/raid1/www/Hosts/bankrupt/TCR_Public/210413.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, April 13, 2021, Vol. 25, No. 102
Headlines
1006 WEBSTER: Seeks to Hire Fox & Associates as Auctioneer
3MB LLC: First Amended Disclosure Hearing Continued to April 27
AIR CANADA: Fitch Lowers LongTerm IDR to 'B+', Outlook Stable
ALLIANCE RESOURCE: Fitch Lowers LT IDRs to 'BB', Outlook Negative
ALLIED EQUIPMENT: Seeks to Tap R. Byrn Bass as Bankruptcy Counsel
ALPHA HOUSE: Gets OK to Hire Alvin Hagerich as Accountant
ALPHA HOUSE: Gets OK to Hire Robert C. Meyer as Legal Counsel
APACHE CORP: S&P Affirms 'BB+' Issuer Credit Rating, Outlook Neg.
API HOLDINGS: S&P Alters Outlook to Negative, Affirms 'B-' ICR
ARIA ENERGY: S&P Places B+' ICR on CreditWatch Positive
AUTOMOTORES GILDEMEISTER: Soliciting Votes on U.S. Prepack Plan
BEP ULTERRA: S&P Downgrades ICR to 'CCC+', Outlook Stable
BRAZOS ELECTRIC: Hires Berkeley Research as Financial Advisor
BRAZOS ELECTRIC: Hires Collet & Associates as Investment Banker
BRAZOS ELECTRIC: Hires Eversheds Sutherland as Special Counsel
BRAZOS ELECTRIC: Hires Foley & Lardner as Special Counsel
BRAZOS ELECTRIC: Seeks to Hire Norton Rose as Bankruptcy Counsel
BULLDOGGE FITNESS: Wins Cash Collateral Access Thru April 30
C.M. MEIERS: Trustee Seeks to Tap Epiq as Administrative Advisor
CAR STEREO: Wins Cash Collateral Access
CARGO AIRCRAFT: Moody's Rates 2028 Add-on Unsecured Notes 'Ba3'
CASTEX ENERGY: Unsecured Creditors Ask for More in Plan Docs
CEC ENTERTAINMENT: S&P Rates New $600MM 1st-Lien Sec. Notes 'CCC'
CITGO PETROLEUM: Fitch Alters Outlook on 'B' LT IDR to Stable
CORNUS MONTESSORI: Seeks to Hire Kian Veissy as Broker
CRC BROADCASTING: Wins Cash Collateral Access Thru April 30
DESIGN MASSAGE: Claims Will be Paid From Continued Operations
DUPONT STREET: Seeks to Hire Robinson Brog as Legal Counsel
ENTRUST ENERGY: Gets OK to Hire BMC Group as Claims Agent
EVERGREEN ACQCO 1: Moody's Assigns B2 CFR, Outlook Stable
FREEDOM COMMUNICATIONS: Unsecured Creditors Get Up to 5% in Plan
GRACE DENTAL: Seeks Approval to Hire Bankruptcy Attorneys
HANCOCK FABRICS: Fabrique Entitled to $2 Mil. in Insurance Payout
HASTINGS AND HOLLOWELL: Has Until July 7 to File Plan & Disclosures
IMAGEFIRST HOLDINGS: S&P Assigns 'B' ICR, Outlook Stable
INSYS THERAPEUTICS: Parent Wants Wholesaler Sanctions in Death Suit
INTEGRATED GROUP: Wins Cash Collateral Access
KOPPERS HOLDINGS: S&P Upgrades ICR to 'B+', Outlook Stable
LAN DOCTORS: Gets OK to Hire Gray Tax as Accountant
LEE DILL: Seeks to Hire Sussman & Moore as Legal Counsel
MAX FINE FURNITURE: Plan & Disclosure Hearing Continued to May 26
MAYBELLE BEVERLY: Seeks to Hire De Leo Law Firm as Counsel
MOTORMAX FINANCIAL: Seeks to Hire Fountain Arrington as Accountant
MT. TOM COMPANIES: Seeks to Hire Goldsmith Katz as Legal Counsel
NATIONAL RIFLE ASSOCIATION: Internal Audit Used for Dissolution Bid
NEW YORK CLASSIC: Hits Chapter 11 Bankruptcy Protection
NINE POINT: Asks Court Okay to Accept $250M Stalking Horse Bid, DIP
OER SERVICES: Wins Access to CIBC Bank's Cash Collateral
ORGANIC POWER: Seeks to Hire Fuentes Law Offices as Legal Counsel
PIKEWOOD INC: Seeks Approval to Hire TBL Inc. as Tax Preparer
PROFESSIONAL DIVERSITY: Incurs $4.3 Million Net Loss in 2020
PROFESSIONAL HOSPITALITY: Has Until May 24 to Confirm Plan
RADNET MANAGEMENT: Moody's Rates New First Lien Loans 'B1'
REVLON INC: Citigroup Fights to Freeze $500 Mil. It Sent in Blunder
ROI INDUSTRIES: Files for Chapter 11 Bankruptcy Protection
RUSSELL INVESTMENTS: S&P Affirms BB- on Dividend Recapitalization
SAONA HOLDING: Seeks to Hire Van Horn Law Group as Legal Counsel
SERENDIPITY HOME: Seeks to Hire Reynolds Law Corp. as Legal Counsel
SERENDIPITY LABS: Fine-Tunes Plan; May 12 Plan Confirmation Hearing
SHOLAND LLC: Seeks to Hire Spector & Cox as Legal Counsel
SOLSTICE MARKETING: Taps Retail Consulting as Real Estate Advisor
STOP & GO: Unsecured Creditors Will Recover 10% in Plan
SUMMIT MIDSTREAM: Extends Expiration of Exchange Offer to April 13
T&R SERVICE: Seeks to Hire Shaykett Appraisal Co. as Appraiser
TRANSPINE INC: Hires Berkshire Hathaway as Real Estate Broker
TRANSPINE INC: Unsecureds to be Paid in Full from Sale Proceeds
TTK INVESTMENTS: Seeks to Hire Kurtzman Steady as Legal Counsel
URBAN ONE: Reports $8.1 Million Net Loss for 2020
VILLA TAPIA: Updates Administrative Claims Pay Details
WASH MULTIFAMILY: S&P Affirms 'B-' ICR, Outlook Stable
WINDSTREAM HOLDINGS: Charter Sanctioned for False Windstream Ads
WJA ASSET: Unsecured Claims to Recover 35% in Plan
YOUFIT HEALTH: MCT Says Treatment of Its Claim Unclear
[*] SBA Extends PPP, Clarifies Borrowers Eligibility in Bankruptcy
[^] Large Companies with Insolvent Balance Sheet
*********
1006 WEBSTER: Seeks to Hire Fox & Associates as Auctioneer
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1006 Webster, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Columbia to employ Fox & Associates Partners, Inc.,
a Fairfax, Va.-based auction firm.
The Debtor needs the firm's services to market and auction its real
property located at 1006 Webster St., N.W., Washington D.C.
Fox & Associates is entitled to a 5 percent buyer's premium upon
sale of the property. The Debtor is responsible for payment of
$6,500 in advertising expenses, which the auction firm has agreed
to advance.
As disclosed in a court filing, Fox & Associates Partners is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Jeff Stein
Fox & Associates Partners, Inc.,
T/A Tranzon Fox
3819 Plaza Drive
Fairfax, VA 22030
Phone: (703) 539-8111
Fax: (703) 539-8633
About 1006 Webster
1006 Webster, LLC is a single asset real estate (as defined in 11
U.S.C. Section 101(51B)).
1006 Webster sought Chapter 11 protection (Bankr. D.D.C. Case No.
20-00302) on July 13, 2020. In the petition signed by Yared
Assefaw, managing member, the Debtor was estimated to have assets
and liabilities in the range of $1 million to $10 million.
Judge Elizabeth L. Gunn oversees the case.
The Debtor tapped Craig M. Palik, Esq., at McNamee, Hosea,
Jernigan, Kim, Greenan & Lynch, P.A., as its legal counsel.
3MB LLC: First Amended Disclosure Hearing Continued to April 27
---------------------------------------------------------------
Judge Rene Lastreto II has entered an order within which the April
7 hearings on the First Amended Disclosure Statement of Debtor 3MB,
LLC, the Third Application for Allowance of Fees and Expenses filed
by Law Offices of Leonard K. Welsh, and Lender's Second Motion for
Relief from the Automatic Stay shall be continued to April 27,
2021, at 9:30 a.m.
A full-text copy of the order dated April 8, 2021, is available at
https://bit.ly/3dRRSgZ from PacerMonitor.com at no charge.
Attorneys for the Lender:
David M. Neff
Amir Gamliel
PERKINS COIE LLP
1888 Century Park E., Suite 1700
Los Angeles, CA 90067-1721
Telephone: 310.788.9900
Facsimile: 310.788.3399
E-mail: DNeff@perkinscoie.com
AGamliel@perkinscoie.com
About 3MB LLC
3MB LLC owns a mixed-use shopping center, commonly referred to as
the Village at Towne Center, in Bakersfield, California. The
Shopping Center is comprised of four buildings, two of which
include second-story office space. The Shopping Mall has a current
value of $12 million.
3MB first sought bankruptcy protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Cal. Case No. 18-14663) on Nov. 19,
2018. The Debtor again sought Chapter 11 protection (Bankr. E.D.
Cal. Case No. 20-12642) on Aug. 11, 2020. Robert Bell, Esq.,
signed the petition.
At the time of the filing, the Debtor had total assets of
$12,276,441 and liabilities of $10,249,027.
Judge Jennifer E. Niemann oversees the case.
The Law Office of Leonard K. Welsh is the Debtor's legal counsel.
AIR CANADA: Fitch Lowers LongTerm IDR to 'B+', Outlook Stable
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Fitch Ratings has downgraded Air Canada's (AC) Long-Term Issuer
Default Rating (IDR) to 'B+' from 'BB-'. The Rating Outlook has
been revised to Stable from Negative. The subdued pace of air
traffic recovery, especially international travel, has pressured
Air Canada's balance sheet, making it difficult to achieve credit
metrics that support a 'BB-' rating before 2023. Air Canada's debt
burden increased by $3.7 billion during 2020, equivalent to 1.0
turn of 2019 EBITDAR.
Fitch expects debt may increase further as cash burn persists
through 2021 and into 2022. Fitch expects AC's leverage to remain
above 5.0x through 2023, which is high for a 'BB' category rating.
The 'B+' rating incorporates expectations for a government support
package, although the details are not finalized. Fitch believes the
downside risks to AC's rating are decreasing, driving the Stable
Outlook.
KEY RATING DRIVERS
Expectations for Recovery: AC's volumes are expected to rebound
during 2021, albeit with a delay compared to U.S. counterparts.
This is due to AC's higher mix of transborder and international
travel, both of which are more severely impacted than domestic
travel, as well as some delays in the Canadian vaccine rollout. AC
has accordingly reduced capacity for 1Q21 by ~85% of 1Q19 levels,
and will remain at least 50% below 2019 levels through the end of
2021. Fitch expects the 1Q21 daily cash burn of
$15 million-$17 million to improve throughout the year.
Meaningful Cost Reduction Efforts: A slow recovery will be partly
offset by a massive industry-wide cost-cutting effort. Air Canada
reduced its non-fuel operating expenses by 37% in 2020 vs. 2019.
Variable costs will inevitably increase as flying levels rebound
from current lows, but some cost-cutting efforts will prove longer
lasting. For instance, fleet-simplification will lower maintenance
and training costs while increasing fuel efficiency as
older/less-efficient planes are retired. AC has accelerated
retirement of several classes of aircraft including its entire
sub-fleets of A319s, E-190s and 767s, though some of the 767s will
remain as freighters. To reflect lower future capacity requirements
AC has cancelled orders for 12 Airbus A220s and 10 737-MAXs, and
delayed deliveries on a further 18 A220s and 16 737-MAXs, trimming
capex spend by $3 billion over the 2020-2023 period.
Unencumbered Assets: AC maintains full ownership of its loyalty
program, as well as an estimated $1.7 billion pool of unencumbered
assets, which could support secured financing in the future should
the company choose to raise additional liquidity. Fitch's ratings
anticipate that Air Canada may utilize a portion of its asset base
to secure a government support package, as the company has publicly
spoken of ongoing negotiations with the Canadian government.
However, details of such a package are currently unavailable.
Traffic Assumption Updates: Fitch has updated its expectations for
passenger traffic in 2021, adjusting down its prior forecast,
reflecting stalled passenger counts in the first quarter driven by
the surge in coronavirus cases. Overall, Fitch expects traffic for
North American carriers to remain lower than baseline 2019 levels
by 45% or more. Fitch's assumptions for 2022 and 2023 are
essentially unchanged, as vaccine distribution throughout 2021
should allow traffic to trend towards normalized levels
thereafter.
Fitch still anticipates that leisure travel will lead the recovery,
and that competition will put pressure on yields at least into
2022. Domestic focused leisure carriers are still better positioned
to benefit from the early stages of the recovery likely to begin
later this year. While international travel will lag domestic,
Fitch believes there is some upside potential in international
markets, given the capacity removed during the course of the
pandemic. For instance, Norwegian's pull-back from international
markets, and the early retirement of large widebodies by several
carriers will limit supply and support fares once demand returns.
Recovery Ratings: Fitch's recovery analysis assumes that Air Canada
would be reorganized as a going concern in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim. The going
concern (GC) EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which the agency
bases the enterprise valuation. Fitch uses a GC EBITDA estimate of
$2.1 billion and a 5.5x multiple, generating an estimated GC
enterprise value (EV) of $11.55billion after an estimated 10% in
administrative claims.
Fitch views its GC EBITDA assumption as conservative as it is
modestly above Fitch's forecast for 2023 reflecting a scenario
where the company comes under financial distress because of the
coronavirus crisis but experiences more normalized levels of
profitability once the crisis has passed. The EBITDA estimate is
also below historical results generated in 2019 and prior assuming
that either the company would shrink through the restructuring
process or that forward EBITDA margins may be partly impaired due
to industry pressures/competition.
These assumptions result in outstanding (RR1) recovery levels for
AC's senior secured debt, average (RR4) recovery for the company's
second lien positions and no recovery for unsecured creditors
DERIVATION SUMMARY
AC's 'B+' rating is in line with United Airlines. AC's financial
metrics compare favorably to United's, and AC's liquidity position
is superior. These factors are partly offset by AC's smaller size
and scale, and higher exposure to international travel. AC is three
notches below Delta, which is a larger, more diversified airline
with lower leverage.
KEY ASSUMPTIONS
Recovery is slower for AC than for U.S. domestic focused carriers,
due to its higher exposure to business, transborder, and
international travel. Fitch forecasts revenue to remain below 2019
levels through at least 2024.
Fuel prices are assumed at $1.65/gallon (0.57/litre) in 2021 rising
to $1.90/gallon (.80/litre) in 2023.
In spite of cost containment measures, Fitch forecasts cash burn to
persist through 2021 and into 2022, which will be supported by
incremental debt issuance.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Increasing evidence of a sustainable recovery in air travel;
-- Adjusted debt/EBITDAR trending towards 4.0x;
-- FFO fixed-charge coverage trending towards 2.5x;
-- Neutral to positive sustained FCF.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Prolonged downturn in air traffic persisting through 2021;
-- Adjusted debt/EBITDAR sustained above 5x;
-- FFO fixed charge coverage sustained below 1.5x;
-- Persistently negative or negligible FCF.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: AC's year-end liquidity position of $8 billion
is broadly in line with Fitch's expectations for 2020, despite an
operating cash burn of more than $4.6 billion for the year.
Liquidity has been bolstered through several successful capital
raises over the past year, including equity issuances, bond
issuances, sale & leasebacks, and EETCs. Fitch expects the company
will refinance its near-term April 2021 maturity with a
corresponding note.
Fitch's expects AC to maintain liquidity around current levels
throughout 2021 through a combination of cash burn reduction and
new financing. Liquidity of $8.5 billion would represent 44% of
2019 revenue, which is strong for the peer set. Fitch believes
there is a likelihood that liquidity could be further bolstered by
an airline-specific aid package from the Canadian government which
was announced in November 2020. The magnitude of the package is
unknown at this time.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
ALLIANCE RESOURCE: Fitch Lowers LT IDRs to 'BB', Outlook Negative
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Fitch Ratings has downgraded Alliance Resource Operating Partners,
L.P.'s and Alliance Resource Partners, L.P.'s (together: Alliance)
Long-Term Issuer Default Ratings (IDRs) to 'BB' from 'BBB-'. The
Rating Outlook is Negative. In addition, Fitch has downgraded the
company's $400 million senior unsecured note to 'BB' from 'BBB-',
and has assigned the notes a 'RR4' recovery rating. Fitch has also
downgraded Alliance's secured revolver to 'BBB-' from 'BBB', and
assigned the facility a 'RR1' recovery rating.
The downgrade and Outlook reflect Fitch's expectation that
shipments will remain structurally challenged at below 30 million
tons per year leading to continued EBITDA and FCF weakness. This,
in conjunction will capital market access limitations, is expected
to materially heighten liquidity and refinance risks. The Outlook
is expected to be resolved within 12-18 month based on more
visibility on volumes, earnings, capital allocation, and market
access helping address liquidity and refinance risks.
KEY RATING DRIVERS
Favorable Operating Profile: Alliance is a well-run, mid-sized coal
company. Earnings benefit from a union free history (no other
post-employment benefit [OPEB] liabilities) and the proximity of
operations to customers. Operating risk reflects that all mines are
underground, and that a majority of production comes from few
mines. Operations benefit from stable geology, management's strong
and lengthy operating track record, and a fair amount of
flexibility at most mines, given the use of continuous miners.
Unattractive Export Markets: Alliance's export volume represented
about 3%, 18%, 28%, 17% and 5% of tons sold for 2020, 2019, 2018,
2017 and 2016, respectively. Fitch expects prices for international
steam and metallurgical coals to remain unattractive over the
rating horizon, resulting in total coal shipments below 30 million
ton per year.
Operating and Financial Flexibility: In response to weak energy
prices and coal demand exacerbated by the pandemic, the company
halted production at all of its mining complexes in the Illinois
Basin at March 2020 end, and at the MC Mining complex in East
Kentucky in early April 2020, and met customer obligations through
inventories. Production resumed in the second quarter of 2020,
while the company controlled its expenses and reduced working
capital and capex. Cash distributions to unit holders were
suspended beginning March 31, 2020 quarter end, continuing through
Dec. 31, 2020 quarter end. These actions allowed the company to
reduce revolver and securitization borrowings by $174 million.
Modest Financial Leverage: Alliance's total debt-to-EBITDA at Dec.
