank willing to
accept the modified loan application. While the ambulance company
searched for a bank, the Small Business Administration appealed.
U.S. District Judge David S. Morales stayed the preliminary
injunction on May 11, which meant Hidalgo County EMS couldn't
submit a modified loan application.
On May 14, three days after the preliminary injunction had been
stayed, Hidalgo County EMS submitted a loan application signed by
owner Kenneth B. Ponce. When asked the question about bankruptcy,
Hidalgo County EMS answered "No."
"On that date, the Debtor could not rely on this Court's
preliminary injunction without violating the District Court's order
staying the injunction. It also could not answer the PPP loan
application truthfully without risking denial of the application,"
according to the motion. "Faced with these two problems, the
Debtor-in-Possession under the control of Mr. Ponce chose to be
dishonest."
Hinton, Oklahoma-based Legacy Bank accepted the loan application.
Hidalgo County EMS received $2,559,600.
The Small Business Administration won the appeal in June, when the
5th U.S. Circuit Court of Appeals determined the federal bankruptcy
judge had overstepped his authority by issuing the preliminary
injunction.
That left Hidalgo County EMS in an awkward position: It lost the
lawsuit, but received the Paycheck Protection Program loan anyway.
In the motion filed Saturday, the U.S. Attorney's Office accused
Hidalgo County EMS of fraud.
"The debtor-in-possession made a material misrepresentation in
order to obtain a PPP loan," according to the motion. "That false
statement may result in a $2.5 million administrative claim against
the bankruptcy estate, which may jeopardize reorganization and the
jobs of those employed by the Debtor."
The motion asks Jones, the bankruptcy judge, to appoint a Chapter
11 trustee to supervise Hidalgo County EMS.
"The United States requests that the Court appoint a chapter 11
trustee to protect the bankruptcy process while still allowing the
bankruptcy estate to pursue whatever claims it may or may not
have—and hopefully confirm a plan of reorganization that will
preserve jobs," according to the motion.
Appointment of a Chapter 11 trustee is "a rarity," according to a
guide to bankruptcy published by the Administrative Office of the
U.S. Courts. Reasons a judge may appoint a trustee include "fraud,
dishonesty, incompetence, or gross mismanagement, or if such an
appointment is in the interest of creditors, any equity security
holders, and other interests of the estate."
The Small Business Administration could also throw a wrench in the
reorganization process by refusing to forgive the loan, which would
saddle Hidalgo County EMS with a massive new debt.
"If SBA decides that the Debtor’s misrepresentation makes it
ineligible for loan forgiveness, then Legacy Bank will have a large
unsecured claim against the Debtor," according to the motion. "If
Legacy Bank demands payment of this loan in full on the effective
date of a plan, as it is entitled to do under 11 U.S.C. §
1129(a)(9)(A), then this loan may prevent the Debtor from
reorganizing."
About Hidalgo County Emergency Service Foundation
Edinburg, Texas-based Hidalgo County Emergency Service Foundation
d/b/a South Texas Air Med and d/b/a Hidalgo County EMS --
https://www.hidalgocountyems.org -- is a provider of emergency
ambulatory services.
Hidalgo County Emergency Service Foundation filed for Chapter 11
bankruptcy (Bankr. S.D. Tex. Case No. 19-20497) on Oct. 8, 2019,
listing between $1 million to $10 million in both assets and
liabilities. The petition was signed by Kenneth B. Ponce, sole
managing member. The Hon. David R. Jones presides over the case.
Lawyers at Jordan, Holzer & Ortiz, P.C., serve as counsel to the
Debtor.
IBIO INC: Enters Into Agreement with Safi Biosolutions
------------------------------------------------------
iBio, Inc., has entered into a master services agreement with
Boston-based Safi Biosolutions, Inc. to evaluate iBio's
FastPharming System for the expression of key proteins to be used
in the bioprocessing of Safi blood cell therapy products.
Safi is an early stage biotech company working as the cell therapy
commercialization partner for a five-year government program aiming
to produce blood on-demand, a national priority. Initial
development efforts for manufactured blood cell therapies include
red blood cells for trauma, tailored red blood cells for specific
transfusion indications and a neutrophil progenitor cell therapy
for the treatment of chemotherapy-induced neutropenia. To achieve
the quality and cost-of-goods objectives for the program, Safi
turned to iBio's plant-based protein expression system.
iBio's process development, biochemistry and pharmaceutical
development teams plan to engage with Safi to evaluate options to
use iBio's FastPharming System to generate cGMP growth factors and
cytokines.
"iBio is pleased to partner with Safi as we leverage our
capabilities and know-how for this innovative cell therapy
program," said Tom Isett, chairman & CEO of iBio. "This
opportunity is a natural fit for our new portfolio of Research &
Bioprocess products, in which we are developing animal-free
solutions for cell culture and 3D-bioprinting applications, amongst
others."
Pursuant to the MSA, iBio will manufacture ten proteins to be
evaluated in the production of Safi's cell therapies as part of the
first Statement of Work. Safi will have the option to designate
certain proteins as proprietary to their bioprocess, but iBio will
have the right to commercialize all other products.
Doug McConnell, co-founder and CEO of Safi Biosolutions, commented,
"Safi Biosolutions believes iBio's plant-based expression system
has the potential to provide both quality improvement and cost
reduction for many of the important cytokines and media used in our
cell culture and growth process, and we are excited to initiate
this strategic partnership."
Additionally, iBio has agreed to invest $1.5 million in Safi in the
form of a convertible promissory note. The Note will bear interest
at a rate of 5% per annum and will be fully convertible into common
shares of Safi, at the option of iBio under certain circumstances.
The Note will have a maturity date of three years from the date of
issuance and is due in full if not converted at or before the
three-year term.
About iBio Inc.
iBio, Inc. -- http://www.ibioinc.com/-- is a full-service
plant-based expression biologics CDMO equipped to deliver
pre-clinical development through regulatory approval, commercial
product launch and on-going commercial phase requirements. iBio's
FastPharming expression system, iBio's proprietary approach to
plant-made pharmaceutical (PMP) production, can produce a range of
recombinant products including monoclonal antibodies, antigens for
subunit vaccine design, lysosomal enzymes, virus-like particles
(VLP), blood factors and cytokines, scaffolds, maturogens and
materials for 3D bio-printing and bio-fabrication,
biopharmaceutical intermediates and others, as well as create and
produce proprietary derivatives of pre-existing products with
improved properties.
iBio reported a net loss attributable to the Company of $17.59
million for the year ended June 30, 2019, compared to a net loss
attributable to the Company of $16.10 million for the year ended
June 30, 2018. As of March 31, 2020, the Company had $42.22
million in total assets, $38.26 million in total liabilities, and
$3.96 million in total equity.
CohnReznick LLP, in Roseland, New Jersey, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated Aug. 26, 2019, citing that the Company has incurred net
losses and negative cash flows from operating activities for the
years ended June 30, 2019 and 2018 and has an accumulated deficit
as of June 30, 2019. These matters, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.
ICONIX BRAND: Receives Noncompliance Notice from Nasdaq
-------------------------------------------------------
Iconix Brand Group, Inc., received a letter from the Listing
Qualifications Department of The Nasdaq Stock Market on Sept. 28,
2020, notifying the Company that the minimum bid price per share
for its common stock fell below $1.00 for a period of 30
consecutive business days (from Aug. 13, 2020 through Sept. 25,
2020) and that therefore the Company did not meet the minimum bid
price requirement set forth in the Nasdaq Listing Rules.
The letter also states that pursuant to Nasdaq Listing Rule
5810(c)(3)(A), the Company will be provided 180 calendar days to
regain compliance with the minimum bid price requirement, which
period expires March 29, 2021. In accordance with Rule
5810(c)(3)(A), the Company can regain compliance with the minimum
bid price requirement, if, at any time during such 180-day period,
the closing bid price of the Company's common stock is at least
$1.00 for a minimum period of 10 consecutive business days. If by
March 29, 2021, the Company does not regain compliance with the
Nasdaq Listing Rules, the Company may be eligible for additional
time to regain compliance pursuant to Nasdaq Listing Rule
5810(c)(3)(A)(ii). To qualify, the Company would need to submit a
Transfer Application and a $5,000 application fee. In addition,
the Company would be required to meet the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for The Nasdaq Capital Market, with the
exception of the minimum bid price requirement. In addition, the
Company would need to provide written notice to Nasdaq of its
intention to cure the minimum bid price deficiency during the
second compliance period by effecting a reverse stock split, if
necessary. As part of its review process, the Nasdaq staff will
make a determination of whether it believes the Company will be
able to cure this deficiency. Should the Nasdaq staff conclude
that the Company will not be able to cure the deficiency, or should
the Company determine not to submit a Transfer Application or make
the required representation, Nasdaq will provide notice that the
Company's shares of common stock will be subject to delisting.
If the Company does not regain compliance within the allotted
compliance period(s), including any extensions that may be granted
by Nasdaq, Nasdaq will provide notice that the Company's shares of
common stock will be subject to delisting. At such time, the
Company may appeal the delisting determination to a Hearings
Panel.
The Company intends to monitor its closing bid price for its common
stock between now and March 29, 2021, and will consider available
options to resolve the Company's noncompliance with the minimum bid
price requirement, as may be necessary. There can be no assurance
that the Company will be able to regain compliance with the minimum
bid price requirement or will otherwise be in compliance with other
Nasdaq listing criteria.
About Iconix Brand
Iconix Brand Group, Inc., owns, licenses and markets a portfolio of
consumer brands including: CANDIE'S, BONGO, JOE BOXER, RAMPAGE,
MUDD, MOSSIMO, LONDON FOG, OCEAN PACIFIC, DANSKIN, ROCAWEAR,
CANNON, ROYAL VELVET, FIELDCREST, CHARISMA, STARTER, WAVERLY, ZOO
YORK, UMBRO, LEE COOPER, ECKO UNLTD., MARC ECKO, ARTFUL DODGER, and
HYDRAULIC. In addition, Iconix owns interests in the MATERIAL
GIRL, ED HARDY, TRUTH OR DARE, MODERN AMUSEMENT BUFFALO and PONY
brands. The Company licenses its brands to a network of retailers
and manufacturers. Through its in-house business development,
merchandising, advertising and public relations departments, Iconix
manages its brands to drive greater consumer awareness and brand
loyalty.
Iconix Brand reported a net loss attributable to the company of
$111.5 million for the year ended Dec. 31, 2019, compared to a net
loss attributable to the company of $100.52 million for the year
ended Dec. 31, 2018. As of June 30, 2020, the Company had $453.03
million in total assets, $720.52 million in total liabilities,
$26.85 million in redeemable non-controlling interest, and a total
stockholders' deficit of $294.34 million.
BDO USA, LLP, in New York, NY, the Company's auditor since 1998,
issued a "going concern" qualification in its report dated March
30, 2020 citing that the Company has suffered recurring losses and
has certain debt agreements which require compliance with financial
covenants. The COVID 19 pandemic is expected to have a material
adverse effect on the Company's results of operation, cash flows
and liquidity, including compliance with future debt covenants.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.
INTELSAT SA: Acquiring Gogo's Commercial Unit for $400 Million Cash
-------------------------------------------------------------------
Intelsat (OTC: INTEQ), operator of the world's largest and most
advanced satellite fleet and connectivity infrastructure, on Aug.
31, 2020, announced that it has entered into a definitive agreement
to acquire the commercial aviation business of Gogo (NASDAQ: GOGO),
the largest global provider of in-flight broadband connectivity,
for $400 million in cash, subject to customary adjustments.
The transaction further propels Intelsat's efforts in the growing
commercial in-flight connectivity market, pairing its high-capacity
global satellite and ground network with Gogo's installed base of
more than 3,000 commercial aircraft to redefine the connectivity
experience.
Gogo's leading commercial aviation business provides Intelsat with
key airline relationships and customer-facing capabilities,
including a leading software platform, ISP and network management
infrastructure. It currently serves 21 commercial airlines,
including 9 of the top 20 global carriers.
This transaction will combine Intelsat's next-generation high
throughput space assets with Gogo's best-in-class 2Ku antenna to
uniquely position Intelsat to deliver more cost-effective and
advanced commercial aviation broadband connectivity services.
Passengers will benefit from an enhanced in-flight connectivity
experience that delivers fast and reliable video streaming,
browsing and cloud-based applications from gate to gate. Airlines
can expect a fully integrated platform offering high reliability,
flexibility and passenger satisfaction.
"Consumer demand for in-flight connectivity is expected to grow at
a double-digit rate over the next decade, notwithstanding the
impact of COVID-19. The addition of Gogo's commercial aviation
business provides compelling strategic value for our stakeholders
and makes strong commercial sense," said Intelsat's CEO, Stephen
Spengler. "Gogo's business is a perfect fit with Intelsat's
expansive satellite network and infrastructure due to the breadth
of Gogo's technological solutions, global reach and operational
excellence."
Mr. Spengler continued: "A priority growth objective for Intelsat
is to extend our reach closer to the millions of customers who use
our satellite capabilities to stay connected around the world. The
addition of Gogo's commercial aviation business is a significant
step toward this goal. We are growing beyond satellite
connectivity to expand into consumer-optimized managed services."
"We are excited to welcome the talented people of Gogo's commercial
aviation business to the Intelsat family and look forward to
pairing their aviation expertise with Intelsat's owned network
capability to unlock new opportunities for growth. Our ability to
execute this transaction in the midst of our financial
restructuring speaks to the strength of our underlying business,
our vision for the future, the commitment of key Intelsat
stakeholders and the momentum that we have maintained over the past
several months," Mr. Spengler concluded.
Transaction Details
Intelsat intends to fund the transaction using its existing
debtor-in-possession (DIP) financing facility and cash on hand.
Intelsat's DIP lenders have agreed to amend the DIP credit
agreement to facilitate the transaction, and Intelsat's key
economic stakeholders support the transaction. On Aug. 31, 2020,
the U.S. Bankruptcy Court for the Eastern District of Virginia,
Richmond Division, approved Intelsat's consummation of the
transaction.
The transaction is expected to close before the end of the first
quarter of 2021, subject to regulatory approvals and other
customary closing conditions.
Advisors
PJT Partners served as financial advisor and Kirkland & Ellis
served as legal counsel to Intelsat. Alvarez & Marsal advised
Intelsat on accounting, operational and tax matters related to the
transaction. Altman Solon served as commercial advisor.
* * *
According to Bloomberg, a lawyer for the company said Intelsat aims
to complete the purchase by next spring.
About Intelsat S.A.
Intelsat S.A. -- http://www.intelsat.com/-- is a publicly held
operator of satellite services businesses, which provides a diverse
array of communications services to a wide variety of clients,
including media companies, telecommunication operators, internet
service providers, and data networking service providers. The
Company is also a provider of commercial satellite communication
services to the U.S. government and other select military
organizations and their contractors. The Company's administrative
headquarters are in McLean, Virginia, and the Company has extensive
operations spanning across the United States, Europe, South
America, Africa, the Middle East, and Asia.
Intelsat S.A., based in L-1246 Luxembourg, and its
debtor-affiliates, filed a Chapter 11 petition (Bankr. E.D. Va.
Lead Case No. 20-32299) on May 14, 2020. The petition was signed by
David Tolley, executive vice president, chief financial officer,
and co-chief restructuring officer. In its petition, the Debtor
disclosed $11,651,558,000 in assets and $16,805,844,000 in
liabilities.
KIRKLAND & ELLIS LLP, and KUTAK ROCK LLP, as counsels; ALVAREZ &
MARSAL NORTH AMERICA, LLC as restructuring advisor; PJT PARTNERS LP
as investment banker; STRETTO as claims and noticing agent.
INTELSAT SA: Should Protect Foreign Funds, Says Bankruptcy Watchdog
-------------------------------------------------------------------
Leslie A. Pappas of Bloomberg Law reports that the money in
Intelsat S.A.'s foreign accounts shouldn't be exempt from the
normal protections on funds held by bankrupt companies, the Justice
Department's bankruptcy watchdog said.
The bankruptcy code requires that a bankrupt company's funds be
insured or guaranteed by the U.S. in "authorized institutions," the
U.S. Trustee's Office said in an objection filed August 20, 2020,
with the U.S. Bankruptcy Court for the Eastern District of
Virginia. The requirements, found in Section 345(b), are intended
to protect creditors against the loss of funds held in deposit by
the bankrupt estate.
The amounts held in the Luxembourg-based company's foreign deposit
and investment.
About Intelsat S.A.
Intelsat S.A. -- http://www.intelsat.com/-- is a publicly held
operator of satellite services businesses, which provides a diverse
array of communications services to a wide variety of clients,
including media companies, telecommunication operators, internet
service providers, and data networking service providers. The
Company is also a provider of commercial satellite communication
services to the U.S. government and other select military
organizations and their contractors. The Company's administrative
headquarters are in McLean, Virginia, and the Company has extensive
operations spanning across the United States, Europe, South
America, Africa, the Middle East, and Asia.
Intelsat S.A., based in L-1246 Luxembourg, and its
debtor-affiliates, filed a Chapter 11 petition (Bankr. E.D. Va.
Lead Case No. 20-32299) on May 14, 2020. The petition was signed by
David Tolley, executive vice president, chief financial officer,
and co-chief restructuring officer. In its petition, the Debtor
disclosed $11,651,558,000 in assets and $16,805,844,000 in
liabilities.
KIRKLAND & ELLIS LLP, and KUTAK ROCK LLP, as counsels; ALVAREZ &
MARSAL NORTH AMERICA, LLC as restructuring advisor; PJT PARTNERS LP
as investment banker; STRETTO as claims and noticing agent.
JMX CONTRACTING: Restructuring Under CCAA; Soberman Named Monitor
-----------------------------------------------------------------
JMX Contracting Inc. and two of its affiliates filed for protection
under the proposal provisions of the Bankruptcy and Insolvency Act,
which proceedings were converted to proceedings commenced under the
Companies' Creditors Arrangement Act, as amended and an initial
order was granted by the Ontario Superior Court of Justice
(Commercial List) on Sept. 29, 2020.
Pursuant to the initial order, Crowe Soberman Inc. was appointed as
monitor in the order to assist the Companies with its restructuring
and the Court approved a super priority debtor-in-possession loan
for $1 million, to finance the Companies' operations during the
CCAA proceedings, subordinate to the security interest of Royal
Bank of Canada and any security interest, lien or encumbrance in
priority to RBC indebtedness by operation of law.
The Companies have entered into a stalking horse purchase agreement
with Peter Bensley and Matt Richard, in trust for a company to be
incorporated, dated Sept. 29, 2020, pursuant to which the stalking
horse purchaser has agreed to acquire substantially all of the
assets and to assume certain of the liabilities of the Companies.
The stalking horse agreement as well as these sale procedures were
approved by the Court on Sept. 29, 2020, pursuant to the initial
order.
JMX Contracting can be reached at:
JMX Contracting Inc.
27 Anderson Boulevard
Uxbridge, ON L9P 0C7
Peter Bensley
Email: peter.bensley@jmxenv.com
Charlie Dahl
Email: charlie.dahl@jmxcontracting.com
Candace Little
Email: candace@jmxcontracting.com
Lawyers for JMX Contracting Inc.:
Weisz Fell Kour LLP
100 King St W, Suite 5600
Toronto, ON M5X 1C9
Sharon Kour
Tel: 416-613-8283
Email: skour@wfklaw.ca
Caitlin Fell
Tel: 416-613-8282
Fax: 416-613-8290
Email: cfell@wfklaw.ca
and
Bisceglia & Associates
9100 Jane St, Building A, Suite 200
Concord, ON L4K 0A4
Emilio Bisceglia
Tel: (905) 695-3100
Fax: (905) 695-5201
Email: ebisceglia@lawtoronto.com
Monitor for the Companies:
Crowe Soberman Inc.
2 St. Clair Avenue East, Suite 1100
Toronto, ON M4T 2T5
Hans Rizarri
Tel: 416-929-2500
Fax: 416-0963-7175
Email: Hans.Rizarri@CroweSoberman.com
Lawyers for the Monitor:
Chaitons LLP
5000 Yonge St
North York, ON M2N 7E9
Harvey Chaiton
Tel: 416-218-1129
Email: harvey@chaitons.com
Lawyers for the Royal Bank of Canada:
Minden Gross LLP
145 King Street West, Suite 2100
Toronto, ON M5H 4G2
Rachel Moses
Tel: 416-369-4115
Email: rmoses@mindengross.com
Raymond M. Slattery
Tel: 416-369-4149
Fax: 416-864-9223
Email: rslattery@mindengross.com
Copies of the Initial Order and other related documents have been
posted on the Monitor's website at:
https://www.crowesobermaninc.com/insolvency/insolvency-cases/jmx-group/
JMX Contracting Inc. -- http://www.jmxcontracting.com/-- provides
environmental and industrial contracting services.
K&W CAFETERIAS: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------
William Miller, U.S. bankruptcy administrator, appointed a
committee to represent unsecured creditors in the Chapter 11 case
of K & W Cafeterias, Inc.
The committee members are:
1. Performance Food Group, Inc.
Agent: Brad Boe
188 Inverness Drive West, Suite 700
Englewood, CO 80112
2. Pinnacle Point Investments LLC
Agent: Adrian E. Popescu
1004 Garden Rose Court
Chapel Hill, NC 28104
3. Alsco
Agent: Cathy Rhoden
Box 3594
Agent: Durham, NC 27702
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 K&W Cafeterias
K&W Cafeterias, Inc., a company based in Winston Salem, N.C., filed
a Chapter 11 petition (Bankr. M.D.N.C. Case No. 20-50674) on Sept.
2, 2020. Judge Benjamin A. Kahn presides over the case. In the
petition signed by Dax C. Allred, president, the Debtor disclosed
$30,085,274 in assets and $22,189,229 in liabilities.
The Debtor has tapped Northen Blue, LLP as its bankruptcy counsel,
Bell Davis & Pitt P.A. and Constangy Brooks Smith & Prophete LLP as
special counsel, and DHG Corporate Finance LLC as financial
advisor.
LAKEWAY PUBLISHERS: Gets Court Approval to Hire Szabo Associates
----------------------------------------------------------------
Lakeway Publishers, Inc. received approval from the U.S. Bankruptcy
Court for the Eastern District of Tennessee to employ Szabo
Associates Inc. to collect unpaid accounts.
Szabo will get 25 percent of any recovery not involving litigation,
and 33 percent for any recovery involving litigation.
David Schimack of Szabo Associates disclosed in court filings that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
David K. Schimack
Szabo Associates Inc
3355 Lenox Rd NE # 945
Atlanta, GA 30326
Phone: +1 404-266-2464
About Lakeway Publishers
Lakeway Publishers, Inc., is a multi-state publisher of newspapers,
magazines and special publications. Lakeway owns and operates
community newspapers and magazines in Tennessee, Missouri,
Virginia, and Florida. It was incorporated in 1966 and is based in
Morristown, Tenn.
Lakeway Publishers Inc. and affiliate, Lakeway Publishers of
Missouri, Inc., each filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Tenn. Lead Case No. 19-51163) on
May 31, 2019. In the petitions signed by Jack R. Fishman,
president, Lakeway Publishers, Inc., disclosed $20,884,027 in
assets and $9,245,645 in liabilities while Lakeway Publishers of
Missouri listed $7,047,972 in assets and $9,206,193 in
liabilities.
Quist, Fitzpatrick & Jarrard, PLLC and Burnette Dobson & Pinchak
serve as Debtors' bankruptcy counsel and special counsel,
respectively.
LAS VEGAS MONORAIL: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------------
The U.S. Trustee for Region 17 appointed a committee to represent
unsecured creditors in the Chapter 11 case of Las Vegas Monorail
Company.
The committee members are:
1. BP Graphics, Inc.
Attn: Curt Carpenter
3940 W. Montecito Avenue
Phoenix, AZ 85019
Tel: 602 272 7907
Email: curt@bpgraphics.com
2. Knorr Brake Company, LLC
Attn: Andrew Kameen
1 Arthur Peck Drive
Westminster, MD 21157
Tel: 443 605 8816
Email: andrew.kameen@knorrbrake.com
3. Sullivan Commercial Painting, Inc.
Attn: Derek Sullivan
1089 Commonwealth Ave., Ste. 196
Boston, MA 02215
Tel: 617 599 0630
Email: derek@sullivanpaintinginc.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 Las Vegas Monorail Company
Las Vegas, Nevada-based Las Vegas Monorail Company, organized by
the State of Nevada in 2000 as a nonprofit corporation, owns and
manages the Las Vegas Monorail. The monorail is a seven-stop,
elevated train system that travels along a 3.9-mile route near the
Las Vegas Strip. LVMC has contracted with Bombardier Transit
Corporation to operate the Monorail. Though it benefits from its
tax-exempt status due to being a nonprofit entity, LVMC claims to
be the first privately-owned public transportation system in the
nation to be funded solely by fares and advertising. LVMC says it
receives no governmental financial support or subsidies.
LVMC filed for Chapter 11 bankruptcy protection (Bankr. D. Nev.
Case No. 10-10464) on Jan. 13, 2010. It disclosed $395,959,764 in
assets and $769,515,450 in liabilities as of the petition date.
LVMC has tapped Garman Turner Gordon LLP as its bankruptcy counsel,
Alvarez & Marsal North America, LLC as financial advisor, and
Stradling Yocca Carlson & Rauth and Jones Vargas as special
counsel. Gordon Silver assists LVMC in its restructuring effort.
