/raid1/www/Hosts/bankrupt/TCR_Public/210209.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, February 9, 2021, Vol. 25, No. 39
Headlines
7 GENERAL: Unsecureds Owed $6.14M to Split $273K in Plan
AIR METHODS: Moody's Completes Review, Retains Caa1 CFR
ALCAMI CORP: Moody's Completes Review, Retains Caa2 CFR
ALCOA CORPORATION: Egan-Jones Hikes Sr. Unsecured Ratings to BB+
ALEXANDER B. KASPAR: Selling Putnam Valley Property for $1.95 Mil.
ALLIANCE HEALTHCARE: Moody's Completes Review, Retains Caa2 CFR
ALLY FINANCIAL: Moody's Completes Review, Retains Ba1 Rating
APPLOVIN CORP: New $300MM Term Loan No Impact on Moody's B1 CFR
ARMED BEAVERS: Wins Cash Collateral Access Thru March 6
AXIA REALTY: Gets OK to Hire Corcoran Group as Real Estate Broker
BARRACUDA NETWORKS: Moody's Completes Review, Retains B3 CFR
BEAL MANUFACTURING: Gets Approval to Hire Moon Wright as Counsel
BEAL MANUFACTURING: Gets Court Approval to Tap Financial Advisor
BELK INC: Moody's Appends 'LD' to Ca-PD Prob. of Default Rating
BOXER PARENT: Moody's Completes Review, Retains B3 CFR
BOY SCOUTS OF AMERICA: Victims Calls for Probe on Ch. 11 Claims
BRICK HOUSE: Seeks to Use Cash Collateral Thru April 30
CACHET FINANCIAL: Has Until March 19 to Solicit Plan Acceptances
CHRISTOPHER & BANKS: Auction of Substantially All Assets on Feb. 19
CICI'S HOLDINGS: March 3 Plan Confirmation Hearing Set
CITCO ENTERPRISES: SBA Accord Over Cash Collateral Use OK'd
CONNEAUT LAKE PARK: Keldon Buying All Assets for $1.2 Million Cash
CRED INC: Examiner Seeks Approval to Hire Brown Rudnick as Counsel
CRED INC: Examiner Seeks to Hire Ashby & Geddes as Local Counsel
CRED INC: Former Executive Must Return Firm's Bitcoin
DELTA AIR LINES: D.C. Circuit Rejects Pilots' Bid to Rethink Suit
DEPENDABLE BUILDING: Resolves IDES' Objection; Plan Confirmed
DOMINO ONE: Plan Confirmed by Judge; Unsecureds to Get 2%
E2OPEN LLC: Moody's Completes Review, Retains B2 CFR
EAGLE HOSPITALITY: U.S. Trustee Appoints Creditors' Committee
ECHELON PROPERTY: A.M. Best Cuts Fin. Strength Rating to C (Weak)
ENSEMBLE RCM: Moody's Affirms B2 CFR, Outlook Stable
EPICOR SOFTWARE: Moody's Completes Review, Retains B3 CFR
ERC FINANCE: Moody's Completes Review, Retains Caa1 CFR
EVERGREEN MORTGAGE: Gets OK to Hire Business Resource as Bookkeeper
EXACTECH INC: Moody's Affirms B3 CFR & Alters Outlook to Stable
FC COMPASSUS: Moody's Completes Review, Retains B2 CFR
FERRELLGAS PARTNERS: Seeks to Deny Appointment of Equity Committee
FIRST BANCORP: Moody's Completes Review, Retains B2 Issuer Rating
FREEPORT-MCMORAN: Egan-Jones Hikes Senior Unsecured Ratings to BB
FULL HOUSE: Moody's Assigns Caa1 CFR, Outlook Stable
GIRARDI & KEESE: 2 Firms Default in Suit Over Boeing Settlement
GK HOLDINGS: Default Event No Impact on Moody's Ca CFR
GLOBAL MEDICAL: Moody's Completes Review, Retains B2 CFR
GOODRX INC: Moody's Completes Review, Retains B1 CFR
GORHAM PAPER: USW Out as Committee Member
GPB CAPITAL: Founder Indicted on Fraud, Conspiracy Charges
GPB CAPITAL: Ran $1.7 Billion Ponzi-Like Scheme, SEC Says
GRAVITY HOLDINGS: Seeks to Hire Charles Elliott as Special Counsel
GRUPO AEROMEXICO: Asks for 120-Day Extension for Restructuring Plan
GTM REAL ESTATE: Seeks to Hire Haynie & Company as Accountant
IMMUNE PHARMACEUTICALS: Securities Fraud Claim Dismissed
INTERSTATE COMMODITIES: Proposes Sale or Abandonment of Assets
JAX AVALON: U.S. Trustee Unable to Appoint Committee
JONES AUTO: Seeks to Hire Welch and Company as Legal Counsel
JSAA REALTY: Plan Says Enterprises to Hike Rental After Renovation
KD BELLE TERRE: March 3 Disclosure Statement Hearing Set
KLAUSNER LUMBER: Asks Court for June 8 Plan Exclusivity Extension
KNOTEL INC: Seeks Shortened Hearing Notice of Bid Procedures Motion
KNOTEL INC: Sets Bid Procedures for $70-Mil. Sale of All Assets
KRISTINA MA. MCGUIRE: Maxon Buying Brecksville Residence for $1.1M
LIFTOFF MOBILE: Moody's Assigns First Time B2 Corp. Family Rating
LUCKIN COFFEE: Chapter 15 Case Summary
LUCKIN COFFEE: March 16 Recognition Hearing of Cayman Liquidation
MA REAL ESTATE: Cash Collateral Deal with Wildfire OK'd
MALLINCKODT PLC: Acthar Victims Hits Skadden for Chapter 11 Role
MILLS FORESTRY: Expects Tax Returns Prior to Disclosures Hearing
MILLS FORESTRY: Seeks to Tap Easom & Easom as Tax Accountant
MISSISSIPPI MATERNAL-FETAL: Seeks to Tap Bankruptcy Counsel
MODIVCARE INC: Moody's Completes Review, Retains B1 CFR
MOTELS OF SUGAR: Seeks Approval to Hire KC Cohen as Counsel
NATIONAL RIFLE: Seeks to Hire 'Ordinary Course' Professionals
NATIONAL RIFLE: U.S. Trustee Appoints Creditors' Committee
NORTHERN OIL: Moody's Rates New $500MM Notes Caa1, Outlook Positive
NUANCE COMMUNICATIONS: Moody's Completes Review, Retains Ba3 CFR
OHIO VALLEY: Moody's Completes Review, Retains Ba1 Rating
OPTIMIZED LEASING: Amended Disclosures Hearing Reset to March 4
OPTIMIZED LEASING: Huntington National Opposes Amended Disclosures
OPTIMIZED LEASING: Wells Fargo Says Plan Unconfirmable
ORTIZ FAMILY ESTATE: Lien Holder Says Plan Facially Defective
PAREXEL INT'L: Moody's Lowers Ratings on Secured Loans to B2
PATHWAY VET: Moody's Completes Review, Retains B3 CFR
PAUL T. VON NESSI: Selling South Orange Property for $525.5K Cash
POPULAR INC: Moody's Completes Review, Retains B1 Debt Rating
RADNET MANAGEMENT: Moody's Completes Review, Retains B2 CFR
RANDAL L. LOEHRKE: Selling Two Saxeville Properties for $143K
REGIONAL VALVE: Unsec. Creditors to Get 50% of Claims Over 5 Years
RENT-A-CENTER INC: Moody's Rates New $450MM Unsecured Notes 'B2'
RIVERBED TECHNOLOGY: Moody's Completes Review, Retains Caa1 CFR
SEADRILL LTD: Asian Units Seek Chapter 11 Protection
SENIOR PRO: Itria Ventures Opposes Plan & Disclosures
SERENDIPITY LABS: Hall Parties' Bid to Nix Plan Exclusivity Denied
SHIELDS HEALTH: Moody's Completes Review, Retains B3 CFR
SHINKUCASI LLC: Files Emergency Bid to Use Cash Collateral
SHINKUCASI LLC: Gets OK to Hire MVP Realty as Broker
SKYFUEL INC: Expects Sale Plan to Pay 75% to 100% to Unsecureds
SLM CORP: Moody's Completes Review, Retains Ba1 Debt Rating
SONICWALL HOLDINGS: Moody's Completes Review, Retains B3 CFR
SOUTHERN VETERINARY: Moody's Completes Review, Retains B3 CFR
STEEL DYNAMICS: Egan-Jones Hikes Senior Unsecured Ratings to BB+
TEAM SERVICES: Moody's Completes Review, Retains B3 CFR
TEXAS CAPITAL: Egan-Jones Hikes Senior Unsecured Ratings to BB+
TRADE WEST: Has Until Feb. 26 to File Plan & Disclosures
UNIFIED WOMEN'S: Moody's Completes Review, Retains B3 CFR
UPSTREAM NEWCO: Moody's Completes Review, Retains B3 CFR
US RADIOLOGY: Moody's Completes Review, Retains B3 CFR
VIZIENT INC: Moody's Completes Review, Retains Ba3 CFR
WC HIRSHFELD: Updates Plan to Include Professional Fee Details
WELLPATH HOLDINGS: Moody's Completes Review, Retains B3 CFR
WITCHEY ENTERPRISES: March 11 Amended Disclosure Hearing Set
WITCHEY ENTERPRISES: Unsecureds Owed $1.2M to Split $150K in Plan
[*] 16 Texas Farms Filed for Chapter 12 Bankruptcy in 2020
[*] Bankruptcy Filings Sink to Lowest Level in 15 Years
[^] Large Companies with Insolvent Balance Sheet
*********
7 GENERAL: Unsecureds Owed $6.14M to Split $273K in Plan
--------------------------------------------------------
7 General Contracting, Inc., filed with the U.S. Bankruptcy Court
for the Southern District of Alabama a Chapter 11 Plan of
Reorganization and a Disclosure Statement on January 29, 2021.
The Chapter 11 case was filed due to a combination of events beyond
the Debtor's control. The Debtor was leveraged in a development
project called Whitetrack which was a large subdivision in
Gulfport, Mississippi which failed to close due to market timing.
Prior to the bankruptcy, the Debtor was involved in numerous
litigation matters with vendors that imperiled the continued
operation of the Debtor. The filing of a large tax lien by the
Internal Revenue Service in November of 2019, in combination with
the aforementioned vendor debts necessitated the filing of this
bankruptcy. The Chapter 11 case was filed to protect the Debtor's
property, to protect the interests of all its creditors, and to
reorganize and restructure its debt.
The Debtor owns one parcel of real property as an investment for
development. It is properly described as Lot 41, Isle of Palms
Subdivision, Mobile, Alabama. Above and beyond any purchase money
secured debts the Debtor's property is subject to a blanket lien of
Hancock Whitney Bank in the approximate amount of $3,102,500 and a
second position, blanket, tax lien of the Internal Revenue Service
in the approximate amount of $343,155. As the Debtor's assets have
a value below the claim amount of Hancock Whitney Bank there is no
equity in the Debtor's assets above and beyond its secured
liabilities.
The Plan provides that within three months of the effective date,
the Debtor will sell the real property described as Lot 41, Isle of
Palms Subdivision, Mobile, Alambama and will pay Hancock Whitney
the sum of the greater of $100,000 or the net to the seller at the
closing with said fudns to be applied to the principal balance of
the claim. The Debtor proposes to pay the remaining balance of the
secured claim in full amortized over15 years at 5.5% interest per
annum. Beginning on the date that is 30 days after the Effective
Date and on a monthly basis for 96 months therefater, with a 10-day
grace period, the Debtor will pay to Hancock payments of principal
and interst. On the first day of the 9th month, the balance then
due and owing will be paid in full.
The Debtor estimates that the total amount of its general
non-priority unsecured claims is $6,141,753. The Debtor forecasts
net cash flow over its 5-year budget to be approximately $275,000.
Holders of Allowed Unsecured Claim shall receive their pro-rata
share of the Unsecured Creditor Fund. The Debtor will pay into the
Unsecured Creditor Fund the sum of $273,000. The first payment of
$12,000 into the Unsecured Creditor Fund will be made on the first
anniversary of the Effective Date and an additional payment of
$12,000 will be made into the Unsecured Creditor Fund by the Debtor
on the second, third, and fourth anniversaries of the effective
date. On the fifth anniversary of the effective date, the Debtor
will pay the additional sum of $180,000. On a date 63 months after
the effective date, the Debtor will pay the additional sum of
$45,000.
The Debtor shall continue to operate its contracting business and
all related activities. All distributions required under the Plan
shall be made from future revenues from the Debtor's business.
A full-text copy of the Disclosure Statement dated Jan. 29, 2021,
is available at https://bit.ly/36R0phE from PacerMonitor.com at no
charge.
Counsel for the Debtor:
J. Willis Garrett, III
GALLOWAY, WETTERMARK & RUTENS, LLP
3263 Cottage Hill Road
Post Office Box 16629
Mobile, AL 36616-0629
Tel: (251) 476-4493
About 7 General Contracting
7 General Contracting, Inc., owns a raw land located in Gulfport,
Mississippi, having an appraised value of $2.2 million.
7 General Contracting, Inc., based in Loxley, AL, filed a Chapter
11 petition (Bankr. S.D. Ala. Case No. 20-10172) on Jan. 17, 2020.
In the petition signed by Charlie Heath Mason, president, the
Debtor disclosed $2,442,634 in assets and $11,581,296 in
liabilities. The Hon. Henry A. Callaway presides over the case.
Robert M. Galloway, Esq., at Galloway Wettermark & Rutens, LLP,
serves as bankruptcy counsel.
AIR METHODS: Moody's Completes Review, Retains Caa1 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Air Methods Corporation and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 1, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations.
Air Methods Corporation's Caa1 Corporate Family Rating reflects
high financial leverage, exposure to weather fluctuations in the
air transport business and legislative uncertainties surrounding
out-of-network reimbursements. Offsetting the above challenges, Air
Methods' credit profile is supported by a sizeable revenue base,
positive free cash flow, and the company's position as a leading
provider of community-based air ambulance services in the United
States.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
ALCAMI CORP: Moody's Completes Review, Retains Caa2 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Alcami Corporation and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on February 1, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Alcami's Caa2 CFR reflects very high financial leverage and weak
interest coverage. The rating also reflects Alcami's modest scale
relative to more established competitors, high regulatory risk, and
aggressive financial policies. The rating is supported by robust
and growing demand for pharmaceutical development and manufacturing
services, as pharmaceutical companies increasingly outsource
development and manufacturing of complex products.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
ALCOA CORPORATION: Egan-Jones Hikes Sr. Unsecured Ratings to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on January 22, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Alcoa Corporation to BB+ from BB-.
Headquartered in Pittsburgh, Pennsylvania, Alcoa Corporation
manufactures metal products.
ALEXANDER B. KASPAR: Selling Putnam Valley Property for $1.95 Mil.
------------------------------------------------------------------
Alexander Bernard Kaspar asks the U.S. Bankruptcy Court for the
Southern District of New York to authorize the private sale of the
property commonly known as 75 Cimarron Road, in Putnam Valley, New
York, identified as Tax Map Nos. 72.1-50; 72.1-47; 72.19-1-29 &
83.1-4, to Lost Domain, LLC for $1.95 million, free and clear of
all encumbrances.
A hearing on the Motion is set for March 9, 2021, at 9:00 a.m.
Objections, if any, must be filed and served no later than seven
business days prior to the hearing date.
Grace DeLibero co-owns the property.
The Debtor previously ran an organic mulching operation, a firewood
processing operation and an aggregate supply operation on the
Property specifically on an area consisting of approximately 13
acres of parcel no. 72.1-47. After various complaints from the
Town of Putnam Valley and a subsequent notice of violations
received from the New York Department of Environmental Conservation
("NYSDEC"), all three operations were eventually forced to shut
down.
Litigation ensued from the Town and a receiver was appointed by the
Putnam County Supreme Court. The Receiver was charged with the
responsibility of remediating the parcel no. 72.1-47.
After nearly six years of no action by the receiver as to
remediation of the parcel and a foreclosure action pending on
another parcel the Debtor filed for bankruptcy protection. The
Town moved early in the case for the reimposition of the receiver
to finalize a sale of the Property as previously ordered by the
Putnam County Supreme Court. The receiver failed to comply with
the procedures, rules and orders of the Bankruptcy Court for the
first year of the case.
By Order dated Dec. 16, 2019, the Receiver was removed and the
Debtor placed back in control of the Estate. The Debtor retained
Real Estate Broker Allen Olmstead in March of 2020 and the Broker
was approved by the Court on July 27, 2020.
The Debtor proposes to sell the Property to Lost Domain for $1.95
million. Both the Debtor and Lost Domain has had extensive
discussions concerning the sale and the necessary Court ordered and
required remediation of parcel 72.1-47. The purchase price is more
than sufficient to pay all outstanding property taxes and any and
all encumbrances that may be attached to the Property including the
Permitted Post-Closing Encumbrances and Assumed Liabilities.
Both the Debtor and Lost Domain are coordinating and communicating
with Environmental Consulting and Management Services ("ECMS"), the
environmental consultant for the Debtor, approved by the Court,
regarding the progress toward a remediation plan. Both parties
have agreed to be bound by the findings of ECMS and the estimated
cost of any necessary remediation plan. Both parties have agreed
that the plan proposed by ECMS must first be approved by NYSDEC and
then the Bankruptcy Court before any action can be taken to pursue
any remediation efforts or payment for such work. They have agreed
that upon conclusion of the remediation work in accordance with the
remediation plan, that once the work is approved by the NYSDEC and
the Court, the Debtor has fulfilled his obligations regarding
remediation of the Property.
The appraised value of the Property was determined to be $1.95
million and the Property was listed for sale in the amount of $1.95
million. The Debtor accepted the offer received from Lost Domain.
The purchase price offered by Lost Domain was the full asking price
of $1.95 million. The purchase agreement was signed by all parties
dated Nov. 21, 2020. A deposit of $50,000 was received by counsel
for the Debtor and is being held in the firm's escrow account. The
Property is being sold without a bidding auction or process.
Finally, the relief that the Debtor asks in the Motion is necessary
to pursue remediation without interruption and to preserve the
value of the Estate. Accordingly, it respectfully asks that the
Court waives the 14-day stay imposed by Bankruptcy Rule 6004(h), as
the exigent nature of the relief sought justifies immediate relief.
A copy of the Agreement is available at
https://tinyurl.com/2m7rgu2m from PacerMonitor.com free of charge.
The Purchaser:
LOST DOMAIN, LLC
8 Cross St.
Wellesley, MA 02842
The Purchaser is represented by:
William A. Shilling, Esq.
122 Old Route 6
Carmel, NY 10512
Telephone: (845) 225-7500
E-mail: waslaw@shillinglegal.com
Alexander Bernard Kaspar sought Chapter 11 protection (Bankr.
S.D.N.Y. Case No. 18-36862) on Nov. 4, 2018. The Debtor tapped
Matthew M. Cabrera, Esq., at M. Cabrera & Associates, P.C as
counsel. Alicia Leonard, Esq., was appointed and serves as the
Chapter 11 Trustee in the case.
ALLIANCE HEALTHCARE: Moody's Completes Review, Retains Caa2 CFR
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Alliance Healthcare Services, Inc. and other ratings
that are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on February 1,
2021 in which Moody's reassessed the appropriateness of the ratings
in the context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations.
Alliance HealthCare Services, Inc.'s Caa2 Corporate Family Rating
reflects a challenging operating environment, weak cash flow in
relation to debt repayment obligations and high financial leverage.
The company's rating benefits from a unique business model of
partnering with hospitals in long term contracts and joint venture
relationships.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
ALLY FINANCIAL: Moody's Completes Review, Retains Ba1 Rating
------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Ally Financial Inc. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 2, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Ally Financial Inc.'s Ba1 long-term senior unsecured rating is
supported by the firm's strong auto lending franchise, its solid
online banking platform with growing deposits and accounts
resulting in a reduced reliance on confidence-sensitive secured and
unsecured debt. Capitalization relative to the firm's risk profile
is adequately reflected in the current rating level, with tangible
common equity to risk weighted assets of 9.4% as of September 30,
2020. Credit challenges include a high concentration to the US auto
lending sector, as well as maintaining asset quality with a growing
auto loan portfolio backed by used vehicles.
The principal methodology used for this review was Banks
Methodology published in November 2019.
APPLOVIN CORP: New $300MM Term Loan No Impact on Moody's B1 CFR
---------------------------------------------------------------
Moody's Investors Service said that AppLovin Corporation proposes
to raise a $300 million incremental term loan B which will increase
total outstanding senior secured term loan debt to $1.79 billion,
all of which matures in August 2025. Net proceeds from the $300
million increase in term loan balances, a $200 million in revolver
advance, a portion of excess cash, plus equity will be applied to
fund the acquisition of Project Active. The increase in term loan
balances and revolver drawdown is credit negative given the
increase in debt to EBITDA to roughly 5.4x (Moody's adjusted) pro
forma for the pending acquisition from 4.9x.
Despite the increase adjusted leverage and reduced liquidity, there
is no impact to AppLovin's B1 Corporate Family Rating or the stable
outlook. Moody's expects continued organic revenue and profit
growth will bring adjusted leverage below Moody's 4.5x downgrade
trigger by mid-2021 with adjusted EBITDA margins remaining above
20% and capital expenditures of less than 2% of revenues. Moody's
expects AppLovin's overall top line and EBITDA will continue to
grow in the double-digit percentage range supported by continued
growth in mobile publishing revenue and consumer in-app purchase
sales. To date, AppLovin's operating performance, including organic
revenue growth, has demonstrated resilience to the impact of
COVID-19. After acquiring a dozen game studios, AppLovin has
amassed a diversified portfolio of mobile games primarily targeting
the casual gamer. In August 2020, the company launched AXON, a
proprietary next-generation machine learning engine, which has
enhanced delivery of targeted ads. Moody's believes that AppLovin
continues to prepare for a potential IPO and recently added two new
independent board members.
Moody's expects liquidity to be very good over the next 12 months,
absent additional acquisitions, with balance sheet cash exceeding
$200 million post-closing of the transaction and good availability
under its expanded and extended $590 million revolver due 2025
($350 million outstanding post-closing of the acquisition). Current
deferred acquisition cost liabilities totaled $101 million as of
September 2020 which is more than covered by cash balances.
AppLovin Corporation, founded in 2011 with headquarters in Palo
Alto, CA, is a leader in the mobile game industry. In addition to
having acquired a dozen mobile game development studios since the
beginning of 2018, the company provides proprietary cloud-first
tools to match buyers and sellers of mobile advertising via
auctions. Absent additional acquisitions, Moody's expects revenues
pro forma for Project Active will exceed $2.5 billion over the next
year.
ARMED BEAVERS: Wins Cash Collateral Access Thru March 6
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado has
authorized Armed Beavers, LLC and affiliates to use cash collateral
on an interim basis through March 6, 2021 in accordance with the
proposed Budgets.
The Debtors are authorized to use Cash Collateral solely at the
times and in the amounts specified in the Budgets, provided,
however, that (a) the total funds expended by the Debtors may not
at any time exceed by more than 10% the cumulative aggregate level
of expenses authorized in the Budgets through the end of the week,
(b) the Debtors may apply any unused portion in one week to any
subsequent weekly period; and (c) the Debtors may amend the Budgets
with the written consent of the Angry Beavers, LLC and Great
Western Bank.
The Debtors are prohibited from using or disposing of the rents,
profits and other proceeds derived from the operation of Gunsmoke
LLC's business and Happy Beavers LLC's real property, fixtures,
proceeds and income encumbered in favor of Great Western Bank and
Angry Beavers, LLC, except in accordance with the provisions of the
Order.
As adequate protection for the Debtors' use of cash collateral, the
Debtors will continue their weekly payments to Great Western Bank
in the amount of $1,000 per week.
The Debtors will also provide the Secured Creditors with
post-petition liens upon all post- petition assets of the Debtors
which are of the same nature or type as the collateral in which the
Secured Creditors had an interest prior to the commencement of
these proceedings. All replacement liens will hold the same
relative priority to assets as did the pre-petition liens.
A copy of the order is available at https://bit.ly/3aHXDfw from
PacerMonitor.com.
About Gunsmoke LLC
Gunsmoke, LLC, a gun shop in Loveland, Colo., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
20-14962) on July 22, 2020. At the time of the filing, the Debtor
had estimated assets of between $100,001 and $500,000 and
liabilities of between $1 million and $10 million.
Judge Joseph G Rosania Jr. oversees the case. The Debtor tapped
Jorgensen, Brownell & Pepin P.C. as legal counsel and Nickie Stobbe
of Profit Accounting Plus and Brian Jacobson of Haynie & Company as
its bookkeeper and accountant, respectively.
Affiliates Happy Beavers, LLC filed its voluntary Chapter 11
petition (Bankr. D. Colo. Case No. 20-14853) on July 17, 2020; and
Armed Beavers, LLC filed for Chapter 11 (Bankr. D. Colo. Case No.
20-14963) on July 22. The three cases are jointly administered.
Armed Beavers, LLC is a Loveland, Colo.-based company that provides
sporting and recreational goods and supplies. At the time of the
filing, it had estimated assets of between $100,001 and $500,000
and liabilities of between $500,001 and $1 million.
Great Western Bank, as creditor, is represented by Michael C.
Payne, Esq.
Angry Beavers, LLC; Edward J. Klen; and Stephen J. Klen, as
creditors, are represented by Nancy D. Miller, Esq., at Nemirow
Perez, P.C.
AXIA REALTY: Gets OK to Hire Corcoran Group as Real Estate Broker
-----------------------------------------------------------------
Axia Realty, LLC received approval from the U.S. Bankruptcy Court
for the Southern District of New York to employ The Corcoran Group
as its real estate broker.
The firm is tapped to market and sell a condominium apartment
located at 40 East 72nd St., Unit 2, New York.
The firm's commission will not exceed 5 percent of the total sale
price of the apartment.
As disclosed in court filings, Corcoran Group is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Robert Doernberg
The Corcoran Group
660 Madison Ave
New York, NY 10065
Phone: 800-5444055
212-355-3550
Fax: 212-223-6381
About Axia Realty
New York-based Axia Realty, LLC filed a Chapter 11 petition (Bankr.
S.D.N.Y. Case No. 20-12511) on Oct. 26, 2020. Antonia Milonas,
manager, signed the petition. In its petition, the Debtor disclosed
$45,750,000 in assets and $9,197,428 in liabilities.
Judge Martin Glenn presides over the case.
The Debtor tapped Tarter Krinsky & Drogin LLP as bankruptcy counsel
and Vernon Consulting Inc. as financial advisor and accountant.
BARRACUDA NETWORKS: Moody's Completes Review, Retains B3 CFR
------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Barracuda Networks, Inc. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on January 27, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Barracuda's B3 Corporate Family Rating reflects the company's very
high leverage offset by its strong niche position in the cyber
security industry. Barracuda is a specialty provider of security
and storage appliances and software to midmarket companies. Though
Barracuda is much smaller than many of its security and storage
peers, it has a leading market position in its target mid-market
niche. Security and data protection spending is expected to grow at
high single digit rates over the next several years driven by
constantly evolving cyber threats, compliance requirements and the
shift of corporate workloads to the cloud.
The principal methodology used for this review was Software
Industry published in August 2018.
BEAL MANUFACTURING: Gets Approval to Hire Moon Wright as Counsel
----------------------------------------------------------------
Beal Manufacturing, Inc. received approval from the U.S. Bankruptcy
Court for the Western District of North Carolina to employ Moon
Wright & Houston, PLLC as its bankruptcy counsel.
The firm will render these legal services:
(a) advise the Debtor of its powers and duties in the
continued operation of its business and management of its
properties;
(b) negotiate, prepare and pursue confirmation of a Chapter 11
plan and approval of a disclosure statement, and all related
reorganization agreements and documents;
(c) prepare legal papers;
(d) represent the Debtor in all adversary proceedings related
to the Debtor's Chapter 11 case;
(e) represent the Debtor in all litigation arising from or
relating to causes of action owned by the estate or defending
causes of action brought against the estate, in any forum;
(f) appear in bankruptcy court; and
(g) perform all other legal services for the Debtor that may
be necessary and proper in the Chapter 11 proceeding.
The principal attorneys and paralegals designated to represent the
Debtor and their agreed hourly rates are as follows:
Richard S. Wright $550
Andrew T. Houston $525
Caleb Brown $325
Amy Murray, Paralegal $150
In addition, the firm will seek reimbursement for its expenses.
Richard Wright, Esq., a partner at Moon Wright & Houston, disclosed
in court filings that the firm is a "disinterested person" as that
term is defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Richard S. Wright, Esq.
Caleb Brown, Esq.
Moon Wright & Houston, PLLC
121 W. Trade Street, Suite 1950
Charlotte, NC 28202
Telephone: (704) 944-6560
Facsimile: (704) 944-0380
Email: rwright@mwhattorneys.com
cbrown@mwhattorneys.com
About Beal Manufacturing
Beal Manufacturing, Inc. sought Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30027) on Jan. 12, 2021. Giles Beal,
president, signed the petition. At the time of the filing, the
Debtor disclosed estimated assets of $10 million to $50 million and
estimated liabilities of $1 million to $10 million.
Judge Laura T. Beyer oversees the case.
The Debtor tapped Moon Wright & Houston, PLLC as legal counsel and
GreerWalker LLP as financial advisor.
BEAL MANUFACTURING: Gets Court Approval to Tap Financial Advisor
----------------------------------------------------------------
Beal Manufacturing, Inc. received approval from the U.S. Bankruptcy
Court for the Western District of North Carolina to employ
GreerWalker LLP as its financial advisor.
GreerWalker's hourly rates are as follows:
William A. Barbee $490
Consultants $150 - $550
In addition, GreerWalker will seek reimbursement for its expenses.
William Barbee, a partner at GreerWalker, disclosed in court
filings that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
William A. Barbee
GreerWalker LLP
227 West Trade Street, Suite 1100
Charlotte, NC 28202
Telephone: (704) 377-0239
About Beal Manufacturing
Beal Manufacturing, Inc. sought Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30027) on Jan. 12, 2021. Giles Beal,
president, signed the petition. At the time of the filing, the
Debtor disclosed estimated assets of $10 million to $50 million and
estimated liabilities of $1 million to $10 million.
Judge Laura T. Beyer oversees the case.
The Debtor tapped Moon Wright & Houston, PLLC as legal counsel and
GreerWalker LLP as financial advisor.
BELK INC: Moody's Appends 'LD' to Ca-PD Prob. of Default Rating
---------------------------------------------------------------
Moody's Investors Service appended Belk, Inc.'s probability of
default rating of Ca-PD with the "/LD" (limited default)
designation as a result of the company's missed amortization and
interest payment on its term loan facilities which constitutes a
default under Moody's definition. All other ratings were unchanged.
The outlook remains negative.
The "/LD" designation will remain until the company addresses the
missed amortization and interest payments. The lenders, as a part
of the restructuring support agreement have agreed to defer payment
of those interest and amortization payments due until closing of
the transaction which is expected through a pre-packaged Chapter 11
filing at the end of February.
RATINGS RATIONALE
Belk, Inc.'s Ca CFR reflects the very high likelihood of a default
given the proposed restructuring support agreement which is
expected to be completed through a pre-packaged Chapter 11 filing.
Execution of the RSA would be considered an event of default. In
addition, the Ca CFR acknowledges that, should the transaction not
be completed as expected, Belk's liquidity is very weak. Belk's
operating performance has been stifled by weak customer demand
which has been curtailed significantly beginning when its stores
were temporarily closed by at the onset of COVID in March 2020. At
October 31, 2020, Belk had $81 million of cash and $170 million of
gross availability (approximately $95 million to avoid cash
dominion) under its ABL facility. Under the RSA as the company will
receive new capital commitments in total of $225 million from
Sycamore Partners, KKR and Blackstone Credit which will enable to
return to more normalized terms with its vendors. Belk's high
leverage following the buyout by Sycamore left the company
vulnerable to the shock sustained from the pandemic with limited
access to additional sources of capital. Sycamore will remain the
majority owner of the company upon execution of the RSA. The
company's modest scale and regional profile with a concentration in
the southeastern U.S. region and modest scale in the challenged
U.S. department store sector also is a constraint. Approximately
50% of Belk's stores are located in three states (North Carolina,
Georgia, and South Carolina).
The negative outlook reflects the likelihood that the RSA will be
completed, which would be considered an event of default. The
company is not expected to have sufficient liquidity to run its
business without completion of the transaction.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A rating upgrade remains unlikely given the proposed transaction.
Ratings could be upgraded to the extent Belk's sales and operating
margins were to stabilize and liquidity improved to become adequate
and any near term maturities were refinanced.
Ratings could be downgraded if expectations for Belk's family
recovery rate deteriorates further or the company files for
bankruptcy.
Headquartered in Charlotte, North Carolina, Belk, Inc. operates
approximately 291 stores in 16 states primarily in Southeastern
states. The company generated revenue of approximately $3.2 billion
during the LTM period ending October 31, 2020. The company was
acquired by Sycamore Partners in a transaction valued at
approximately $3 billion in December 2015.
BOXER PARENT: Moody's Completes Review, Retains B3 CFR
------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of BOXER PARENT COMPANY INC. (BMC) and other ratings that
are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on January 27,
2021 in which Moody's reassessed the appropriateness of the ratings
in the context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Boxer/BMC's B3 Corporate Family Rating is driven primarily by the
company's very high leverage and aggressive financial policies. The
credit profile also considers the strength of BMC's market position
as a leading independent provider of IT systems management software
solutions, the resiliency of the high-margin mainframe software
business and resultant cash generating capabilities. BMC's
mainframe business (including the mainframe portion of workload
automation business) is estimated to generate close to half of the
company's operating profit and cash flow, however it has limited
growth prospects. Although cash flow remains solid, it can swing
significantly based on renewal cycles resulting in free cash flow
to debt levels fluctuating between 0% and 5%.
The principal methodology used for this review was Software
Industry published in August 2018.
BOY SCOUTS OF AMERICA: Victims Calls for Probe on Ch. 11 Claims
---------------------------------------------------------------
Law360 reports that the attorneys for alleged victims of sexual
abusers linked to the Boy Scouts of America fired back Friday,
February 5, 2021, at insurer calls for examinations of the claims
in the organization's Delaware Chapter 11, branding the proposals
as "wasteful and ugly games" aimed at blocking a bankruptcy plan.
The objections, filed by several law firms, targeted allegations by
the insurers that some of the 95,000 claims that flooded into the
debtor's case bore signs of fraud and duplication, and were
possibly the result of potential ethical violations. The
allegations were made in a public version of a motion for a
bankruptcy Rule 2004 examination.
About Boy Scouts of America
The Boy Scouts of America -- https://www.scouting.org/ -- is a
federally chartered non-profit corporation under title 36 of the
United States Code. Founded in 1910 and chartered by an act of
Congress in 1916, the BSA's mission is to train youth in
responsible citizenship, character development, and self-reliance
through participation in a wide range of outdoor activities,
educational programs, and, at older age levels, career-oriented
programs in partnership with community organizations. Its national
headquarters is located in Irving, Texas.
The Boy Scouts of America and affiliate Delaware BSA, LLC, sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on
Feb. 18, 2020, to deal with sexual abuse claims.
Boy Scouts of America was estimated to have $1 billion to $10
billion in assets and at least $500 million in liabilities as of
the bankruptcy filing.
The Debtors have tapped Sidley Austin LLP as their bankruptcy
counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel,
and Alvarez & Marsal North America, LLC as financial advisor. Omni
Agent Solutions is the claims agent.
The U.S. Trustee for Region 3 appointed a tort claimants' committee
and an unsecured creditors' committee on March 5, 2020. The tort
claimants' committee is represented by Pachulski Stang Ziehl &
Jones, LLP while the unsecured creditors' committee is represented
by Kramer Levin Naftalis & Frankel, LLP.
BRICK HOUSE: Seeks to Use Cash Collateral Thru April 30
-------------------------------------------------------
Brick House Properties, LLC asks the U.S. Bankruptcy Court for the
District of Utah, Central Division, for authority to use cash
collateral on a final basis through April 30, 2021, and provide
adequate protection payments.
The Debtor requires funds to continue to operate its business as a
going concern and to manage and preserve the Property for the
benefit of Zions Bank and other creditors.
The Debtor owns land, comprised of two separate parcels, located at
1624 and 1646 West 13200 South, Riverton, Utah 84065. The Property
is comprised of approximately three acres of land, and is used by
the Debtor's tenants for a variety of purposes.
The Debtor's business consists primarily of holding and managing
the Property. In connection with the Property, the Debtor has
obtained financing from Zions Bank and as a condition of that
financing, has granted Zions Bank a first-priority trust deed which
encumbers the Property. The Debtor has also granted Zions Bank an
assignment of leases, rents and income generated from the Property
which constitute Zions Bank's cash collateral.
The Debtor submits that Zions Bank is adequately protected by the
Debtor's payment of agreed upon payments to Zions Bank in the
regularly scheduled amount of principal and interest due. Zions
Bank will also be adequately protected by a "rollover" lien on
post-petition Cash Collateral to the extent of any diminution of
its interest in Cash Collateral, and the Debtor's continued
operation of its business.
Zions Bank will be further adequately protected by its interest in
the Property and the substantial "equity cushion" over the amounts
of their claims. The Debtor, as of the Petition Date, was indebted
to Zions Bank in the approximate amount of $781,210. Based on the
Debtor's Statements and Schedules, the value of the Real Property,
as of the Petition Date, is in excess of $1,234,000.
A copy of the motion is available at https://bit.ly/3cMU4HJ from
PacerMonitor.com.
About Brick House Properties, LLC
Brick House Properties, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D. Utah Case No. 20-26250) on Oct. 21, 2020, estimating
under $1 million in both assets and liabilities.
Brick House Properties owns two parcels of real property in
Riverton, Utah. It leases portions of the property to four related
persons and entities: (i) Our Journey School LLC (the
"Pre-Elementary School"); (ii) Our Journey, Inc. (the "Elementary
School"); (iii) Hidden Valais Ranch LLC (the "Farm"); and (iv)
Emily and Josh Aune.
Emily Aune is the sole member of the Debtor, and is also the sole
member and owner of the Farm. She is a 90% owner in the
Pre-Elementary School. The Elementary School is a 501(3)(c)
non-profit and is managed by a board which Emily and Josh are
members of.
The Debtor is represented by Cohne Kinghorn, P.C. as counsel.
CACHET FINANCIAL: Has Until March 19 to Solicit Plan Acceptances
----------------------------------------------------------------
Judge Vincent P. Zurzolo of the U.S. Bankruptcy Court for the
Central District of California, Los Angeles Division, extended
Cachet Financial Services' exclusive period within which to solicit
acceptances to its plan through and including March 19, 2021.
Cachet Financial Services is represented by:
James C. Bastianm Jr., Esq.
Melissa Davis Lowe, Esq.
SHULMAN BASTIAN FRIEDMAN & BUI LLP
100 Spectrum Center Drive, Suite 600
Irvine, CA 92618
Telephone: 949-340-3400
Email: JBastian@shulmanbastian.com
MLowe@shulmanbastian.com
About Cachet Financial Services
Pasadena, Calif.-based Cachet Financial Services --
https://www.cachetservices.com/ -- provides Automated Clearing
House (ACH) processing services for payroll-related electronic
transactions, including direct deposits, tax payments, garnishment
payments, benefits payments, 401(k) payments, expense reimbursement
payments, agency checks, and fee collection.
Cachet Financial Services filed a Chapter11 petition (Bankr. C.D.
Cal. Case No. 20-10654) on Jan. 21, 2020. In the petition signed
by Aberash Asfaw, president, the Debtor was estimated to have $10
million to $50 million in both assets and liabilities.
The Honorable Vincent P. Zurzolo presides over the case.
The Debtor tapped Shulman Bastian LLP as its bankruptcy counsel,
Loeb & Loeb LLP as local counsel, and The Rosner Law Group LLC as
special counsel.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on March 17, 2020. The committee is represented by
Sheppard, Mullin, Richter & Hampton LLP.
CHRISTOPHER & BANKS: Auction of Substantially All Assets on Feb. 19
-------------------------------------------------------------------
Judge Andrew B. Altenburg, Jr., of the U.S. Bankruptcy Court for
the District of New Jersey authorized the bidding procedures
proposed by Christopher & Banks, Corp. and affiliates in connection
with the sale of substantially all assets to ALCC, LLC, subject to
overbid.
The aggregate Purchase Price is equal to the Assumed Liabilities,
which consist of:
(i) The sum of the principal amount of the term loan payable
to ALCC, LLC, amounts due by the Debtors on account of the vendor
program, and all interest, fees, and other amounts due by the
Debtors on account of the term loan and under the vendor program,
which collectively, as of the closing will be approximately $8.1
million;
(ii) the Debtors' obligations for unused and accrued "paid
time off" or "PTO" for those E-Commerce Business employees listed
on a schedule to the Transaction Documents (approximately
$73,000);
(iii) the Debtors' obligations for "IBNR" in an amount not to
exceed $950,000;
(iv) C&B's post-petition obligations to Radial as of the
closing date, which are estimated to be approximately $2.4
million.
(v) Agent open purchase orders for Additional Agent Goods to
be sold through the E-Commerce Business post-closing.
(vi) Cure costs associated with Assumed contracts and leases
in an amount to be mutually agreed upon by Buyer and the C&B.
A hearing on the Motion was held on Feb. 2, 2021, at 1:00 p.m.