31, 2020 was about 1.5x, following $200 million in net debt
repayment. Leverage has been below 2.0x historically and below 1.5x
on average. Fitch expects leverage to increase to about 2.2x in
2021 on lower production, but return to 2.0x or below by the end of
2022.
Limited Visibility on Access to Capital: The bankruptcies of large
Northern Appalachian producer Murray Energy in 2019, and large
Illinois Basin producer Foresight Energy in 2020, as well as
Peabody Energy's recent distressed debt exchange, exacerbated
lender fatigue with coal credits. Fitch is unaware of capital
markets note issues over the past two years. Alliance Resource
Operating Partners, L.P.'s $400 million senior unsecured notes are
due in 2025, and Fitch expects the majority of this will be
refinanced. Significant accelerated repayment of the notes would be
credit positive.
Modest Exposure to Oil: Production of mineral interests aggregated
1.8 million barrels of oil equivalent in 2020. The company has no
capital commitments associated with these interests but is unlikely
to see higher cash flows in the current oil price environment.
Mineral interest royalties accounted for $43 million or 3.2% of
total revenues and net distributions from mineral equity
investments were $1.9 million in 2020.
DERIVATION SUMMARY
Alliance Resource Operating Partners, L.P.'s 'BB' IDR generates
comparable margins to other non-diversified coal miners. Alliance's
total debt/EBITDA is expected to be about 2.2x in 2021, and decline
modestly thereafter, which is line with 'BB' peers. Alliance is
smaller but has longer mine lives than non-diversified mining
peers.
KEY ASSUMPTIONS
-- Shipments at 28 million tons in 2021, declining to 26 million
tons longer term;
-- EBITDA margins at about 22%;
-- Annual capex in the $125 million to $185 million range;
-- Distributions limited to excess cash flow after providing for
clean-down of the revolver.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Visibility into shipments sustained in the 35 million tons per
annum range;
-- Improved capital markets access;
-- Total Debt/EBITDA expected to be below 1.0x for an extended
period.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Coal sales volumes expected to be meaningfully below 2020
levels (28 million tons) for an extended period;
-- Failure to moderate liquidity and refinance risks;
-- Expected Operating EBITDA margins below 22% on average;
-- Expected Total Debt/EBITDA above 2.0x for an extended period.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Solid Liquidity: Cash on hand was $36.5 million at Dec. 31. 2020.
Fitch expects Alliance to generate positive free cash flow on
average, but that the $60 million securitization facility and the
$537.75 million secured revolving credit facility to be utilized
for short-term needs and letters of credit.
The revolver reduces to $459.5 million on May 23, 2021 and expires
March 9, 2024. At Dec. 31, 2021, $87.5 million was drawn and $428.5
million was available under the revolver (after $21.8 million
letters of credit). Fitch believes the current bank and capital
market environment for coal companies makes it challenging to
retain similar commitment levels and materially extend the credit
facility.
Financial covenants include a consolidated debt to consolidated
cash flow (substantially debt/EBITDA) maximum of 2.5x, a minimum
interest coverage ratio of 3.0x and a consolidated first lien
debt/consolidated cash flow maximum of 1.50x.
The securitization facility has been annually renewed and was
downsized to $60 million from $100 million when extended to January
2022. At Dec. 31, 2020, $55.9 million was drawn under the facility.
ALLIED EQUIPMENT: Seeks to Tap R. Byrn Bass as Bankruptcy Counsel
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Allied Equipment, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ R. Byrn Bass,
Jr., Esq., an attorney practicing in Lubbock, Tex., to handle its
Chapter 11 case.
Mr. Bass will render these legal services:
(a) advise the Debtor regarding its powers, duties and
responsibilities in the continued management of its property;
(b) prosecute any and all claims believed to be owed by the
Debtor;
(c) prepare the bankruptcy schedules and statement of
financial affairs;
(d) prepare a Chapter 11 plan;
(e) file such adversary proceedings as may be necessary in
this case;
(f) work with the Debtor to assure its compliance with
administrative requirements of the Office of the U.S. Trustee; and
(g) perform other necessary services as may be required in
this case.
Mr. Bass received a retainer in the amount of $52,000.
The attorney seeks to be compensated at his hourly rate of $300.
Mr. Bass disclosed in a court filing that he is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
R. Byrn Bass, Jr., Esq.
Wells Fargo Center
1500 Broadway, Suite 505
Lubbock, TX 79401
Telephone: (806) 785-1250
Facsimile: (806) 771-1260
Email: bbass@bbasslaw.com
About Allied Equipment
Allied Equipment, Inc. -- https://www.alliedeq.com -- designs and
manufactures oil & gas processing & treating equipment.
Allied Equipment filed a Chapter 11 bankruptcy petition (Bankr.
W.D. Texas Case No. 21-70034) on March 18, 2021. Ron Worley,
president, signed the petition. At the time of the filing, the
Debtor disclosed $1 million to $10 million in both assets and
liabilities. Judge Tony M. Davis oversees the case. R. Byrn Bass,
Jr., Esq., serves as the Debtor's counsel.
ALPHA HOUSE: Gets OK to Hire Alvin Hagerich as Accountant
---------------------------------------------------------
The Alpha House, Inc. received approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Alvin
Hagerich, an accountant practicing in Hudson, Fla.
Alpha House requires an accountant to prepare debtor-in-possession
forms and provide other services.
Mr. Hagerich disclosed in a court filing that he and his firm are
"disinterested persons" as required by Section 327(a) of the
Bankruptcy Code.
Mr. Hagerich can be reached at:
Alvin Hagerich
14851 State Rd 52 Unit 207-212
Hudson, FL 34669
Tel: (888) 433-4102
Email: alhagerich@aol.com
About The Alpha House Inc.
The Alpha House, Inc., owner of the M Boutique Hotel in Miami,
Fla., filed for Chapter 11 bankruptcy (Bankr. S.D. Fla. Case No.
21-12338) on March 11, 2021. Matthieu Mamoudi, president, signed
the petition. At the time of the filing, the Debtor had between $1
million and $10 million in both assets and liabilities.
Judge Robert A. Mark oversees the case.
The Debtor tapped Robert C. Meyer, PA to serve as its legal counsel
and Alvin Hagerich, an accountant practicing in Hudson, Fla.
ALPHA HOUSE: Gets OK to Hire Robert C. Meyer as Legal Counsel
-------------------------------------------------------------
The Alpha House, Inc. received approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Robert C.
Meyer, P.A. as its legal counsel.
The firm's services include:
(a) advising the Debtor with respect to its powers and duties
and the continued management of its business operations;
(b) advising the Debtor with respect to its responsibilities in
complying with the U.S. trustee's operating guidelines and
reporting requirements and with the rules of the court;
(c) preparing legal documents;
(d) protecting the interest of the Debtor in all matters pending
before the court; and
(e) representing the Debtor in negotiation with its creditors in
the preparation of a Chapter 11 plan.
Robert Meyer, Esq., disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Robert C. Meyer, Esq.
Robert C. Meyer, P.A.
2223 Coral Way
Miami, FL 33145
Telephone: (305)285.8838
Facsimile: (305)285.8919
Email: meyerrobertc@cs.com
About The Alpha House Inc.
The Alpha House, Inc., owner of the M Boutique Hotel in Miami,
Fla., filed for Chapter 11 bankruptcy (Bankr. S.D. Fla. Case No.
21-12338) on March 11, 2021. Matthieu Mamoudi, president, signed
the petition. At the time of the filing, the Debtor had between $1
million and $10 million in both assets and liabilities.
Judge Robert A. Mark oversees the case.
The Debtor tapped Robert C. Meyer, PA to serve as its legal counsel
and Alvin Hagerich, an accountant practicing in Hudson, Fla.
APACHE CORP: S&P Affirms 'BB+' Issuer Credit Rating, Outlook Neg.
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S&P Global Ratings affirmed its ratings on Apache Corp. including
its 'BB+' issuer credit and unsecured issue-level ratings. Its'3'
recovery rating (50%-70%; rounded estimate: 65% capped) on the
company's unsecured debt is unchanged.
The outlook remains negative, reflecting the company's still weak
credit metrics for the rating, albeit improving, compared to
similarly rated peers.
Financial performance will likely improve in 2021 under our higher
price assumptions. S&P affirmed its ratings on Apache after
revising its oil and gas price deck higher including WTI crude oil
to average $55/bbl in and Brent crude oil to average $60/bbl in
2021. Despite an expected improvement in credit measures, including
expected 2021 Funds from operations (FFO)/debt of 20%-25% versus
the year-end 2020 level of 14%, Apache's credit measures remain
weak for the rating compared to similarly rated peers. This also
reflects the company's smaller scale of operations relative to its
peers in the satisfactory business risk category, which raises our
expectations for financial performance for the same rating level.
S&P said, "We expect Apache to focus on free cash flow generation
and deleveraging. We expect Apache to generate significant free
cash flow in 2021 and 2022 and use that cash to reduce total debt
outstanding. As of Dec. 31, 2021, the company had $150 million
drawn on its credit facility and has a total of $337 million of
unsecured notes maturing through 2023. Apache has acknowledged its
high debt levels, and we believe it will pursue conservative
financial policies that prioritize debt repayment over shareholder
returns until debt/EBITDA declines to 1.5x. In addition, we expect
Apache to repay debt rather than refinance upcoming maturities,
providing "permanent" deleveraging that should help cushion cash
flow fluctuations through a pricing cycle."
Apache's smaller scale relative to similarly rated peers will
require stronger financial measures for the rating. Proved
reserves of 874 million barrels equivalent (mmboe) as of year-end
2020 put Apache at the lower quartile of the satisfactory business
risk category relative to its peers--several of which have well
over 1,000 mmboe. As a result, we expect stronger financial
performance to offset the lack of scale, which is reflected in the
negative outlook despite expected improvement in financial
performance. However, S&P notes that Apache benefits from its
geographic and product diversity and longer-term potential in its
nascent Suriname development. This provides it the flexibility to
shift capital within its portfolio to maximize earnings as well as
a measure of protection from regional regulatory changes.
Nevertheless, S&P believes Apache's smaller scale and shorter
proved reserve life put it at a disadvantage relative to its peer
group.
S&P said, "Our negative outlook on Apache reflects, that despite
higher commodity prices and near-term debt reduction, credit
measures will remain weak for the rating with FFO to debt of
20%-25% in 2021. We believe improvement in overall leverage will
continue to depend on a combination of strong commodity prices and
debt reduction, which could lead to a stabilization over the next
12 months.
"We could downgrade Apache over the next 12 months if FFO to debt
falls below 20% for a sustained period with no clear path to
improvement. Such a scenario is possible if commodity prices fall
well below our current expectations, capital expenditures are
significantly higher than anticipated or production is lower than
our assumptions.
"We could revise the outlook to stable if FFO to debt is well above
20% for a sustained period and liquidity remains at least adequate.
Such a scenario is possible if commodity prices continue to
increase, the company's production is better than forecasted, or
Apache is able to reduce its total debt burden more than we
anticipate such as through asset sales or other inorganic means."
API HOLDINGS: S&P Alters Outlook to Negative, Affirms 'B-' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on API Holdings III Corp. to
negative from stable and affirmed its 'B-' issuer credit rating.
At the same time, S&P affirmed its 'B-' rating on the company's
first-lien debt and maintained the '3' recovery rating.
The negative outlook reflects S&P's expectation that leverage will
remain high through 2021 as the pandemic continues to have a
negative impact through at least the first half of the year.
The COVID-19 pandemic frustrated API's new management team's
efforts to improve operating efficiency. S&P said, "API replaced
its CEO and CFO in September 2019 and February 2020, respectively,
and we think this change will likely result in a focus on improving
operations. However, delayed orders and supplier disruptions
resulted in margins not improving as we expected, although the
company successfully improved working capital management. Revenues
were down due to delays in government orders, particularly through
Canada and Europe, though U.S. revenues were up slightly. As a
result, we expect debt to EBITDA was 9.2x-9.6x in 2020--much higher
than our forecast of 7.5-8x."
Environmental, social, and governance (ESG) credit factors for this
credit rating change:
-- Health and safety
S&P said, "The negative outlook on API reflects our expectation
that credit metrics could remain weak through 2021 as it takes time
for orders to pick up coming out of the COVID-19 pandemic. We now
expect debt to EBITDA of 9.2x-9.6x in 2020 and 8x-8.4x in 2021.
"We could lower our ratings on API if debt to EBITDA rises to a
point that we believe the capital structure is unsustainable, or
free cash flow is materially negative and we don't expect it to
improve, constraining liquidity."
This could occur if:
-- Revenues delayed during the pandemic take longer than expected
to return, or are never replaced;
-- Operational inefficiencies from the pandemic lasts longer than
expected, preventing EBITDA margins from improving; or
-- The company pursues debt-financed acquisitions that increase
leverage.
S&P could revise the outlook to stable if debt to EBITDA is on
track to drop below 8x and S&P expects it to remain there, while
free cash flow remains positive.
This could occur if:
-- EBITDA improves faster than expected coming out of the pandemic
due to rapidly increasing orders or improving margins;
-- The company uses excess cash to repay additional debt; and API
avoids debt-funded acquisitions that increase leverage.
S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P uses these assumptions about vaccine timing
in assessing the economic and credit implications associated with
the pandemic.
ARIA ENERGY: S&P Places B+' ICR on CreditWatch Positive
-------------------------------------------------------
S&P Global Ratings placed all of its ratings on Aria Energy
Operating LLC, including its 'B+' issuer credit rating, on
CreditWatch with positive implications.
S&P expects to resolve its CreditWatch listing following the
transaction's completion.
The CreditWatch placement follows the announcement that Rice
Acquisition Corp., an unrated special purpose acquisition company
focused on the energy transition sector, signed an agreement to
enter into a business combination with Aria and Archaea Energy (not
rated). S&P expects the transaction to close in the third quarter
of 2021, subject to customary closing conditions, including
regulatory approvals. Aria Energy LLC is being acquired for $680
million in cash and stock. Archaea is being acquired for $347
million.
Upon close of the transaction, S&P anticipates the change of
control will trigger mandatory repayment of the $200 million senior
secured term loan due 2022. The term loan had an outstanding
balance of $138 million as of Dec. 31, 2020.
The CreditWatch positive placement reflects the likelihood that
Aria's debt will be repaid when the transaction closes, assuming
the transaction is completed as proposed and there are no material
changes to our current operating assumptions. S&P anticipates
resolving the CreditWatch placement by transaction close, which it
expects in the third quarter of 2021.
AUTOMOTORES GILDEMEISTER: Soliciting Votes on U.S. Prepack Plan
---------------------------------------------------------------
On April 9, 2021, Automotores Gildemeister Chile announced that it
has commenced solicitation of its previously announced pre-packaged
chapter 11 plan of reorganization (the "Plan"), which seeks to
deleverage the Company's balance sheet by approximately $200
million while minimizing any impact on its day-to-day operations.
The restructuring under the Plan will create a sustainable capital
structure with less debt that will position the company for future
success with brighter prospects and a greater ability to serve its
customers for years to come.
AG previously entered into a restructuring support agreement (the
"RSA") with holders of approximately 72.5 percent of the principal
amount outstanding of the company's secured notes (collectively,
the "Consenting Noteholders"), under which, subject to the terms
and conditions set forth therein, they will support the Plan, which
will implement the proposed restructuring.
On April 9, 2021, the company commenced solicitation of votes from
holders of the Company's 7.5% secured notes due 2025, 8.25%
unsecured notes due 2021, 6.75% unsecured notes due 2023, 7.5%
unsecured notes due 2021, and certain related party claims, to
accept or reject the Plan. The Company established May 7, 2021 at 5
p.m. (New York time) as the deadline for the receipt of votes to
accept or reject the Plan.
Pursuant to the Plan, the Company, along with its Uruguayan and
Brazilian subsidiaries, intends to file voluntary petitions under
Chapter 11 of the United States Bankruptcy Code in the Southern
District of New York. This filing is not expected to have any
impact on customers, vendors or employees, and the Company will
continue to operate in the ordinary course of business during the
restructuring, including by continuing to pay employee wages and
benefits and making payments to its customers, suppliers and other
business partners.
About Automotores Gildemeister
Headquartered in Santiago, Chile, AG is one of the largest car
importers and distributors in Chile and Peru operating a network of
company-owned and franchised vehicle dealerships. Its principal car
brand is Hyundai, for which it is the sole importer in both of its
markets. For the last 12 months ended June 30, 2020 AG reported
consolidated net revenues of $770 million, of which 95.2%
correspond to sales in Chile and Peru, its key markets.
BEP ULTERRA: S&P Downgrades ICR to 'CCC+', Outlook Stable
---------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on BEP Ulterra
Holdings Inc. to 'CCC+' from 'B-'. S&P also lowered the issue-level
rating on the term loan due 2025 to 'CCC+' from 'B-'. The recovery
rating remains '3', reflecting our expectation of meaningful
(50%-70%; rounded estimate: 50%) recovery in the event of a payment
default.
The stable outlook on Ulterra reflects its lack of near-term debt
maturities and our expectation that liquidity will remain adequate
for the next 12-24 months. However, due to its forecast of high
debt leverage over the same period, we believe the company will be
dependent on favorable economic conditions to meet its long-term
financial commitments.
S&P said, "We expect industry headwinds to persist for the oilfield
services industry in 2021 despite improved hydrocarbon prices and
US drilling levels. The downgrade primarily reflects our
expectation that Ulterra's debt leverage will remain high over the
next two years, with average debt/EBITDA of around 5x and FFO/debt
in the 12-15% range. Accordingly, we believe the company's ability
to meet its long-term financial obligations will be dependent on
favorable market conditions. Despite the recent rise in U.S. rig
counts, we anticipate relatively weak market conditions for
oilfields services providers in the next six-12 months, as excess
equipment inventories are worked off and drilling recovers to a
level necessary to sustain or modestly grow E&P production. We
expect a more meaningful demand recovery, including some measure of
pricing power, in 2022.
"Liquidity remains a key supporting factor for Ulterra until
markets meaningfully and sustainably improve. We view liquidity as
adequate, noting that the company had approximately $27 million of
cash on hand at year-end along with access to its $50 million
undrawn revolving credit facility, which expires in late 2023. Its
first-lien term loan does not mature until 2025, which provides
runway for financial metrics to improve if the oilfield services
(OFS) sector is able to rebound from last year's lows and sustain
its momentum. Ulterra's resilient rent-and-repair business model
has helped it withstand cyclical troughs, and we expect it will
continue to produce attractive margins on higher revenues relative
to 2020. However, we believe its ability to absorb an extended
period of restrained E&P activity is limited and are forecasting
modestly negative free cash flow in 2021--partially due to change
in working capital as markets begin to recover.