In April 2010, bondholder Ambac Assurance Corp. lost in its bid to
halt the bankruptcy after U.S. Bankruptcy Judge Bruce A. Markell
ruled that monorail isn't a municipality and is therefore entitled
to reorganize in Chapter 11. U.S. District Judge James Mahan in
Reno upheld the ruling in October 2010.
LIBBEY GLASS: Fee Examiner Taps Bielli & Klauder as Counsel
-----------------------------------------------------------
David Klauder, the fee examiner for the bankruptcy estates of
Libbey Glass Inc. and its affiliates, seeks authority from the U.S.
Bankruptcy Court for the District of Delaware to retain Bielli &
Klauder, LLC as his legal counsel.
The services to be provided by the firm are as follows:
a. review fee applications and related invoices;
b. assist the fee examiner in court hearings and other
proceedings to consider the fee applications;
c. advise the fee examiner on legal issues raised by inquiries
to and from bankruptcy professionals he retained;
d. attend meetings between the fee examiner and the retained
professionals;
e. assist the fee examiner in the preparation of preliminary
and final reports regarding professional fees and expenses;
f. assist the fee examiner in developing protocols and making
reports and recommendations; and
g. provide such other services as the fee examiner may
request.
Bielli & Klauder's hourly rates are as follows:
Thomas D. Bielli (Member) $375
Associates and of counsel $225 - $325
Paralegals and law clerks $100 - $200
Thomas Bielli of Bielli & Klauder disclosed in court filings that
the firm is a "disinterested person" as that term is defined under
Section 101(14) of the Bankruptcy Code.
Bielli & Klauder provided the following information in response to
the request for additional information set forth in Section D.1 of
the U.S. Trustee Guidelines:
(1) Bielli & Klauder did not agree to any variation of its
standard or customary billing arrangements for its employment with
Debtors.
(2) No professional at Bielli & Klauder varied his rate based
on the geographic location of Debtors' bankruptcy cases.
(3) Bielli & Klauder represents Mr. Klauder in his capacity as
the fee examiner in other cases. In those cases, the firm billed at
hourly rates ranging from $225 to $375 for attorneys. Meanwhile,
paraprofessionals charged an hourly fee of $150.
(4) The fee examiner and Bielli & Klauder has developed a
budget and staffing plan for the first six months of the
engagement.
The firm can be reached through:
Thomas Daniel Bielli, Esq.
Bielli & Klauder, LLC
1500 Walnut Street, Suite 900
Philadelphia, PA 19102
Tel: 215-642-8271
Fax: 215-754-4177
Email: tbielli@bk-legal.com
About Libbey Inc.
Based in Toledo, Ohio, Libbey Inc. (NYSE American: LBY) is one of
the largest glass tableware manufacturers in the world. Libbey
operates manufacturing plants in the U.S., Mexico, China, Portugal
and the Netherlands. In existence since 1818, Libbey supplies
tabletop products to retail, foodservice and business-to-business
customers in over 100 countries. Libbey's global brand portfolio,
in addition to its namesake brand, includes Libbey Signature,
Master's Reserve, Crisa, Royal Leerdam, World Tableware, Syracuse
China, and Crisal Glass. In 2019, Libbey's net sales totaled
$782.4 million. For more information, visit http://www.libbey.com/
Libbey Glass Inc. and 11 of its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11439) on June 1, 2020.
In the petition signed by CEO Michael P. Bauer, Libbey Glass was
estimated to have $100 million to $500 million in assets and $500
million to $1 billion in liabilities as of the bankruptcy filing.
The Hon. Laurie Selber Silverstein is the case judge.
The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger, P.A., as counsel, Alvarez & Marsal North America, LLC as
financial advisor, and Lazard Ltd as investment banker. Prime
Clerk LLC is the claims agent, maintaining the page
https://cases.primeclerk.com/libbey
LIBBEY GLASS: To Cease Production at Shreveport Facility This Year
------------------------------------------------------------------
In order to reduce costs and align manufacturing capacity with
lower levels of projected demand, on August 16, 2020, Libbey Inc.
committed to a plan to close its manufacturing facility in
Shreveport, Louisiana. The Company intends to cease production at
the Shreveport manufacturing facility by the end of 2020, with full
closure to be completed by the second half of 2022. The Company
continues to bargain with the unions representing the Company's
employees regarding the effects of the facility closure.
As a result of the plan, the Company expects to incur pre-tax cash
charges of approximately $14.0 million, consisting of approximately
$7.5 million in severance and other employee-related costs and
approximately $6.5 million of other cash shutdown costs.
Approximately $6.5 million of the severance and other
employee-related costs are anticipated to be incurred in the fourth
quarter of 2020, with the remaining pre-tax cash charges to be
incurred throughout 2021 and 2022.
The Company isunable at this time to estimate an amount or range of
amounts of any non-cash charges that we may incur in connection
with the facility closure. At such time as we have determined an
estimate or range of estimates of any such non-cash charges, we
will report the estimate or range of estimates as required to Item
2.05 of Form 8-K.
The charges the Company expects to incur in connection with this
plan are subject to a number of assumptions, and actual results may
differ materially. The Company may also incur other material
charges not currently contemplated due to events that may occur as
a result of, or in connection with, these actions.
Amended Plan and Disclosure Statement
On June 21, 2020, the Debtors filed with the Bankruptcy Court a
proposed Plan of Reorganization (the "Plan") and a Disclosure
Statement describing the Plan and the solicitation of votes from
certain of its creditors to approve the Plan.
On August 17, 2020, the Debtors filed an Amended Plan of
Reorganization (as may be further amended from time to time, the
"Amended Plan") and a related Disclosure Statement (as may be
further amended from time to time, the "Disclosure Statement")
describing the Amended Plan and the solicitation of votes to
approve the same from certain of the Debtors’ creditors with
respect to the Chapter 11 Cases.
Sections 1113 and 1114 Motions
Additionally, as contemplated under the terms of the Amended Plan,
the Debtors filed motions with the Bankruptcy Court on August 17,
2020, to modify collective bargaining agreements and certain
union-related retiree benefits, in accordance with Sections 1113
and 1114 of the United States Bankruptcy Code.
About Libbey Inc.
Based in Toledo, Ohio, Libbey Inc. (NYSE American: LBY) is one of
the largest glass tableware manufacturers in the world. Libbey
operates manufacturing plants in the U.S., Mexico, China, Portugal
and the Netherlands. In existence since 1818, Libbey supplies
tabletop products to retail, foodservice and business-to-business
customers in over 100 countries. Libbey's global brand portfolio,
in addition to its namesake brand, includes Libbey Signature,
Master's Reserve, Crisa, Royal Leerdam, World Tableware, Syracuse
China, and Crisal Glass. In 2019, Libbey's net sales totaled $782.4
million. For more information, visit http://www.libbey.com/
Libbey Glass Inc. and 11 of its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11439) on June 1, 2020.
In the petition signed by CEO Michael P. Bauer, Libbey Glass was
estimated to have $100 million to $500 million in assets and $500
illion to $1 billion in liabilities as of the bankruptcy filing.
The Hon. Laurie Selber Silverstein is the case judge.
The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger, P.A., as counsel; Alvarez & Marsal North America, LLC as
financial advisor; and Lazard Ltd as investment banker. Prime Clerk
LLC is the claims agent, maintaining the page
https://cases.primeclerk.com/libbey
LIBBEY GLASS: Union Ratify Four-Year Agreements
-----------------------------------------------
The United Steelworkers (USW) on Sept. 25, 2020, said that union
members at Libbey Glass facilities in Toledo, Ohio, and Shreveport,
Louisiana, have ratified new, four-year labor agreements with the
bankrupt company.
Members of the USW and International Association of Machinists
(IAM) voted overwhelming in favor of the contracts, which include a
temporary wage reduction and other concessions that will give
Libbey financial relief to reorganize its debts under Chapter 11 of
the federal bankruptcy code but also include provisions to increase
wages when the company's financial condition improves.
USW International Vice President (Administration) David McCall, who
chaired the negotiations with Libbey, credited the solidarity of
the combined union membership and their negotiating committee for
standing up to demand fairness and dignity when management and the
company's creditors sought major, permanent concessions.
"Throughout this process, our members made it clear that cutting
wages and benefits for hourly workers without shared sacrifices by
management would not keep the company afloat," McCall said. "We are
proud that we stood together to ensure our voices were heard and we
achieved a more just resolution than the mammoth concessions that
management originally proposed."
Under the agreements, Libbey will discontinue production in
Shreveport, but will maintain a shipping and distribution facility
at the location.
The USW represents 850,000 men and women employed in manufacturing,
metals, mining, pulp and paper, rubber, chemicals, glass, auto
supply and the energy-producing industries, along with a growing
number of workers in public sector, service, academic and tech
professions.
About Libbey Inc.
Based in Toledo, Ohio, Libbey Inc. (NYSE American: LBY) is one of
the largest glass tableware manufacturers in the world. Libbey
operates manufacturing plants in the U.S., Mexico, China, Portugal
and the Netherlands. In existence since 1818, Libbey supplies
tabletop products to retail, foodservice and business-to-business
customers in over 100 countries. Libbey's global brand portfolio,
in addition to its namesake brand, includes Libbey Signature,
Master's Reserve, Crisa, Royal Leerdam, World Tableware, Syracuse
China, and Crisal Glass. In 2019, Libbey's net sales totaled $782.4
million. For more information, visit http://www.libbey.com/
Libbey Glass Inc. and 11 of its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11439) on June 1, 2020.
In the petition signed by CEO Michael P. Bauer, Libbey Glass was
estimated to have $100 million to $500 million in assets and $500
illion to $1 billion in liabilities as of the bankruptcy filing.
The Hon. Laurie Selber Silverstein is the case judge.
The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger, P.A., as counsel; Alvarez & Marsal North America, LLC as
financial advisor; and Lazard Ltd as investment banker. Prime Clerk
LLC is the claims agent, maintaining the page
https://cases.primeclerk.com/libbey
LIBBEY INC: Files Amended Plan of Reorganization
------------------------------------------------
Libbey Inc., one of the world's largest glass tableware
manufacturers, on Aug. 17, 2020, said it filed an Amended Plan of
Reorganization (the "Plan") and a related Disclosure Statement in
the U.S. Bankruptcy Court for the District of Delaware ("the
Court"). The Plan outlines the Company's proposal to strengthen its
balance sheet, reduce debt and improve liquidity in order to emerge
from bankruptcy as a financially stronger company.
As contemplated under the terms of the Plan, Libbey has received a
term sheet from seven of its lenders to provide $150 million in
exit financing, which net of lender fees and repayment of the
Company's existing debtor-in-possession ("DIP") financing will
provide $75 million of incremental funding for the Company's exit
from bankruptcy and go-forward operations. Libbey also expects to
replace its $100 million DIP revolving credit facility with a new
exit facility with approximately $20 million initially drawn.
Overall, Libbey expects to emerge from the Chapter 11 process with
less than $200 million of funded debt, compared to more than $400
million of debt that existed at the beginning of the
court-supervised process.
Additionally, as required under the terms of the Plan, Libbey today
filed motions with the Court to modify its collective bargaining
agreements ("CBAs") and certain union-related retiree benefits. If
approved by the Court, the motions will modify the CBAs for Libbey
employees represented by the United Steelworkers and the
International Association of Machinists & Aerospace Workers. Under
the terms of the Company's proposals to the unions, Libbey is
seeking to modify wages, certain benefits (including freezing
future benefit accruals under its hourly defined benefit pension
plan) and certain work rules for its U.S. union employees. In
addition to these proposed modifications, the Company has also
taken actions to reduce its salaried headcount and the wage and
benefit costs relating to its salaried employees, as well as
non-salary related costs. All of these actions, including the
proposed modifications to the Company's CBAs and certain
union-related retiree benefit obligations, provide cost reductions
that are essential to the Company's successful reorganization.
As part of optimizing its manufacturing capacity, Libbey has
committed to its previously announced plan to close its
manufacturing facility in Shreveport, Louisiana. The Company
intends to cease production by the end of 2020, with full closure
to be completed by the second half of 2022. Libbey continues to
negotiate with the United Steelworkers representing the Company's
employees regarding the effects of the facility closure.
Mike Bauer, chief executive officer of Libbey, said, "We continue
to make important progress and are on a path to complete our
restructuring later this year. While we recognize the impact of the
proposed modifications to the CBAs for our union employees and
union retirees, we believe the changes are essential to ensure our
successful emergence from Chapter 11. The cost savings and
operational improvements they will help us achieve will preserve
approximately 1,200 U.S. jobs and make Libbey a stronger company
going forward. We remain committed to continuing good-faith
negotiations with our unions throughout this process."
Mr. Bauer continued, "As we take the final steps in this
court-supervised process, we continue to serve customers and end
users globally. As always, we remain focused on providing the
high-quality products, service and community commitment that define
Libbey. I want to express my sincere gratitude to our employees for
their continued hard work and dedication, as well as all our
stakeholders for their continued support."
About Libbey Inc.
Based in Toledo, Ohio, Libbey Inc. (NYSE American: LBY) is one of
the largest glass tableware manufacturers in the world. Libbey
operates manufacturing plants in the U.S., Mexico, China, Portugal
and the Netherlands. In existence since 1818, Libbey supplies
tabletop products to retail, foodservice and business-to-business
customers in over 100 countries. Libbey's global brand portfolio,
in addition to its namesake brand, includes Libbey Signature,
Master's Reserve, Crisa, Royal Leerdam, World Tableware, Syracuse
China, and Crisal Glass. In 2019, Libbey's net sales totaled $782.4
million. For more information, visit http://www.libbey.com/
Libbey Glass Inc. and 11 of its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11439) on June 1, 2020.
In the petition signed by CEO Michael P. Bauer, Libbey Glass was
estimated to have $100 million to $500 million in assets and $500
illion to $1 billion in liabilities as of the bankruptcy filing.
The Hon. Laurie Selber Silverstein is the case judge.
The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger, P.A., as counsel; Alvarez & Marsal North America, LLC as
financial advisor; and Lazard Ltd as investment banker. Prime Clerk
LLC is the claims agent, maintaining the page
https://cases.primeclerk.com/libbey
LIBBEY INC: Postpones Chapter 11 Bankruptcy Exit
------------------------------------------------
The Blade reports that Libbey Inc. has postponed the date that it
plans to emerge from Chapter 11 bankruptcy until the first week of
October, documents filed with the Securities and Exchange
Commission show.
In a filing dated last Thursday, the Toledo-based table glass and
stemware maker pushed back the date that a federal judge must
approve its plan of reorganization to Oct. 5. Libbey also extended
the date by which it will consummate its reorganization plan to
Oct. 7, 2020.
The reorganization plan was submitted to the federal bankruptcy
court in Delaware on Aug. 21. A judge approved the plan on Aug. 24,
2020.
In the filing last Thursday Libbey indicated that its lenders who
are providing it with up to $160 million in debtor-in-possession
financing, including a $100 million revolving credit facility and a
$60 million term loan, have agreed to the October time extension.
When Libbey filed for bankruptcy on June 1, the company indicated
that it had planned to exit Chapter 11 by Sept. 13.
In another SEC filing on Aug. 17, Libbey stated that in addition to
the $160 million in debtor-in-possession financing, it has received
a term sheet from seven of its lenders who have agreed to provide
the company with $150 million in exit financing.
After paying lender fees and repaying the debtor-in-possession
loans, Libbey is expected to have about $75 million of the $150
million left to be used to exit bankruptcy and go forward with its
operations. The company also will replace the $100 million in
debtor-in-possession financing with a new line of credit from which
it will draw $20 million initially.
Overall, the glassmaker expects to exit bankruptcy with less than
$200 million of funded debt, compared to the over-$400 million in
debt that it had before it entered bankruptcy.
Libbey's Aug. 17 filing also included a motion to the Delaware
bankruptcy court requesting it be allowed to modify its union
contracts. Libbey had sought to modify wages, freeze future benefit
accruals to its pension plan, and change work rules for U.S.
employees represented by the United Steelworkers and the
International Association of Machinists & Aerospace Workers.
The company also notified the court that it was reducing its
salaried workforce and wages & benefits that salaried workers
receive.
About Libbey Inc.
Based in Toledo, Ohio, Libbey Inc. (NYSE American: LBY) is one of
the largest glass tableware manufacturers in the world. Libbey
operates manufacturing plants in the U.S., Mexico, China, Portugal
and the Netherlands. In existence since 1818, Libbey supplies
tabletop products to retail, foodservice and business-to-business
customers in over 100 countries. Libbey's global brand portfolio,
in addition to its namesake brand, includes Libbey Signature,
Master's Reserve, Crisa, Royal Leerdam, World Tableware, Syracuse
China, and Crisal Glass. In 2019, Libbey's net sales totaled $782.4
million. For more information, visit http://www.libbey.com/
Libbey Glass Inc. and 11 of its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11439) on June 1, 2020.
In the petition signed by CEO Michael P. Bauer, Libbey Glass was
estimated to have $100 million to $500 million in assets and $500
million to $1 billion in liabilities as of the bankruptcy filing.
The Hon. Laurie Selber Silverstein is the case judge.
The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger, P.A., as counsel; Alvarez & Marsal North America, LLC as
financial advisor; and Lazard Ltd. as investment banker. Prime
Clerk LLC is the claims agent, maintaining the page
https://cases.primeclerk.com/libbey
LILIS ENERGY: Pursues Sale After Investor Funds Declined to Invest
------------------------------------------------------------------
Luzi Ann Javier of Bloomberg News reports that Lilis Energy said
certain investment funds and entities affiliated with Värde
Partners have declined to pursue a new money investment in the
company to sponsor a chapter 11 plan of reorganization.
The exploration and production company operating in the Permian
Basin of West Texas and Southeastern New Mexico will immediately
begin pursuing a process to sell substantially all of its assets
through the chapter 11 process.
"While the company is disappointed that the Värde Funds declined
to pursue the new money investment contemplated by the RSA, we are
confident there will be significant interest in the company's
highly contiguous block."
About Lilis Energy
Lilis Energy, Inc. -- https://www.lilisenergy.com/ -- is a
publicly-traded, independent oil and natural gas company focused on
the exploration, development, production, and acquisition of crude
oil, natural gas, and natural gas liquids. Headquartered in Fort
Worth, Texas, Lilis is a pure play Permian Basin company with
focused operations in the Delaware Basin.
Lilis Energy and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-33274) on
June 28, 2020. As of Dec. 31, 2019, the Debtors had total assets
of $258.6 million and total liabilities of $251.2 million.
Judge David R. Jones oversees the cases.
The Debtors tapped Vinson & Elkins, LLP as legal counsel; Barclays
Capital, Inc., as investment banker and financial advisor; BDO, USA
LLP as accountant and tax advisor; and Stretto as notice, claims
and solicitation agent.
LONESTAR RESOURCES: Fitch Lowers IDR to D on Chapter 11 Filing
--------------------------------------------------------------
Fitch has downgraded the Long-Term Issuer Default Ratings (IDRs) of
Lonestar Resources US, Inc. and Lonestar Resources America, Inc.
(LONE) to 'D' from 'C' and affirmed Lonestar Resources America,
Inc.'s first-lien revolving facility at 'CCC'/'RR1' and unsecured
notes at 'C'/'RR5'.
Lonestar's ratings reflect their announced filing for voluntary
reorganization under Chapter 11 of the U.S. Bankruptcy Code on Oct.
1, 2020. The company has reached a Restructuring Support Agreement
(RSA) with 100% of the RBL lenders and 83.8% of the senior
unsecured note holders.
Fitch expects to withdraw its ratings 30 days after the petition
date.
KEY RATING DRIVERS
Voluntary Chapter 11 Filing: On Sept. 14, 2020, LONE entered into a
RSA with lenders representing 100% of their RBL lenders and 83.8%
of senior unsecured noteholders. According to the RSA, RBL lenders
will receive: cash payment of accrued and unpaid interest,
revolving loans under the Exit RBL Facility (80% of the existing
RBL loans), warrants to purchase up to 10% of new equity interests,
and a second-out, senior-secured term loan (20% of existing RBL
loans). Holders of the unsecured notes will receive 96% of the new
equity interests, preferred equity holders will receive 3% of new
equity interests with the remaining 1% of new equity interests
allocated to current common equity holders.
On Oct. 1, 2020, pursuant to their RSA, LONE announced that it had
filed voluntary petitions for relief under chapter 11 of title 11
of the United States Code in the United States Bankruptcy Court for
the Southern District of Texas (Houston). Plan recovery
contemplates a $353 million enterprise value for a projected
recovery of 31.5% on the senior unsecured notes.
Missed Interest Payment: On July 1, 2020, LONE announced its
election not to make the approximately $14.1 million interest
payment due on that date with respect to its 11.25% senior
unsecured notes. Under the indenture governing the notes, LONE has
a 30-day grace period to make the interest payment before
triggering an event of default. The initiation of a grace or cure
period following nonpayment of a material financial obligation
resulted in the 'C' (Near Default) IDR, per Fitch's ratings
definitions. On July 31, 2020, the company entered into a
forbearance agreement with certain note holders of over 50% of the
11.25% Senior Notes.
Borrowing Base Deficiency: On July 2, 2020, LONE entered into a
forbearance agreement with their credit facility lenders. Pursuant
to this agreement, the borrowing base of the RBL was reduced to
$225 million from $286 million, resulting in a $60 million
deficiency.
Financial Maintenance Covenant Breach: At Dec. 31, 2019, LONE
failed to satisfy the consolidated current ratio covenant under
their revolving credit facility, triggering an event of default.
While they received a waiver for this breach, LONE does not expect
to be able to comply with this covenant over the next 12 months.
Failure to reach an agreement with lenders or find alternative
financing to resolve (likely) future default may result in the
acceleration of revolver repayment which may cause default and
acceleration of the 11.25% senior notes due 2023. Given the extreme
headwinds posed by the coronavirus global economic shutdown and
OPEC+ supply decisions facing the energy industry, Fitch believes
alternative liquidity options such as incremental debt or equity
issuance, or asset sales are unlikely to be viable financial
alternatives.
Small, Liquids-Oriented Asset Base: LONE's acreage position is
located within the crude and condensate areas of the Eagle Ford
with production averaging 13,339 barrels of oil equivalent per day
(boepd) for the 2Q20 (down from 15,187 boepd at YE19) was comprised
of 70% liquids (down from 73% at YE19) realizing Louisiana Light
Sweet (LLS)-based pricing which tends to trade at a premium to WTI.
LONE's acreage is largely held by production (93%, YE19) and
operated (84%, YE19), increasing capex flexibility. Due to their
small size, LONE has operated with high annual production growth
rates (around 35% in 2019, yoy) and while robust unit economics and
hedge book offer protection to development spending (hedged netback
of $14.00/boe, 2Q20), Fitch expects growth and capex to be
moderated by the current commodity price weakness.
KEY ASSUMPTIONS
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes that LONE's reorganized as a
going-concern in bankruptcy. Fitch has assumed no administrative
claim given the prepackaged cases.
Going-Concern (GC) Approach
The GC EBITDA assumption of $86 million considers a prolonged
commodity price downturn (as described by Fitch's stress price
deck) causing lower than expected production and cash flow and is
consistent with the RSA valuation.
An Enterprise Value multiple of 4.1x EBITDA is applied to the GC
EBITDA to calculate a post-reorganization enterprise value. The
choice of this multiple considered the following factors:
-- The historical bankruptcy case study exits multiples for peer
companies ranged from 2.8x-7.0x, with an average of 5.6x and median
of 6.1x;
-- Fitch uses a multiple of 4.1x compared to the historical
bankruptcy case study exit multiple because of the company's small
size and cash flow uncertainty at Fitch's stress case price deck
relative to peers.
Liquidation Approach
The liquidation estimate reflects Fitch's view of transactional and
asset-based valuations, such as recent transactions for the Eagle
Ford basin on a dollar/acre basis. This data was used to determine
a reasonable sales price for the company's assets.
The company's main driver of value is its acreage in the Western
and Central regions of the Eagle Ford. LONE also has acreage in its
more prospective Eastern region, which has been ascribed a lower
valuation by Fitch.
The senior secured revolver is drawn at 100%, consistent with
current borrowings (over 90%) as of April 6, 2020, and industry
peers who have preemptively drawn the full balance.
The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' recovery for the first lien
revolver and a recovery corresponding to 'RR5' for the senior
unsecured notes.
RATING SENSITIVITIES
Rating sensitivities are no longer applicable as the company has
filed for bankruptcy.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
MARINER SEAFOOD: True North Buying All Assets for $2.75 Million
---------------------------------------------------------------
Mariner Seafood, LLC, asks the U.S. Bankruptcy Court for the
District of Massachusetts to authorize the private sale of
substantially all assets to True North Seafood, Inc. for a cash
payment at closing equal to: (i) the value of the Debtor's accounts
receivable up to $2.2 million, plus (ii) $150,000, plus (iii)
$400,000 on account of the fees and expenses of the Debtor's
professionals relating to the sale and the administration of its
case, plus (iv) assumption of the Debtor's obligations under its
equipment term loan with Wells Fargo Equipment Finance, Inc. and
assignment of the Debtor's real estate leases and certain equipment
leases and other designated executory contracts used in the
operation of the Debtor's business, subject to higher and better
offers.