ALCC and/or its affiliates or assigns is approved as the Stalking
Horse Bidder for the Debtors' assets, pursuant to the terms of the
Asset Purchase Agreement, dated Jan. 28, 2021. The Debtors are
authorized to enter into the Stalking Horse Agreement, and the
Stalking Horse Bid will be subject to higher or otherwise better
Qualified Bids, in accordance with the terms of the Bidding
Procedures. The Stalking Horse Bidder is deemed a Qualified Bidder
for all purposes under the Bidding Procedures and this Order, and
the Stalking Horse Bid is deemed a Qualified Bid.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Feb. 17, 2021, at 4:00 p.m. (ET)
b. Initial Bid: Greater than or equal to the sum of the value
offered under the Stalking Horse Agreement, plus the Expense
Reimbursement plus $700,000
c. Deposit: 10% of the Purchase Price
d. Auction: In the event that the Debtors timely receive a
Qualified Bid in addition to the Qualified Bid of the Stalking
Horse Bidder, they intend to conduct an Auction for the Acquired
Assets. An open Auction, if one is held, will commence on Feb. 19,
2021, at 10:00 a.m. (ET) virtually through Zoom, GoToMeeting, WebEx
or similar platform that allows parties to participate remotely, or
such other time and location as will be timely communicated to all
parties entitled to attend the Auction. The Auction will be
documented, recorded, or videotaped.
e. Bid Increments: $250,000
f. Sale Hearing: Feb. 23, 2021, at 1:00 p.m. (ET)
g. Sale Objection Deadline: Feb. 18, 2021, at 4:00 p.m. (ET)
h. Closing: Feb. 26, 2021
i. Credit Bidding: The Bidding Procedures do not ask to allow,
disallow or affect in any manner credit bidding pursuant to section
363(k) of the Bankruptcy Code.
The form of Sale Notice is approved. Within two business days
after entry of the Order, or as soon as reasonably practicable
thereafter, the Debtors will serve or cause to be served the Sale
Notice upon the Sale Notice Parties. Within five business days
after entry of the Bidding Procedures Order or as soon as
practicable thereafter, the Debtors will publish the Sale Notice,
with such modifications as may be appropriate for purposes of
publication, once in the National Edition of The New York Times
and, to the extent the Debtors deem appropriate, in any other local
or regional publications.
Unless otherwise addressed at the Sale Hearing with the consent of
the counterparties to unexpired non-residential real property
Leases, a hearing will be held to address all objections to
adequate assurance of future performance with respect to Real
Property Leases on Feb. 25, 2021, at 2:00 p.m. (ET) or such other
date and time that the Court may later direct. The Lease Adequate
Assurance Objection Deadline is Feb. 24, 2021, at 4:00 p.m. (ET).
The Debtors are hereby authorized and directed to pay the Expense
Reimbursement to the Stalking Horse Bidder in accordance with the
terms of the Stalking Horse Agreement without further order of the
Court. The Expense Reimbursement, in an amount not to exceed
$300,000, will only be payable if the conditions to payment of such
amounts set forth in the Stalking Horse Agreement have been
satisfied.
The Assumption and Assignment Procedures set forth in the Motion
and herein are approved. As soon as reasonably practicable but by
no later than Feb. 5, 2021, the Debtors will file with the Court,
and cause to be published on the Case Information Website, the
Potential Assumption and Assignment Notice. The Assumption and
Assignment Objection Deadline is no later than 4:00 p.m. (ET) 14
days after filing and service of the Potential Assumption and
Assignment Notice.
Notwithstanding any Bankruptcy Rule (including, without limitation,
Bankruptcy Rule 6004(h), 6006(d), 7062, or 9014) or Local Rule that
might otherwise delay the effectiveness of the Order, the terms and
conditions of the Order will be immediately effective and
enforceable upon its entry.
A copy of the Bidding Procedures is available at
https://tinyurl.com/28oypokt from PacerMonitor.com free of charge.
About Christopher & Banks
Christopher & Banks Corporation (OTC: CBKC) is a Minneapolis-based
specialty retailer featuring exclusively designed privately
branded
women's apparel and accessories. As of Jan. 13, 2021, the Company
operates 449 stores in 44 states consisting of 315 MPW stores, 76
Outlet stores, 31 Christopher & Banks stores, and 28 stores in its
women's plus size clothing division CJ Banks. The Company also
operates the www.ChristopherandBanks.com eCommerce website.
Christopher & Banks Corporation and two affiliates sought Chapter
11 protection (Bankr. D.N.J. Lead Case No. 21-10269) on Jan. 13,
2021.
As of Dec. 14, 2020, the Company had $166,396,185 in assets and
$105,639,182 in liabilities.
The Hon. Andrew B. Altenburg Jr. is the case judge.
The Company's restructuring counsel is Cole Schotz P.C., its
financial advisor is BRG, LLC, and its investment banker is B.
Riley Securities Inc. Omni Management Solutions is the claims
agent.
CICI'S HOLDINGS: March 3 Plan Confirmation Hearing Set
------------------------------------------------------
Cici's Holdings, Inc., et al., filed with the U.S. Bankruptcy Court
for the Northern District of Texas, Dallas Division, a motion for
entry of an order scheduling the Confirmation Hearing on the
adequacy of the Disclosure Statement and confirmation of the Plan.
On Jan. 28, 2021, Judge Stacey G. Jernigan granted the motion and
ordered that:
* The Disclosure Statement is conditionally approved as having
adequate information.
* March 3, 2021, at 9:30 a.m. is the Confirmation Hearing, at
which time the Court will consider, among other things, the
adequacy of the Disclosure Statement and confirmation of the Plan.
* Feb. 24, 2021, at 5:00 p.m. is fixed as the last day to file
any objections to the adequacy of the Disclosure Statement or
confirmation of the Plan.
* March 1, 2021, at 5:00 p.m. is fixed as the last day to file
any brief in support of confirmation of the Plan and reply to any
objections.
* The Debtors are authorized to take all actions necessary to
effectuate the relief granted in this Order in accordance with the
Motion.
Proposed Counsel to the Debtors:
Jason S. Brookner
Aaron M. Kaufman
Lydia R. Webb
Amber M. Carson
GRAY REED & MCGRAW LLP
1601 Elm Street, Suite 4600
Dallas, Texas 75201
Telephone: (214) 954-4135
Facsimile: (214) 953-1332
E-mail: jbrookner@grayreed.com
akaufman@grayreed.com
lwebb@grayreed.com
acarson@grayreed.com
- and -
Paul D. Moak
GRAY REED & MCGRAW LLP
1300 Post Oak Boulevard, Suite 2000
Houston, Texas 77056
Telephone: (713) 986-7127
Facsimile: (713) 986-5966
E-mail: pmoak@grayreed.com
About CiCi's Holdings
CiCi's Holdings Inc. is the owner, operator, and franchisor of
family-oriented unlimited pizza restaurants. With approximately
318 locations across 26 states, including 11 owned restaurants and
307 franchise locations owned and operated by 128 franchisees, the
CiCi's brand is known as a "go-to" destination for family and other
group outings through its wide variety of pizza, pasta, and salad
bar items and cost-effective price point.
CiCi's Holdings, Inc., and its affiliates sought Chapter 11
protection (Bankr. N.D. Tex. Lead Case No. 21-30146) on Jan. 25,
2021, with a restructuring support agreement for a plan that would
have lender D&G Investors LLC take over ownership. D&G is an
affiliate of private investment firm Gala Capital.
Cici's Holdings was estimated to have $10 million to $50 million in
assets and $50 million to $100 million in liabilities as of the
bankruptcy filing.
The Hon. Stacey G. Jernigan is the case judge.
The Debtors tapped Gray Reed & McGRAW LLP as bankruptcy counsel and
Piper Sandler & Co. as investment banker. Stretto is the claims
agent.
CITCO ENTERPRISES: SBA Accord Over Cash Collateral Use OK'd
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Northern Division, has approved the stipulation between Citco
Enterprises, Inc. and the U.S. Small Business Administration
regarding Citco's use of cash collateral through and including the
date the Court enters an Order Confirming the Debtor's Plan of
Reorganization or July 31, 2021, whichever occurs earlier.
As previously reported by the Troubled Company Reporter, the Debtor
and the SBA entered into a Stipulation providing that any and all
of the Debtor's Personal Property Collateral constitutes the SBA's
cash collateral, pursuant to 11 U.S.C. section 363(a). The SBA
consents to the Debtor's use of Cash Collateral on the terms set
forth in the stipulation. Other than the Debtor's use of Cash
Collateral for the purposes agreed to, the Debtor represents to the
SBA it will make no additional or unauthorized use of the Cash
Collateral retroactive from the SBA Loan date.
In July last year, CITCO obtained a $150,000 loan from the SBA. The
terms of the SBA Note require the Debtor to pay principal and
interest payments of $731.00 every month beginning 12 months from
the date of the Note over a 30-year term. The SBA Loan has an
annual rate of interest of 3.75% and may be prepaid at any time
without notice or penalty. Under a prior stipulation, the SBA
agreed to the Debtor's use of cash collateral until January 31,
2021. The parties agree that SBA's claim under the Loan will be
allowed as a secured claim in the amount of $150,000. The Debtor
agrees that payments under the SBA Loan will begin on July 1, 2021,
notwithstanding whether Plan confirmation has occurred or not.
As adequate protection, the SBA will receive a replacement lien to
the extent that the automatic stay, pursuant to 11 U.S.C. section
362, as well as the use, sale, lease or grant results in a decrease
in the value of the SBA's interest in the Personal Property
Collateral on a post-petition basis. The replacement lien is valid,
perfected and enforceable and will not be subject to dispute,
avoidance, or subordination. The replacement lien need not be
subject to additional recording. The SBA is authorized to file a
certified copy of the cash collateral order and any other necessary
and related documents to further perfect its lien.
The court has cancelled the cash collateral hearing scheduled for
February 2.
A copy of the Order is available at https://bit.ly/3pY6vEc from
PacerMonitor.com.
About CITCO Enterprises, Inc.
CITCO Enterprises, Inc., a company that sells Halloween costumes,
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 20-11039) on Aug. 25,
2020. Caesar Ho, chief executive officer, signed the petition. At
the time of filing, the Debtor disclosed $343,141 in assets and
$2,324,905 in liabilities.
Judge Martin R. Barash oversees the case.
The Law Offices of Michael Jay Berger serves as the Debtor's legal
counsel.
CONNEAUT LAKE PARK: Keldon Buying All Assets for $1.2 Million Cash
------------------------------------------------------------------
Trustees of Conneaut Lake Park, Inc., ask the U.S. Bankruptcy Court
for the Western District of Pennsylvania to authorize the sale of
substantially all assets to Keldon Holdings, LLC for $1.2 million,
cash, subject to overbid.
A hearing on the Motion is set for March 2, 2021, at 10:00 a.m. via
Zoom. The Objection Deadline is Feb. 17, 2020.
With the pandemic continuing through 2021, it is not feasible for
the Debtor to reopen and operate the Park for the 2021 season or to
cure the present defaults under its Plan without a sale of
substantially all of its assets.
Based upon the foregoing, the Debtor considered its alternatives
and how best to preserve the Park and the charitable purpose of its
property for the benefit of its creditors and the public. As the
decision was made to sell substantially all of its Assets towards
the end of calendar year 2020, the Debtor has reached out to a
number of parties who may be interested in purchasing some or all
of its Assets.
On Jan. 21, 2021, to set parameters for a fair, orderly and
productive sale process, the Debtor filed its Expedited Bid
Procedures Motion, which the Court approved on Jan. 26, 2021. The
Bid Procedures Motion contemplates the filing of the Sale Motion by
Feb. 1, 2021 pursuant to which it would ask an Order of Court
authorizing the sale of its Assets to the Successful Bidder free
and clear of all claims and interests, but subject to the
applicable charitable use restriction.
The Debtor's Assets include, but are not limited to, the following
categories: the Debtor's Real Property, Water System, Amusement
Park, Water Park, Hotel Conneaut Property, Boat Dock System,
Camperland, Contracts, Permits and Assignments, Intangible Assets
and post-closing receivables.
The following Respondents to the Motion have asserted liens against
or interests in the Debtor's Assets, that have yet to be satisfied
or divested: Conneaut Lake Joint Municipal Authority, Donald G.
Kaltenbaugh, Joseph J. Prischak And Isabel J. Prischak, Mercer
County State Bank, Quinn, Buseck, Lemhuis, Toohey & Kroto, U.S.
Foodservice, Economic Progress Alliance Of Crawford County,
Northwest Pennsylvania Regional Planning And Development
Commission, and The Commonwealth Of Pennsylvania.
Pursuant to the Bid Procedures Order, the Debtor designated Keldon
Holdings as the stalking horse bidder for its Assets with the
Purchase and Sale Agreement entered into by and between the Debtor
and the Stalking Horse Bidder dated Dec. 17, 2020. Pursuant to the
PSA, the parties, among other things, agreed to sell the Debtor's
Assets to the Stalking Horse Bidder in exchange for $1.2 million in
cash at closing, subject to higher or better bids. The Stalking
Horse Bidder provided an initial, earnest money deposit equal to
$50,000 prior to executing the PSA, as well as a good faith
additional deposit of $450,000 to be paid at least three business
days prior to the Auction.
To assist the Court, and for an orderly process at the Auction, by
Feb. 22, 2021, the Debtor will file a notice identifying the
Qualified Bidders and Qualified Bids timely received. The Debtor
will also identify the terms of the Baseline Bid that will be used
to start the Auction.
The Auction and the Sale Hearing on March 2, 2021 at which time the
Court will accept Qualified Bids for some or substantially all of
the Debtor’s Assets. If no Qualified Bids (other than the
Stalking Horse Bid) are received timely, then there will be no
Auction. The Sale Hearing, however, will move forward and the
Debtor will request that the Court approve the sale of the Debtor's
Assets to the Stalking Horse Bidder pursuant to the terms of the
Stalking Horse PSA. The Sale of the Debtor's Assets is on an "as
is, where is" basis. The Debtor asks entry of an Order approving
and authorizing the Sale of the Subject Property free and clear of
all Interests.
The Debtor estimates the costs of the Sale to be approximately
$100,000 to cover the transactional fees and costs incurred by the
Debtor in preparing, filing and serving its Bid Procedures Motion,
various Notices of Sale, the costs of Advertising, as well as
bringing the Sale to Auction and then consummating the Sale to the
Successful Bidder. The Costs of Sale will also include payment of
the U.S. Trustee's fees. There is no commission to be paid as part
of the Sale. In the event the $20,000 expense reimbursement to the
Stalking Horse Bidder becomes payable consistent with the approved
Bid Procedures, then the Costs of Sale automatically increase by
$20,000.
The Debtor is asking payment of the Costs of Sale as a surcharge
for professional fees incurred by the Debtor in connection with the
sale of substantially all of its Assets. The right of the Debtor
to surcharge the Debtor's Assets for the necessary and reasonable
fees and costs incurred by the Debtor in connection with the sales,
including its retained professionals' fees and costs.
With the present cash offer of $1.2 million for the sale of the
Debtor's Assets, and assuming payment of $100,000 to cover the
Costs of Sale, the Sale Proceeds are insufficient to pay all
secured and post confirmation claims in full.
Notwithstanding the possible applicability of Bankruptcy Rules 6004
and 6006 or otherwise, the Debtor asks that the relief sought by
the Motion be immediately effective and enforceable upon entry of
the order sought. In order to allow the immediate realization of
value for the Debtor's Assets and to enhance the ability of the
Successful Bidder to open Conneaut Lake Park for the 2021 season,
the Debtor asks that any order granting the Motion be effective
immediately and not subject to the 14-day stay imposed by
Bankruptcy Rules 6004(h) and 6006(d).
A copy of the PSA is available at https://tinyurl.com/5pvymdlg from
PacerMonitor.com free of charge.
The Purchaser:
KELDON HOLDINGS, LLC
Attn: Todd Joseph
713 Broad Acres Rd.
Penn Valley/Narberth, PA
E-mail: tjosephproperties@hotmail.com
About Conneaut Lake Park
Trustees of Conneaut Lake Park, Inc. is a Pennsylvania non-profit
corporation organized in 1997 and having the corporate purpose,
among other things, to preserve and maintain Conneaut Lake Park, a
vintage amusement park located in Conneaut Lake, Pennsylvania,
for
historical, cultural, social and recreational, and civic purposes
for the benefit of the community and the general public. It
presently holds in trust for the use of the general public
approximately 207 acres of land and the improvements thereon
located in Crawford County, Pennsylvania.
Trustees of Conneaut Lake Park, Inc., filed a Chapter 11
bankruptcy
petition (Bankr. W.D. Pa. Case No. 14-11277) in Erie,
Pennsylvania,
on Dec. 4, 2014. The case is assigned to Judge Thomas P. Agresti.
The Debtor estimated assets and debt of $1 million to $10 million.
Trustees of Conneaut Lake Park filed for bankruptcy protection
less
than 20 hours before the Crawford County amusement park was
scheduled to go to sheriff's sale for almost $930,000 in back
taxes
and related fees.
The Debtor tapped George T. Snyder, Esq., at Stonecipher Law Firm,
in Pittsburgh, as counsel.
Passport Realty, LLC was appointed by the Court as Broker on July
31, 2015.
On Sept. 6, 2016, the Court entered a final order approving the
Disclosure Statement and confirming the Reorganized Debtor's Joint
Amended Plan of Reorganization.
CRED INC: Examiner Seeks Approval to Hire Brown Rudnick as Counsel
------------------------------------------------------------------
Robert Stark, Esq., the appointed examiner in the Chapter 11 cases
of Cred Inc. and its affiliates, seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Brown
Rudnick LLP as his legal counsel.
Brown Rudnick will render these legal services:
(a) assist the examiner in the discharge of his duties and
responsibilities;
(b) prepare legal documents;
(c) represent the examiner at hearings and other proceedings
before the bankruptcy court;
(d) advise the examiner regarding any legal issues that arise
in connection with the discharge of his duties;
(e) assist the examiner with interviews, examinations, and the
review of documents and other materials in connection with the
examiner's investigation; and
(f) perform all necessary legal services in connection with
the Debtors' Chapter 11 cases.
The hourly rates for Brown Rudnick attorneys and para-professionals
who are expected to render services to the examiner range from $395
to $1,105.
In addition, Brown Rudnick will seek reimbursement for
out-of-pocket expenses incurred.
Andrew Carty, Esq., a partner at Brown Rudnick, disclosed in a
court filing that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Andrew M. Carty, Esq.
Brown Rudnick, LLP
7 Times Square
New York, NY 10036
Telephone: (212) 209-4959
Facsimile: (212) 938-2928
Email: acarty@brownrudnick.com
About Cred Inc.
Cred Inc. -- https://mycred.io/ -- is a cryptocurrency platform
that accepts loans of cryptocurrency from non-U.S. persons and pays
interest on those loans. It is a licensed lender and allows some
borrowers to earn a yield on cryptocurrency pledged as collateral.
Cred serves customers in over 100 countries.
Cred and its affiliates sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 20-12836) on Nov. 7, 2020. Cred was estimated to
have assets of $50 million to $100 million and liabilities of $100
million to $500 million as of the bankruptcy filing.
The Debtors tapped Paul Hastings LLP as their bankruptcy counsel,
Cousins Law LLC as local counsel, and MACCO Restructuring Group,
LLC as financial advisor. Donlin, Recano & Company, Inc. is the
claims agent.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Dec. 3,
2020. The committee tapped McDermott Will & Emery LLLP as counsel
and Dundon Advisers LLC as financial advisor.
Robert J. Stark, Esq., is the examiner appointed in the Debtors'
cases. Brown Rudnick LLP and Ashby & Geddes, PA serve as the
examiner's bankruptcy counsel and Delaware counsel, respectively.
CRED INC: Examiner Seeks to Hire Ashby & Geddes as Local Counsel
----------------------------------------------------------------
Robert Stark, Esq., the appointed examiner in the Chapter 11 cases
of Cred Inc. and its affiliates, seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Ashby &
Geddes, PA as his local counsel.
Ashby & Geddes will render these legal services:
(a) prepare and review legal documents;
(b) represent the examiner at all hearings and other
proceedings before the bankruptcy court and any appellate courts;
(c) represent the examiner in any dealings he may have with
various governmental and regulatory authorities;
(d) represent the examiner in any dealings he may have with
the Debtors, the official committee of unsecured creditors, general
creditors or any third party concerning matters related to the
Debtors' estates;
(e) assist the examiner in preparing his work plan and
budget;
(f) assist the examiner in retaining and directing the work of
forensic accountants and investigative personnel;
(g) assist the examiner in preparing his report;
(h) provide legal advice regarding the rules and practices of
the bankruptcy court applicable to the examiner's powers and duties
under the Bankruptcy Code; and
(i) perform all other necessary legal services in connection
with the Debtors' Chapter 11 cases.
Ashby & Geddes' principal attorneys and paralegal designated to
represent the examiner and their standard hourly rates are as
follows:
Gregory A. Taylor, Director $645
Stacy L. Newman, Director $550
Katharina Earle, Associate $375
Amanda Hrycak, Paralegal $265
In addition, Ashby & Geddes will seek reimbursement for
out-of-pocket expenses incurred.
Gregory Taylor, a director at Ashby & Geddes, disclosed in a court
filing that his firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Gregory A. Taylor, Esq.
Ashby & Geddes, PA
500 Delaware Avenue, 8th Floor
Wilmington, DE 19801
Telephone: (302) 654-1888
Facsimile: (302) 654-2067
Email: GTaylor@ashbygeddes.com
About Cred Inc.
Cred Inc. -- https://mycred.io/ -- is a cryptocurrency platform
that accepts loans of cryptocurrency from non-U.S. persons and pays
interest on those loans. It is a licensed lender and allows some
borrowers to earn a yield on cryptocurrency pledged as collateral.
Cred serves customers in over 100 countries.
Cred and its affiliates sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 20-12836) on Nov. 7, 2020. Cred was estimated to
have assets of $50 million to $100 million and liabilities of $100
million to $500 million as of the bankruptcy filing.
The Debtors tapped Paul Hastings LLP as their bankruptcy counsel,
Cousins Law LLC as local counsel, and MACCO Restructuring Group,
LLC as financial advisor. Donlin, Recano & Company, Inc. is the
claims agent.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Dec. 3,
2020. The committee tapped McDermott Will & Emery LLLP as counsel
and Dundon Advisers LLC as financial advisor.
Robert J. Stark, Esq., is the examiner appointed in the Debtors'
cases. Brown Rudnick LLP and Ashby & Geddes, PA serve as the
examiner's bankruptcy counsel and Delaware counsel, respectively.
CRED INC: Former Executive Must Return Firm's Bitcoin
-----------------------------------------------------
Daniel Gill of Bloomberg Law reports that the former chief capital
officer of Cred Inc., a bankrupt cryptocurrency services provider,
immediately must return large amounts of bitcoin that he allegedly
pilfered before being fired, a judge ordered.
Judge John T. Dorsey of the U.S. Bankruptcy Court for the District
of Delaware ordered James Alexander to transfer all of Cred's
bitcoin in his possession back to the company within half an hour
of the end of Friday's, February 5, 2021, virtual hearing.
Mr. Alexander also was ordered to initiate by day-end a wire
transfer to Cred of at least $2.7 million in proceeds from bitcoin
he already sold.
About Cred Inc.
Cred Inc. is a cryptocurrency platform that accepts loans of
cryptocurrency from non-U.S. persons and pays interest on those
loans. Cred -- https://mycred.io -- is a global financial services
platform serving customers in over 100 countries. Cred is a
licensed lender and allows some borrowers to earn a yield on
cryptocurrency pledged as collateral.
Cred Inc. and its affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 20-12836) on Nov. 7, 2020. Cred was estimated
to have assets of $50 million to $100 million and liabilities of
$100 million to $500 million as of the bankruptcy filing.
The Debtors tapped Paul Hastings LLP as their bankruptcy counsel,
Cousins Law LLC as local counsel, and MACCO Restructuring Group,
LLC as financial advisor. Donlin, Recano & Company, Inc., is the
claims agent.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Dec. 3,
2020.
DELTA AIR LINES: D.C. Circuit Rejects Pilots' Bid to Rethink Suit
-----------------------------------------------------------------
Law360 reports that the D.C. Circuit rejected a group of Delta Air
Lines pilots' push to rethink a panel decision that upheld the
dismissal of a suit seeking $544 million in pension benefits.
The appeals judges denied an en banc rehearing request Thursday,
February 4, 2021, from the pilots, who want to revive their class
action saying the Pension Benefit Guaranty Corp. overstepped its
authority once it took over their pension plan in 2006, following
Delta's bankruptcy. The pilots were hoping the full circuit would
overturn precedent that grants the PBGC power to interpret benefits
laws but that they claim is misguided and increasingly out of date.
About Delta Air Lines
Atlanta, Georgia-based Delta Air Lines provides scheduled air
transportation for passengers and cargo throughout the United
States, and around the world.
Northwest and 12 affiliates filed for Chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930). On May
21, 2007, the Court confirmed the Northwest Debtors' amended plan.
That amended plan took effect May 31, 2007.
Delta and 18 affiliates filed for Chapter 11 protection on Sept.
14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S.
Huebner, Esq., at Davis Polk & Wardwell, represented the Delta
Debtors in their restructuring efforts. On April 25, 2007, the
Court confirmed the Delta Debtors' plan. That plan became effective
on April 30, 2007.
On Dec. 31, 2009, Northwest Airlines, Inc., merged with and into
Delta.
DEPENDABLE BUILDING: Resolves IDES' Objection; Plan Confirmed
-------------------------------------------------------------
Judge Deborah L. Thorne has entered an order approving the Third
Amended Disclosure Statement and confirming the Third Amended Plan
of Reorganization of debtor Dependable Building Services, Inc.
The objection to confirmation of the Plan filed by the Illinois
Department of Employment Security ("IDES") on Oct. 6, 2020, has
been withdrawn. IDES has filed ballots accepting the Plan and the
Debtor has requested that the late votes accepting the Plan be
allowed.
The Debtor filed its Amended Section 1126 Ballot Report on Jan. 13,
2021.
The Debtor's Plan filed Aug. 10, 2020, is amended as follows:
* The Class 1 priority claim of Illinois Department of
Employment Security ("IDES") is increased from $44,992 to $64,304
and will be repaid, with interest at the rate of 5% per annum, over
60 months, commencing on the Effective Date of the Plan. The
monthly payment will be $1,214; and
* The Class 3 general, unsecured claim of IDES will be
decreased from $110,113 to $90,801 and will be treated as provided
in the Plan.
A full-text copy of the Plan Confirmation Order dated Jan. 28,
2021, is available at https://bit.ly/39RdsBA from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Joel A. Schechter
LAW OFFICES OF JOEL A. SCHECHTER
53 W. Jackson Blvd., Suite 1522
Chicago, Illinois 60604
Tel: (312) 332-0267
E-mail: joel@jasbklaw.com
About Dependable Building Services
Founded in 1992, Dependable Building Services, Inc. --
http://www.dependablebuildingservices.com/-- is a commercial
contractor that performs HVAC, electrical, fire suppression, and
generator service and construction. It serves commercial, retail,
industrial, and telecom industries.
Dependable Building Services previously filed a Chapter 11 petition
(Bankr. N.D. Ill. Case No. 17-24129) on Aug. 11, 2017.
Dependable Building Services again sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 19-19772) on
July 15, 2019. At the time of the filing, the Debtor was estimated
to have assets of between $100,000 and $500,000 and liabilities of
between $1 million and $10 million. Judge Deborah L. Thorne
presides over the present case. The Law Offices of Joel A.
Schechter is the Debtor's counsel.
DOMINO ONE: Plan Confirmed by Judge; Unsecureds to Get 2%
---------------------------------------------------------
Judge Bruce T. Beesley has entered an order approving the
Disclosure Statement on a final basis and confirming the Plan of
Reorganization of Debtor Domino One LLC.
The Plan provides the greatest opportunities to maximize the value
of the Estate, and Debtor has exercised sound and reasonable
business judgment through the Plan. As such, the Plan satisfies
the requirements of Section 1129(a)(3) of the Bankruptcy Code.
Any payment made or to be made under the Plan or by any Person
acquiring property under the Plan, for services or for costs and
expenses in, or in connection with, the Chapter 11 Case, or in
connection with the Plan and incident to the Chapter 11 Case, has
been approved by, or will be subject to the approval of, the Court
as reasonable, thereby satisfying the requirements of Section
1129(a)(4) of the Bankruptcy Code.
The Plan complies with Section 1129(a)(7) of the Bankruptcy Code in
that each Holder of a Claim or Equity Interest will receive and
retain under the Plan on account of such Claim or Equity Security
property of a value, as of the Effective Date of the Plan that is
not less than the amount that such holder would so receive or
retain if the Debtor was liquidated under chapter 7 of the
Bankruptcy Code, on such date.
Plan of Reorganization
Domino One, LLC, a Nevada limited liability company, proposes this
plan of reorganization for the resolution of Debtor's outstanding
Claims and Equity Interests.
Class 5 consists of the General Unsecured Claims. Class 5 will
receive payment of 2% of each Allowed Claim in cash as soon as
reasonably practicable after the later of the Effective Date of the
Plan, the date such Class 5 Claim becomes Allowed, or such other
date as may be ordered by the Bankruptcy Court. Class 5 is an
Impaired Class.
Class 6 consists of the Debtor's Equity Interest Holder. Class 6
is providing substantial new value to the Debtor. Class 6 Equity
Interest Holder will retain its Equity Interest. Accordingly, on
the Effective Date of the Plan, the Debtor's Equity Interest Holder
will retain its share of Equity Interest in the Reorganized
Debtor.
From the Effective Date until the dissolution of Reorganized
Debtor, Debtor's sole managing member, Ronald Harris, will have
full authority to make all decisions and take all actions on behalf
of Reorganized Debtor to effectuate the Plan.
On and after the Effective Date, Reorganized Debtor's and managing
member, Ronald Harris, provide substantial new value to Reorganized
Debtor by infusing Reorganized Debtor with the necessary funds to
restore the Property to habitable conditions, and renovate to
maximize income, which Debtor projects will cost at least
$350,000.
A full-text copy of the Plan Confirmation Order and Plan dated Jan.
29, 2021, is available at https://bit.ly/2N1k9In from
PacerMonitor.com at no charge.
Counsel for the Debtor:
ANDERSEN LAW FIRM, LTD.
Ryan A. Andersen, Esq.
Email: ryan@vegaslawfirm.legal
3199 E Warm Springs Rd, Ste 400
Las Vegas, Nevada 89120
Phone: 702-522-1992
Fax: 702-825-2824
About Domino One
Domino One, LLC, based in Las Vegas, NV, filed a Chapter 11
petition (Bankr. D. Nev. Case No. 18-15409) on Sept. 10, 2018. In
the petition signed by Ronald D. Harris, managing member, the
Debtor disclosed $869,000 in assets and $1,231,331 in liabilities.
Marilyn A. Caston, Esq., at Nevada Family Law Group, LLC, is the
Debtor's bankruptcy counsel.
E2OPEN LLC: Moody's Completes Review, Retains B2 CFR
----------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of E2open, LLC and other ratings that are associated with
the same analytical unit. The review was conducted through a
portfolio review discussion held on January 27, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
E2open, LLC's B2 corporate family rating reflects the company's
moderately high leverage at closing and rapid growth through
acquisitions offset by the leading position in many aspects of the
supply chain management software industry. Moody's expects a
rapidly improving free cash flow profile, largely due to the
decrease in debt as a result of the go public transactions. In
addition, E2open generates a significant portion of its revenue
through subscriptions, which typically consist of multi-year
contracts with large enterprise customers. Given the company's
acquisitive history, we expect that E2open will continue making
opportunistic debt-funded acquisitions to bolster its product and
technology offerings.
The principal methodology used for this review was Software
Industry published in August 2018.
EAGLE HOSPITALITY: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Chapter 11 cases
of EHT US1 Inc. and its affiliates.
The committee members are:
1. Holiday Inn Club Vacations Inc.
Attn: Donna Hansen
9271 S. John Young Parkway
Orlando, FL 32819
Phone: 407-395-6905
E-mail: dhansen@holidayinnclub.com
2. Hotelier Management Services, LLC
Attn: Patrick O'Reilly
14640 NW 60th Ave.
Miami Lakes, FL 33014
Phone: 267-294-1543
E-mail: poreilly@purestar.com
3. Lodging USA Lendco, LLC
Attn: Jerome Yuan
81 N. Mentor Ave.
Pasadena, CA 91106
Phone: 213-625-1200
Fax: 888-273-5431
E-mail: jerome@asapholdings.com
4. Mariott International, Inc.
Attn: Carl Hurwitz
10400 Fernwood Rd.
Bethesda, MD 20817
5. Crestline Hotels & Resorts, LLC
Attn: Ed Hoganson
3950 University Dr., Ste. 301
Fairfax, VA 22030
Phone: 571-529-6111
Email: ed.hoganson@crestlinehotels.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 Eagle Hospitality Group
Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust and Eagle Hospitality Business Trust. Based in Singapore,
Eagle H-REIT is established with the principal investment strategy
of investing on a long-term basis in a diversified portfolio of
income-producing real estate, which is used primarily for
hospitality or hospitality-related purposes as well as real
estate-related assets in connection with the foregoing, with an
initial focus on the United States.
EHT US1, Inc. and 26 affiliates, including 15 limited liability
company entities that each own hotels in the U.S., sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 21-10036) on Jan. 18,
2021.
EHT US1 estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.
The Debtors tapped Paul Hastings LLP as their bankruptcy counsel,
Cole Schotz P.C. as Delaware counsel, FTI Consulting Inc. as
restructuring advisor, and Moelis & Company LLC as investment
banker. Rajah & Tann Singapore LLP and Walkers serve as Singapore
Law counsel and Cayman Law counsel, respectively. Donlin, Recano &
Company, Inc. is the claims agent.
ECHELON PROPERTY: A.M. Best Cuts Fin. Strength Rating to C (Weak)
-----------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating (FSR) to C
(Weak) from C+ (Marginal) and the Long-Term Issuer Credit Rating
(Long-Term ICR) to "ccc" from "b-" of Echelon Property & Casualty
Insurance Company. The outlook of the Credit Ratings is negative.
Concurrently, AM Best has withdrawn the ratings as the company has
requested to no longer participate in the interactive rating
process.
The ratings of Echelon reflect its balance sheet strength, which AM
Best categorizes as very weak, as well as its marginal operating
performance, limited business profile, and marginal enterprise risk
management (ERM).
The downgrade of the ratings is the result of the removal of one
notch of lift previously afforded to Echelon as a wholly-owned
subsidiary of Guardian Insurance Company, Inc. The rating action
follows the sale of all outstanding shares of Echelon's stock to
Lockhart Companies, Inc., Guardian's ultimate parent, in December
2020. In addition, Echelon's ERM assessment was revised to marginal
from appropriate since the company no longer benefits from
Guardian's ERM program.
ENSEMBLE RCM: Moody's Affirms B2 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service, Inc. affirmed the ratings of healthcare
revenue-cycle-management-services provider Ensemble RCM, LLC,
including its B2 corporate family rating, B2-PD probability of
default rating, and B2 instrument ratings on first-lien, senior
secured debt, consisting of a $75 million revolver and a term loan
that is being upsized by $685 million, to $1.35 billion. Proceeds
from the upsized term loan, plus $35 million of balance sheet cash
will used to make a $705 million dividend distribution to
Ensemble's owners, primarily Bon Secours Mercy Health system
("BSMH") and private equity sponsor Golden Gate Capital. The
outlook is stable.
Issuer: Ensemble RCM, LLC
Affirmations:
Corporate family rating, affirmed B2
Probability of default rating, affirmed B2-PD
Senior secured first-lien revolving credit facility expiring 2024,
affirmed B2 (LGD4)
Senior secured first-lien term loan maturing 2026, affirmed B2
(LGD4)
Outlook, stable
RATINGS RATIONALE
The large dividend distribution doubles Ensemble's leverage, to a
Moody's-adjusted, approximately 6.0 times, roughly a turn higher
than when Moody's originally rated the company, in mid-2019. Since
the initial rating, however, the company has rapidly grown its top
line and delevered moderately ahead of Moody's expectations, to 3.4
times as of September 30, 2020. Ensemble's revenue scale is
improving, towards $800 million, and the initial, pronounced
revenue concentration with BSMH, its 47% owner, will continue to
moderate as Ensemble expands its customer base. Despite a sharp,
brief Covid-19-induced slowdown in net patient revenue in mid-2020,
Ensemble grew gross revenue (which includes reimbursable expenses)
by double-digit percentages in 2020, while free cash flow as a
percentage of debt grew to better than 10%, strong for the B2 CFR.
Moody's expects that the doubling of debt posed by this dividend
transaction will reduce free cash flow as a percentage of det to
mid-single digit percentages.
The CFR reflects Moody's expectations for resumed deleveraging,
towards 5.5 times by year-end 2021. Ensemble will need to
reestablish financial flexibility through deleveraging and
improving liquidity to help the company manage growth in a highly
competitive, consolidating healthcare revenue cycle management
("RCM") environment. This environment includes many players who are
larger and less leveraged than Ensemble. Most health systems use
in-house resources and multiple vendors to manage their RCM
operations, possibly making Ensemble's end-to-end, single-vendor
outsourcing approach more attractive, and raising barriers to
entry.
Moody's views Ensemble's liquidity as good, as demonstrated by
healthy opening cash balances and good free cash generation. A
portion of Ensemble's late-2020 cash balances will be swept to meet
the dividend payment, leaving it with about $85 million. Moody's
expects Ensemble to generate modest free cash flow over the next
twelve months, even with possible ramp-up expenses for new
contracts. While Moody's anticipates no drawings under the
company's ample $75 million revolver, Moody's expectation for free
cash flow as a percentage of debt in the low- to mid-single digits
is a bit weak for the B2 rating. Nevertheless, with the scope of
the BSMH partnership largeley realized, and with contributions from
record levels of non-BSMH full-outsource contract wins in 2020,
Ensemble will likely be capable of generating free cash flows
characteristic of higher-rated business services companies. Even
with the initial, large increase in leverage posed by the dividend,
Moody's expects there will continue to be ample cushion relative to
the 7.0 times net first-lien leverage covenant, if tested, under
the revolving credit facility.
The stable rating outlook reflects Moody's expectation that
Ensemble, with a strong base of business provided by its
relationship with BSMH, will be able to successfully expand and
diversify its revenue scale through new customers, allowing it to
grow into a stable debt-to-EBITDA leverage position over the next
few years of between 3.5 and 4.0 times, good for the ratings
category.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Moody's anticipates that
debt-to-EBITDA leverage will approach 3.0 times, and if we expect
that free cash flow as a percentage of debt will be sustained at
double-digit percentages. A ratings downgrade could result if
Moody's anticipates no deleveraging, if revenue growth slows to
single-digit percentages, of if free cash flow as a percentage of
debt falls to low-single-digit percentages.
Ensemble RCM provides technology-enhanced revenue cycle management
and physician advisory services to healthcare providers including
acute-care hospitals and hospital- and office-based physicians.
Private equity firm Golden Gate Capital and primary customer BSMH
hold respective 50% and 47% ownership interests in the company.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
EPICOR SOFTWARE: Moody's Completes Review, Retains B3 CFR
---------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Epicor Software Corporation (CD&R) and other ratings
that are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on January 27,
2021 in which Moody's reassessed the appropriateness of the ratings
in the context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Epicor's B3 Corporate Family Rating reflects the company's very
high leverage and aggressive financial policies, balanced by a
leading position as a provider of enterprise resource planning
(ERP) software solutions. Epicor sells to a diverse range of
mid-market customers and maintains strong niche positions within
certain manufacturing, distribution and retail verticals. The
credit profile also recognizes Epicor's high renewal rates, and
thus revenue visibility, on the company's maintenance and
subscription revenues as customers are reluctant to change ERP
software providers.
The principal methodology used for this review was Software
Industry published in August 2018.
ERC FINANCE: Moody's Completes Review, Retains Caa1 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of ERC Finance, LLC and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on February 1, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations.
Eating Recovery Center's ("ERC") Caa1 Corporate Family Rating
reflects its very high financial leverage, driven by management's
continued focus on expansion through growth of existing facilities,
new facility openings and acquisitions. The rating is also
constrained by the company's modest absolute size and concentrated
service line offering. The rating is supported by ERC's good
reputation in the eating disorder market, good customer diversity,
minimal exposure to direct government reimbursement, and expanding
national presence.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
EVERGREEN MORTGAGE: Gets OK to Hire Business Resource as Bookkeeper
-------------------------------------------------------------------
Evergreen Mortgage Notes, LLC received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire
Business Resource Partners, LLC.
The firm will provide bookkeeping services and assist the Debtor
with its reorganization efforts.
Lorrie Reid, the chief executive officer of Business Resource
Partners, will be primarily responsible for providing services to
the Debtor.
The firm will charge a weekly rate of $58 for its services.
Ms. Reid disclosed in a court filing that the firm and its staff
have no connection with the Debtor, creditors or any other party in
interest.
The firm can be reached at:
Lorrie Reid
Business Resource Partners, LLC
310 Almond St #101
Clermont, FL 34711
Phone: +1 321-236-2771
About Evergreen Mortgage Notes
Evergreen Mortgage Notes, LLC is engaged in activities related to
real estate.
Evergreen Mortgage Notes sought Chapter 11 protection (Bankr. M.D.
Fla. Case No. 20-07071) on Dec. 31, 2020. Marc Younger, chief
executive officer, signed the petition. The Debtor reported total
assets of $459,500 and total liabilities of $1.27 million at the
time of the filing.
