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/raid1/www/Hosts/bankrupt/TCR_Public/210206.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, February 6, 2021, Vol. 25, No. 36 Headlines GARRETT MOTION: Net Income Increases to $114.19 Million in December TUESDAY MORNING: Had $23.41 Million Ending Cash Balance at Dec. 31 ********* GARRETT MOTION: Net Income Increases to $114.19 Million in December ------------------------------------------------------------------- Garrett Motion Inc., et al., filed with the U.S. Securities and Exchange Commission their monthly operating report for December 2020. The Debtors' statement of operations showed a net income of $114.19 million on $2.27 billion of net sales for December, as compared to $101.21 million net income reported for November. As of December 31, 2020, the Debtors listed $2.10 billion in consolidated total assets, $4.85 billion in consolidated total liabilities, and -$2.76 billion in consolidated total shareholders' equity. They listed total receipts of $240.31 million and total disbursements of $268.22 million for the month. A copy of the monthly operating report is available at the SEC at: https://bit.ly/3sYxhhT About Garrett Motion Based in Switzerland, Garrett Motion Inc. (NYSE: GTX) designs, manufactures and sells highly engineered turbocharger and electric-boosting technologies for light and commercial vehicle original equipment manufacturers and the global vehicle and independent aftermarket. Garrett Motion and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-12212) on Sept. 20, 2020. Garrett disclosed $2.066 billion in assets and $4.169 billion in liabilities as of June 30, 2020. The Debtors tapped Sullivan & Cromwell LLP as counsel, Quinn Emanuel Urquhart & Sullivan LLP as co-counsel, Perella Weinberg Partners and Morgan Stanley & Co. LLC as investment bankers, and AlixPartners LP as restructuring advisor. Kurtzman Carson Consultants LLC is the claims agent. On Oct. 5, 2020, the U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in the Debtors' Chapter 11 cases. White & Case LLP and Conway MacKenzie, LLC serve as the committee's legal counsel and financial advisor, respectively. An Official Committee of Equity Securities Holders has also been appointed in the case and is represented by Andrew K. Glenn, Esq., David S. Rosner, Esq., Matthew B. Stein, Esq., and Shai Schmidt, Esq. of Kasowitz Benson Torres LLP. TUESDAY MORNING: Had $23.41 Million Ending Cash Balance at Dec. 31 ------------------------------------------------------------------ Tuesday Morning Corporation, et al., filed with the U.S. Securities and Exchange Commission their monthly operating report for December 2020. In their schedule of cash receipts and disbursements, the Debtors reported $21.80 million beginning cash balance at December 1, 2020. They listed total cash receipts of $187.79 million and total cash disbursements of $186.18 million. Disbursements include $5.63 million in professional fees. Thus, the Debtors had an ending cash balance of $23.41 million at December 31, 2020. A copy of the monthly operating report is available at the SEC at: https://bit.ly/3psfflY About Tuesday Morning Corp. 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. On the Web 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 creditors' committee is represented by Munsch Hardt Kopf & Harr, P.C. Winstead PC, as Texas co-counsel. On Oct. 5, 2020, the Office of the U.S. Trustee appointed a committee to represent equity security holders. The equity committee tapped Pachulski Stang Ziehl & Jones, LLP as its legal counsel, and PJ Solomon, L.P., and PJ Solomon Securities, LLC, as its financial advisor and investment banker. ********* 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 2021. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***