In January 2020, Mariner determined to retain Jon Pratt of Tully &
Holland, Inc. ("T&H") as investment banker to assist in the
refinancing or sale of its assets. T&H worked with Mariner to
develop marketing and financial materials which were circulated to
strategic investors and acquirers. With the onset of the COVID-19
pandemic, the sale process effectively halted.
In late June and early July 2020, Mariner commenced negotiations
with the True North, an affiliate of Cooke Aquaculture Inc., a
multinational seafood processor and retailer regarding a sale of
Mariner’s assets. After extensive negotiations by and between
Mariner and True North, the parties entered into the APA regarding
the purchase by True North of all or substantially all of Mariner's
assets. On Sept. 14, 2020, the Debtor filed a voluntary petition
for relief asking to pursue reorganization and consummate a sale of
its assets under Section 363 of the Bankruptcy Code.
The Debtor has selected the Buyer as the stalking horse bidder for
the Assets pursuant to the APA. The purchase price for the assets
under the APA is: (a) the amount of the Debtor's accounts
receivable up to $2.2 million, plus (b) $150,000, plus (c) $400,000
to fund the professional fees costs associated with this proceeding
and consummating the purchase, plus (d) certain employee benefit
obligations. Pursuant to the APA, the Buyer will assume Mariner's
obligations under the Term Loan and pay any amounts necessary to
cure any defaults thereunder. In accordance with the terms of the
APA, the Buyer has paid to the Debtor a deposit in the amount of
$137,500.
The APA requires that the Assets be sold, transferred, conveyed,
assigned, and delivered to the Buyer free and clear of all claims,
liens, encumbrances, and interests including, without limitation,
the claims and liens of Wells Fargo Bank, N.A. Wells is owed
approximately $4.2 million under the Revolving Loan.
Notwithstanding that the purchase price under the APA is less than
that amount, Wells has agreed to consent to the sale to the Buyer,
release its liens on the Debtor's assets with such liens attaching
to the proceeds of the sale, and to carve out from the Debtor’s
cash collateral and the proceeds of the sale, the amount of
$400,000 to pay the fees and expenses of the Debtor's professionals
associated with the administration of the case and closing the Sale
to the Buyer.
At the closing of the Sale, the Debtor's estate will receive cash
from the Sale equal to the sum of $50,000 plus the amount by which
the Debtors accounts receivable under the APA are less than $2.2
million. The Buyer will receive the remaining cash. The Debtor
will turn over cash proceeds at the Closing of the Sale to Wells
equal to the consideration paid to the Debtor by the Buyer, less
the Carve Out.
In the event competitive bidding results in an increase to the
Purchase Price to be paid by the Buyer to the Debtor as set forth
in the Sale Motion, any additional consideration paid to the Debtor
by the Buyer will be paid to Wells less the Carve Out and less the
costs and expenses incurred by the Debtor or its estate as a result
of any increase in such consideration, as agreed to by the Buyer
and Wells, or as determined by the Bankruptcy Court. If the amount
to be paid to Wells from the sale proceeds totals less than $2.35
million, the difference between such amount and $2.35 million will
be paid to Wells by the Debtor from cash. The Debtor's estate will
retain the Carve Out to pay the allowed fees and expenses of its
professionals related to the Sale and the administration of the
Chapter 11 proceeding.
The Buyer will assume the Debtor's obligations under the Term Loan.
In connection therewith, Wells Finance will retain its liens on
the Debtor's existing personal property and will release its
asserted all-asset lien pursuant to a separate agreement with the
Buyer. The Buyer will take assignment of the Wells Leases. The
equipment leased under those leases will remain subject to the
existing liens. Any other perfected, enforceable, and valid
Encumbrances will attach to the proceeds of the sale in accordance
with the priorities established under applicable law.
John P. Flynn will be employed as Regional Director of Sales and
Distribution, Northeast after the closing of the sale. Under that
agreement, Mr. Flynn will make a pro-rated annual salary of
$300,000 in 2020, thereafter reduced to an annual base salary of
$250,000, plus certain bonuses which may be available after
calendar year 2020.
The APA lists executory contracts and unexpired leases which the
Buyer asks to take assignment of in connection with the Sale
including, without limitation: (i) the MacArthur Lease; (ii) four
equipment leases of forklifts and pallet trucks from Wells Finance
("Wells Leases"); (iii) a lease of several trucks from Ryder Truck
Rental; (iv) certain cold storage facility rental arrangements; and
(v) certain life insurance policies of which the Debtor is the
beneficiary.
The Buyer may designate additional Assigned Contracts up to 14 days
prior to the Sale Hearing. It is required to pay all necessary
costs to cure any defaults under the Assigned Contracts at the
closing of the Sale and provide adequate assurance of future
performance with respect to the designated Assigned Contracts.
Pursuant to the APA, the proposed sale of the Assets will be
subject to counteroffers pursuant to procedures approved by the
Court. The Debtor asks that the Court enters the “Bid
Procedures Order approving the Bid Procedures, including approval
of the Sale Notice. In connection with the approval of the Sale
Notice, the Debtor asks that the Court establishes a deadline for
filing objections to the Sale, a deadline for objections related to
the proposed assumption and assignment of the Assigned Contracts,
and sets a time for the Sale Hearing.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: At 4:30 p.m. on the deadline established by
the Court
b. Initial Bid: The purchase price submitted by a Competing
Bidder must be at least 5% greater than the sum of: (i) the amount
of the Debtor's accounts receivable up to $2.2 million, plus (ii)
$150,000, plus (iii) $400,000 to fund the professional fees costs
associated with the Debtor's Chapter 11 case and consummating the
purchase of the Assets, plus the amounts necessary to cure defaults
under the Assigned Contracts, plus the Employee Costs.
c. Deposit: $137,500
d. Auction: An auction for the Assets will be held at the Sale
Hearing only if there is a Competing Bid. In the absence of a
Competing Bid, the Debtor will seek approval of the Sale to the
Buyer.
e. Bid Increments: To be established
f. Sale Hearing: The Sale Hearing will be held on the date
established by the Court.
g. Sale Objection Deadline: At 4:30 p.m. on the deadline
established by the Court
h. Closing: Oct. 16, 2020
i. Break-Up Fee: The Buyer will receive a breakup fee in an
amount equal to 2.5% of the Cash Portion (up to $2.75 million) on
account of costs, fees and other expenses (including legal expenses
and other professional fees and expenses, and travel expenses)
incurred by the Buyer in connection with the Sale.
The Debtor will file an application to employ T&H as investment
banker in the proceeding. Upon approval of the Bid Procedures, the
Debtor will serve a copy of the Sale Notice and the Bid Procedures
Order on all creditors of the Debtor and, with the assistance of
T&H, upon any party known to have expressed an interest in the
Assets.
With respect to the Assigned Contracts, the Debtor will file and
serve upon each counterparty to an Assigned Contract the Cure
Notice. The Cure Objection Deadline is 4:30 p.m. on the deadline
established by the Court. The Buyer is permitted under the APA to
designate additional Assigned Contracts up to 14 days prior to the
Sale Hearing. Upon approval of the Bid Procedures, the Debtor will
serve a copy of the Sale Notice, the Bid Procedures Order, and the
Cure Notice on counterparties to the Assigned Contracts.
If the party submitting the highest and best offer fails to close
on the sale of the Assets, the Debtor asks that the authority to
sell the assets to the party submitting the second highest or best
offer as determined at the Sale Hearing, for such Assets without
further Court approval. Notwithstanding the foregoing, the Buyer
does not need to submit a Competing Bid to participate in or attend
the Auction.
The APA requires that the Sale close by Oct. 16, 2020. In order to
provide adequate notice of the Bid Procedures, to all potential
bidders and Counterparties with the opportunity to review and
respond to the Cure Notice, the Sale Notice, and the Motion, and to
schedule the Sale Hearing Auction sufficiently in advance of a
closing, the Debtor asks expedited consideration of the Bid
Procedures.
A copy of the APA and the Bidding Procedures is available at
https://tinyurl.com/yxdklbof from PacerMonitor.com free of charge.
About Mariner Seafood
Mariner Seafood, LLC, is in the business of buying and selling
seafood inventory from third party importers to domestic and
Canadian seafood processors and food service distributors.
Mariner Seafood sought Chapter 11 protection (Bankr. D. Mass. Case
No. 20-11870) on Sept. 14, 2020. In the petition signed by John P.
Flynn, president and manager, the Debtor was estimated to have
assets and liabilities in the range of $10 million to $50 million.
The Debtor tapped Christopher M. Condon, Esq., at Murphy & King,
Professional Corp., as counsel.
MASON JAR: 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
Mason Jar Cafe II Inc., according to court dockets.
About Mason Jar Cafe, II
Mason Jar Cafe, II, Inc., a Fort Lauderdale, Fla.-based American
restaurant, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 20-18829) on Aug. 17, 2020. At the
time of the filing, Debtor had estimated assets of up to $50,000
and liabilities of between $100,000 and $500,000. Judge Peter D.
Russin oversees the case. Van Horn Law Group, P.A. is the Debtor's
legal counsel.
MVK INTERMEDIATE: Moody's Lowers CFR to B3, Outlook Stable
----------------------------------------------------------
Moody's Investors Service downgraded MVK Intermediate Holdings,
LLC's Corporate Family Rating ("CFR") to B3 from B2 and Probability
of Default Rating to B3-PD from B2-PD. Moody's additionally
downgraded the company's senior secured first lien revolving credit
facility and $335 million first lien secured term loan to B3 from
B2. The outlook is stable.
The downgrade reflects Moody's view that fiscal 2020 earnings will
be lower than previously expected, leading to low free cash flow
and leverage that remains elevated. Moody's still projects that
EBITDA will grow in 2020 but that hitting the prior forecast relies
on a solid improvement in Q3 and Q4 earnings that Moody's no longer
believes the company will be able to achieve given certain
headwinds and factors. These include ramifications from a product
recall related to a potential salmonella outbreak, and warm weather
conditions which are likely to impact stone fruit harvest volumes.
Moody's projects debt-to-EBITDA will exceed 7x in 2020 with only
slightly positive free cash flow.
MVK experienced a voluntary recall in August which could impact
3Q20 earnings. On August 19th, the U.S. Food and Drug
Administration ("FDA") and the U.S. Centers for Disease Control and
Prevention ("CDC") issued a public warning against the purchase and
consumption of Wawona bagged peaches sold at ALDI in connection
with a multi-state outbreak of Salmonella Enteritidis infections.
On August 21st, Prima Wawona announced a voluntary multi-state
recall of Wawona bagged peaches and loose peaches. Moody's believes
the recall could have an impact on MVK's earnings during the
quarter; however, the company has indicated there are insurance
policies providing coverage for this event.
Moody's is also concerned about the air quality and heat patterns
in the San Joaquin Valley, which could impact end-of year stone
fruit harvest volumes. The National Weather Service has issued
excessive heat warnings as well as air quality alerts in the San
Joaquin Valley during the quarter as higher than normal
temperatures and California wildfires have impacted the region.
Considering that Prima Wawona's orchards are in the San Joaquin
Valley and these events are happening during their harvest season,
there is a possibility that Prima Wawona's harvest volumes could be
weaker than expected.
The following ratings/assessments are affected by the action:
Ratings Downgraded:
Issuer: MVK Intermediate Holdings, LLC
Corporate Family Rating, Downgraded to B3 from B2
Probability of Default Rating, Downgraded to B3-PD from B2-PD
Senior Secured 1st Lien Term Loan, Downgraded to B3 (LGD4) from B2
(LGD4)
Senior Secured 1st Lien Revolving Credit Facility, Downgraded to B3
(LGD4) from B2 (LGD4)
Outlook Actions:
Issuer: MVK Intermediate Holdings, LLC
Outlook, Remains Stable
RATINGS RATIONALE
MVK's B3 CFR reflects MVK's cash flow volatility due to seasonality
of business, relatively small scale with desirable but concentrated
growing acreage in California's San Joaquin Valley, and customer
concentration with 46% of sales generated from its top five
customers. The stone fruit business is also subject to significant
season-to-season volatility from weather-dependent growing
conditions, competition for distribution and shelf space with
retailers, and fluctuating fruit prices. Moody's believes that MVK
needs to maintain good liquidity to weather the typical variations
in operating performance. The rating also reflects MVK's weak
credit metrics with debt-to-EBITDA (over 8.5x June 2020 LTM
incorporating Moody's adjustments) improving but remaining above
7.0x by the end of fiscal 2020 with a further decline to a mid 6x
range in 2021.
The B3 rating is supported by the company's strong position in the
US conventional and organic stone fruit market (primarily peaches
and nectarines), positive secular trends in organic and healthy
living, and good profit margins. The company has taken several
constructive steps to adjust channel mix to optimize yield,
streamline costs and ensure worker safety. These steps should
sustain earnings improvement in 2021.
The coronavirus pandemic outbreak nevertheless presents some risk
notwithstanding Moody's expectation for improved stone fruit
pricing in 2020. The pandemic may cause disruptions to US supply
and demand of stone fruit that could impact pricing. A prolonged US
recession may also result in consumers trading down to less
expensive fruit which may negatively impact MVK's otherwise strong
margins. Additionally, MVK remains vulnerable to potential
outbreaks at its facilities, though no material outbreaks have been
noted to date. Offsetting this potential volatility is MVK's focus
in primarily retail and wholesale channels which have performed
well through the shelter-in-place directives. Additionally, the
company offers variability in packaging options that will benefit
from retailer and consumer preferences to reduce handling of loose
produce in this post-pandemic environment. MVK is also well
diversified through multiple pack houses and geographically
dispersed ranches minimizing operational risk.
Liquidity is adequate with cash of $8 million as of June 2020 and
seasonal cash inflows that should allow the company to repay the
$31.6 million of revolver borrowings as of June 27, 2020 by the end
of the peak season within the next month. The company is
nevertheless reliant on the revolver to manage through the
offseason and the revolver commitment steps down to $61.3 million
by the end of 2020. Negligible cushion on the revolver's springing
maximum 5.7x net debt-to-EBITDA leverage covenant is a liquidity
concern. The seasonal inflows will reduce net debt, but covenant
cushion will be modest and there is potential need for a covenant
amendment to avoid a violation if earnings do not improve as much
as expected in 2021. Moody's expects free cash flow of $0-$3
million in 2020 and in a $10-$15 million range in 2021.
ESG considerations include high social risks associated with the
coronavirus outbreak given the substantial implications for public
health and safety. The rapid spread of the coronavirus outbreak,
deteriorating global economic outlook, low oil prices, and high
asset price volatility have created an unprecedented credit shock
across a range of sectors and regions. The protein and agriculture
sector has been somewhat affected by the shock given its
sensitivity to consumer demand and sentiment including a change in
consumer purchasing habits and volatility in price. More
specifically, there could be shifts in market sentiment during
these unprecedented operating conditions. Other EGS considerations
include corporate governance risk associated with an aggressive
financial policy evidenced by high financial leverage to fund the
buyout of the company and merger with Gerawan. The merger presents
integration risks including implementing effective internal
controls and financial reporting for the combined company that
contributed to restatements of prior period results.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook reflects Moody's view that the company will
benefit from positive trends in the stone fruit market and maintain
strong margins over the next 12 to 18 months. The outlook also
reflects Moody's view that the company's financial leverage will
steadily improve due to earnings growth and some debt repayment.
The ratings could be downgraded if stone fruit pricing and volume
is weaker than expected, MVK's operating margin declines, free cash
flow remains weak, market share declines, or liquidity
deteriorates. Ratings could also be downgraded if debt to EBTIDA is
sustained above 7.0x.
The ratings could be upgraded if the company improves revenues and
reduces leverage such that debt to EBITDA is sustained below 5.5x.
The company would also need to sustain stronger free cash flow and
liquidity to be considered for an upgrade.
The principal methodology used in these ratings was Protein and
Agriculture published in May 2019.
Headquartered in Fresno, California, MVK Intermediate Holdings, LLC
(MVK) is the holding company of Wawona Packing Company, LLC, and
subs (owning the operating assets), and Wawona FarmCo, LLC (owning
the farmland and trees). In September 2019, legacy companies,
Wawona Packing Company (Wawona) and Gerawan Farming (Gerawan),
merged their businesses into MVK, which is majority owned and
controlled by private equity firm Paine Schwartz Partners with
minority ownership by Dan Gerawan. Wawona (founded in 1948) and
Gerawan (founded in 1938) are growers, packers and suppliers of
organic and conventional stone fruit including peaches, nectarines,
plums, tree nuts and citrus. The combined company generates
pro-forma revenue of approximately $300 million per year and owns
over 17,000 acres of farmland in the highly desirable San Joaquin
Valley in California.
NATURE'S WAY: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Nature's Way Compost, LLC
P.O. Box 777
Dumas, TX 79029
Business Description: Nature's Way Compost, LLC is in the business
of composting cattle manure. Founded in
1996, Nature's Way Compost provides services
to a number of different counties across the
Texas and Oklahoma Panhandles.
Chapter 11 Petition Date: October 5, 2020
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 20-20272
Debtor's Counsel: David R. Langston, Esq.
MULLIN HOARD & BROWN, LLP
P.O. Box 2585
Lubbock, TX 79408
Tel: 806-765-7491
Email: drl@mhba.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Paula Gibson, partner.
A copy of the petition is available for free at PacerMonitor.com
at:
https://www.pacermonitor.com/view/OX25HBQ/Natures_Way_Compost_LLC__txnbke-20-20272__0001.0.pdf?mcid=tGE4TAMA
PACIFIC ALLIANCE: Taps Parr Brown as Special Counsel in Utah Suit
-----------------------------------------------------------------
Pacific Alliance Corporation asked the U.S. Bankruptcy Court for
the District of Utah to issue an order authorizing its special
counsel, Parr Brown Gee & Loveless, to represent it in a state
court litigation in Utah.
The state court litigation involving a certain Randal Menscer will
be central to Debtor's Chapter 11 plan, which it intends to file
shortly.
Parr Brown currently serves as Debtor's special counsel in its case
against a law firm that previously represented Debtor in litigation
in North Carolina.
Jonathan Hafen, Esq., and Mathew Ball, Esq., at Parr Brown, are the
attorneys who will be providing the services. The firm will be
paid a retainer of $20,000 until confirmation of the bankruptcy
plan.
Mr. Hafen disclosed in court filings that his firm neither
represents nor holds an interest adverse to Debtor and its estate.
The counsel can be reached through:
Jonathan O. Hafen, Esq.
Matthew J. Ball, Esq.
Parr Brown Gee & Loveless
101 South 200 East, Suite 700
Salt Lake City, UT 84111
Tel: 801-532-7840
Fax: 801-532-7750
Email: mball@parrbrown.com
jhafen@parrbrown.com
About Pacific Alliance
Pacific Alliance Corporation is the holding company for Superior
Filtration Products, LLC and Star Leasing Inc. Superior is in the
business of retail residential and commercial/industrial air filter
frame and housing manufacturing for the clean air industry. Star
Leasing is in the trucking industry and is a general commodity
carrier.
Based in North Salt Lake, Utah, Pacific Alliance filed a Chapter 11
petition (Bankr. D. Utah Case No. 17-28911) on October 12, 2017.
The petition was signed by Steven K. Clark, its president. At the
time of filing, the Debtor estimated $2.80 million in assets and
$3.38 million in liabilities.
The Hon. Kimball R. Mosier presides over the case. Kenneth L.
Cannon, II, Esq. at Durham Jones & Pinegar, P.C. represents the
Debtor as counsel.
PROTEUS DIGITAL: $15-Mil. Sale to Otsuka America Approved
---------------------------------------------------------
Leslie A. Pappas of Bloomberg Law reports that Proteus Digital
received court approval to sell the company for $15 million to
Otsuka America Pharmaceutical Inc.
Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware approved the sale August 19, 2020, after three
days of testimony. The sale was approved after the judge overruled
objections from a group of secured equity holders.
The sale allows Proteus to implement a Chapter 11 plan that would
repay secured lenders in full, preserve jobs, and provide a
"meaningful distribution" to unsecured creditors as the company
winds down its bankruptcy, said Proteus’ attorney, Nathan A.
Schultz of Goodwin Procter LLP.
Bloomberg Law reports that Proteus ought back against a group of
secured equity holders who say its proposed $15 million bankruptcy
sale to Otsuka is "nothing more than a giveaway of the Debtor's
valuable assets to an insider."
Proteus tried to raise capital and and get more financing before it
filed for Chapter 11, said Geoffrey Richards, managing director at
Raymond James & Associates Inc., the company's investment banker.
Raymond James reached out to 240 potential buyers, but no one else
made an offer.
About Proteus Digital
Proteus Digital Health, Inc., was founded in 2002 to research and
develop Digital Medicines. It has developed and commercialized a
service offering called Proteus Discover, a Digital Medicines
solution.
Proteus Digital Health sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 20-11580) on June 15,
2020. At the time of the filing, Debtor had estimated assets of
between $100 million and $500 million and liabilities of between
$50 million and $100 million.
The Debtor tapped Goodwin Procter, LLP, as bankruptcy counsel;
Potter Anderson & Corroon, LLP, as Delaware and conflicts counsel;
SierraConstellation Partners, LLC, as financial advisor; and
Kurtzman Carson Consultants, LLC, as notice and claims agent and
administrative advisor.
REGUS CORP: U.S. Units File for Bankruptcy
------------------------------------------
Vince Sullivan of Law360 reports that a North American affiliate of
temporary office-space rental company Regus Corp. filed for Chapter
11 protection in August 2020, in Delaware, saying the global shift
to work-from-home business models in response to the COVID-19
outbreak has eaten into demand for its facilities.
In initial case filings, RGN-Group Holdings LLC said that several
other affiliates had filed their own petitions in recent weeks as
lease obligations owed to landlords at its office facilities across
the country came due and the enterprise didn't have the cash to
make the payments due to the pandemic-related loss of revenue.
"With the near universal adoption of work-from-home policies,
either voluntary, or government-mandated, by U.S. businesses during
the early months of the pandemic, demand for temporary office space
has been depressed, which I understand resulted in lower occupancy
rates than were anticipated when the company decided to make
certain investments in the centers," James S. Feltman of financial
advisory firm Duff & Phelps said in a first-day declaration.
The company operates its temporary office-space centers at more
than 100 locations in the United States and Canada, leasing the
space from landlords and then renting it out to occupants for their
individual needs, according to the declaration. Due to the general
troubles in the global economy over the past few months, Feltman
said, many customers were unable to make their contractual
payments, further worsening the financial situation facing the
company.
RGN-Group Holdings intends to use the Chapter 11 process to obtain
a breathing spell from its landlords' collection efforts to
negotiate new lease terms and to protect its occupants from the
disruption to their businesses if their office-space centers get
closed, Feltman said.
RGN-Group Holdings owes its parent Regus Corp. $427 million in the
form of working capital loans it uses to acquire the furniture,
fixtures and equipment to furnish the company's office space,
according to the declaration. RGN-Group Holdings then leases those
materials — valued at nearly $1 billion — to the various
lease-holding affiliates, some of which are debtors in their own
cases filed over the last three weeks in Delaware.
The lease-holding debtors have about $1.1 million in unpaid and
overdue lease obligations owed to landlords, the declaration said.
Those entities also owe $947,000 to RGN-Group Holdings for the
furniture and fixture leases.
RGN-Group Holdings is asking the court to jointly administer all of
those cases as small business proceedings under Subchapter V of
Chapter 11.
About RGN-Group Holdings
Headquartered in Chertsey, UK, Regus Group Plc was founded by the
current CEO Mark Dixon in 1989 and is the world's largest provider
of serviced offices and videoconferencing facilities.
Following the acquisition of HQ Global Workplaces in 2004, it runs
a network of approximately 80,000 workstations in 55 countries
around the world.
RGN-Group Holdings, LLC and its affiliates are primarily engaged in
renting and leasing real estate properties in the U.S.
On Aug. 17, 2020, RGN-Group Holdings and and other U.S. affiliates
of Regus Group sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Lead Case No. 20-11961). At the time of the
filing, RGN-Group
Holdings disclosed total assets of $1,005,956,000 and total
liabilities of $946,016,000.
Judge Brendan Linehan Shannon oversees the cases.
The Debtors have tapped Faegre Drinker Biddle & Reath LLP as their
bankruptcy counsel, Alixpartners as financial advisor, Duff &
Phelps LLC as restructuring advisor, and Epiq Corporate
Restructuring LLC as claims and noticing agent.
RTW PROPERTIES: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: RTW Properties, LLC
2301 Petit Bois St.
Pascagoula, MS 39581
Chapter 11 Petition Date: October 5, 2020
Court: United States Bankruptcy Court
Southern District of Mississippi
Case No.: 20-51479
Judge: Hon. Katharine M. Samson
Debtor's Counsel: Patrick Sheehan, Esq.
SHEEHAN AND RAMSEY, PLLC
429 Porter Ave
Ocean Springs, MS 39564
Tel: 228-875-0572
Email: Mike@sheehanlawfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Paul Chase Pritchard, assistant
manager.