"The stable outlook on Ulterra reflects its lack of near-term debt
maturities and our expectation that liquidity will remain adequate
for the next 12-24 months. However, due to our forecast of high
debt leverage over the same period, we believe the company will be
dependent on favorable economic conditions to meet its long-term
financial commitments.
"We could lower the rating if liquidity significantly deteriorates
or we believe there is a significant probability of default or
distressed debt exchange within the next 12 months. This could
occur if the company's revenue and margins do not meet our
expectations.
"We could raise the rating on Ulterra if the company reduces
leverage to comfortably below 4x on a sustained basis while also
maintaining FFO/debt above 12% and generating free operating cash
flow. The company would also need to maintain at least adequate
liquidity. This could occur if domestic rig counts continue to
increase and OFS activity rebounds faster than we anticipate."
BRAZOS ELECTRIC: Hires Berkeley Research as Financial Advisor
-------------------------------------------------------------
Brazos Electric Power Cooperative, Inc. seeks approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Berkeley Research Group, LLC as its financial advisor.
The firm's services include:
(a) participating on calls with the Debtor's board of directors,
as requested;
(b) assisting the Debtor in preparing and analyzing cash flow,
weekly and monthly, and financial projections related to liquidity
and borrowing needs, including related budget to actual variance
analysis;
(c) assisting the Debtor in developing a business plan;
(d) assisting in the preparation of reports to the board and the
status of implementation of restructuring initiatives, if
requested;
(e) assisting the Debtor in the negotiation of any financing,
including debtor-in-possession financing and use of cash collateral
if needed as part of a Chapter 11 filing;
(f) assisting the Debtor in reviewing claims, resolving claim
disputes, and otherwise providing support for the claims process if
needed as part of a Chapter 11 filing;
(g) assisting the management and the Debtor's legal counsel in
preparing court papers;
(h) attending court hearings, if requested;
(i) general business consulting services;
(j) assisting the Debtor in reviewing, developing, and analyzing
any potential restructuring or financing agreement;
(k) assisting the Debtor in negotiating any financing
agreement;
(l) advising the Debtor on its preparation of information
memorandum for any potential financing agreement;
(m) assisting the Debtor in contacting potential lenders in
connection with any financing agreement;
(n) providing expert advice and testimony regarding any
financing agreement; and
(o) assisting the Debtor in negotiating waivers and forbearances
or amendments of various debt facilities and agreements with
lenders and creditors.
Berkeley Research Group will be paid at these rates:
Managing Director $860 to $1,150 per hour
Director $600 to $895 per hour
Professional Staff $250 to $770 per hour
Support Staff $125 to $275 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
Christopher Kearns, a managing director at Berkeley Research Group,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Christopher J. Kearns
Berkeley Research Group, LLC
810 Seventh Avenue, Suite 4100
New York, NY 10019
Tel: (212) 205-9320
Email: ckearns@thinkbrg.com
Brazos Electric Power Cooperative
Brazos Electric Power Cooperative Inc. is a 3,994-megawatt
transmission and generation cooperative which members' service
territory covers 68 counties from the Texas Panhandle to Houston.
It was organized in 1941 and the first cooperative formed in the
Lone Star state with the primary intent of generating and supplying
electrical power. At present, Brazos Electric is the largest
generation and transmission cooperative in the state and is the
wholesale power supplier for its 16 member-owner distribution
cooperatives and one municipal system.
Brazos Electric filed a voluntary petition for relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No.
21-30725) on March 1, 2021. At the time of the filing, the Debtor
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range.
Judge David R. Jones oversees the case.
The Debtor tapped Norton Rose Fulbright US, LLP as its bankruptcy
counsel; Foley & Lardner LLP and Eversheds Sutherland US LLP as
special counsel; Collet & Associates LLC as investment banker; and
Berkeley Research Group, LLC as financial advisor. Stretto is the
claims and noticing agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtor's case on March 15, 2021. The
committee is represented by the law firms of Porter Hedges, LLP and
Kramer, Levin, Naftalis & Frankel, LLP.
BRAZOS ELECTRIC: Hires Collet & Associates as Investment Banker
---------------------------------------------------------------
Brazos Electric Power Cooperative, Inc. seeks approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Collet & Associates, LLC as investment banker.
The firm will provide these services:
a. performing analysis of, developing, or refining financial
models with regard to reorganization, financial metrics, lender
considerations, and the general fairness and reasonableness of
restructuring terms customary in the industry;
b. providing valuation services regarding some or all of the
Debtor's utility plant assets to support the collateral
requirements of debtor-in-possession or other financing
objectives;
c. providing reports or testimony summarizing the various
techniques and resulting valuation results utilized in the electric
utility industry;
d. providing reports and determination of the appropriateness of
the financial models within the bankruptcy reorganization context;
e. assisting in the development and analysis of legal and
financial strategies as requested to respond to other parties'
positions or testimony;
f. assisting, as and when requested, with the negotiation of
terms and agreements with parties to the various proceedings which
may include the Debtor's member cooperatives, lenders, and other
counterparties;
g. developing a memorandum or similar report to potentially be
used in the preparation of any testimony, if necessary; and
h. providing testimony as an expert witness, if necessary.
The firm will be paid at these rates:
Project Manager $600 per hour
Associate $450 per hour
Analyst $262 per hour
Production $135 per hour
Travel Time $150 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
William Collet, a partner at Collet & Associates, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
William A. Collet
Collet & Associates LLC
4151 N. Mulberry Drive, Suite 245
Kansas City, MO 64116
Tel: (816) 595-1180
Email: bcollet@colletassociates.com
Brazos Electric Power Cooperative
Brazos Electric Power Cooperative Inc. is a 3,994-megawatt
transmission and generation cooperative which members' service
territory covers 68 counties from the Texas Panhandle to Houston.
It was organized in 1941 and the first cooperative formed in the
Lone Star state with the primary intent of generating and supplying
electrical power. At present, Brazos Electric is the largest
generation and transmission cooperative in the state and is the
wholesale power supplier for its 16 member-owner distribution
cooperatives and one municipal system.
Brazos Electric filed a voluntary petition for relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No.
21-30725) on March 1, 2021. At the time of the filing, the Debtor
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range.
Judge David R. Jones oversees the case.
The Debtor tapped Norton Rose Fulbright US, LLP as its bankruptcy
counsel; Foley & Lardner LLP and Eversheds Sutherland US LLP as
special counsel; Collet & Associates LLC as investment banker; and
Berkeley Research Group, LLC as financial advisor. Stretto is the
claims and noticing agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtor's case on March 15, 2021. The
committee is represented by the law firms of Porter Hedges, LLP and
Kramer, Levin, Naftalis & Frankel, LLP.
BRAZOS ELECTRIC: Hires Eversheds Sutherland as Special Counsel
--------------------------------------------------------------
Brazos Electric Power Cooperative, Inc. seeks approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Eversheds Sutherland US, LLP as special counsel.
The Debtor requires the firm's legal assistance in matters related
to finance, energy law and regulation, and derivatives.
Eversheds Sutherland will be paid at these rates:
Partners $555 to $1,295 per hour
Senior Counsel $395 to $1,335 per hour
Counsel $620 to $1,025 per hour
Associates $290 to $770 per hour
Paraprofessionals $220 to $475 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
The retainer fee is $60,000.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases,
Eversheds Sutherland disclosed the following:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Not applicable.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: The Debtor and the firm will develop a budget and
staffing plan to comply with the U.S. Trustee's
requests for information and additional
disclosures.
Mark Sherrill, Esq., a partner at Eversheds Sutherland, disclosed
in a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Mark D. Sherrill, Esq.
Eversheds Sutherland (US) LLP
1000 Louisiana Street, Suite 2000
Houston, TX 77002
Tel: (713) 470-6100
Email: marksherrill@eversheds-sutherland.com
Brazos Electric Power Cooperative
Brazos Electric Power Cooperative Inc. is a 3,994-megawatt
transmission and generation cooperative which members' service
territory covers 68 counties from the Texas Panhandle to Houston.
It was organized in 1941 and the first cooperative formed in the
Lone Star state with the primary intent of generating and supplying
electrical power. At present, Brazos Electric is the largest
generation and transmission cooperative in the state and is the
wholesale power supplier for its 16 member-owner distribution
cooperatives and one municipal system.
Brazos Electric filed a voluntary petition for relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No.
21-30725) on March 1, 2021. At the time of the filing, the Debtor
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range.
Judge David R. Jones oversees the case.
The Debtor tapped Norton Rose Fulbright US, LLP as its bankruptcy
counsel; Foley & Lardner LLP and Eversheds Sutherland US LLP as
special counsel; Collet & Associates LLC as investment banker; and
Berkeley Research Group, LLC as financial advisor. Stretto is the
claims and noticing agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtor's case on March 15, 2021. The
committee is represented by the law firms of Porter Hedges, LLP and
Kramer, Levin, Naftalis & Frankel, LLP.
BRAZOS ELECTRIC: Hires Foley & Lardner as Special Counsel
---------------------------------------------------------
Brazos Electric Power Cooperative, Inc. seeks approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Foley & Lardner, LLP as special and conflict counsel.
The firm's services include:
(a) representing and assist the Debtor in general contract
negotiations, bankruptcy, discrete litigation and general
financing;
(b) providing corporate and other related advice in the
bankruptcy context to the Debtor in consultation with other
professionals, and the Debtor's proposed general restructuring
counsel, arising during its Chapter 11 case; and
(c) serving as conflicts counsel as may be necessary during the
pendency of the Debtors bankruptcy case.
Foley & Lardner will be paid at these rates:
Partners $625 to $1,140 per hour
Senior Counsel/Of Counsel $455 to $820 per hour
Associates $305 to $480 per hour
Paraprofessionals $195 to $265 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
The retainer fee is $60,000.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Foley &
Lardner disclosed the following:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Not applicable.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: The Debtor and the firm will develop a budget and
staffing plan to comply with the U.S. Trustee's
requests for information and additional
disclosures.
Holland O'Neil, Esq., a partner at Foley & Lardner, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Holland N. O'Neil, Esq.
Foley & Lardner LLP
2021 McKinney Avenue, Suite 1600
Dallas, TX 75201
Tel: (214) 999-4961
Email: honeil@foley.com
Brazos Electric Power Cooperative
Brazos Electric Power Cooperative Inc. is a 3,994-megawatt
transmission and generation cooperative which members' service
territory covers 68 counties from the Texas Panhandle to Houston.
It was organized in 1941 and the first cooperative formed in the
Lone Star state with the primary intent of generating and supplying
electrical power. At present, Brazos Electric is the largest
generation and transmission cooperative in the state and is the
wholesale power supplier for its 16 member-owner distribution
cooperatives and one municipal system.
Brazos Electric filed a voluntary petition for relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No.
21-30725) on March 1, 2021. At the time of the filing, the Debtor
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range.
Judge David R. Jones oversees the case.
The Debtor tapped Norton Rose Fulbright US, LLP as its bankruptcy
counsel; Foley & Lardner LLP and Eversheds Sutherland US LLP as
special counsel; Collet & Associates LLC as investment banker; and
Berkeley Research Group, LLC as financial advisor. Stretto is the
claims and noticing agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtor's case on March 15, 2021. The
committee is represented by the law firms of Porter Hedges, LLP and
Kramer, Levin, Naftalis & Frankel, LLP.
BRAZOS ELECTRIC: Seeks to Hire Norton Rose as Bankruptcy Counsel
----------------------------------------------------------------
Brazos Electric Power Cooperative, Inc. seeks approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Norton Rose Fulbright US, LLP as its legal counsel.
The firm's services include:
a. advising the Debtor with respect to its powers and duties in
the continued management and operation of its business;
b. advising and consulting on the conduct of the Debtor's
Chapter 11 case, including all of the legal and administrative
requirements of operating in Chapter 11;
c. attending meetings and negotiating with representatives of
creditors and other parties in interest;
d. taking all necessary actions to protect and preserve the
Debtor's estate, including prosecuting actions on the Debtor's
behalf, defending any action commenced against the Debtor, and
representing the Debtor in negotiations concerning litigation in
which the Debtor is involved;
e. preparing legal papers;
f. representing the Debtor in connection with obtaining
authority to continue using cash collateral and post-petition
financing and any securitization matters;
g. advising the Debtor in connection with any potential sale of
its assets;
h. appearing before the bankruptcy court and any appellate
courts to represent the interests of the Debtor' estate;
i. advising the Debtor regarding tax matters;
j. taking all necessary actions to protect and preserve the
value of the Debtor's estate; and
k. other necessary legal services, including (i) analyzing the
Debtor's leases and contracts and the assumption and assignment or
rejection thereof; (ii) analyzing the validity of claims against
the Debtor and liens against its property; and (iii) advising the
Debtor on corporate and litigation matters.
Norton Rose will be paid at these rates:
Partners $700 to $1,350 per hour
Associates $355 to $855 per hour
Paralegals $230 to $480 per hour
Practice Support $100 to $520 per hour
Support Staff $150 to $380 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
The firm currently holds a retainer in the amount of $$548,536.03.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Norton
Rose disclosed the following:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Not applicable.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: The Debtor and the firm discussed a prospective
budget and staffing plan with the Debtor in
conjunction with the cash collateral and DIP
financing process.
Louis Strubeck, Jr., Esq., a partner at Norton Rose, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Louis R. Strubeck, Jr., Esq.
Norton Rose Fulbright US LLP
1301 McKinney Suite 5100
Houston, TX 77010-3095
Tel: (713) 651-5151
Email: louis.strubeck@nortonrosefulbright.com
Brazos Electric Power Cooperative
Brazos Electric Power Cooperative Inc. is a 3,994-megawatt
transmission and generation cooperative which members' service
territory covers 68 counties from the Texas Panhandle to Houston.
It was organized in 1941 and the first cooperative formed in the
Lone Star state with the primary intent of generating and supplying
electrical power. At present, Brazos Electric is the largest
generation and transmission cooperative in the state and is the
wholesale power supplier for its 16 member-owner distribution
cooperatives and one municipal system.
Brazos Electric filed a voluntary petition for relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No.
21-30725) on March 1, 2021. At the time of the filing, the Debtor
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range.
Judge David R. Jones oversees the case.
The Debtor tapped Norton Rose Fulbright US, LLP as its bankruptcy
counsel; Foley & Lardner LLP and Eversheds Sutherland US LLP as
special counsel; Collet & Associates LLC as investment banker; and
Berkeley Research Group, LLC as financial advisor. Stretto is the
claims and noticing agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtor's case on March 15, 2021. The
committee is represented by the law firms of Porter Hedges, LLP and
Kramer, Levin, Naftalis & Frankel, LLP.
BULLDOGGE FITNESS: Wins Cash Collateral Access Thru April 30
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois has
authorized Bulldogge Fitness Group, Inc. to use the cash collateral
of Wells Fargo Bank, N.A. on an interim basis through April 30,
2021 in accordance with the budget, with a 10% variance.
Prior to the Petition Date, the Debtor borrowed money from Wells
Fargo, pursuant to promissory notes, business loan agreements,
security agreements, pledge agreements, collateral assignments, and
other agreements, instruments, certificates and documents. As of
the Petition Date, there was and remains due and owing from the
Debtor to the Secured Lender under the Secured Lender Loan
Documents, the total amount, including principal and interest of
$1,219.414.31.
As of the Petition Date, the Secured Lender held a perfected lien
on substantially all of the Debtor's pre-petition assets, including
but not limited to, cash on hand, inventory, accounts, accounts
receivable, and general intangibles, together with the proceeds
thereof.
In return for the Debtor's continued interim use of Cash
Collateral, and to protect Wells Fargo against any diminution in
value of the collateral the Prepetition Secured Lender will receive
an administrative expense claim pursuant to Section 507(b) of the
Bankruptcy Code equivalent to any diminution in the value of its
cash collateral after the petition date.
The Prepetition Secured Lender and any other subordinate lien
holders are granted replacement liens, attaching to the Collateral
and any dent-in-possession bank account, but only to the extent of
their prepetition liens and only to the extent of priority that
existed on the date of filing. The order is without prejudice to
any future avoidance of the subordinate liens.
The liens granted are valid, perfected, and enforceable without
any further action by the Debtor and/or the Prepetition Secured
Lender and need not be separately documents.
A further hearing on the matter is scheduled for April 26, 2021 at
2 p.m.
A copy of the order and the Debtor's April operating budget is
available for free at https://bit.ly/3fQcfhc from PacerMonitor.com.
The Debtor projects a net income of $18,383 and total expenses of
$49,390.
About Bulldogge Fitness Group, Inc.
Bulldogge Fitness Group, Inc. operates a gymnasium and fitness
center in Downers Grove, Illinois, which is open to the general
public. Bulldogge has been adversely affected by the COVID-19
crisis and the disruption of business due to numerous State imposed
restriction on its operations.
Bulldogge sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ill. Case No. 21-03336) on March 15, 2021. In the
petition signed by Scott Schroeder, president, the Debtor disclosed
up to $50,000 in assets and up to $10 million in liabilities.
Judge Timothy A. Barnes oversees the case.
Richard G. Larsen, Esq. at SPRINGERLARSENGREENE, LLC is the
Debtor's counsel.
C.M. MEIERS: Trustee Seeks to Tap Epiq as Administrative Advisor
----------------------------------------------------------------
Bradley Sharp, the trustee appointed in the Chapter 11 case of C.M.
Meiers Company, Inc., seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Epiq Corporate
Restructuring, LLC as his administrative advisor.
The trustee requires an administrative advisor to locate creditors,
serve notices of the Debtor's Chapter 11 plan and disclosure
statement, tabulate ballots and prepare voting reports.
The Debtor's bankruptcy estate has approximately 200 creditors. As
the estate has been pending since 2012, the trustee anticipates
that there may be some difficulty in locating these creditors. The
trustee disclosed in court papers that he has recovered more than
$6 million through various litigations since the Debtor's Chapter
11 filing in 2012.
Epiq will receive a retainer in the amount of $25,000 for its
services. The hourly rates of Epiq's claim administration services
are as follows:
Clerical/Administrative Support $35 – $55
IT/Programming $65 – $85
Case Managers $85 – $165
Consultants/ Directors/Vice Presidents $165 – $195
Solicitation Consultant $195
Executive Vice President, Solicitation $215
Epiq will bill the trustee monthly. The trustee agrees to pay
out-of-pocket expenses incurred by the firm.
Sophie Frodhsam, a consulting director at Epiq, disclosed in a
court filing 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:
Sophie Frodhsam
Epiq Corporate Restructuring, LLC
777 Third Ave., 12th Floor
New York, NY 10017
Telephone: (415) 691-0775
Email: sophie.frodhsam@epiqglobal.com
About C.M. Meiers Company
C.M. Meiers Company Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 12-10229) on Jan. 9,
2012. At the time of the filing, C.M. Meiers disclosed assets of
between $1,000,001 and $10,000,000 and liabilities of the same
range.