The Debtor tapped Andrew S. Ballentine, Esq., at de Beaubien,
Simmons, Knight, Mantzaris & Neal, LLP, as its legal counsel.
EXACTECH INC: Moody's Affirms B3 CFR & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service revised Exactech, Inc.'s outlook to
stable from negative. The company's B3 Corporate Family Rating,
B3-PD Probability of Default Rating and B3 first lien credit
facility ratings were all affirmed.
The revision of the outlook to stable from negative reflects
Moody's expectation that Exactech has navigated the most
challenging period of the COVID-19 pandemic. Exactech is starting
to see revenue stabilize as postponed procedures are starting to be
performed. Moody's expects leverage will improve, trending toward
the mid five times range over the next 12 months, driven by a
recovery in patient volumes. Exactech's revenues were stable in the
third quarter despite the ongoing impact of the pandemic, which
supports Moody's view that though many orthopedic procedures were
postponed, they will ultimately occur.
The affirmation of the B3 CFR reflects Moody's expectation that
Exactech will maintain an adequate liquidity profile with cushion
to absorb further volatility in procedure volumes. Moody's
estimates that the company has around $50 million of total
liquidity composed of cash and availability under the revolving
credit facility.
Rating Actions:
Affirmations:
Issuer: Exactech, Inc.
Probability of Default Rating, Affirmed B3-PD
Corporate Family Rating, Affirmed B3
Senior Secured 1st Lien Bank Credit Facilities, Affirmed B3 (LGD3)
Outlook Actions:
Issuer: Exactech, Inc.
Outlook, Changed to Stable from Negative
RATINGS RATIONALE
Exactech's B3 Corporate Family Rating reflects its moderate scale
with revenues of around $300 million. Its rating is constrained by
high product concentration, as a few key products account for the
majority of revenues. The company also competes with other large
investment-grade orthopedic companies which are materially larger
in scale. The company's overall credit profile benefits from solid
growth trends in its extremities business, a fast growing segment
of the overall orthopedic market. Moody's expects that debt/EBITDA
will decrease to around 5.5x over the next 12-18 months as volumes
start to recover and as the company continues to reduce debt. The
ratings also reflect Exactech's historically negative free cash
flow, even prior to the onset of the coronavirus pandemic, due to
elevated levels of growth capital expenditures. Moody's expects the
company's growth-oriented capital expenditures will moderate, but
remain high.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The pandemic has had a negative impact on Exactech's
financial performance given the temporary deferral of elective
medical procedures over the course of 2020. From a governance
perspective, Moody's expects Exactech will maintain aggressive
financial policies due to its ownership by a private equity
sponsor.
The stable outlook reflects Moody's expectation that while the
near-term trajectory of the coronavirus pandemic remains uncertain,
the company will maintain adequate liquidity and will proceed on a
deleveraging path.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if Moody's expects the impact of
the coronavirus will lead to a prolonged decline in demand for
elective surgical procedures over the next 12 to 18 months. The
ratings could also be downgraded if the company's liquidity profile
were to erode or if Moody's expects free cash flow will remain
negative for a sustained period.
Ratings could be upgraded if Exactech can demonstrate a return to
pre-2020 sales and earnings levels while maintaining good liquidity
and generating consistent positive free cash flow. Quantitatively
ratings could be upgraded if debt/EBITDA is sustained below 5.5
times.
Headquartered in Gainesville, Florida, Exactech, Inc. develops and
markets a range of orthopedic implant devices, related surgical
instruments and biologic materials and services. It operates in the
United States and more than 35 markets in the rest of the world.
Revenues are approximately $300 million. The company is privately
held and is owned by management and affiliates of TPG Capital,
LLC.
The principal methodology used in these ratings was Medical Product
and Device Industry published in June 2017.
FC COMPASSUS: Moody's Completes Review, Retains B2 CFR
------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of FC Compassus, LLC and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on February 1, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations.
FC Compassus LLC's B2 CFR reflects the company's moderate absolute
size, the presence of considerable competition in a fragmented
industry and high financial leverage. The rating also reflects
Compassus' high revenue concentration from Medicare and various
state Medicaid programs, as well as the increasing regulatory
oversight of the industry. Nonetheless, the rating is supported by
favorable industry fundamentals, modest capital expenditures and
positive free cash flow. Additionally, Compassus will benefit from
anticipated synergies related to the company being designated as
the exclusive preferred provider of hospice services nationwide for
Ascension, a large non-profit health system.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
FERRELLGAS PARTNERS: Seeks to Deny Appointment of Equity Committee
------------------------------------------------------------------
Ferrellgas Partners, LP asked the U.S. Bankruptcy Court for the
District of Delaware to deny the motions to appoint an official
committee that will represent equity shareholders in its Chapter 11
case.
In a court filing, Ferrellgas' attorney, Mark Desgrosseilliers,
Esq., at Chipman, Brown, Cicero & Cole, LLP, said the motions filed
by Rio Grande Valley Gas, Inc. and four other shareholders are
"replete with inaccurate allegations" with respect to Ferrellgas
CEO James Ferrell.
"These allegations are demonstrably false and are irrelevant to the
court's consideration of the motions," the attorney said.
Mr. Desgrosseilliers further said the motions are nothing more than
a duplication of the arguments already rejected by the Office of
the U.S. Trustee that were raised in a Jan. 11 letter by a group of
shareholders led by Kevin Barnes.
"The motions simply duplicate the fundamentally flawed assertions
in the initial request and, are thus, similarly riddled with
glaring conflations and factual inaccuracies," Mr. Desgrosseilliers
said. The attorney pointed out the equity shareholders' failure to
recognize the management's "well-documented efforts on behalf of
unitholders to avoid potential consequences from cancellation of
indebtedness that would otherwise have resulted from the proposed
restructurings."
Rio Grande and four other shareholders had earlier accused
Ferrellgas' CEO of using the company's Chapter 11 bankruptcy
process "to massively dilute common unitholders" and paying himself
a $3.5 million cash bonus as part of the company's bankruptcy.
About Ferrellgas Partners
Ferrellgas Partners LP and Ferrellgas Partners Finance Corp. filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case Nos. 21-10021 and 21-10020) on Jan. 11,
2021. James E. Ferrell, chief executive officer and president,
signed the petitions.
Ferrellgas Partners, LP is a publicly traded Delaware limited
partnership formed in 1994 that has two direct subsidiaries,
Ferrellgas Partners Finance Corp. and non-debtor Ferrellgas, LP.
Ferrellgas Partners Finance is a Delaware corporation formed in
1996 and has nominal assets, no employees and does not conduct any
operations, but solely serves as co-issuer and co-obligor for the
2020 Notes. Ferrellgas, primarily through non-debtor OpCo, is a
distributor of propane and related equipment and supplies to
customers in the United States. Ferrellgas' market areas for
residential and agricultural customers are generally rural while
the market areas for industrial and commercial and portable tank
exchange customers are generally urban.
At the time of the filing, Ferrellgas Partners, LP was estimated to
have $100 million to $500 million in both assets and liabilities
while Ferrellgas Partners Finance was estimated to have less than
$50,000 in assets and $100 million to $500 million in liabilities.
Judge Mary F. Walrath oversees the cases.
The Debtors tapped Squire Patton Boggs (US) LLP as primary
bankruptcy and restructuring counsel, Chipman, Brown, Cicero &
Cole, LLP as local bankruptcy counsel, Moelis & Company LLC as
investment banker, and Ryniker Consultants as financial advisor.
Prime Clerk LLC is the claims, noticing and solicitation agent.
FIRST BANCORP: Moody's Completes Review, Retains B2 Issuer Rating
-----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of First BanCorp and other ratings that are associated with
the same analytical unit. The review was conducted through a
portfolio review discussion held on February 2, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
First Bancorp's B2 long-term issuer rating and the Ba2 long-term
deposit rating of its lead bank, FirstBank Puerto Rico (FirstBank),
reflect the b1 baseline credit assessment (BCA) of the lead bank
and the application of advanced loss given failure to its assumed
liabilities at failure.
The b1 BCA reflects Moody's assessment that the acquisition of
Banco Santander Puerto Rico (BSPR) operations, which closed in
September 2020, incrementally improved the diversification of
FirstBank's retail-focused loan portfolio, as BSPR's loan book had
a comparatively higher proportion of commercial real estate loans.
The combined FirstBank-BSPR loan portfolio is of higher quality
than both banks' existing loan portfolios pre-acquisition because
FirstBank did not assume any of BSPR's nonperforming assets at the
time of closing. Moody's also expects that FirstBank's
capitalization will remain strong after the close of acquisition,
notwithstanding the all-cash purchase.
FirstBank's b1 BCA also reflects higher problem loans and asset
concentrations relative to US mainland regional banking peers. It
also reflects Moody's view that the bank's current high
capitalization, declining reliance on brokered deposits, and higher
than historically average liquidity provides it with flexibility to
weather Puerto Rico's economic challenges. These credit challenges
include continued recovery from Hurricane Maria, public sector
austerity measures, a sectorial- and geographically-concentrated
island economy, and a long run out-migration trend to the US
mainland. These concerns are mitigated by stronger than anticipated
hurricane recovery and the prospects of improved operating
environment.
The principal methodology used for this review was Banks
Methodology published in November 2019.
FREEPORT-MCMORAN: Egan-Jones Hikes Senior Unsecured Ratings to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company, on January 29, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Freeport-McMoRan Incorporated to BB from BB-.
Headquartered in Phoenix, Arizona, Freeport-McMoRan Inc. is an
international natural resources company.
FULL HOUSE: Moody's Assigns Caa1 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service assigned a Caa1 Corporate Family Rating
and Caa1-PD Probability of Default Rating to Full House Resorts,
Inc. (FHR). A Caa1 was assigned to the company's proposed $300
million senior secured notes due 2028. An SGL-2 Speculative Grade
Liquidity rating was also assigned. The outlook is stable.
Proceeds from the new notes will be used to redeem all the
company's outstanding senior secured notes due 2024, to deposit
$180 million into a construction account to fund the expansion and
redevelopment of the Bronco Billy's Casino and Hotel, and for
general corporate purposes.
The following ratings/assessments are affected by the action:
New Assignments:
Issuer: Full House Resorts, Inc.
Corporate Family Rating, Assigned Caa1
Probability of Default Rating, Assigned Caa1-PD
Speculative Grade Liquidity Rating, Assigned SGL-2
Senior Secured Notes, Assigned Caa1 (LGD4)
Outlook Actions:
Issuer: Full House Resorts, Inc.
Outlook, Assigned Stable
RATINGS RATIONALE
The Caa1 CFR reflects the long, approximately 24 months, Bronco
Billy's construction period, uncertainty related to the level of
visitation and earnings at the redesigned property, FHR's modest
scale, and exposure to cyclical discretionary consumer spending.
Moody's also believes there are structural weaknesses in the debt
support that indicate an aggressive financial policy that is a
governance risk.
These key structural credit concerns include the fact that the
project budget does not include an interest reserve specifically
designated to support debt service during the construction period,
and that there are minimal restrictions in the new secured note
indenture on FHL's ability to raise additional debt. The company's
ability to take on additional debt is only limited by a 2.0x
incurrence-based fixed charge coverage, according to the new note
indenture.
"Despite the fact that FHR is currently generating enough EBITDA
from its existing assets to service the pro forma debt, without an
interest reserve to support debt service related to the $180
million of Bronco Billy's construction redevelopment and expansion
project, the project itself remains exposed to anything that might
impair the EBITDA performance of existing assets, or debt service
related to any additional debt that the company decides to raise,"
stated Keith Foley, a Senior Vice President at Moody's.
"Adding to the risk related to not having an interest reserve, is
that we consider the construction period for the redevelopment and
expansion project to be relatively long. The project is scheduled
to open in late 2022," added Foley.
Other risks include the company's relatively small size. On a
proforma basis, EBITDA is only expected to be between $80 million
and $85 million, a material portion of which is dependent on the
successful ramp up of the Bronco Billy's which is not expected to
hit the full run rate of projected EBITDA until fiscal 2023.
Positive credit considerations include the introduction of sports
betting in Indiana and Colorado and the passing of Colorado
Amendment 77 both of which will provide a good source of
incremental cash flow. Additionally, once completed, Bronco Billy's
will be the newest product in the Cripple Creek CO market.
The Caa1 assigned to the notes considers that the notes will
comprise almost all the debt capital structure of FHR. The company
is also expected to have a new $15 million senior secured priority
revolver (not rated) in the pro forma capital structure that will
be undrawn at closing.
The SGL-2 Speculative Grade Liquidity rating, which indicates good
liquidity, considers that despite the lack of an interest reserve,
cash proceeds from the new senior secured notes will fully fund the
planned project based on the company's budget and will be subject
to a disbursement agreement. The SGL-2 also incorporates Moody's
expectation that FHR can generate between $40 million to $50
million of EBITDA from existing assets. FHR is also expected to
have an undrawn $15 million senior secured super priority revolver
available. Pro forma liquidity is $54 million, which is comprised
of the expected $15 undrawn revolver plus $29 million of pro forma
cash above the $10 million expected to be need for cage cash.
The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
FHR from the current weak US economic activity and a gradual
recovery for the coming year. Although an economic recovery is
underway, it is tenuous, and its continuation will be closely tied
to containment of the virus. As a result, the degree of uncertainty
around our forecasts is unusually high.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The gaming sector has been one of the sectors most
significantly affected by the shock given its sensitivity to
consumer demand and sentiment. More specifically, the weaknesses in
FHR's credit profile, including its exposure to travel disruptions
and discretionary consumer spending have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and FHR remains vulnerable to the outbreak continuing to
spread.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable rating outlook considers that despite its small size,
the company has some level of diversification and has existing
assets that generate earnings and positive free cash flow.
Ratings could be upgraded once the expansion is complete and FHR
demonstrates the ability to cover its fixed charges, generate some
level of positive free cash flow, and maintain debt/EBITDA at or
below 6.0x.
Ratings could be downgraded if there is any delay in construction,
the construction budget is increased materially for any reasons, or
there is a decline in the company's EBITDA performance from
existing assets. A deterioration in liquidity could also lead to a
downgrade.
The principal methodology used in these ratings was Gaming
Methodology published in October 2020.
Based in Las Vegas, FHR operates five casino facilities in
Mississippi, Indiana, Nevada, and Colorado. The company's
properties include Silver Slipper Casino and Hotel in Hancock
County, Mississippi; Bronco Billy's Casino and Hotel in Cripple
Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana;
and Stockman's Casino in Fallon, Nevada. FHR also operates the
Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort, Spa and
Casino in Incline Village, Nevada under a lease agreement with the
Hyatt organization. Revenue for the 12 months ended September 2020
was approximately $169 million.
GIRARDI & KEESE: 2 Firms Default in Suit Over Boeing Settlement
---------------------------------------------------------------
Law360 reports that a Chicago federal judge on Friday, February 5,
2021, held in default two companies owned by Girardi Keese founder
Tom Girardi and his estranged wife, reality show star Erika Jayne,
after they failed to respond to a December 2020 complaint alleging
they wrongfully took millions of dollars from a plane crash
settlement.
U.S. District Judge Matthew Kennelly entered the default finding a
day after Edelson PC requested it. Edelson said neither Girardi
Financial Inc., of which Girardi is president, nor EJ Global LLC,
owned by Erika Girardi, has responded to Edelson's summons and
complaint.
About Girardi & Keese
Girardi and Keese or Girardi & Keese was a Los Angeles-based law
firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It
served clients in California in a variety of legal areas. It was
known for representing plaintiffs against major corporations.
An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No.
20-21022) was filed in December 2020 against GIRARDI KEESE by
alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian,
Erika Saldana, Virginia Antonio, and Kimberly Archie.
The petitioners' attorneys:
Andrew Goodman
Goodman Law Offices, Apc
Tel: 818-802-5044
E-mail: agoodman@andyglaw.com
Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee.
The Chapter 7 trustee can be reached at:
Elissa D. Miller
333 South Grand Ave., Suite 3400
Los Angeles, California 90071-1406
Telephone: 213.626.2311
Facsimile: 213.629.4520
E-mail: emiller@sulmeyerlaw.com
GK HOLDINGS: Default Event No Impact on Moody's Ca CFR
------------------------------------------------------
Moody's Investors Service said GK Holdings, Inc.'s restructuring
support agreement with lenders of GK Holdings' first and second
lien credit facilities and continued forbearance constitutes a
default event. Under the current forbearance agreement, the company
is not required to make interest payments on its credit facilities,
among other agreements. Moody's considers these missed interest
payments as a default under Moody's definitions. Global Knowledge's
ratings, including its Ca Corporate Family Rating and negative
outlook, are unchanged.
GK Holdings is currently in process of being acquired by Churchill
Capital Corp II. The company launched a sales process in 2020 which
resulted in a signed merger agreement with Churchill Capital in
October 2020. Concurrently with the merger agreement, the company
entered into the RSA with 100% of the lenders under its credit
facilities. Under the terms of the RSA, the restructuring effective
date will be concurrent with the merger being completed. Upon that
date the lenders under the credit agreements will get cash plus
term loans that will be issued under the acquired subsidiary of
Churchill. If the merger does not occur, all debt will be callable.
In conjunction with the merger agreement and the RSA, GK also
entered into new Forbearance Agreements, which allows the company
to continue to forgo cash interest payments and extends the
maturities of the credit agreements to the closing of the merger.
Moody's notes that the company had entered into the first
forbearance agreement in calendar 2Q 2020 and has amended and
extended the agreements until this latest agreement. The merger is
expected to close in calendar 2Q 2021. Upon completion of the
merger with Churchill Capital Moody's will withdraw all ratings.
GK Holdings, Inc.'s Ca corporate family rating reflects the
company's weak liquidity, weak operating performance and very high
leverage. The rating also reflects Global Knowledge's small scale
relative to other rated business services companies, secular
decline in traditional in-classroom training services in North
America -- the company's largest operating region. The negative
outlook reflects our expectation that Global Knowledge's earnings
and cash flow will remain weak in a tough operating environment
resulting from worldwide governments' response to the COVID-19
pandemic by limiting close proximity contact, closure of
"non-essential" businesses, stay at home orders and border
closures. Churchill Capital is also acquiring SkillSoft Corporation
as part of the acquisition of Global Knowledge. Skillsoft provides
cloud-based e-learning and human capital management software
solutions for enterprises, government, and education customers
through its Skillsoft, Percipio and SumTotal businesses. The
combined companies will be better diversified and more adaptable to
the current skills based training environment than Global Knowledge
alone.
Headquartered in Cary, North Carolina, Global Knowledge provides
information technology and business skills training solutions to
corporations and their employees. The company has operations
throughout North America and EMEA. Net revenue for the twelve
months ended September 30, 2020 was $208 million. The company is
largely owned by funds affiliated with Rhône Group, LLC.
GLOBAL MEDICAL: Moody's Completes Review, Retains B2 CFR
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Global Medical Response, Inc. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 1, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations.
Global Medical Response, Inc's B2 Corporate Family Rating reflects
high leverage, exposure to weather fluctuations in the air
transport business and legislative uncertainties surrounding
out-of-network reimbursements. GMR's rating benefits from the
company's leading position as a provider of end-to-end emergency
medical transportation services which includes both air and ground
transportation services. The company also benefits from a track
record of successful integration of past acquisitions, significant
diversification by geography, payor and services.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
GOODRX INC: Moody's Completes Review, Retains B1 CFR
----------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of GoodRx, Inc. and other ratings that are associated with
the same analytical unit. The review was conducted through a
portfolio review discussion held on February 1, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
GoodRx, Inc.'s B1 Corporate Family Rating reflects its moderate
financial leverage, as well as concentrated reliance on a small
number of pharmacy benefit managers for the majority of its
revenue, in particular as PBMs face rising scrutiny related to
their role in high drug costs for consumers. GoodRx's rating is
supported by its relatively predictable and protected revenue
streams which translate to good earnings growth and very good
profitability. GoodRx's services align with consumer interest in
reducing the cost of prescription drugs, which is a positive social
consideration. The rating also reflects GoodRx's strong free cash
flow along with a material cash balance from recent IPO proceeds.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
GORHAM PAPER: USW Out as Committee Member
-----------------------------------------
The U.S. Trustee for Regions 3 and 9 disclosed in a court filing
that as of Feb. 5, these creditors are the remaining members of the
official committee of unsecured creditors in the Chapter 11 cases
of Gorham Paper and Tissue, LLC and White Mountain Tissue, LLC:
1. Recycling Associates, Inc.
Attn: Mike Vellucci
1 Whipple Street
Nashua, NH 03060
Phone: 978-479-0832
Email: mike@recyclingassociates.com
2. Select Products LLC
Attn: Nicholas Galante
1 Arnold Drive
Huntington, NY 11743
Phone: 732-796-5150
Fax: 631-448-8888
Email: nickgalante@selectph.com.
3. Blind Industries & Services of Maryland
Attn: Thomas Kohn
3345 Washington Blvd.
Baltimore, MD 21227
Phone: 410-999-8344
Fax: 410-737-2665
Email: Tkohn@bism.org
4. Western Express, Inc.
Attn: Rob Welhoelter
7100 Commerce Way
Brentwood, TN 37027
Phone: 615-846-6978
Email: rwelhoelter@westernexp.com
United Steel, Paper and Forestry, Rubber, Manufacturing, Energy,
Allied Industrial and Service International Union (USW) was
previously identified as member of the creditors committee. Its
name no longer appears in the new notice.
About Gorham Paper and Tissue
Founded in 2011, Gorham Paper and Tissue LLC --
http://www.gorhampt.com/-- operates a paper mill and manufactures
customized tissues, towels and specialty packaging.
Gorham Paper and Tissue and affiliate White Mountain Tissue, LLC
sought Chapter 11 protection (Bankr. D.N.H. Lead Case No. 20 12814
and 20-12815) on Nov. 4, 2020. Gorham Paper was estimated to have
assets of $1 million to $10 million and liabilities of $50 million
to $100 million.
The Hon. Karen B. Owens is the case judge.
The Debtors tapped Bernstein, Shur, Sawyer & Nelson, P.A. as their
bankruptcy counsel, Polsinelli PC as local counsel, and B. Riley
Securities as investment banker. Donlin Recano & Company, Inc. is
the claims and noticing agent.
On Nov. 10, 2020, The U.S. Trustee for Regions 3 and 9 appointed an
official committee of unsecured creditors. Reed Smith is the
committee's legal counsel.
GPB CAPITAL: Founder Indicted on Fraud, Conspiracy Charges
----------------------------------------------------------
Acting United States Attorney for the Eastern District of New York
announced that an indictment was unsealed Feb. 2, 2021, in federal
court in Brooklyn charging three individuals affiliated with GPB
Capital Holdings, LLC with securities fraud, wire fraud and
conspiracy.
Defendants David Gentile, the founder, owner and Chief Executive
Officer ("CEO") of GPB; Jeffry Schneider, the owner and CEO of
Ascendant Capital LLC; and Jeffrey Lash, a former managing partner
of GPB, are charged with engaging in a scheme to defraud investors
by misrepresenting the source of funds used to make monthly
distribution payments to them and the amount of revenue generated
by two of GPB's investment funds, GPB Holdings, LP and GPB
Automotive Portfolio, LP. The defendants have been arrested, and
Gentile was scheduled to appear before a federal court in Boston,
Massachusetts. Schneider was slated to appear before a federal
court in Austin, Texas, and Lash before a federal court in Fort
Myers, Florida.
Seth D. DuCharme, Acting United States Attorney for the Eastern
District of New York, and William F. Sweeney, Jr., Assistant
Director-in-Charge, Federal Bureau of Investigation, New York Field
Office (FBI), announced the charges.
"As alleged, by paying investors from an undisclosed and improper
source such as investor capital, the defendants repeatedly misled
investors about the health and performance of their investments,"
stated Acting United States Attorney DuCharme. "This Office is
committed to ensuring honesty and integrity in the management of
investment funds."
Mr. DuCharme expressed his grateful appreciation to the Securities
and Exchange Commission, New York Regional Office, for their
significant cooperation and assistance during the investigation,
and thanked the Business Integrity Commission and the New York City
Police Department and for their support during the investigation.
"As alleged, the defendants misrepresented the holdings of GPB
Capital through deceptive marketing practices, luring investors
with promises of monthly distributions that would be covered by
funds from the investments and not drawn from underlying invested
capital. As we allege today, however, this was all a lie. In
truth, a significant portion of GPB's distributions were paid
directly from investor funds. Investment fraud schemes are not only
problematic for the victims they claim, but for the overall
investing public who loses faith in a free-market system every time
they hear of crimes like this. Along with our partners, we're
committed to exposing these frauds whenever and wherever we find
them—and holding the fraudsters accountable," stated FBI
Assistant Director-in-Charge Sweeney.
As detailed in the indictment and other court documents, GPB,
founded by Gentile in or around 2013, was a New York-based
investment advisor registered with the SEC. GPB served as the
general partner of several investment funds, including GPB
Holdings, LP ("Holdings I"), GPB Holdings II, LP ("Holdings II"),
GPB Automotive Portfolio, LP ("Automotive Portfolio"), GPB Waste
Management, LP ("Waste Management") and GPB Cold Storage, LP ("Cold
Storage") (collectively, the "GPB Funds"). The business of GPB
Capital was to manage the GPB Funds, which raised and invested
capital in a portfolio of private equity investments. Gentile and
Schneider worked closely together on the founding, development,
operation and marketing of the GPB Funds. From 2013 through early
2018, Lash was responsible for overseeing the GPB Funds'
investments in car dealerships, which made up a sizable percentage
of GPB's portfolio companies.
Between August 2015 and December 2018, the defendants, together
with others, allegedly engaged in a scheme to defraud investors and
prospective investors in the GPB Funds through material
misrepresentations and omissions.
Specifically, Gentile and Schneider, both individually and through
employees at Ascendant, represented to investors in Holdings I,
Holdings II and Automotive Portfolio that the GPB funds would make
a monthly distribution payment to investors that would be fully
covered by funds from operations, meaning that the companies
purchased by the funds would be sufficiently profitable for the
monthly payments to be made from the companies' cash flow, without
drawing from capital raised by investors.
In reality, despite the defendants' representations, investor
capital was used to pay for a significant portion of the
distributions made to investors in each of these funds. Gentile
and Schneider were aware that the GPB Funds were underperforming,
and authorized repeated distribution payments that used investor
funds to cover income shortfalls, to the obvious detriment of
investors.
The charges in the indictment are allegations, and the defendants
are presumed innocent unless and until proven guilty. If
convicted, the defendants each face up to 20 years' imprisonment.
The government's case is being handled by the Office's Business &
Securities Fraud Section. Assistant United States Attorneys Lauren
Howard Elbert, Artie McConnell and Garen Marshall are in charge of
the prosecution.
The Defendants:
DAVID GENTILE
Age: 54
Manhasset, N.Y.
JEFFREY LASH
Age: 51
Naples, Fla.
JEFFRY SCHNEIDER
Age: 52
Austin, Texas
E.D.N.Y. Docket No. 21-CR-54 (DG)
About GPB Capital
GPB Capital is a New York-based alternative asset management firm
focusing on acquiring income-producing private companies. The
firm's portfolio companies made investments in sectors focused on
automotive retail, waste management and healthcare.
David Gentile founded GPB in 2013 in New York and had collected
more than $1.8 billion from over 17,000 investors.
The firm has an office in downtown's One Clearwater Tower in
Clearwater, Florida, two floors above City Hall.
GPB promised 8 percent returns to investors that would be covered
by cash flow from the portfolio.
CEO David Gentile and associates Jeffery Lash and Jeffry Schneider
were arrested on Feb. 4, 2021, and charged with wire fraud,
securities fraud and conspiracy, according to the Department of
Justice. The SEC claims that the firm defrauded investors of $1.8
billion in a Ponzi-like scheme for at least 4 years, using new
investors to pay earlier participants as the firm lied about its
profits.
According to The Wall Street Journal, a day after the fraud
charges, Mr. Gentile handed over the CEO's role to GPB's finance
chief on an interim basis.
GPB CAPITAL: Ran $1.7 Billion Ponzi-Like Scheme, SEC Says
---------------------------------------------------------
The Securities and Exchange Commission on Feb. 4, 2021 charged
three individuals and their affiliated entities with running a
Ponzi-like scheme that raised over $1.7 billion from securities
issued by a New York-based asset management firm and registered
investment adviser, GPB Capital. The SEC also charged GPB Capital
with violating the whistleblower protection laws.
The SEC's complaint alleges David Gentile, the owner and CEO of GPB
Capital, and Jeffry Schneider, the owner of GPB Capital's placement
agent Ascendant Capital, lied to investors about the source of
money used to make an 8% annualized distribution payment to
investors. According to the complaint, these defendants along with
Ascendant Alternative Strategies, which marketed GPB Capital's
investments, told investors that the distribution payments were
paid exclusively with monies generated by GPB Capital's portfolio
companies. As alleged, GPB Capital actually used investor money to
pay portions of the annualized 8% distribution payments. GPB
Capital and Gentile with assistance from Jeffrey Lash, a former
managing partner at GPB Capital, also allegedly manipulated the
financial statements of certain limited partnership funds managed
by GPB Capital to perpetuate the deception by giving the false
appearance that the funds' income was closer to generating
sufficient income to cover the distribution payments than it
actually was.
The SEC's complaint further alleges that GPB Capital and Ascendant
Capital made misrepresentations to investors about millions of
dollars in fees and other compensation received by Gentile and
Schneider. As alleged, the fraudulent scheme continued for more
than four years in part because GPB Capital kept investors in the
dark about the limited partnership funds' true financial condition,
failing to deliver audited financial statements and register two of
its funds with the SEC. GPB Capital allegedly violated the
whistleblower provisions of the securities laws by including
language in termination and separation agreements that impeded
individuals from coming forward to the SEC, and by retaliating
against a known whistleblower.
"As alleged in our complaint, the defendants told investors that
they would be paid distributions from profits of the portfolio
companies when, in reality, many of the payments were being made
from the investors' own funds," said Richard Best, Director of the
SEC's New York Regional Office. "This action shows our continued
pursuit of those who deceive investors and conceal their misconduct
to reap profits for themselves."
Jane Norberg, Chief of the SEC's Office of the Whistleblower,
added, "Whistleblower protections are a cornerstone of the SEC's
whistleblower program. The charges filed today reinforce the
Commission's commitment to protecting whistleblowers from
retaliation and attempts to stifle the free flow of information to
the Commission about possible securities law violations."
The SEC's complaint, filed in federal court for the Eastern
District of New York, charges Gentile, Schneider, GPB Capital,
Ascendant Alternative Strategies and Ascendant Capital with
violating the antifraud provisions of the Securities Act of 1933
and the Securities Exchange Act of 1934, and Lash with aiding and
abetting certain of those violations. The complaint also charges
GPB Capital and Gentile with violating the antifraud provisions of
the Investment Advisers Act of 1940 and charges GPB Capital with
violating the registration and whistleblower provisions of the
Exchange Act and the Advisers Act's custody and compliance rules.
The complaint seeks disgorgement of ill-gotten gains plus
prejudgment interest and penalties.
The SEC appreciates the assistance of the U.S. Attorney's Office
for the Eastern District of New York, Federal Bureau of
Investigation, Financial Industry Regulatory Authority, Alabama
Securities Commission, Illinois Securities Department, South
Carolina Office of the Attorney General's Securities Division,
Office of the Georgia Secretary of State's Securities Division,
Missouri Securities Division, New Jersey Bureau of Securities, New
York State Office of the Attorney General, and Texas State
Securities Board.
The SEC's investigation was conducted by Kristin M. Pauley, Lindsay
S. Moilanen, Kerri L. Palen, David Stoelting, Neal Jacobson,
Melissa A. Coppola, Alistaire Bambach, and Sheldon L. Pollock, and
supervised by Lara S. Mehraban. The SEC's examination that led to
the investigation was conducted by Anthony P. Fiduccia, Kristine E.
Geissler, Todd Naznitsky, Amritpal Sidhu, Merryl Hoffman, and
Thomas J. Butler. The litigation will be led by Mr. Stoelting, Ms.
Pauley, and Ms. Moilanen.
About GPB Capital
GPB Capital is a New York-based alternative asset management firm
focusing on acquiring income-producing private companies. The
firm's portfolio companies made investments in sectors focused on
automotive retail, waste management and healthcare.
David Gentile founded GPB in 2013 in New York and had collected
more than $1.8 billion from over 17,000 investors.
The firm has an office in downtown's One Clearwater Tower in
Clearwater, Florida, two floors above City Hall.
GPB promised 8 percent returns to investors that would be covered
by cash flow from the portfolio.
CEO David Gentile and associates Jeffery Lash and Jeffry Schneider
were arrested on Feb. 4, 2021, and charged with wire fraud,
securities fraud and conspiracy, according to the Department of
Justice. The SEC claims that the firm defrauded investors of $1.8
billion in a Ponzi-like scheme for at least four years, using new
investors to pay earlier participants as the firm lied about its
profits.
According to The Wall Street Journal, a day after the fraud
charges, Mr. Gentile handed over the CEO's role to GPB's finance
chief on an interim basis.
GRAVITY HOLDINGS: Seeks to Hire Charles Elliott as Special Counsel
------------------------------------------------------------------
Gravity Holdings, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Louisiana to hire Charles Elliott
& Associates LLC as its special counsel.
The Debtor needs the firm's legal assistance to handle state court
litigation styled "Gravity Holdings, Inc., et al versus Durand
Family Investment, LLC, et al." filed in the Ninth Judicial
District Court in Rapides Parish, La.
Charles Elliott is a disinterested person and neither holds nor
represents any adverse interest to the Debtor and its estate,
according to court papers filed by the firm.
The firm can be reached through:
Charles Elliott, Esq.
Charles Elliott & Associates, LLC
720 Murray St.
Alexandria, LA 71301
Phone: +1 318-704-6511
Fax: 318-704-6523
About Gravity Holdings Inc.
Elmer, La.-based Gravity Holdings, Inc. filed a Chapter 11 petition
(Bankr. W.D. La. Case No. 20-80549) on Nov. 11, 2020. In its
petition, the Debtor disclosed $72,080 in assets and $2,077,503 in
liabilities. The petition was signed by Gravity Holdings President
David Blumenstock.
Judge Stephen D. Wheelis presides over the case.
Thomas R. Willson, Esq., and Charles Elliott & Associates LLC serve
as the Debtor's bankruptcy counsel and special counsel,
respectively.
GRUPO AEROMEXICO: Asks for 120-Day Extension for Restructuring Plan
-------------------------------------------------------------------
Pilar Juarez of explica.co reports that Aeromexico requested an
extension of 120 days to present before the Bankruptcy Court in New
York its bankruptcy-exit plan.
The airline requested to present its restructuring plan by June 25,
2021, while the exclusive period to request the voting process
would end around Aug. 24, 2021.
Prior to the pandemic, the Mexican airline was sufficiently
capitalized to continue with its operational initiatives and take
advantage of strategic alliances. However, the pandemic caused
severe travel restrictions, including the total closure of borders;
a serious decrease in passenger demand, and a significant reduction
in flight operations.
Prior to the request for an extension, the airline advanced on the
plan to broadly negotiate new labor contracts and comprehensive
agreements with all unionized labor groups in order to ensure a
successful restructuring plan.
In the coming months, the airline will focus on tasks such as
streamlining the aircraft fleet and workforce, claims analysis and
Chapter 11 Plan formulation, in agreement with the airline's
creditors committee, headed by the investment group Apollo
Management Holdings and the Ad Hoc Group.
Apollo Management Holding has proposed a financing of $1 billion
for Aeroméxico, resources that would allow it to continue
operating.
Faced with the pandemic, the economic crisis and the current
uncertainty, the aviation industry faces the perfect storm, in view
of this scenario it is estimated that Mexican aviation was reduced
by up to 75 percent and international capacity was reduced by up to
90 percent.
About Grupo Aeromexico
Grupo Aeromexico, S.A.B. de C.V. -- https://www.aeromexico.com/ --
is a holding company whose subsidiaries are engaged in commercial
aviation in Mexico and the promotion of passenger loyalty
programs.
Aeromexico, Mexico's global airline, has its main hub at Terminal 2
at the Mexico City International Airport. Its destinations network
features the United States, Canada, Central America, South America,
Asia and Europe.
Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.
Timothy Graulich, Esq., of Davis Polk and Wardell LLP, serves as
counsel to the Debtors.
GTM REAL ESTATE: Seeks to Hire Haynie & Company as Accountant
-------------------------------------------------------------
GTM Real Estate Partners, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Haynie & Company as its accountant.
The Debtor requires an accountant to:
(a) Prepare federal tax returns and state franchise returns;
(b) Adjust books and records of the Debtor to the extent
necessary;
(c) Prepare Form 1065 with supporting schedules;
(d) Prepare the Texas franchise report;
(e) Perform any minor bookkeeping necessary for the
preparation of income tax returns; and
(f) Consult with the Debtor to answer additional questions.
The hourly rates of the firm's partners and paraprofessionals are
as follows:
Partners $450
Paraprofessionals $130
Terri Arora, Haynie's authorized representative, disclosed in court
filings that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Terri Arora
Haynie & Company
15460 Pin Oak Drive
The Woodlands, TX 77384
Telephone: (281) 440-5740
Facsimile: (936) 273-4405
Email: terria@hayniecpas.com
About GTM Real Estate Partners
GTM Real Estate Partners, LLC, a company that owns and leases
facilities, filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Case No. 20-35095) on
Oct. 22, 2020. Tonya Thomas Cronin, authorized representative,
signed the petition. In the petition, the Debtor disclosed
$10,824,015 in total assets and $9,052,430 in total liabilities.
Judge Jeffrey P. Norman oversees the case.
The Debtor tapped Susan Tran Adams, Esq., at Tran Singh, LLP, as
legal counsel and Haynie & Company as accountant.
IMMUNE PHARMACEUTICALS: Securities Fraud Claim Dismissed
--------------------------------------------------------
Judge Claire C. Cecchi of the United States District Court for the
District of New Jersey granted in part, and denied in part, the
motion to dismiss filed by Defendants Anthony Fiorino, M.D., Daniel
Kazado, Daniel Teper, M.D., Jeffrey Paley, M.D., and John
Neczesny.
The Defendants sought to dismiss Plaintiff Discover Growth Fund's
Corrected Amended Complaint ("CAC") in its entirety. In the CAC,
Plaintiff alleged counts of common law fraud, fraud in the
inducement, negligent misrepresentation, breach of fiduciary duty,
tortious interference with contract, and/or, in the alternative,
securities fraud.
On October 9, 2018, Plaintiff and Immune Pharmaceuticals Inc.
entered into a Securities Purchase Agreement. The Agreement stated
that Immune was to issue a Senior Secured Redeemable Convertible
Debenture in the face amount of $5,500,000 to Plaintiff with a base
interest rate of ten percent per annum and a maturity period of
five years (the Debenture, Agreement, and related documents
together are referred to collectively as the "Debt Documents"). On
October 1, 2018, Plaintiff and Immune also entered into an "IP
Security Agreement — Grant of Security Interest in United States
Patents and Trademarks."
In the Agreement, Immune represented that the performance of the
Debt Documents would not conflict with any other agreement to which
Immune was bound. Immune also represented that it "has good,
marketable and indefeasible title to the Collateral" and that it
would defend the Collateral against all adverse claims.
Additionaly, Immune represented that the IP Security Agreement
contained an accurate listing of all the patents Immune currently
owned. The "Officer's Certificate," dated October 9, 2018,
executed and delivered by Mr. Fiorino -— the former President,
interim CEO, and member of the Board of Directors -— on behalf of
Immune, reaffirms that these representations "are true and correct
in all material respects."
Upon issuance of the Debenture, Plaintiff advanced $2,000,000 in
cash to Immune, and issued a promissory note for the $3,000,000
balance. As security, Immune granted Plaintiff a first lien and
security interest in substantially all of its assets. The only
assets that were not included outright in the Collateral were those
associated with Ceplene, a drug which was shown in clinical studies
to prevent leukemic relapses in Acute Myeloid Leukemia patients in
first remission, among others. The Ceplene Assets would only
become Collateral if the assets were not disposed of by March 31,
2019. Plaintiff properly perfected its security interest in the
Collateral.
Allegedly included in the Collateral is a Product Sublicense
Agreement between Immune and Licensor iCo Therapeutics Inc. The
License includes non-exclusive patent licenses for the intellectual
property underlying the drug bertilimumab ("Bert"), a phase two
human anti-eotaxin-1 monoclonal antibody. Plaintiff alleged that
it believed that all of the Bert assets were included in the
collateral, based upon multiple representations made on behalf of
Immune during negotiations.
On February 15, 2019, after learning of Immune's grant of the
security interest to Plaintiff, Licensor served Immune with a
termination of the License. In it, Licensor stated that it was
terminating the License because Immune subjected the License "to
one or more security interests and/or has otherwise encumbered such
intellectual property and Information." The License Termination
was an Event of Default under Section IV.G(c) of the Agreement
because it resulted in a material breach of another agreement
Immune was bound by.
On February 17, 2019, two days after the License Termination,
Immune filed a voluntary petition for relief under Chapter 11 of
Title 11 of the United States Code in the Bankruptcy Court of the
District of New Jersey. During the bankruptcy proceedings, Immune
agreed to sell the Ceplene Assets to Mr. Teper -— the founder of
Immune who formerly served as President and CEO (but who resigned
from those posts in 2017) -— and his new company Vector. Id.