A copy of the petition is available for free at PacerMonitor.com
at:
https://www.pacermonitor.com/view/VFQXQAI/RTW_Properties_LLC__mssbke-20-51479__0001.0.pdf?mcid=tGE4TAMA
RTW RETAILWINDS: Closes Sale of E-Commerce Business to Saadia
-------------------------------------------------------------
RTW Retailwinds, Inc. [OTC PINK:RTWIQ], an online specialty apparel
retail platform for powerful celebrity and consumer brands,
announced that it closed on the sale of its e-Commerce business and
all related intellectual property, including its websites,
www.nyandcompany.com, www.fashiontofigure.com and its rental
subscription businesses at www.nyandcompanycloset.com and
www.fashiontofigurecloset.com, together with certain other assets,
to Saadia Group, LLC. The sale was previously approved by the
Bankruptcy Court on September 4, 2020.
Sheamus Toal, Chief Executive Officer of RTW, commented: "We are
delighted to have successfully closed on the sale of our business,
maintaining the legacy of our New York & Company brand and
continuing Fashion to Figure's tremendous growth. Looking to the
future, we believe the new company is well-positioned for organic
growth within the digital space with both the New York & Company
and Fashion to Figure brands. We see significant opportunities to
grow our digital footprint through brand extensions, targeted brand
marketing and comprehensive consumer engagement. We are extremely
excited to continue this next chapter in the New York & Company
brand story with more than 100 associates who will be employed by
the new company. We also look forward to partnering with the Saadia
Group, LLC and its principal, Jack Saadia, along with his dynamic
team as they become a major force in the e-Commerce apparel
sector."
Mr. Toal continued: "I would like to thank all of our associates
both in our brick-and-mortar stores and within our headquarters for
the tremendous dedication, hard work and professionalism that they
have shown through extremely challenging times this past year. It
was truly an honor to lead and partner with such an amazing group
of individuals. Finally, I wanted to thank the Retailwinds, Inc.
Board of Directors, who supported us through this process as well
as our extraordinary team of legal and financial advisors from Cole
Schotz, BRG and our investment banker, B. Riley Securities, who
were able to attract several interested parties and execute this
transaction in the middle of an unprecedented pandemic."
Jack Saadia, Chief Executive Officer of Saadia Group, LLC,
commented: "We are delighted to have successfully closed on the
purchase of this business. We believe in the New York & Company and
Fashion to Figure brands and the opportunity to use these
e-Commerce platforms to continue to grow the business as we move
forward. Finally, I want to thank our team at the Saadia Group, our
legal team at Armstrong Teasdale and Robinson and Cole, and
especially White Oak Commercial Finance, who all supported us
through this process and helped us close this extremely complicated
transaction."
As previously announced, the Company has fully satisfied and repaid
all of its secured debt. Pursuant to the Company's filed Disclosure
Statement and Plan of Liquidation, the sale will result in a
distribution to the Company's unsecured creditors; however, the
Company's equity securities will be cancelled on or before the
conclusion of the Company’s Chapter 11 cases with no payment or
other distribution thereon.
"We are pleased to achieve a going-concern transaction that will
preserve a large number of jobs within our corporate organization
and deliver a meaningful recovery to unsecured creditors," said Rob
Shapiro of BRG and Chief Restructuring Officer to RTW. "This
outcome is particularly satisfying given the current environment,
where many retailers' bankruptcy filings have resulted in full
liquidations and minimal distributions due to COVID-19," Mr.
Shapiro added.
The Company filed voluntary petitions for relief under Chapter 11
of the Bankruptcy Code in the United States Bankruptcy Court for
the District of New Jersey (the "Court") on July 13, 2020.
The Court filings and other information related to the proceedings
are available on a separate website administered by the Company's
claims agent, Prime Clerk, at
https://cases.primeclerk.com/RTWRetailwinds/.
Perry Mandarino, Senior Managing Director and Gideon Rosenbaum,
Director of B. Riley Securities, an affiliate of B. Riley
Financial, Inc. (NASDAQ:RILY), are serving as the investment banker
to the Company; Ryan Jareck and Michael Sirota, Members of Cole
Schotz P.C. are serving as its legal advisor; and Bob Duffy and Rob
Shapiro of BRG are serving as the Company's Financial Advisor with
Rob Shapiro also serving as the Company's Chief Restructuring
Officer.
About RTW Retailwinds
RTW Retailwinds, Inc. [OTC PINK:RTWI], formerly known as New York &
Company, Inc., is a specialty women's omni-channel retailer with a
powerful multi-brand lifestyle platform providing curated fashion
solutions that are versatile, on-trend, and stylish at a great
value. The specialty retailer, first incorporated in 1918, has
grown to now operate 378 retail and outlet locations in 32 states
while also growing a substantial eCommerce business. The Company's
portfolio includes branded merchandise from New York & Company,
Fashion to Figure, and Happy x Nature. The Company's branded
merchandise is sold exclusively at its retail locations and online
at http://www.nyandcompany.com/,http://www.fashiontofigure.com/,
http://www.happyxnature.com/,and through its rental subscription
businesses at http://www.nyandcompanycloset.com/and
http://www.fashiontofigurecloset.com/
RTW Retailwinds, Inc. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-18445)
on July 13, 2020. The petitions were signed by Sheamus Toal, CEO,
CFO and treasurer.
As of July 13, 2020, the Debtors reported total assets of
$405,356,610 and total liabilities of $449,962,395.
The Hon. John K. Sherwood presides over the cases.
Michael D. Sirota, Esq., Stuart Komrower, Esq., Ryan T. Jareck,
Esq., and Matteo W. Percontino, Esq. of Cole Schotz P.C. serve as
counsel to the Debtors. Berkeley Research Group, LLC, has been
tapped as financial advisor to the Debtors; B. Riley FBR, Inc. as
investment banker; and Prime Clerk, LLC as claims and noticing
agent.
RUSSELL CLARK: Rogers Buying Heavner Property for $550K
-------------------------------------------------------
Russell Scott Clark and Cheryn Blair Clark ask the U.S. Bankruptcy
Court for the Eastern District of Oklahoma to authorize the sale of
the real property located at 27067 Reichert Summerfield Road,
Heavner, Oklahoma, together with all appurtenances and improvements
located thereon, to Brian and Tracy Rogers in two transactions for
$549,900.
The Debtors propose the homestead. The homestead will be divided
into parcels and sold separately to complete the sale. The home
and 20.44 acres will be sold within the next 30 to 45 days on a
conventional loan while the remainder of the 118-acre homestead
(97.56 acres) will be sold under an FSA loan, and the sale price of
the sale, as of the date of the Motion, is $270,000 unless altered
as described.
The FSA loan will close upon the completion of FSA's regulatory
requirements, and sale price of this sale, as of the date of the
Motion, is $279,900. The potential alteration of the sale
contracts would entail the moving of an additional 10 to 14 acres
from the FSA transaction to the conventional transaction at $2,861
per acre thereby raising the conventional loan payout by another
$28,610 to $40,054 and subtracting the same from the FSA loan.
Once the closing date on the conventional sale nears, the legal
description will be bifurcated for each traction, and the same will
be provided to all interest parties.
The real property is collateral/security for a promissory note and
mortgage executed by the Debtors and owned by Bank OZK. First
National Bank of Heavner ("FNBH") will be paid the remainder to
help satisfy the remainder of the debt owed to it. These are
negotiated sales which the Debtors propose to close.
The proceeds from the sale will be paid to the lien holder and FNBH
at closing.
The closing statements of both sales will be provided by the
debtors to the Chapter 11 Trustee, Charles Greenough, within 15 of
the sale of the subject real estate.
A copy of the Contract is available at https://tinyurl.com/y3ugzek3
from PacerMonitor.com free of charge.
Russell Scott Clark and Cheryn Blair Clark sought Chapter 11
protection (Bankr. E.D. Okla. Case No. 18-81371) on Dec. 13, 2018.
On May 1, 2019, Charles Greenough was appointed Chapter 11 Trustee.
SABLE PERMIAN RESOURCES: Lenders to Take Over Bankrupt Company
--------------------------------------------------------------
Bankrupt shale fracker Sable Permian Resources LLC has agreed to
sell itself to a group of lenders, led by agent JPMorgan.
The Wall Street Journal, citing court filings, reports that under
the bank's offer, the lenders would take 100% ownership of the
Houston-based company plus their share of a $315 million exit loan
that would help fund Sable Permian's way out of bankruptcy. The
lenders were owed $650 million in bankruptcy loans and
reserve-based loans they had extended, court papers said.
According to the Journal, the bid from lenders led by agent
JPMorgan Chase & Co. was the only qualified offer that Sable
Permian received for its assets, The Wall Street Journal said,
according to a filing on Thursday in the U.S. Bankruptcy Court in
Houston.
If approved in bankruptcy court, the proposal would mark the latest
instance in which, when the borrower went bankrupt, the oil
reserves that banks lent against turned out to be worth less than
the loans made. Other examples have included shale driller Alta
Mesa Resources Inc. and Gulf of Mexico operator Arena Energy LP.
Douglas W. House of Seeking Alpha reports that Apollo Capital
Management LP and Avenue Capital Group owned more that half of
Sable's $708 million in outstanding senior bonds and will recoup
only pennies on the dollar.
Investors have lost billions in the sector due to the soft demand
from the pandemic and a supply glut that have pressured prices.
About Sable Permian Resources
Sable Permian Resources, LLC and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 20-33193) on June 25, 2020. At the time of the filing, Sable
Permian Resources disclosed assets of between $1 billion and $10
billion and liabilities of the same range. Judge Marvin Isgur
oversees the cases.
Debtors have tapped Latham & Watkins, LLP and Hunton Andrews Kurth
LLP as legal counsel, Alvarez & Marsal North America LLC as
financial advisor, and Evercore Group LLC as investment banker.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on July 17, 2020. The committee has tapped Paul Hastings
LLP and Mani Little & Wortmann, PLLC as its legal counsel, Conway
MacKenzie LLC as financial advisor, and Miller Buckfire & Co. LLC
and Stifel, Nicolaus & Co. Inc. as investment banker.
SABLE PERMIAN: Paul Hastings Represents Mineral Lien Claimants
--------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Paul Hastings LLP submitted a verified statement to
disclose that it is representing the Official Committee of
Unsecured Creditors in the Chapter 11 cases of Sable Permian
Resources, LLC, et al.
On July 17, 2020, the Office of the United States Trustee for the
Southern District of Texas filed its Notice of Appointment of
Official Committee of Unsecured Creditors [Docket No. 181].
As of Oct. 2, 2020, each Committee member and their disclosable
economic interests are:
UMB Bank, N.A Successor Indenture Trustee
120 South Sixth Street, Suite 1400
Minneapolis, MN 55402
* UMB, in its capacity as successor indenture trustee, holds:
Unsecured claim in the approximate principal amount of
$27,075,000 plus interest, fees, expenses and other liabilities
accruing under and evidenced by the Indenture dated as of July
31, 2014, pursuant to which Sable Permian Resources Finance, LLC
and SPR Finance Corporation tissued the 7.125% Senior Notes due
2020.
Unsecured claim in the approximate principal amount of
$9,038,000 plus interest, fees, expenses and other liabilities
accruing under and evidenced by the Indenture dated as of July
31, 2014, pursuant to which the Issuers issued the 7.375% Senior
Notes due 2021.
U.S. Well Services
1360 Post Oak Blvd., 18th floor
Houston, TX 77056
* Claim in the amount of approximately $17,543,178.60 arising
under that certain Master Services Agreement, dated effective as
of January 1, 2019, by and between Sable Permian Resources, LLC
and U.S. Well Services, LLC, for the provision of a dedicated
fracturing fleet comprised of all equipment and materials,
together with all necessary labor and maintenance relating to
the foregoing, to perform hydraulic fracturing services. The
secured portion of this claim is $3,076,295.42. The unsecured
portion is $14,466,883.18.
Halliburton Energy Services, Inc.
3000 N Sam Houston Pkwy E
Houston, TX 77032
* Claim in the amount of approximately $12,179,226.37 arising
under that certain Master Services Agreement, dated effective as
of January 1, 2019, by and between Sable Permian Resources, LLC
and Halliburton Energy Services, Inc., for the provision of
goods, equipment, material, labor and supplies with respect to
well maintenance and operations. The secured portion of the
claim is $6,684,097.94. The unsecured portion is $5,495,128.43.
Select Energy Services, LLC
1233 West Loop South, Suite 1400
Houston, TX 77027
* Claim in the amount of approximately $4,790,454.64 arising under
that certain Master Services Agreement, dated effective as of
January 1, 2019, by and between Sable Permian Resources, LLC and
Select Energy Services, LLC, for the provision of water
management services. The secured portion is $3,317,122.85.
The unsecured portion is $1,473,331.79.
Gravity Oilfield Services, LLC
9821 Katy Freeway, Suite 700
Houston, TX 77024
* Claim in the amount of approximately $930,619.00 arising under
multiple contracts, including without limitation numerous field
tickets and related invoices over various dates ranging from
February 2019 to May 2020 and that certain Master Services
Agreement, dated March 24, 2015, by and between American Energy
– Permian Basin, LLC and Gravity Oilfield Services LLC for the
provision of tank, generator and other equipment rentals, as
well as vacuum truck hauling and disposal services and other
services.
Nothing contained in this Verified Statement should be construed as
a limitation upon, or waiver of, any Committee member's right to
assert, file, or amend its claim(s) in accordance with applicable
law and any orders entered in these cases, including any order
establishing procedures for filing proofs of claim.
The Committee represents only unsecured creditors, regardless of
whether any Committee member holds other types of claims.
Counsel for the Official Committee of Unsecured Creditors can be
reached at:
Broocks M. Wilson, Esq.
PAUL HASTINGS LLP
600 Travis Street
Fifty-Eighth Floor
Houston, TX 77002
Telephone: (713) 860-7300
Facsimile: (713) 353-3100
E-mail: mackwilson@paulhastings.com
Luc A. Despins
PAUL HASTINGS LLP
200 Park Avenue
New York, NY 10166
Telephone: (212) 318-6001
Facsimile: (212) 627-0705
E-mail: lucdespins@paulhastings.com
- and -
Justin E. Rawlins, Esq.
Aaron M. Gober-Sims, Esq.
PAUL HASTINGS LLP
515 South Flower Street
Twenty-Fifth Floor
Los Angeles, CA 90071
Telephone: (213) 683-6000
Facsimile: (213) 627-0705
E-mail: justinrawlins@paulhastings.com
aarongobersims@paulhastings.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/2HXQhdj
About Sable Permian Resources
Sable Permian Resources, LLC and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 20-33193) on June 25, 2020. At the time of the filing, Sable
Permian Resources disclosed assets of between $1 billion and $10
billion and liabilities of the same range. Judge Marvin Isgur
oversees the cases.
The Debtors tapped Latham & Watkins, LLP and Hunton Andrews Kurth
LLP as legal counsel, Alvarez & Marsal North America LLC as
financial advisor, Evercore Group LLC as investment banker, and
M-III Advisory Partners, LP as financial advisor. Mohsin Y. Meghji
of M-III Advisory Partners is Debtors' chief restructuring
officer.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on July 17, 2020. The committee has tapped Paul Hastings
LLP and Mani Little & Wortmann, PLLC as its legal counsel, Conway
MacKenzie LLC as financial advisor, and Miller Buckfire & Co. LLC
and Stifel, Nicolaus & Co. Inc. as investment banker.
SEANERGY MARITIME: Receives Noncompliance Notice from Nasdaq
------------------------------------------------------------
Seanergy Maritime Holdings Corp. has received written notification
from The Nasdaq Stock Market dated Sept. 30, 2020, indicating that
because the closing bid price of the Company's common stock for 30
consecutive business days, from Aug. 18, 2020 to Sept. 29, 2020,
was below the minimum $1.00 per share bid price requirement for
continued listing on the Nasdaq Capital Market, the Company is not
in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to the
Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to
regain compliance is 180 days, or until March 29, 2021.
The Company intends to monitor the closing bid price of its common
stock between now and March 2021 and is considering its options, in
order to regain compliance with the Nasdaq Capital Market minimum
bid price requirement. The Company can cure this deficiency if the
closing bid price of its common stock is $1.00 per share or higher
for at least ten consecutive business days during the grace period.
In the event the Company does not regain compliance within the
180-day grace period and it meets all other listing standards and
requirements, the Company may be eligible for an additional 180-day
grace period.
The Company intends to cure the deficiency within the prescribed
grace period. During this time, the Company's common stock will
continue to be listed and trade on the Nasdaq Capital Market. The
Company's business operations are not affected by the receipt of
the notification.
About Seanergy Maritime
Greece-based Seanergy Maritime Holdings Corp. --
http://www.seanergymaritime.com-- is the only pure-play Capesize
ship-owner publicly listed in the US. Seanergy provides marine dry
bulk transportation services through a fleet of 11 Capesize vessels
with an average age of about 11.5 years and aggregate cargo
carrying capacity of approximately 1,926,117 dwt. The Company is
incorporated in the Marshall Islands and has executive offices in
Athens, Greece.
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.
SERENDIPITY LABS: Gets Approval to Hire Nelson Mullins as Counsel
-----------------------------------------------------------------
Serendipity Labs, Inc. received approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to hire Nelson Mullins
Riley & Scarborough, LLP as its legal counsel.
The services that will be provided by Nelson Mullins are as
follows:
(a) advise Debtor of its powers and duties in the continued
management and operation of its business;
(b) take all necessary actions to protect and preserve
Debtor's estate, including representation in legal actions and
the negotiation of disputes in which Debtor is involved;
(c) prepare legal papers;
(d) negotiate and prepare a plan of reorganization and all
related documents;
(e) negotiate and prepare documents relating to the
disposition of assets as requested by Debtor;
(f) advise Debtor on federal and state regulatory matters;
(g) advise Debtor on finance-related matters and
transactions and matters relating to the sale of its assets; and
(h) perform other necessary legal services for Debtor.
Nelson Mullins' 2020 rates for its attorneys range from $320 to
$515 per hour. The firm received a retainer in the amount of
$105,000 prior to Debtor's bankruptcy filing.
Lee Hart, Esq., at Nelson Mullins, disclosed in court filings that
the firm is "disinterested" within the meaning of Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Lee B. Hart, Esq.
Joshua H. Stein, Esq.
Nelson Mullins Riley & Scarborough, LLP
201 17th Street, NW, Suite 1700
Atlanta, GA 30363
Phone: (404) 322-6000
Fax: (404) 322-6050
Email: lee.hart@nelsonmullins.com
Email: josh.stein@nelsonmullins.com
About Serendipity Labs
Serendipity Labs, Inc. is a workplace-as-a-service company that
offers co-working, shared offices and team suites. It has over 35
locations in urban, suburban and secondary markets across the
United States.
Serendipity Labs filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
20-68124) on July 15, 2020. John Arenas, chairman and chief
executive officer, signed the petition. At the time of filing, the
Debtor estimated $10 million to $50 million in assets and $1
million to $10 million in liabilities. Judge Sage M. Sigler
oversees the case. Nelson Mullins Riley & Scarborough, LLP is the
Debtor's legal counsel.
SHILOH INDUSTRIES: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------------
The U.S. Trustee for Region 3 appointed a committee to represent
unsecured creditors in the Chapter 11 cases of Shiloh Industries,
Inc. and its affiliates.
The committee members are:
1. Alcan Primary Products LLC
Attn: Andrea Frost
4700 W. Daybreak Parkway
South Jordan, UT 84009
Phone: 801-204-2000
Email: andrea.frost@riotinto.com
2. Kenwal Steel Corp.
Attn: Kristin Ynclan
8223 W. Warren Ave.
Dearborn, MI
Phone: 313-739-1022
Email: Ynclan@Kenwal.com
3. US Magnesium
Attn: Michael Edmonds
238 N 2200W
Phone: 801-707-5630
Email: medmonds@usmagnesium.com
4. Plex Systems, Inc.
Attn: Kerry Pollak
900 Tower Drive, Suite 1500
Troy, MI 48098
Phone: 703-251-8927
Email: legal@plex.com
5. Monarch Steel Company, Inc.
Attn: Jamie Vilcheck
4650 Johnston Parkway
Cleveland, OH 44128
Phone: 216-587-8000
Email: jvilcheck@acihq.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 Shiloh Industries
Shiloh Industries, Inc. and its subsidiaries are global innovative
solutions providers focusing on lightweighting technologies that
provide environmental and safety benefits to the mobility markets.
On Aug. 30, 2020, Shiloh Industries and its subsidiaries sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 20-12024). The petitions were signed by Lillian
Etzkorn, authorized person.
The Debtors reported total consolidated assets of $664,170,000 and
total consolidated debts of $563,360,000 as of April 30, 2020.
The Debtors have tapped Jones Day and Richards, Layton & Finger
P.A. as their legal counsel; Houlihan Lokey Capital Inc. as
financial advisor, Ernst & Young LLP as restructuring advisor, and
Prime Clerk LLC as claims and noticing agent.
SLIM DOLLAR: Gets Approval to Hire Victor W. Dahar as Legal Counsel
-------------------------------------------------------------------
Slim Dollar Realty Associates, LLC received approval from the U.S.
Bankruptcy Court for the District of New Hampshire to hire Victor
W. Dahar, P.A. as its legal counsel.
The firm will provide these services:
a. prepare Chapter 11 plan and disclosure statement;
b. prepare motions for relief and post-petition financing
issues;
c. determine the amount of secured claims;
d. assume or reject executory contracts;
e. represent turnover, fraudulent transfer, preference actions
and other avoidance and subordination actions;
f. represent the Debtor in litigation;
g. negotiate with creditors; and
h. advise the Debtor on other matters necessary to administer
Debtor's Chapter 11 case.
Eleanor Wm. Dahar, Esq., at Victor W. Dahar, disclosed in court
filings that the firm is "disinterested" within the meaning of
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Eleanor Wm. Dahar, Esq.
Victor W. Dahar, P.A.
20 Merrimack Street
Manchester, NH 03101
Phone: (603) 622-6595
About Slim Dollar Realty Associates
Slim Dollar Realty Associates, LLC is a single asset real estate
(as defined in 11 U.S.C. Section 101(51B)). Its principal assets
are located at 19 Woodhill Hooksett Road Bow, N.H.
Slim Dollar Realty Associates filed a voluntary petition under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.H. Case No. 20-10761)
on Aug. 24, 2020. Charles R. Sargent, Jr., manager, signed the
petition. At the time of filing, the Debtor estimated $500,000 to
$1 million in assets and $1 million to $10 million in liabilities.
Judge Bruce A. Harwood oversees the case. Victor W. Dahar, P.A.
serves as Debtor's legal counsel.
STEIN MART: Chairman Jay Stein Sold His Shares After Ch. 11 Filing
------------------------------------------------------------------
Mark Basch of Bloomberg Law reports that in the days after Stein
Mart Inc. filed for Chapter 11 bankruptcy, Jay Stein sold his 35.7%
stake in the Jacksonville-based fashion retailer, according to a
Securities and Exchange Commission filing.
Stein and his family had about 17.3 million Stein Mart shares,
which were sold in the open market at prices between 11 cents and
18 cents each from Aug. 14 to Aug. 18, according to the filing.
Stein Mart filed its Chapter 11 petition Aug. 12, 2020 in U.S.
Bankruptcy Court for the Middle District of Florida Jacksonville
division.
The company intends to close its 281 stores and go out of the
business and said its stock likely will have no value, but the
stock has continued to trade on the Nasdaq Capital Market.
Nasdaq said it will delist the stock Aug. 24, but the stock could
continue to trade on the over-the-counter Bulletin Board or the
Pink Sheets, Stein Mart said.
Slumping Sales
Its sales slumping for years, the Jacksonville-based retailer tried
to find a buyer and launch a turnaround initiative, but the
pandemic changed everything. Story here.
Stein, grandson of the company's founder, had maintained a
significant percentage of the company's stock since Stein Mart's
initial public offering in 1992.
According to the Stein Mart website, Stein was a member of the
company's board of directors since 1968 and chairman from 1989 to
June 2020.
The SEC filing did not say why Stein sold off his shares, but
investors in bankrupt companies commonly sell off stock to
recognize capital losses on their holdings.
Other Stein Mart insiders also sold off shares after the Chapter 11
filing, according to SEC documents.
CEO Hunt Hawkins sold about 385,000 shares, leaving him with 66,667
restricted shares, SEC filings show.
Stein Mart's most recent proxy statement showed Hawkins with more
than 1 million shares, or 2.1% of the stock. But that included
unexercised options to buy 631,631 shares.
About Stein Mart
Stein Mart, Inc. (NASDAQ: SMRT) -- http://www.SteinMart.com/-- is
a national specialty omni off-price retailer offering designer and
name-brand fashion apparel, home decor, accessories and shoes at
everyday discount prices. Stein Mart provides real value that
customers love every day. The company operates 281 stores across 30
states.
Stein Mart Inc. and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. M.D. Fla. Case Nos. 20-02387 to
20-02389) on Aug. 12, 2020. As of May 2, 2020, the Debtors had
total assets of $757.6 million and total liabilities of $791.2
million.
Judge Jerry A. Funk oversees the cases.
The Debtors tapped Foley & Lardner LLP as their legal counsel,
Clear Thinking Group LLC as financial advisor, and Stretto as
claims and noticing agent.
STEIN MART: Court Gives Nod for $250M Liquidation Sales
-------------------------------------------------------
Leslie A. Pappas of Bloomberg Law reports that Stein Mart Inc. got
court approval for going-out-of-business sales that are expected to
generate about $250 million for repaying administrative expenses
and secured creditors.
Judge Jerry A. Funk of the U.S. Bankruptcy Court for the Middle
District of Florida approved the sales plan at a hearing after the
company resolved all objections from creditors. Judge Funk also
approved the company's ongoing use of cash collateral.