The case is assigned to Judge Maureen Tighe. C.M. Meiers is
represented by Weintraub & Selth APC.
Bradley Sharp was appointed as Chapter 11 trustee for C.M. Meiers.
The trustee tapped Jenkins Mulligan & Gabriel, LLP as counsel and
Epiq Corporate Restructuring, LLC as administrative advisor.
CAR STEREO: Wins Cash Collateral Access
---------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
Miami Division, has authorized Car Stereo Trading, Inc. and MD
Audio Engineering, Inc. to use cash collateral on an interim basis
in accordance with the budget, nunc pro tunc to the petition date.
The Debtors requires the use of cash collateral on an interim basis
to pay obligations in the ordinary course of business and preserve
financial status quo.
The Debtors borrowed money from Eastern National Bank pursuant to a
loan agreement and security agreement, which has been perfected by
virtue of the filing of a UCC-1 financing statement, and that the
Debtors' obligations to Eastern constitute a legal, valid and
binding obligation of the Debtors.
Eastern National Bank has a first priority lien on the collateral
identified in the security agreement and UCC-1 financing
statement.
The Debtors cross-collateralized a loan agreement with Eastern
National Bank pursuant to a cross collateralization security
agreement, which has been perfected by virtue of the filing of a
UCC-1 financing statement, and that MD Audio's obligations to
Eastern constitute a legal, valid and binding obligation of Car
Stereo and MD Audio.
Eastern has a second priority lien on the collateral identified in
the security agreement and UCC-1 financing statement.
The Debtors entered into a Revenue Purchase Agreement with United
Company Funding which was secured by the filing of a UCC-1
financing statement, and that the Debtors' obligations to UC
Funding constitute a legal, valid and binding obligation of the
Debtors.
UC Funding has a third priority lien on the collateral identified
in the security agreement and UCC-1 financing statement.
Car Stereo borrowed money from the U.S. Small Business
Administration pursuant to a note and security agreement, and that
Car Stereo's obligations to the SBA constitute a legal, valid and
binding obligation.
The SBA has a fourth priority lien on the collateral identified in
the security agreement and UCC-1 financing statement.
MD Audio Engineering, Inc., borrowed money from the SBA pursuant to
a note and security agreement, and that MD Audio's obligations to
the SBA constitute a legal, valid and binding obligation.
The SBA has a fourth priority lien on the collateral identified in
the security agreement and UCC-1 financing statement.
As adequate protection with respect to the respective secured
creditors' interests in Cash Collateral, Eastern National Bank,
United Company Funding and the SBA are granted a replacement lien
in and upon all the categories and types of collateral in which it
held a security interest and lien as of the Petition date to the
same extent, validity and priority that they held as of the
Petition Date. The replacement lien granted to Eastern National
Bank, United Company Funding and the U.S. Small Business
Administration on the Replacement Collateral will be deemed an
automatically perfected postpetition lien against the Replacement
Collateral to the same extent and with the same validity and
priority as the prepetition lien, without the need to file or
execute any document as may otherwise be required under applicable
non-bankruptcy law.
The Debtor is directed to maintain insurance coverage for its
property in accordance with the obligations under the Loan
Documents.
A final hearing on the matter is scheduled for April 28, 2021 at
10:30 a.m.
A copy of the order and the Debtors' budget for March and April is
available for free at https://bit.ly/3cQbOSb from
PacerMonitor.com.
Car Stereo Trading projects gross sales of $475,162 and total
expenses and cost of goods sold of $21,353 for the month of April.
MD Audio projects gross sales of $145,000 and total expenses and
cost of goods sold of $125,541 for the month of April.
About Car Stereo Trading, Inc.
Car Stereo Trading, Inc. and MD Audio Engineering, Inc. sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
S.D. Fla. Case Nos. 21-11393 and 21-11394) on February 12, 2021. In
the petition signed by Jose L. Telle, president, the Debtor
disclosed $3,633,571 in assets and $512,847 in liabilities.
Judge Laurel M. Isicoff oversees the case.
Andres Montejo, Esq., at Law Offices of the General Counsel, is the
Debtors' counsel.
CARGO AIRCRAFT: Moody's Rates 2028 Add-on Unsecured Notes 'Ba3'
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 backed long-term
senior unsecured rating to the add-on senior unsecured notes due
2028 issued by Cargo Aircraft Management, Inc. (CAM), a subsidiary
of cargo aircraft leasing specialist Air Transport Services Group,
Inc. (ATSG; Ba2 corporate family rating). The outlook for CAM and
ATSG is positive.
Assignments:
Issuer: Cargo Aircraft Management, Inc.
Backed Senior Unsecured Regular Bond/Debenture, assigned Ba3
RATINGS RATIONALE
Moody's assigned a Ba3 rating to CAM's senior notes based on the
credit characteristics of guarantor ATSG as well as the notes'
senior unsecured priority in ATSG's capital structure. ATSG expects
to use proceeds of the notes to repay amounts outstanding under the
company's revolving credit facility.
ATSG's ratings reflect the company's strong position as a leading
provider of air cargo fleet leasing and related services, including
crew, maintenance and insurance (CMI) services, as well as its
strong earnings prospects from its growing lease fleet, high
margins and effective liquidity management. Though ATSG's operating
results in its passenger services business weakened in 2020 as a
result of the coronavirus-led downturn in the aviation sector, its
consolidated results have been more resilient than lessors of
passenger aircraft. This reflects the operating strength of ATSG's
large cargo aircraft leasing business, particularly the leasing and
CMI services associated with the time-definite scheduled package
delivery operations of key customers including Amazon.com, Inc. (A2
positive) and DHL (owned by Deutsche Post AG, A3 stable).
ATSG's credit challenges include its high customer concentrations
with the US Department of Defense, Amazon, and DHL. This challenge
is partially offset by the benefits from the high credit quality of
these customers and their long-term need for the services provided
by ATSG. Additionally, Moody's views Amazon's 19.5% minority
interest in ATSG after exercising certain warrants will result in
an alignment of interests that reduces the risk that Amazon's
business relationships with ATSG will diminish. ATSG remains
exposed to the cyclicality of the air transportation industry, a
further credit challenge.
ATSG's outlook is positive based on Moody's expectation that the
company's capital position will continue to strengthen and its
debt-to-adjusted EBITDA leverage will continue to decline in 2021.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Moody's could upgrade ATSG's ratings if the company achieves and
maintains profitability measured as the ratio of net income to
average assets that compares well with peers, further strengthens
its tangible equity to tangible assets ratio, reduces its
debt-to-adjusted EBITDA leverage further toward 2.5x, effectively
manages its customer concentrations, and if its capital
expenditures and fleet growth occur at a moderate pace.
Though a downgrade is not likely over the next 12-18 months given
the positive outlook, Moody's could downgrade ATSG's ratings if the
company's operating results deteriorate, its capital or liquidity
profiles weaken as a result of debt-financed acquisitions or
capital expenditures, or if the company loses a material customer
or suffers a business disruption that weakens its financial
prospects.
The principal methodology used in this rating was Finance Companies
Methodology published in November 2019.
CASTEX ENERGY: Unsecured Creditors Ask for More in Plan Docs
------------------------------------------------------------
Law360 reports that the official committee of unsecured creditors
in the bankruptcy case of oil and gas driller Castex Energy
objected to the debtor's Chapter 11 disclosure statement Friday,
April 9, 2021, telling a Texas court that the document doesn't
provide sufficient information for creditors to cast an informed
vote on the proposed plan.
In the objection, the committee said the filed Chapter 11 plan
contemplates the creation of a liquidation trust that will be
tasked with winding down certain of Castex's drilling operations,
with unsecured creditors receiving the proceeds of the trust after
well-plugging obligations and priority claims are satisfied.
About Castex Energy 2005 Holdco
Castex Energy 2005 Holdco, LLC and its affiliates, Castex Energy
2005, LLC, Castex Energy Partners, LLC, and Castex Offshore, Inc.,
sought protection under Chapter 11 of the Bankruptcy Code on
February 26, 2021 (Bankr. S.D. Tex. Lead Case No. 21-30710) on
February 26, 2021. The petitions were signed by chief
restructuring officer, Douglas J. Brickley. At the time of the
filing, the Debtors estimated their assets and liabilities at $100
million to $500 million.
Judge David R. Jones oversees the case. The Debtors are represented
by Matthew Okin, Esq. at Okin Adams LLP. The Debtors tapped The
Claro Group, LLC as their Financial Advisors, Thompson & Knight LLP
as their Special Counsel and Conflicts Counsel, and Donlin, Recano
& Company, Inc. as their Notice, Claims & Balloting Agent.
CEC ENTERTAINMENT: S&P Rates New $600MM 1st-Lien Sec. Notes 'CCC'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'CCC' issue-level rating and '4'
recovery rating to CEC Entertainment LLC's new $600 million
first-lien senior secured notes due in 2026. The '4' recovery
rating indicates its expectation for average (30%-50%; rounded
estimate: 40%) recovery in the event of a default.
The company will use the proceeds to refinance its $200 million
first-lien exit term loan and $175 million second-lien exit term
loan, with the balance going toward balance sheet cash and a
make-whole premium.
S&P said, "Our 'CCC' issuer credit rating and negative outlook on
CEC are unchanged. They reflect our view that despite the gradual
recovery of the out-of-home entertainment industry, CEC will still
face an arduous path to recover sales and EBITDA improvement given
its unique business model. We believe its liquidity position will
improve when the transaction completes. However, a potential
delayed recovery or uneven performance could meaningfully reduce
the liquidity cushion in 2021."
ISSUE RATINGS - RECOVERY ANALYSIS
Key analytical factors
-- CEC's pro forma capital structure comprises a $50 million
superpriority revolving credit facility due in 2025 (unrated) and
$600 million first-lien senior secured notes due in 2026.
-- S&P simulates a default in 2022 because of a steep decline in
sales and EBITDA stemming from unfavorable industry conditions and
a global recession.
-- Given the scale of the business and its customer base, S&P
values CEC as a going concern and believe it would reorganize in a
bankruptcy scenario.
Simulated default assumptions
-- Simulated year of default: 2022
-- EBITDA at emergence: $63.5 million
-- Implied enterprise value (EV) multiple: 5x
-- Estimated gross EV at emergence: $317 million
Simplified waterfall
-- Net EV after 5% administrative costs: $301 million
-- Valuation split(obligors/nonobligors/unpledged): 100%/0%/0%
-- Revolver credit facility claims (assumes 85% draw at default):
$38 million*
-- Revolver credit facility recovery expectations: unrated
-- First-lien notes claims: $621 million*
--Recovery expectations: 30%-50% (rounded estimate: 40%)
*All debt amounts include six months of prepetition interest.
CITGO PETROLEUM: Fitch Alters Outlook on 'B' LT IDR to Stable
-------------------------------------------------------------
Fitch Ratings affirmed the Long-Term Issuer Default Rating (IDR) of
CITGO Petroleum (Opco) at 'B' and CITGO Holding (Holdco) at 'CCC+',
Opco's senior secured term loans, notes, and industrial revenue
bonds at 'BB'/'RR1', and Holdco's senior secured term loans and
bonds at 'B+'/'RR1'. Fitch withdrew the ratings on Opco's $650
million July 2021 term loan, which was repaid earlier. The Rating
Outlook was revised to Stable from Negative.
The Outlook revision reflects CITGO's improved liquidity and
maturity wall along with signs that the pandemic recovery will
continue to accelerate.
CITGO's ratings are supported by the quality of its refining
assets, modest capex requirements, improved liquidity, favorable
impact of recent refinancing activity, and a recovering
macroeconomic environment for refiners.
Rating concerns include operational risks from U.S. sanctions;
heightened contagion effects associated with CITGO's ownership by
PDVSA; and potential structural changes to working from home and
business travel trends that could impact long-term transport
demand.
The Ratings for Opco's $650 million July 2021 term loan was
withdrawn as it was repaid earlier.
KEY RATING DRIVERS
Improved Liquidity: In 4Q20, Opco's liquidity increased to $1.264
billion from $971 million, largely due to its reinstated $250
million A/R Securitization facility. Cash also rose to $1,014
million, helped by reduced inventory levels needed in a lower
demand environment. An additional $550 million in cash tax refunds
from the CARES Act is anticipated around 2Q21. Fitch believes CITGO
has adequate liquidity to get through a prolonged downturn in
2021.
Recovery Gains Steam: Fitch expects the downstream recovery will
strengthen in 2H21 driven by increased U.S. vaccination rates, the
passage of a $1.9 trillion U.S. stimulus package, and the release
of pent-up leisure and holiday travel demand. Core refined product
demand continues to recover, with both gasoline and distillate
having made up most of the declines seen since the pandemic lows.
Crack spreads are showing strength heading into the driving season,
and TSA checkpoint numbers for travellers have also trended higher.
Other factors could slow the return to complete pre-pandemic demand
levels, including a lagging vaccine rollout in Europe, weakness in
international travel, and potential changes to working from home
and business travel trends.
Pandemic Hits Credit Metrics: Pandemic conditions and
hurricane-related downtime at its largest refinery, Lake Charles,
resulted in record low 2020 results. As calculated by Fitch, Opco's
EBITDA declined to -$587 million, versus positive $1.05 billion the
year prior. CITGO saw extensive planned maintenance, with Lake
Charles incurring an additional six weeks of downtime due to
hurricane activity. As a higher complexity refiner, CITGO has also
been unfavorably impacted by tighter light-heavy crude
differentials, driven by OPEC curtailments, and increased
competition from Asian refiners for heavy sour barrels in the
gulf.
Change of Control Risks: The financial weakness of CITGO's indirect
parent PDVSA, which is owned by the government of Venezuela, means
there are multiple paths that could trigger change of control
clauses and a forced refinancing in CITGO's debt. These include
creditor lawsuits against PDVSA and affiliates seeking to obtain
judgements for litigation/arbitration awards in U.S. courts,
actions by PDVSA's secured exchange note holders to collect on
pledge of 50.1% of CITGO Holding's capital stock; and any future
actions by OFAC to allow such a share sale to proceed.
CITGO's notes contain a two-part test (less than majority ownership
by PDVSA and a failure by rating agencies to affirm ratings within
90 days). Fitch also believes its credit profile would likely
improve under different ownership. These factors should limit
bondholder incentives to tender if change of control was triggered.
Nonetheless, this risk remains a key overhang on the credit. All of
CITGO's drawn debt contains this double trigger.
Access to Capital: The legacy effects of PDVSA ownership, including
change of control risks, as well as the impact of various Office of
Foreign Assets Control (OFAC) sanctions on entities doing business
with Venezuela, are also an overhang for the company in terms of
capital market access. In 2019, CITGO had to replace revolver
liquidity with a drawn term loan, given bank concerns about OFAC
sanctions against Venezuelan entities. Fitch believes CITGO has
access to a capital pool that is narrow but deep.
Covenant Waiver: At the end of 2020, Opco received a waiver to
increase its net debt-to-capitalization ratio from 60% to 70%,
effective until Q1 of 2022. The waiver creates additional headroom
if the downturn is prolonged. The company didn't apply for a waiver
for covenants governing distributions to CITGO Holdco (positive
dividend basket, maximum net debt to cap of 55% and minimum $500
million in liquidity pro forma post distribution). Holdco has
enough liquidity to service its debt without additional dividends
from Opco until at least July 2022, but this could become an issue
thereafter if market conditions are weak. The dividend basket at
the end of Q420 was -$81 million, and CITGO would need to earn its
way back to positive basket before re-starting distributions.
Parent-Subsidiary Linkage: Fitch rates the IDR of Holdco two
notches below that of its stronger subsidiary, Opco. The notching
stems from the significant legal and structural separations between
the two, primarily the strong covenant protections for Opco's debt,
which limits the ability of the direct parent to dilute its credit
quality. Key covenants include limitations on guarantees to
affiliates, restrictions on dividends, asset sales and restrictions
on the incurrence of additional indebtedness. Opco does not
guarantee Holdco debt and a Holdco default does not cross default
Opco.
Holdco: The ratings for Holdco reflect its structural subordination
to Opco and its reliance on Opco to provide dividends to cover its
significant debt service requirements. Dividends from Opco provide
the majority of debt service capacity at Holdco and are driven by
refining economics and the restricted payments basket. Holdco's
pledged security includes approximately $40 million-$50 million in
run-rate EBITDA from midstream assets available for interest
payments. These logistics assets are pledged as collateral under
the Holdco debt package.
DERIVATION SUMMARY
At 769,000 bpd day of crude refining capacity, CITGO is smaller
than peer refiners such as Marathon Petroleum Corporation
(BBB/Negative) at 2.9 million bpd, Valero Energy Corporation
(BBB/Negative) at 2.6 million bpd, and PBF Holding (B+/Negative) at
1.04 million bpd. However, it is larger than HollyFrontier
Corporation (BBB-/Negative) at 405,000 bpd and CVR Refining
(BB-/Negative) at 206,500 bpd.
CITGO lacks the earnings diversification from ancillary businesses
seen at a number of peers in areas such as logistics master limited
partnerships, chemicals, renewables or retail. However, CITGO's
core refining asset profile is strong and relatively flexible,
given the high complexity of its refineries, which allows it to
process a large amount of discounted heavy and light shale crudes.
Crude differentials have been compressed in the pandemic-led
downturn, particularly light-heavy spreads, which have been a key
support for CITGO.
Legacy PDVSA ownership and related capital markets access issues
remain a key overhang on the issuer despite its relatively good
asset profile.
KEY ASSUMPTIONS
-- West Texas Intermediate (WTI) oil prices of $55/bbl in 2021,
and $50/bbl thereafter;
-- Refinery throughput recovers from a pandemic low of 638,000
bpd in 2020 to 684,000 bpd in 2021, 736,000 bpd in 2022 and
780,000 bpd in 2023;
-- Cash operating expenses/bbl decline from $6.24/bbl in 2020 to
$5.40/bbl in 2021, $5.18/bbl in 2022, and $5.13/bbl in 2023 in
line with rising throughput volumes;
-- CARES cash tax refund of received in 2021, improving
liquidity;
-- Capex of $280 million in 2021 stepped up across the forecast
as conditions normalize and flexibility to make moderate
strategic investments increases;
-- Company resumes dividends up to Holdco beginning in 2022.
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes that CITGO Corporation would be
reorganized as a going-concern in bankruptcy rather than
liquidated.
Fitch has assumed a 10% administrative claim.