Immune, Mr. Teper and Vector allegedly signed an Asset Purchase
Agreement with a sale price of $2.25 million, and in March 2019,
Immune filed a motion on shortened notice in the Bankruptcy Court
seeking authority to close the sale of the Ceplene Assets before
March 31, 2019. At the March 29, 2019 hearing to discuss the
motion, Mr. Teper and Vector appeared and announced that they did
not have the funds to close the deal. Instead, the parties agreed
to a one-month license for $100,000. At the same hearing, Teper
and Vector "represented to the Court that they would have the
funding to close the sale within that one month." However, as of
the date of the CAC, the one-month license had long expired, Mr.
Teper and Vector had not come up with the funding for the sale
transaction, "and the [sale] transaction appear[ed] to be dead."
Plaintiff saw the one-month license as a "sham" used to destroy
Plaintiff's expectancy rights in the Ceplene Assets. Nevertheless,
the Bankruptcy Court held that the one-month license was valid,
which had the effect of excluding the Ceplene Assets from becoming
Collateral under the Agreement. Immune also agreed to sell certain
of its Anti-Eotaxin assets ("Sale Assets"), which included the Bert
assets, to Alexion Pharmaceuticals, Inc. The purchase of the Sale
Assets by Alexion was approved in October and closed in December of
2019, over the Plaintiff's objections.
Plaintiff alleged that as a result of Immune's breach of the
Agreement, the base interest rate of the Debenture had increased to
20% per annum, and that it is owed an additional 14% due to the
triggering of other formulas in the Debt Documents. Plaintiff
further alleged that after making all the calculations, it is owed
a total of $14,848,569 from this transaction.
Defendants first argued that "it was Plaintiff's responsibility to
discover that Defendants did not own the Collateral it allegedly
pledged." They contended that "Plaintiff could not have reasonably
relied on any alleged misrepresentations due to its own failure to
conduct proper due diligence, especially as a sophisticated
investor." Defendants concluded that "because reliance is a
necessary element of a common law fraud claim -— as well as fraud
in the inducement, negligent misrepresentation, and securities
fraud claims —- all of the asserted causes of action must be
dismissed for failure to state a claim." Plaintiff argued that
"had Defendants not represented that Immune owned all of the
Collateral various times in the Debt Documents, Plaintiff would not
have engaged in the transaction." Plaintiff concluded that "since
it has sufficiently alleged that it reasonably relied on the
misrepresentations, its fraud-based claims should survive this
Motion."
"Whether Plaintiff actually relied on Defendants' representations
in a reasonable manner is not the pertinent inquiry at this
juncture... All that needs to be pleaded to survive this Motion are
factual allegations to support Plaintiff's contention that it
believed it reasonably relied on Defendants' alleged
misrepresentations. The Court determines that Plaintiff has
succeeded in doing so. In the CAC, Plaintiff presented the
'Representations and Warranties' section of the Agreement where
Immune represented that it had indefeasible title to all of the
Collateral, and that the IP Security Agreement was a complete list
of all the patents Immune currently owned... These provisions
support Plaintiff's position that it believed all of the Bert
assets were included in the Collateral; all of the Bert assets were
listed in the IP Security Agreement, and as such, Plaintiff
believed they were all owned by Immune... Based on these
representations, Plaintiff could have been operating under the
reasonable belief that because all of the Bert assets were included
in the IP Security Agreement, they were all included in the
Collateral. Accordingly, the reliance element of the fraud-based
claims was properly pleaded," Judge Cecchi found.
In finding that New Jersey's conception of fiduciary duty controls,
Judge Cecchi explained that under New Jersey law, once a
corporation becomes insolvent, the directors assume a fiduciary or
quasi-trust duty to the corporation's creditors. "Plaintiff
alleges that exchanging the Debenture for $5,000,000 was a debt
transaction, thereby making it a creditor of Immune... Plaintiff
also alleges that '[b]ased upon all available financial information
regarding Immune's financial condition in the months before and
after the Petition Date, Immune was insolvent and had severely
impaired cash flow'... Therefore, Plaintiff has sufficiently
alleged that as a creditor of an insolvent corporation, it was owed
a fiduciary duty at some point... Accordingly, the fiduciary duty
claim will not be dismissed at this time," she further explained.
The Defendants argued that "under the doctrines of res judicata and
collateral estoppel, the Bankruptcy Court's approval of the Ceplene
license transaction should bar Plaintiff from asserting its
tortious interference claim because the same subject matter
underlies the two actions." Judge Cecchi found that neither
doctrine was applicable. "The approval order of the transaction
-— only two pages in length -— is silent with regards to
whether there was any 'malicious interference' by Teper with
respect to Plaintiff's expectation rights in the Ceplene Assets...
Further, Defendants provide the Court with little discussion of how
the doctrines apply... For example, Defendants do not address how
res judicata would operate to bar Plaintiff's tortious interference
claim when the approval order was without prejudice to Plaintiff's
rights in the Ceplene Assets... Nor do Defendants explain -— with
any specificity -— how the issues in the bankruptcy proceeding
are identical to the 'issue to be precluded' here," she said.
Judge Cecchi held that the claim for securities fraud is not ripe
and must be dismissed for lack of standing. She explained that
"currently, the Official Committee of Unsecured Creditors and other
debtors of Immune are pursuing a separate bankruptcy case to have
Plaintiff's debt claims recharacterized as equity claims, which
would have the effect of subordinating them... In the CAC,
Plaintiff concedes that '[i]f [Plaintiff's] debt claims against
Immune are recharacterized as equity, then [Plaintiff] will be a
purchaser of security and have standing to assert a SEC Rule 10b-5
claim'... To have standing to bring a securities fraud claim, one
must be a purchaser or seller of actual securities... As of the
date hereof, the transaction has yet to be recharacterized and
Plaintiff is still considered a purchaser of debt, not equity."
The case is DISCOVER GROWTH FUND, LLC, Plaintiff, v. ANTHONY
FIORINO, M.D.; DANIEL KAZADO; DANIEL TEPER, M.D.; JEFFREY PALEY,
M.D.; JOHN NECZESNY; THE ESTATE OF GARY H. RABIN; and JOHN DOE 1-10
and JANE DOE 1-10, Defendants, Civil Action No. 20-00351 (D.N.J.).
A full-text copy of the Opinion, dated January 25, 2021, is
available at https://tinyurl.com/y4dblblj from Leagle.com.
About Immune Pharmaceuticals
Immune Pharmaceuticals Inc., together with its subsidiaries, is a
clinical stage biopharmaceutical company specializing in the
development of novel targeted therapeutic agents in the fields of
inflammation, dermatology, and oncology. The company is
headquartered in Englewood Cliffs, New Jersey.
Immune Pharmaceuticals, et al., filed for bankruptcy protection
(Bankr. D.N.J. Case No. 19-13273) on Feb. 17, 2019. The petition
was signed by Anthony Fiorino, president and interim CEO.
The Debtors had total assets of $20,716,000 and total debts of
$19,874,000 as of Sept. 30, 2018.
The Hon. Vincent F. Papalia oversees the cases.
The Debtors tapped Norris McLaughlin & Marcus, PA as bankruptcy
counsel; Lowenstein Sandler LLP as special corporate counsel;
Armory Group LLC and Vine Holding Group as investment bankers.
INTERSTATE COMMODITIES: Proposes Sale or Abandonment of Assets
--------------------------------------------------------------
Interstate Commodities, Inc., asks the U.S. Bankruptcy Court for
the Northern District of New York to authorize (i) the procedures
relating to the auction sale of assets, and (ii) it to scrap or
abandon the De Minimis Assets that cannot be sold at auction.
The Debtor operated its business out of numerous locations. While
it sold many of its facilities prior to the Petition Date, the
Debtor still has Assets remaining at a select number of locations
including, but not necessarily limited to: Fremont, Nebraska;
Watseka and Charleston, Illinois; and Cairo, Ohio ("Facilities").
Exhibit 1 is the schedule of the Debtor's Assets. The Assets
consist mostly of trucks, construction and farm equipment, as well
as some inventory consisting of tools and spare equipment parts.
By a motion submitted on Jan. 27, 2021, the Debtor moved the Court
to retain Jack Nitz & Associates and Land Brokers ("JNA") to sell
the Debtor’s remaining Assets located at the Fremont, Nebraska
location. By separate applications, the Debtor will move to retain
local auctioneers to market and sell the Assets remaining at the
Illinois and Ohio locations.
After consulting with the local auctioneers, who have inspected its
Assets at the Facilities, the Debtor has become aware that some of
its Assets are either non-repairable, inoperable, obsolete or are
of such little to no value ("De Minimis Assets"), that any attempt
to repair or maintain them would cost the estate more than a Sale
of the Assets could recover.
By the Motion, the Debtor asks entry of an order, authorizing (i)
the sale of its Assets by a public sale free and clear of all
Liens; and approving procedures for (ii) the scrapping or
abandonment of its De Minimis Assets. It proposes a public sale in
order to obtain the best possible value for the Assets. The Debtor
expects that the proposed Sale(s) will provide a fair and
expeditious process to maximize the value of the Assets for the
benefit of creditors and the Debtor's estate. Because the Debtor
is no longer operating at the Facilities, a public sale of the
Assets will avoid further unnecessary costs to the estate for
storage, security, and upkeep of the Assets.
The Sale(s) of the Assets will be conducted by both live and online
auction so that the greatest number of potential buyers may
participate. Within 30 days of the Sale(s), the Debtor will file
with the Court the Report of Sale setting forth the results of the
Sale(s) pursuant to Local Rule 6005-1.
The Debtor has considered a private sale of the Assets and, based
upon the fact that the Debtor has been unable to solicit any
acceptable offer from a prospective private purchaser, it has
determined, in its business judgment, that retaining a broker to
sell the Assets by private sale is not likely to net a greater
recovery than a public sale. Consequently, the Debtor believes a
public auction will obtain a fair value for the Assets.
As the Debtor no longer wishes to burden the estate with the
storage and security costs associated with retaining De Minimis
Assets, it also asks authorization from the Court to scrap or
abandon the De Minimis Assets that cannot be sold at auction.
In the event the Debtor determines in its business judgment, after
consultation with its professionals, that an asset is no longer of
value or is burdensome to the estate, the Debtor will ask to scrap
the De Minimis Assets through the following procedures:
a. The Debtor will serve notice to any person or entity known
to the Debtor as having an interest in the De Minimis Asset to be
scrapped, including any known creditor asserting a Lien on the De
Minimis Asset to be scrapped, and to counsel for the Committee.
Such notice will be served at least five days before any such De
Minimis Assets are scrapped. Should there be no objections raised
in the five-day period, the Debtor will be free to scrap the De
Minimis Assets without any further notice or Court approval.
b. In the event that one of the Interested Parties objects to
the scrapping of the De Minimis Asset(s), and the parties are
unable to reach a consensual resolution, the Debtor will calendar
the matter for a hearing at which the objection can reasonably
be heard.
In the event the Debtor is unable to scrap a De Minimis Asset, the
Debtor will ask to abandon the De Minimis Asset through the same
procedures outlined for scrapping, except that the Debtor will also
provide notice to the person or entity to whom the De Minimis Asset
is to be abandoned.
Since the Debtor moved to retain JNA as auctioneer for the Fremont
Assets, JNA has moved the Debtor's Fremont Assets to its facility
in order to clean and prepare the Assets for auction. With the
Court's approval, JNA plans to include the Fremont Assets in its
large Consignment Auction taking place on March 4, 2021, which will
allow the Assets to be exposed to a much broader market due to a
larger live crowd, as well as more traffic to the online bidding
platform.
The Assets will be sold as is - where is, without any
representation or warranties of any kind, by live and/or online
auction to the highest bidder after the Assets are advertised
online, in newspapers, trade papers, and by direct mailings to
potential buyers.
The Debtor expects to take all reasonable steps to sell the De
Minimis Assets. However, it may determine in its business
judgment, that after further inspection of the De Minimis Assets
and consultation with its professionals that the costs of
maintaining the De Minimis Assets would outweigh any amount
recovered from a Sale such that the Assets should be sold for scrap
or abandoned pursuant to section 554(a) of the Bankruptcy Code.
A copy of the Exhibit 1 is available at
https://tinyurl.com/2dl64z4s from PacerMonitor.com free of charge.
About Interstate Commodities
Interstate Commodities Inc. engages in the merchandise of
commodities. It offers whole corn, soybean meal, soybeans, soy
hulls, soyhull pellets, corn gluten meal, canola meal,
sunflower meal, beet pulp pellets, citrus pulp pellets, and wheat.
Interstate Commodities filed a voluntary petition for relief under
chapter 11 of the Bankruptcy Code (Bankr. N.D. N.Y. Case No.
20-11139 on Aug. 26, 2020. The petition was signed by Michael G.
Piazza, chief operating officer. At the time of filing, the
Debtor
disclosed $12,558,336 in assets and $25,513,305 in liabilities.
Gerard R. Luckman, Esq., at FORCHELLI DEEGAN TERRANA LLP, is the
Debtor's counsel.
The Court appointed NAI Platform as Real Estate Broker.
JAX AVALON: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Jax Avalon LLC, according to court dockets.
About Jax Avalon
Jax Avalon, LLC is a Florida limited liability company, which owns
and manages a 12-acre, 194-unit residential apartment complex
located at 7557 and 7579 Arlington Expressway, Jacksonville, Fla.
Jax Avalon sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 20-03495) on Dec. 8, 2020. At the
time of filing, the Debtor had estimated assets of between $1
million and $10 million and liabilities of between $10 million and
$50 million.
Judge Jerry A. Funk oversees the case.
Lansing Roy, P.A., and Michael Moecker & Associates, Inc., serve as
the Debtor's legal counsel and restructuring advisor, respectively.
Mark C. Healy of Michael Moecker is the chief restructuring
officer.
JONES AUTO: Seeks to Hire Welch and Company as Legal Counsel
------------------------------------------------------------
Jones Auto Body, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Indiana to employ Welch and Company,
LLC as its legal counsel.
Welch will render these legal services:
(a) Prepare petition, schedules and statements and any
amendments;
(b) Prepare the Debtor for duties while in a Chapter 11
bankruptcy;
(c) Attend the initial interview scheduled by the Office of
the U.S. Trustee and facilitate the Debtor's requirements for the
meeting, attend any initial status conference as directed by the
court, and attend the "Section 341" meeting of creditors;
(d) Draft and prepare first day motions, employment
applications and other related pleadings;
(e) Attend the 60-day status conference and all other hearing
appurtenant to Subchapter V of Chapter 11;
(f) Manage legal papers that the Debtor is required to
submit;
(g) Prepare applications for compensation of Welch and any
other professionals that may be employed by the estate;
(h) Prepare pleadings related to sale applications or
valuation motions, if any;
(i) Attend other hearings and meetings;
(j) Negotiate with creditors regarding critical aspects of the
Chapter 11 proceeding and the confirmation process;
(k) Consult with the Debtor regarding the Chapter 11
proceeding and advise the responsible party regarding various
aspects of the matter;
(l) Consult with professionals who the estate may need to
hire;
(m) Prepare the combined Chapter 11 plan and disclosure
statement and ballots, and serve the documents to creditors; and
(n) Represent the Debtor in any adversary proceedings that may
arise; and
(o) All other responsibilities and duties of counsel.
Welch's hourly rates are as follows:
Eric C. Welch, Attorney $250
Gregory Smith, Attorney $250
Darla Crouch, Paralegal $125
Synthia Kendall, Paralegal $125
Lisa Hancock, Legal Assistant $70
In addition, Welch will seek reimbursement for out-of-pocket
expenses.
Eric Welch, Esq., a member of Welch, disclosed in court filings
that the firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Eric C. Welch, Esq.
Welch & Company, LLC
400 N. High Street, Suite 201
Munich, IN 47305
Telephone: (765) 282-9501
Facsimile: (765) 282-9505
About Jones Auto Body
Jones Auto Body, Inc. filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
21-00385) on Feb. 1, 2021. Homer C. Fannin, Jr., president, signed
the petition. Welch & Company, LLC serves as the Debtor's legal
counsel.
JSAA REALTY: Plan Says Enterprises to Hike Rental After Renovation
------------------------------------------------------------------
JSAA Realty, LLC, filed an Amended Disclosure Statement describing
its proposed Plan of Reorganization on Jan. 29, 2021.
The Debtor is the owner of a piece of real property located at
11505 Anaheim Street, Dallas, Texas ("Property"). Prior to the
Debtor owning the Property it was owned by an entity known as JSAA
Enterprises, Inc. ("Enterprises"). In 2011, as the DVD sales
market diminished, the owners decided to renovate the Property into
a nightclub. Through their own personal resources, the owners of
Enterprise invested over $1,000,000 in renovations. In 2016,
Enterprises was seeking additional financing to complete
renovations. At that time, Enterprise's CPA, Paven Bagaria advised
Enterprises he could arrange additional financing through a company
he knew known as Sunshine Mortgage, however, in order to receive
the financing Sunshine required Enterprise to transfer the Property
into a new entity and provide Sunshine with a lien on the
Property.
Therefore, in 2016, the Debtor was formed and Enterprise
transferred the Property into the Debtor. In 2016, the Debtor
received a loan from Sunshine in the amount of $300,000. This loan
was an interest-only loan at 8% per annum with a balloon payment in
5 years. The renovation continued on the Property, but it became
apparent the $300,000 loan would not be sufficient to complete
everything. In 2017, Sunshine re-did the original loan and
advanced the Debtor another $50,000. The new loan increased the
interest rate to 9% per annum but maintained the same maturity
date. All during this time Sunshine was being paid by Enterprise.
Early in 2018, Sunshine informed the Debtor they wanted the loan
repaid.
In June 2019, Sunshine proposed a new agreement in the amount of
$465,000 with interest at the rate of 10% per annum. The monthly
payment was $4,000 per month up from the original $2,500 per month.
This agreement was never executed by Debtor's owner Andy Sinkular.
On top of the $4,000 per month Sunshine demanded the $14,000 in
back payments. The Debtor made the $4,000 monthly payments and
Sunshine accepted the payments until February 2020. In March 2020,
Enterprise was shut down due to the pandemic. The Debtor missed
the March 2020 payment with Sunshine's approval, but was allowed to
reopen in April 2020 and began making additional payments on top of
the normal $4,000 payment to make up the missed payment, but
Sunshine in August refused to accept the payments and instead
asserted a default and began foreclosure proceedings. The
bankruptcy was filed to stop the foreclosure and allow the Debtor
an opportunity to repay its creditors.
Prior to the filing the Debtor informally rented the Property to
Enterprises. The rental payment was the monthly payment to
Sunshine as well as all expenses for operation. The rental is for
$6,000 per month and Enterprises is responsible for property taxes
and insurance on the Property. The lease with Enterprises has
continued postpetition. Enterprise continues to expend funds in
completing the renovations. All of the major renovations have been
completed and "green tagged" by the City of Dallas. As a result of
the pandemic the renovations have slowed because the nightclub
would not be allowed to open at this time. Enterprises has agreed
to increase the rental payments once the renovations are completed
and the club is allowed to open.
Like in the prior iteration of the Plan, Unsecured Creditors will
receive 100% of their allowed claims. All creditors holding
allowed unsecured claims will be paid from the operations of the
company.
The Debtor will continue to rent the Property. The rental proceeds
will be used to pay the amount necessary to pay the Allowed Claims
of Class 2 through 6. The Plan is premised on the Debtor's
continued rental of the Property. Based upon the current rental
income, the Debtor believes the Plan to be feasible.
A full-text copy of the Amended Disclosure Statement dated Jan. 29,
2021, is available at https://bit.ly/3cOTB80 from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
Eric A. Liepins
ERIC A. LIEPINS, P.C.
12770 Coit Road, Suite 1100
Dallas, Texas 75251
Tel: (972) 991-5591
Fax: (972) 991-5788
About JSAA Realty
JSAA Realty, LLC, is a single asset real estate debtor (as defined
in 11 U.S.C. Section 101(51B)). It is the owner of a fee simple
title to a property located at 11505 Anaheim Drive, in Dallas,
Texas, which is valued at $2.2 million.
JSAA Realty filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 20-32504) on
Oct. 2, 2020. Arpit Joshi, the managing member, signed the
petition. At the time of the filing, the Debtor disclosed $2.2
million in assets and $651,046 in liabilities. Eric A. Liepins,
P.C., serves as the Debtor's legal counsel.
KD BELLE TERRE: March 3 Disclosure Statement Hearing Set
--------------------------------------------------------
On Jan. 28, 2021, Debtor KD Belle Terre, L.L.C., filed with the
U.S. Bankruptcy Court for the Middle District of Louisiana a
Disclosure Statement in support of Plan of Liquidation. On Jan.
29, 2021, Judge Douglas D. Dodd ordered that:
* March 3, 2021, at 10:00 a.m. at the United States Bankruptcy
Court, 707 Florida Street, Room 222, Baton Rouge, Louisiana, by
Zoom video conference is the hearing to consider the adequacy of
the information contained in the disclosure statement and fix a
date for the hearing on confirmation of the plan.
* Objections to the disclosure statement be filed and
delivered to the plan proponent no later than eight days before the
hearing. Objections not timely filed and delivered may be deemed
waived.
A full-text copy of the order dated Jan. 29, 2021, is available at
https://bit.ly/3pYMRb9 from PacerMonitor.com at no charge.
About KD Belle Terre, L.L.C.
KD Belle Terre LLC is a single asset real estate debtor (as defined
in 11 U.S.C. Section 101(51B)), whose principal assets are located
at 150 Belle Terre Boulevard, La Place, La.
KD Belle Terre filed a Chapter 11 petition (Bankr. M.D. La. Case
No. 20-10537) on July 29, 2020. In the petition signed by Michael
D. Kimble, manager, the Debtor was estimated to have $1 million to
$10 million in both assets and liabilities.
Sternberg, Naccari & White, LLC serves as the Debtor's bankruptcy
counsel.
KLAUSNER LUMBER: Asks Court for June 8 Plan Exclusivity Extension
-----------------------------------------------------------------
Klausner Lumber Two LLC asks the U.S. Bankruptcy Court for the
District of Delaware to further extend its exclusive periods for
filing a chapter 11 plan and soliciting acceptances to the plan, to
June 8, 2021 and August 9, 2021, respectively.
The Debtor currently has until February 8, 2021 to file a chapter
11 plan, and until April 7, 2021 to solicit acceptances to the
plan.
"Cause exists to extend the Exclusive Periods in this chapter 11
case. First, the Debtor and its professionals have made significant
progress in moving the case toward a successful completion,
including spending considerable time addressing numerous issues
involving creditors and other parties in interest," the Debtor
tells the Court.
The Debtor contends that since the Petition Date, it has, among
other things:
(a) procured post-petition financing;
(b) prepared and filed its Schedules of Assets and Liabilities
and Statement of Financial Affairs;
(c) obtained Court orders to retain critical professionals and
establish procedures for the interim compensation of professionals;
(d) solicited third-party purchasers for the sale of the
Debtor’s assets;
(e) negotiated extensively with the County and Carolina
Sawmills to resolve various issues, including with respect to the
Real Property and reached a settlement, enabling the Debtor to
pursue a going-concern sale of its assets;
(f) conducted a full marketing and sale process, to include a
virtual auction;
(g) obtained approval of the APA and sale of substantially all
of the Debtor’s assets, and closed on the sale;
(h) begun conducting the claims administration and
investigation process;
(i) filed amended schedules of assets and liability;
(j) conducted negotiations with other creditors in interest
and reached a settlement to allow the wind down of the 401(k)
Profit Sharing Plan and Trust; and
(k) addressed other matters to facilitate the orderly
administration of the Debtor’s bankruptcy case.
The Debtor further contends that no party in interest is ready to
submit a plan for the chapter 11 case. "The extension request is
reasonable and is consistent with the efficient prosecution of the
chapter 11 cases in that it will provide the Debtor with additional
time to administer its claims and thereafter draft and file a plan
and solicit acceptances thereof. Consequently, the relief requested
herein is necessary," the Debtor avers.
Klausner Lumber Two LLC is represented by:
Robert J. Dehney, Esq.
Eric Schwartz, Esq.
Daniel B. Butz, Esq.
Nader A. Amer, Esq.
MORRIS, NICHOLS, ARSHT & TUNNELL LLP
1201 N. Market Street, 16th Floor
P.O. Box 1347
Wilmington, DE 19899-1347
Telephone: 302-658-9200
Email: dbutz@mnat.com
namer@mnat.com
- and -
Thomas A. Draghi, Esq.
Alison M. Ladd, Esq.
WESTERMAN BALL EDERER
MILLER ZUCKER & SHARFSTEIN, LLP
1201 RXR Plaza
Uniondale, NY 11556
Telephone: 516-622-9200
Email: tdraghi@westermanllp.com
aladd@westermanllp.com
About Klausner Lumber Two
Klausner Lumber Two, LLC, a sawmill company in Enfield, N.C.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Case No. 20-11518) on June 10, 2020. Robert Prusak, chief
restructuring officer, signed the petition. At the time of the
filing, the Debtor had estimated assets of between $10 million and
$50 million and liabilities of between $100 million and $500
million.
Judge Karen B. Owens oversees the case.
The Debtor tapped Westerman Ball Ederer Miller Zucker & Sharfstein,
LLP and Morris, Nichols, Arsht & Tunnell, LLP as its bankruptcy
counsel, Asgaard Capital LLC as restructuring advisor, and Cypress
Holdings LLC as investment banker.
The U.S. Trustee for Region 3 appointed a committee of unsecured
creditors in the Debtor's Chapter 11 case on June 25, 2020.
Elliott Greenleaf, P.C. and EisnerAmper, LLP serve as the Debtor's
legal counsel and financial advisor, respectively.
KNOTEL INC: Seeks Shortened Hearing Notice of Bid Procedures Motion
-------------------------------------------------------------------
Knotel, Inc., and its affiliates ask the U.S. Bankruptcy Court for
the District of Delaware to shorten the notice period for the
hearing on their proposed bidding procedures in connection with the
sale of substantially all assets to Digiatech, LLC or its designee
for $70 million, subject to overbid.
Contemporaneously with the Notice, the Debtors filed the Motion,
asking, among other relief, approval of: (i) the Debtors' proposed
bidding procedures; (ii) the designation of Digiatech, together
with any affiliate thereof, as the stalking horse bidder; (iii) the
approval of the designation of Digiatech's bid as the stalking
horse bid; and (iv) the approval of reasonable and customary bid
protections for the Stalking Horse Bid. Although the Motion to
Shorten asks to provide only eight days' notice of the hearing,
pressures on the Debtors' liquidity and business warrant such
shortened notice in order to expedite establishing a
value-maximizing sale process.
On Jan. 27, 2021, the Debtors contacted counsel to the Office of
the United States Trustee to ascertain if the U.S. Trustee would
oppose allowing the Motion to be heard on Feb. 8, 2021, with an
objection deadline on Feb. 5, 2021. The U.S. Trustee informed the
Debtors that the U.S. Trustee objected to the Motion being heard on
Feb. 8, 2021, on shortened notice.
The Debtors respectfully submit that shortening notice of the
Motion as sought is reasonable under the circumstances. Further,
granting the requested relief will not unfairly prejudice their
creditors or other parties in interest. For these reasons, the
Debtors respectfully submit that allowing the Motion to be
considered on shortened notice at a hearing on or before Feb. 8,
2021, is reasonable and appropriate under the circumstances.
A copy of the Bid Procedures and APA is available at
https://tinyurl.com/26m35wjz from PacerMonitor.com free of charge.
About Knotel Inc.
Knotel -- http://www.Knotel.com/-- is a flexible workspace
platform that matches, tailors, and manages space for customers.
New York-based Knotel offers workspace properties such as desks,
open, and private spaces on rent for companies in 20 global
markets. In the U.S., Knotel primarily serves in the New York
City
and San Francisco areas.
Knotel, founded in 2015, raised hundreds of millions of dollars
from investors. It expanded rapidly for years and was one of the
more aggressive competitors in the co-working and flexible office
space sector, becoming one of WeWork's fiercest rival.
As the COVID-19 pandemic upended the co-working industry, Knotel,
Inc., and its U.S. subsidiaries sought Chapter 11 protection
(Bankr. D. Del. Case No. 21-10146) on Jan. 30, 2021, to pursue a
sale of the assets to Newmark Group.
Knotel estimated $1 billion to $10 billion in assets and
liabilities as of the bankruptcy filing.
Morris, Nichols, Arsht & Tunnell LLP is serving as the Company's
counsel. Moelis & Company is the investment banker. Omni Agent
Solutions is the claims agent.
KNOTEL INC: Sets Bid Procedures for $70-Mil. Sale of All Assets
---------------------------------------------------------------
Knotel, Inc., and its affiliates ask the U.S. Bankruptcy Court for
the District of Delaware to authorize the bidding procedures in
connection with the sale of substantially all assets to Digiatech,
LLC or its designee for $70 million, subject to overbid.
After the Petition Date, the Debtors' proposed investment banker,
Moelis & Co., LLC plans to begin the Debtors' marketing process.
The Debtors, in consultation with Moelis and their other advisors,
entered into the Stalking Horse Agreement to provide a floor for
the marketing process.
The salient terms of the APA are:
a. Buyer: Digiatech, LLC or its designee
b. Seller: Knotel, Inc. and each of its subsidiaries
c. Purchase Price: The aggregate consideration for all or
substantially all of the Debtors' assets will be $70 million, which
amount will be in the form of a credit bid whereby the Buyer shall:
(i) credit from outstanding Indebtedness under the DIP Facility at
the Closing an amount up to the lesser of (x) $70 million or (y)
the amount outstanding under the DIP Facility at the Closing,
including any amounts outstanding under the Prepetition Credit
Agreements that are combined, consolidated, or rolled-up into the
DIP Facility; (ii) credit from outstanding Indebtedness under the
Prepetition First Lien Credit Agreement an amount up to the lesser
of(x) the result of (A) $70 million minus (B) the amount credit bid
pursuant to clause (i) above or (y) the amount outstanding under
the Prepetition First Lien Credit Agreement, if any, pursuant to a
credit bid by Buyer in its capacity as secured lender under the
Prepetition First Lien Credit Agreement; and (iii) credit from
outstanding Indebtedness under the Prepetition Second Lien Credit
Agreement an amount up to the lesser of (x) the result of (A) $70
million, minus (B) the amount credit bid pursuant to clause (i)
above, minus (C) the amount credit bid pursuant to clause (ii)
above or (y) the amount outstanding under the Prepetition Second
Lien Credit Agreement, if any, pursuant to a credit bid by Buyer in
its capacity as secured lender under the Prepetition Second Lien
Credit Agreement.
d. Purchased Assets: The assets will include all or
substantially all of the Debtors' assets.
e. The Buyer is an affiliate of Newmark Group, Inc., which is
a minority shareholder of Debtor Knotel, Inc., and is therefore not
an "insider" as defined in section 101 of the Bankruptcy Code. The
Buyer purchased the Debtors' senior and junior credit facilities.
f. The Stalking Horse Bidder has not entered into any
agreements with management or key employees concerning compensation
or future employment.
g. The Stalking Horse Agreement contemplates that the Sale
will be implemented pursuant to a bid and auction process.
h. The Stalking Horse Agreement and Bidding Procedures do not
provide a deadline for closing.
i. The Stalking Horse Agreement proposes to permit the Buyer
to credit bid DIP claims.
j. The Debtors are asking a waiver of the Bankruptcy Rule
6004(h) stay in connection with the Bidding Procedures Order.
The Bidding Procedures are designed to facilitate a fair, robust
and competitive sale process to ensure that the value of the Assets
is maximized. They allow the Debtors to solicit and evaluate bids
from potential bidders and determine the highest or otherwise best
offer for their Assets on a reasonable timeline.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Feb. 28, 2021, at 4:00 p.m. (ET)
b. Initial Bid: The value of each Bid for all or substantially
all of the Debtors' Assets, as determined by the Debtors in their
business judgment, must exceed (a) the purchase price set forth in
the Stalking Horse Agreement, plus (b) the maximum amount of Bid
Protections payable to the Stalking Horse Bidder under the Stalking
Horse Agreement in the form of a Termination Fee in the amount of
$2.1 million (i.e., 3% of $70 million) and Expense Reimbursement of
up to $500,000, plus (0) the minimum Bid increment of $500,000 (or
such other amount as the Debtors may determine, which amount may be
less than $500,000, including with respect to a Bid for less than
all Assets). The Debtors and their advisors will determine, in
their reasonable business judgment, the value of any assumed
liabilities that differ from those included in the Stalking Horse
Bid.
c. Deposit: 7.5% of the aggregate value of the cash and
non-cash consideration of the Bid
d. Auction: March 2, 2021 at 1:00 p.m. (ET), as the date and
time of the Auction, if one becomes necessary, which will be held
at the offices of the proposed counsel to the Debtors, Milbank LLP,
2029 Century Park East, 33rd Floor, Los Angeles, California 90067,
telephonically, or by video via Zoom, or such later time or other
place as the Debtors will timely notify all other Qualified
Bidders.
e. Bid Increments: $500,000
f. Sale Hearing: March 4, 2021, at 4:00 p.m. (ET)
g. Sale Objection Deadline: Feb. 22, 2021, at 4:00 p.m. (ET)
h. Bid Protections: $500,000
i. Termination Fee: $2.1 million (i.e., 3% of $70 million)
The sale will be free and clear of all liens, claims, interests,
charges and encumbrances, with any such liens, claims, interests,
charges, and encumbrances attaching to the net proceeds of the
sale.
To induce the Stalking Horse Bidder to expend the time, energy and
resources necessary to negotiate and ultimately execute the
Stalking Horse Agreement and to keep the
As soon as reasonably practicable after entry of the Bidding
Procedures Order, the Debtors will serve the Sale Notice, the
Bidding Procedures Order, and the Bidding Procedures upon the
Notice Parties.
To facilitate the Sale, the Debtors ask authority to assume and
assign executory the Assigned Contracts designated by the
successful bidder to be assumed and assigned to the successful
bidder. The Assumption Notice Deadline is Feb. 9, 2021.
Less than one business day before the date of the Sale Hearing, the
Debtors will file with the Court and serve on all Counterparties a
Notice of Successful Bidder.
To implement the foregoing successfully, the Debtors ask a waiver
of the notice requirements under Bankruptcy Rule 6004(a) and the
14-day stay of an order authorizing the use, sale, or lease of
property under Bankruptcy Rule 6004(h).
A copy of the Bid Procedures and APA is available at
https://tinyurl.com/26m35wjz from PacerMonitor.com free of charge.
The Purchaser:
DIGIATECH, LLC
125 Park Avenue
New York, NY 10017
Attn: Michael Rispoli
E-mail: mrispoli@ngkf.com
The Purchaser is represented by:
SULLIVAN & WORCESTER LLP
1633 Broadway
New York, NY 10019
Attn: Jeffrey Gleit
E-mail: jgleit@sullivanlaw.com
About Knotel Inc.
Knotel -- http://www.Knotel.com/-- is a flexible workspace
platform that matches, tailors, and manages space for customers.
New York-based Knotel offers workspace properties such as desks,
open, and private spaces on rent for companies in 20 global
markets. In the U.S., Knotel primarily serves in the New York
City
and San Francisco areas.
Knotel, founded in 2015, raised hundreds of millions of dollars
from investors. It expanded rapidly for years and was one of the
more aggressive competitors in the co-working and flexible office
space sector, becoming one of WeWork's fiercest rival.
As the COVID-19 pandemic upended the co-working industry, Knotel,
Inc., and its U.S. subsidiaries sought Chapter 11 protection
(Bankr. D. Del. Case No. 21-10146) on Jan. 30, 2021, to pursue a
sale of the assets to Newmark Group.
Knotel estimated $1 billion to $10 billion in assets and
liabilities as of the bankruptcy filing.
Morris, Nichols, Arsht & Tunnell LLP is serving as the Company's
counsel. Moelis & Company is the investment banker. Omni Agent
Solutions is the claims agent.
KRISTINA MA. MCGUIRE: Maxon Buying Brecksville Residence for $1.1M
------------------------------------------------------------------
Kristina Maria McGuire asks the U.S. Bankruptcy Court for the
Northern District of Ohio to authorize the sale of her personal
residence located at 2367 Springside Oval, in Brecksville, Ohio
(owned jointly with her non-filing spouse), Cuyahoga County Parcel
No. 604-19-037, to Maxon Ohio, LLC for $1.1 million.
As part of the Debtor's reorganization effort, she is attempting to
sell the Property in order to reduce her monthly expenses and
create more value for creditors going forward as well as having a
better ability to fund a plan of reorganization. While the
proceeds from the sale of such real estate will be used to acquire
another residence and otherwise considered exempt assets under
applicable federal and state law, the effort to sell such
financially burdensome property will contribute overall toward the
Debtor's reorganization effort.
The Debtor asks authority to sell the Property to the Buyer upon
the terms set forth in their Purchase Agreement. She asserts, in
her business judgment, that a sale of the Property upon the terms
in the Purchase Agreement is in the best interest of her estate and
her creditors. The Debtor proposes that existing mortgage and
liens as well as real estate commission and closing costs be paid
out of closing proceeds.
Pursuant to the Purchase Agreement, the Buyer will acquire the
Property. At closing, the Buyer will pay the amount of $1.1
million. The tax appraised value of the Cuyahoga County property
is $1.02 million. The proposed closing is scheduled to occur by
Feb. 26, 2021.
As part of closing the following secured liens will be paid: 1st
Mortgage (First Federal) - $780,420 and 2nd Mortgage (Dollar Bank)
- $170,853. There is a 3rd Mortgage on the Property in favor of
PNC Bank. In lieu of payment out of closing proceeds, PNC Bank has
agreed to transfer its lien to the Debtor's replacement property
(new residence to be acquired at a later date). The funds that
would otherwise to paid to PNC Bank on its 3rd Mortgage will be
held in escrow with the title company until such time the Debtor
and her husband find a replacement home.
As part of closing, a real estate commission of 5% of the gross
sale price ($55,000) is proposed to be paid and split with a
co-broker engaged to represent the Buyer. Contemporaneous with the
filing of the Motion, the Debtor filed an application to employ the
proposed Real Estate Agent.
Other typical expenses to be paid at closing include real estate
taxes ($4,184), homeowners association assessment ($422), and
closing costs ($6,515). No proceeds are contemplated to be paid to
the Debtor or her husband.
Finally, the Debtor asks that the Court enters as part of its Order
approving the Sale a waiver of the 14-day stay of Bankruptcy Rule
6004(h). In light of the opportunity for objections to the Motion
prior to any hearing taken together with the need for the Buyer and
Debtor to move forward as quickly as possible and obtain approval
by the Court prior to the proposed closing by Feb. 26, 2021, such
waiver is appropriate under the circumstances.
The Debtor believes that the sale of the Property is reasonable and
proper under Section 363 of the Bankruptcy Code and is in the best
interests of the Debtor and her creditors. Accordingly, ample
cause exists for authorization of the Sale as set forth in the
Motion.
A copy of the Contract is available at https://tinyurl.com/4mle7rb4
from PacerMonitor.com free of charge.
The Purchaser:
MAXON OHIO, LLC
Attn: Michael R. Lee
1345 Homestead Creek Drive
Broadview Heights, OH 44147
E-mail: mlee@ufpm.net
Kristina Maria McGuire sought Chapter 11 protection (Bankr. N.D.
Ohio Case No. 20-15364) on Dec. 15, 2020. The Debtor tapped
Michael A. Steel, Esq., at Brennan, Manna & Diamond, LLC as
counsel. Collette Gibbons has been appointed the Subchapter V
Trustee.
LIFTOFF MOBILE: Moody's Assigns First Time B2 Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
B2-PD Probability of Default Rating to Liftoff Mobile, Inc. in
connection with the company's pending buyout. Moody's also assigned
a B2 instrument rating to the proposed first lien senior secured
debt instruments (5-year revolver and 7-year term loan). The
outlook is stable.
Proceeds from the proposed debt issuance plus new equity from funds
associated with Blackstone Group L.P. will be used to fund the
purchase of a majority investment in Liftoff as well as pay
transaction fees.
The rating actions for Liftoff Mobile, Inc.:
Assignments:
Issuer: Liftoff Mobile, Inc.
Corporate Family Rating, Assigned B2
Probability of Default Rating, Assigned B2-PD
Senior Secured 1st Lien Revolving Credit Facility, Assigned B2
(LGD3)
Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3)
Outlook Actions:
Issuer: Liftoff Mobile, Inc.
Outlook, Assigned Stable
The assigned ratings are subject to review of final documentation
and no material change in the terms and conditions of the
transaction as advised to Moody's.
RATINGS RATIONALE
Liftoff's B2 CFR reflects the company's leading position as a
mobile marketing platform diversified across several industry
sectors. Moody's expects Liftoff will maintain double digit
percentage top line growth, supported by favorable growth trends
for mobile advertising, with adjusted EBITDA margins in the
mid-teen percentage range and good free cash flow conversion. Since
2017, revenues have quadrupled and net retention has consistently
exceeded 130% reflecting Liftoff's success with mobile user
acquisition and retargeting.
Ratings incorporate Liftoff's small scale relative to larger
competitors, including social media providers, competitive
pressures in a rapidly changing environment, ownership by a
financial sponsor, and the need to establish a track record for
adherence to financial policies. Although Liftoff has a
several-year head start in establishing its brand and refining its
machine learning-enabled algorithms, Moody's believes there is the
potential for deep pocketed social media platforms and new entrants
to develop their own competing proprietary products in this
attractive, fast-growing mobile segment. Adjusted debt to EBITDA at
closing is roughly 4x, and Moody's expects organic revenue and
profit growth will drive improving credit metrics over the next
year absent sizable acquisitions or distributions.