The court approvals allow Stein Mart to wind down its business and
pay up to $2.5 million in bonuses to 1,255 store managers and sales
staff who stay for the going-out-of-business sales.
Proceeds from liquidating its inventory, equipment, fixtures, and
leases likely will not pay anyone else, the company said.
The Jacksonville, Fla.-based discount retailer filed for bankruptcy
Aug. 12, 2020 and said on its website Aug. 25 that it would close
all stores.
The going-out-of-business sales started Aug. 12, 2020 and will end
by Halloween, the company said.
About Stein Mart
Stein Mart, Inc. (NASDAQ: SMRT) -- http://www.SteinMart.com/-- is
a national specialty omni off-price retailer offering designer and
name-brand f ashion apparel, home decor, accessories and shoes at
everyday discount prices. Stein Mart provides real value that
customers love every day. The company operates 281 stores across 30
states.
Stein Mart Inc. and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. M.D. Fla. Case Nos. 20-02387 to
20-02389) on Aug. 12, 2020. As of May 2, 2020, the Debtors had
total assets of $757.6 million and total liabilities of $791.2
million.
Judge Jerry A. Funk oversees the cases.
The Debtors tapped Foley & Lardner LLP as their legal counsel,
Clear Thinking Group LLC as financial advisor, and Stretto as
claims and noticing agent.
STEVEN BOYUM: Kari Boyum Buying Goodhue County Land for $240K
-------------------------------------------------------------
Steven A. Boyum and Tracy Boyum ask the U.S. Bankruptcy Court for
the District of Minnesota to authorize them to sell the real
property located in Goodhue County, Minnesota, legally described as
41 acres +/- subject to certified survey of the W1AC OF SW1/4 OF
SE1/4 SEC 21-110-17 and the W1/2 of the E1/2 OF SW1/4 of SEC
21-110-17, the west 41 a +/- in the PID 44.021.1000, to Kari Boyum
for $240,000.
The Debtors executed and delivered to United Prairie Bank a
Mortgage dated Sept. 21, 2015, covering property located in Goodhue
County, Minnesota, securing all present or future obligations to
United Prairie Bank, up to a maximum principal amount of $2.774
million. The Mortgage was recorded with the Office of the Goodhue
County Recorder on Sept. 25, 2015, as Document No. A-625499.
The Debtors estimate that the value of the property is $240,000.
They valued the property, together with other land, at $512,100 in
the Schedules, and are aware that United Prairie Bank obtained an
appraisal, which valued the property, together with other land.
The parties agree that Bank must release its lien on the property
for a sale at the price of $240,000. The offer to purchase is
equal to the Debtors' valuation and the Bank's appraisal.
The sale of the Debtors' interest in the real property will be free
and clear of all liens, claims and encumbrances, and all valid
liens, claims and encumbrances, if any, will attach to the proceeds
of sale. The Debtors intend to sell the property to Kari Boyum
pursuant to their Purchase Agreement for $240,000. Subject to
Court approval, the sale will be closed on Sept. 30, 2020, or as
specified in the Purchase Agreement. They believe the sale, as
proposed herein, is in the best interest of all creditors of the
estate and should be approved.
The Debtors ask the Court to waive the 14-day stay of the Order
otherwise required under Fed. R. Bankr. P. 6004(h) to make the
Order effective immediately.
A hearing on the Motion is set for Oct. 15, 2020 at 9:30 a.m. The
objection deadline is Oct. 10, 2020.
A copy of the Agreement is available at
https://tinyurl.com/yx92zbu2 from PacerMonitor.com free of charge.
Steven A. Boyum and Tracy Boyum sought Chapter 11 protection
(Bankr. D. Minn. Case No. 18-32309) on July 23, 2018. The Debtor
tapped David C. McLaughlin, Esq., at Fluegel Anderson McLaughlin &
Brutlag, as counsel.
STUDENT SERVICES: Moody's Cuts Rating on $132MM Bonds to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
rating on $132 million of outstanding Student Services, Inc.'s
Student Housing Project at Millersville University of Pennsylvania
bonds issued through the East Hempfield Township Industrial
Development Authority (PA). At this time, Moody's has also revised
the rating outlook to negative from stable for these project
bonds.
RATINGS RATIONALE
The downgrade of Student Services, Inc's Millersville University
project to Ba1 and the outlook revision to negative are based on
the material reduction in student housing operations precipitated
by COVID-driven campus density restrictions. As a result of these
restraints, project occupancy has significantly declined for the
fall 2020 semester, and will remain depressed for the balance of
the academic year given the recent announcement that restrictions
will be maintained through the spring 2021 semester. These
circumstances present notable management challenges to further
right-size financial operations beyond the significant fiscal 2021
budget revisions already implemented, and may result in the
utilization of debt service reserve funds to meet current year debt
obligations. Furthermore, potential near-term changes in student
preferences due to the prolonged interruption of on-campus
activities presents an additional risk to project performance over
the next 12-18 months and thus is incorporated in the revised
outlook.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework given the substantial implications for public health
and safety. The rating downgrade reflects the pandemic's impact on
university housing demand and overall project performance. Moody's
similarly views potential near-term changes in student behavior
that may arise from extended campus restrictions as a social risk.
Offsetting these challenges is management's timely and detailed
response to unprecedented changes in its operating environment,
including sizable reductions in personnel, service and supply
expenses, and the currently anticipated full funding of repair and
replacement reserves in fiscal 2021 that support future project
maintenance. Additionally, SSI maintains a highly-integrated
relationship with the university as illustrated by the fall 2020
financial support provided by the administration to fund $3.4
million of rental refunds to students, and the subordination of
project reimbursement behind that of various reserve fund
deposits.
RATING OUTLOOK
The negative outlook incorporates expectations that currently
budgeted draws on reserves will need to be expanded absent
additional external support, and will potentially require utilizing
debt service reserve funds to meet debt service requirements in
fiscal 2021. Such contraction in financial flexibility will greatly
limit the project's ability to sustain further revenue shortfalls
in the event other occupancy challenges arise. Conversely, a
restart of traditional on-campus activities that allow the project
to return to historically favorable occupancy, or indications of
explicit support for the project by the university or State System
of Higher Education, PA (PASSHE, rated Aa3/stable), could lead to
stabilization at the current rating level.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS
- Strong and direct support from the University that materially
increases liquidity and/or cash flow available for debt service
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
- Lack of timely and sufficient expense reductions that further
aligns costs with reduced revenue expectations, thereby requiring a
draw on debt service reserve funds to meet annual debt service
obligations
- Further extension of COVID-mandated density limitations that
impedes the project's ability to re-establish strong occupancy
levels
LEGAL SECURITY
The bonds are secured by project revenues consisting primarily of
student housing rental charges levied by the residential
facilities. The bond trustee has a security interest in various
funds, such as the Bond Fund, Debt Service Reserve Fund, and the
Repair and Replacement Fund, as provided by the Indenture.
PROFILE
Student Services, Inc. is a Pennsylvania not-for-profit corporation
legally separate from the university and formed to provide services
to the Millersville University community that are not available
through the PASSHE. The Corporation is operated by a professional
staff and is governed by a non-compensated Board of Directors,
which consists of university faculty, administrator, student, and
members of the community. SSI supplies all on-campus housing
inventory (1,909 beds) for the university, with facility operation,
staffing and rental collections performed by the university.
METHODOLOGY
The principal methodology used in these ratings was Global Housing
Projects published in June 2017.
SUGAR FACTORY: 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 cases
of Sugar Factory Lincoln Road, LLC and Sugar Factory Ocean Drive
LLC, according to court dockets.
About Sugar Factory Lincoln Road and
Sugar Factory Ocean Drive
Sugar Factory Lincoln Road, LLC and Sugar Factory Ocean Drive, LLC
filed their voluntary petitions under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Lead Case No. 20-17980) on July 22, 2020.
At the time of the filing, Debtors disclosed assets of between
$1,000,001 and $10 million and liabilities of the same range.
Judge Laurel M. Isicoff oversees the cases. Aaronson Schantz
Beiley P.A. is Debtors' legal counsel.
SYNCHRONOSS TECHNOLOGIES: Hikes Jeffrey Miller's Salary to $500K
----------------------------------------------------------------
The Compensation Committee of the Board of Directors of Synchronoss
Technologies, Inc. increased Jeffrey Miller's annual base salary
from $388,850 to $500,000 in connection with Mr. Miller's promotion
to the Company's interim president and chief executive officer. No
other changes were made to Mr. Miller's compensation arrangements
which are described in the Company's definitive proxy statement on
Schedule 14A, filed with the Securities and Exchange Commission on
April 16, 2020.
About Synchronoss Technologies
Synchronoss -- http://www.synchronoss.com/-- transforms the way
companies create new revenue, reduce costs and delight their
subscribers with cloud, messaging, digital and IoT products,
supporting hundreds of millions of subscribers across the globe.
Synchronoss' secure, scalable and groundbreaking new technologies,
trusted partnerships, and talented people change the way TMT
customers grow their businesses.
Synchronoss reported a net loss attributable to the company of
$136.73 million for the year ended Dec. 31, 2019, a net loss
attributable to the company of $243.75 million for the year ended
Dec. 31, 2018, and a net loss attributable to the company of
$109.44 million for the year ended Dec. 31, 2017.
TRC FARMS: Lees Buying Craven County Property for $535K
-------------------------------------------------------
TRC Farms, Inc., asks the U.S. Bankruptcy Court for the Eastern
District of North Carolina to authorize the private sale of the
real estate and improvements identified as: approximately 271.34
acres and all improvements constructed thereon located at Biddle
Road, Dover City, Craven County, North Carolina, and more
particularly described in the deed description located at Book
1738, Page 4998, Tax Parcel 3-029-001, Craven County Registry,
North Carolina, to Terrel W. Lee, Jr. and Benjaporn K. Lee for
$535,000.
Among the assets owned by the Debtor as of the petition date was
the Property.
By way of a proposed Contract to Purchase, the Debtor asks
authority to sell its interest in the Property by private sale to
the Buyers for the gross purchase price of $535,000. Per the
Contract, the Purchasers will escrow the sum of $5,000 with Mossy
Oak Properties.
The Debtor asserts that (i) the proposed purchase price is fair;
(ii) the Debtor has had no prior personal or business relationship
with the prospective Purchaser; (iii) the offer is not subject to a
financing contingency; and (iv) a sale of the Property to the
Buyers is in the best interest of the estate and all creditors.
It asks an order of the Court declaring that the sale of its
Property be made free and clear of any and all liens, encumbrances,
claims, rights, and other interest, including but not limited to
the following:
A. Any and all liens and/or security interests in favor of
Truist Bank (formerly known Branch Banking and Trust Co.).
B. Any and all liens and/or Security interests in favor of
Harvey Fertilizer and Gas Co.
C. Any and all real property taxes due and owing to any City,
County or municipal corporation, and more particularly, to the
Craven County Tax Collector.
D. Any and all remaining interests, liens, encumbrances,
rights and claims asserted against the Property, which relate to or
arise as a result of a sale of the Property, or which may be
asserted against the buyer of the Property, including, but not
limited to, those liens and claims, Whether fixed and liquidated or
contingent and unliquidated, that have or may be asserted against
the Property by the North Carolina Department of Revenue, the
Internal Revenue Service, and any and all other taxing and
government authorities.
If any creditor claiming a lien or interest in the Property does
not object within the time allowed, then that creditor will be
deemed to have consented to the sale of the property free and clear
of that creditor's interest.
The proceeds of the sale will be subject to (i) estimated quarterly
fees arising from the disposition of the sales proceeds, which will
be held in reserve pending disbursement of the sale proceeds among
secured creditors; and (ii) the terms and conditions of the Offer
to Purchase and Contract. The Net proceeds will be paid at closing
to the holders of valid liens and security interests, in accordance
with their respective priority.
A copy of the Contract is available at https://tinyurl.com/y29yexom
from PacerMonitor.com free of charge.
About TRC Farms Inc.
TRC Farms, Inc., a privately held company in the livestock farming
industry, filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. N.C. Case No. 20-00309) on Jan. 23,
2020. In the petition signed by Timmy R. Cox, president, the
Debtor disclosed $3,846,275 in assets and $5,412,282 in
liabilities. Judge Joseph N. Callaway oversees the case. The
Debtor tapped Ayers & Haidt, PA as its legal counsel, and Carr
Riggs & Ingram, LLC, as its accountant.
TRUDY'S TEXAS: Kunik Buying Nofalia's Austin Property for $4.1M
---------------------------------------------------------------
Nofalia, Inc., an affiliate of Trudy's Texas Star, Inc., asks the
U.S. Bankruptcy Court for the Western District of Texas to
authorize the sale of the real property, commonly known as 13509
Four Star Blvd., Austin, Texas, legally described as Lot 1, Block A
of Bush Ranch Phase 2, Section 1, as recorded in Hays County, Texas
in Book 15, Pages 395-397, containing approximately 4.89 acres, to
Daryl Kunik or assigns for $4.1 million, free and clear of liens,
subject to higher and better offers.
Title to the property held by Nofalia. The property was previously
operated as a Trudy's Texas Star restaurant. The improvements
consist of a two story building with a basement totaling 12,345
square feet. The improvements were originally constructed in 2011.
The Debtor as the Seller and the Buyer have entered into a Contract
of Sale for the Property, subject to the Court's approval for $4.1
million. The Hays County Appraisal District has valued the
property at $4,4860,780. The Debtor has scheduled the value of the
property at $8.3 million based upon an appraisal. The property has
been listed for sale since March 9, 2020 and has been extensively
marketed. Mr. Kunik is a co-owner of Uchi + Uchiko.
The proposed consideration to be received by the estate, including
estimated costs of the sale or lease, including commissions,
auctioneer's fees, costs of document preparation and recording and
any other customary closing costs: $4.1 million sales price and 5%
broker's commissions ($205,000). The Seller will also pay for a
title policy, preparation of the deed and bill of sale, one-half of
any escrow fee and costs to record any documents to cure title
objections that Seller must cure. Additionally, taxes will be
pro-rated. The Debtor does not anticipate owing any taxes as a
result of the sale.
A preliminary title search and review of the Schedules and proofs
of claim filed in the case indicate the following liens, judgments,
and other claims may exist against the Real Property:
a. Dripping Springs ISD has filed a proof of claim in the
amount of $57,831 for 2019 ad valorem taxes on real property.
b. Dripping Springs ISD has filed a proof of claim in the
amount of $16,150 for 2018 and 2019 personal property taxes.
c. Hays County has filed a proof of claim in the amount of
$80,906 for real and personal property taxes for 2018 and 2019.
d. J.P. Morgan Chase, Bank, N.A. has a deed of trust upon the
property. JP Morgan filed a proof of claim in the amount of
$2,753,362. The amount will have increased due to the accrual of
interest and fees.
e. The Small Business administration held a junior lien which
was satisfied from the sale of the Debtor's Travis County assets.
The 2020 ad valorem taxes will be pro-rated between the Estate and
the purchaser. The Real Property and personal property will be
sold subject to such taxes. The Debtor will pay the claim of the
Hays County taxing authorities for years 2018 and 2019 and the lien
of JP Morgan Chase Bank at closing. All other liens, claims,
interests and encumbrances will attach to the proceeds from the
sale to the same extent, priority and validity as existed on the
petition date.
The sale will be subject to higher and better offers. If the
Debtor receives any higher and better offers prior to the date set
for the hearing on the Motion, it will sell the Real Property to
the highest bidder. The Debtor reserves the right to conduct the
sale by means of sealed bids or an auction in open court, whichever
will be calculated to bring the best price in its opinion.
At one time, the property was leased to Trudy's, Inc. The Trudy's
debtor did not request an extension of time to assume or reject
this lease. As a result, the lease was rejected by operation of
law. For the avoidance of doubt, the order approving the sale will
provide that it is free and clear of any lease from Trudy's Inc.
Nofalia is a party to a cost-sharing arrangement with regard to
construction of water quality and detention facilities. There may
be a small amount remaining for Nofalia to pay. Nofalia will
retain both the obligation to make payments under the agreement and
the right to receive reimbursement in the future.
The Purchaser:
Daryl Kunik or assigns
701 S. Lamar, Suite C
Austin, TX 78704
A copy of the Contract is available at https://tinyurl.com/yyzfja63
from PacerMonitor.com free of charge.
About Trudy's Texas Star
Trudy's Texas Star, Inc. operates a chain of restaurants. Trudy's
Texas Star, Inc., based in Austin, TX, filed a Chapter 11 petition
(Bankr. W.D. Tex. Case No. 20-10108) on January 22, 2020. The Hon.
Tony M. Davis presides over the case. Stephen W. Sather, Esq., at
Barron & Newburger, PC, serves as bankruptcy counsel.
In its petition, the Debtor estimated $1 million to $10 million in
both assets and liabilities. The petition was signed by Stephen
Truesdel, authorized representative.
TUESDAY MORNING: Oct. 21 Auction of Substantially All Assets
------------------------------------------------------------
Judge Harlin DeWayne Hale of the U.S. Bankruptcy Court for the
Northern District of Texas authorized the bidding procedures
proposed by Tuesday Morning Corp. and its affiliates in connection
with the sale of substantially all assets.
Notwithstanding anything else contained in the Order, its entry
will not impair the Debtors' ability to pursue a plan of
reorganization instead of a sale of the Assets if they determine
that it would be in the best interests of their estates to pursue a
plan of reorganization instead of a sale.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Oct. 19, 2020 at 5:00 p.m. (CT)
b. Initial Bid: A Qualified Bidder wishing to submit a Bid at
the Auction must submit a Bid containing aggregate consideration of
at least (i) $250,000 more than the total consideration contained
in the Baseline Bid or (ii) if applicable, any breakup fee, expense
reimbursement, and/or minimum overbid set forth in any subsequent
order establishing a stalking horse bidder.
c. Deposit: An amount of either: (a) 10% of the purchase price
proposed in the Qualified APA for Bidders submitting Bids for
substantially all of the Assets and (b) 10% of the purchase price
proposed in the Qualified APA for Bidders submitting Partial Bids
as a good faith deposit
d. Auction: If necessary, an Auction with respect to the
Assets will be conducted by video and will commence on Oct. 21,
2020 at 10:00 a.m. (CT) via Web-Ex link to be provided by the
Debtors' counsel. Only Qualified Bidders, the Agent, the DIP Term
Agent, the Creditors Committee, the Equity Committee, and each of
their respective legal and financial advisors will be entitled to
attend and/or bid at the Auction. If they do not receive any
Qualified Bids with respect to any or all of the Assets, the
Debtors will report the same to the Court, and, will pursue a plan
of reorganization. The rights of the Consultation Parties will be
fully reserved with respect to such report.
e. Bid Increments: To be determined by the Debtors at the
Auction
f. Sale Hearing: Oct. 29, 2020, at 9:00 a.m. (CT)
g. Sale Objection Deadline: Oct. 14, 2020 at 5:00 p.m. (CT)
h. The Agent, for itself and for and on behalf of the DIP
Lenders or the Prepetition Lenders, as applicable, may credit bid
any portion and up to the entire amount of the Prepetition Lenders'
Claim1 and the DIP Obligations, as applicable, at any time on any
individual asset, portion of the assets, or all assets constituting
their respective Collateral in conjunction with any sale pursuant
to the Bidding Procedures, unless the Court for cause shown orders
otherwise.
The procedures regarding the assumption and assignment of the
Contracts and Leases in connection with the Sale are approved and
will govern the assumption and assignment of all Assumed and
Assigned Contracts. On Oct. 1, 2020, the Debtors will file with
the Court and serve on all Contract Counterparties an Assumption
and Assignment Notice. Within 24 hours after the conclusion of the
Auction, the Debtors will file with the Court and serve to the
Contract Counterpartythe Post-Auction Contract Assumption Notice.
The Auction and Sale Notice is approved. Within three business
days following the entry of the Order, the Debtors will cause the
Auction and Sale Notice to be served on Sale Notice Parties. Not
later than Oct. 26, 2020 at 12:00 p.m. (CT), the Debtors will file
a notice informing the Court and parties in interest whether they
intend to seek approval of a Sale or to pursue a plan of
reorganization. The deadline for the Consultation Parties to
object to either (a) a Sale to the Successful Bidder or (b) to the
Disclosure Statement, as applicable, at the Sale Hearing, will be
Oct. 28, 2020 at 12:00 p.m. (CT).
The Debtors will submit to the Court the proposed Sale Order
approving the Sale prior to the Sale Hearing.
Any stay of the Order, whether arising from Rules 6004 and/or 6006
of the Federal Rules of Bankruptcy Procedure or otherwise, is
expressly waived and the terms and conditions of the Order will be
effective and enforceable immediately upon its entry.
A copy of the Bidding Procedures is available at
https://tinyurl.com/y2lcadfv from PacerMonitor.com free of charge.
About Tuesday Morning
Tuesday Morning Corporation, together with its subsidiaries, is a
closeout retailer of upscale home furnishings, housewares, gifts,
and related items. It operates under the trade name "Tuesday
Morning" and is one of the original "off-price" retailers
specializing in providing unique home and lifestyle goods at
bargain values. Based in Dallas, Tuesday Morning operated 705
stores in 40 states as of Jan. 1, 2020. For more information,
visit http://www.tuesdaymorning.com/
On May 27, 2020, Tuesday Morning and six affiliates sought Chapter
11 protection (Bankr. N.D. Tex. Lead Case No. 20-31476). Tuesday
Morning disclosed total assets of $92 million and total liabilities
of $88.35 million as of April 30, 2020.
The Hon. Harlin Dewayne Hale is the case judge.
The Debtors tapped Haynes and Boone, LLP as general bankruptcy
counsel; Alixpartners LLP as financial advisor; Stifel, Nicolaus &
Co., Inc. as investment banker; A&G Realty Partners, LLC as real
estate consultant; and Great American Group, LLC as liquidation
consultant. Epiq Corporate Restructuring, LLC is the claims and
noticing agent.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on June 9, 2020. The committee is represented by Munsch
Hardt Kopf & Harr, P.C.
URBAN ONE: Launches Exchange Offer for 7.375% Senior Notes
----------------------------------------------------------
Urban One, Inc. has commenced a private offer to certain eligible
noteholders to exchange any and all of its outstanding $350.0
million aggregate principal amount of 7.375% Senior Secured Notes
due 2022 (CUSIP No. 75040PAS7 and U74935AF1, ISINs US75040PAS74 and
USU74935AF19) for newly issued 8.75% Senior Secured Notes due 2022,
upon the terms and conditions set forth in the Offering Memorandum
and Consent Solicitation Statement dated Oct. 2, 2020. Holders of
approximately $260.7 million principal amount of Old Notes, or
74.5% of the principal amount of Old Notes, have agreed to
participate in the Exchange Offer, subject to customary
conditions.
The New Notes are being offered to provide the Company with
additional financial flexibility by replacing the Existing Notes
which are validly tendered and accepted for exchange with New Notes
that mature eight months after the Existing Notes are scheduled to
mature.
In connection with the Exchange Offer, the Company will also enter
into an amendment to certain terms of its Unsecured Term Loan,
dated Dec. 4, 2018, by and among the Company, the Lenders party
thereto from time to time and Wilmington Trust, National
Association, as Administrative Agent, including the extension of
the maturity date of the Unsecured Term Loan by 90 days which
maturity is more than 90 days after the maturity date of the New
Notes.
Eligible holders who validly tender and do not validly withdraw
their Existing Notes in the Exchange Offer prior to 5:00 p.m., New
York City time, on Oct. 16, 2020, unless extended and that are
accepted for exchange will receive $1,000 in principal amount of
New Notes plus $10.00 in cash per $1,000 principal amount of
Existing Notes. For any Existing Notes validly tendered after the
Early Tender Date but before 11:59 p.m., New York City time, on
October 30, 2020, unless extended and that are accepted for
exchange, eligible holders will receive $1,000 in principal amount
of New Notes plus $5.00 in cash per $1,000 principal amount of
Existing Notes. Eligible holders who validly tender and do not
validly withdraw their Existing Notes will also receive accrued and
unpaid interest in cash on their Existing Notes accepted for
exchange to, but not including, the settlement date for the
Exchange Offer.
The New Notes will be will be secured (i) on a first priority basis
by substantially all of the Company's and certain subsidiary
guarantors' current and future property and assets other than
certain property and assets securing the Company's asset-backed
revolving credit facility and (ii) on a second priority basis by
the ABL Priority Collateral. The New Notes will mature on Dec. 15,
2022.
In conjunction with the Exchange Offer, Urban One, Inc. is
soliciting consents from holders of Existing Notes to (i) eliminate
substantially all of the restrictive covenants, certain affirmative
covenants and certain events of default contained in the indenture
governing the Existing Notes and (ii) enter into a new
intercreditor agreement pursuant to which all collateral proceeds
received by the collateral agent of the Existing Notes will be paid
to the collateral agent of the New Notes to the extent of the
outstanding balance of the Existing Notes. As a result of that
intercreditor agreement, the New Notes will have priority over the
Old Notes with respect to collateral proceeds. The Exchange Offer
is conditioned upon the receipt of consents from the holders of at
least 90% (such percentage, as it may be modified or waived by the
Company, the "minimum tender condition"), pursuant to the Consent
Solicitation and certain other conditions. Holders who tender
their Existing Notes in the Exchange Offer must also, and will be
deemed to, deliver their consents with respect to such Existing
Notes pursuant to the Consent Solicitation.