Going-Concern (GC) Approach
The GC EBITDA estimate of $975 million reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which Fitch
bases the enterprise valuation (EV). This value is moderately lower
than the previous GC estimate and reflects the industry's move from
current trough conditions to low midcycle conditions, with somewhat
narrower crude spreads assumed due to structural changes in the
market.
An EV multiple of 5.0x was applied to the GC EBITDA to calculate a
post-reorganization EV of $4.875 billion. This is below the median
5.7x exit multiple for energy in Fitch's Energy, Power and
Commodities Bankruptcy Enterprise Value and Creditor Recoveries
(Fitch Case Studies - August 2020), but above the multiple for the
only refining-related bankruptcy contained in that study,
Philadelphia Energy Solutions. It is also higher than the multiple
used for HY refining peer PBF Holdings (3.75x), given PBF's weaker
asset profile, as evidenced by its need to idle portions of its
East Coast refining system during the pandemic.
Liquidation Approach
The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.
For liquidation value, Fitch used an 80% advance rate for the
company's inventories since crude and refined products are
standardized and easily re-sellable in a liquid market to peer
refiners, traders or wholesalers. Fitch also assigned relatively
light discounts to CITGO's net PP&E, based on historical refining
transactions. In conjunction with A/R, these items summed to a
total liquidation value of $3.85 billion.
The maximum of these two approaches was the going concern approach
of $4.875 billion.
A standard waterfall approach was then applied. Subtracting 10% for
administrative claims resulted in an adjusted EV of $4.39 billion,
which resulted in a three-notch recovery (RR1) for all of CITGO
Petroleum's secured instruments (including the new notes), which
are pari passu.
A residual value of approximately $1.43 billion remained after this
exercise. This was applied in a second waterfall at CITGO Holdco,
whose debt is subordinated to that of Opco. The $1.43 billion was
added to approximately $360 million in going concern value
associated with the Midstream assets ($45 million in assumed
run-rate midstream using an 8x multiple), as well as $196 million
in restricted cash, most of which was escrowed in a debt service
reserve account for the benefit of secured Holdco debt. This
resulted in total initial value at Holdco of approximately $1.99
billion. No administrative claims were deducted in the second
waterfall. Holdco secured debt also recovered at the 'RR1' level.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
CITGO Petroleum:
-- Improved market access;
-- Reduced overhang associated with legacy PDVSA ownership
issues;
-- Mid-cycle debt/EBITDA below 3.0x
-- Mid-cycle FFO leverage below approximately 4.0x.
CITGO Holding:
-- Improved market access;
-- Reduced overhang associated with legacy PDVSA ownership
issues;
-- Alleviation of restrictions on R/P basket or otherwise
increased ability to make dividends to Holdco;
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
CITGO Petroleum:
-- Deterioration in liquidity/market access;
-- Mid-cycle debt/EBITDA above 4.0x
-- Mid-cycle FFO leverage above approximately 5.5x;
-- Weakening or elimination of key covenant protections in the
CITGO senior secured debt documents.
CITGO Holding:
-- Deterioration in market access
-- Sustained inability of Holdco to receive dividends due to R/P
basket restrictions;
-- Weakening or elimination of key covenant protections in CITGO
Holding senior secured debt documents.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Liquidity Improving: At YE 2020, Opco's liquidity increased to
$1.264 billion vs. $971 million at Q3. The largest source of the
increase was the company's newly reinstated $250 million A/R
Securitization facility (undrawn at Q4), however cash also rose
modestly to $1,014 million, helped by improved working capital. The
majority of OpCo's cash is from proceeds of a $1.2 billion term
loan, which was issued in 2019 as replacement liquidity for a
terminated senior secured revolver. Opco's liquidity is set to
further improve around Q2, as the company is expected to receive an
additional $550 million in tax refunds on a consolidated basis from
the CARES Act.
Holdco Liquidity Adequate: Liquidity at the Holdco level was also
adequate, and included cash available to Holdco of $118 million, as
well as approximately $200 million in restricted cash mostly
associated with the debt service reserve account to meet Holdco
debt payments, and FCF from midstream assets dedicated to Holdco.
While Opco is unable to distribute money to Holdco until it earns
its way back from losses in its dividend basket (-$81 million as of
YE 2020), the company estimates it has adequate liquidity to
service Holdco debt until July 2022.
CORNUS MONTESSORI: Seeks to Hire Kian Veissy as Broker
------------------------------------------------------
Cornus Montessori, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Virginia to employ Kian Veissy
Real Estate Services as broker.
The Debtor requires a broker to market and sell its Montessori
school daycare business in Chantilly, Va.
The firm will be paid a commission of 8 percent of the sales price
or $12,000, plus an initial fee of $250. It will also receive
reimbursement for out-of-pocket expenses incurred.
Kian Veissy, a partner at Kian Veissy Real Estate Services,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Kian Veissy
Kian Veissy Real Estate Services
8000 Tower Crescent Dr., Suite 1350
Vienna, VA 22182
Tel: (301) 956-6004
About Cornus Montessori
Cornus Montessori, LLC, owner of a Montessori school and daycare
business in Chantilly, Va., sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No.
21-10213) on Feb. 11, 2021. At the time of the filing, the Debtor
was estimated to have assets of less than $50,000 and liabilities
of $100,001 to $500,000. Christopher Rogan, Esq. at
Roganmillerzimmerman, PLLC, serves as the Debtor's legal counsel.
CRC BROADCASTING: Wins Cash Collateral Access Thru April 30
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona has
authorized CRC Broadcasting Co. to use cash collateral on an
interim basis, in accordance with the approved budget, through
April 30, 2021, with a 5% variance.
The Debtor entered into several loan documents. These loan
documents are:
(a) Loan number 2900000248 on May 8, 2015 for a principal
balance of $725,000, evidenced by a Promissory Note, Loan
Agreement, General Security Agreement, UCC Financing Statement
dated May 15, 2015 (filing #2015-001-6915-2), Resolutions of the
Board of Directors of CRC Broadcasting Company, Inc., Collateral
Assignment of Marks, Guaranty executed by CRC Media West, LLC,
Guaranty executed by Ronald E. Cohen as Trustee of The Ronald Cohen
Family Trust, Guaranty executed by Ronald E. Cohen, a Certificate
of Borrower and Guarantors, Forbearance Agreement entered July 1,
2018, and a Second Forbearance Agreement entered December 1, 2018;
(b) Loan number 2900000249 on May 8, 2015 for a principal
balance of $90,000, evidenced by a Promissory Note, Loan Agreement,
General Security Agreement, UCC Financing Statement dated May 15,
2015 (filing #2015-001-6915-2), Resolutions of the Board of
Directors of CRC Broadcasting, Collateral Assignment of Marks,
Guaranty executed by the Trust, Guaranty executed by CRC Media,
Guaranty executed by Cohen, a Certificate of Borrower and
Guarantors, Forbearance Agreement entered July 1, 2018, and a
Second Forbearance Agreement entered December 1, 2018;
(c) Loan number 2900000250 on May 8, 2015 for a principal
balance of $200,000, evidenced by a Revolving Line of Credit
Promissory Note, Revolving Line of Credit Agreement, General
Security Agreement, UCC Financing Statement dated May 15, 2015
(filing #2015-001-6915-2), Resolutions of the Board of Directors of
CRC Broadcasting, Collateral Assignment of Marks, Guaranty executed
by the Trust, Guaranty executed by CRC Media, Guaranty executed by
Cohen, Certificate of Borrower and Guarantors, Loan Extension and
Modification Agreement dated April 28, 2017, Second Loan
Modification Agreement dated October 16, 2017, Forbearance
Agreement entered July 1, 2018, Second Forbearance Agreement
entered December 1, 2018, Change in Terms Agreement dated March 4,
2019, Third Loan Modification Agreement dated July 31, 2019, and
Subordination Agreement dated July 31, 2019.
(d) Loan number 2900000422 on April 28, 2017 for a principal
balance of $650,000, evidenced by a Promissory Note, Loan
Agreement, General Security Agreement, UCC Financing Statement
dated May 15, 2015 (filing #2015-001-6915-2), Resolutions of the
Manager and Members of CRC Media, Resolutions of the Board of
Directors of CRC Broadcasting, Guaranty executed by the Trust,
Guaranty executed by CRC Media, Guaranty executed by Cohen,
Certificate of Borrower and Guarantors, Deed of Trust and
Assignment of Leases and Rents -- 9660 East Camino Del Santo,
Scottsdale, Arizona 85260, Asset Purchase Agreement dated November
4, 2016, Loan Extension and Modification Agreement, Forbearance
Agreement entered July 1, 2018, and a Second Forbearance Agreement
entered December 1, 2018.
The Loan Documents are valid and enforceable agreements in
accordance with their terms and constitute legal, valid, binding
obligations of the Debtor enforceable in accordance with their
terms.
In addition, the Debtor guaranteed, and cross-collateralized with
its own assets, the debts of its sister company, CRC Media West,
LLC. CRC Media filed a Chapter 11 case on the same day as the
Debtor. The Debtor's guarantees of CRC Media's debt are evidenced
by Guaranty Agreements entered in connection with a Loan number
2900000251 from Desert Financial Federal Credit Union to CRC Media,
entered on May 8, 2015.
As of the petition date, the Debtor was and continues to be in
default under the Loan Documents. As a result of its own primary
debts, and the debts of CRC Media that it guaranteed and secured,
the Debtor owes Desert Financial no less than $1,477,963 under the
Loan Documents as of February 28, 2020.
As security for the obligations of the Debtor under the Loan
Documents, the Debtor granted Desert Financial first-priority liens
and senior security interests in all of Debtor's property,
including, without limitation, cash.
As adequate protection, Desert Financial is granted replacement
liens on all Debtor's property after the Petition Date. The
Replacement Liens will secure Desert Financial to the extent
necessary to adequately protect it from any diminution in value of
its interests in estate property as of the Petition Date, and will
have the same validity, priority, and enforceability as Desert
Financial's liens on the same assets as of the Petition Date.
The Replacement Liens also encumber estate property that otherwise
would be unencumbered in accordance with Bankruptcy Code section
552.
Desert Financial is also granted a superpriority administrative
expense claim under Bankruptcy Code section 507(b) (without the
need to file or request any such claim with the Bankruptcy Court or
otherwise), to the extent Replacement Liens above do not adequately
protect Desert Financial for any diminution of collateral,
including Cash Collateral.
Crestmark Vendor Finance, a division of MetaBank has asserted that
it has a perfected, first priority purchase money security interest
in certain specified collateral pursuant to Equipment Finance
Agreement # 153522 entered into between Regents Capital Corporation
and CRC Media West, LLC, which Equipment Finance Agreement was
subsequently assigned by Regents Capital to Crestmark.
The Debtor asserts that in April 2020 it received a $10,000 advance
under the Economic Injury Disaster Loan Emergency Advance program
(however, its loan application was ultimately denied). Desert
Financial asserts that such Advance now constitutes Cash
Collateral, which is disputed by the Debtor. The Debtor proposes
to use $5,000 of the Advance to purchase an air conditioner unit
discussed between the Parties. Desert Financial approves the
purchase of the Unit, which constitutes collateral of Desert
Financial under the Loan Documents. The Debtor is authorized to
use the remaining $5,000 of the Advance solely for the expenses set
forth in the Budget.
About CRC Broadcasting Co.
CRC Broadcasting Company, Inc., a broadcast media company based in
Scottsdale, Ariz., filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-02349) on March 6,
2020, listing under $1 million in both assets and liabilities.
Judge Paul Sala oversees the case.
Allan D. NewDelman, Esq., at Allan D. NewDelman, P.C., is the
Debtor's legal counsel.
DESIGN MASSAGE: Claims Will be Paid From Continued Operations
-------------------------------------------------------------
Design Massage Therapy, LLC, submitted a Second Amended Plan of
Reorganization.
The Debtor's primary assets consist of real property improvements
located in Kansas City, Jackson County, Missouri through which
rental income is generated.
The Debtor has taken several steps to improve profitability and
expand its business offerings. These positive significant events
include:
* Aggressively learning about COVID‐19 massage preparedness
procedures to position itself as unique in the market, ready to
capture returning business when the pandemic is under control.
* In support of its rental operations, the Debtor has also
obtained three newly negotiated five‐year leases from existing
tenants. One of those tenant's is Dana K. Bennett, the Managing
Member of the Debtor. The other two tenants are current long‐term
renters whose prior leases had expired.
* The Debtor has entered‐into an informal partnership known
as PDP Cleaning that provides cleaning services to both residential
and business properties, thus providing an additional avenue of
revenue.
Class 1 consists of the secured claim of Normandy Capital Trust by
and through its trustee Wilmington Savings Fund, FSB for Debtor's
real property located at 1201 E. 108th Street, Kansas City,
Missouri. Secured Creditor shall be paid in full over a term of 5
years, at the Creditor's agreed rate of interest and will receive
monthly payments of $2,479.55 through its Servicer Wilmington
Savings Fund.
There are no non-priority unsecured claims involved in this
Bankruptcy.
Membership interest holder Dana K. Bennett will retain her interest
in the Debtor as: 1) There are no non-priority unsecured creditors,
2) Priority and secured creditors are being paid under the plan,
and 3) In return for New Value Compensation.
This Plan of Reorganization under chapter 11 of the Bankruptcy Code
proposes to pay creditors of Design Massage Therapy, LLC from
income generated by the continued operations of the Debtor,
including income generated from massage therapy services (both on a
remote basis and from the Debtor's real property), from rental
income generated by the Debtor's real property, and from PDP
cleaning services.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $1,287.94 per month before
owner draws. The per month disposable income of Debtor will be
taken by the Debtor's owner, Dana K. Bennett, as an owner's draw,
to allow for the payment of personal expenses, which include rent
payments to the Secured Creditor, Normandy Capital Trust, by and
through its trustee Wilmington Savings Fund, FSB. The final Plan
payment is expected to be paid on or about April 2026.
A full-text copy of the Second Amended Plan of Reorganization dated
April 8, 2021, is available at https://bit.ly/3t9z977 from
PacerMonitor.com at no charge.
The Debtor is represented by:
John L. Lentell, Esq.
John L Lentell JD MBA LLC
4630 W. 137th Street, Suite 107
Leakwood, KS 66224
Tel: (913) 400-2032
Fax: (913) 400-2082
Email: jlentell@lentell-lawoffice.com
About Design Massage Therapy
Design Massage Therapy, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Mo. Case No. 20-41167) on June 23,
2020. At the time of the filing, the Debtor was estimated to have
assets of between $100,001 and $500,000 and liabilities of between
$50,001 and $100,000. Judge Brian T. Fenimore oversees the case.
John L. Lentell JD MBA, LLC is Debtor's legal counsel.
DUPONT STREET: Seeks to Hire Robinson Brog as Legal Counsel
-----------------------------------------------------------
Dupont Street Developers, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to employ
Robinson Brog Leinwand Greene Genovese & Gluck, P.C. as its legal
counsel.
The firm's services include:
(a) advising the Debtor with respect to its powers and duties
under the Bankruptcy Code in the continued operation of its
business and management of its property;
(b) negotiating with creditors, preparing a plan of
reorganization and taking the necessary legal steps to consummate
the plan, including, if necessary, negotiations with respect to
plan financing;
(c) appearing before the various taxing authorities to work
out a plan to pay taxes owing in installments;
(d) preparing legal documents;
(e) appearing before the court;
(f) other legal services necessary to administer the Debtor's
Chapter 11 case.
The hourly rates charged by the firm are as follows:
Associates $410 - $500 per hour
Paralegals $250 - $285 per hour
Shareholders $475 - $775 per hour
DuPont Street 1 LLC, a secured creditor, advanced $150,000 under
its loan agreement on behalf of the Debtor, which was paid directly
to Robinson Brog, to cover fees in preparation of the Debtor's
Chapter 11 filing. Robinson Brog has applied $145,783 on account
of its pre-bankruptcy services and has written off approximately
$35,000. The firm currently holds a retainer of $2,500.
A. Mitchell Greene, Esq., a partner at Robinson Brog, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
A. Mitchell Greene, Esq.
Robinson Brog Leinwand Greene Genovese & Gluck P.C.
875 Third Avenue
New York, NY 10022
Tel: (212) 603-6300
Email: amg@robinsonbrog.com
About Dupont Street Developers
Dupont Street Developers, LLC is engaged in activities related to
real estate. It owns premises at 49-55 Dupont St., Brooklyn, N.Y.,
having a current value of $57.12 million.
Dupont Street Developers filed for Chapter 11 protection (Bankr.
E.D.N.Y. Case No. 21-40664) on March 17, 2021. Bo Jin Zhu,
manager, signed the petition. The Debtor disclosed $57,125,000 in
assets and $58,925,731 in liabilities at the time of the filing.
Judge Elizabeth S. Stong oversees the case.
Robinson Brog Leinwand Greene Genovese & Gluck P.C., led by
Mitchell A. Greene, Esq., is the Debtor's legal counsel.
ENTRUST ENERGY: Gets OK to Hire BMC Group as Claims Agent
---------------------------------------------------------
Entrust Energy, Inc. and its affiliates received approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
BMC Group, Inc. as claims noticing and solicitation agent.
The firm will oversee the distribution of notices and the
maintenance, processing and docketing of proofs of claim filed in
the Debtors' Chapter 11 cases.
BMC Group will be paid at these rates:
Clerical & Document Custody $35 to $45 per hour
Analysts/Case Support Associates $85 to $125 per hour
Technology/Programming $45 to $85 per hour
Consultants/Senior Consultants $85 to $125 per hour
Project Manager/Director $150 per hour
Executive No charge
The firm will also be reimbursed for out-of-pocket expenses
incurred.
The retainer fee is $25,000.
Tinamarie Feil, a partner at BMC Group, disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Tinamarie Feil
BMC Group, Inc.
600 1st Ave.
Seattle, WA 98104
Tel: (206) 499-2169
Email: tfeil@bmcgroup.com
About Entrust Energy
Houston, Texas-based Entrust Energy generates, transmits and
distributes electrical energy to homes and businesses.
Entrust Energy and 14 of its affiliates sought Chapter 11
bankruptcy protection (Bankr. S.D. Texas Lead Case No. 21-31070) on
March 30, 2021. Entrust Energy had estimated assets of between
$100 million and $500 million and liabilities of between $50
million and $100 million as of the bankruptcy filing.
Baker & Hostetler LLP, led by Elizabeth A. Green, Esq., is the
Debtors' legal counsel. BMC Group, Inc. is the claims noticing and
solicitation agent.
EVERGREEN ACQCO 1: Moody's Assigns B2 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service assigned ratings to Evergreen AcqCo 1 LP
(dba Savers) including a B2 corporate family rating and a B2-PD
probability of default rating. In addition, Moody's assigned a B2
rating to Savers' proposed $600 million senior secured first lien
term loan. The outlook is stable. The proceeds will be used to
fully repay the company's existing debt as well as fees and
expenses associated with the transaction. Moody's ratings and
outlook are subject to receipt and review of final documentation.