Governance risks are a key consideration given that financial
sponsors typically look to enhance equity returns through
distributions or debt financed acquisitions. Moody's views
Liftoff's financial policy to be somewhat aggressive given the
private-equity ownership, and the potential for debt funded
dividends or acquisitions. Lack of public financial disclosure and
the absence of board independence are also considered in the B2
CFR.
The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Although the pandemic has not had a negative impact on Liftoff's
operating results and an economic recovery is underway, it is
tenuous and its continuation will be closely tied to containment of
the virus. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety.
Liquidity is expected to be good over the next 12 months with free
cash flow to debt in the high single digit percentage range or
better, despite being a taxpayer (expected 25% cash tax rate). In
addition, Liftoff will have good availability under the proposed
5-year revolver. Moody's expects cash balances to be nominal as
excess cash will eventually be used to repay debt or fund growth
investments. The B2 rating for the 1st lien revolver and 1st lien
term loan is in line with the B2 CFR given the credit facilities
represent the preponderance of funded debt.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook incorporates Moody's expectation of double-digit
percentage organic annual revenue growth with improving margins and
free cash flow. Moody's expects that organic growth investments and
potential acquisitions will be funded primarily with excess cash
and potential debt issuances will be managed to return credit
metrics, including adjusted leverage, to pre-transaction levels.
Ratings could be upgraded if solid revenue growth, improving
margins, and capital allocation lead Moody's to expect adjusted
debt to EBITDA will be sustained below 4.0x, despite tuck in
acquisitions or distributions. Liftoff needs to establish a track
record for consistent topline gains while adhering to disciplined
financial policies. Liquidity would also need to be very good with
growing cash balances, good conversion of EBITDA to free cash flow,
and adjusted free cash flow to debt consistently above 15%. Ratings
could be downgraded if Moody's expects adjusted debt to EBITDA will
be sustained above 6x due to underperformance or due to debt
financed distributions or acquisitions. There would be downward
pressure on ratings if liquidity deteriorates or if organic revenue
growth decelerates to the mid-single digit percentage range
reflecting competitive pressures or poor execution.
As proposed, the new first lien term loan is expected to provide
covenant flexibility for transactions that could adversely affect
creditors including incremental facility capacity equal to (i) the
greater of $85 million and (ii) 100% of Consolidated EBITDA, plus
additional pari passu credit facilities so long as the first lien
net leverage ratio does not exceed 3.25x with 2.0x interest
coverage. Additional debt is permitted for incremental facilities
that are secured on a junior lien basis (subject to a 4.25x senior
secured leverage ratio limit and 2.0x interest coverage) or are
unsecured (subject to a 4.75x total leverage ratio limit and 2.0x
interest coverage). Proposed terms related to the release of
subsidiary guarantees and collateral leakage through transfers to
unrestricted subsidiaries have not been disclosed. Summary term
sheet indicates a 100% net asset sale prepayment requirement
stepping down to 50% when the first lien net leverage ratio is
2.75x, and then 25% when ratio is 2.25x, subject to an 18-month
reinvestment window.
Liftoff Mobile, Inc., founded in 2012 with headquarters in Redwood
City, CA, is a global performance-based mobile marketing platform
that helps customers acquire and retain users across several
industry verticals including gaming, commerce, and social media.
Liftoff will be majority owned by Blackstone Group upon closing of
the leveraged buyout.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
LUCKIN COFFEE: Chapter 15 Case Summary
--------------------------------------
Chapter 15 Debtor: Luckin Coffee Inc.
Conyers Trust Company (Cayman) Ltd
P.O. Box 2681, Cricket Square
Hutchins Drive
George Town, Grand Cayman
Cayman Islands
Business Description: Luckin Coffee Inc. --
https://www.luckincoffee.com --
China-based coffee chain founded in
2017.
Foreign
Proceeding: In the Matter of Luckin Coffee Inc.,
Grand Court of the Cayman Islands, Cause
No. FSD 157 of 2020
Chapter 15 Petition Date: February 5, 2021
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 21-10228
Judge: Hon. Martin Glenn
Foreign Representatives: Alexander Lawson and
Wing Sze Tiffany Wong
P.O. Box 2507, 2nd Floor
70 Harbour Drive
George Town, Grand Cayman
Cayman Islands
Foreign
Representatives'
Counsel: Thomas R. Califano, Esq.
R. Craig Martin, Esq.
Erik F. Stier, Esq.
DLA PIPER LLP (US)
1251 Avenue of the Americas
27th Floor New York, New York 10020
Tel: (212) 335-4500
Fax: (212) 335-4501
Email: craig.martin@us.dlapiper.com
thomas.califano@dlapiper.com
erik.stier@dlapiper.com
Estimated Assets: Unknown
Estimated Debts: Unknown
A copy of the Involuntary Petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/QNCC4RY/Luckin_Coffee_Inc_and_Alexander__nysbke-21-10228__0001.0.pdf?mcid=tGE4TAMA
LUCKIN COFFEE: March 16 Recognition Hearing of Cayman Liquidation
-----------------------------------------------------------------
The joint provisional liquidators of Luckin Coffee Inc. filed with
the U.S. Bankruptcy Court for the Southern District of New York a
verified petition for U.S. recognition of the proceedings in the
Cayman Islands as foreign main proceedings.
A recognition hearing on the recognition of the Cayman Proceeding
as a foreign main proceeding and for related relief is scheduled
for March 16, 2021, at 10 a.m. (ET), before U.S. Bankruptcy Judge
Martin Glenn.
Alexander Lawson of Alvarez & Marsal Cayman Islands Limited and
Wing Sze Tiffany Wong of Alvarez & Marsal Asia Limited are the
joint provisional liquidators appointed under Part V of the Cayman
Islands Companies Act in a provisional liquidation proceeding
pending before the Grand Court of the Cayman Islands, Financial
Services Division Cause No. 157 of 2020 (ASCJ).
Luckin Coffee is a Cayman Islands-based holding company that
indirectly owns subsidiaries in the People's Republic of China
through which it operates a coffee business through a network of
3,898 self-operated stores and 894 partnership stores.
Luckin Coffee's headquarters are in Beijing, PRC, where it also
holds its board of director meetings and Extraordinary General
Meetings of its shareholders. Its primary assets are shares in a
British Virgin Islands entity, and the location of its creditors,
specifically (i) the Bondholders under the Indenture, and (ii) the
putative plaintiffs and those on whose behalf they seek class
certification in various securities law class actions and
derivative suits, are likely global in scope. The Foreign Debtor's
value derives from its operations of retail coffee stores in PRC.
Cayman Case
On July 10, 2020, Mr. Chong Wai Yuen submitted a winding up
petition to the Cayman Court in which he alleged that $13,186.81
was due and owing to him on account of fees relating to his prior
role as an independent, non-executive director of the Foreign
Debtor. The Foreign Debtor responded by filing a summons on July
10, 2020, seeking the appointment of joint provisional liquidators.
In the Appointment Summons, the Foreign Debtor acknowledged it was
unable to pay its debts as they came due on account of "a specific
legal issue arising out of the stringent wide ranging and
extra-territorial nature of the Cayman Islands anti-money
laundering legislation."
In other words, as a result of the events leading to the Special
Committee investigation, the Foreign Debtor's cash could be
considered, as a matter of Cayman Islands law, to have been be
indistinguishably mixed with the proceeds of crime. Accordingly,
the Foreign Debtor could not use its cash to pay its debts as they
fell due without giving rise to potential offences of money
laundering under Cayman law. The Foreign Debtor thus sought a
provisional liquidation order to explore restructuring solutions
with the assistance of a court-appointed officer while maintaining
control of the company.
The Cayman Court conducted a hearing on the Appointment Summons on
July 14 and 15, 2020, and entered an order appointing the Joint
Provisional Liquidators on July 15, 2020.
Recognition of the Cayman Proceeding is imperative to its success
and the restructuring of the Foreign Debtor. Recognition of the
Cayman Proceeding under chapter 15 of the Bankruptcy Code will
protect the Foreign Debtor within the territorial jurisdiction of
the United States by staying those actions already commenced
against the Foreign Debtor and preventing a further race to the
courthouse and resulting piecemeal litigation.
About Luckin Coffee
Luckin Coffee Inc. is a Xiamen, Fujian-based coffee chain.
In July 2020, Luckin Coffee called in liquidators in the Cayman
Islands to oversee a corporate restructuring and negotiate with
creditors to salvage its business, less than four months after
shocking the market with a US$300 million accounting fraud.
The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order.
The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5, 2021,
filed a verified petition under chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-10228). The Chapter
15 Petition seeks, among other things, recognition in the United
States of the Company's provisional liquidation pending before the
Grand Court of the Cayman Islands.
DLA Piper LLP (US), led by Thomas R. Califano and Robert Craig
Martin, is the U.S. counsel.
MA REAL ESTATE: Cash Collateral Deal with Wildfire OK'd
-------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan,
Northern Division, has approved the agreement between MA Real
Estate and Investments, LLC and Wildfire Credit Union for issuance
of an interim order allowing the use of cash collateral and
granting adequate protection to Wildfire.
The Debtor is authorized to use cash collateral on an interim basis
through February 28, 2021 in accordance with the budget.
As previously reported by the Troubled Company Reporter, the
Debtor says it does not have unencumbered cash to fund the
projected disbursements under the Budget. Accordingly, the Debtor
requires the use of collateral, including cash generated from the
Debtor's operations, to properly continue its business operations.
The need for use of cash collateral is immediate. In the absence of
such use, serious and irreparable harm to the Debtor and the estate
will occur.
Pursuant to the Budget, the Debtor projects an immediate need for
the use of cash collateral not to exceed $19,811 to fund projected
disbursements.
As adequate protection to the Credit Union for use of Cash
Collateral, it is granted a continuing and replacement lien in all
of the Debtor's post-petition property, excluding the Debtor's
rights under 11 U.S.C. section 544-550.
A final hearing on the Debtor's Use of Interim Cash Collateral will
be held on February 25 at 10 a.m.
A copy of the Order is available at https://bit.ly/36MaWKY from
PacerMonitor.com.
About MA Real Estate and Investments LLC
MA Real Estate and Investments, LLC is primarily engaged in renting
and leasing real estate properties.
MA Real Estate and Investments filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich.
Case No. 20-21715) on Dec. 10, 2020. The petition was signed by
Michael Reid, attorney-in-fact for Thomas P. LaPorte, the Debtor's
managing member.
At the time of filing, the Debtor estimated $1 million to $10
million in both assets and liabilities.
Judge Daniel S. Opperman in Bay City, Mich., oversees the case.
Warner Norcross & Judd, LLP represents the Debtor as counsel.
MALLINCKODT PLC: Acthar Victims Hits Skadden for Chapter 11 Role
----------------------------------------------------------------
Law360 reports that the class attorneys for alleged victims of
Mallinckrodt PLC's Acthar Gel product asked a Delaware bankruptcy
judge to hold a hearing on Skadden's role in the drug company's
Chapter 11 in Delaware, pointing to allegedly undisclosed,
potentially disqualifying conduct and conflicts of interest.
The late Thursday, February 4, 2021, objection, which followed the
same group's bid on Feb. 1, 2021 for the retention of a trustee to
direct the case, cited Skadden Arps Slate Meagher & Flom LLP's
purported failure to fully disclose in "ordinary course
professional" declarations its prepetition work for Express
Scripts, a Mallinckrodt co-defendant in multistate, prepetition
fraud and antitrust litigation.
About Mallinckdrodt
Mallinckrodt is a global business consisting of multiple
wholly-owned subsidiaries that develop, manufacture, market and
distribute specialty pharmaceutical products and therapies. The
company's Specialty Brands reportable segment's areas of focus
include autoimmune and rare diseases in specialty areas like
neurology, rheumatology, nephrology, pulmonology and ophthalmology;
immunotherapy and neonatal respiratory critical care therapies;
analgesics; and gastrointestinal products. Its Specialty Generics
reportable segment includes specialty generic drugs and active
pharmaceutical ingredients. Visit http://www.mallinckrodt.comfor
more information.
On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against them.
Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.
Judge John T. Dorsey oversees the cases.
The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray
LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim
Securities LLC as investment banker; and AlixPartners LLP as
restructuring advisor. Prime Clerk, LLC is the claims agent.
The official committee of unsecured creditors retained Cooley LLP
as its legal counsel, Robinson & Cole LLP as co-counsel, and Dundon
Advisers LLC as its financial advisor.
On Oct. 27, 2020, the Office of the United States Trustee for
Region 3 appointed an official committee of opioid related
claimants (OCC). The OCC tapped Akin Gump Struss Hauer & Feld LLP
as its lead counsel, Cole Schotz as Delaware co-counsel, Province
Inc., as financial advisor, and Jefferies LLC as investment banker.
MILLS FORESTRY: Expects Tax Returns Prior to Disclosures Hearing
----------------------------------------------------------------
Mills Forestry Service, LLC and Sammy Clyde Mills, III, filed a
First Amended Disclosure Statement for their Plan of
Reorganization.
On Sept. 22, 2020, the United States Trustee moved to dismiss or
convert the Debtors' Bankruptcy Cases on account of alleged
failures by Mr. Mills to file his July and August 2020 Monthly
Operating Reports and pay a $327 UST fee; failures by MFS to file
its August 2020 Monthly Operating Report and pay $6,193 in UST
fees; and "NSF" fees charged against the MFS bank account.
The First Amended Disclosure Statement says the Court has denied
the United States Trustee's Motion to Dismiss after hearing from
the Debtors and the United States Trustee in a contested,
evidentiary hearing. However, in making its ruling, the Court made
it clear that the deficiencies alleged in the Motion to Dismiss
must be avoided going forward.
Barring unforeseen technical issues that Easom & Easom, P.C. cannot
anticipate prior to being engaged and reviewing the Debtors'
respective tax affairs, the Debtors anticipate having their 2019
tax returns filed on or before the date set for the Disclosure
Statement hearing and prior to solicitation packets being mailed.
That said, the Debtors do not anticipate owing any income taxes on
account of past losses and a tight 2019 and 2020. The Debtors will
also have the accountant assist with any related reporting issues
and the 2020 returns.
Like in the prior iteration of the Plan, the Debtors propose to
satisfy all of their secured and priority governmental claims in
full via a combination of (i) a sale of certain collateral and
unencumbered property via public auction shortly after confirmation
and (ii) payments over time. Unsecured claims, consisting of
certain deficiency claims and general unsecured trade claims, will
receive the Debtors' respective Projected Disposable Income over 3
years. If the Plan is confirmed, then payment of the Projected
Disposable Income on a pro rata basis as proposed in the Plan will
satisfy unsecured claims in full.
A full-text copy of the First Amended Disclosure Statement dated
Jan. 28, 2021, is available at https://bit.ly/2YTz4qo from
PacerMonitor.com at no charge.
Counsel to Debtors:
David L. Bury, Jr.
G. Daniel Taylor
Stone & Baxter, LLP
Suite 800, 577 Mulberry Street
Macon, Georgia 31201
About Mills Forestry Service
Sammy Clyde Mills, III, is a resident of Kite, Georgia. He and his
mother each own 50% of the outstanding membership interests in
Mills Forestry Service, LLC, a Georgia limited liability company
that operates a timber harvesting and forest service business out
of Adrian, Georgia.
Mr. Mills and Mills Forestry Service sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No.
20-30046 and 20-30058) on March 7, 2020. At the time of the
filing, Mills Forestry disclosed assets of between $1 million and
$10 million and liabilities of the same range. Judge Edward J.
Coleman III oversees the cases. The Debtors tapped Stone & Baxter,
LLP as legal counsel.
MILLS FORESTRY: Seeks to Tap Easom & Easom as Tax Accountant
------------------------------------------------------------
Mills Forestry Service, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Georgia to employ Easom & Easom,
PC as its tax accountant.
Easom will render these services:
(a) Prepare and file the Debtor's state, federal, and
payroll-tax related returns;
(b) Communicate with taxing authorities on tax matters
relating to the Debtor;
(c) Advise and assist with other accounting matters that may
arise in the Debtor's bankruptcy case;
(d) Assist the Debtor in the preparation of financial-related
disclosures required by the bankruptcy court; and
(e) Provide other accounting-related advisory services.
Easom will be compensated at its standard hourly rate of $175 for
partner. The firm estimates that the Debtor's 2019 tax return will
cost $1,500 to $1,750.
The retainer fee is $950.
Marce Easom and Brenton Easom, members of Easom, disclosed in court
filings that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Marce Easom
Brenton Easom
Easom & Easom, PC
120 E. Union St.
Vienna, GA 31092
Telephone: (229) 268-4795
About Mills Forestry Service
Mills Forestry Service, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Ga. Case No. 20-30058) on March 7,
2020. The case is jointly administered with the Chapter 11 case
filed by Sammy Clyde Mills, III, the Debtor's manager. Judge Susan
D. Barrett oversees the Debtor's case.
At the time of the filing, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range.
The Debtor tapped Stone & Baxter, LLP as its legal counsel and
Easom & Easom, PC as its tax accountant.
MISSISSIPPI MATERNAL-FETAL: Seeks to Tap Bankruptcy Counsel
-----------------------------------------------------------
Mississippi Maternal-Fetal Medicine, PA seeks approval from the
U.S. Bankruptcy Court for the Southern District of Mississippi to
employ J. Walter Newman IV, Esq., a principal at Newman & Newman,
to handle its Chapter 11 case.
The attorney will provide these legal services:
(a) advise and consult with the Debtor regarding questions
arising from certain contract negotiations;
(b) evaluate and object to claims of creditors who may assert
security interests in the Debtor's assets and who may seek to
disturb the continued operation of the Debtor's business;
(c) appear in, prosecute, or defend suits and proceedings, and
take all necessary steps and other matters involved in or connected
with the affairs of the Debtor's estate;
(d) represent the Debtor in court hearings and assist in
the preparation of legal documents;
(e) advise and consult with the Debtor in connection with any
reorganization plan; and
(f) perform other legal services.
The hourly rates of the professionals who will render services to
the Debtor are as follows:
J. Walter Newman IV $350
Legal Assistant $125
In addition, the Debtor will be charged for out-of-pocket expenses
incurred by the attorney.
The Debtor paid a retainer of $10,000.
Mr. Newman disclosed in court filings that the firm and its
professionals are "disinterested persons" within the meaning of
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
J. Walter Newman IV
Newman & Newman
587 Highland Colony Parkway
Ridgeland, MS 39157
Telephone: (601) 948-0586
Email: wnewman95@msn.com
About Mississippi Maternal-Fetal Medicine
Mississippi Maternal-Fetal Medicine, PA filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Miss. Case No. 21-00091) on Jan. 20, 2021, listing under $1
million in both assets and liabilities.
Judge Neil P. Olack oversees the case.
J. Walter Newman IV, Esq., at Newman & Newman serves as the
Debtor's counsel.
MODIVCARE INC: Moody's Completes Review, Retains B1 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of ModivCare Inc. and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on February 1, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
ModivCare Inc.'s B1 Corporate Family Rating is constrained by its
high reliance on Medicaid funding, and the risk of state or federal
policy changes or budget constraints. The company's non-emergency
medical transportation business is also subject to margin
variability based on utilization of services and transportation
rates. The rating is also constrained by vulnerability to wage
pressures, high employee turnover, as well as a lack of meaningful
barriers to entry for the non-emergency transportation and personal
care services. However, ModivCare's rating is supported by moderate
financial leverage and financial policies, favorable industry
dynamics, as well as good liquidity profile. The company also
benefits from good scale and leading market positions in both NEMT
and personal care services.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
MOTELS OF SUGAR: Seeks Approval to Hire KC Cohen as Counsel
-----------------------------------------------------------
Motels of Sugar Land, LLP seeks approval from the U.S. Bankruptcy
Court for the Southern District of Indiana to employ KC Cohen,
Lawyer, PC as its legal counsel.
The firm will render these legal services:
(a) advise the Debtor regarding its duties and powers in its
Chapter 11 case;
(b) investigate and pursue any actions on behalf of the
Debtor's estate to recover assets for or to enable the estate to
reorganize fairly;
(c) represent the Debtor in its Chapter 11 proceedings in an
effort to maximize the value of its assets and to pursue
confirmation of a plan of reorganization;
(d) perform other legal services.
The firm received a retainer of $11,738, which was used to pay for
pre-bankruptcy services. It will be paid at the hourly rate of
$395.
KC Cohen, Esq., senior counsel at KC Cohen, Lawyer, disclosed in
court filings that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
KC Cohen, Esq.
KC Cohen, Lawyer, PC
151 N. Delaware St., Ste. 1106
Indianapolis, IN 46204-2573
Telephone: (317) 715-1845
Email: kc@smallbusiness11.com
About Motels of Sugar Land
Motels of Sugar Land, LLP owns the 94-suite Springhill Suites and
Hotel by Marriott in Sugarland, Texas, that employs 14 people.
Motels of Sugar Land sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 21-00371) on Jan. 29,
2021. Motels of Sugar Land President Sanjay Patel signed the
petition. In the petition, the Debtor disclosed $6,396,935 in
assets and $6,455,893 in liabilities.
Judge Robyn L. Moberly oversees the case. KC Cohen, Lawyer, PC is
the Debtor's legal counsel.
NATIONAL RIFLE: Seeks to Hire 'Ordinary Course' Professionals
-------------------------------------------------------------
The National Rifle Association of America and Sea Girt LLC have
filed a motion seeking approval from the U.S. Bankruptcy Court for
the Northern District of Texas to employ professionals who provide
services in the ordinary course of business.
The motion, if granted, would allow the Debtors to hire "ordinary
course professionals" without filing separate employment
applications and fee applications.
The OCPs provide a range of services to the Debtors relating to
legal, consulting, accounting, and tax services that are not
intrinsically related to the Debtors' Chapter 11 cases.
The proposed fee cap is $50,000 per month over a three-month
rolling basis.
To the best of the Debtors' knowledge, the initial ordinary course
professionals have no interest materially adverse to the Debtors
and their estates.
A list of the OCPs is available for free at
http://bankrupt.com/misc/txnb21-30085_90_OCPList.pdf
About The National Rifle Association of America
Founded in 1871 in New York State, the National Rifle Association
of America is a gun rights advocacy group. The NRA claims to be the
longest-standing civil rights organization and has more than five
million members.
Seeking to move its domicile and principal place of business to
Texas amid lawsuits in New York, National Rifle Association of
America sought Chapter 11 protection (Bankr. N.D. Texas Case No.
21-30085) on Jan. 15, 2021. Affiliate Sea Girt LLC simultaneously
sought Chapter 11 protection (Case No. 21-30080).
The NRA was estimated to have assets and liabilities of $100
million to $500 million as of the bankruptcy filing.
Judge Harlin Dewayne Hale oversees the case.
Neligan LLP, led by Patrick J. Neligan, Jr., is the Debtors' legal
counsel.
NATIONAL RIFLE: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of National
Rifle Association of America and Sea Girt, LLC.
The committee members are:
(1) Pension Benefit Guaranty Corp.
1200 K St. N.W.
Washington, DC 20005
Attn. Jack Butler
(2) Ackerman McQueen, Inc.
Attn. Bill Winkler
(3) InfoCision, Inc.
Attn. David Hamrick
(4) Stone River Gear, LLC
Attn. James J. Economos
(5) David Dell'Aquila
c/o Elliott Schuchardt, Esq.
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 National Rifle Association
Founded in 1871 in New York State, the National Rifle Association
of America is a gun rights advocacy group. The NRA claims to be the
longest-standing civil rights organization and has more than five
million members.
Seeking to move its domicile and principal place of business to
Texas amid lawsuits in New York, National Rifle Association of
America sought Chapter 11 protection (Bankr. N.D. Texas Case No.
21-30085) on Jan. 15, 2021. Affiliate Sea Girt LLC simultaneously
sought Chapter 11 protection (Case No. 21-30080).
The NRA was estimated to have assets and liabilities of $100
million to $500 million as of the bankruptcy filing.
The Hon. Stacey G. Jernigan is the case judge.
Neligan LLP, led by Patrick J. Neligan, Jr., is the Debtors'
counsel.
NORTHERN OIL: Moody's Rates New $500MM Notes Caa1, Outlook Positive
-------------------------------------------------------------------
Moody's Investors Service changed Northern Oil and Gas, Inc.'s
(NOG) rating outlook to positive from stable. Concurrently, Moody's
affirmed NOG's B3 Corporate Family Rating and B3-PD Probability of
Default Rating. Moody's assigned a Caa1 rating to NOG's proposed
$500 million senior unsecured notes due 2028. The Caa1 rating for
the existing second lien secured notes remains unchanged and will
be withdrawn upon repurchase or redemption. NOG's Speculative Grade
Liquidity rating remains SGL-3.
NOG plans to use proceeds from the new unsecured notes to
repurchase or redeem the outstanding second lien notes and repay
the unsecured VEN Bakken note, as well as boost liquidity to help
fund the acquisition of certain Marcellus Shale assets. The
acquisition has an effective date of July 1, 2020 and is expected
to close in April 2021, subject to the satisfaction of customary
closing conditions.
"The positive outlook reflects Northern Oil & Gas' leverage metrics
likely gradually improving as the company's near-term free cash
flow is used to pay down more debt or acquire additional assets and
enhance cash flow," said Amol Joshi, Moody's Vice President and
Senior Credit Officer. "The proposed notes offering will extend
debt maturities while the acquisition of Marcellus Shale assets
should also increase the company's scale and diversification."
Assignments:
Issuer: Northern Oil and Gas, Inc.
Senior Unsecured Regular Bond/Debenture, Assigned Caa1 (LGD5)
Affirmations:
Issuer: Northern Oil and Gas, Inc.
Probability of Default Rating, Affirmed B3-PD
Corporate Family Rating, Affirmed B3
Outlook Actions:
Issuer: Northern Oil and Gas, Inc.
Outlook, Changed To Positive From Stable
RATINGS RATIONALE
These rating actions follow NOG's [1] agreement to acquire certain
non-operated natural gas assets in the Appalachian Basin from
Reliance Marcellus, LLC. NOG's positive outlook reflects the
company's ability to generate free cash flow in 2021 likely leading
to gradually improving leverage metrics, while the Marcellus Shale
acquisition should provide exposure to a prolific natural gas
basin. The acquisition cost, net to NOG, consists of $175 million
in cash and approximately 3.25 million warrants, expected to be
funded through a combination of equity and debt financings. In
addition to the new notes, NOG is selling 12.5 million shares
through a public offering, while also granting the underwriters a
one-month option to buy up to an additional 1.9 million shares.
NOG's proposed senior unsecured notes are rated Caa1, one notch
below the company's B3 CFR despite the priority claim of its
relatively large revolver in the capital structure. The Caa1 rating
for the senior unsecured notes is believed to be more appropriate
than the rating suggested by Moody's Loss Given Default for
Speculative-Grade Companies Methodology because of the sound asset
coverage provided by the company's reserve base and modest expected
decline in debt balances. Moody's has considered the pro forma debt
structure comprised of borrowings under its first lien secured
revolving credit facility and $500 million in senior unsecured
notes.
NOG's B3 CFR reflects the company's moderate leverage, while the
acquisition should improve its scale and provide basin and
commodity diversification. The company's legacy Williston Basin
asset base is oil-weighted and benefits its unleveraged cash
margins and cash flow. Significant reinvestment of capital and
acquisition of producing assets in the Williston Basin had allowed
NOG to deliver growth in production volumes through 2019, although
2020 production has fallen materially because of production
shut-ins and lower drilling of new wells in response to the
coronavirus induced collapse in oil prices. NOG hedges a meaningful
portion of its oil and gas production into 2022 and the company
will likely add significant natural gas hedges related to its
acquisition, reducing volatility in its revenue and cash flow.
Moody's expects NOG's retained cash flow (RCF) to debt ratio to
remain robust relative to its rated peers in 2021. NOG's credit
profile continues to be challenged by its relatively modest scale.
While NOG manages a well-diversified portfolio of non-operated
working interests in numerous producing assets, it relies on the
operating performance of its partners. The company's growth
strategy is focused on participating in operator initiated wells
and executing bolt-on acquisitions, requiring a high degree of
financial flexibility.
NOG's adequate liquidity is reflected by its SGL-3 rating, and is
supported by its ability to generate positive free cash flow in
2021. At September 31, 2020, NOG had $1.8 million of cash and $571
million of revolver borrowings. The company reduced its revolver
borrowings in the fourth quarter, but those borrowings should
approach $600 million pro forma for paying down $65 million of the
VEN Bakken note in early January. The company's revolver borrowing
base was cut to $660 million in July, significantly reducing
availability under the revolver. Pro forma revolver borrowings
should decline modestly after giving effect to proceeds from the
equity and debt offerings. NOG's revolver borrowing base could
modestly increase after considering the acquisition assets,
providing some additional liquidity. The revolver's financial
covenants include a maximum net debt to EBITDAX ratio of 3.5x (with
cash netting limited to $50 million), and a minimum current ratio
of 1x. The current ratio calculation allows certain adjustments and
the inclusion of unused amounts of the total bank commitments. The
new notes will extend debt maturities after repaying the second
lien notes and the remaining VEN Bakken note. NOG's next debt
maturity will be when its secured revolver matures in November
2024. Substantially all of the company's assets are pledged as
security under the credit facility, which limits the extent to
which asset sales can provide a source of additional liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if NOG sustains its production above
50 thousand barrels of oil equivalent per day in an improving
commodity price environment, its RCF/debt is sustained over 30% and
the company's liquidity is adequate or better. The ratings could be
downgraded if production volumes materially decline, RCF/debt falls
below 20% or liquidity deteriorates.
Northern Oil and Gas, Inc., headquartered in Minnetonka, Minnesota,
owns non-operated working interests in oil and gas wells and
acreage primarily in the Bakken and Three Forks formations within
the Williston Basin in North Dakota and Montana.
The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.
NUANCE COMMUNICATIONS: Moody's Completes Review, Retains Ba3 CFR
----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Nuance Communications, Inc. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on January 27, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations.
Nuance Communications, Inc.'s Ba3 corporate family rating reflects
the company's leading position in the voice recognition and natural
language understanding software industry offset by high leverage
levels and a history of significant share buybacks. Nuance tailors
its conversational artificial intelligence software and related
solutions to multiple end markets including healthcare and contact
centers. The company continues to maintain a leading position in
these markets, and Moody's expect flat to modest organic growth
over the next several years. Though leverage is high, free cash
flow and cash levels are expected to be strong and robust. Nuance
has slowed its pace of acquisitions in recent periods but will
still be a small but important part of the company's growth
strategy. Moody's expects the majority of acquisitions will be
funded largely with cash on hand.
The principal methodology used for this review was Software
Industry published in August 2018.
OHIO VALLEY: Moody's Completes Review, Retains Ba1 Rating
---------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Ohio Valley Electric Corp and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 2, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations.
Ohio Valley Electric Corporation's (OVEC) Ba1 rating reflects the
governing provisions of its long-term Inter-Company Power Agreement
(ICPA) between twelve investor-owned and cooperative utility
companies (collectively, the sponsors), and one independent power
company that emerged from bankruptcy in 2020. OVEC's rating
considers the overall credit quality of the sponsor group, and the
steps taken by management to address a prior participant
bankruptcy, which has been a driver of the company's improved
liquidity position. Looking ahead, Moody's expect liquidity to
remain strong as the company met its goal of fully funding a debt
service reserve in 2020 and shifts focus to pay down debt. At
year-end 2020, the reserve fund amounted to about $120 million or a
full year of debt service. OVEC's rating should also be supported
by the solid operations of the sponsors.
The principal methodology used for this review was US Municipal
Joint Action Agencies Methodology published in August 2020.
OPTIMIZED LEASING: Amended Disclosures Hearing Reset to March 4
---------------------------------------------------------------
Optimized Leasing, Inc., filed with the U.S. Bankruptcy Court for
the Southern District of Florida, Miami Division, a motion to
continue and reschedule hearings on the Amended and Restated
Disclosure Statement of debtor Optimized Leasing, Inc. and
Creditors' Administrative Expense Claims scheduled for February 3,
2021.
On Jan. 29, 2021, Judge A. Jay Cristol granted the motion and
ordered that:
* The hearings on the Amended Disclosure Statement, Maloney
Application, BMO Harris Application, Huntington Application, Wells
Fargo Application, and the Limited Objections currently scheduled
for Feb. 3, 2021, at 2:30 p.m. are continued and rescheduled to
March 4, 2021, at 2:00 p.m.
* The Disclosure Objection Deadline is extended to February
25, 2021.
A full-text copy of the order dated Jan. 29, 2021, is available at
https://bit.ly/3oU8Xdx from PacerMonitor.com at no charge.
Attorneys for the Debtor:
Russell M. Blain
Elena Paras Ketchum
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
110 East Madison Street, Suite 200
Tampa, Florida 33602
Telephone: (813) 229-0144
E-mail: rblain@srbp.com
eketchum@srbp.com
About Optimized Leasing
Optimized Leasing, Inc., a company headquartered in Miami, Fla., is
in the trucking business. The company utilizes its various
semi-trucks and trailers (some equipped with ThermoKing
refrigeration units) to transport flowers, fruits, vegetables, and
other perishable items throughout the U.S.
Optimized Leasing sought Chapter 11 protection (Bankr. S.D. Fla.
Case No. 18-10746) on Jan. 21, 2018. In the petition signed by CFO
Ronen Koubi, the Debtor was estimated to have $10 million to $50
million in assets and liabilities.
Judge Jay A. Cristol oversees the case.
The Debtor tapped Stichter Riedel Blain & Postler, P.A., as its
bankruptcy counsel; and Bill Maloney Consulting as its financial
advisor.
OPTIMIZED LEASING: Huntington National Opposes Amended Disclosures
------------------------------------------------------------------
The Huntington National Bank objects to the Amended and Restated
Disclosure Statement in support of its Amended and Restated Plan of
Reorganization of Debtor Optimized Leasing, Inc.
As more fully set forth in its Motion for Allowance of
Administrative Expense Claim, Huntington is entitled to an
administrative expense claim against the Debtor in the amount of
$1,005,694 as a result of the Debtor's postpetition use of certain
trailers and refrigeration units leased by Huntington to the
Debtor.
Huntington objects to the Disclosure Statement because it is filed
in support of an Amended Plan that fails to provide for payment of
Huntington's administrative expense claim in full, nor does the
Plan articulate an agreement with Huntington that would allow for
different treatment.
Huntington claims that the Disclosure Statement also provides
inadequate information with respect to the treatment of
similarly-situated administrative expense claims. In light of the
foregoing, Huntington cannot make an informed judgment regarding
the Amended Plan.
Huntington will continue discussions with the Debtor concerning the
treatment of its administrative expense claim, and may withdraw
this Objection if the Debtor and Huntington enter into a signed,
written agreement concerning the treatment of such claim and
resolving the issues raised in this Objection.
A full-text copy of Huntington's objection dated Jan. 28, 2021, is
available at https://bit.ly/3aHeOy6 from PacerMonitor.com at no
charge.
Counsel for The Huntington National:
NELSON MULLINS BROAD AND CASSEL
NICOLETTE C. VILMOS, ESQ.
Florida Bar No. 0469051
390 North Orange Avenue, Suite 1400
Orlando, Florida 32801
Telephone: (407) 839-4200
Facsimile: (407) 425-8377
nicolette.vilmos@nelsonmullins.com
About Optimized Leasing
Optimized Leasing, Inc., a company headquartered in Miami, Fla., is
in the trucking business. The company utilizes its various
semi-trucks and trailers (some equipped with ThermoKing
refrigeration units) to transport flowers, fruits, vegetables, and
other perishable items throughout the U.S.
Optimized Leasing sought Chapter 11 protection (Bankr. S.D. Fla.
Case No. 18-10746) on Jan. 21, 2018. In the petition signed by CFO
Ronen Koubi, the Debtor was estimated to have $10 million to $50
million in assets and liabilities.
Judge Jay A. Cristol oversees the case.
The Debtor tapped Stichter Riedel Blain & Postler, P.A., as its
bankruptcy counsel; and Bill Maloney Consulting as its financial
advisor.
OPTIMIZED LEASING: Wells Fargo Says Plan Unconfirmable
------------------------------------------------------
Wells Fargo Equipment Finance, Inc., objects to the Amended and
Restated Disclosure Statement in support of the Amended and
Restated Plan of Reorganization of debtor Optimized Leasing, Inc.
At the time of its bankruptcy filing, the Debtor had a master lease
and certain ancillary agreements with Wells Fargo pursuant to which
the latter leased the Debtor several dozen tractors, trailers, and
refrigeration units. The Debtor's obligations under the Leases
were guaranteed by the Debtor's principals Ephrat Afek, Ralph
Milman, Ronen Koubi, and two affiliates, Florida Beauty Flora,
Inc., and Florida Beauty Express, Inc.
Wells Fargo claims that the Plan fails to provide for the payment
of the Wells Fargo Admin Claim in full and in cash on the Effective
Date. Accordingly, the Plan is unconfirmable and the Court should
not approve the Disclosure Statement.
Wells Fargo asserts that the Disclosure Statement fails to identify
any indemnity or contribution obligations that the Debtor might
have against the Guarantors and there is no basis for concluding
that post-confirmation actions against the Guarantors will create
new liabilities for the Reorganized Debtor.
Wells Fargo further asserts that the Matching Injunction is
devastating to unsecured creditors who are seeing a meager recovery
under the Plan. Not only is the Reorganized Debtor unable to make
these creditors whole, they have no opportunity to opt-out of the
Matching Injunction.
Wells Fargo points out that the Disclosure Statement fails to
provide adequate information regarding the Reorganized Debtor's
post-confirmation operating expenses and the source of its
revenues. The Statement of Cash Flows fails to distinguish
operating costs from Plan funding obligations. Because the
Reorganized Debtor has no employees and relies entirely on its
non-debtor affiliates to generate and collect accounts receivable,
financial disclosures at the Reorganized Debtor level are
meaningless.
A full-text copy of Wells Fargo's objection dated Jan. 28, 2021, is
available at https://bit.ly/3cVWT9F from PacerMonitor.com at no
charge.
Attorneys for Wells Fargo:
Jeffrey T. Kucera
K&L Gates LLP
200 South Biscayne Boulevard, Suite 3900
Miami, FL 33131
Tel: (305) 539-3300
Fax: (305) 358-7095
About Optimized Leasing
Optimized Leasing, Inc., a company headquartered in Miami, Fla., is
in the trucking business. The company utilizes its various
semi-trucks and trailers (some equipped with ThermoKing
refrigeration units) to transport flowers, fruits, vegetables, and
other perishable items throughout the U.S.
Optimized Leasing sought Chapter 11 protection (Bankr. S.D. Fla.
Case No. 18-10746) on Jan. 21, 2018. In the petition signed by CFO
Ronen Koubi, the Debtor was estimated to have $10 million to $50
million in assets and liabilities.
Judge Jay A. Cristol oversees the case.
The Debtor tapped Stichter Riedel Blain & Postler, P.A., as its
bankruptcy counsel; and Bill Maloney Consulting as its financial
advisor.
ORTIZ FAMILY ESTATE: Lien Holder Says Plan Facially Defective
-------------------------------------------------------------
Wilmington Savings Fund Society, FSB as Trustee of Quercus Mortgage
Investment Trust by Carrington Mortgage Services, LLC, the
servicing agent ("Lien Holder"), objects to the motion of debtor
Ortiz Family Estates LLC for an order approving Disclosure
Statement.
Lien Holder holds a perfected mortgage on the real property
commonly known as 22 Dorchester Drive, Airmont, New York 10952 (the
"Property"). Lien Holder is the sole creditor entitled to vote in
this case and controls both the secured and general unsecured
classes as the only remaining creditor in each of the classes.
Lien Holder states that the Disclosure Statement and Plan provide
for payment only 3.00% of the general unsecured portion of the
bifurcated claim and Debtor will retain its full equity share of
the company. This is a clear violation of the absolute priority
rule because Lien Holder will receive less than allowed amount of
its claim while Debtor retains its 100% ownership interest in the
business.
Lien Holder claims that the Debtor is proposing to modify the terms
of Lien Holder's lien and discharge a significant portion of the
unsecured claim through the Plan. Clearly, such proposed treatment
of the loan amounts to a drastic modification of the Borrowers'
obligations, who are not debtors in the instant case.
Lien Holder asserts that the Disclosure Statement fails to
adequately address funding and feasibility of the Plan. It simply
states that Mr. D. Goldman will make a lump sum payment to the
secured creditors, does not address future cash flow of the Debtor
or how it intends to pay.
Lien Holder further asserts that the Plan is facially defective.
The Plan violates the absolute priority rule, seeks discharge of a
debt that is not a debt of the Debtor, and fails to now address
BOA's 1111(b) election.
A full-text copy of Lien Holder's objection dated Jan. 28, 2021, is
available at https://bit.ly/2OcbIuh from PacerMonitor.com at no
charge.
Attorneys for Wilmington Savings:
McCalla Raymer Leibert Pierce, LLC
Phillip A. Raymond, Esq.
420 Lexington Avenue, Suite 840
New York, NY 10170
Phone: 732-692-6872
E-mail: NY_ECF_Notices@McCalla.com
About Ortiz Family Estates
Ortiz Family Estates LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 18-23325) on Aug. 29,
2018. At the time of the filing, the Debtor estimated assets and
liabilities of less than $50,000. Judge Robert D. Drain oversees
the case. The Debtor tapped Tirelli & Wallshein, LLP as its legal
counsel.
PAREXEL INT'L: Moody's Lowers Ratings on Secured Loans to B2
------------------------------------------------------------
Moody's Investors Service downgraded Parexel International
Corporation's existing senior secured credit facilities (revolver
and term loan B) to B2 from B1. There are no changes to Parexel's
other ratings including the B2 Corporate Family Rating and B2-PD
Probability of Default Rating. The outlook is stable.