Tenders of Old Notes in the Exchange Offer may be validly withdrawn
at any time prior to 5:00 p.m., New York City time, on Oct. 30,
2020, unless extended (as it may be extended). Old Notes
(including Old Notes tendered after the Withdrawal Deadline) may
not be withdrawn from the Exchange Offer and the related Consent
Solicitation may not be revoked from the Consent Solicitation after
the Withdrawal Deadline, subject to applicable law.
About Urban One
Urban One, Inc. (urban1.com), together with its subsidiaries, is a
diversified media company that primarily targets Black Americans
and urban consumers in the United States. The Company owns TV One,
LLC (tvone.tv), a television network serving more than 59 million
households, offering a broad range of original programming, classic
series and movies designed to entertain, inform and inspire a
diverse audience of adult Black viewers. As of June 2020, Urban
One currently owns and/or operates 61 broadcast stations (including
all HD stations, translator stations and the low power television
stations it operates) branded under the tradename "Radio One" in 14
urban markets in the United States. Through its controlling
interest in Reach Media, Inc. (blackamericaweb.com), the Company
also operates syndicated programming including the Rickey Smiley
Morning Show, the Russ Parr Morning Show and the DL Hughley Show.
In addition to its radio and television broadcast assets, Urban One
owns iOne Digital (ionedigital.com), its wholly owned digital
platform serving the African-American community through social
content, news, information, and entertainment websites, including
its Cassius, Bossip, HipHopWired and MadameNoire digital platforms
and brands. The Company also has invested in a minority ownership
interest in MGM National Harbor, a gaming resort located in Prince
George's County, Maryland.
As of June 30, 2020, the Company had $1.21 billion in total assets,
$1.04 billion in total liabilities, $10.80 million in redeemable
noncontrolling interests, and $159.46 million in total
stockholders' equity.
* * *
As reported by the TCR on April 22, 2020, S&P Global Ratings
lowered its issuer credit rating on Urban One Inc. to 'CCC' from
'B-'. The outlook is negative. "The negative outlook reflects our
view that Urban One could breach its covenants in 2020 as economic
weakness from the COVID-19 outbreak reduces advertising revenue and
elevates leverage. The negative outlook also reflects refinancing
risk associated with the company's senior secured notes due April
2022 and the springing maturity of its senior secured term loan in
January 2022. If the company does not refinance these maturities
over the next year, it might be unable to obtain a clean auditor's
opinion when filing its 10-K in March 2021," S&P said.
VAL'S FOOD: May Use Liftfund's Cash Collateral on Final Basis
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, has authorized Val's Food with a Twist, LLC to use
the cash collateral in which Liftfund, Inc. asserts an interest, on
final basis.
Liftfund is granted replacement liens as adequate protection
pursuant to 11 U.S.C. sections 361(2) and 552 to the extent of any
diminution in value of Liftfund's interest in the Cash Collateral
as a result of the Debtor's use thereof, in accordance with
existing priority. The Replacement Liens are valid, enforceable,
and fully perfected, and that no filing, recording, or other act in
accordance with any applicable local, state, or federal law, rule,
or regulation is necessary to perfect the Replacement Liens.
The Debtor will pay Liftfund $983.09 per month commencing on
September 1 as adequate protection for its secured claim to be
applied to the outstanding balance of the loan per the applicable
loan documents.
A copy of the order is available at https://bit.ly/3ksUhAe from
PacerMonitor.com.
About Val's Food with a Twist
d/b/a dba Val's Cheesecake
Val's Food with a Twist, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 20-31965) on
July 20, 2020.
The case is assigned to Judge Stacey G. Jernigan.
John Paul Stanford, Esq., at Quilling, Selander, Lownds, Winslett &
Moser, P.C. is the Debtor's counsel.
VOLUSION LLC: 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 Volusion LLC.
About Volusion LLC
Volusion, LLC is an ecommerce software company based in Austin,
Texas. It designs and builds custom websites for clients. Visit
http://www.volusion.comfor more information.
Volusion filed a Chapter 11 petition (Bankr. S.D. Tex. Case No.
20-50082) on July 27, 2020. Judge David R. Jones presides over the
case. In the petition signed by CRO Timothy B. Stallkamp, the
Debtor was estimated to have $10 million to $50 million in both
assets and liabilities.
Jackson Walker LLP and Conway Mackenzie Management Services, LLC
serve as Debtor's bankruptcy counsel and restructuring advisor,
respectively.
VTV THERAPEUTICS: Edward Taibi Quits as Director
------------------------------------------------
Edward P. Taibi resigned from the Board of Directors of vTv
Therapeutics, Inc., effective as of Sept. 30, 2020. Mr. Taibi did
not resign as a result of any disagreement with the Company
relating to the Company's operations, policies or practices.
About vTv Therapeutics
vTv Therapeutics Inc. is a clinical-stage biopharmaceutical company
focused on developing oral small molecule drug candidates. vTv has
a pipeline of clinical drug candidates led by programs for the
treatment of type 1 diabetes, Alzheimer's disease, and inflammatory
disorders. vTv's development partners are pursuing additional
indications in type 2 diabetes, chronic obstructive pulmonary
disease (COPD), and genetic mitochondrial diseases.
vTv Therapeutics reported a net loss attributable to common
shareholders of $17.91 million for the year ended Dec. 31, 2019
compared to a net loss attributable to common shareholders of $8.65
million for the year ended Dec. 31, 2018. As of June 30, 2020, the
Company had $10.63 million in total assets, $16.78 million in total
liabilities, $63.38 million in redeemable noncontrolling interest,
and a total stockholders' deficit attributable to the company of
$69.53 million.
Ernst & Young LLP, in Raleigh, North Carolina, the Company's
auditor since 2000, issued a "going concern" qualification in its
report dated Feb. 20, 2020 citing that to date, the Company has not
generated any product revenue, has not achieved profitable
operations, has insufficient liquidity to sustain operations and
has stated that substantial doubt exists about the Company's
ability to continue as a going concern.
WEATHERLY INVESTORS: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Weatherly Investors LLC
378 The Chase
Atlanta, GA 30328
Business Description: Weatherly Investors LLC is a Single Asset
Real Estate debtor (as defined in 11 U.S.C.
Section 101(51B)). It is the owner of
fee simple title to certain property located
in Atlanta, Georgia, having a comparable
sale value of $1.5 million.
Chapter 11 Petition Date: October 5, 2020
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 20-70439
Debtor's Counsel: Charles M. Clapp, Esq.
LAW OFFICES OF CHARLES CLAPP
5 Concourse Parkway NE
Suite 3000
Atlanta, GA 30328
Tel: 404-585-0040
E-mail: charles@lawcmc.com
Total Assets: $1,500,001
Total Liabilities: $780,899
The petition was signed by Inga Loboda, owner/manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A copy of the petition is available for free at PacerMonitor.com
at:
https://www.pacermonitor.com/view/NX2SCMI/Weatherly_Investors_LLC__ganbke-20-70439__0001.0.pdf?mcid=tGE4TAMA
YOUNGEVITY INTERNATIONAL: Receives Nasdaq Noncompliance Notices
---------------------------------------------------------------
Youngevity International, Inc. received a Staff Determination
Letter from the Listing Qualifications Department of The Nasdaq
Stock Market LLC on Sept. 29, 2020, stating that the Staff of
Nasdaq has determined that the Company did not meet the terms of
the exception previously granted to it by Nasdaq pursuant to the
notification letter received by the Company on Aug. 11, 2020. Under
the Exception, the Company was obligated to have filed its Annual
Report on Form 10-K for the year ended Dec. 31, 2019, its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2020 and its
Quarterly Report on Form 10-Q for the quarter ended June 30, 2020
by Sept. 28, 2020, in order to regain compliance with Nasdaq
Listing Rule 5250(c)(1). The September Notification also provided
that the Company would be subject to suspension unless the Company
timely requested a hearing before a Nasdaq Hearings Panel.
Accordingly, the Company intends to timely request a hearing before
the Panel. Under Nasdaq's rules, this will result in an automatic
stay of any suspension or delisting action through Oct. 21, 2020.
In connection with the hearing request, the Company will also be
requesting the stay be extended until the Panel issues its decision
following the hearing and through the expiration of any additional
extension period granted by the Panel. The Company's securities
will continue to trade on Nasdaq under the symbols YGYI and YGYIP
while the stay remains in place. However, there can be no
assurance that the Panel will grant the Company's request for
continued listing on The Nasdaq Capital Market, or that the Company
will ultimately regain compliance.
Additionally, on Sept. 29, 2020, the Company received a
notification from the Staff stating that the Company has fallen
below the $1.00 minimum bid price requirement of Nasdaq Listing
Rule 5550(a)(2) based on the closing bid price of the Company's
common stock for the previous 30 consecutive trading days. The
Company has a compliance period of 180 calendar days in which to
regain compliance prior to any further action being taken by
Nasdaq. If at any time during this 180-day period the closing bid
price of the Company's common stock is at least $1.00 for a minimum
of 10 consecutive business days, the Company may be deemed to have
regained compliance with Rule 5550(a)(2).
The Company intends to regain compliance with the minimum bid price
requirement of Rule 5550(a)(2) within the 180-day compliance
period, though there can be no assurance that it will be able to do
so.
About Youngevity
Chula Vista, California-based Youngevity International, Inc. --
https://ygyi.com -- is a multi-channel lifestyle company operating
in three distinct business segments including a commercial coffee
enterprise, a commercial hemp enterprise, and a multi-vertical omni
direct selling enterprise. The Company features a multi country
selling network and has assembled a virtual Main Street of products
and services under one corporate entity, YGYI offers products from
the six top selling retail categories: health/nutrition,
home/family, food/beverage (including coffee), spa/beauty,
apparel/jewelry, as well as innovative services.
Youngevity reported a net loss attributable to common stockholders
of $23.50 million for 2018 following a net loss attributable to
common stockholders of $12.69 million for 2017. As of Sept. 30,
2019, the Company had $141.18 million in total assets, $85.01
million in total liabilities, and $56.17 million in total
stockholders' equity.
Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2011, issued a "going concern" qualification in its
report dated April 15, 2019, on the consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has recurring losses and is dependent on additional
financing to fund operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
[*] Chapter 11 Bankruptcy Can Save Small Firms Hit by Pandemic
--------------------------------------------------------------
Holden Wilen wrote an article on Baltimore Business Journal titled
"Why filing for Chapter 11 bankruptcy could be the best way to save
your small business."
A relatively new and little-known program could prove to be the
difference between surviving the Covid-19 pandemic or closing for
good. A law passed by Congress last year that went into effect in
February provides small businesses with a lifeline: a new section
of Chapter 11 known as Subchapter V, which involves a more timely
and less costly reorganization process.
Subchapter V was created to provide an option for businesses with
$2.7 million or less in debt. It prevents creditors from proceeding
with collections, guarantees a reorganization plan is filed within
90 days and waives quarterly bankruptcy trustee fees. Congress
raised the debt limit to $7.5 million when it passed its
coronavirus relief package, known as the CARES Act, in March.
"It was pure luck that we have such a useful tool that came out
right when this [pandemic] happened," said Vadim Ronzhes, a tax
consultant at Rosen, Sapperstein & Friedlander in Towson.
Accountants and attorneys have traditionally recommend against
filing for Chapter 11 in the past because of how difficult it can
be to get a reorganization plan approved, Ronzhes said. With
Subchapter V it's a much easier and quicker process, he said.
During the proceedings, a business may continue to pay expenses
such as employees wages and benefits while it develops a plan for
paying off creditors, Ronzhes said.
"The whole goal is to make sure that the business is operational
and that you're able to continue supporting the community that
you're operating in and make sure your employees are getting paid,"
Ronzhes said. "That is definitely one of the biggest benefits."
Another benefit is that the company can bring on new investors or
owners. In the current operating environment with all-time low
interest rates, Ronzhes said outside investors are looking to
provide debt or investment capital.
Perhaps most important, Ronzhes said, is that the Subchapter V
process brings all creditors to the table to come up with a plan
for paying off debt. Everyone does not have to approve of the plan,
but at least all parties will have been a part of the conversation,
he said.
During the pandemic many small business owners have complained
about the challenges of working with landlords who are unwilling to
rework leases. The Subchapter V process can force those landlords
to come to the table while allowing the business to remain
operational instead of being forced to close.
There are downsides to filing for bankruptcy though. For one, it
will negatively impact credit ratings. Filing for bankruptcy also
carries a negative stigma. But in the current economic situation
brought on by the pandemic, Ronzhes said the good more than likely
outweighs the bad.
"If you have multiple debtors and one person decides to file suit
and take money out of your bank account through levies, that could
end an organization," Ronzhes said. "As soon as you start paying
employees, they're not showing up. This is a way to reorganize and
I think it's going to be used a lot by businesses to give
themselves breathing room."
One industry that won't be helped is real estate, Ronzhes said.
Real estate firms are usually structured by having separate limited
liability companies for individual properties. Those LLCs won't be
able to file for Subchapter V protection because the overall
organization may still be profitable.
To help businesses learn more about the new bankruptcy rules and
offer more ideas on how to deal with financial concerns caused by
the pandemic, Rosen, Sapperstein & Friedlander will host a webinar
on Oct. 7. Ronzhes; Scott Schwartzberg of Levy, Mann, Caplan,
Hermann & Polashuk LLP; and Eric Steiner of Steiner Law Group will
participate in a panel discussion.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABSOLUTE SOFTWRE ALSWF US 130.2 (43.1) (16.9)
ABSOLUTE SOFTWRE ABT CN 130.2 (43.1) (16.9)
ABSOLUTE SOFTWRE OU1 GR 130.2 (43.1) (16.9)
ABSOLUTE SOFTWRE ABT2EUR EU 130.2 (43.1) (16.9)
ACCELERATE DIAGN 1A8 GR 114.8 (37.0) 92.4
ACCELERATE DIAGN AXDX US 114.8 (37.0) 92.4
ACCELERATE DIAGN AXDX* MM 114.8 (37.0) 92.4
ACCOLADE INC ACCD US 120.5 (33.5) 21.4
ACUTUS MEDICAL AFIB US 72.0 (3.4) 15.1
ADAPTHEALTH CORP AHCO US 739.3 (6.8) 6.5
AGENUS INC AJ81 GZ 185.8 (199.0) (37.5)
AGENUS INC AJ81 SW 185.8 (199.0) (37.5)
AGENUS INC AJ81 GR 185.8 (199.0) (37.5)
AGENUS INC AGEN US 185.8 (199.0) (37.5)
AGENUS INC AJ81 QT 185.8 (199.0) (37.5)
AGENUS INC AJ81 TH 185.8 (199.0) (37.5)
AGENUS INC AGENEUR EU 185.8 (199.0) (37.5)
AMC ENTERTAINMEN AMC US 11,271.6 (1,575.4) (1,031.5)
AMC ENTERTAINMEN AH9 GR 11,271.6 (1,575.4) (1,031.5)
AMC ENTERTAINMEN AMC* MM 11,271.6 (1,575.4) (1,031.5)
AMC ENTERTAINMEN AMC4EUR EU 11,271.6 (1,575.4) (1,031.5)
AMC ENTERTAINMEN AH9 TH 11,271.6 (1,575.4) (1,031.5)
AMC ENTERTAINMEN AH9 QT 11,271.6 (1,575.4) (1,031.5)
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMERICAN AIR-BDR AALL34 BZ 64,544.0 (3,169.0) (4,211.0)
AMERICAN AIRLINE AAL US 64,544.0 (3,169.0) (4,211.0)
AMERICAN AIRLINE A1G GR 64,544.0 (3,169.0) (4,211.0)
AMERICAN AIRLINE AAL* MM 64,544.0 (3,169.0) (4,211.0)
AMERICAN AIRLINE A1G TH 64,544.0 (3,169.0) (4,211.0)
AMERICAN AIRLINE AAL TE 64,544.0 (3,169.0) (4,211.0)
AMERICAN AIRLINE A1G SW 64,544.0 (3,169.0) (4,211.0)
AMERICAN AIRLINE A1G GZ 64,544.0 (3,169.0) (4,211.0)
AMERICAN AIRLINE AAL11EUR EU 64,544.0 (3,169.0) (4,211.0)
AMERICAN AIRLINE AAL AV 64,544.0 (3,169.0) (4,211.0)