The B2 CFR assignment reflects Savers' moderate pro forma leverage
post-transaction with debt/EBITDA in the mid-6x range for the LTM
period January 2, 2021. Leverage is expected to rapidly recover to
the mid-5x range in the first half of 2021 as Savers anniversaries
the period of store closures in the spring of 2020. The rating also
reflects Savers' good liquidity including its improved ability to
generate free cash flow given its lower interest expense following
the close of the transaction. The rating incorporates governance
considerations given the company's private equity ownership.
Private equity owners tend to have more aggressive financial
strategies.
Assignments:
Issuer: Evergreen AcqCo 1 LP
Probability of Default Rating, Assigned B2-PD
Corporate Family Rating, Assigned B2
Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3)
Outlook Actions:
Issuer: Evergreen AcqCo 1 LP
Outlook, Assigned Stable
RATINGS RATIONALE
Savers' B2 CFR is constrained by its small scale compared to other
rated retailers, FX exposure given its Canadian and Australian
businesses and its exposure to wage increases as a majority of its
employees are low wage workers. An increase in minimum wage above
its current wages would cause margin compression. Savers is also
exposed to rag price changes however there is less reliance on its
recycling business as a driver of EBITDA than in years past.
Savers' B2 CFR is supported by Moody's expectation that Savers will
use its free cash flow for debt repayment and investment in the
core business and that Savers will not complete any leveraging
transactions such as debt-financed acquisitions or dividend
recapitalizations. The rating also reflects Savers' improved
margins from an improved supply mix with a greater proportion of
on-site deliveries. Moody's expects the combination of debt
repayment and moderate earnings growth to drive leverage to reach
5x over the next 18 months.
Savers benefits from its differentiated business model and market
position in for-profit thrift in the US and Canada. Savers also
benefits from its track record of recession-resistant growth in its
core store operations as its average price point is under $5. The
company has taken steps to reduce its FX exposure through hedging
and also through an increased share of EBITDA in the US vs Canada.
Capital investments in new central processing centers ("CPCs") and
automated book processing centers ("ABPs") should reduce exposure
to wage increases as these investments will reduce the labor needed
to sort through product.
The stable outlook reflects the expectation that the recent margin
enhancement will be sustained and deleveraging will occur through
earnings growth while maintaining good liquidity.
Savers has good liquidity reflecting Moody's expectation of cash
balances of around $50 million following the close of the
transaction and free cash flow generation over the next 18 months.
Moody's expects the CPC and ABP projects to increase capital
expenditures to the $45-$50 million range over the next few years.
The capital investments are expected to reduce costs and limit the
company's exposure to wage increase. Moody's expects Savers to have
sufficient internal liquidity to cover these projects while being
free cash flow generative. The company will also have access to an
undrawn proposed $60 million first-out revolving credit facility.
The credit facilities are expected to contain covenant flexibility
for transactions that could adversely affect creditors, including
the ability to incur incremental term loan facilities in an
aggregate amount not to exceed the greater of (i) Closing Date
EBITDA and (ii) 100% of consolidated adjusted EBITDA; plus any
amounts available under the general debt basket; plus an unlimited
amount subject to a First Lien Net Leverage Ratio to be determined
(if secured on a pari passu basis). Amounts up to the greater of
50% of Closing Date EBITDA and 50% of LTM Consolidated Adjusted
EBITDA; or under the First Lien Net Leverage Ratio test to be
determined, may be incurred with an earlier maturity date than the
initial term loans.
The credit facilities also include: provisions allowing the
transfer of assets to unrestricted subsidiaries, subject to
carve-out capacities, with no additional "blocker" provisions
restricting such transfers; and the requirement that only
wholly-owned subsidiaries act as subsidiary guarantors, raising the
risk that guarantees may be released following a partial change in
ownership with no explicit protective provisions limiting such
guarantee releases. There are no express protective provisions
prohibiting an up-tiering transaction. The proposed terms and the
final terms of the credit agreement can be materially different.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A ratings upgrade would require a significant increase in scale as
well as consistent improvement in operating performance and good
liquidity evidenced by positive free cash flow. The ratings could
also be upgraded with a commitment to conservative financial
strategies such that debt/EBITDA is be sustained below 4.25x or
EBIT/interest expense sustained over 2.25x.
The ratings could be downgraded if there is a deterioration of the
company's overall operating performance or liquidity profile.
Quantitatively, the ratings could be downgraded if debt/EBITDA is
sustained above 5.25x or EBIT/interest expense below 1.5x.
Headquartered in Bellevue, Washington, Savers operates roughly 294
for-profit thrift stores in the United States, Canada, and
Australia under the Savers, Value Village, and Village des Valeurs
banners. Revenues for the twelve months ended December 31, 2020
were approximately $834 million. The company is owned by Ares
Management.
The principal methodology used in these ratings was Retail Industry
published in May 2018.
FREEDOM COMMUNICATIONS: Unsecured Creditors Get Up to 5% in Plan
----------------------------------------------------------------
Freedom Communications, Inc., a Delaware corporation, et al., and
the Official Committee of Unsecured Creditors filed a Second
Amended Disclosure Statement.
The Debtors and the Committee are co-proponents of the Plan, which
provides for the distribution of the remaining assets of the
Debtors' estates, consisting primarily of net cash proceeds from
certain settlements and the proceeds flowing from a resolution of a
dispute with the California Department of Taxation and Fee
Administration ("CDTFA") regarding potential tax refunds in the
approximate amount of $5 million. Specifically, the Plan provides
for the liquidation, collection, disposition and distribution of
the remaining assets of the Debtors' Estates and winding-up the
Debtors' affairs and the Chapter 11 Cases.
Substantially all of the Debtors' assets were sold to a third party
buyer and the remaining material causes of action of the Debtors
were addressed and resolved under certain settlements including
with the Pension Benefit Guaranty Corporation. The Plan proposes to
fairly and efficiently allocate the Debtors' remaining
Distributable Assets in a manner that is supported by the principal
constituencies in the Chapter 11 Cases and will allow such cases to
be promptly resolved.
The Plan will be implemented through the substantive consolidation
of the Debtors' Estates for the purposes of voting and
Distributions under the Plan, the re-vesting of the Estates' assets
in Liquidating Debtor Freedom Communications, Inc., and the
appointment of a Plan Administrator to liquidate or otherwise
dispose of the Estates' remaining assets, if and to the extent such
assets were not previously monetized or otherwise transferred by
the Debtors prior to the Effective Date. All Intercompany Claims
will be waived and eliminated. The Plan Administrator will act for
the Liquidating Debtors in the same fiduciary capacity as
applicable to a board of directors of a Delaware corporation
implementing such liquidation and wind-down as contemplated under
the Plan, subject to the provisions hereof, and shall, among other
powers, wind up the affairs of the Liquidating Debtors; use,
manage, sell, abandon and/or otherwise dispose of the remaining
property of the Estates; prosecute objections to Claims and any
litigation on behalf of the Liquidating Debtors; cause
distributions to be made to Creditors pursuant to the Plan; and
take such other actions required under or consistent with the Plan.
The initial Plan Administrator will be the current Chief
Restructuring Officer, Brad Smith.
Under the Plan, the Holders of Allowed Administrative Expenses,
Allowed Priority Tax Claims, and Allowed Priority Non-Tax Claims
will be paid in full on the Effective Date, unless otherwise agreed
with the Holders of such Claims. The Holders of Allowed
Miscellaneous Secured Claims will either: (a) be paid in cash up to
the value of their collateral, or (b) have their obligations
assumed or otherwise addressed as provided for in the Plan,
including pursuant to agreements with such Holders. As discussed
in the Disclosure Statement, the Secured Claims of the Debtors'
prepetition secured lenders, the debtor-in-possession financing
lenders, and the PBGC were paid in full or otherwise addressed and
resolved prior to the filing of the Plan.
Holders of Allowed General Unsecured Claims will receive any
remaining Net Distributable Estate Assets after the payment of (or
reserves for) Allowed Administrative Expenses, Allowed Priority Tax
Claims, Allowed Priority Non-Tax Claims, Allowed Miscellaneous
Secured Claims, and Plan Expenses; provided that in the event that
the aggregate Cash recovery for Holders of Allowed General
Unsecured Claims (other than the PBGC) exceeds $1,000,000, then any
excess Cash proceeds will be shared ratably by the Holders of
Allowed General Unsecured Claims and the Holder of the PBGC
Unsecured Claims. The PBGC (or other Holder of the PBGC Unsecured
Claims) will receive the treatment provided for the PBGC Unsecured
Claims set forth in the PBGC Settlement, including, as noted, the
PBGC sharing ratably with Holders of Allowed Class 3 General
Unsecured Claims any excess Cash proceeds over $1,000,000 in the
aggregate. Unsecured creditors will recover 0.0% to 5.0% of their
claims.
All Interests in the Debtors will be canceled, and any associated
management rights held by Holders of Interests will be void and of
no force and effect as of the Effective Date. Holders of Interests
will not receive any Distribution or other property pursuant to the
Plan.
The Debtors estimate that, as of the Effective Date, the Debtors'
Cash on hand will be approximately $6,500,000.00.
The Debtors believe they will recover in excess of $4.5 million in
connection with the Refund Claims. If less than $4.5 million is
recovered, but no less than $3.0 million,_ the Debtors believe they
will be able to obtain the agreement (and already have the
agreement in principle) from sufficient holders of Allowed Claims
for alternative treatment under the Plan which would enable the
Plan to go effective. However, it is unlikely that General
Unsecured Claims in Class 3 will receive any distribution unless at
least $4.5 million is recovered in connection with the Refund
Claim. However, there can be no assurance regarding the ultimate
outcome of the Refund Claim. In the event that less than $3.0
million is recovered in connection with the Refund Claim, then the
most likely outcome for these cases is that the Plan Proponents
will seek to convert the Chapter 11 Cases to cases under chapter 7
of the Bankruptcy Code.
Counsel for the Debtors:
Alan J. Friedman
SHULMAN BASTIAN FRIEDMAN & BUI LLP
100 Spectrum Center Drive, Suite 600
Irvine, California 92618
Telephone: (949) 340-3400
Facsimile: (949) 340-3000
Email: afriedman@shulmanbastian.com
Counsel for the Official Committee of Unsecured Creditors:
Robert J. Feinstein
Jeffrey W. Dulberg
PACHULSKI STANG ZIEHL & JONES LLP
10100 Santa Monica Blvd., 13th Floor
Los Angeles, CA 90067
Telephone: (310) 277-6910
Facsimile: (310) 201-0760
Email: rfeinstein@pszjlaw.com
akornfeld@pszjlaw.com
jdulberg@pszjlaw.com
A copy of the Second Amended Disclosure Statement is available at
https://bit.ly/3d2vK4r from Donlinrecano, the claims agent.
About Freedom Communications
Headquartered in Santa Ana, Calif., Freedom Communications, Inc.,
owned two daily newspapers -- The Press-Enterprise in Riverside,
California and The Orange County Register in Santa Ana,
California.
Freedom Communications and 24 of its affiliates sought Chapter 11
bankruptcy protection in California with the intention of selling
their assets to a group of local investors led by Rich Mirman,
Freedom's chief executive officer and publisher.
Freedom Communications, Inc., et al., filed Chapter 11 bankruptcy
petitions (Bankr. C.D. Cal. Lead Case No. 15-15311) on Nov. 1,
2015. In the petition signed by Richard E. Mirman, the CEO,
Freedom Communications Holdings estimated assets and liabilities in
the range of $10 million to $50 million.
William N. Lobel, Esq., Alan J. Friedman, Esq., Beth E. Gaschen,
Esq., and Christopher J. Green, Esq., at Lobel Weiland Golden
Friedman LLP, serve as the Debtors' counsel. The Debtors employed
Shulman Hodges & Bastian LLP, as general insolvency counsel;
GlassRatner Advisory & Capital Group LLC as financial advisor and
consultant; and Donlin, Recano & Company, Inc., as the noticing,
claims and balloting/ solicitation agent. FTI Consulting, Inc. was
tapped to review Pension Benefit Guaranty Corporation (PBGC)
Claims.
The Debtors tapped Robert J. Feinstein, Esq. and Jeffrey W.
Dulberg, Esq., at Pachulski Stang Ziehl & Jones LLP, as counsel;
and The Law Offices of A. Lavar Taylor LLP as special tax counsel.
GRACE DENTAL: Seeks Approval to Hire Bankruptcy Attorneys
---------------------------------------------------------
Grace Dental, P.A. seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Todd Budgen, Esq., and
Jeffrey Ainsworth, Esq., as its bankruptcy attorneys.
The Debtor requires legal assistance to prosecute and defend any
causes of action, prepare legal papers, and formulate a Chapter 11
plan of reorganization.
The standard rates charged by the attorneys range from $395 to $425
per hour. The attorneys will reimbursement for out-of-pocket
expenses incurred.
As disclosed in a court filing, both attorneys are "disinterested"
within the meaning of Section 101(14) of the Bankruptcy Code.
The attorneys can be reached at:
Todd L. Budgen, Esq.
Budgen Law
PO Box 520546
Longwood, FL 32752
Tel: (407) 481-2888
Fax: (407) 392-2231
Email: tbudgen@mybankruptcyfirm.com
-- and --
Jeffrey S. Ainsworth, Esq.
1501 E. Concord St.
Orlando, FL 32803
Tel: (407) 476-9855
About Grace Dental
Grace Dental, P.A. operates a general dentistry practice. It
encompasses all areas of oral surgery, cosmetic, pediatric,
periodontal, orthodontics, endodontics, TMJ/TMD, and geriatrics.
Grace Dental sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-00895) on March 1,
2021. In the petition signed by Gabriel Sangalang, director, the
Debtor disclosed $155,165 in assets and $1,398,938 in liabilities.
Judge Karen S. Jennemann oversees the case.
Jeffrey S. Ainsworth, Esq., at Branson Law, PLLC and L. Todd
Budgen, Esq., at Budgen Law represent the Debtor as legal counsel.
HANCOCK FABRICS: Fabrique Entitled to $2 Mil. in Insurance Payout
-----------------------------------------------------------------
Law360 reports that the Second Circuit on Friday upheld a ruling
that apparel company Fabrique Innovations Inc. is entitled to $2
million in insurance payouts based on its loss of inventory stored
in a warehouse owned by retailer Hancock Fabrics and sold during
that company's Chapter 11 case.
In its decision, the Second Circuit said it agreed with a New York
district court that Federal Insurance Co. is on the hook for the
$1. 2 million in damages Fabrique was awarded for the loss of its
property -- blankets and stuffed animals awaiting sale and shipment
to its customers -- in the Hancock sale.
About Hancock Fabrics
Hancock Fabrics, Inc., is a specialty fabric retailer operating
stores under the name "Hancock Fabrics." Hancock has 4,500
full-time and part time employees. The Baldwyn, Mississippi-based
company is one of the largest fabric retailers in the United
States, operating 260 stores in 37 states as of Oct. 31, 2015, and
an Internet store under the domain name
http://www.hancockfabrics.com/
Hancock Fabrics, Inc., and six of its affiliates, retailer of
fabric, sewing and accessories, filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10296 to 16-10302) on Feb.
2, 2016. Dennis Lyons, the senior vice president and chief
administrative officer, signed the petitions. Judge Brendan Linehan
Shannon is assigned to the jointly administered cases.
The Debtors have engaged O'Melveny & Myers LLP as general counsel,
Richards, Layton & Finger, P.A., as local counsel, Clear Thinking
Group LLC as financial advisor, Retail Consulting Services, Inc.
dba Real Estate Advisors as real estate advisors, and Kurtzman
Carson Consultants, LLC, as claims and noticing agent.
The Debtors disclosed total assets of $151.4 million and total
debts of $182.1 million. The Debtors owed its trade vendors
approximately $21.2 million as of Jan. 31, 2016.
Lawyers at Klehr Harrison Harvey Branzburg LLP and Hahn & Hessen
LLP serve as counsel to the Official Committee of Unsecured
Creditors.
HASTINGS AND HOLLOWELL: Has Until July 7 to File Plan & Disclosures
-------------------------------------------------------------------
Judge David M. Warren of the U.S. Bankruptcy Court for Eastern
District of North Carolina has entered an order within which Debtor
Hastings and Hollowell, Inc. must file a plan and disclosure
statement on or before July 7, 2021.
A full-text copy of the order dated April 8, 2021, is available at
https://bit.ly/2PX1BdT from PacerMonitor.com at no charge.
About Hastings and Hollowell
Hastings and Hollowell, Inc. filed a Chapter 11 petition (Bankr.
E.D.N.C Case No. 21-00806) on April 8, 2021. The Hon. David M.
Warren oversees the case. At the time of filing, the Debtor was
estimated to have $1 million to $10 million assets and liabilities.
THE LAW OFFICES OF OLIVER & CHEEK, PLLC, led by Clayton W. Cheek,
is the Debtor's counsel.
IMAGEFIRST HOLDINGS: S&P Assigns 'B' ICR, Outlook Stable
--------------------------------------------------------
On April 8, 2021 S&P Global Ratings assigned its 'B' issuer credit
rating to ImageFirst Holdings LLC. At the same time, S&P assigned
its 'B' issue-level rating and '3' recovery rating to the company's
first-lien credit facility reflecting its expectation for
meaningful recovery (50%-70%: rounded estimate: 55%) in the event
of payment default.
The stable outlook reflects S&P's expectation that 2021 revenue
will grow in the mid-20% area with stable EBITDA margins as
ImageFirst wins new service contracts, implements ongoing price
increases, and adjusted leverage will improve to the mid-4x area.
ImageFirst Holdings LLC, a King of Prussia, Penn.-based provider of
outpatient and specialty health care linen rental and laundry
services is issuing a $50 million first-lien revolving credit
facility, a $210 million first-lien term loan, and a $50 million
first-lien delayed draw term loan to refinance its existing debt
structure.
S&P's rating reflects the following key risks and strengths:
Key Risks:
-- Relatively small revenue and EBITDA scale in a highly
fragmented industry space with many regional competitors
-- Narrow service offering and high end-market concentration in
the niche outpatient and specialty healthcare laundry services
industry
-- Financial sponsor owner-supported growth strategy could result
in debt-funded acquisitions or investments and leverage increasing
from the high-4x area.