Parexel used proceeds from an add-on to its existing term loan, in
combination with cash, to redeem in full, its existing guaranteed
senior unsecured notes. The downgrade of the existing bank credit
facilities to B2 reflects that the secured debt will no longer
benefit from loss absorption provided by the unsecured notes, with
secured debt representing the preponderance of funded debt in the
capital structure. Moody's will withdraw the ratings on the
unsecured notes that were redeemed in full.
Moody's downgraded the following ratings:
Parexel International Corporation
Senior secured term loan B due 2024 to B2 (LGD3) from B1 (LGD3)
Existing senior secured revolving credit facility due 2022 to B2
(LGD3) from B1 (LGD3)
RATINGS RATIONALE
Parexel's B2 Corporate Family Rating reflects Moody's expectation
for high financial leverage, offset by good cash flow. Parexel is
making considerable progress in addressing operational challenges
that will make it increasingly competitive with Contract Research
Organization (CRO) peers. The improvements have translated to
strong new business bookings and revenue backlog growth comparable
to its public peers.
Parexel's rating benefits from good scale and breadth of service
offerings as a CRO. Underlying demand for CRO services continues to
be strong. In Moody's view, CROs have good long-term growth
prospects as the biopharmaceutical industry continues to increase
outsourcing of R&D functions, which will benefit Parexel. Further,
Moody's expects Parexel to maintain very good liquidity, including
ample cash reserves, which support the ratings.
The stable outlook reflects Moody's view that a good earnings
outlook coupled with debt repayment will result in debt/EBITDA
under 7x over the next 12-18 months. This is somewhat offset by
Moody's expectation for weaker free cash flow over the next 12
months as working capital benefits moderate and Parexel makes
strategic investments to support future growth.
ESG considerations include Parexel's financial policy, which
Moody's believes is aggressive, a key governance risk. The company
has maintained high financial leverage, in part due to a past
debt-funded dividend in August 2018.
Parexel's liquidity is very good, supported by more than $400
million of cash, pro forma for about $250 million of debt repayment
earlier in January 2020. While Parexel's cash generating ability is
strong, Moody's expects only modestly positive free cash flow in
2021, reflecting increased capital investments and working capital
headwinds. Moody's expects free cash flow to return to a more
normalized level of more than $200 million beyond 2021. Parexel
also has a $300 million undrawn revolver that expires in September
2022. The revolver has a springing net senior secured leverage
financial covenant that only applies if more than 35% is drawn.
Given the substantial cash balance, Moody's does not expect the
revolver to be drawn in the next 12 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if adjusted debt/EBITDA is sustained
below 5.5x and the company demonstrates more conservative financial
policies.
The ratings could be downgraded if Moody's expects Parexel's
debt/EBITDA to be sustained above 7x or if free cash flow is
expected to be negative for a sustained period.
Dually headquartered in Newton, Massachusetts, and Durham, North
Carolina, Parexel International Corporation is a global
biopharmaceutical services company providing clinical research and
logistics, technology solutions and consulting services for the
pharmaceutical, biotechnology, and medical device industries.
Reported revenue for the twelve months ended September 30, 2020 was
approximately $2.5 billion. The company is privately held by
Pamplona Capital and publicly available information is limited.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
PATHWAY VET: Moody's Completes Review, Retains B3 CFR
-----------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Pathway Vet Alliance LLC and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 1, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Pathway Vet Alliance, LLC's B3 Corporate Family Rating reflects its
very high financial leverage, largely due to its aggressive
financial policy which focuses on debt-funded acquisitions. The
credit profile is also constrained by the company's moderate
absolute scale, and event and financial policy risks related to
both the aforementioned aggressive acquisition strategy and its
private equity ownership. Pathway's rating is supported by its
broad geographic footprints, favorable market trends in the pet
services industry, and a proven ability to smoothly consolidate
independent veterinary practices. Pathway's good liquidity profile
is supported by Moody's expectations of break-even to modestly
positive free cash flow, a sizable cash balance, and full access to
a revolving facility.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
PAUL T. VON NESSI: Selling South Orange Property for $525.5K Cash
-----------------------------------------------------------------
Judge Stacey L. Meisel of the U.S. Bankruptcy Court for the
District of New Jersey will convene a hearing on March 2, 2021, at
11:00 a.m., to consider Paul T. Von Nessi's sale of the real
property located at 24 Walnut Court, in South Orange, New Jersey,
to Online Property Management for $525,500, cash, free and clear of
all Liens.
The Property is an approximately 2,384 square-foot single family
home, with four bedrooms, three and one-half bathrooms. The
scheduled value of the Property is $539,000. The Property is
encumbered by a mortgage lien held by Northfield Bank, with an
approximate mortgage payoff in the amount of $280,872. It is
further encumbered by a federal tax lien in favor of the Internal
Revenue Service in the amount of $2,182,479, of which only
$1,828,088 is secured by all of the Debtor's right, title, and
interest to property.
On Jan. 26, 2021, an application was filed with the Court for the
retention of realtor, Susan Kass from West of Hudson Real Estate,
to assist the Debtor with the sale of the Property. The Property
was listed for sale on Jan. 21, 2021 at a listing price of
$525,500. The Realtor marketed the Property on numerous websites.
An all cash-offer of the full listing price in the amount of
$525,500 was received, which was made by the proposed purchaser.
No other offers were received.
Subject to Court authorization, the Debtor has entered into a Real
Estate Contract for Sale to sell the Property to the Buyer for an
all cash purchase price of $525,500. There are no other agreements
between the Debtor and the Purchaser other than what was agreed to
in the Purchase Agreement. The Purchase Agreement and the sale of
the Property is contingent upon and subject to the Court's
approval.
Furthermore, the Debtor's Counsel is engaging in communications
with the counsel for the IRS to obtain permission to sell the
Property free and clear of the IRS Lien. The Counsel believes that
he will be able to obtain consent from the IRS to sell the Property
free and clear of the IRS Lien prior to the hearing.
Liens that may encumber the Property include: (i) any and all
unpaid property taxes; (ii) any and all unpaid municipal charges
for water and/or sewer; (iii) federal tax lien in favor of the
Internal Revenue Service in the amount of $2,182,479, of which only
$1,828,088 is secured by all of the Debtor's right, title, and
interest to property (Proof of Claim No. 1); and (iv) mortgage lien
owed to Northfield in the amount of approximately $281,054. The
remaining equity received from the sale of the Property is
$212,916.
The pertinent terms of the Purchase Agreement are:
a. The Purchase Agreement provides for a cash purchase price
of $525,500, with an initial deposit of $1,000, an additional
deposit of $100,000, and the balance of the Purchase Price in the
sum of $424,500 being due at closing.
b. The proposed Purchaser of the Property is Online Property
Management.
c. The Property is being sold in a strictly "AS IS" condition,
and Debtor will not be making any repairs.
d. The closing is anticipated to occur on April 5, 2021, after
the sale hearing held before the approving the sale of the Property
to the Purchaser unless otherwise extended by written agreement of
the parties.
e. The Purchase Agreement and sale is contingent upon approval
of the Bankruptcy Court for the District of New Jersey. The Debtor
will proceed to ask such approval or dismissal immediately upon
completion of attorney review.
f. All required Lead Based paint Disclosures have been made,
and Seller's Property Condition Disclosure Statement has been
executed by all parties.
As per the listing agreement, the Realtor will receive a total
commission of 6% of the purchase price, estimated at $31,530, which
will be paid at closing. The net sales proceeds are being realized
only because of the Realtor's efforts. But for the efforts of the
Realtor, the secured creditor would not have realized any sale
proceeds until an eventual foreclosure sale.
The Debtor asserts that given the goal by the parties in the case
to sell the Property and bring the case to conclusion in the short
term, there is cause to waive the stay and the Debtor asks that
upon approval of the sale, the 14-day period pursuant to Rule
6004(h) be waived by the Court.
The Debtor believes the proposed sale provides the highest and best
value to the bankruptcy estate.
A copy of the Contract is available at https://tinyurl.com/4r4o4rxf
from PacerMonitor.com free of charge.
Paul T. Von Nessi sought Chapter 11 protection (Bankr. D.N.J. Case
No. 19-12372-SLM) on Feb. 5, 2019. On Dec. 26, 2019, the Court
appointed Robin Seidon from West of Hudson Real Estate as Realtor.
POPULAR INC: Moody's Completes Review, Retains B1 Debt Rating
-------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Popular, Inc. and other ratings that are associated with
the same analytical unit. The review was conducted through a
portfolio review discussion held on February 2, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Popular Inc.'s B1 long-term senior debt rating and the ratings of
several subsidiaries, including the Ba1 deposit rating of its lead
bank, Banco Popular de Puerto Rico (Popular), reflect the ba3
baseline credit assessment (BCA) of Popular and the application of
advanced loss given failure to its assumed liabilities at failure.
Popular's ba3 BCA reflects the challenges to creditors from higher
problem loans and asset concentrations relative to US mainland
regional banking peers. It also reflects Moody's view that the
bank's current high capitalization and liquidity provides it with
flexibility to weather Puerto Rico's economic challenges. These
credit challenges include continued public sector austerity
measures, a sectorial and geographically-concentrated island
economy, and a long-run out-migration trend to the US mainland, and
more recently, the economic disruption caused by the global
pandemic. These concerns are mitigated by lower than expected
post-hurricane loan losses, a long-term consolidation trend of the
island's banking sector, which should lead to higher operating
margins for remaining banks, and opportunities arising from a large
underground economy becoming more formalized as part of published
economic reforms; although Moody's views the latter as coming to
fruition in the long-term.
The principal methodology used for this review was Banks
Methodology published in November 2019.
RADNET MANAGEMENT: Moody's Completes Review, Retains B2 CFR
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of RadNet Management, Inc. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 1, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations.
RadNet Management, Inc's B2 Corporate Family Rating reflects its
moderate scale, ongoing reimbursement pressure and geographic
concentration in six states with most of its facilities located in
California, New York and Maryland. The company's rating benefits
from a strong competitive position in its primary markets and
diversification of revenues through the multi-modality capabilities
(including X-rays, CT scans, MRI, ultrasound and mammography) of
its sites.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
RANDAL L. LOEHRKE: Selling Two Saxeville Properties for $143K
-------------------------------------------------------------
Randal L. Loehrke and Marjorie K. Loehrke ask the U.S. Bankruptcy
Court for the Eastern District of Wisconsin to authorize the sale
of the following properties:
a. 16.9 acres of vacant land located in the Town of
Saxeville, in Waushara County, Wisconsin, Tax Parcel No.
030-00114-0120 ("Clarks Mill Road Property"), to JayDe W. Dimmick
and Sarah L. Dimmick for $83,000; and
b. 20 acres of vacant land located in the Town of Saxeville,
in Waushara County, Wisconsin, Tax Parcel Nos. 030-00911-0100 and
030-00911-0200 ("Kasuboski Property"), to Tyler, Brett, and Marcus
Kasuboski for $60,000;
The Debtors are the owners of certain property identified in their
bankruptcy schedules and other pleadings on file with the Court,
including the Clarks Mill Road Property. The legal description of
the Property is: The Southeast 1/4 of the Northeast 1/4 of Section
1, Township 20 North, Range 12 East, Town of Saxeville, Waushara
County, Wisconsin, Excepting therefrom Certified Survey Map No.
4161.
An Offer to Purchase the Clarks Mill Road Property was submitted by
the Dimmicks. There were two Counter Offers to the original Offer
with the accepted sale price being $83,000.
On the Petition Date, the Debtors were indebted to the Waushara
County Treasurer for real estate taxes owed on the Property for
2020. The 2020 Real Estate Taxes on the Clarks Mill Road Property
in the amount of $3,123. Interest is accruing on the foregoing
indebtedness at the rate of 12% percent per annum. That interest
rate is the highest interest rate being charged by the Debtors'
creditors.
The Debtors are the owners of the Kasuboski Property. The legal
description of the Property is: S 10 ac N 1/2 NE 1/4 NE 1/4 Sec 9.
An Offer to Purchase the Kasuboski Property was submitted by the
Kasuboskis. The original Offer with the accepted sale price being
$60,000.
On the Petition Date, the Debtors were indebted to the Waushara
County Treasurer for real estate taxes owed on the Property for
2020. The 2020 Real Estate Taxes on the Clarks Mill Road Property
in the amount of $204. Interest is accruing on the foregoing
indebtedness at the rate of 12% percent per annum. That interest
rate is the highest interest rate being charged by the Debtors'
creditors.
First National Bank & Trust Co., also known as Bank First, NA,
holds two properly perfected mortgages on the Kasuboski Property.
The Mortgages have all been recorded in the Waushara County
Register of Deeds Office as Document Numbers 495420, 510008, and
514806. As of the date of the Motion, the Debtor is indebted to
the Bank in the amount of $1,315,926. he Mortgages stated above
are also is also recorded against the properties listed on Exhibit
C.
The Debtors ask authority to sell the Property free and clear of
all liens, claims, encumbrances, and interests, except as
requested, to be applied as follows:
A. Clarks Mill Road Property proceeds: $35,000 will be held in
trust by the Debtors for spring input of crops; $5,000 will be held
for capital gains taxes; $42,000 (or remaining balance) will go to
Bank First, N.A. to make apartialannual payment;
B. Kasuboski Property proceeds: The net proceeds from the
Kasuboski property sale will be applied to the total debt owed to
Bank First, N.A. Pursuant to agreements with Bank First, Bank
First will re-amofüze the total amount which remains due and owing
to it pursuant to Note 1, Note 2, Note 3 and Note 4, including all
sums due for principal, interest, attorneys’ fees and other loan
charges thereunder, over what remains of the 30-year term with
interest accruing at 4.75% per annum, and the annual payments due
to Bank First as set forth above will be adjusted accordingly. Any
and all proceeds paid to Bank First from the sale of any part of
the mortgaged premises will not otherwise offset the annual payment
requirement as set forth.
The Debtors believe the Offer to Purchase represents a fair price
for the Clarks Mill Road Property. The Debtors hired real estate
agent Lori Verhalen to evaluate the value of the property in
relation to values of similar local properties. Ms. Verhalen did
evaluate the property and proposed a listing price of $93,000. The
actual sale price of $83,000 is a fair price after negotiations for
the unimproved parcel. The Offer to Purchase has been approved by
the Debtors and contains terms and conditions that are customary
for transactions of this type.
The Debtors believe the Offer to Purchase represents a fair price
for the Kasuboski Property. The land is land locked on all sides,
and the buyers have property located next to the parcels in
question. The actual sale price of $60,000 is a fair price after
negotiations for the unimproved land locked parcel. The Offer to
Purchase has been approved by the Debtors and contains terms and
conditions that are customary for transactions of this type.
Accordingly, the Debtors ask that the Court approves the terms and
conditions of the Offer to Purchase and its related Amendments.
The Debtors ask authority to pay (i) all usual and customary
closing costs, including but not limited to, title insurance,
transfer fees, real estate taxes, and recording fees; (ii) the
Treasurer $3,216 for the real estate taxes owed on the Clarks Mill
Road Property from the sale proceeds; and (iii) the Treasurer $204
for the real estate taxes owed on the Kasuboski Property from the
sale proceeds.
A copy of the Agreements and the Exhibit C is available at
https://tinyurl.com/ygtw2ez2 from PacerMonitor.com free of charge.
Randal L. Loehrke and Marjorie K. Loehrke sought Chapter 11
protection (Bankr. E.D. Wis. Case No. 20-24784) on July 9, 2020.
The Debtors tapped Michelle A. Angell, Esq., at Krekeler Strother,
S.C. as counsel.
REGIONAL VALVE: Unsec. Creditors to Get 50% of Claims Over 5 Years
------------------------------------------------------------------
Regional Valve Corporation filed with the U.S. Bankruptcy Court for
the Eastern District of Louisiana a Chapter 11 Small Business Plan
and a Disclosure Statement on Jan. 29, 2021.
On March 13, 2020, the President of the United States declared a
national emergency as a result of the COVID-19 outbreak.
Subsequently, the State of Louisiana issued a Mandatory Shut
Down/Lock Down of Businesses due to the Covid-19 Pandemic. The
Debtor was heavily and negatively impacted by this Order as was his
clients and their operations. Although the Debtor did show minimal
income for this Shut Down Period, Debtor's income in its business
operations was little to none for several months.
Allowed Secured Claims are claims secured by property of the
Debtor's bankruptcy estate (or that are subject to setoff) to the
extent allowed as secured claims. If the value of the collateral
or setoffs securing the creditor's claim is less than the amount of
the creditor's allowed claim, the deficiency will be classified as
a general unsecured claim. All Secured Claims in Class One will be
paid within 30 days upon entry of Confirmation Order over the sixty
month life of the Plan. All Secured Claims are unimpaired and will
not be allowed to vote on Plan due to 100% payout of all Claims.
All General Unsecured Claims will be paid at the rate of 50% of the
claims. Plan payments will begin within 30 days of the entry of
the Confirmation Order through the 60-month life of the Plan.
Allowed General Unsecured Creditors shall receive a monthly payment
of $1,608 for 60 months and is impaired in Plan.
Donald B. Roth, Jr. is the 100% interest holder of Regional Valve
and is unimpaired in Plan.
The Plan will be funded through the income generated from the
business operations of the Debtor.
A full-text copy of the Disclosure Statement for Small Business
dated Jan. 29, 2021, is available at https://bit.ly/3cNu6nr from
PacerMonitor.com at no charge.
Counsel for the Debtor:
Phillip K. Wallace, Esq.
Phillip K. Wallace, PLC
4040 Florida Street, Suite 203
Mandeville, LA 70448
Telephone: (985) 624-2824
Facsimile: (985) 624-2823
E-mail: Philkwall@aol.com
About Regional Valve Corp
Regional Valve Corp -- http://www.regionalvalvecorp.com/–
provides industrial utility, petro chemical, marine, oil field, and
commercial equipment. It also offers repair, testing,
installation, and maintenance of safety relief valves for air, gas,
steam, and liquid services.
Regional Valve Corp filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No.
20-11025) on June 8, 2020. In the petition signed by Donald J.
Roth, Jr., president/registered agent, the Debtor disclosed
$941,080 in assets and $1,212,129 in liabilities. Phillip K.
Wallace, Esq. at PHILLIP K. WALLACE, PLC, is the Debtor's counsel.
RENT-A-CENTER INC: Moody's Rates New $450MM Unsecured Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Rent-A-Center,
Inc.'s proposed $450 million senior unsecured notes due 2029. All
other ratings are unchanged. The rating outlook is stable.
Proceeds from the proposed unsecured notes along with additional
debt in the form of borrowings under a new asset based revolving
credit facility, a secured term loan due 2028 (rated Ba3), and
Rent-A-Center common stock, will be used to fund the acquisition of
Acima, refinance existing debt, pay related fees and expenses, and
for general corporate purposes.
Assignments:
Issuer: Rent-A-Center, Inc.
Senior Unsecured Regular Bond/Debenture, Assigned B2 (LGD5)
RATINGS RATIONALE
Rent-A-Center, Inc.'s Ba3 CFR reflects its solid, and growing,
position in the consumer rent-to-own industry and key governance
factors such as the company's moderate leverage policy and
historical track record of maintaining relatively strong and stable
debt protection measures. Rent-A-Center's liquidity is good,
supported by balance sheet cash, free cash flow and excess revolver
availability. Following a period of operational missteps in 2016
and 2017, the company's operating performance and credit metrics
significantly improved as a result of a successful implementation
of its strategic turnaround plans and significant debt reduction.
As of September 2020, lease-adjusted debt/EBITDA was a very solid
1.1x and EBIT/Interest was 6.9x. While the acquisition of Acima has
many strategic benefits, it will increase Rent-A-Center's leverage
to around 2.7x, a level that remains appropriate for the Ba3
rating. In addition, the acquisition presents a level of
integration risk, including the ability to effectively manage a
higher level of default risk. Also considered are the moderate
business risks associated with the rent-to-own industry due to its
focus on cash and credit constrained consumers, as well as the
potential impact from government legislation or litigation that may
occur from time to time.
The B2 rating on the proposed notes reflects its junior position in
the capital structure behind $875 million of secured debt and a
proposed $550 million asset-based ("ABL") revolver. The notes will
be unconditionally guaranteed on a senior unsecured basis by all of
the company's restricted subsidiaries that guarantee the term loan
and ABL credit facilities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The stable outlook reflects Moody's expectation that Rent-A-Center
will successfully integrate Acima while maintaining a conservative
financial policy and strong free cash flow to reduce debt and
leverage. The outlook also reflects Moody's expectation that
Rent-A-Center will continue to maintain predictable operating
performance, and that solid growth will continue at Acima.
The rating could be upgraded if Rent-A-Center makes progress
integrating the Acima acquisition and demonstrates that it can
manage the higher default risks associated with the increased
virtual lease-to-own portfolio. An upgrade would also require
consistent strong free cash flow generation, a sustained reduction
of debt and leverage levels, continued stability in its core
operating performance, and solid growth in its emerging virtual
lease segment. Quantitatively, rating could be upgraded if
debt/EBITDA was sustained below 3.75x and EBIT/Interest coverage
above 3.25 times.
The rating could be lowered if the company experiences any
unexpected issues integrating Acima, if its core Rent-A-Center
business experiences any declines, or if liquidity were to
materially weaken. Specific metrics include debt/EBITDA rising
above 4.5x, or EBIT/Interest coverage falling below 2.75x.
Rent-A-Center, Inc., with headquarters in Plano, Texas is one of
the largest operators of consumer rent-to-own stores in North
America with over 1,950 Company operated stores located in the US,
Mexico and Puerto Rico and around 460 franchised rent-to-own stores
that operate under the "Rent-A-Center," "ColorTyme" and "RimTyme"
banners. Preferred Lease provides virtual and staffed lease-to-own
solutions to retail partners in stores and online, in the US and
Puerto Rico. Pro forma revenue, including the proposed acquisition
of Acima, approached $4 billion for the twelve month period ended
September 30, 2020.
The principal methodology used in this rating was Retail Industry
published in May 2018.
RIVERBED TECHNOLOGY: Moody's Completes Review, Retains Caa1 CFR
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Riverbed Technology, Inc. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on January 27, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Riverbed's Caa1 Corporate Family Rating is driven primarily by the
company's very high financial leverage and weak cash flow the
challenges the company faces in reversing product declines as the
WAN Optimization industry goes through significant changes. Though
WAN Optimization is still a critical function, demand has declined
at double digit levels as customers evaluate their application
acceleration needs as more applications and infrastructure migrate
to the cloud and SD-WAN ramps up as a disruptive technology.
Riverbed's application acceleration product lines have the
potential to offset some of the declines in legacy WAN Optimization
lines, though the timing of any stabilization of revenues remains
uncertain.
The principal methodology used for this review was Software
Industry published in August 2018.
SEADRILL LTD: Asian Units Seek Chapter 11 Protection
----------------------------------------------------
The Board of Seadrill Limited (OSE: SDRL, OTCQX:SDRLF) on Feb. 7,
2021, announces that Chapter 11 cases have been filed in the
Southern District of Texas in respect of Seadrill's wholly-owned
subsidiaries Seadrill GCC Operations Ltd, Asia Offshore Drilling
Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2 Limited
and Asia Offshore Rig 3 Limited (jointly, the "AOD Companies").
The Chapter 11 cases were filed as a protective measure to support
Seadrill's broader comprehensive financial restructuring and will
in no way affect the safe and efficient operation of the AOD
offshore drilling units. The Company will request authority to pay
its key trade creditors and employee wages and benefits without
change or interruption and expects it will pay all suppliers and
vendors in full under normal terms for goods and services provided
during the Chapter 11 cases.
As a consequence of the Chapter 11 filings, the forbearance
agreement announced by the Company on 3 February 2021 in respect of
nine out of the group's twelve senior secured credit facility
agreements has terminated.
Further information about the Chapter 11 filing will be available
at http://www.seadrill.com/restructuring
About Seadrill Ltd.
Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor
providing drilling services to the oil and gas industry. As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up
rigs.
On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection
after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt. It emerged from bankruptcy
in July 2018.
Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies serving
the industry.
In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs. Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.
Seadrill Partners LLC, a limited liability company formed by
deep-water drilling contractor Seadrill Ltd. to own, operate and
acquire offshore drilling rigs, along with its affiliates, sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on
Dec. 1, 2020, after its parent company swept one of its bank
accounts to pay disputed management fees. Mohsin Y. Meghji,
authorized signatory, signed the petitions.
On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2
Limited, and Asia Offshore Rig 3 Limited (collectively, the "Asian
Debtors") sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case
No. 21-30385). Grant Creed signed the petitions.
Seadrill GCC estimated $100 million to $500 million in assets and
liabilities as of the bankruptcy filing.
Kirkland & Ellis LLP is counsel for the Asian Debtors. The law
firm of Jackson Walker L.L.P. is co-bankruptcy counsel. The law
firm of Slaughter and May, the law firm of Conyers Dill & Pearman
Limited, and the law firm of Advokatfirmaet Thommessen AS, each
serves as co-corporate counsel. HoulihanLokey, Inc., is the
financial advisor. Alvarez & Marsal North America, LLC, is the
restructuring advisor. Prime Clerk LLC is the claims agent.
SENIOR PRO: Itria Ventures Opposes Plan & Disclosures
-----------------------------------------------------
Creditor Itria Ventures LLC objects to the Proposed Combined Plan
of Reorganization and Disclosure Statement filed by debtor Senior
Pro Services LLP.
Itria Ventures is the holder of a secured claim in the amount of
$24,704. The Proposed Combined Plan acknowledges that Itria
Ventures' claim is secured by all of the Debtor's assets, including
its accounts receivable.
Itria Ventures states that the Disclosure Statement asserts that
Itria Ventures' claim does not exceed $6,000, but provides no
factual basis whatsoever for the Court and Itria Ventures to assess
either the Debtor's opinion. Likewise, there is no factual basis
to interpret the significant discrepancy between the $43,211
liquidation value of Debtor's accounts receivable and Debtor's
position that the fair valuation of those same accounts is only
$6,000.
Itria Ventures cannot assess whether the Debtor's plan fairly
values Itria Ventures' claim and whether it should accept the plan
absent more fulsome factual disclosure about Debtors accounts
receivable and the collectibility of such accounts.
Itria Ventures asserts that the proposed Disclosure Statement is
inadequate as drafted and requires factual information, at the very
least, with respect to the value of Debtor's accounts and
receivables and the collectability of its accounts receivable.
A full-text copy of Itria Ventures' objection dated Jan. 29, 2021,
is available at https://bit.ly/36O4B1q from PacerMonitor.com at no
charge.
Attorneys for Itria Ventures:
KASOWITZ BENSON TORRES LLP
Jason S. Takenouchi
Andrew R.J. Muir
101 California Street, Suite 3000
San Francisco, California 94111
Telephone: (415) 421-6140
Facsimile: (415) 398-5030
E-mail: JTakenouchi@kasowitz.com
AMuir@kasowitz.com
About Senior Pro Services
Senior Pro Services is a home health care service provider in San
Leandro, California. It sought protection under Chapter II
Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-40408) on Feb. 22,
2020. The case is assigned to Judge Charles Novack. The Debtor
estimated $1 million to $10 million in assets and $100,000 to
$500,000 in liabilities. The petition was signed by Fessha Taye,
the Debtor's manager and chief executive officer. James A.
Shepherd, Esq. at the Law Offices of James Shepherd is the Debtor's
counsel.
SERENDIPITY LABS: Hall Parties' Bid to Nix Plan Exclusivity Denied
------------------------------------------------------------------
Judge Sage M. Sigler of the U.S. Bankruptcy for the Northern
District of Georgia, Atlanta Division, in a modified bench ruling
dated January 29, 2021, denied the request of the so-called Hall
Parties to terminate the period within which Serendipity Labs, Inc.
has the exclusive right to file and solicit acceptances of a
Chapter 11 plan.
The Hall Parties are:
(i) Hall Los Angeles WTS, LLC, a secured creditor and
collateral agent for the holder of notes under a Note Purchase
Agreement entered into by Serendipity Labs;
(ii) Hall Lone Star Associates, LP d/b/a Hall Arts Parking, an
unsecured creditor; and
(iii) Hall Phoenix/Inwood, Ltd., a shareholder.
The Hall Parties argued there has been a change in circumstances
that justifies the termination of the Debtor's exclusivity in order
to allow the Hall Parties to submit to the Court a feasible plan of
reorganization with a total commitment of $5,000,000. The Hall
Parties contend their Plan is in the best interest of creditors and
superior to the liquidation strategy being pursued by the Debtor.
The Hall Parties further submit that parties in interest will
suffer prejudice, by way of a non-maximization of the value of the
Debtor's Estate, if the presentation of the Hall Plan is not
immediately allowed.
An evidentiary hearing was held via Webex on the Hall Parties'
Motion on January 27, 2021. Counsel for Movants was present as was
counsel for Serendipity Labs Inc. At the hearing, the Court
determined the Motion should be denied and stated its findings of
fact and conclusions of law orally on the record. The Court also
took under advisement the issue of whether the Hall Parties had
violated 11 U.S.C. sections 1121 and 1125. The Debtor's request
for sanctions for those alleged violations was also taken under
advisement.
A copy of the Hall Parties' Motion to extend is available from
PacerMonitor.com at https://bit.ly/36wCfbT at no extra charge.
A copy of the Court's Order is available from PacerMonitor.com at
https://bit.ly/3oSGlRZ at no extra charge.
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 the 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.
SHIELDS HEALTH: Moody's Completes Review, Retains B3 CFR
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Shields Health Solutions Holdings, LLC and other ratings
that are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on February 1,
2021 in which Moody's reassessed the appropriateness of the ratings
in the context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Shields Health Solutions Holdings, LLC's B3 CFR is constrained by
its modest scale of operations, significant revenue concentration
with its biggest client, and high financial leverage. Further the
company is exposed to risks related to the consolidation of
insurers and pharmacy benefit managers (PBMs) as well as to
potential modifications to the US government's 340B program. Such
changes could diminish pharmacy profit margins of client health
systems. The company's rating benefits from a favorable growth
outlook. This is driven by sustained growth in demand for specialty
pharmaceuticals, as well as health systems' strong desire to grow
on-site specialty pharmacies in order to enhance their
profitability. Further, the rating reflects the mutually beneficial
and sticky nature of Shields Health's relationship with health
systems and Walgreen's equity investment in the company.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
SHINKUCASI LLC: Files Emergency Bid to Use Cash Collateral
----------------------------------------------------------
Shinkucasi LLC asks the U.S. Bankruptcy Court for the Middle
District of Florida, Fort Myers Division, for authority to use cash
collateral to pay operating expenses and the costs of administering
this Chapter 11 case.
The Debtor asserts there is insufficient time for a full hearing
pursuant to Rule 4001(b)(2) of the Federal Rules of Bankruptcy
Procedure to be held before the Debtor must use Cash Collateral. If
the motion is not considered on an expedited basis and if the
Debtor is denied the ability to immediately use Cash Collateral,
there will be a direct and immediate material and adverse impact on
the continuing operations of the Debtor's business and on the value
of its assets.
The Debtor owns five residential rental properties located in Lee
County and Collier County. The rental properties are
tenant-occupied.
The Debtor's primary secured creditor is Wilmington Trust, N.A., as
Trustee for the Registered Holders of CoreVest American Finance
2018-2 Trust, its Successors and/or Assigns, which is owed
approximately $523,000 in connection with a prepetition loan. Prior
to the Petition Date, the Debtor executed loan documents in favor
of the Lender pursuant to which it was granted liens on, among
other things, rents, issues, profits and revenues.
The Properties are worth substantially more than the amount owed to
Wilmington, and Wilmington is adequately protected by its equity
cushion. As additional adequate protection, the Debtor will fund a
tax escrow into a separate DIP account, and otherwise provide
regular reporting of rent collections to Wilmington.
As additional adequate protection, in exchange for the Debtor's
ability to use Cash Collateral in the operation of its business,
the Debtor proposes to grant to the Lender, as adequate protection,
replacement liens to the same extent, validity, and priority as
existed on the Petition Date.
A copy of the motion is available for free at
https://bit.ly/3cLOaGF from PacerMonitor.com.
About Shinkucasi LLC
Shinkucasi LLC sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-00019) on Jan. 10,
2021, listing $500,001 to $1 million in both assets and
liabilities.
Daniel R Fogarty, Esq. at Stichter, Riedel, Blain & Postler, P.A.,
serves as the Debtor's counsel.
SHINKUCASI LLC: Gets OK to Hire MVP Realty as Broker
----------------------------------------------------
Shinkucasi LLC received approval from the U.S. Bankruptcy Court for
the Middle District of Florida to hire MVP Realty Associates, LLC
as its broker.
The firm will assist in the marketing and sale of the Debtors' real
properties located at 27670 Garret St., Bonita Springs, Fla.; 4604
Seminole St., Fort Myers, Fla.; and 390 35th Ave. NE, Naples, Fla.
The properties together were listed for sale for $760,000.
The firm will receive a 6 percent commission on the total purchase
price.
Cheryl Eblan, a broker at MVP Realty, disclosed in a court filing
that the firm is disinterested as required by Section 327(a) of the
Bankruptcy Code.
The firm can be reached through:
Cheryl Eblan
MVP Realty Associates, LLC
4851 Tamiami Trail North, #200
Naples, FL 34103
Phone: +1 239-595-8143
Email: cherylswfl@gmail.com
About Shinkucasi LLC
Shinkucasi LLC sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-00019) on Jan. 10,
2021, listing $500,001 to $1 million in both assets and
liabilities. Daniel R Fogarty, Esq. at Stichter, Riedel, Blain &
Postler, P.A., serves as the Debtor's counsel.
SKYFUEL INC: Expects Sale Plan to Pay 75% to 100% to Unsecureds
---------------------------------------------------------------
Skyfuel, Inc., filed with the U.S. Bankruptcy Court for the
District of Colorado a Plan of Reorganization and a Disclosure
Statement on Jan. 29, 2021.
The Debtor conducted a sale process pursuant to the Order Approving
Amended Bid Procedures and received multiple bids to purchase some
or substantially all of the Debtor's assets from various
third-parties. On Feb. 7, 2020, Kaidi delivered its Bid Term Sheet
to the Debtor, offering to purchase the Debtor's assets for
$6,000,000. Kaidi, as the highest and best bid received from any
interested party, was announced as the winning bidder.
The Plan provides for a Sale of the equity interests of the Debtor
to Zhongxn Kaidi Electric Power Engineering Co., Ltd f/k/a China
Kaidi Electric Power Engineering Co., Ltd., and/or its assignee for
$2,100,000, and the payment of Allowed Claims from the Proceeds of
the Sale. In particular, the Plan contemplates as follows:
* payment in full in cash by the Debtor or Reorganized Debtor
either on or after the Effective Date to holders of Allowed
Administrative Expense Claims;
* payment in full in cash by the Debtor or Reorganized Debtor
either on or after the Effective Date to holders of Allowed
Priority Claims;
* payment in cash by the Debtor or Reorganized Debtor in one
or more tranches to holders of Allowed General Unsecured Claims on
a pro rata basis, with the first installment of not less than 75%
of each Allowed General Unsecured Claim to be made on the Effective
Date or as soon as practicable thereafter, and the second
installment, if any, which shall consist of the remainder of the
Proceeds up to the full amount of each Allowed General Unsecured
Claim, to be paid by the 180th day after the Effective Date or as
soon as practicable thereafter, not to exceed one year from the
Effective Date. The General Unsecured Claims Class is estimated to
recover 75%-100% of its Allowed Claims;
* cancellation of existing Equity Interests on the Effective
Date, with the holders of the existing Equity Interests to retain
their economic interests to receive the Excess Proceeds after
payment of all Allowed Claims, provided however, that the current
holders of Equity Interests will not receive any Distribution under
the Plan until holders of Allowed General Unsecured Claims have
been paid in full;
* Interests in the Debtor shall be issued to Kaidi and the
assets shall be sold, transferred, assigned and conveyed to Kaidi
free and clear of all liens, except as set forth in the Plan.
The assets available for distribution under the Plan are comprised
of the Proceeds.
A full-text copy of the Disclosure Statement dated Jan. 29, 2021,
is available at https://bit.ly/39UqC0E from PacerMonitor.com at no
charge.
Attorneys for the Debtor:
David W. Parham, Esq.
Texas SBN: 15459500
Amy M. Leitch, Esq.
AKERMAN LLP
2001 Ross Avenue, Suite 3600
Dallas, TX 75201
Telephone: (214) 720-4300
Facsimile: (214) 981-9339
About Skyfuel Inc.
Founded in 2007, Skyfuel, Inc. -- http://www.skyfuel.com/--
designs, manufactures and deploys complete solar field solutions
featuring the SkyTrough and SkyTroughDSP parabolic trough
concentrating solar collectors. SkyFuel is the solar thermal
technology arm of the Sunshine Kaidi New Energy Group Co., Ltd.
(Kaidi), a multi-billion dollar energy company based in Wuhan,
China.
An involuntary Chapter 11 petition for relief against SkyFuel, Inc.
(Bankr. D. Colo. Case No. 19-12400) was filed on March 29, 2019.
The court entered an order for relief on April 23, 2019. The
Debtor is represented by Akerman LLP.
SLM CORP: Moody's Completes Review, Retains Ba1 Debt Rating
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of SLM Corporation and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on February 2, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
SLM Corporation's Ba1 long-term senior debt rating and the ratings
of several subsidiaries, including the Baa1 deposit rating of
Sallie Mae Bank reflect its baa3 baseline credit assessment (BCA)
and the application of advance loss given failure to its assumed
liabilities at failure.
Its baa3 BCA reflects its solid profitability, solid asset quality
and strong student loan origination franchise. These credit
strengths are offset by the risks to creditors from SLM's monoline
concentration in private student loans, and evolving funding
structure. Profitability has been negatively impacted by the
economic weakness brought on by the coronavirus pandemic. However,
regulatory capitalization has increased largely due to a decline in
its balance sheet as loans outstanding decreased primarily as a
result of loan sales and lower origination volumes. Even with
elevated unemployment, asset quality has been strong reflecting
generous fiscal stimulus along with payment and eviction
moratoriums.
The principal methodology used for this review was Banks
Methodology published in November 2019.
SONICWALL HOLDINGS: Moody's Completes Review, Retains B3 CFR
------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of SonicWALL Holdings Limited and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on January 27, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
SonicWALL Holdings Limited's B3 corporate family rating reflects
the company's very high debt levels post its separation from
Seahawk Holdings. The credit profile also reflects SonicWall's
solid market position in the unified threat management (UTM) and
firewall markets catering to small to mid-sized businesses. The
company benefits from its large installed base of customers, strong
distribution network and recurring nature of services revenue
associated with its product offerings. Though substantially smaller
than enterprise firewall peers, SonicWall has built a strong niche
providing next generation firewalls and related security software
designed, packaged and priced for smaller installations. Moody's
expects revenues to be positively impacted by increased security
needs for remote workers and overall increases in cyber security
budgets partly impacted by headwinds from a shift to subscription
sales.
The principal methodology used for this review was Software
Industry published in August 2018.
SOUTHERN VETERINARY: Moody's Completes Review, Retains B3 CFR
-------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Southern Veterinary Partners, LLC and other ratings that
are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on February 1,
2021 in which Moody's reassessed the appropriateness of the ratings
in the context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Southern Veterinary Partners, LLC's ("SVP") B3 Corporate Family
Rating reflects its very high financial leverage, which Moody's
expects to persist as the company continues to use debt to fund
acquisitions. The rating is also constrained by the company's
modest absolute scale, and event and financial policy risks. SVP
benefits from favorable long term trends in the pet care sector as
well as a good track record of integrating acquisitions. SVP's good
liquidity profile is supported by Moody's expectation of break-even
to modestly positive free cash flow, a sizable cash balance, and
full access to a revolving credit facility.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
STEEL DYNAMICS: Egan-Jones Hikes Senior Unsecured Ratings to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on January 29, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Steel Dynamics Incorporated to BB+ from BB.
Headquartered in Fort Wayne, Indiana, Steel Dynamics, Inc. is
unique among American steel companies.
TEAM SERVICES: Moody's Completes Review, Retains B3 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of TEAM Services Group, LLC and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 1, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
TEAM Services Group, LLC's B3 CFR reflects the company's elevated
pro forma adjusted leverage, which is expected to remain high over
the next 12-18 months. The rating is challenged by the company's
relatively small scale and geographic concentration with a
significant portion of gross revenues generated in three states.
TEAM maintains an acquisitive growth strategy with aggressive
financial policies typical of private equity-backed firms. The
rating benefits from good long-term demand for services that
support home-based personal care, as well as diversification by
business segment and payors.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
TEXAS CAPITAL: Egan-Jones Hikes Senior Unsecured Ratings to BB+
---------------------------------------------------------------
Egan-Jones Ratings Company, on January 28, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Texas Capital Bancshares Incorporated to BB+ from
BB.
Headquartered in Dallas, Texas, Texas Capital Bancshares, Inc. is
the holding company for Texas Capital Bank, NA.
TRADE WEST: Has Until Feb. 26 to File Plan & Disclosures
--------------------------------------------------------
Judge Robert J. Faris of the U.S. Bankruptcy Court for the District
of Hawaii has entered an order within which the time for Debtor
Trade West, Inc., d/b/a Nani Makana Distributors, to file a
Disclosure Statement and a Plan of Reorganization is extended to
February 26, 2021.
The Court entered an order granting the extension after the Debtor
and the U.S. Trustee signed a stipulation that provides for an
extension of the Debtor's plan filing deadline.