AMERICAN AIRLINE A1G QT 64,544.0 (3,169.0) (4,211.0)
AMYRIS INC AMRS US 267.7 (59.6) 61.7
APACHE CORP APA GR 12,999.0 (44.0) (52.0)
APACHE CORP APA* MM 12,999.0 (44.0) (52.0)
APACHE CORP APA TH 12,999.0 (44.0) (52.0)
APACHE CORP APA1 SW 12,999.0 (44.0) (52.0)
APACHE CORP APA US 12,999.0 (44.0) (52.0)
APACHE CORP APA GZ 12,999.0 (44.0) (52.0)
APACHE CORP APAEUR EU 12,999.0 (44.0) (52.0)
APACHE CORP APA QT 12,999.0 (44.0) (52.0)
APACHE CORP- BDR A1PA34 BZ 12,999.0 (44.0) (52.0)
AQUESTIVE THERAP AQST US 63.5 (21.4) 29.0
ARYA SCIENCES AC ARYBU US - - -
ARYA SCIENCES-A ARYB US - - -
ASCENDANT DIG -A ACND US 0.4 (0.0) (0.4)
ASCENDANT DIGITA ACND/U US 0.4 (0.0) (0.4)
AURANIA RESOURCE ARU CN 4.4 (0.5) (0.6)
AUTOZONE INC AZ5 GR 14,423.9 (878.0) 504.8
AUTOZONE INC AZ5 TH 14,423.9 (878.0) 504.8
AUTOZONE INC AZO US 14,423.9 (878.0) 504.8
AUTOZONE INC AZ5 GZ 14,423.9 (878.0) 504.8
AUTOZONE INC AZO AV 14,423.9 (878.0) 504.8
AUTOZONE INC AZ5 TE 14,423.9 (878.0) 504.8
AUTOZONE INC AZO* MM 14,423.9 (878.0) 504.8
AUTOZONE INC AZOEUR EU 14,423.9 (878.0) 504.8
AUTOZONE INC AZ5 QT 14,423.9 (878.0) 504.8
AUTOZONE INC-BDR AZOI34 BZ 14,423.9 (878.0) 504.8
AVID TECHNOLOGY AVID US 265.4 (156.5) 24.4
AVID TECHNOLOGY AVD GR 265.4 (156.5) 24.4
AVIS BUD-CEDEAR CAR AR 21,690.0 (153.0) 137.0
AVIS BUDGET GROU CUCA GR 21,690.0 (153.0) 137.0
AVIS BUDGET GROU CAR US 21,690.0 (153.0) 137.0
AVIS BUDGET GROU CUCA TH 21,690.0 (153.0) 137.0
AVIS BUDGET GROU CAR* MM 21,690.0 (153.0) 137.0
AVIS BUDGET GROU CAR2EUR EU 21,690.0 (153.0) 137.0
AVIS BUDGET GROU CUCA QT 21,690.0 (153.0) 137.0
B RILEY PRINCIPA BMRG/U US 177.5 177.4 0.7
B. RILEY PRINC-A BMRG US 177.5 177.4 0.7
BIGCOMMERCE-1 BIGC US 79.6 (43.1) 18.2
BIGCOMMERCE-1 BI1 GR 79.6 (43.1) 18.2
BIGCOMMERCE-1 BI1 GZ 79.6 (43.1) 18.2
BIGCOMMERCE-1 BI1 TH 79.6 (43.1) 18.2
BIGCOMMERCE-1 BIGCEUR EU 79.6 (43.1) 18.2
BIGCOMMERCE-1 BI1 QT 79.6 (43.1) 18.2
BIOHAVEN PHARMAC 2VN TH 424.3 (35.5) 196.1
BIOHAVEN PHARMAC BHVN US 424.3 (35.5) 196.1
BIOHAVEN PHARMAC BHVNEUR EU 424.3 (35.5) 196.1
BIOHAVEN PHARMAC 2VN GR 424.3 (35.5) 196.1
BIONOVATE TECHNO BIIO US - (0.4) (0.4)
BLOOM ENERGY C-A 1ZB GR 1,277.5 (250.5) 137.1
BLOOM ENERGY C-A BE1EUR EU 1,277.5 (250.5) 137.1
BLOOM ENERGY C-A 1ZB QT 1,277.5 (250.5) 137.1
BLOOM ENERGY C-A 1ZB TH 1,277.5 (250.5) 137.1
BLOOM ENERGY C-A 1ZB GZ 1,277.5 (250.5) 137.1
BLOOM ENERGY C-A BE US 1,277.5 (250.5) 137.1
BLUE BIRD CORP BLBD US 390.1 (61.9) 39.3
BLUE BIRD CORP 4RB GR 390.1 (61.9) 39.3
BLUE BIRD CORP BLBDEUR EU 390.1 (61.9) 39.3
BLUE BIRD CORP 4RB GZ 390.1 (61.9) 39.3
BLUELINX HOLDING FZG1 GR 999.1 (18.2) 416.8
BLUELINX HOLDING BXC US 999.1 (18.2) 416.8
BLUELINX HOLDING BXCEUR EU 999.1 (18.2) 416.8
BOEING CO-BDR BOEI34 BZ 162,872.0 (11,382.0) 37,795.0
BOEING CO-CED BA AR 162,872.0 (11,382.0) 37,795.0
BOEING CO-CED BAD AR 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BAEUR EU 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BCO GR 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BA EU 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BOE LN 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BCO TH 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BA PE 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BOEI BB 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BA US 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BA SW 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BA* MM 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BA TE 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BA CI 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BAUSD SW 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BCO GZ 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BA AV 162,872.0 (11,382.0) 37,795.0
BOEING CO/THE BCO QT 162,872.0 (11,382.0) 37,795.0
BOMBARDIER INC-B BBDBN MM 23,478.0 (6,526.0) (1,944.0)
BOOMER HOLDINGS BOMH US 2.6 (2.8) (1.9)
BRINKER INTL BKJ GR 2,356.0 (479.1) (273.5)
BRINKER INTL EAT US 2,356.0 (479.1) (273.5)
BRINKER INTL BKJ TH 2,356.0 (479.1) (273.5)
BRINKER INTL BKJ QT 2,356.0 (479.1) (273.5)
BRINKER INTL EAT2EUR EU 2,356.0 (479.1) (273.5)
BRP INC/CA-SUB V DOO CN 4,240.0 (666.0) 759.8
BRP INC/CA-SUB V B15A GR 4,240.0 (666.0) 759.8
BRP INC/CA-SUB V DOOO US 4,240.0 (666.0) 759.8
BRP INC/CA-SUB V DOOEUR EU 4,240.0 (666.0) 759.8
BRP INC/CA-SUB V B15A GZ 4,240.0 (666.0) 759.8
CADIZ INC CDZI US 70.9 (24.2) 2.1
CADIZ INC 2ZC GR 70.9 (24.2) 2.1
CADIZ INC CDZIEUR EU 70.9 (24.2) 2.1
CAMPING WORLD-A C83 TH 3,264.6 (69.9) 474.7
CAMPING WORLD-A C83 QT 3,264.6 (69.9) 474.7
CAMPING WORLD-A CWH US 3,264.6 (69.9) 474.7
CAMPING WORLD-A CWHEUR EU 3,264.6 (69.9) 474.7
CAMPING WORLD-A C83 GR 3,264.6 (69.9) 474.7
CARERX CORP CHHHF US 151.8 (1.6) (6.7)
CARERX CORP CRRX CN 151.8 (1.6) (6.7)
CDK GLOBAL INC CDK US 2,854.1 (580.7) 158.8
CDK GLOBAL INC C2G QT 2,854.1 (580.7) 158.8
CDK GLOBAL INC CDK* MM 2,854.1 (580.7) 158.8
CDK GLOBAL INC C2G TH 2,854.1 (580.7) 158.8
CDK GLOBAL INC CDKEUR EU 2,854.1 (580.7) 158.8
CDK GLOBAL INC C2G GR 2,854.1 (580.7) 158.8
CEDAR FAIR LP FUN US 2,657.5 (411.9) 183.8
CENGAGE LEARNING CNGO US 2,645.9 (180.3) 94.7
CHEWY INC- CL A CHWY US 1,144.8 (377.6) (475.8)
CHEWY INC- CL A CHWY* MM 1,144.8 (377.6) (475.8)
CHOICE HOTELS CZH GR 1,686.0 (42.8) 305.7
CHOICE HOTELS CHH US 1,686.0 (42.8) 305.7
CINCINNATI BELL CBBEUR EU 2,594.2 (204.6) (97.3)
CINCINNATI BELL CBB US 2,594.2 (204.6) (97.3)
CINCINNATI BELL CIB1 GR 2,594.2 (204.6) (97.3)
CITRIX SYS BDR C1TX34 BZ 4,548.1 (93.6) (306.6)
CITRIX SYSTEMS CTX TH 4,548.1 (93.6) (306.6)
CITRIX SYSTEMS CTX GR 4,548.1 (93.6) (306.6)
CITRIX SYSTEMS CTXS US 4,548.1 (93.6) (306.6)
CITRIX SYSTEMS CTXS* MM 4,548.1 (93.6) (306.6)
CITRIX SYSTEMS CTXS TE 4,548.1 (93.6) (306.6)
CITRIX SYSTEMS CTX GZ 4,548.1 (93.6) (306.6)
CITRIX SYSTEMS CTXS AV 4,548.1 (93.6) (306.6)
CITRIX SYSTEMS CTXSEUR EU 4,548.1 (93.6) (306.6)
CITRIX SYSTEMS CTX QT 4,548.1 (93.6) (306.6)
CLOVIS ONCOLOGY C6O GR 628.2 (97.4) 210.3
CLOVIS ONCOLOGY CLVS US 628.2 (97.4) 210.3
CLOVIS ONCOLOGY C6O QT 628.2 (97.4) 210.3
CLOVIS ONCOLOGY C6O TH 628.2 (97.4) 210.3
CLOVIS ONCOLOGY CLVSEUR EU 628.2 (97.4) 210.3
CLOVIS ONCOLOGY C6O GZ 628.2 (97.4) 210.3
COGENT COMMUNICA CCOI US 1,005.4 (235.6) 397.1
COGENT COMMUNICA OGM1 GR 1,005.4 (235.6) 397.1
COGENT COMMUNICA CCOIEUR EU 1,005.4 (235.6) 397.1
COGENT COMMUNICA CCOI* MM 1,005.4 (235.6) 397.1
COMMUNITY HEALTH CYH US 16,415.0 (1,563.0) 991.0
COMMUNITY HEALTH CG5 GR 16,415.0 (1,563.0) 991.0
COMMUNITY HEALTH CG5 QT 16,415.0 (1,563.0) 991.0
COMMUNITY HEALTH CYH1EUR EU 16,415.0 (1,563.0) 991.0
COMMUNITY HEALTH CG5 TH 16,415.0 (1,563.0) 991.0
CRYPTO CO/THE CRCW US 0.0 (2.3) (2.1)
CYTODYN INC CYDY US 50.5 (2.5) (7.7)
CYTOKINETICS INC KK3A GR 232.5 (78.1) 196.3
CYTOKINETICS INC KK3A TH 232.5 (78.1) 196.3
CYTOKINETICS INC KK3A QT 232.5 (78.1) 196.3
CYTOKINETICS INC CYTKEUR EU 232.5 (78.1) 196.3
CYTOKINETICS INC CYTK US 232.5 (78.1) 196.3
DEERFIELD HEAL-A DFHT US 0.5 (0.0) (0.3)
DEERFIELD HEALTH DFHTU US 0.5 (0.0) (0.3)
DELEK LOGISTICS DKL US 973.7 (78.3) 25.5
DENNY'S CORP DENN US 468.7 (217.5) (13.7)
DENNY'S CORP DE8 GR 468.7 (217.5) (13.7)
DENNY'S CORP DE8 TH 468.7 (217.5) (13.7)
DENNY'S CORP DENNEUR EU 468.7 (217.5) (13.7)
DIEBOLD NIXDORF DBD SW 3,721.1 (708.5) 367.5
DIEBOLD NIXDORF DBD US 3,721.1 (708.5) 367.5
DIEBOLD NIXDORF DBD GR 3,721.1 (708.5) 367.5
DIEBOLD NIXDORF DBDEUR EU 3,721.1 (708.5) 367.5
DIEBOLD NIXDORF DBD TH 3,721.1 (708.5) 367.5
DIEBOLD NIXDORF DBD QT 3,721.1 (708.5) 367.5
DINE BRANDS GLOB DIN US 2,043.3 (368.6) 185.3
DINE BRANDS GLOB IHP GR 2,043.3 (368.6) 185.3
DINE BRANDS GLOB IHP TH 2,043.3 (368.6) 185.3
DOMINO'S PIZZA EZV GR 1,581.7 (3,282.9) 467.2
DOMINO'S PIZZA DPZ US 1,581.7 (3,282.9) 467.2
DOMINO'S PIZZA EZV TH 1,581.7 (3,282.9) 467.2
DOMINO'S PIZZA DPZEUR EU 1,581.7 (3,282.9) 467.2
DOMINO'S PIZZA EZV GZ 1,581.7 (3,282.9) 467.2
DOMINO'S PIZZA DPZ AV 1,581.7 (3,282.9) 467.2
DOMINO'S PIZZA DPZ* MM 1,581.7 (3,282.9) 467.2
DOMINO'S PIZZA EZV QT 1,581.7 (3,282.9) 467.2
DOMO INC- CL B 1ON GR 195.1 (72.9) (8.0)
DOMO INC- CL B 1ON GZ 195.1 (72.9) (8.0)
DOMO INC- CL B DOMOEUR EU 195.1 (72.9) (8.0)
DOMO INC- CL B 1ON TH 195.1 (72.9) (8.0)
DOMO INC- CL B DOMO US 195.1 (72.9) (8.0)
DRAFTKINGS INC-A 8DEA TH 2,516.1 2,191.3 1,181.1
DRAFTKINGS INC-A 8DEA QT 2,516.1 2,191.3 1,181.1
DRAFTKINGS INC-A 8DEA GZ 2,516.1 2,191.3 1,181.1
DRAFTKINGS INC-A DKNG US 2,516.1 2,191.3 1,181.1
DRAFTKINGS INC-A 8DEA GR 2,516.1 2,191.3 1,181.1
DRAFTKINGS INC-A DKNG1EUR EU 2,516.1 2,191.3 1,181.1
DRAFTKINGS INC-A DKNG* MM 2,516.1 2,191.3 1,181.1
DUNKIN' BRANDS G 2DB GR 3,829.3 (587.7) 319.4
DUNKIN' BRANDS G 2DB TH 3,829.3 (587.7) 319.4
DUNKIN' BRANDS G DNKN US 3,829.3 (587.7) 319.4
DUNKIN' BRANDS G DNKNEUR EU 3,829.3 (587.7) 319.4
DUNKIN' BRANDS G 2DB QT 3,829.3 (587.7) 319.4
DUNKIN' BRANDS G 2DB GZ 3,829.3 (587.7) 319.4
DYE & DURHAM LTD DND CN 167.0 (68.9) (13.7)
DYE & DURHAM LTD DYNDF US 167.0 (68.9) (13.7)
EMISPHERE TECH EMIS US 5.2 (155.3) (1.4)
EVERI HOLDINGS I EVRI US 1,484.1 (18.8) 108.3
EVERI HOLDINGS I G2C TH 1,484.1 (18.8) 108.3
EVERI HOLDINGS I G2C GR 1,484.1 (18.8) 108.3
EVERI HOLDINGS I EVRIEUR EU 1,484.1 (18.8) 108.3
FATHOM HOLDINGS FTHM US 4.8 (0.8) -
FRONTDOOR IN FTDR US 1,361.0 (125.0) 161.0
FRONTDOOR IN 3I5 GR 1,361.0 (125.0) 161.0
FRONTDOOR IN FTDREUR EU 1,361.0 (125.0) 161.0
GODADDY INC-A GDDY US 6,092.1 (254.5) (1,667.8)
GODADDY INC-A 38D TH 6,092.1 (254.5) (1,667.8)
GODADDY INC-A GDDY* MM 6,092.1 (254.5) (1,667.8)
GODADDY INC-A 38D QT 6,092.1 (254.5) (1,667.8)
GODADDY INC-A 38D GR 6,092.1 (254.5) (1,667.8)
GOGO INC GOGO US 1,064.8 (569.0) 98.9
GOGO INC G0G SW 1,064.8 (569.0) 98.9
GOGO INC G0G TH 1,064.8 (569.0) 98.9
GOGO INC G0G GR 1,064.8 (569.0) 98.9
GOGO INC GOGOEUR EU 1,064.8 (569.0) 98.9
GOGO INC G0G QT 1,064.8 (569.0) 98.9
GOLDEN STAR RES GS51 GR 381.3 (21.9) (31.0)
GOLDEN STAR RES GSC CN 381.3 (21.9) (31.0)
GOLDEN STAR RES GSS US 381.3 (21.9) (31.0)
GOLDEN STAR RES GS51 GZ 381.3 (21.9) (31.0)
GOLDEN STAR RES GSC1EUR EU 381.3 (21.9) (31.0)
GOLDEN STAR RES GS51 QT 381.3 (21.9) (31.0)
GOOSEHEAD INSU-A GSHD US 142.6 (17.2) 60.0
GOOSEHEAD INSU-A 2OX GR 142.6 (17.2) 60.0
GOOSEHEAD INSU-A GSHDEUR EU 142.6 (17.2) 60.0
GORES HOLDINGS I GHIVU US 426.9 411.8 0.6
GORES HOLDINGS-A GHIV US 426.9 411.8 0.6
GRAFTECH INTERNA EAF US 1,533.4 (574.7) 482.8
GRAFTECH INTERNA G6G GR 1,533.4 (574.7) 482.8
GRAFTECH INTERNA G6G TH 1,533.4 (574.7) 482.8
GRAFTECH INTERNA EAFEUR EU 1,533.4 (574.7) 482.8
GRAFTECH INTERNA G6G QT 1,533.4 (574.7) 482.8
GRAFTECH INTERNA G6G GZ 1,533.4 (574.7) 482.8
GREEN PLAINS PAR GPP US 105.3 (69.2) (36.9)
GREENPOWER MOTOR GPV CN 19.7 (3.3) (1.0)
GREENPOWER MOTOR GPVEUR EU 19.7 (3.3) (1.0)
GREENPOWER MOTOR GRT1 GR 19.7 (3.3) (1.0)
GREENPOWER MOTOR GP US 19.7 (3.3) (1.0)
GREENPOWER MOTOR GRT1 GZ 19.7 (3.3) (1.0)
GREENSKY INC-A GSKY US 1,326.8 (196.9) 645.3
GS ACQ HDS CO II GSAH/U US 1.0 (0.0) (0.0)
GS ACQUISITION-A GSAH US 1.0 (0.0) (0.0)
GS ACQUISITION-A 55I GR 1.0 (0.0) (0.0)
GS ACQUISITION-A GSAHEUR EU 1.0 (0.0) (0.0)
HARMONY BIOSCIE HRMY US 163.1 (49.7) 74.0
HERBALIFE NUTRIT HOO GR 3,567.4 (264.8) 1,304.9
HERBALIFE NUTRIT HLF US 3,567.4 (264.8) 1,304.9
HERBALIFE NUTRIT HOO TH 3,567.4 (264.8) 1,304.9
HERBALIFE NUTRIT HOO GZ 3,567.4 (264.8) 1,304.9
HERBALIFE NUTRIT HLFEUR EU 3,567.4 (264.8) 1,304.9
HERBALIFE NUTRIT HOO QT 3,567.4 (264.8) 1,304.9
HEWLETT-CEDEAR HPQ AR 34,244.0 (1,986.0) (4,757.0)
HEWLETT-CEDEAR HPQD AR 34,244.0 (1,986.0) (4,757.0)
HEWLETT-CEDEAR HPQC AR 34,244.0 (1,986.0) (4,757.0)
HILTON WORLD-BDR H1LT34 BZ 17,126.0 (1,291.0) 2,271.0
HILTON WORLDWIDE HI91 TH 17,126.0 (1,291.0) 2,271.0
HILTON WORLDWIDE HI91 GR 17,126.0 (1,291.0) 2,271.0
HILTON WORLDWIDE HLT US 17,126.0 (1,291.0) 2,271.0
HILTON WORLDWIDE HLT* MM 17,126.0 (1,291.0) 2,271.0
HILTON WORLDWIDE HLTW AV 17,126.0 (1,291.0) 2,271.0
HILTON WORLDWIDE HLTEUR EU 17,126.0 (1,291.0) 2,271.0
HILTON WORLDWIDE HI91 TE 17,126.0 (1,291.0) 2,271.0
HOME DEPOT - BDR HOME34 BZ 63,349.0 (414.0) 7,162.0
HOME DEPOT INC HD TE 63,349.0 (414.0) 7,162.0
HOME DEPOT INC HDI TH 63,349.0 (414.0) 7,162.0
HOME DEPOT INC HDI GR 63,349.0 (414.0) 7,162.0
HOME DEPOT INC HD US 63,349.0 (414.0) 7,162.0
HOME DEPOT INC HD* MM 63,349.0 (414.0) 7,162.0
HOME DEPOT INC HD SW 63,349.0 (414.0) 7,162.0
HOME DEPOT INC HD CI 63,349.0 (414.0) 7,162.0
HOME DEPOT INC 0R1G LN 63,349.0 (414.0) 7,162.0
HOME DEPOT INC HDUSD SW 63,349.0 (414.0) 7,162.0
HOME DEPOT INC HDI GZ 63,349.0 (414.0) 7,162.0
HOME DEPOT INC HD AV 63,349.0 (414.0) 7,162.0
HOME DEPOT INC HDEUR EU 63,349.0 (414.0) 7,162.0
HOME DEPOT INC HDI QT 63,349.0 (414.0) 7,162.0
HOME DEPOT-CED HDD AR 63,349.0 (414.0) 7,162.0
HOME DEPOT-CED HDC AR 63,349.0 (414.0) 7,162.0
HOME DEPOT-CED HD AR 63,349.0 (414.0) 7,162.0
HORIZON GLOBAL HZN US 436.8 (26.1) 95.0
HOVNANIAN ENT-A HOV US 1,805.7 (479.5) 773.7
HOVNANIAN ENT-A HOVEUR EU 1,805.7 (479.5) 773.7
HOVNANIAN ENT-A HO3A GR 1,805.7 (479.5) 773.7
HP COMPANY-BDR HPQB34 BZ 34,244.0 (1,986.0) (4,757.0)
HP INC HPQ US 34,244.0 (1,986.0) (4,757.0)
HP INC 7HP TH 34,244.0 (1,986.0) (4,757.0)
HP INC HPQ TE 34,244.0 (1,986.0) (4,757.0)
HP INC 7HP GR 34,244.0 (1,986.0) (4,757.0)
HP INC HPQ* MM 34,244.0 (1,986.0) (4,757.0)
HP INC HPQ SW 34,244.0 (1,986.0) (4,757.0)
HP INC HPQ CI 34,244.0 (1,986.0) (4,757.0)
HP INC HPQUSD SW 34,244.0 (1,986.0) (4,757.0)
HP INC 7HP GZ 34,244.0 (1,986.0) (4,757.0)
HP INC HPQEUR EU 34,244.0 (1,986.0) (4,757.0)
HP INC HPQ AV 34,244.0 (1,986.0) (4,757.0)
HP INC 7HP QT 34,244.0 (1,986.0) (4,757.0)
IAA INC IAA US 2,273.5 (67.4) 292.9
IAA INC 3NI GR 2,273.5 (67.4) 292.9
IAA INC IAA-WEUR EU 2,273.5 (67.4) 292.9
IMMUNOGEN INC IMU TH 269.7 (24.5) 150.5
IMMUNOGEN INC IMGNEUR EU 269.7 (24.5) 150.5
IMMUNOGEN INC IMU GZ 269.7 (24.5) 150.5
IMMUNOGEN INC IMGN* MM 269.7 (24.5) 150.5
IMMUNOGEN INC IMU QT 269.7 (24.5) 150.5
IMMUNOGEN INC IMU GR 269.7 (24.5) 150.5
IMMUNOGEN INC IMGN US 269.7 (24.5) 150.5
INHIBRX INC INBX US 21.3 (67.0) (21.0)
INHIBRX INC 1RK GR 21.3 (67.0) (21.0)
INHIBRX INC 1RK TH 21.3 (67.0) (21.0)
INHIBRX INC INBXEUR EU 21.3 (67.0) (21.0)
INHIBRX INC 1RK QT 21.3 (67.0) (21.0)
INSEEGO CORP INO QT 211.9 (41.9) 46.8
INSEEGO CORP INO TH 211.9 (41.9) 46.8
INSEEGO CORP INSG US 211.9 (41.9) 46.8
INSEEGO CORP INO GR 211.9 (41.9) 46.8
INSEEGO CORP INSGEUR EU 211.9 (41.9) 46.8
INSEEGO CORP INO GZ 211.9 (41.9) 46.8
INSU ACQUISITION INAQU US 0.0 (0.0) (0.0)
INTERCEPT PHARMA I4P TH 637.5 (78.8) 443.1
INTERCEPT PHARMA ICPT US 637.5 (78.8) 443.1
INTERCEPT PHARMA I4P GR 637.5 (78.8) 443.1
INTERCEPT PHARMA I4P QT 637.5 (78.8) 443.1
INTERCEPT PHARMA ICPT* MM 637.5 (78.8) 443.1
IRONWOOD PHARMAC I76 GR 443.5 (36.9) 347.6
IRONWOOD PHARMAC I76 TH 443.5 (36.9) 347.6
IRONWOOD PHARMAC IRWD US 443.5 (36.9) 347.6
IRONWOOD PHARMAC IRWDEUR EU 443.5 (36.9) 347.6
IRONWOOD PHARMAC I76 QT 443.5 (36.9) 347.6
J.C. PENNEY CO JCP* MM 8,403.0 (89.0) 686.0
JACK IN THE BOX JBX GR 1,886.7 (827.0) (42.7)
JACK IN THE BOX JACK US 1,886.7 (827.0) (42.7)
JACK IN THE BOX JBX GZ 1,886.7 (827.0) (42.7)
JACK IN THE BOX JBX QT 1,886.7 (827.0) (42.7)
JACK IN THE BOX JACK1EUR EU 1,886.7 (827.0) (42.7)
JOSEMARIA RESOUR JOSE SS 15.7 (38.0) (49.1)
JOSEMARIA RESOUR NGQSEK EU 15.7 (38.0) (49.1)
JOSEMARIA RESOUR JOSES EB 15.7 (38.0) (49.1)
JOSEMARIA RESOUR JOSES IX 15.7 (38.0) (49.1)
JOSEMARIA RESOUR JOSES I2 15.7 (38.0) (49.1)
KONTOOR BRAND KTB US 1,572.8 (44.9) 589.1
KONTOOR BRAND 3KO TH 1,572.8 (44.9) 589.1
KONTOOR BRAND 3KO GR 1,572.8 (44.9) 589.1
KONTOOR BRAND KTBEUR EU 1,572.8 (44.9) 589.1
KONTOOR BRAND 3KO QT 1,572.8 (44.9) 589.1
KONTOOR BRAND 3KO GZ 1,572.8 (44.9) 589.1
L BRANDS INC LTD GR 10,880.0 (1,904.0) 1,072.0
L BRANDS INC LB US 10,880.0 (1,904.0) 1,072.0
L BRANDS INC LTD TH 10,880.0 (1,904.0) 1,072.0
L BRANDS INC LTD SW 10,880.0 (1,904.0) 1,072.0
L BRANDS INC LBRA AV 10,880.0 (1,904.0) 1,072.0
L BRANDS INC LTD QT 10,880.0 (1,904.0) 1,072.0
L BRANDS INC LBEUR EU 10,880.0 (1,904.0) 1,072.0
L BRANDS INC LB* MM 10,880.0 (1,904.0) 1,072.0
L BRANDS INC-BDR LBRN34 BZ 10,880.0 (1,904.0) 1,072.0
LENNOX INTL INC LII US 2,124.3 (228.9) 280.7
LENNOX INTL INC LII* MM 2,124.3 (228.9) 280.7
LENNOX INTL INC LXI TH 2,124.3 (228.9) 280.7
LENNOX INTL INC LII1EUR EU 2,124.3 (228.9) 280.7
LENNOX INTL INC LXI GR 2,124.3 (228.9) 280.7
MADISON SQUARE G MSG1EUR EU 1,233.8 (203.4) (162.0)
MADISON SQUARE G MS8 GR 1,233.8 (203.4) (162.0)
MADISON SQUARE G MSGS US 1,233.8 (203.4) (162.0)
MARRIOTT - BDR M1TT34 BZ 25,680.0 (79.0) (2,005.0)
MARRIOTT INTL-A MAR US 25,680.0 (79.0) (2,005.0)
MARRIOTT INTL-A MAQ GR 25,680.0 (79.0) (2,005.0)
MARRIOTT INTL-A MAQ TH 25,680.0 (79.0) (2,005.0)
MARRIOTT INTL-A MAQ SW 25,680.0 (79.0) (2,005.0)
MARRIOTT INTL-A MAR TE 25,680.0 (79.0) (2,005.0)
MARRIOTT INTL-A MAQ GZ 25,680.0 (79.0) (2,005.0)
MARRIOTT INTL-A MAREUR EU 25,680.0 (79.0) (2,005.0)
MARRIOTT INTL-A MAR AV 25,680.0 (79.0) (2,005.0)
MARRIOTT INTL-A MAQ QT 25,680.0 (79.0) (2,005.0)
MCDONALD'S CORP TCXMCD AU 49,938.9 (9,463.1) (636.7)
MCDONALDS - BDR MCDC34 BZ 49,938.9 (9,463.1) (636.7)
MCDONALDS CORP MDO TH 49,938.9 (9,463.1) (636.7)
MCDONALDS CORP MCD SW 49,938.9 (9,463.1) (636.7)
MCDONALDS CORP MCD US 49,938.9 (9,463.1) (636.7)
MCDONALDS CORP MDO GR 49,938.9 (9,463.1) (636.7)
MCDONALDS CORP MCD* MM 49,938.9 (9,463.1) (636.7)
MCDONALDS CORP MCD TE 49,938.9 (9,463.1) (636.7)