-- Growth capital expenditures and working capital outflows could
limit free operating cash flow generation in 2021 and 2022
Key strengths:
-- Strong market position in the outpatient and specialty
healthcare laundry services industry with limited customer
concentration
-- Well established client relationships with multi-year service
contracts, annual price escalators, and cancellation clauses
provide some earnings visibility
-- Initial capital investment requirements and route density in
its regional markets offer some barriers to entry
While fairly well established within its niche outpatient linen
laundering and rental market, ImageFirst's relatively small revenue
scale, narrow service offering, and high end-market concentration
constrain the rating. ImageFirst offers linen rental and laundry
services to the health care market, with a focus on the outpatient
health care end market (about two-thirds of 2020 revenues). The
company maintains a good presence in its niche, with leading market
share in its operating regions. ImageFirst has 54 locations across
26 states, with most of its facilities in the eastern half of the
U.S. The company has a relatively smaller presence in California
and surrounding West Coast states, Texas, and Colorado.
The market is saturated with multiple service providers, though
most are smaller or regionally focused. S&P said, "We believe the
industry has modest competitive barriers; however, initial capital
investment requirements and route density offer some entry barriers
within the fragmented industry space. Investments include
specialized plant layouts and equipment purchases (that adhere to
infection prevention procedures), which would be inefficient for
competitors with broader end market exposure to maintain. We
believe ImageFirst's regional concentrations allow it to establish
route density, which facilitates operating efficiency and helps
insulate it from regional players who lack the specialization. We
believe the company's cleanliness standards, comprehensive product
offering, and customer service have supported annual price
increases." Moreover, about 90% of ImageFirst's customer contracts
are long-term with automatic renewal and built-in cancellation
clauses, providing a good degree of earnings visibility and
customer stickiness.
S&P expects ImageFirst will continue pursuing an aggressive growth
strategy, which could cause leverage to increase. Pro forma for
acquisitions and the proposed transaction, ImageFirst's adjusted
leverage was in the high-4x area in 2020. Since ImageFirst's 2018
acquisition by Calera Capital, the company's debt-funded growth
strategy has helped quickly increase revenues and EBITDA.
Initially, the company focused on purchasing most of its ImageFirst
franchises throughout the U.S. More recently, the company has
targeted acquiring local competitors or investing into new product
and end markets. For example, the company purchased Faultless
Healthcare Linen in 2019 which helped the company expand into the
Midwest and add food and beverage clients. ImageFirst also invested
in building a plant near a hospital to help facilitate a large
contract win. While S&P's base-case forecast assumes the company
maintains adjusted leverage in the mid-to high-4x range and uses
its $50 million delayed draw term loan to fund acquisitions that
add about $7 million to $8 million of EBITDA, future expansion
spending could require additional borrowing and could involve
integration or execution risks. Additionally, if the company
borrows to fund large capital expenditure (capex) projects like
building a new plant, incremental EBITDA may take a year or two to
materialize. These factors could result in adjusted leverage
increasing toward the 5x area or higher.
While maintenance capex is low, higher growth spending has put
pressure on cash flow, which S&P expects to persist as the company
continues its growth strategy. ImageFirst operates relatively new
machinery and prolongs the useful life of its equipment by
maintaining utilization rates around 60%, thereby supporting
maintenance capex around 2%-3% of sales. However, expansionary
capex and working capital requirements have pressured free
operating cash flow (FOCF). ImageFirst generated negative FOCF in
2020. S&P said, "We expect the company will continue to invest in
growth capex to expand its operational footprint in 2021 and 2022,
albeit to a lesser extent. We forecast the combination of EBITDA
growth and reduced capex will result in about $7 million to $10
million of FOCF in both 2021 and 2022." FOCF could be weaker if the
company uses its delayed draw term loan to fund incremental growth
capex. The company's cash available for debt repayment is further
pressured by annual earnout payments arising from past acquisitions
of about $8 million to $10 million in 2021 and 2022.
S&P expects good operating performance in 2021 from new contract
wins, price increases, and the company's ability to meet customer
disinfection needs. After volumes declined in the second quarter
of 2020 because of lockdowns, the company experienced strong
topline growth in the second half of 2020 with support from a
growing focus on infection prevention and sanitization needs
arising from COVID-19. Nearly all of the company's owned plants are
Healthcare Laundry Accreditation Council (HLAC) certified, which
reflects ImageFirst's high standards for safety and infection
prevention. Further, strategic tuck-in acquisitions across the U.S.
and new plant investments have helped bolster growth. New contract
wins in the specialty health care space as well as wins in
rehabilitation hospitals and traditional acute hospitals will also
support 2021 growth while the recent entry into the food and
beverage end market provides a slight degree of end market
diversification.
The stable outlook reflects S&P's 2021 expectation that:
-- Revenue will grow in the mid-20% area;
-- EBITDA margins will remain stable as ImageFirst wins new
service contracts and implements ongoing price increases; and
-- Adjusted leverage will improve to the mid-4x area.
S&P could lower the ratings if weaker operating performance or a
more aggressive financial policy including large debt-funded
acquisitions or growth investments result in:
-- Meaningful EBITDA margin declines;
-- Adjusted leverage increasing above 6x for a sustained period;
or
-- A sustained ratio of FOCF to debt below 3%.
S&P said, "While unlikely over the next 12 months, we could upgrade
ImageFirst if it significantly improves its scale while
diversifying its revenue mix and expanding its geographic reach. In
this scenario, we would also expect the company to maintain its
EBITDA margins and improve its FOCF generation. An upgrade based on
lower leverage is also unlikely because we expect any potential
deleveraging below 4x would be temporary as we expect the company
will continue to pursue leveraging, debt-financed investments or
acquisitions.
INSYS THERAPEUTICS: Parent Wants Wholesaler Sanctions in Death Suit
-------------------------------------------------------------------
Law360 reports that the parents of a woman who fatally overdosed on
an Insys Therapeutics opioid called on a New Jersey federal court
Friday, April 9, 2021, to sanction a pharmaceutical wholesaler for
allegedly deleting documents relevant to their wrongful-death suit,
saying they wasted time and money searching empty hard drives.
Rochester Drug Co-Operative Inc. had a duty to fix the "materially
incomplete and unsearchable discovery" yet has repeatedly claimed
that it wasn't required to produce anything but the "defective,
edited" hard drives, Deborah and David Fuller told the court in a
motion.
About Insys Therapeutics
Headquartered in Chandler, Ariz., Insys Therapeutics Inc. --
http://www.insysrx.com/-- is a specialty pharmaceutical company
that develops and commercializes innovative drugs and novel drug
delivery systems of therapeutic molecules that improve patients'
quality of life. Using proprietary spray technology and
capabilities to develop pharmaceutical cannabinoids, Insys is
developing a pipeline of products intended to address unmet medical
needs and the clinical shortcomings of existing commercial
products. Insys is committed to developing medications for
potentially treating anaphylaxis, epilepsy, Prader-Willi syndrome,
opioid addiction and overdose, and other disease areas with a
significant unmet need.
As of March 31, 2019, Insys had $172.6 million in total assets,
$336.3 million in total liabilities, and a total stockholders'
deficit of $163.7 million.
On June 10, 2019, Insys Therapeutics and six affiliated companies
filed petitions seeking relief under Chapter 11 of the Baintends to
conduct the asset sales in accordance with Section 363 of the
U.S.nkruptcy Code (D. Del. Lead Case No. 19-11292). Insys
Bankruptcy Code.
The Debtors' cases are assigned to Judge Kevin Gross.
The Debtors tapped Weil, Gotshal & Manges LLP and Richards, Layton
& Finger, P.A., as legal counsel; Lazard Freres & Co. LLC as
investment banker; FTI Consulting, Inc. as financial advisor; and
Epiq Corporate Restructuring, LLC as claims agent.
Andrew Vara, acting U.S. trustee for Region 3, on June 20, 2019,
appointed nine creditors to serve on an official committee of
unsecured creditors in the Chapter 11 cases. Akin Gump Strauss
Hauer & Feld LLP, and Bayard, P.A., serve as the Committee's
attorneys; and Province, Inc., is the financial advisor.
After selling substantially all of their assets, the Debtors filed
a Chapter 11 Plan and Disclosure Statement.
INTEGRATED GROUP: Wins Cash Collateral Access
---------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey has
authorized Integrated Group, LLC to use cash collateral on an
interim basis in accordance with the budget.
The Debtor requires immediate authority to use cash collateral to
continue its business operations without interruption, toward the
objective of formulating a plan of reorganization.
The U.S. Small Business Administration has asserted a secured claim
against the Debtor in the approximate amount of $159,000. The SBA
asserts a valid and subsisting first lien and security interest in
the Debtor's accounts receivable and all other assets securing the
Pre-Petition Debt, together with accrued interest, fees and costs.
The SBA asserts that it has a properly perfected lien on the
Debtor's property at the commencement of the case, including the
Debtor's accounts, inventory and other collateral which is or may
result in cash collateral.
The Debtor is authorized to use cash collateral to maintain and
preserve of assets, the continued operation of the business, the
completion of work-in-progress, and ongoing post-petition
expenses.
As adequate protection for the use of Cash Collateral, the SBA is
granted:
(a) Replacement Lien. A replacement perfected security
interest in and to all of the Debtor's acquired assets, including
but not limited to, accounts receivable, inventory, equipment,
prescription records and files, and general intangibles, under
Bankruptcy Code Section 361 (2), but only to the extent and with
the same priority in the Debtor's Post-Petition Collateral, and the
proceeds thereof, that the SBA held with respect to the Debtor's
Pre-Petition Collateral.
(b) Statutory Rights Under Section 507(b). To the extent that
the adequate protection provided proves insufficient to protect
the SBA's interest in and to the cash collateral, the SBA will have
a super priority administrative expense claim, pursuant to
Bankruptcy Code Section 507(b), senior to any and all claims
against the Debtor under Section 507(b), whether in this proceeding
or in any superseding proceeding, subject to the SBA having a valid
pre-petition lien upon the Debtor's Pre-Pelition Collateral.
(c) Deemed Perfected. Subject to the SBA having a valid
pre-petition lien upon the Debtor's Pre-Petition Collateral, the
replacement lien and security interest granted is automatically
deemed perfected upon the entry of the Order, without the necessity
of the SBA taking possession, filing financing statements,
mortgages or other documents. The Debtor will, upon the request of
the SBA, immediately execute and deliver to the SBA any and all
financing statements, continuation statements, certificates of
title or other instruments or documents considered by the SBA to be
necessary in order to perfect the security interests and liens in
the Debtor's Post-Petition Collateral and the proceeds thereof
granted by the Order, and the SBA is authorized to receive, file
and record the foregoing at the expense of the Debtor, which
actions will not be deemed a violation of the automatic stay
provisions of Code Section 362.
A final hearing on the matter is scheduled for April 28, 2021 at 2
p.m.
The Debtor projects total cash receipts of $222,000 for April,
$342,000 for May, and $279,000.
A copy of the Order and the Debtor's budget is available at
https://bit.ly/2PJKkoy from PacerMonitor.com.
About Integrated Group, LLC
Integrated Group LLC manufactures office furniture, including
fixtures. It sought bankruptcy protection (Bankr. D.N.J. Case No.
21-12484) on March 26, 2021. In the petition signed by Michael
Boyle, managing member, the Debtor disclosed up to $50,000 in
assets and up to $10 million in liabilities.
Judge John K. Sherwood oversees the case.
David Edelberg, Esq. at SCARINCI HOLLENBECK oversees the case.
KOPPERS HOLDINGS: S&P Upgrades ICR to 'B+', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Koppers
Holdings Inc. to 'B+' from 'B'.
S&P said, "At the same time, we raised our issue-level rating on
the company's unsecured notes to 'B+' in line with our higher
issuer credit rating. The '4' recovery rating remains unchanged,
indicating our expectation for average (30%-50%; rounded estimate:
40%) recovery in the event of a payment default.
"The stable outlook reflects our view that Koppers has alleviated
its previous covenant concerns and improved its liquidity position
while paying down debt. We expect the company to continue expanding
its EBITDA and generating positive free cash flow over the next two
years."
The upgrade reflects Koppers' better-than-anticipated earnings in
2020, supported by the strong demand in its wood preservation
business, despite the effects of the pandemic. Additionally, the
company used the proceeds from the sale of its KJCC business to pay
down about $65 million of debt on its secured term loan. Overall,
Koppers reduced its total debt by about $125 million in 2020. S&P
said, "We expect this will improve the company's leverage metrics
and cause its S&P Global Ratings-adjusted weighted-average funds
from operations (FFO) to debt to improve to between 15% and 20%
over the next 12 months. Given Koppers' improved performance and
debt reduction, we believe it has strengthened its liquidity
position and alleviated our previous covenant concerns. However, we
believe there is uncertainty around the company's future growth
initiatives and whether it will maintain these improved metrics.
Furthermore, Koppers has historically maintained materially weaker
credit metrics than we currently expect. That said, under our
base-case scenario we assume the company has a sufficient cushion
to maintain metrics that are in line with our expectations for the
current rating even if they weaken slightly from their current
levels."
S&P said, "Our assessment of Koppers' business risk profile
incorporates its strengths, such as its leading positions in the
niche North American wood railroad crosstie and North American
wood-treating chemicals business. In addition, the company benefits
from the high percentage of long-term contracts in its railroad and
utility products and services (RUPS) segment, given that
approximately 72% of the 2020 sales in its North American RUPS were
under such contracts, which somewhat mutes--but doesn't
eliminate--the volatility in its performance. These contracts also
help the company maintain its demand and manage potential raw
material cost pressures. That said, the cyclical nature of Koppers'
end markets, such as construction, and its narrow business focus in
the niche wood-preservation market offset these strengths. In
addition, the company has significant customer concentration as its
top 10 customers accounted for approximately 39% of its 2020
sales.
"The stable outlook on Koppers reflects our expectation for
relatively flat debt levels, improving earnings, and stable to
strengthening credit metrics over the next year. We project the
company's weighted-average FFO to debt will be between 15% and 20%
and forecast total debt to EBITDA of about 3.5x-4.0x. Our base-case
scenario does not assume any increases in the company's debt to
fund shareholder rewards or acquisitions. We also assume Koppers
will be able to increase its EBITDA and generate positive free cash
flow. We base these assumptions on our belief that the demand in
its key end markets will recover faster than we previously
expected. Despite these factors, we would need to believe that
management is committed to maintaining its leverage at these
improved levels before raising our rating. We expect the company to
undertake small tuck-in acquisitions to supplement its organic
growth but do not factor any large debt-funded acquisitions into
our base case.
"We could lower our rating on Koppers in the next 12 months if a
weaker operating environment leads its EBITDA margins and revenue
to decline by 200 basis points (bps) relative to our base-case
assumptions or its FFO to debt drops below 12%. We could also lower
our ratings if the company employs more aggressive financial
policies, such as by undertaking a large debt-funded acquisition or
shareholder rewards, that weaken its credit measures.
"We could consider raising our ratings on Koppers over the next
year if it continues to deliver earnings in line with our
projections. Specifically, we would expect the company to maintain
FFO to debt consistently above 20% on a weighted-average basis.
Before raising our rating, we would also need to believe that
management's financial policies would enable it to maintain these
improved credit measures even after factoring in its potential
growth initiatives. In addition, we would expect the company to
maintain liquidity sources of at least 1.2x over its expected
uses."
LAN DOCTORS: Gets OK to Hire Gray Tax as Accountant
---------------------------------------------------
LAN Doctors, Inc. received approval from the U.S. Bankruptcy Court
for the District of New Jersey to employ Gray Tax as its
accountant.
The Debtor requires an accountant to prepare its monthly operating
reports and supporting documents.
Gray Tax will be paid at the rate of $28 per hour. The firm will
also be reimbursed for out-of-pocket expenses incurred.
Nathan Gray, a partner at Gray Tax, disclosed in a court filing
that his firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Nathan Gray
Gray Tax
147 Prince Street Suite 35
Brooklyn, NY 11201
Tel: (862) 252-6214
About LAN Doctors
LAN Doctors, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 21-10041) on Jan. 5, 2021.
Dave Raman, vice president, signed the petition. At the time of
the filing, the Debtor was estimated to have assets of less than
$50,000 and liabilities of $100,001 to $500,000.
Judge Vincent F. Papalia oversees the case.
The Debtor tapped Broege, Neumann, Fischer & Shaver, LLC and Gray
Tax as its legal counsel and accountant, respectively.
LEE DILL: Seeks to Hire Sussman & Moore as Legal Counsel
--------------------------------------------------------
Lee Dill, LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Texas to employ Sussman & Moore, LLP as its
legal counsel.
The Debtor needs the firm's legal assistance to formulate and
implement a Chapter 11 plan of reorganization and legal
representation in any and all litigation at issue in its Chapter 11
case.
Weldon Moore, Esq., the firm's attorney who will be handling the
case, will be paid at the rate of $375 per hour. Paralegal
assistants charge $100 per hour.
Mr. Moore disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Weldon L. Moore, III, Esq.
Sussman & Moore, LLP
2911 Turtle Creek Blvd., Ste. 1100
Dallas, TX 75219
Tel: (214) 378-8270
Fax: (214) 378-8290
Email: wmoore@csmlaw.net
About Lee Dill Inc.
Lee Dill Inc. -- https://www.tigermfgco.com -- is a full Department
of Transportation facility, specializing in the manufacture of
steel and aluminum tanks, trailers and equipment. In addition to
its manufacturing side, Lee Dill provides parts, repair and service
on all tanks and trailers. It conducts business under the name
Tiger Manufacturing.
Lee Dill sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Texas Case No. 21-10041) on March 26, 2021. The
petition was signed by Lee Dill, president. In its petition, the
Debtor disclosed assets of $1,883,017 and liabilities of
$7,477,732.
Sussman & Moore, LLP is the Debtor's legal counsel.
MAX FINE FURNITURE: Plan & Disclosure Hearing Continued to May 26
-----------------------------------------------------------------
Pacific Western Bank filed with the U.S. Bankruptcy Court for the
Southern District of Texas an Emergency Motion for Continuance of
Final Hearing on Approval of Disclosure Statement and Confirmation
Hearing for Debtor Max Fine Furniture & Appliances, Inc.
On April 8, 2021, Judge Eduardo V. Rodriguez granted the motion and
ordered that:
* The evidentiary hearing to consider confirmation of the
Debtor's Second Amended Chapter 11 Plan of Reorganization and final
approval of the disclosure statement corresponding to the Second
Amended Plan is continued to May 26, 2021, at 1:30 p.m.
* May 19, 2021, is the deadline for (i) filing and serving
written objections to confirmation of the Second Amended Plan, (ii)
filing and serving written objections to final approval of the
Second Amended DS, and (iii) submitting written acceptances or
rejections of the Second Amended Plan.
A full-text copy of the order dated April 8, 2021, is available at
https://bit.ly/3a1LpyQ from PacerMonitor.com at no charge.