A full-text copy of the order dated Jan. 28, 2021, is available at
https://bit.ly/2MXOoQq from PacerMonitor.com at no charge.
Attorney for the Debtor:
O'CONNOR PLAYDON GUBEN & INOUYE LLP
JERROLD K. GUBEN
Makai Tower, 24th Floor
733 Bishop Street
Honolulu, Hawaii 96813
Telephone: (808) 524-8350
Facsimile: (808) 531-8628
E-mail: JKG@opgilaw.com
About Trade West
Trade West, Inc., which conducts business under the name Nani
Makana -- http://www.tradewest.org/-- was founded in 1976 by
Thomas and Ellen Matthews. Based in Honolulu, Hawaii, Trade West
designs, imports, manufactures and distributes authentic Hawaiian
flower artificial lei and hair accessories; two lines of Made in
Hawai'i personal care, bath and body products; a line of sunglasses
and accessories; and Hawaiian-themed gifts and souvenirs.
Trade West filed for Chapter 11 bankruptcy protection (Bankr. D.
Hawaii Case No. 19-01658) on Dec. 30, 2019. In its petition, the
Debtor estimated $1 million to $10 million in both assets and
liabilities. The petition was signed by Thomas W. Matthews,
president. Judge Robert J. Faris oversees the case. The Debtor is
represented by Jerrold K. Guben, Esq., at O'Connor Playdon Guben &
Inouye LLP.
UNIFIED WOMEN'S: Moody's Completes Review, Retains B3 CFR
---------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Unified Women's Healthcare, LP and other ratings that
are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on February 1,
2021 in which Moody's reassessed the appropriateness of the ratings
in the context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations.
Unified Women's Healthcare's B3 CFR reflects its moderate scale,
geographic concentration, high leverage and execution risk
associated with an active debt-funded acquisition strategy. The
rating is supported by Unified's strong competitive position in the
markets where it operates, which are highly fragmented. Further,
Unified benefits from solid organic growth prospects, and well
aligned incentives between management and physicians.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
UPSTREAM NEWCO: Moody's Completes Review, Retains B3 CFR
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Upstream Newco, Inc. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 1, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Upstream Newco, Inc's B3 CFR reflects its high financial leverage
and aggressive, debt-funded growth strategy. The rating is further
challenged by low barriers to entry in the physical therapy
industry. The rating benefits from Upstream's track record of
positive free cash flow supported by low capex requirements, as
well as an established track record of growth and integration. The
rating is also bolstered by solid long-term demand for physical
therapy services.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
US RADIOLOGY: Moody's Completes Review, Retains B3 CFR
------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of US Radiology Specialists, Inc. and other ratings that
are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on February 1,
2021 in which Moody's reassessed the appropriateness of the ratings
in the context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations.
US Radiology Specialists, Inc.'s B3 Corporate Family Rating
reflects moderate scale, high leverage and execution risk
associated with an active debt-funded acquisition strategy.
Further, USRS has some geographic concentration with Texas, North
Carolina and Georgia representing more than 70% of consolidated
revenues. The company's rating benefits from a strong competitive
position in the markets where it operates, good business diversity
as it offers both outpatient imaging and radiology physician
services in an integrated manner in many of its markets.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
VIZIENT INC: Moody's Completes Review, Retains Ba3 CFR
------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Vizient, Inc. and other ratings that are associated with
the same analytical unit. The review was conducted through a
portfolio review discussion held on February 1, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Vizient, Inc.'s Ba3 Corporate Family Rating reflects the company's
moderate financial leverage, and solid scale and market presence as
the largest group purchasing organization (GPO) in the US. The
company also benefits from good geographic and customer
diversification. The rating is constrained by Moody's expectation
for continued pricing pressure in the GPO business, however, this
will be somewhat offset by margin expansion in the healthcare
advisory and analytics business. Vizient's liquidity is very good,
supported by stable, strong free cash flow and significant
availability under its revolver.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
WC HIRSHFELD: Updates Plan to Include Professional Fee Details
--------------------------------------------------------------
WC Hirshfeld Moore, LLC, et al., filed a Third Amended Disclosure
Statement for its Joint Second Amended Plan of Reorganization on
January 29, 2021.
The Third Amended Disclosure Statement discusses that Debtors
estimate the Professional Fee Claims will total approximately
$300,000 by the Effective Date and Debtors will have total cash of
approximately $750,000. Each holder of an Allowed Administrative
Claim (except any holder that agrees to a lesser or otherwise
different treatment) shall be paid in full, in cash, in full
satisfaction of such claim, on the later of the Effective Date or
the date on which such Administrative Claim becomes an Allowed
Claim.
Prior to the Petition Date, CC&A received a retainer, of which
$101,717 remained as of the Petition Date. CC&A has incurred fees
and expenses through the end of October 2020 in the amount of
$156,140. In connection with its employment, LFDS received a
retainer in the amount of $50,000. LFDS estimates that its fees
and expenses incurred through the end of September 2020 totaled
$76,747. Lain did not receive a retainer in connection with its
employment. Lain estimates that its fees and expenses incurred
through the end of October totaled approximately $74,430.
The recent amendments to the Plan and Disclosure Statement do not
alter the proposed treatment of claims.
Under the Plan, ATX Debt Fund 2, LLC, which asserts $40.55 million
on account of notes, in Class 1 will recover 100% of its claims.
The claims will be paid at the election of the Debtors either (a)
over the time period specified in the Plan or (b) from cash from
proceeds of refinancing or sale.
Holders of allowed unsecured claims totaling $63,399 in Class 2
will recover 100% of their claims. Each holder of an Allowed
Unsecured Claim shall receive payment in full of the allowed amount
of each holder's claim, to be paid 30 days following payment of the
Class 1 claim.
The equity holders in Class 3 will retain their interests in the
Debtor.
A full-text copy of the Third Amended Disclosure Statement dated
Jan. 29, 2021, is available at https://bit.ly/3pX56xD from
PacerMonitor.com at no charge.
Attorneys for the Debtors:
Daniel K. Astin, Esquire
CIARDI CIARDI & ASTIN
1204 N. King Street
Wilmington, DE 19801
Tel: (302) 658-1100
Fax: (302) 658-1300
- and -
Albert A. Ciardi, III, Esquire
Walter W. Gouldsbury III, Esquire
1905 Spruce Street
Philadelphia, PA 19103
Tel: (215) 557-3550
Fax: (215) 557-3551
- and -
Daniel P. Winikka
Tyler Simpson
LOEWINSOHN FLEGLE DEARY SIMON LLP
12377 Merit Drive, Suite 900
Dallas, TX 75251
Telephone: (214) 572-1700
Facsimile: (214) 572-1717
About WC Hirshfeld Moore
WC Hirshfeld Moore, LLC and seven affiliates each filed Chapter 11
petitions (Bankr. W.D. Tex. Lead Case No. 20-10251) on Feb. 3,
2020. The debtor-affiliates are (i) WC 103 East Fifth, LLC, (ii)
WC 320 Congress, LLC, (iii) WC 422 Congress, LLC, (iv) WC 805-809
East Sixth, LLC, (v) WC 901 East Cesar Chavez, LLC, (vi) WC 1212
East Sixth, LLC and (vii) WC 9005 Mountain Ridge, LLC. Judge Tony
M. Davis oversees the cases.
At the time of the filing, WC Hirshfeld Moore disclosed assets of
between $10 million and $50 million and liabilities of the same
range.
The Debtors tapped Ciardi, Ciardi & Astin as their primary
restructuring counsel and Loewinsohn Flegle Deary Simon LLP as
Ciardi's co-counsel.
WELLPATH HOLDINGS: Moody's Completes Review, Retains B3 CFR
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Wellpath Holdings, Inc. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 1, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Wellpath Holdings, Inc.'s B3 Corporate Family Rating reflects
Moody's expectation that the company will operate with moderately
high financial leverage. The rating also incorporates business and
social risks associated with the correctional healthcare segment
with continual investment necessary to provide effective health
care to a high risk population and maintain a strong reputation in
the marketplace. However, the rating is supported by the company's
good scale and diversity across customers, geographies, and
business segments, as well as the company's strong market position
in the public jails segment. The business is characterized by
minimal bad debt expense and modest capital investment needs.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
WITCHEY ENTERPRISES: March 11 Amended Disclosure Hearing Set
------------------------------------------------------------
On Jan. 28, 2021, debtor Witchey Enterprises, Inc., by and through
its attorney Andrew Joseph Katsock, III, filed with the U.S.
Bankruptcy Court for the Middle District of Pennsylvania a First
Amended Small Business Disclosure Statement for the Plan of
Reorganization. On Jan. 29, 2021, Judge Robert N. Opel, II ordered
that:
* March 11, 2021, at 09:30 a.m. is the telephonic hearing to
consider approval of the amended disclosure statement.
* March 5, 2021, is fixed as the last day for filing and
serving written objections to the amended disclosure statement.
A full-text copy of the order dated Jan. 29, 2021, is available at
https://bit.ly/3pYI5dN from PacerMonitor.com at no charge.
The Debtor is represented by:
Andrew Joseph Katsock, III, Esquire
15 Sunrise Drive
Wilkes Barre. PA 18705
570 829-5884
Fax: 570 829-5884
Emai: ajkesq@comcast. Net
About Witchey Enterprises
Based in Wilkes-Barre, Pennsylvania, Witchey Enterprises, Inc., a
provider of courier and express delivery services, filed a Chapter
11 petition (Bankr. M.D. Pa. Case No. 19-00645) on Feb. 14, 2019.
At the time of filing, the Debtor had estimated assets of $1
million to $10 million and liabilities of $1 million to $10
million. The case is assigned to Hon. Robert N. Opel II. The
Debtor's counsel is Andrew Joseph Katsock, III, Esq., in Wilkes
Barre, Pennsylvania.
WITCHEY ENTERPRISES: Unsecureds Owed $1.2M to Split $150K in Plan
-----------------------------------------------------------------
Debtor Witchey Enterprises, Inc., by and through its attorney
Andrew Joseph Katsock, III, submitted a First Amended Small
Business Plan of Reorganization and a corresponding Disclosure
Statement on Jan. 28, 2021.
The most significant event postpetition has been the sale of the
Linehaul routes back to the Fairview Group. This was done with
court approval and ordered on Dec. 18, 2019. This allowed the
Debtor to extinguish over $400,000 of secured debt.
Class 2 consists of the Secured Claims of Fairview Group. Fairview
Group was secured by the Linehaul routes and was sold to the
Fairview Group on December 18, 2019, thereby paying their claim in
full. The Fairview Group is no longer due any money by the debtor
and unimpaired.
Class 4 consists of General Unsecured Creditors. The Debtor
proposes to pay the final allowed unsecured claims up to a total of
S150,000, following the 60 months after the effective date of the
plan. The estimated unsecured debt is $1,200,000. The debtor
proposes to make distributions from available funds. In any month
in which the debtor has $10,000 in cash profit, they will deposit
$5,000 the following month into a segregated reserve account. This
account will be used to accumulate a cash reserve on which the
business can draw to pay both anticipated and unanticipated
ordinary course expenses as well as to fund distributions to
Holders of General Unsecured claims.
The purpose of the contemplated cash reserve account is to ensure
the Debtor can pay its ordinary course expenses as they come due,
in order to avoid the need to use a line of credit, credit cards,
or other sources of short term credit. When the balance of the
account reaches a minimum of $30.000, a distribution will be made
to the Holders of Allowed General Unsecured Claims in the amount of
$20,000. The funds will be distributed on a pro-rata basis no
later than the 15th day of the month following the debtor having
deposits of $30,000 in the reserve account. This will allow the
debtor to maintain $10,000 at any time during the plan as a reserve
for those expenses. The Debtor will continue this practice for a
period of 60 months or until $150,000 has been distributed to
Holders of Allowed General Unsecured Claims, whichever will come
first. The Debtor proposes to pay no interest on these unsecured
claims.
Class 5 consists of Equity Security Holders. Louis Witchey is the
current equity security holder of the debtor. He shall retain his
interest but shall not be allowed to take any dividends of the
reorganized corporation until the plan has been completed and all
creditors are paid as proposed above. Louis Witchey will provide up
to $10,000 in cash infusions as needed to provide the debtor with
new value.
Currently, the debtor has about $10,000 in cash on hand, $40,000 in
receivables and about $30,000 worth of equipment. The debtor
expects the business to continue and possibly see further growth is
expected because of ongoing pandemic, and the increase in
individuals using online shopping which in turn uses delivery
services to move product. Even with no growth, the debtor will be
able to meet its obligations under this proposed plan.
A full-text copy of the First Amended Disclosure Statement dated
Jan. 28, 2021, is available at https://bit.ly/3cEUZdf from
PacerMonitor.com at no charge.
The Debtor is represented by:
Andrew Joseph Katsock, III, Esquire
15 Sunrise Drive
Wilkes Barre. PA 18705
570 829-5884
Fax: 570 829-5884
E-mail: ajkesq@comcast.net
About Witchey Enterprises
Based in Wilkes-Barre, Pennsylvania, Witchey Enterprises, Inc., a
provider of courier and express delivery services, filed a Chapter
11 petition (Bankr. M.D. Pa. Case No. 19-00645) on Feb. 14, 2019.
At the time of filing, the Debtor had estimated assets of $1
million to $10 million and liabilities of $1 million to $10
million. The case is assigned to Hon. Robert N. Opel II. The
Debtor's counsel is Andrew Joseph Katsock, III, Esq., in Wilkes
Barre, Pennsylvania.
[*] 16 Texas Farms Filed for Chapter 12 Bankruptcy in 2020
----------------------------------------------------------
Garrett HottlePosted, writing for 25 ABC, reports that 16 Texas
farms filed for Chapter 12 bankruptcy in 2020, six less from 2019.
There were 16 Chapter 12 farm bankruptcies in the state of Texas
during the year 2020, according to recently released caseload
statistics from U.S. Courts compiled by the American Farm Bureau
Federation.
Nationwide, the AFBF found the number of Chapter 12 family farm and
family fishery bankruptcies in 2020 totaled 552. The number is
down 43 filings, or 7%, from 2019.
A recently released report from the USDA shows family farms,
defined as any farming operation where the majority of the
businesses is owned by the producer and their relatives, comprise
96% of all U.S. farms and account for 82% of the value of all
agricultural products sold.
Dr. John Newton, Chief Economist with AFBF, said he is exercising
caution in attributing the dip in Chapter 12 bankruptcies from 2019
to 2020 as a concrete sign of improvement.
"I think you have to look, if you look at all, at the filings
across Chapter 11, Chapter 7, Chapter 12," he said.
According to Dr. Newton, when you look across all the chapters of
the bankruptcy code, the reason for fewer filings in 2020 compared
to 2019 becomes more apparent.
"We had 230,000 fewer filings during 2020," he said. "So I think
one of the main reasons was it was very difficult to file
bankruptcy in a COVID environment."
While Chapter 12 bankruptcies were down from 2019, the 552 filings
are still the third-highest number in the last decade.
Dr. Newton stressed it's important to remember that family farms
don't file for Chapter 12 bankruptcy out of the blue.
"You know, it takes many years to get to the point where you're
filing for Chapter 12 bankruptcy," he said.
There's a mountain of factors that lead up to that point, in part,
beginning with a string of years with low commodity prices, added
on with instances of poor or severe weather conditions, and ongoing
global pandemic.
"I think if you look over the last five- seven years, we've seen
low commodity prices across the agricultural sector," Dr. Newton
said. "Whether it's low corn prices, little soybean prices, low
wheat prices. We've seen natural disasters, flooding, we had 30
named storms this hurricane season."
According to AFBF, data at the district court level shows Chapter
12 bankruptcies were highest in western Wisconsin with 39 filings,
followed by Kansas with 35, and Nebraska at 32. The 30 filings in
eastern Wisconsin represent the fourth-highest total among
districts in 2020, and where the increase in filings was greatest
from 2019 at 15 filings.
"You look at Wisconsin, you think about milk prices, which have
been low for five years," Newton explained. "They started to
rebound late in 2019, they saw some strength in 2020, but when you
have low milk prices for several years to the extent that you're
not covering your costs of production that's going to lead some
farms to have to file for bankruptcy."
Dr. Newton said he's seen similar situations play out in Vermont.
The Lone Star State is not immune to some of the realities
associated with the agriculture sector in other parts of the
country, said Commodity and Regulatory Activities Associate
Director with the Texas Farm Bureau, Brant Wilbourn.
"Over the past few years, basically all commodity prices have been
depressed and there's been some issues related to trade disputes
depressing those prices as well," he said.
Mr. Wilbourn said Texas saw six fewer Chapter 12 bankruptcies in
2020 compared to 2019. In contrast, the total number is a far cry
from the numbers seen in some Midwest states, but still a concern.
"However we still had 16 this past year," he said. "I mean the
overall picture looks brighter, although some producers are still
facing some issues with depressed prices and trying to claw back
some of those losses that they've had."
In addition to low commodity prices and high input cost, Mr.
Wilbourn said the price of land also factors into Texas farmers
filing for Chapter 12 bankruptcy.
"Land prices are kind of increasing as well, which have an impact
on folks if they rent property to farm," he said. "I wish the fix
was just as simple as saying we need higher commodity prices, you
know that would help, but it's going to take more than just higher
commodity prices to get that completed."
Higher prices can also mean higher input costs, especially for
cattle feeders or dairy farmers, according to Newton.
"Higher crop prices right now for our producers growing corn,
soybeans, wheat grain and sorghum are welcome," he said. "But for
your cattle feeders, your hog feeders or dairy farmers, those
higher prices mean higher input cost. We really need to see higher
prices across agriculture for several years in a row just to help
people dig out of the hole that they dug themselves in over the
last four or five years."
On Friday, the USDA's 2021 Farm Income Forecast predicted net farm
will decrease $9.8 billion, or close to 8%, this year. The report
points out the decrease is largely due to lower supplemental and ad
hoc disaster assistance for COVID-19 relief in 2021 relative to
2020. Despite the decline in net farm income this year, the USDA
highlights 2021's projection of $111.4 billion would still be 21%
above it's 2000-2019 average of $92.1 billion.
"What you see in that is higher cash receipts from crop and
livestock sales. Production expenses have also gone up," Dr. Newton
explained. "Higher fuel prices, higher fertilizer prices, higher
feed costs for your livestock feeders, coupled with lower federal
support and as a result, you see net farm income at about eleven
hundred billion dollars. That's down about nine billion dollars,
or percent from what we saw last year."
For now, there are several takeaways from 2020 which point to
positive trend for U.S. agriculture for 2021.
"I think certainly right now you see higher prices in the market.
I think a lot of that's due to very strong exports," Newton said.
"Agriculture and related product exports this year came in at a
$161 billion, that's the highest that it's been since 2013, so
that's certainly great news."
According to Dr. Newton, it's important the agriculture sector see
those exports continue and recover in top markets such as Mexico,
Canada, Japan, and South Korea.
"We need it to continue to really turn the corner, and I think we
are starting to turn that corner," he said.
Still, if 2020 serves as an example, a lot can change, and there's
still some uncertainty and details to be ironed out about how the
agriculture sector will navigate during the Biden presidency.
"One thing that a lot of people are talking about right now is how
do we achieve our climate goals with this administration through
increased adoption of climate-smart technology, climate-smart
agriculture," Dr. Newton said. "There's conversations about how
carbon can become an income stream for farmers and that may not
happen in the next few months. But I think throughout 2021 we're
going to be having that conversation."
[*] Bankruptcy Filings Sink to Lowest Level in 15 Years
-------------------------------------------------------
Epiq, a global technology-enabled services leader to the legal
services industry and corporations, released its January 2021
bankruptcy filing statistics from its AACER bankruptcy information
services business. January experienced the lowest monthly number
of new bankruptcy filings across all chapters since February 2006
(26,617 filings) with only 32,298 filings.
The continued slide represents a decrease of 6% over December 2020
filings, and a 44% decrease over January 2020 filings where there
were 58,161 new cases. Commercial filings across all chapters fell
to 2,124 new cases, a 7% drop over December 2020 and a 42% drop
over January 2020, which had a total of 3,560 new cases.
"Out of court solutions, available liquidity, and general
uncertainty has caused a significant pause in Chapter 11 filings
this past month," said Deirdre O'Connor, senior managing director
of corporate restructuring at Epiq. "We appear to be suspended in
an air bubble at the moment."
"The new year data continues to show extreme softness in new U.S.
bankruptcy filings" said Chris Kruse, senior vice president of Epiq
AACER. "The optimism around a new political administration and
potential new government relief for consumers has kept new filings
historically low."
Chapter 13 non-commercial filings are down 4% over last month with
only 8,972 new cases. Chapter 7 non-commercial filings are also
down 6.5% in January 2021 with only 21,225 new cases. With
unemployment rates in December holding steady at 6.7%, pressure on
consumers has stabilized and renewed confidence on stimulus aid is
rising.
"We continue to expect new filings will grow substantially in the
second-half of 2021, notwithstanding any likely short-term
stimulus," said Kruse.
About Epiq AACER
Epiq AACER is your partner for bankruptcy information and
compliance. Its AACER bankruptcy information services platform is
built with superior data, technology, and expertise to create
insight and mitigate risk for businesses impacted by bankruptcies.
It offers free bankruptcy statistics and monthly email updates for
both commercial and non-commercial (consumer) bankruptcy filings
for Chapter 7, Chapter 11, and Chapter 13 cases. You may register
for these free resources on its Bankruptcy Statistics and Trends
page.
About Epiq
Epiq, a global technology-enabled services leader to the legal
services industry and corporations, takes on large-scale,
increasingly complex tasks for corporate counsel, law firms, and
business professionals with efficiency, clarity, and confidence.
Clients rely on Epiq to streamline the administration of business
operations, class action and mass tort, court reporting,
eDiscovery, regulatory, compliance, restructuring, and bankruptcy
matters. Epiq subject-matter experts and technologies create
efficiency through expertise and deliver confidence to
high-performing clients around the world. Learn more at
https://www.epiqglobal.com/
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABSOLUTE SOFTWRE ABST CN 136.7 (40.5) (9.7)
ABSOLUTE SOFTWRE OU1 GR 136.7 (40.5) (9.7)
ABSOLUTE SOFTWRE ABST US 136.7 (40.5) (9.7)
ABSOLUTE SOFTWRE ABT2EUR EU 136.7 (40.5) (9.7)
ACCELERATE DIAGN 1A8 GR 104.2 (49.7) 85.0
ACCELERATE DIAGN AXDX US 104.2 (49.7) 85.0
ACCELERATE DIAGN AXDX* MM 104.2 (49.7) 85.0
ACCELERATE DIAGN 1A8 TH 104.2 (49.7) 85.0
ACCELERATE DIAGN 1A8 QT 104.2 (49.7) 85.0
ADAMAS PHARMACEU ADMS US 132.8 (34.6) 92.5
ADAPTHEALTH CORP AHCO US 1,548.8 439.7 169.6
ADVANZ PHARMA CO CXRXF US 1,537.9 (68.1) 178.1
AEMETIS INC AMTX US 122.2 (175.6) (82.3)
AGENUS INC AGEN US 204.5 (179.4) (21.4)
AGENUS INC AJ81 GR 204.5 (179.4) (21.4)
AGENUS INC AJ81 GZ 204.5 (179.4) (21.4)
AGENUS INC AGENEUR EU 204.5 (179.4) (21.4)
AGENUS INC AJ81 QT 204.5 (179.4) (21.4)
AGENUS INC AJ81 TH 204.5 (179.4) (21.4)
AGILITI INC AGLY US 745.0 (67.7) 17.3
ALPINE 4 TECHNOL ALPP US 36.6 (13.6) (5.2)
AMC ENTERTAINMEN AMC US 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AH9 GR 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AMC* MM 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AH9 TH 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AH9 QT 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AMC4EUR EU 10,876.2 (2,335.4) (979.6)
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMERICAN AIR-BDR AALL34 BZ 62,008.0 (6,867.0) (5,474.0)
AMERICAN AIRLINE AAL US 62,008.0 (6,867.0) (5,474.0)
AMERICAN AIRLINE A1G GR 62,008.0 (6,867.0) (5,474.0)
AMERICAN AIRLINE AAL* MM 62,008.0 (6,867.0) (5,474.0)
AMERICAN AIRLINE A1G TH 62,008.0 (6,867.0) (5,474.0)
AMERICAN AIRLINE A1G QT 62,008.0 (6,867.0) (5,474.0)
AMERICAN AIRLINE AAL11EUR EU 62,008.0 (6,867.0) (5,474.0)
AMERICAN AIRLINE AAL AV 62,008.0 (6,867.0) (5,474.0)
AMERICAN AIRLINE AAL TE 62,008.0 (6,867.0) (5,474.0)
AMERICAN AIRLINE A1G SW 62,008.0 (6,867.0) (5,474.0)
AMERICAN AIRLINE A1G GZ 62,008.0 (6,867.0) (5,474.0)
AMERICAN RESOURC AREC US 29.4 (33.6) (24.7)
AMERISOURCEB-BDR A1MB34 BZ 45,846.8 (511.5) (344.2)
AMERISOURCEBERGE ABG GR 45,846.8 (511.5) (344.2)
AMERISOURCEBERGE ABC US 45,846.8 (511.5) (344.2)
AMERISOURCEBERGE ABG TH 45,846.8 (511.5) (344.2)
AMERISOURCEBERGE ABG QT 45,846.8 (511.5) (344.2)
AMERISOURCEBERGE ABC2EUR EU 45,846.8 (511.5) (344.2)
AMERISOURCEBERGE ABG GZ 45,846.8 (511.5) (344.2)
AMYRIS INC 3A01 GR 205.9 (78.7) 27.7
AMYRIS INC 3A01 TH 205.9 (78.7) 27.7
AMYRIS INC AMRS US 205.9 (78.7) 27.7
AMYRIS INC 3A01 SW 205.9 (78.7) 27.7
AMYRIS INC 3A01 QT 205.9 (78.7) 27.7
AMYRIS INC AMRSEUR EU 205.9 (78.7) 27.7
APACHE CORP APA GR 12,875.0 (37.0) 337.0
APACHE CORP APA* MM 12,875.0 (37.0) 337.0
APACHE CORP APA TH 12,875.0 (37.0) 337.0
APACHE CORP APA1 SW 12,875.0 (37.0) 337.0
APACHE CORP APAEUR EU 12,875.0 (37.0) 337.0
APACHE CORP APA QT 12,875.0 (37.0) 337.0
APACHE CORP APA GZ 12,875.0 (37.0) 337.0
APACHE CORP APA US 12,875.0 (37.0) 337.0
APACHE CORP- BDR A1PA34 BZ 12,875.0 (37.0) 337.0
AQUESTIVE THERAP AQST US 50.4 (36.5) 13.3
ASHFORD HOSPITAL AHT US 3,844.3 (146.1) -
AUTOZONE INC AZO US 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZ5 GR 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZ5 TH 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZOEUR EU 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZ5 QT 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZ5 GZ 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZO AV 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZ5 TE 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZO* MM 14,568.6 (1,027.0) 380.1
AUTOZONE INC-BDR AZOI34 BZ 14,568.6 (1,027.0) 380.1
AVID TECHNOLOGY AVID US 261.4 (144.2) 11.7
AVID TECHNOLOGY AVD GR 261.4 (144.2) 11.7
AVIS BUD-CEDEAR CAR AR 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CUCA GR 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CAR US 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CUCA QT 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CAR2EUR EU 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CUCA TH 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CAR* MM 19,596.0 (76.0) 469.0
AZIYO BIOLOGIC-A AZYO US 46.1 (18.3) (3.4)
BABCOCK & WILCOX BW US 605.8 (320.8) 116.9
BABCOCK & WILCOX BWEUR EU 605.8 (320.8) 116.9
BABCOCK & WILCOX UBW1 GR 605.8 (320.8) 116.9
BBTV HOLDINGS IN BBTV CN 1.0 (1.2) (0.7)
BBTV HOLDINGS IN BBTVF US 1.0 (1.2) (0.7)
BELLRING BRAND-A BRBR US 680.8 (130.1) 186.3
BELLRING BRAND-A BR6 TH 680.8 (130.1) 186.3
BELLRING BRAND-A BR6 GR 680.8 (130.1) 186.3
BELLRING BRAND-A BRBR1EUR EU 680.8 (130.1) 186.3
BELLRING BRAND-A BR6 GZ 680.8 (130.1) 186.3
BIODESIX INC BDSX US 46.5 (61.2) (38.4)
BIOHAVEN PHARMAC BHVN US 782.0 (153.8) 491.2
BIOHAVEN PHARMAC 2VN GR 782.0 (153.8) 491.2
BIOHAVEN PHARMAC BHVNEUR EU 782.0 (153.8) 491.2
BIOHAVEN PHARMAC 2VN TH 782.0 (153.8) 491.2
BIONOVATE TECHNO BIIO US - (0.5) (0.5)
BLACK IRON INC BKIN MM 2.3 (1.3) 1.6
BLACK ROCK PETRO BKRP US 0.0 (0.0) -
BLUE BIRD CORP BLBD US 317.4 (53.2) 5.2
BLUE BIRD CORP 4RB GR 317.4 (53.2) 5.2
BLUE BIRD CORP 4RB GZ 317.4 (53.2) 5.2
BLUE BIRD CORP BLBDEUR EU 317.4 (53.2) 5.2
BOEING CO-BDR BOEI34 BZ 152,136.0 (18,075.0) 34,362.0
BOEING CO-CED BAD AR 152,136.0 (18,075.0) 34,362.0
BOEING CO-CED BA AR 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BA EU 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BOE LN 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BCO TH 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BA PE 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BOEI BB 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BA US 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BA SW 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BA* MM 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BA TE 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BAEUR EU 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BCO GR 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BCO QT 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BA AV 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BA CI 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BAUSD SW 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE BCO GZ 152,136.0 (18,075.0) 34,362.0
BOEING CO/THE TR TCXBOE AU 152,136.0 (18,075.0) 34,362.0
BOMBARDIER INC-B BBDBN MM 24,109.0 (6,448.0) 791.0
BRINKER INTL BKJ GR 2,357.7 (444.1) (254.5)
BRINKER INTL EAT US 2,357.7 (444.1) (254.5)
BRINKER INTL BKJ TH 2,357.7 (444.1) (254.5)
BRINKER INTL BKJ QT 2,357.7 (444.1) (254.5)
BRINKER INTL EAT2EUR EU 2,357.7 (444.1) (254.5)
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 B15A GZ 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 DOO CN 4,240.0 (666.0) 759.8
CADIZ INC CDZI US 73.4 (22.5) 5.1
CADIZ INC 2ZC GR 73.4 (22.5) 5.1
CADIZ INC CDZIEUR EU 73.4 (22.5) 5.1
CALIFORNIA RESOU CRC US 4,856.0 (1,581.0) (774.0)
CALIFORNIA RESOU 1CLD QT 4,856.0 (1,581.0) (774.0)
CALIFORNIA RESOU 1CLD GR 4,856.0 (1,581.0) (774.0)
CALIFORNIA RESOU CRC1EUR EU 4,856.0 (1,581.0) (774.0)
CALUMET SPECIALT CLMT US 1,807.5 (44.8) 69.3
CAP SENIOR LIVIN CSU2EUR EU 740.5 (259.0) (305.6)
CDK GLOBAL INC CDK US 2,915.7 (514.5) (88.2)
CDK GLOBAL INC C2G TH 2,915.7 (514.5) (88.2)
CDK GLOBAL INC CDKEUR EU 2,915.7 (514.5) (88.2)
CDK GLOBAL INC C2G GR 2,915.7 (514.5) (88.2)
CDK GLOBAL INC CDK* MM 2,915.7 (514.5) (88.2)
CDK GLOBAL INC C2G QT 2,915.7 (514.5) (88.2)
CEDAR FAIR LP FUN US 2,501.5 (551.3) 43.1
CENGAGE LEARNING CNGO US 2,849.9 (153.0) 161.4
CENTRUS ENERGY-A LEU US 468.2 (275.6) 70.5
CENTRUS ENERGY-A 4CU GR 468.2 (275.6) 70.5
CENTRUS ENERGY-A LEUEUR EU 468.2 (275.6) 70.5
CEREVEL THERAPEU CERE US 150.5 142.6 (1.7)
CHEWY INC- CL A CHWY US 1,643.2 (56.4) (182.2)
CHEWY INC- CL A CHWY* MM 1,643.2 (56.4) (182.2)
CHOICE HOTELS CZH GR 1,570.1 (21.4) 163.2
CHOICE HOTELS CHH US 1,570.1 (21.4) 163.2
CINCINNATI BELL CBB US 2,563.8 (204.5) (88.5)
CINCINNATI BELL CIB1 GR 2,563.8 (204.5) (88.5)
CINCINNATI BELL CBBEUR EU 2,563.8 (204.5) (88.5)
CLOVER HEALTH IN CLOV US 828.7 797.9 (1.2)
CLOVIS ONCOLOGY C6O GR 593.1 (163.4) 165.3
CLOVIS ONCOLOGY CLVS US 593.1 (163.4) 165.3
CLOVIS ONCOLOGY C6O QT 593.1 (163.4) 165.3
CLOVIS ONCOLOGY CLVSEUR EU 593.1 (163.4) 165.3
CLOVIS ONCOLOGY C6O TH 593.1 (163.4) 165.3