MCDONALDS CORP MCD CI 49,938.9 (9,463.1) (636.7)
MCDONALDS CORP 0R16 LN 49,938.9 (9,463.1) (636.7)
MCDONALDS CORP MCDUSD SW 49,938.9 (9,463.1) (636.7)
MCDONALDS CORP MDO GZ 49,938.9 (9,463.1) (636.7)
MCDONALDS CORP MCDEUR EU 49,938.9 (9,463.1) (636.7)
MCDONALDS CORP MCD AV 49,938.9 (9,463.1) (636.7)
MCDONALDS CORP MDO QT 49,938.9 (9,463.1) (636.7)
MCDONALDS-CEDEAR MCD AR 49,938.9 (9,463.1) (636.7)
MCDONALDS-CEDEAR MCDC AR 49,938.9 (9,463.1) (636.7)
MCDONALDS-CEDEAR MCDD AR 49,938.9 (9,463.1) (636.7)
MERCER PARK BR-A MRCQF US 411.4 (9.5) 2.9
MERCER PARK BR-A BRND/A/U CN 411.4 (9.5) 2.9
MICHAELS COS INC MIK US 3,923.3 (1,509.9) 385.4
MICHAELS COS INC MIM GR 3,923.3 (1,509.9) 385.4
MICHAELS COS INC MIM TH 3,923.3 (1,509.9) 385.4
MICHAELS COS INC MIKEUR EU 3,923.3 (1,509.9) 385.4
MICHAELS COS INC MIM QT 3,923.3 (1,509.9) 385.4
MICHAELS COS INC MIM GZ 3,923.3 (1,509.9) 385.4
MIGOM GLOBAL COR MGOM US 0.0 (0.0) (0.0)
MILESTONE MEDICA MMDPLN EU 0.7 (15.4) (15.5)
MILESTONE MEDICA MMD PW 0.7 (15.4) (15.5)
MOTOROLA SOL-CED MSI AR 10,374.0 (815.0) 606.0
MOTOROLA SOLUTIO MTLA TH 10,374.0 (815.0) 606.0
MOTOROLA SOLUTIO MOT TE 10,374.0 (815.0) 606.0
MOTOROLA SOLUTIO MSI US 10,374.0 (815.0) 606.0
MOTOROLA SOLUTIO MTLA GR 10,374.0 (815.0) 606.0
MOTOROLA SOLUTIO MOSI AV 10,374.0 (815.0) 606.0
MOTOROLA SOLUTIO MTLA GZ 10,374.0 (815.0) 606.0
MOTOROLA SOLUTIO MSI1EUR EU 10,374.0 (815.0) 606.0
MOTOROLA SOLUTIO MTLA QT 10,374.0 (815.0) 606.0
MSCI INC 3HM GR 4,187.4 (310.9) 1,064.9
MSCI INC MSCI US 4,187.4 (310.9) 1,064.9
MSCI INC 3HM GZ 4,187.4 (310.9) 1,064.9
MSCI INC 3HM QT 4,187.4 (310.9) 1,064.9
MSCI INC MSCI* MM 4,187.4 (310.9) 1,064.9
MSG NETWORKS- A MSGN US 850.8 (552.8) 258.6
MSG NETWORKS- A 1M4 GR 850.8 (552.8) 258.6
MSG NETWORKS- A 1M4 QT 850.8 (552.8) 258.6
MSG NETWORKS- A MSGNEUR EU 850.8 (552.8) 258.6
MSG NETWORKS- A 1M4 TH 850.8 (552.8) 258.6
NATHANS FAMOUS NATH US 102.2 (65.3) 76.4
NATHANS FAMOUS NFA GR 102.2 (65.3) 76.4
NATHANS FAMOUS NATHEUR EU 102.2 (65.3) 76.4
NAVISTAR INTL IHR TH 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL IHR GR 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL NAV US 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL NAVEUR EU 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL IHR QT 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL IHR GZ 6,675.0 (3,828.0) 1,577.0
NESCO HOLDINGS I NSCO US 783.2 (40.2) 47.6
NEW ENG RLTY-LP NEN US 294.8 (37.7) -
NKARTA INC NKTX US 43.6 (24.1) (37.4)
NORTONLIFEL- BDR S1YM34 BZ 6,405.0 (503.0) (598.0)
NORTONLIFELOCK I NLOK US 6,405.0 (503.0) (598.0)
NORTONLIFELOCK I SYM GR 6,405.0 (503.0) (598.0)
NORTONLIFELOCK I SYMC TE 6,405.0 (503.0) (598.0)
NORTONLIFELOCK I NLOK* MM 6,405.0 (503.0) (598.0)
NORTONLIFELOCK I SYM GZ 6,405.0 (503.0) (598.0)
NORTONLIFELOCK I SYMCEUR EU 6,405.0 (503.0) (598.0)
NORTONLIFELOCK I SYMC AV 6,405.0 (503.0) (598.0)
NORTONLIFELOCK I SYM QT 6,405.0 (503.0) (598.0)
NUTANIX INC - A 0NU GZ 1,768.5 (275.0) 333.8
NUTANIX INC - A 0NU GR 1,768.5 (275.0) 333.8
NUTANIX INC - A 0NU TH 1,768.5 (275.0) 333.8
NUTANIX INC - A NTNXEUR EU 1,768.5 (275.0) 333.8
NUTANIX INC - A 0NU QT 1,768.5 (275.0) 333.8
NUTANIX INC - A NTNX US 1,768.5 (275.0) 333.8
OMEROS CORP OMER US 70.7 (161.3) 0.9
OMEROS CORP 3O8 GR 70.7 (161.3) 0.9
OMEROS CORP 3O8 QT 70.7 (161.3) 0.9
OMEROS CORP 3O8 TH 70.7 (161.3) 0.9
OMEROS CORP OMEREUR EU 70.7 (161.3) 0.9
ONTRAK INC OTRK US 25.0 (30.0) 2.6
ONTRAK INC HY1N GZ 25.0 (30.0) 2.6
ONTRAK INC HY1N GR 25.0 (30.0) 2.6
ONTRAK INC CATSEUR EU 25.0 (30.0) 2.6
ONTRAK INC HY1N TH 25.0 (30.0) 2.6
OPEN LENDING C-A LPRO US 186.5 (464.3) -
OPTIVA INC OPT CN 91.1 (49.6) 4.5
OPTIVA INC RKNEF US 91.1 (49.6) 4.5
OTIS WORLDWI OTIS US 10,441.0 (3,576.0) 630.0
OTIS WORLDWI 4PG GR 10,441.0 (3,576.0) 630.0
OTIS WORLDWI OTISEUR EU 10,441.0 (3,576.0) 630.0
OTIS WORLDWI 4PG GZ 10,441.0 (3,576.0) 630.0
OTIS WORLDWI OTIS* MM 10,441.0 (3,576.0) 630.0
OTIS WORLDWI 4PG TH 10,441.0 (3,576.0) 630.0
OTIS WORLDWI 4PG QT 10,441.0 (3,576.0) 630.0
PAPA JOHN'S INTL PP1 GR 757.7 (33.4) (3.4)
PAPA JOHN'S INTL PZZA US 757.7 (33.4) (3.4)
PAPA JOHN'S INTL PZZAEUR EU 757.7 (33.4) (3.4)
PAPA JOHN'S INTL PP1 GZ 757.7 (33.4) (3.4)
PARATEK PHARMACE N4CN TH 227.1 (63.5) 188.3
PARATEK PHARMACE PRTK US 227.1 (63.5) 188.3
PARATEK PHARMACE N4CN GR 227.1 (63.5) 188.3
PHILIP MORRI-BDR PHMO34 BZ 39,162.0 (10,120.0) 1,984.0
PHILIP MORRIS IN PM1EUR EU 39,162.0 (10,120.0) 1,984.0
PHILIP MORRIS IN PMI SW 39,162.0 (10,120.0) 1,984.0
PHILIP MORRIS IN 4I1 GR 39,162.0 (10,120.0) 1,984.0
PHILIP MORRIS IN PM US 39,162.0 (10,120.0) 1,984.0
PHILIP MORRIS IN PM1CHF EU 39,162.0 (10,120.0) 1,984.0
PHILIP MORRIS IN 4I1 TH 39,162.0 (10,120.0) 1,984.0
PHILIP MORRIS IN PM1 TE 39,162.0 (10,120.0) 1,984.0
PHILIP MORRIS IN PMIZ IX 39,162.0 (10,120.0) 1,984.0
PHILIP MORRIS IN PMIZ EB 39,162.0 (10,120.0) 1,984.0
PHILIP MORRIS IN 0M8V LN 39,162.0 (10,120.0) 1,984.0
PHILIP MORRIS IN PMOR AV 39,162.0 (10,120.0) 1,984.0
PHILIP MORRIS IN 4I1 GZ 39,162.0 (10,120.0) 1,984.0
PHILIP MORRIS IN PM* MM 39,162.0 (10,120.0) 1,984.0
PHILIP MORRIS IN 4I1 QT 39,162.0 (10,120.0) 1,984.0
PLANET FITNESS-A 3PL QT 1,800.0 (721.7) 446.9
PLANET FITNESS-A PLNT1EUR EU 1,800.0 (721.7) 446.9
PLANET FITNESS-A PLNT US 1,800.0 (721.7) 446.9
PLANET FITNESS-A 3PL TH 1,800.0 (721.7) 446.9
PLANET FITNESS-A 3PL GR 1,800.0 (721.7) 446.9
PLANTRONICS INC PTM GR 2,228.9 (149.7) 183.5
PLANTRONICS INC PLT US 2,228.9 (149.7) 183.5
PLANTRONICS INC PTM GZ 2,228.9 (149.7) 183.5
PLANTRONICS INC PLTEUR EU 2,228.9 (149.7) 183.5
PPD INC PPD US 5,906.5 (1,034.5) 136.9
PRIORITY TECHNOL PRTH US 449.7 (133.5) (4.8)
PROGENITY INC 4ZU TH 111.0 (84.8) 9.5
PROGENITY INC 4ZU GR 111.0 (84.8) 9.5
PROGENITY INC PROGEUR EU 111.0 (84.8) 9.5
PROGENITY INC 4ZU QT 111.0 (84.8) 9.5
PROGENITY INC 4ZU GZ 111.0 (84.8) 9.5
PROGENITY INC PROG US 111.0 (84.8) 9.5
PSOMAGEN INC-KDR 950200 KS - - -
QUANTUM CORP QMCO US 164.9 (195.5) (0.9)
QUANTUM CORP QNT2 GR 164.9 (195.5) (0.9)
QUANTUM CORP QTM1EUR EU 164.9 (195.5) (0.9)
RADIUS HEALTH IN RDUS US 175.1 (109.4) 94.2
RADIUS HEALTH IN 1R8 GR 175.1 (109.4) 94.2
RADIUS HEALTH IN 1R8 TH 175.1 (109.4) 94.2
RADIUS HEALTH IN 1R8 QT 175.1 (109.4) 94.2
RADIUS HEALTH IN RDUSEUR EU 175.1 (109.4) 94.2
REC SILICON ASA REC EU 268.9 (49.9) 4.4
REC SILICON ASA RECO EB 268.9 (49.9) 4.4
REC SILICON ASA RECO IX 268.9 (49.9) 4.4
REC SILICON ASA REC SS 268.9 (49.9) 4.4
REC SILICON ASA RECO S1 268.9 (49.9) 4.4
REC SILICON ASA RECO TQ 268.9 (49.9) 4.4
REC SILICON ASA RECO B3 268.9 (49.9) 4.4
REC SILICON ASA RECO S2 268.9 (49.9) 4.4
REC SILICON ASA REC NO 268.9 (49.9) 4.4
REC SILICON ASA RECO QX 268.9 (49.9) 4.4
REC SILICON ASA RECO I2 268.9 (49.9) 4.4
REC SILICON ASA RECO PO 268.9 (49.9) 4.4
REKOR SYSTEMS IN REKR US 22.6 (4.6) (0.2)
REKOR SYSTEMS IN 38E GR 22.6 (4.6) (0.2)
REKOR SYSTEMS IN REKREUR EU 22.6 (4.6) (0.2)
REVLON INC-A RVL1 GR 2,999.3 (1,548.5) 28.9
REVLON INC-A REV US 2,999.3 (1,548.5) 28.9
REVLON INC-A REV* MM 2,999.3 (1,548.5) 28.9
REVLON INC-A RVL1 TH 2,999.3 (1,548.5) 28.9
REVLON INC-A REVEUR EU 2,999.3 (1,548.5) 28.9
RIMINI STREET IN RMNI US 201.8 (89.8) (91.5)
ROSETTA STONE IN RST US 191.0 (20.2) (65.3)
ROSETTA STONE IN RS8 TH 191.0 (20.2) (65.3)
ROSETTA STONE IN RS8 GR 191.0 (20.2) (65.3)
ROSETTA STONE IN RST1EUR EU 191.0 (20.2) (65.3)
SALLY BEAUTY HOL S7V GR 3,198.1 (69.1) 825.6
SALLY BEAUTY HOL SBH US 3,198.1 (69.1) 825.6
SALLY BEAUTY HOL SBHEUR EU 3,198.1 (69.1) 825.6
SBA COMM CORP 4SB GR 9,390.5 (4,290.6) 71.4
SBA COMM CORP SBAC US 9,390.5 (4,290.6) 71.4
SBA COMM CORP 4SB TH 9,390.5 (4,290.6) 71.4
SBA COMM CORP 4SB GZ 9,390.5 (4,290.6) 71.4
SBA COMM CORP SBAC* MM 9,390.5 (4,290.6) 71.4
SBA COMM CORP 4SB QT 9,390.5 (4,290.6) 71.4
SBA COMM CORP SBACEUR EU 9,390.5 (4,290.6) 71.4
SBA COMMUN - BDR S1BA34 BZ 9,390.5 (4,290.6) 71.4
SCIENTIFIC GAMES TJW GZ 7,844.0 (2,479.0) 847.0
SCIENTIFIC GAMES SGMS US 7,844.0 (2,479.0) 847.0
SCIENTIFIC GAMES TJW GR 7,844.0 (2,479.0) 847.0
SCIENTIFIC GAMES TJW TH 7,844.0 (2,479.0) 847.0
SEALED AIR CORP SEE US 5,756.3 (70.1) 277.4
SEALED AIR CORP SDA GR 5,756.3 (70.1) 277.4
SEALED AIR CORP SEE1EUR EU 5,756.3 (70.1) 277.4
SEALED AIR CORP SDA TH 5,756.3 (70.1) 277.4
SEALED AIR CORP SDA QT 5,756.3 (70.1) 277.4
SERES THERAPEUTI 1S9 SW 100.7 (65.6) 28.5
SERES THERAPEUTI MCRB1EUR EU 100.7 (65.6) 28.5
SERES THERAPEUTI MCRB US 100.7 (65.6) 28.5
SERES THERAPEUTI 1S9 GR 100.7 (65.6) 28.5
SERES THERAPEUTI 1S9 TH 100.7 (65.6) 28.5
SHELL MIDSTREAM SHLX US 2,416.0 (379.0) 317.0
SIRIUS XM HO-BDR SRXM34 BZ 12,465.0 (668.0) (2,057.0)
SIRIUS XM HOLDIN RDO GR 12,465.0 (668.0) (2,057.0)
SIRIUS XM HOLDIN RDO TH 12,465.0 (668.0) (2,057.0)
SIRIUS XM HOLDIN SIRI US 12,465.0 (668.0) (2,057.0)
SIRIUS XM HOLDIN SIRIEUR EU 12,465.0 (668.0) (2,057.0)
SIRIUS XM HOLDIN RDO GZ 12,465.0 (668.0) (2,057.0)
SIRIUS XM HOLDIN SIRI AV 12,465.0 (668.0) (2,057.0)
SIRIUS XM HOLDIN RDO QT 12,465.0 (668.0) (2,057.0)
SIX FLAGS ENTERT 6FE GR 2,968.9 (426.8) 82.8
SIX FLAGS ENTERT SIX US 2,968.9 (426.8) 82.8
SIX FLAGS ENTERT 6FE QT 2,968.9 (426.8) 82.8
SIX FLAGS ENTERT SIXEUR EU 2,968.9 (426.8) 82.8
SIX FLAGS ENTERT 6FE TH 2,968.9 (426.8) 82.8
SLEEP NUMBER COR SNBR US 768.8 (163.0) (420.8)
SLEEP NUMBER COR SL2 GR 768.8 (163.0) (420.8)
SLEEP NUMBER COR SNBREUR EU 768.8 (163.0) (420.8)
SOCIAL CAPITAL IPOB/U US 415.4 400.7 1.2
SOCIAL CAPITAL IPOC/U US 829.2 800.2 1.1
SOCIAL CAPITAL-A IPOC US 829.2 800.2 1.1
SOCIAL CAPITAL-A IPOB US 415.4 400.7 1.2
SONA NANOTECH IN SNANF US 1.7 (2.2) (2.4)
SONA NANOTECH IN SONA CN 1.7 (2.2) (2.4)
STARBUCKS CORP SRB TH 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP SBUX* MM 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP SRB GR 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP SBUX SW 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP SBUX CI 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP TCXSBU AU 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP USSBUX KZ 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP SBUX US 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP SBUX TE 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP SBUXEUR EU 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP SBUX IM 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP 0QZH LI 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP SBUXUSD SW 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP SRB GZ 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP SBUX AV 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP SBUX PE 29,140.6 (8,624.3) (421.0)
STARBUCKS CORP SRB QT 29,140.6 (8,624.3) (421.0)
STARBUCKS-BDR SBUB34 BZ 29,140.6 (8,624.3) (421.0)
STARBUCKS-CEDEAR SBUX AR 29,140.6 (8,624.3) (421.0)
STARBUCKS-CEDEAR SBUXD AR 29,140.6 (8,624.3) (421.0)
TAILORED BRANDS TLRDQ* MM 2,500.4 (378.3) (966.9)
TAUBMAN CENTERS TU8 GR 4,591.4 (274.8) -
TAUBMAN CENTERS TCO US 4,591.4 (274.8) -
TAUBMAN CENTERS TCO2EUR EU 4,591.4 (274.8) -
TRANSDIGM GROUP TDG US 18,179.0 (4,179.0) 5,120.0
TRANSDIGM GROUP T7D GR 18,179.0 (4,179.0) 5,120.0
TRANSDIGM GROUP TDG* MM 18,179.0 (4,179.0) 5,120.0
TRANSDIGM GROUP T7D TH 18,179.0 (4,179.0) 5,120.0
TRANSDIGM GROUP TDGEUR EU 18,179.0 (4,179.0) 5,120.0
TRANSDIGM GROUP T7D QT 18,179.0 (4,179.0) 5,120.0
TRIUMPH GROUP TGI US 2,266.3 (1,047.4) 383.3
TRIUMPH GROUP TG7 GR 2,266.3 (1,047.4) 383.3
TRIUMPH GROUP TG7 TH 2,266.3 (1,047.4) 383.3
TRIUMPH GROUP TGIEUR EU 2,266.3 (1,047.4) 383.3
TUPPERWARE BRAND TUP US 1,194.3 (282.3) (730.8)
TUPPERWARE BRAND TUP GR 1,194.3 (282.3) (730.8)
TUPPERWARE BRAND TUP SW 1,194.3 (282.3) (730.8)
TUPPERWARE BRAND TUP TH 1,194.3 (282.3) (730.8)
TUPPERWARE BRAND TUP1EUR EU 1,194.3 (282.3) (730.8)
TUPPERWARE BRAND TUP GZ 1,194.3 (282.3) (730.8)
TUPPERWARE BRAND TUP QT 1,194.3 (282.3) (730.8)
UBIQUITI INC 3UB GR 737.5 (295.5) 322.4
UBIQUITI INC UI US 737.5 (295.5) 322.4
UBIQUITI INC 3UB GZ 737.5 (295.5) 322.4
UBIQUITI INC UBNTEUR EU 737.5 (295.5) 322.4
UNISYS CORP UISEUR EU 2,399.3 (238.7) 527.3
UNISYS CORP UISCHF EU 2,399.3 (238.7) 527.3
UNISYS CORP USY1 TH 2,399.3 (238.7) 527.3
UNISYS CORP USY1 GR 2,399.3 (238.7) 527.3
UNISYS CORP UIS US 2,399.3 (238.7) 527.3
UNISYS CORP UIS1 SW 2,399.3 (238.7) 527.3
UNISYS CORP USY1 QT 2,399.3 (238.7) 527.3
UNISYS CORP USY1 GZ 2,399.3 (238.7) 527.3
UNITI GROUP INC 8XC TH 4,816.2 (2,217.1) -
UNITI GROUP INC 8XC GR 4,816.2 (2,217.1) -
UNITI GROUP INC UNIT US 4,816.2 (2,217.1) -
VALVOLINE INC VVVEUR EU 2,963.0 (188.0) 947.0
VALVOLINE INC 0V4 GR 2,963.0 (188.0) 947.0
VALVOLINE INC 0V4 TH 2,963.0 (188.0) 947.0
VALVOLINE INC 0V4 QT 2,963.0 (188.0) 947.0
VALVOLINE INC VVV US 2,963.0 (188.0) 947.0
VECTOR GROUP LTD VGR US 1,531.7 (669.2) 300.6
VECTOR GROUP LTD VGR GR 1,531.7 (669.2) 300.6
VECTOR GROUP LTD VGREUR EU 1,531.7 (669.2) 300.6
VECTOR GROUP LTD VGR TH 1,531.7 (669.2) 300.6
VECTOR GROUP LTD VGR QT 1,531.7 (669.2) 300.6
VECTOR GROUP LTD VGR GZ 1,531.7 (669.2) 300.6
VERISIGN INC VRS TH 1,820.1 (1,400.3) 231.3
VERISIGN INC VRS GR 1,820.1 (1,400.3) 231.3
VERISIGN INC VRSN US 1,820.1 (1,400.3) 231.3
VERISIGN INC VRS SW 1,820.1 (1,400.3) 231.3
VERISIGN INC VRSN* MM 1,820.1 (1,400.3) 231.3
VERISIGN INC VRS GZ 1,820.1 (1,400.3) 231.3
VERISIGN INC VRSNEUR EU 1,820.1 (1,400.3) 231.3
VERISIGN INC VRS QT 1,820.1 (1,400.3) 231.3
VERISIGN INC-BDR VRSN34 BZ 1,820.1 (1,400.3) 231.3
VERISIGN-CEDEAR VRSN AR 1,820.1 (1,400.3) 231.3
VIVINT SMART HOM VVNT US 2,829.9 (1,404.9) (218.0)
WARNER MUSIC-A WMG US 6,148.0 (21.0) (943.0)
WARNER MUSIC-A WMGEUR EU 6,148.0 (21.0) (943.0)
WARNER MUSIC-A WA4 GR 6,148.0 (21.0) (943.0)
WARNER MUSIC-A WA4 GZ 6,148.0 (21.0) (943.0)
WARNER MUSIC-A WMG AV 6,148.0 (21.0) (943.0)
WARNER MUSIC-A WA4 TH 6,148.0 (21.0) (943.0)
WATERS CORP WAZ TH 2,648.3 (191.7) 572.1
WATERS CORP WAT US 2,648.3 (191.7) 572.1
WATERS CORP WAZ GR 2,648.3 (191.7) 572.1
WATERS CORP WAT* MM 2,648.3 (191.7) 572.1
WATERS CORP WAZ QT 2,648.3 (191.7) 572.1
WATERS CORP WATEUR EU 2,648.3 (191.7) 572.1
WATERS CORP-BDR WATC34 BZ 2,648.3 (191.7) 572.1
WAYFAIR INC- A W US 4,379.5 (787.4) 595.6
WAYFAIR INC- A W* MM 4,379.5 (787.4) 595.6
WAYFAIR INC- A 1WF GZ 4,379.5 (787.4) 595.6
WAYFAIR INC- A 1WF QT 4,379.5 (787.4) 595.6
WAYFAIR INC- A 1WF GR 4,379.5 (787.4) 595.6
WAYFAIR INC- A 1WF TH 4,379.5 (787.4) 595.6
WAYFAIR INC- A WEUR EU 4,379.5 (787.4) 595.6
WESTERN UNIO-BDR WUNI34 BZ 8,707.0 (73.4) (290.8)
WESTERN UNION W3U GR 8,707.0 (73.4) (290.8)
WESTERN UNION WU US 8,707.0 (73.4) (290.8)
WESTERN UNION W3U TH 8,707.0 (73.4) (290.8)
WESTERN UNION WU* MM 8,707.0 (73.4) (290.8)
WESTERN UNION W3U SW 8,707.0 (73.4) (290.8)
WESTERN UNION W3U GZ 8,707.0 (73.4) (290.8)
WESTERN UNION WUEUR EU 8,707.0 (73.4) (290.8)
WESTERN UNION W3U QT 8,707.0 (73.4) (290.8)
WHITING PETROLEU WLL1* MM 3,732.2 (178.3) (478.8)
WHITING PETROLEU WLL US 3,732.2 (178.3) (478.8)
WHITING PETROLEU WHT2 GR 3,732.2 (178.3) (478.8)
WHITING PETROLEU WLL1EUR EU 3,732.2 (178.3) (478.8)
WHITING PETROLEU WHT2 GZ 3,732.2 (178.3) (478.8)
WHITING PETROLEU WHT2 TH 3,732.2 (178.3) (478.8)
WHITING PETROLEU WHT2 QT 3,732.2 (178.3) (478.8)
WIDEOPENWEST INC WU5 TH 2,494.4 (238.6) (95.8)
WIDEOPENWEST INC WU5 GR 2,494.4 (238.6) (95.8)
WIDEOPENWEST INC WU5 QT 2,494.4 (238.6) (95.8)
WIDEOPENWEST INC WOW1EUR EU 2,494.4 (238.6) (95.8)
WIDEOPENWEST INC WOW US 2,494.4 (238.6) (95.8)
WINGSTOP INC WING1EUR EU 201.1 (192.7) 19.9
WINGSTOP INC WING US 201.1 (192.7) 19.9
WINGSTOP INC EWG GR 201.1 (192.7) 19.9
WINGSTOP INC EWG GZ 201.1 (192.7) 19.9
WINMARK CORP WINA US 31.6 (18.6) 0.5
WINMARK CORP GBZ GR 31.6 (18.6) 0.5
WORKHORSE GROUP WKHS US 55.5 (70.5) (70.0)
WORKHORSE GROUP WKHSEUR EU 55.5 (70.5) (70.0)
WORKHORSE GROUP 1WO TH 55.5 (70.5) (70.0)
WORKHORSE GROUP 1WO GZ 55.5 (70.5) (70.0)
WORKHORSE GROUP 1WO GR 55.5 (70.5) (70.0)
WORKHORSE GROUP 1WO QT 55.5 (70.5) (70.0)
WW INTERNATIONAL WW US 1,469.5 (645.5) (93.7)
WW INTERNATIONAL WW6 GR 1,469.5 (645.5) (93.7)
WW INTERNATIONAL WW6 TH 1,469.5 (645.5) (93.7)
WW INTERNATIONAL WW6 GZ 1,469.5 (645.5) (93.7)
WW INTERNATIONAL WTW AV 1,469.5 (645.5) (93.7)
WW INTERNATIONAL WTWEUR EU 1,469.5 (645.5) (93.7)
WW INTERNATIONAL WW6 QT 1,469.5 (645.5) (93.7)
WYNDHAM DESTINAT WD5 TH 7,597.0 (1,050.0) 1,308.0
WYNDHAM DESTINAT WD5 GR 7,597.0 (1,050.0) 1,308.0
WYNDHAM DESTINAT WYND US 7,597.0 (1,050.0) 1,308.0
WYNDHAM DESTINAT WD5 QT 7,597.0 (1,050.0) 1,308.0
WYNDHAM DESTINAT WYNEUR EU 7,597.0 (1,050.0) 1,308.0
YRC WORLDWIDE IN YEL1 GR 1,936.6 (466.9) 57.0
YRC WORLDWIDE IN YRCW US 1,936.6 (466.9) 57.0
YRC WORLDWIDE IN YEL1 TH 1,936.6 (466.9) 57.0
YRC WORLDWIDE IN YRCWEUR EU 1,936.6 (466.9) 57.0
YRC WORLDWIDE IN YEL1 QT 1,936.6 (466.9) 57.0
YUM! BRANDS -BDR YUMR34 BZ 6,421.0 (8,108.0) 923.0
YUM! BRANDS INC TGR TH 6,421.0 (8,108.0) 923.0
YUM! BRANDS INC TGR GR 6,421.0 (8,108.0) 923.0
YUM! BRANDS INC YUM* MM 6,421.0 (8,108.0) 923.0
YUM! BRANDS INC YUM US 6,421.0 (8,108.0) 923.0
YUM! BRANDS INC YUMUSD SW 6,421.0 (8,108.0) 923.0
YUM! BRANDS INC TGR GZ 6,421.0 (8,108.0) 923.0
YUM! BRANDS INC YUM AV 6,421.0 (8,108.0) 923.0
YUM! BRANDS INC TGR TE 6,421.0 (8,108.0) 923.0
YUM! BRANDS INC YUMEUR EU 6,421.0 (8,108.0) 923.0
YUM! BRANDS INC TGR QT 6,421.0 (8,108.0) 923.0
YUM! BRANDS INC YUM SW 6,421.0 (8,108.0) 923.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 2020. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***