CLOVIS ONCOLOGY C6O GZ 593.1 (163.4) 165.3
CODIAK BIOSCIENC CDAK US 110.4 (44.0) 18.0
CODIAK BIOSCIENC 32W TH 110.4 (44.0) 18.0
CODIAK BIOSCIENC 32W GR 110.4 (44.0) 18.0
CODIAK BIOSCIENC CDAKEUR EU 110.4 (44.0) 18.0
CODIAK BIOSCIENC 32W QT 110.4 (44.0) 18.0
COGENT COMMUNICA OGM1 GR 1,000.9 (260.7) 380.1
COGENT COMMUNICA CCOI US 1,000.9 (260.7) 380.1
COGENT COMMUNICA CCOIEUR EU 1,000.9 (260.7) 380.1
COGENT COMMUNICA CCOI* MM 1,000.9 (260.7) 380.1
COMMUNITY HEALTH CYH US 16,516.0 (1,476.0) 1,063.0
COMMUNITY HEALTH CG5 GR 16,516.0 (1,476.0) 1,063.0
COMMUNITY HEALTH CG5 QT 16,516.0 (1,476.0) 1,063.0
COMMUNITY HEALTH CYH1EUR EU 16,516.0 (1,476.0) 1,063.0
COMMUNITY HEALTH CG5 TH 16,516.0 (1,476.0) 1,063.0
CONTANGO OIL & G MCF US 192.8 (21.5) (44.1)
CONVERGE TECHNOL CTS2EUR EU 493.1 48.3 (105.8)
CONVERGE TECHNOL 0ZB GZ 493.1 48.3 (105.8)
CONVERGE TECHNOL CTS CN 493.1 48.3 (105.8)
CONVERGE TECHNOL 0ZB GR 493.1 48.3 (105.8)
CONVERGE TECHNOL CTSDF US 493.1 48.3 (105.8)
CONVERGE TECHNOL 0ZB TH 493.1 48.3 (105.8)
CONVERSION LABS CVLB US 5.4 (8.0) (4.8)
CURIS INC CUSA GR 45.7 (28.6) 19.2
CURIS INC CRIS US 45.7 (28.6) 19.2
CURIS INC CUSA TH 45.7 (28.6) 19.2
CURIS INC CRISEUR EU 45.7 (28.6) 19.2
CYTODYN INC CYDY US 143.8 (6.5) 15.1
CYTODYN INC CYDYEUR EU 143.8 (6.5) 15.1
CYTODYN INC 296 GZ 143.8 (6.5) 15.1
CYTODYN INC 296 GR 143.8 (6.5) 15.1
DEEP LAKE CAPITA DLCAU US - - -
DELEK LOGISTICS DKL US 957.6 (111.5) 11.7
DENNY'S CORP DE8 GR 450.8 (138.4) (15.3)
DENNY'S CORP DENN US 450.8 (138.4) (15.3)
DENNY'S CORP DE8 TH 450.8 (138.4) (15.3)
DENNY'S CORP DENNEUR EU 450.8 (138.4) (15.3)
DIEBOLD NIXDORF DBD QT 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD SW 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBDEUR EU 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD GR 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD US 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD TH 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD GZ 3,627.8 (811.7) 391.4
DINE BRANDS GLOB DIN US 2,070.9 (356.4) 203.3
DINE BRANDS GLOB IHP GR 2,070.9 (356.4) 203.3
DINE BRANDS GLOB IHP TH 2,070.9 (356.4) 203.3
DOMINO'S PIZZA EZV GR 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA DPZ US 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA EZV TH 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA EZV QT 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA EZV GZ 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA DPZEUR EU 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA DPZ AV 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA DPZ* MM 1,620.9 (3,211.5) 468.0
DOMO INC- CL B DOMO US 193.1 (78.5) (14.2)
DOMO INC- CL B 1ON GR 193.1 (78.5) (14.2)
DOMO INC- CL B DOMOEUR EU 193.1 (78.5) (14.2)
DOMO INC- CL B 1ON GZ 193.1 (78.5) (14.2)
DOMO INC- CL B 1ON TH 193.1 (78.5) (14.2)
DRAFTKINGS INC-A 8DEA TH 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A 8DEA QT 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A 8DEA GZ 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A DKNG US 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A 8DEA GR 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A DKNG1EUR EU 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A DKNG* MM 2,566.7 1,994.7 973.0
DYE & DURHAM LTD DND CN 271.9 112.3 0.8
DYE & DURHAM LTD DYNDF US 271.9 112.3 0.8
EOS ENERGY ENTER EOSE US 177.3 175.5 (1.3)
EVERI HOLDINGS I EVRI US 1,458.2 (15.4) 89.9
EVERI HOLDINGS I G2C TH 1,458.2 (15.4) 89.9
EVERI HOLDINGS I G2C GR 1,458.2 (15.4) 89.9
EVERI HOLDINGS I EVRIEUR EU 1,458.2 (15.4) 89.9
EXTRACTION OIL & XOG US 2,370.6 (405.3) (338.7)
EXTRACTION OIL & EH40 GR 2,370.6 (405.3) (338.7)
EXTRACTION OIL & XOG1EUR EU 2,370.6 (405.3) (338.7)
FATHOM HOLDINGS FTHM US 35.2 30.3 29.7
FINTECH ACQUIS-A FTCV US 0.0 (0.0) (0.0)
FINTECH ACQUISI FTCVU US 0.0 (0.0) (0.0)
FLEXION THERAPEU FLXN US 263.4 (3.1) 186.2
FLEXION THERAPEU F02 GR 263.4 (3.1) 186.2
FLEXION THERAPEU FLXNEUR EU 263.4 (3.1) 186.2
FLEXION THERAPEU F02 TH 263.4 (3.1) 186.2
FLEXION THERAPEU F02 QT 263.4 (3.1) 186.2
FRONTDOOR IN FTDR US 1,407.0 (71.0) 211.0
FRONTDOOR IN 3I5 GR 1,407.0 (71.0) 211.0
FRONTDOOR IN FTDREUR EU 1,407.0 (71.0) 211.0
FTS INTERNAT-A FTSI US 452.2 (84.0) 187.2
FTS INTERNAT-A FT5 GR 452.2 (84.0) 187.2
FTS INTERNAT-A FTSI1EUR EU 452.2 (84.0) 187.2
GCM GROSVENOR-A GCMG US - - -
GODADDY INC-A GDDY US 6,207.8 (163.8) (1,101.8)
GODADDY INC-A 38D TH 6,207.8 (163.8) (1,101.8)
GODADDY INC-A GDDY* MM 6,207.8 (163.8) (1,101.8)
GODADDY INC-A 38D GR 6,207.8 (163.8) (1,101.8)
GODADDY INC-A 38D QT 6,207.8 (163.8) (1,101.8)
GOGO INC GOGO US 984.5 (647.2) 363.1
GOGO INC G0G QT 984.5 (647.2) 363.1
GOGO INC G0G TH 984.5 (647.2) 363.1
GOGO INC G0G GR 984.5 (647.2) 363.1
GOGO INC GOGOEUR EU 984.5 (647.2) 363.1
GOGO INC G0G GZ 984.5 (647.2) 363.1
GOOSEHEAD INSU-A 2OX GR 120.0 (49.4) 25.2
GOOSEHEAD INSU-A GSHDEUR EU 120.0 (49.4) 25.2
GOOSEHEAD INSU-A GSHD US 120.0 (49.4) 25.2
GRAFTECH INTERNA G6G GZ 1,432.7 (329.4) 431.1
GRAFTECH INTERNA EAF US 1,432.7 (329.4) 431.1
GRAFTECH INTERNA G6G GR 1,432.7 (329.4) 431.1
GRAFTECH INTERNA G6G TH 1,432.7 (329.4) 431.1
GRAFTECH INTERNA EAFEUR EU 1,432.7 (329.4) 431.1
GRAFTECH INTERNA G6G QT 1,432.7 (329.4) 431.1
GREEN PLAINS PAR GPP US 103.9 (61.6) (37.0)
GREENSKY INC-A GSKY US 1,461.9 (205.9) 784.2
GURU ORGANIC ENE GURU CN 0.0 (0.0) (0.0)
GURU ORGANIC ENE GUROF US 0.0 (0.0) (0.0)
H&R BLOCK - BDR H1RB34 BZ 2,556.4 (280.0) 40.3
H&R BLOCK INC HRB TH 2,556.4 (280.0) 40.3
H&R BLOCK INC HRB US 2,556.4 (280.0) 40.3
H&R BLOCK INC HRB GR 2,556.4 (280.0) 40.3
H&R BLOCK INC HRBCHF SW 2,556.4 (280.0) 40.3
H&R BLOCK INC HRB QT 2,556.4 (280.0) 40.3
H&R BLOCK INC HRBEUR EU 2,556.4 (280.0) 40.3
HERBALIFE NUTRIT HLF US 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HOO GR 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HLFEUR EU 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HOO QT 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HOO TH 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HOO GZ 2,921.2 (912.9) 639.4
HEWLETT-CEDEAR HPQ AR 34,681.0 (2,228.0) (5,572.0)
HEWLETT-CEDEAR HPQC AR 34,681.0 (2,228.0) (5,572.0)
HEWLETT-CEDEAR HPQD AR 34,681.0 (2,228.0) (5,572.0)
HILTON WORLD-BDR H1LT34 BZ 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 GR 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 TH 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 QT 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HLT US 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HLTW AV 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HLT* MM 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 TE 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HLTEUR EU 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 GZ 17,129.0 (1,319.0) 2,285.0
HORIZON GLOBAL HZN1EUR EU 458.0 (22.1) 91.8
HORIZON GLOBAL HZN US 458.0 (22.1) 91.8
HORIZON GLOBAL 2H6 GR 458.0 (22.1) 91.8
HOVNANIAN ENT-A HOV US 1,827.3 (436.1) 829.0
HOVNANIAN ENT-A HO3A GR 1,827.3 (436.1) 829.0
HOVNANIAN ENT-A HOVEUR EU 1,827.3 (436.1) 829.0
HP COMPANY-BDR HPQB34 BZ 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ TE 34,681.0 (2,228.0) (5,572.0)
HP INC 7HP GR 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ US 34,681.0 (2,228.0) (5,572.0)
HP INC 7HP TH 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ SW 34,681.0 (2,228.0) (5,572.0)
HP INC 7HP QT 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ AV 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ CI 34,681.0 (2,228.0) (5,572.0)
HP INC HPQUSD SW 34,681.0 (2,228.0) (5,572.0)
HP INC HPQEUR EU 34,681.0 (2,228.0) (5,572.0)
HP INC 7HP GZ 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ* MM 34,681.0 (2,228.0) (5,572.0)
IAA INC IAA US 2,388.8 (3.6) 352.4
IAA INC 3NI GR 2,388.8 (3.6) 352.4
IAA INC IAA-WEUR EU 2,388.8 (3.6) 352.4
IDERA PHARMACEUT HXXB GR 32.3 (32.4) 24.4
IDERA PHARMACEUT HXXB TH 32.3 (32.4) 24.4
IDERA PHARMACEUT IDRA US 32.3 (32.4) 24.4
IDERA PHARMACEUT HXXB QT 32.3 (32.4) 24.4
IMMUNOGEN INC IMGN US 248.0 (42.9) 119.5
IMMUNOGEN INC IMU GR 248.0 (42.9) 119.5
IMMUNOGEN INC IMU TH 248.0 (42.9) 119.5
IMMUNOGEN INC IMU SW 248.0 (42.9) 119.5
IMMUNOGEN INC IMGNEUR EU 248.0 (42.9) 119.5
IMMUNOGEN INC IMGN* MM 248.0 (42.9) 119.5
IMMUNOGEN INC IMU GZ 248.0 (42.9) 119.5
IMMUNOGEN INC IMU QT 248.0 (42.9) 119.5
IMMUNOME INC IMNM US 12.0 (0.7) 2.1
INFINITY PHARMAC INFI US 47.0 (14.1) 33.6
INFINITY PHARMAC I3F GR 47.0 (14.1) 33.6
INFINITY PHARMAC INFI1EUR EU 47.0 (14.1) 33.6
INFINITY PHARMAC I3F GZ 47.0 (14.1) 33.6
INFINITY PHARMAC I3F TH 47.0 (14.1) 33.6
INFINITY PHARMAC I3F QT 47.0 (14.1) 33.6
INFRASTRUCTURE A IEA US 722.4 (72.1) 97.1
INFRASTRUCTURE A IEAEUR EU 722.4 (72.1) 97.1
INFRASTRUCTURE A 5YF GR 722.4 (72.1) 97.1
INHIBRX INC INBX US 143.6 91.7 97.1
INHIBRX INC 1RK GR 143.6 91.7 97.1
INHIBRX INC INBXEUR EU 143.6 91.7 97.1
INHIBRX INC 1RK QT 143.6 91.7 97.1
INSEEGO CORP INO TH 223.7 (27.2) 40.7
INSEEGO CORP INO QT 223.7 (27.2) 40.7
INSEEGO CORP INO GZ 223.7 (27.2) 40.7
INSEEGO CORP INSG US 223.7 (27.2) 40.7
INSEEGO CORP INO GR 223.7 (27.2) 40.7
INSEEGO CORP INSGEUR EU 223.7 (27.2) 40.7
INSPIRED ENTERTA INSE US 320.3 (95.0) 10.3
INTERCEPT PHARMA I4P TH 591.4 (130.3) 398.0
INTERCEPT PHARMA ICPT* MM 591.4 (130.3) 398.0
INTERCEPT PHARMA ICPT US 591.4 (130.3) 398.0
INTERCEPT PHARMA I4P GR 591.4 (130.3) 398.0
INTERCEPT PHARMA I4P GZ 591.4 (130.3) 398.0
JACK IN THE BOX JBX GR 1,906.5 (793.4) (4.8)
JACK IN THE BOX JACK US 1,906.5 (793.4) (4.8)
JACK IN THE BOX JACK1EUR EU 1,906.5 (793.4) (4.8)
JACK IN THE BOX JBX GZ 1,906.5 (793.4) (4.8)
JACK IN THE BOX JBX QT 1,906.5 (793.4) (4.8)
JOSEMARIA RESOUR JOSE SS 28.8 (9.4) (18.4)
JOSEMARIA RESOUR NGQSEK EU 28.8 (9.4) (18.4)
JOSEMARIA RESOUR JOSES EB 28.8 (9.4) (18.4)
JOSEMARIA RESOUR JOSES IX 28.8 (9.4) (18.4)
JOSEMARIA RESOUR JOSES I2 28.8 (9.4) (18.4)
JUST ENERGY GROU JE US 1,137.7 (170.7) (33.8)
JUST ENERGY GROU JE CN 1,137.7 (170.7) (33.8)
JUST ENERGY GROU 1JE GR 1,137.7 (170.7) (33.8)
JUST ENERGY GROU JEEUR EU 1,137.7 (170.7) (33.8)
JUST ENERGY GROU 1JE1 TH 1,137.7 (170.7) (33.8)
L BRANDS INC LTD GR 11,161.0 (1,564.0) 1,597.0
L BRANDS INC LB US 11,161.0 (1,564.0) 1,597.0
L BRANDS INC LTD TH 11,161.0 (1,564.0) 1,597.0
L BRANDS INC LBEUR EU 11,161.0 (1,564.0) 1,597.0
L BRANDS INC LTD SW 11,161.0 (1,564.0) 1,597.0
L BRANDS INC LBRA AV 11,161.0 (1,564.0) 1,597.0
L BRANDS INC LB* MM 11,161.0 (1,564.0) 1,597.0
L BRANDS INC LTD QT 11,161.0 (1,564.0) 1,597.0
L BRANDS INC-BDR LBRN34 BZ 11,161.0 (1,564.0) 1,597.0
LA JOLLA PHARM LJPC US 80.7 (85.5) 23.4
LA JOLLA PHARM LJPP GR 80.7 (85.5) 23.4
LA JOLLA PHARM LJPP TH 80.7 (85.5) 23.4
LA JOLLA PHARM LJPP QT 80.7 (85.5) 23.4
LENNOX INTL INC LXI GR 2,032.5 (17.1) 386.3
LENNOX INTL INC LII US 2,032.5 (17.1) 386.3
LENNOX INTL INC LII* MM 2,032.5 (17.1) 386.3
LENNOX INTL INC LXI TH 2,032.5 (17.1) 386.3
LENNOX INTL INC LII1EUR EU 2,032.5 (17.1) 386.3
LESLIE'S INC LESL US 746.4 (827.0) 113.9
LESLIE'S INC LE3 GR 746.4 (827.0) 113.9
LESLIE'S INC LESLEUR EU 746.4 (827.0) 113.9
LESLIE'S INC LE3 TH 746.4 (827.0) 113.9
LESLIE'S INC LE3 QT 746.4 (827.0) 113.9
MADISON SQUARE G MSGS US 1,292.1 (265.1) (172.7)
MADISON SQUARE G MSG1EUR EU 1,292.1 (265.1) (172.7)
MADISON SQUARE G MS8 GR 1,292.1 (265.1) (172.7)
MANNKIND CORP NNFN TH 95.7 (186.4) (39.8)
MANNKIND CORP MNKD US 95.7 (186.4) (39.8)
MANNKIND CORP NNFN GR 95.7 (186.4) (39.8)
MANNKIND CORP NNFN SW 95.7 (186.4) (39.8)
MANNKIND CORP MNKDEUR EU 95.7 (186.4) (39.8)
MANNKIND CORP NNFN QT 95.7 (186.4) (39.8)
MASON INDUSTRIAL MIT/U US 0.2 (0.1) (0.2)
MATCH GROUP -BDR M1TC34 BZ 2,977.0 (1,176.0) 520.2
MATCH GROUP INC MTCH US 2,977.0 (1,176.0) 520.2
MATCH GROUP INC MTCH1* MM 2,977.0 (1,176.0) 520.2
MATCH GROUP INC 4MGN TH 2,977.0 (1,176.0) 520.2
MATCH GROUP INC 4MGN QT 2,977.0 (1,176.0) 520.2
MATCH GROUP INC 4MGN GR 2,977.0 (1,176.0) 520.2
MATCH GROUP INC 4MGN SW 2,977.0 (1,176.0) 520.2
MATCH GROUP INC MTC2 AV 2,977.0 (1,176.0) 520.2
MATCH GROUP INC 4MGN GZ 2,977.0 (1,176.0) 520.2
MCAFEE CORP - A MCFE US 5,553.0 (2,323.0) (1,182.0)
MCAFEE CORP - A MC7 GR 5,553.0 (2,323.0) (1,182.0)
MCAFEE CORP - A MCFEEUR EU 5,553.0 (2,323.0) (1,182.0)
MCDONALD'S CORP TCXMCD AU 52,626.8 (7,824.9) 62.0
MCDONALDS - BDR MCDC34 BZ 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MDO TH 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCD SW 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCD US 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MDO GR 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCD* MM 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCD TE 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MDO QT 52,626.8 (7,824.9) 62.0
MCDONALDS CORP 0R16 LN 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCD AV 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCD CI 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCDUSD SW 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCDEUR EU 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MDO GZ 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCD PE 52,626.8 (7,824.9) 62.0
MCDONALDS-CEDEAR MCD AR 52,626.8 (7,824.9) 62.0
MCDONALDS-CEDEAR MCDC AR 52,626.8 (7,824.9) 62.0
MCDONALDS-CEDEAR MCDD AR 52,626.8 (7,824.9) 62.0
MDC PARTNERS-A MDCA US 1,706.1 (145.2) (158.3)
MEDIAALPHA INC-A MAX US - (9.9) (9.9)
MEDLEY MANAGE-A MDLY US 38.7 (132.0) (15.2)
MEDLEY MANAGE-A 731 GR 38.7 (132.0) (15.2)
MERCER PARK BR-A MRCQF US 411.4 (7.6) 2.7
MERCER PARK BR-A BRND/A/U CN 411.4 (7.6) 2.7
MICHAELS COS INC MIK US 4,263.3 (1,389.9) 381.9
MICHAELS COS INC MIM GR 4,263.3 (1,389.9) 381.9
MICHAELS COS INC MIM TH 4,263.3 (1,389.9) 381.9
MICHAELS COS INC MIKEUR EU 4,263.3 (1,389.9) 381.9
MICHAELS COS INC MIM QT 4,263.3 (1,389.9) 381.9
MICHAELS COS INC MIM GZ 4,263.3 (1,389.9) 381.9
MICROVISION INC MVIN TH 9.0 (4.2) (5.8)
MICROVISION INC MVIN GR 9.0 (4.2) (5.8)
MICROVISION INC MVIS US 9.0 (4.2) (5.8)
MICROVISION INC MVISEUR EU 9.0 (4.2) (5.8)
MICROVISION INC MVIN GZ 9.0 (4.2) (5.8)
MICROVISION INC MVIN QT 9.0 (4.2) (5.8)
MILESTONE MEDICA MMDPLN EU 1.0 (16.3) (16.3)
MILESTONE MEDICA MMD PW 1.0 (16.3) (16.3)
MOGO INC MOGO CN 101.5 (3.3) -
MOGO INC SGCC GR 101.5 (3.3) -
MOGO INC DCFEUR EU 101.5 (3.3) -
MOGO INC MOGO US 101.5 (3.3) -
MONEYGRAM INTERN MGI US 4,494.0 (249.1) (94.5)
MONEYGRAM INTERN 9M1N GR 4,494.0 (249.1) (94.5)
MONEYGRAM INTERN 9M1N QT 4,494.0 (249.1) (94.5)
MONEYGRAM INTERN 9M1N TH 4,494.0 (249.1) (94.5)
MONEYGRAM INTERN MGIEUR EU 4,494.0 (249.1) (94.5)
MONTES ARCHIM-A MAAC US 0.5 (0.0) (0.5)
MONTES ARCHIMEDE MAACU US 0.5 (0.0) (0.5)
MOTOROLA SOL-BDR M1SI34 BZ 10,876.0 (541.0) 838.0
MOTOROLA SOL-CED MSI AR 10,876.0 (541.0) 838.0
MOTOROLA SOLUTIO MTLA GR 10,876.0 (541.0) 838.0
MOTOROLA SOLUTIO MOT TE 10,876.0 (541.0) 838.0
MOTOROLA SOLUTIO MSI US 10,876.0 (541.0) 838.0
MOTOROLA SOLUTIO MTLA TH 10,876.0 (541.0) 838.0
MOTOROLA SOLUTIO MTLA QT 10,876.0 (541.0) 838.0
MOTOROLA SOLUTIO MOSI AV 10,876.0 (541.0) 838.0
MOTOROLA SOLUTIO MSI1EUR EU 10,876.0 (541.0) 838.0
MOTOROLA SOLUTIO MTLA GZ 10,876.0 (541.0) 838.0
MSCI INC MSCI US 4,111.7 (386.6) 1,183.2
MSCI INC 3HM GR 4,111.7 (386.6) 1,183.2
MSCI INC 3HM SW 4,111.7 (386.6) 1,183.2
MSCI INC 3HM GZ 4,111.7 (386.6) 1,183.2
MSCI INC MSCI* MM 4,111.7 (386.6) 1,183.2
MSCI INC 3HM QT 4,111.7 (386.6) 1,183.2
MSCI INC 3HM TH 4,111.7 (386.6) 1,183.2
MSCI INC-BDR M1SC34 BZ 4,111.7 (386.6) 1,183.2
MSG NETWORKS- A MSGN US 921.7 (467.9) 331.9
MSG NETWORKS- A 1M4 GR 921.7 (467.9) 331.9
MSG NETWORKS- A 1M4 QT 921.7 (467.9) 331.9
MSG NETWORKS- A MSGNEUR EU 921.7 (467.9) 331.9
MSG NETWORKS- A 1M4 TH 921.7 (467.9) 331.9
NANTHEALTH INC NEL TH 209.0 (92.3) 10.2
NANTHEALTH INC NH US 209.0 (92.3) 10.2
NANTHEALTH INC NEL GR 209.0 (92.3) 10.2
NANTHEALTH INC NHEUR EU 209.0 (92.3) 10.2
NANTHEALTH INC NEL GZ 209.0 (92.3) 10.2
NATHANS FAMOUS NATH US 104.6 (63.1) 79.3
NATHANS FAMOUS NFA GR 104.6 (63.1) 79.3
NATHANS FAMOUS NATHEUR EU 104.6 (63.1) 79.3
NATIONAL CINEMED NCMI US 1,097.8 (210.4) 183.0
NATIONAL CINEMED XWM GR 1,097.8 (210.4) 183.0
NATIONAL CINEMED NCMIEUR EU 1,097.8 (210.4) 183.0
NAVISTAR INTL IHR TH 6,637.0 (3,822.0) 1,206.0
NAVISTAR INTL NAVEUR EU 6,637.0 (3,822.0) 1,206.0
NAVISTAR INTL IHR QT 6,637.0 (3,822.0) 1,206.0
NAVISTAR INTL IHR GZ 6,637.0 (3,822.0) 1,206.0
NAVISTAR INTL NAV US 6,637.0 (3,822.0) 1,206.0
NAVISTAR INTL IHR GR 6,637.0 (3,822.0) 1,206.0
NESCO HOLDINGS I NSCO US 769.5 (24.4) 54.0
NEW ENG RLTY-LP NEN US 293.1 (39.3) -
NORTHERN OIL AND NOG US 1,025.5 (83.7) 13.3
NORTHERN OIL AND 4LT1 GR 1,025.5 (83.7) 13.3
NORTHERN OIL AND NOG1EUR EU 1,025.5 (83.7) 13.3
NORTONLIFEL- BDR S1YM34 BZ 6,357.0 (492.0) 27.0
NORTONLIFELOCK I NLOK US 6,357.0 (492.0) 27.0
NORTONLIFELOCK I SYM TH 6,357.0 (492.0) 27.0
NORTONLIFELOCK I SYM GR 6,357.0 (492.0) 27.0
NORTONLIFELOCK I SYMC TE 6,357.0 (492.0) 27.0
NORTONLIFELOCK I SYM QT 6,357.0 (492.0) 27.0
NORTONLIFELOCK I SYMC AV 6,357.0 (492.0) 27.0
NORTONLIFELOCK I NLOK* MM 6,357.0 (492.0) 27.0
NORTONLIFELOCK I SYMCEUR EU 6,357.0 (492.0) 27.0
NORTONLIFELOCK I SYM GZ 6,357.0 (492.0) 27.0
NUNZIA PHARMACEU NUNZ US 0.1 (3.2) (2.5)
NUTANIX INC - A 0NU GZ 2,315.9 (557.4) 854.5
NUTANIX INC - A 0NU GR 2,315.9 (557.4) 854.5
NUTANIX INC - A NTNXEUR EU 2,315.9 (557.4) 854.5
NUTANIX INC - A 0NU TH 2,315.9 (557.4) 854.5
NUTANIX INC - A 0NU QT 2,315.9 (557.4) 854.5
NUTANIX INC - A NTNX US 2,315.9 (557.4) 854.5
OASIS PETROLEUM OAS US 2,506.8 (638.2) (235.9)
OASIS PETROLEUM OS70 GR 2,506.8 (638.2) (235.9)
OASIS PETROLEUM OAS1EUR EU 2,506.8 (638.2) (235.9)
OCULAR THERAPEUT OCUL US 98.2 (4.1) 59.0
OCULAR THERAPEUT 0OT GR 98.2 (4.1) 59.0
OCULAR THERAPEUT 0OT GZ 98.2 (4.1) 59.0
OCULAR THERAPEUT OCULEUR EU 98.2 (4.1) 59.0
OCULAR THERAPEUT 0OT TH 98.2 (4.1) 59.0
OLEMA PHARMACEUT OLMA US 0.1 (1.2) (1.3)
OMEROS CORP OMER US 227.1 (87.3) 148.3
OMEROS CORP 3O8 GR 227.1 (87.3) 148.3
OMEROS CORP 3O8 QT 227.1 (87.3) 148.3
OMEROS CORP OMEREUR EU 227.1 (87.3) 148.3
OMEROS CORP 3O8 TH 227.1 (87.3) 148.3
ONDAS HOLDINGS I ONDS US 2.6 (16.4) (16.3)
OPENDOOR TECHNOL OPEN US 414.7 394.7 (4.9)
OPTIVA INC OPT CN 84.2 (82.4) 3.3
OPTIVA INC RKNEF US 84.2 (82.4) 3.3
OTIS WORLDWI OTIS US 10,710.0 (3,201.0) (180.0)
OTIS WORLDWI 4PG GR 10,710.0 (3,201.0) (180.0)
OTIS WORLDWI 4PG GZ 10,710.0 (3,201.0) (180.0)
OTIS WORLDWI OTISEUR EU 10,710.0 (3,201.0) (180.0)
OTIS WORLDWI OTIS* MM 10,710.0 (3,201.0) (180.0)
OTIS WORLDWI 4PG TH 10,710.0 (3,201.0) (180.0)
OTIS WORLDWI 4PG QT 10,710.0 (3,201.0) (180.0)
OTIS WORLDWI-BDR O1TI34 BZ 10,710.0 (3,201.0) (180.0)
PAPA JOHN'S INTL PZZA US 816.7 (14.1) 19.4
PAPA JOHN'S INTL PP1 GR 816.7 (14.1) 19.4
PAPA JOHN'S INTL PZZAEUR EU 816.7 (14.1) 19.4
PAPA JOHN'S INTL PP1 GZ 816.7 (14.1) 19.4
PAPA JOHN'S INTL PP1 TH 816.7 (14.1) 19.4
PAPA JOHN'S INTL PP1 QT 816.7 (14.1) 19.4
PARATEK PHARMACE PRTK US 198.7 (79.9) 172.1
PARATEK PHARMACE N4CN GR 198.7 (79.9) 172.1
PARATEK PHARMACE N4CN TH 198.7 (79.9) 172.1
PHILIP MORRI-BDR PHMO34 BZ 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN 4I1 GR 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN PM US 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN PM1CHF EU 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN PM1 TE 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN 4I1 TH 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN PM1EUR EU 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN PMI SW 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN 4I1 QT 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN PMIZ IX 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN PMIZ EB 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN 0M8V LN 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN PMOR AV 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN PM* MM 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN 4I1 GZ 44,815.0 (10,631.0) 1,877.0
PLANET FITNESS-A PLNT1EUR EU 1,801.6 (722.9) 440.8
PLANET FITNESS-A 3PL QT 1,801.6 (722.9) 440.8
PLANET FITNESS-A PLNT US 1,801.6 (722.9) 440.8
PLANET FITNESS-A 3PL TH 1,801.6 (722.9) 440.8
PLANET FITNESS-A 3PL GR 1,801.6 (722.9) 440.8
PLANET FITNESS-A 3PL GZ 1,801.6 (722.9) 440.8
PLANTRONICS INC PLT US 2,201.5 (145.0) 193.1
PLANTRONICS INC PTM GR 2,201.5 (145.0) 193.1
PLANTRONICS INC PLTEUR EU 2,201.5 (145.0) 193.1
PLANTRONICS INC PTM GZ 2,201.5 (145.0) 193.1
PLANTRONICS INC PTM TH 2,201.5 (145.0) 193.1
PLANTRONICS INC PTM QT 2,201.5 (145.0) 193.1
POWIN ENERGY COR PWON US 15.9 (5.9) (17.6)
PPD INC PPD US 6,041.5 (915.2) 203.0
PRIORITY TECHNOL PRTHU US 380.4 (98.3) 3.6
PRIORITY TECHNOL PRTH US 380.4 (98.3) 3.6
PRIORITY TECHNOL PRTHEUR EU 380.4 (98.3) 3.6
PRIORITY TECHNOL 60W GR 380.4 (98.3) 3.6
PROGENITY INC 4ZU TH 119.6 (60.4) 5.7
PROGENITY INC 4ZU GR 119.6 (60.4) 5.7
PROGENITY INC 4ZU QT 119.6 (60.4) 5.7
PROGENITY INC PROGEUR EU 119.6 (60.4) 5.7
PROGENITY INC 4ZU GZ 119.6 (60.4) 5.7
PROGENITY INC PROG US 119.6 (60.4) 5.7
PSOMAGEN INC-KDR 950200 KS 49.5 36.8 25.3
PUMA BIOTECHNOLO PBYI US 261.7 (0.5) 41.6
PUMA BIOTECHNOLO PBYIEUR EU 261.7 (0.5) 41.6
PUMA BIOTECHNOLO 0PB SW 261.7 (0.5) 41.6
PUMA BIOTECHNOLO 0PB TH 261.7 (0.5) 41.6
PUMA BIOTECHNOLO 0PB GR 261.7 (0.5) 41.6
QUANTUM CORP QNT2 GR 185.8 (194.0) 1.6
QUANTUM CORP QMCO US 185.8 (194.0) 1.6
QUANTUM CORP QTM1EUR EU 185.8 (194.0) 1.6
QUANTUM CORP QNT2 TH 185.8 (194.0) 1.6
RADIUS HEALTH IN RDUS US 196.0 (108.6) 101.7
RADIUS HEALTH IN 1R8 GR 196.0 (108.6) 101.7
RADIUS HEALTH IN 1R8 TH 196.0 (108.6) 101.7
RADIUS HEALTH IN 1R8 QT 196.0 (108.6) 101.7
RADIUS HEALTH IN RDUSEUR EU 196.0 (108.6) 101.7
REC SILICON ASA RECSIO IX 258.4 (19.2) 47.9
REC SILICON ASA REC SS 258.4 (19.2) 47.9
REC SILICON ASA RECSIO TQ 258.4 (19.2) 47.9
REC SILICON ASA REC EU 258.4 (19.2) 47.9
REC SILICON ASA RECSIO EB 258.4 (19.2) 47.9
REC SILICON ASA RECSIO S2 258.4 (19.2) 47.9
REC SILICON ASA RECSIO QX 258.4 (19.2) 47.9
REC SILICON ASA RECSIO QE 258.4 (19.2) 47.9
REC SILICON ASA RECSIO T1 258.4 (19.2) 47.9
REC SILICON ASA RECSIO I2 258.4 (19.2) 47.9
REC SILICON ASA REC NO 258.4 (19.2) 47.9
REC SILICON ASA RECSIO PO 258.4 (19.2) 47.9
REC SILICON ASA RECO S4 258.4 (19.2) 47.9
REMARK HOLD INC MARK US 16.1 (2.8) (5.8)
REMARK HOLD INC 3SWN GR 16.1 (2.8) (5.8)
REMARK HOLD INC 3SWN TH 16.1 (2.8) (5.8)
REMARK HOLD INC 3SWN QT 16.1 (2.8) (5.8)
REMARK HOLD INC 3SWN GZ 16.1 (2.8) (5.8)
REMARK HOLD INC MARKEUR EU 16.1 (2.8) (5.8)
REVLON INC-A REV US 2,973.3 (1,582.9) (38.9)
REVLON INC-A RVL1 GR 2,973.3 (1,582.9) (38.9)
REVLON INC-A REV* MM 2,973.3 (1,582.9) (38.9)
REVLON INC-A REVEUR EU 2,973.3 (1,582.9) (38.9)
REVLON INC-A RVL1 TH 2,973.3 (1,582.9) (38.9)
RICE ACQUISIT- A RICE US 0.4 (0.1) 0.0
RICE ACQUISITION RICE/U US 0.4 (0.1) 0.0
RIMINI STREET IN RMNI US 220.3 (61.5) (64.7)
SBA COMM CORP 4SB GR 9,034.7 (4,471.2) (92.7)
SBA COMM CORP SBAC US 9,034.7 (4,471.2) (92.7)
SBA COMM CORP SBAC* MM 9,034.7 (4,471.2) (92.7)
SBA COMM CORP 4SB TH 9,034.7 (4,471.2) (92.7)
SBA COMM CORP 4SB GZ 9,034.7 (4,471.2) (92.7)
SBA COMM CORP 4SB QT 9,034.7 (4,471.2) (92.7)
SBA COMM CORP SBACEUR EU 9,034.7 (4,471.2) (92.7)
SBA COMMUN - BDR S1BA34 BZ 9,034.7 (4,471.2) (92.7)
SCIENTIFIC GAMES TJW TH 8,102.0 (2,541.0) 1,424.0
SCIENTIFIC GAMES TJW GZ 8,102.0 (2,541.0) 1,424.0
SCIENTIFIC GAMES SGMS US 8,102.0 (2,541.0) 1,424.0
SCIENTIFIC GAMES TJW GR 8,102.0 (2,541.0) 1,424.0
SEAWORLD ENTERTA W2L TH 2,650.2 (66.5) 211.5
SEAWORLD ENTERTA SEAS US 2,650.2 (66.5) 211.5
SEAWORLD ENTERTA W2L GR 2,650.2 (66.5) 211.5
SEAWORLD ENTERTA SEASEUR EU 2,650.2 (66.5) 211.5
SELECTA BIOSCIEN SELB US 181.0 (7.4) 89.5
SELECTA BIOSCIEN 1S7 GR 181.0 (7.4) 89.5
SELECTA BIOSCIEN SELBEUR EU 181.0 (7.4) 89.5
SELECTA BIOSCIEN 1S7 TH 181.0 (7.4) 89.5
SELECTA BIOSCIEN 1S7 GZ 181.0 (7.4) 89.5
SENSEONICS HLDGS 6L6 TH 44.1 (52.0) 25.7
SENSEONICS HLDGS SENS US 44.1 (52.0) 25.7
SHELL MIDSTREAM SHLX US 2,394.0 (414.0) 311.0
SINCLAIR BROAD-A SBGI US 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBTA GR 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBTA TH 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBTA QT 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBGIEUR EU 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBTA GZ 12,483.0 (1,483.0) 1,567.0
SIRIUS XM HO-BDR SRXM34 BZ 10,333.0 (2,285.0) (2,200.0)
SIRIUS XM HOLDIN SIRI US 10,333.0 (2,285.0) (2,200.0)
SIRIUS XM HOLDIN RDO GR 10,333.0 (2,285.0) (2,200.0)
SIRIUS XM HOLDIN RDO TH 10,333.0 (2,285.0) (2,200.0)
SIRIUS XM HOLDIN RDO QT 10,333.0 (2,285.0) (2,200.0)
SIRIUS XM HOLDIN SIRI AV 10,333.0 (2,285.0) (2,200.0)
SIRIUS XM HOLDIN SIRIEUR EU 10,333.0 (2,285.0) (2,200.0)
SIRIUS XM HOLDIN RDO GZ 10,333.0 (2,285.0) (2,200.0)
SIX FLAGS ENTERT 6FE GR 2,865.0 (532.7) (46.8)
SIX FLAGS ENTERT SIX US 2,865.0 (532.7) (46.8)
SIX FLAGS ENTERT 6FE QT 2,865.0 (532.7) (46.8)
SIX FLAGS ENTERT 6FE TH 2,865.0 (532.7) (46.8)
SIX FLAGS ENTERT SIXEUR EU 2,865.0 (532.7) (46.8)
SLEEP NUMBER COR SNBR US 780.1 (102.8) (348.2)
SLEEP NUMBER COR SL2 GR 780.1 (102.8) (348.2)
SLEEP NUMBER COR SNBREUR EU 780.1 (102.8) (348.2)
SOTERA HEALTH CO SHC US 2,580.7 (627.5) 128.4
SOTERA HEALTH CO SH5 GR 2,580.7 (627.5) 128.4
SOTERA HEALTH CO SHCEUR EU 2,580.7 (627.5) 128.4
STARBUCKS CORP SRB GR 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SRB TH 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SBUX* MM 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SBUX US 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SBUX SW 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SRB QT 29,968.4 (7,904.0) 473.6
STARBUCKS CORP TCXSBU AU 29,968.4 (7,904.0) 473.6
STARBUCKS CORP USSBUX KZ 29,968.4 (7,904.0) 473.6
STARBUCKS CORP 0QZH LI 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SBUX AV 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SBUXEUR EU 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SBUX TE 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SBUX IM 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SBUX CI 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SBUXUSD SW 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SRB GZ 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SBUX PE 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SBUXCL CI 29,968.4 (7,904.0) 473.6
STARBUCKS-BDR SBUB34 BZ 29,968.4 (7,904.0) 473.6
STARBUCKS-CEDEAR SBUX AR 29,968.4 (7,904.0) 473.6
STARBUCKS-CEDEAR SBUXD AR 29,968.4 (7,904.0) 473.6
SUNPOWER CORP S9P2 GR 1,449.3 (7.1) 107.0
SUNPOWER CORP S9P2 TH 1,449.3 (7.1) 107.0
SUNPOWER CORP SPWR US 1,449.3 (7.1) 107.0
SUNPOWER CORP S9P2 QT 1,449.3 (7.1) 107.0
SUNPOWER CORP S9P2 SW 1,449.3 (7.1) 107.0
SUNPOWER CORP S9P2 GZ 1,449.3 (7.1) 107.0
SUNPOWER CORP SPWREUR EU 1,449.3 (7.1) 107.0
T2 BIOSYSTEMS TTOO US 77.6 17.6 41.1
T2 BIOSYSTEMS 3T2 GR 77.6 17.6 41.1
T2 BIOSYSTEMS 3T2 TH 77.6 17.6 41.1
T2 BIOSYSTEMS 3T2 GZ 77.6 17.6 41.1
T2 BIOSYSTEMS TTOOEUR EU 77.6 17.6 41.1
TELOS CORP TLS US 85.8 (133.8) (11.3)
TELOS CORP TLS2EUR EU 85.8 (133.8) (11.3)
TENNECO INC-A TNN GR 11,811.0 (43.0) 1,258.0
TENNECO INC-A TEN US 11,811.0 (43.0) 1,258.0
TENNECO INC-A TEN1EUR EU 11,811.0 (43.0) 1,258.0
TENNECO INC-A TNN GZ 11,811.0 (43.0) 1,258.0
TENNECO INC-A TNN TH 11,811.0 (43.0) 1,258.0
TRANSDIGM - BDR T1DG34 BZ 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP TDG US 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP T7D GR 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP TDG* MM 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP T7D TH 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP TDGEUR EU 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP T7D QT 18,395.0 (3,968.0) 5,344.0
TRIUMPH GROUP TGI US 2,401.9 (1,069.8) 699.1
TRIUMPH GROUP TG7 GR 2,401.9 (1,069.8) 699.1
TRIUMPH GROUP TG7 TH 2,401.9 (1,069.8) 699.1
TRIUMPH GROUP TGIEUR EU 2,401.9 (1,069.8) 699.1
TUPPERWARE BRAND TUP GR 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP US 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP QT 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP TH 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP1EUR EU 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP GZ 1,191.4 (244.0) (655.5)
UBIQUITI INC UI US 781.2 (181.8) 374.7
UBIQUITI INC 3UB GR 781.2 (181.8) 374.7
UBIQUITI INC UBNTEUR EU 781.2 (181.8) 374.7
UBIQUITI INC 3UB GZ 781.2 (181.8) 374.7
UNISYS CORP USY1 TH 2,407.4 (200.3) 549.4
UNISYS CORP USY1 GR 2,407.4 (200.3) 549.4
UNISYS CORP UIS US 2,407.4 (200.3) 549.4
UNISYS CORP UIS1 SW 2,407.4 (200.3) 549.4
UNISYS CORP UISEUR EU 2,407.4 (200.3) 549.4
UNISYS CORP UISCHF EU 2,407.4 (200.3) 549.4
UNISYS CORP USY1 GZ 2,407.4 (200.3) 549.4
UNISYS CORP USY1 QT 2,407.4 (200.3) 549.4
UNITI GROUP INC UNIT US 4,838.0 (1,995.1) -
UNITI GROUP INC 8XC SW 4,838.0 (1,995.1) -
UNITI GROUP INC 8XC TH 4,838.0 (1,995.1) -
UNITI GROUP INC 8XC GR 4,838.0 (1,995.1) -
URBAN-GRO INC UGRO US 7.6 (6.7) (4.8)
USD PARTNERS LP USDP US 244.3 (0.3) 4.7
VALVOLINE INC 0V4 GR 3,156.0 (55.0) 708.0
VALVOLINE INC VVVEUR EU 3,156.0 (55.0) 708.0
VALVOLINE INC 0V4 QT 3,156.0 (55.0) 708.0
VALVOLINE INC VVV US 3,156.0 (55.0) 708.0
VECTOR GROUP LTD VGR US 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGR GR 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGR QT 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGR TH 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGREUR EU 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGR GZ 1,443.0 (662.1) 360.6
VERISIGN INC VRS TH 1,764.3 (1,386.2) 228.1
VERISIGN INC VRS GR 1,764.3 (1,386.2) 228.1
VERISIGN INC VRSN US 1,764.3 (1,386.2) 228.1
VERISIGN INC VRS QT 1,764.3 (1,386.2) 228.1
VERISIGN INC VRSN* MM 1,764.3 (1,386.2) 228.1
VERISIGN INC VRSNEUR EU 1,764.3 (1,386.2) 228.1
VERISIGN INC VRS GZ 1,764.3 (1,386.2) 228.1
VERISIGN INC-BDR VRSN34 BZ 1,764.3 (1,386.2) 228.1
VERISIGN-CEDEAR VRSN AR 1,764.3 (1,386.2) 228.1
VERY GOOD FOOD C 0SI GR 15.8 9.1 8.1
VERY GOOD FOOD C VERY1EUR EU 15.8 9.1 8.1
VERY GOOD FOOD C VERY CN 15.8 9.1 8.1
VERY GOOD FOOD C VRYYF US 15.8 9.1 8.1
VERY GOOD FOOD C 0SI TH 15.8 9.1 8.1
VERY GOOD FOOD C 0SI GZ 15.8 9.1 8.1
VERY GOOD FOOD C 0SI QT 15.8 9.1 8.1
VISION HYDROGEN VIHD US 0.3 (0.3) (0.5)
VIVINT SMART HOM VVNT US 2,924.7 (1,437.3) (300.3)
WAYFAIR INC- A W US 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A W* MM 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A 1WF GR 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A 1WF TH 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A WEUR EU 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A 1WF GZ 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A 1WF QT 4,558.4 (1,459.6) 826.1
WIDEOPENWEST INC WU5 TH 2,499.3 (222.5) (100.6)
WIDEOPENWEST INC WU5 GR 2,499.3 (222.5) (100.6)
WIDEOPENWEST INC WOW1EUR EU 2,499.3 (222.5) (100.6)
WIDEOPENWEST INC WU5 QT 2,499.3 (222.5) (100.6)
WIDEOPENWEST INC WOW US 2,499.3 (222.5) (100.6)
WINGSTOP INC WING1EUR EU 219.7 (183.5) 24.9
WINGSTOP INC WING US 219.7 (183.5) 24.9
WINGSTOP INC EWG GR 219.7 (183.5) 24.9
WINGSTOP INC EWG GZ 219.7 (183.5) 24.9
WINMARK CORP WINA US 35.8 (8.8) 10.4
WINMARK CORP GBZ GR 35.8 (8.8) 10.4
WORKHORSE GROUP WKHS US 120.4 (12.2) (32.4)
WORKHORSE GROUP WKHSEUR EU 120.4 (12.2) (32.4)
WORKHORSE GROUP 1WO TH 120.4 (12.2) (32.4)
WORKHORSE GROUP 1WO GZ 120.4 (12.2) (32.4)
WORKHORSE GROUP 1WO GR 120.4 (12.2) (32.4)
WORKHORSE GROUP 1WO QT 120.4 (12.2) (32.4)
WW INTERNATIONAL WW US 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WW6 GR 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WW6 TH 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WTWEUR EU 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WW6 QT 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WTW AV 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WW6 GZ 1,503.0 (581.2) (42.9)
WYNDHAM DESTINAT WYND US 7,822.0 (993.0) 1,562.0
WYNDHAM DESTINAT WD5 GR 7,822.0 (993.0) 1,562.0
WYNDHAM DESTINAT WD5 TH 7,822.0 (993.0) 1,562.0
WYNDHAM DESTINAT WD5 QT 7,822.0 (993.0) 1,562.0
WYNDHAM DESTINAT WYNEUR EU 7,822.0 (993.0) 1,562.0
WYNN RESORTS LTD WYR GR 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYR TH 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYNN* MM 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYNN US 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYNN SW 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYR QT 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYNNEUR EU 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYR GZ 13,967.1 (546.6) 2,180.8
WYNN RESORTS-BDR W1YN34 BZ 13,967.1 (546.6) 2,180.8
YELLOW CORP YEL1 GR 2,185.8 (223.3) 329.1
YELLOW CORP YEL1 TH 2,185.8 (223.3) 329.1
YELLOW CORP YEL1 SW 2,185.8 (223.3) 329.1
YELLOW CORP YRCW US 2,185.8 (223.3) 329.1
YELLOW CORP YEL1 QT 2,185.8 (223.3) 329.1
YELLOW CORP YRCWEUR EU 2,185.8 (223.3) 329.1
YUBO INTERNATION YBGJ US - (0.0) (0.0)
YUM! BRANDS -BDR YUMR34 BZ 5,852.0 (7,891.0) 14.0
YUM! BRANDS INC TGR TH 5,852.0 (7,891.0) 14.0
YUM! BRANDS INC TGR GR 5,852.0 (7,891.0) 14.0
YUM! BRANDS INC YUM US 5,852.0 (7,891.0) 14.0
YUM! BRANDS INC YUMEUR EU 5,852.0 (7,891.0) 14.0
YUM! BRANDS INC TGR QT 5,852.0 (7,891.0) 14.0
YUM! BRANDS INC YUM SW 5,852.0 (7,891.0) 14.0
YUM! BRANDS INC YUM* MM 5,852.0 (7,891.0) 14.0
YUM! BRANDS INC YUM AV 5,852.0 (7,891.0) 14.0
YUM! BRANDS INC TGR TE 5,852.0 (7,891.0) 14.0
YUM! BRANDS INC YUMUSD SW 5,852.0 (7,891.0) 14.0
YUM! BRANDS INC TGR GZ 5,852.0 (7,891.0) 14.0
ZHEN DING RESOUR RBTK US 0.0 (10.1) (10.1)
*********
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 ***