Attorneys for the Debtor:
PULMAN, CAPPUCCIO & PULLEN, LLP
2161 NW Military Highway, Suite 400
San Antonio, Texas 78213
Tel: (210) 222-9494
Fax: (210) 892-1610
Randall A. Pulman
Thomas Rice
E-mail: rpulman@pulmanlaw.com
E-mail: trice@pulmanlaw.com
About Max Fine Furniture and Appliances
Max Fine Furniture & Appliances, Inc.--
https://www.maxfinefurniture.com/ -- sells a wide selection of
bedroom, living room, dining room, leather, home office, kids
furniture and brand name mattresses. It carries several brands,
including Ashley, Restonic Mattresses, and Best Chair.
Max Fine Furniture & Appliances, Inc., sought Chapter 11 protection
on March 17, 2020 (Bankr. S.D. Tex. Case No. 20 70114). In the
petition signed by Maximo Saenz, president, the Debtor disclosed
$6,283,658 in assets and $4,261,778 in liabilities. Jana Smith
Whitworth, Esq., at JS Whitworth Law FIRM, PLLC, is the Debtor's
counsel.
MAYBELLE BEVERLY: Seeks to Hire De Leo Law Firm as Counsel
----------------------------------------------------------
Maybelle Beverly Family Trust seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to employ
The De Leo Law Firm, LLC to handle its Chapter 11 case.
De Leo Law Firm will be paid at the rate of $350 per hour for
attorneys and $85 per hour for paralegals. The firm will also be
reimbursed for out-of-pocket expenses incurred.
Robin De Leo, Esq., a partner at De Leo Law Firm, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Robin De Leo, Esq.
The De Leo Law Firm, LLC
800 Ramon Street
Mandeville, LA 70448
Tel: (985) 727-1664
Fax: (985) 727-4388
Email: elaine@northshoreattorney.com
About Maybelle Beverly Family Trust
Maybelle Beverly Family Trust filed a Chapter 11 petition (Bankr.
E.D. La. Case No. 21-10391) on March 23, 2021. At the time of the
filing, the Debtor disclosed $500,001 to $1 million in assets and
$50,001 to $100,000 in liabilities. The De Leo Law Firm, LLC
represents the Debtor as counsel.
MOTORMAX FINANCIAL: Seeks to Hire Fountain Arrington as Accountant
------------------------------------------------------------------
Motormax Financial Services Corp. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Georgia to employ
Fountain Arrington Bass Mercer & Lee, P.C. as its accountant.
The firm's services include:
a. assisting the Debtor in the preparation of routine financial
statements;
b. preparing year-end unaudited compilation reports;
c. preparing income tax returns;
d. responding to inquiries or disputes with taxing authorities;
and
e. additional services necessary to satisfy the requirements of
the Office of the U.S. Trustee and those imposed by statute under
Title 11.
Fountain Arrington will be paid at these rates:
Partners $250 per hour
Staffs $90 to $150 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
David Bass, a partner at Fountain Arrington, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
David J. Bass
Fountain Arrington Bass Mercer & Lee, P.C.
2101 Brookstone Centre Pkwy, Suite 100
Columbus, GA 31904
Tel: (706) 322-5482
About Motormax Financial Services
Motormax Financial Services Corp. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 21-40100)
on March 29, 2021. In the petition signed by Karl White, chief
executive officer, the Debtor disclosed total assets of $50,000 to
$100,000 and total liabilities of $1 million to $10 million.
Fife M. Whiteside, PC and Robert R. Lomax, LLC serve as the
Debtor's attorneys. Fountain Arrington Bass Mercer & Lee, P.C. is
the Debtor's accountant.
MT. TOM COMPANIES: Seeks to Hire Goldsmith Katz as Legal Counsel
----------------------------------------------------------------
Mt. Tom Companies, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Massachusetts to employ Goldsmith Katz &
Argenio, P.C. as its legal counsel.
The firm's services include:
a. advising the Debtor regarding its powers and duties in the
continued operation of its business;
b. representing the Debtor at the meeting of creditors and
court hearings;
c. assisting the Debtor in complying with the procedural
requirements of the Office of the U.S. Trustee;
d. assisting the Debtor in the resolution of its financial
problems and the implementation of a plan of reorganization;
e. representing the Debtor in its dealing with regulatory
authorities, agencies and taxing authorities;
f. preparing legal documents; and
g. other bankruptcy-related legal services.
The firm will be paid a retainer in the amount of $12,500.
Jonathan Goldsmith, Esq., a partner at Goldsmith Katz & Argenio,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Jonathan R. Goldsmith, Esq.
Goldsmith Katz & Argenio, P.C.
1350 Main Street, Suite 1505
Springfield, MA 01103
Tel: (413) 747-0700
Email: info@gkalawfirmlaw.com
About Mt. Tom Companies
Mt. Tom Companies, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D. Mass. Case No. 21-30091) on March 25, 2021, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by Goldsmith Katz & Argenio, P.C.
NATIONAL RIFLE ASSOCIATION: Internal Audit Used for Dissolution Bid
-------------------------------------------------------------------
Law360 reports that the National Rifle Association's top executive
told a Texas bankruptcy judge Thursday, April 8, 2021, that its own
internal audit results were used by New York regulators to seek a
dissolution of the organization, leading him to file for Chapter 11
protection.
During the fourth day of a trial over whether the NRA's bankruptcy
should be dismissed, Executive Vice President and CEO Wayne
LaPierre said the organization began a compliance audit in 2017
that resulted in numerous breaches being self-reported by the NRA.
About National Rifle Association
Founded in 1871 in New York, 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, the National Rifle Association of
America sought Chapter 11 protection (Bankr. N.D. Tex. 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 cases.
The Debtors tapped Neligan LLP and Garman Turner Gordon LLP as
their bankruptcy counsel, and Brewer, Attorneys & Counselors as
their special counsel.
The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors on Feb. 4, 2021. Norton Rose Fulbright US, LLP,
and AlixPartners, LLP, serve as the committee's legal counsel and
financial advisor, respectively.
NEW YORK CLASSIC: Hits Chapter 11 Bankruptcy Protection
-------------------------------------------------------
Jeremy Hill of Bloomberg News reports that New York Classic Motors
LLC, the entity behind Classic Car Club Manhattan, filed for
bankruptcy in New York on Friday, April 9, 2021.
Classic Car Club -- https://classiccarclubmanhattan.com/ -- gives
members access to a variety of luxury and sports cars for a fee,
according to its website.
About New York Classic
New York Classic Motors LLC, doing business as Classic Car Club
Manhattan, is a classic car dealer in New York. The company filed
for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No.
21-10670) in Manhattan on April 9, 2021. It listed assets of about
$50 million and liabilities of about $50 million. Kirby Aisner &
Curley LLP is the Debtor's counsel.
NINE POINT: Asks Court Okay to Accept $250M Stalking Horse Bid, DIP
-------------------------------------------------------------------
Law360 reports that Colorado-based oil and gas company Nine Point
Energy asked a Delaware bankruptcy judge on Friday, April 9, 2021,
to allow it to accept $20 million in Chapter 11 financing and a
$250 million stalking horse credit bid for its assets from its
secured lenders.
In motions submitted on Friday, Nine Point said it hopes to have
its assets on the block by mid-June 2020and in the hands of its
secured lenders or another buyer by July. The company — which
operates 198 wells in North Dakota and Montana — filed for
Chapter 11 on March 15 with $277. 3 million in secured debt.
About Nine Point Energy
Nine Point Energy Holdings, Inc. -- https://ninepointenergy.com/ --
is a private exploration and production company focused on value
creation through the safe, efficient development of oil and gas
assets within the Williston Basin.
Nine Point Energy Holdings, Inc., sought Chapter 11 protection
(Bankr. D. Del. Case No. 21-10570) as the Lead Case, on March 15,
2021. The three affiliates that concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code are
Nine Point Energy, LLC (Bankr. D. Del. Case No. 21-10571), Foxtrot
Resources, LLC (Case No. 21-10572), and Leaf Minerals, LLC (Case
No. 21-10573). The cases are assigned to Judge Mary F. Walrath.
In the petitions signed by Dominic Spencer, authorized signatory,
the Debtors estimated assets and liabilities (on a consolidated
basis) in the range $100 million to $500 million.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Latham
& Watkins LLP as counsel; AlixPartners LLP as financial advisor;
Perella Weinberg Partners L.P. as investment banker; and Lyons,
Benenson & Co., Inc. as compensation consultant. Stretto is the
claims and noticing agent and administrative advisor.
OER SERVICES: Wins Access to CIBC Bank's Cash Collateral
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, has authorized OER Services LLC to, among other
things, use the cash collateral of CIBC Bank USA as Secured Lender,
on an interim basis.
The Debtor requires the use cash collateral to finance its
operations and complete a successful chapter 11 reorganization.
The Debtor has stipulated and agreed to these terms:
i. First Lien Secured Loan Documents. Pursuant to: (1) a Loan
and Security Agreement dated February 27, 2018; (2) a Term Note
dated February 27, 2018; (3) a Revolving Note dated February 28,
2018; and (4) ancillary agreements, instruments, and documents
related thereto, each by and between the Debtor and the Senior
Lender, the Debtor agreed to incur certain loans and enter into
certain revolving credit facilities, as well as other financial
accommodations, with the Secured Lender.
ii. Guaranty. In connection with the Secured Loan Documents,
certain United States Small Business Administration Unconditional
Guarantees were executed, namely: (1) Unconditional Guaranty of
April Zaimi, the Debtor's member-owner, dated February 28, 2018;
(2) Unconditional Guaranty of April Zaimi, the Debtor's
member-owner, dated February 28, 2018; (3) Unconditional Guaranty
of Ali Zaimi, the Debtor's president, dated February 28, 2018; and
(4) Unconditional Guaranty of Ali Zaimi, the Debtor's president,
dated February 28, 2018, to guaranty the obligations and debts of
the Debtor owed to Secured Lender and incurred by the Debtor under
the Secured Loan Documents.
iii. Junior Lien Mortgage. A certain Mortgage, Assignment of
Leases and Rents and Security Agreement-Fixture Filing dated
February 27, 2018, was executed by and between the Secured Lender
and guarantors related to the real property located at 615 E.
Appletree Lane, Arlington Heights, Illinois 60004, as security for
the obligations and debts of the Debtor owed to the Secured Lender
and incurred by the Debtor under the Secured Loan Documents.
iv. First Lien Secured Lender Document Obligations. As of the
Petition Date, the Debtor is indebted and liable to the Secured
Lender under the Secured Lender Documents in the aggregate
principal amount of not less than $3,723,854, plus any other
"Obligations," as defined in the Loan Agreement, provided for in
the Secured Lender Documents, all of which Obligations are secured
by the Pre-petition First Lien Collateral provided under the
Secured Lender Documents. As of the Petition Date, the Debtor
remains liable to the Secured Lender under the Secured Lender
Documents for the Prepetition First Lien Secured Loan Document
Obligations.
The Court's order provides that CIBC is entitled to receive
adequate protection to the extent of any diminution in value of its
interests in the Pre-petition First Lien Collateral (including the
cash collateral) from and after the Petition Date, resulting from
(i) the use of cash collateral (including the use of cash
collateral pursuant to the Budget), (ii) the use, sale, lease,
consumption, or disposition of Pre-petition First Lien Collateral,
as applicable, (iii) the subordination of the Pre-petition First
Priority Liens, as applicable, or (iv) the imposition of the
automatic stay pursuant to sections 361, 362, and 363 of the
Bankruptcy Code, pursuant to the Interim Order.
As adequate protection for any use or diminution in the value of
the Secured Lender's interest in the Debtor's pre-petition assets
and Pre-petition First Lien Collateral, including the cash
collateral subject to the Motion, the Secured Lender is granted,
retroactive to the Petition Date and without the necessity of any
additional documentation or filings, valid, enforceable,
non-avoidable, and fully perfected liens of the highest available
priority upon (i) any property that the Debtor acquires after the
Petition Date including, without limitation, any accounts
receivable generated by the Debtor's post-petition operations, but
excluding any avoidance actions under chapter 5 of the Bankruptcy
Code, and (ii) any proceeds generated from such property. The liens
granted are (i) limited to the extent of the aggregate diminution
subsequent to the Petition Date in the value of the Secured
Lender's interest in the Prepetition First Lien Collateral
(including the cash collateral subject to the Motion), whether by
depreciation, use, sale, loss, or otherwise, and (ii) subject to
only prior perfected and unavoidable liens in property of the
Debtor's estate as of the Petition Date. The grant of adequate
protection is without prejudice to the Secured Lender's right to
seek additional adequate protection of its interests in the
Debtor's property.
A final hearing on the matter is scheduled for April 21, 2021 at
1:30 p.m.
A copy of the order is available at https://bit.ly/3dzE9LO from
PacerMonitor.com.
About OER Services LLC
OER Services LLC is a small business certified operator whose
business caters to the rental, leasing, and sale of construction
equipment in connection with municipal, state and local government
agencies' construction projects. OER Services' principal place of
business is located at 1650 Carmen Drive, Elk Grove, Illinois
60007.
OER Services sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-03981 on March 26,
2021. In the petition signed by AliR. Zaimi, president, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Janet S. Baer oversees the case.
Steve Jakubowski, Esq., at Robbins, Salomon & Patt, Ltd. represents
the Debtor as counsel.
ORGANIC POWER: Seeks to Hire Fuentes Law Offices as Legal Counsel
-----------------------------------------------------------------
Organic Power, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Fuentes Law Offices, LLC
to handle its Chapter 11 case.
Fuentes Law Offices will be paid at the rate of $250 per hour and a
retainer of 20,000. The firm will also be reimbursed for
out-of-pocket expenses incurred.
Alexis Fuentes-Hernandez, Esq., a partner at Fuentes Law Offices,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Alexis Fuentes-Hernandez, Esq.
Fuentes Law Offices, LLC
P.O. Box 9022726
San Juan, PR 00902-2726
Tel: (787) 722-5215
Email: alex@fuentes-law.com
About Organic Power
Organic Power offers food processing companies, restaurants,
pharmaceuticals and retail outlets an alternative to landfill
disposal -- a low cost and environmentally friendly recycling
option. Visit https://prrenewables.com
Organic Power sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 21-00834) on March 17, 2021. Miguel
E. Perez, president, signed the petition. In its petition, the
Debtor disclosed assets of between $10 million and $50 million and
liabilities of the same range.
Judge Edward A. Godoy oversees the case.
Godreau & Gonzalez Law is the Debtor's legal counsel.
PIKEWOOD INC: Seeks Approval to Hire TBL Inc. as Tax Preparer
-------------------------------------------------------------
Pikewood, Inc. seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Pennsylvania to employ TBL, Inc.
The firm will assist the Debtor in the preparation of its 2020 tax
returns and provide related accounting advice.
The normal rates charged by the firm range from $75 to $250 per
hour.
Emily Wessner, a partner at TBL Inc., disclosed in a court filing
that her firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Emily Wessner
TBL, Inc.
7220 Windsor Drive
Allentown, PA 18106
Tel: (610) 289-2453
Fax: (610) 289-2460
Email: e_wessner@tblinc.com
About Pikewood Inc.
Pikewood, Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Pa. Case No. 21-10595) on March 11, 2021. David
A. Pike, vice president, signed the petition. In its petition, the
Debtor disclosed assets of $113,419 and liabilities of $3,039,125.
Judge Patricia M. Mayer oversees the case. Fitzpatrick Lentz &
Bubba, P.C. is the Debtor's legal counsel.
PROFESSIONAL DIVERSITY: Incurs $4.3 Million Net Loss in 2020
------------------------------------------------------------
Professional Diversity Network, Inc. filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $4.35 million on $4.46 million of total revenues for the
year ended Dec. 31, 2020, compared to a net loss of $3.84 million
on $5.03 million of total revenues for the year ended Dec. 31,
2019.
As of Dec. 31, 2020, the Company had $8.67 million in total assets,
$5.33 million in total liabilities, and $3.34 million in total
stockholders' equity.
Wilmington, DE-based Ciro E. Adams, CPA, LLC, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated April 9, 2021, citing that the Company has a significant
working capital deficiency, has incurred significant losses, and
needs to raise additional funds to meet its obligations and sustain
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/Archives/edgar/data/1546296/000149315221008401/form10-k.htm
About Professional Diversity
Headquartered in Chicago, Illinois, Professional Diversity Network,
Inc. -- https://www.prodivnet.com -- is a global developer and
operator of online and in-person networks that provides access to
networking, training, educational and employment opportunities for
diverse professionals. Through an online platform and its
relationship recruitment affinity groups, the Company provides its
employer clients a means to identify and acquire diverse talent and
assist them with their efforts to recruit diverse employees. Its
mission is to utilize the collective strength of its affiliate
companies, members, partners and unique proprietary platform to be
the standard in business diversity recruiting, networking and
professional development for women, minorities, veterans, LGBT and
disabled persons globally.
PROFESSIONAL HOSPITALITY: Has Until May 24 to Confirm Plan
----------------------------------------------------------
On Feb. 26, 2021, debtor Professional Hospitality, LLC d/b/a
Village Casino Restaurant filed with the U.S. Bankruptcy Court for
the Western District of New York a Corrected Combined Disclosure
Statement and Chapter 11 Small Business Plan of Reorganization.
Counsel for the Debtor having advised the Court that the Debtor and
the New York State Department of Taxation and Finance (NYS Tax) are
in the process of finalizing a stipulation resolving the Debtor's
objections to the claims of NYS Tax and agreeing upon the
classification and treatment of the claims of NYS Tax to be
included in an Amended Plan to be filed by the Debtor.
Counsel for the Debtor having requested that the confirmation
hearing be adjourned to permit the filing of an Amended Plan and a
motion seeking approval of a compromise of the claims of NYS Tax.
On April 8, 2021, Judge Carl L. Bucki ordered that:
* The Debtor's time to confirm its Plan is extended through
May 24, 2021.
* A further telephonic hearing on the confirmation of the
Debtor's Plan will be held on May 17, 2021, at 3:00 p.m.
A full-text copy of the order dated April 8, 2021, is available at
https://bit.ly/2RuwmYl from PacerMonitor.com at no charge.
About Professional Hospitality
Professional Hospitality, LLC, is a New York corporation that is
doing business as "Village Casino Restaurant" and which operates a
restaurant and banquet facilities on the waterfront in Bemus Point,
New York. The Village Casino Restaurant is seasonal, generally
operating only between May 1 and Sept. 30 each year.
Great Food Great Fun, LLC, is a New York corporation doing business
as "Wing City Grille" and which operates a restaurant in Fredonia,
New York.
Professional Hospitality filed for Chapter 11 bankruptcy protection
(Bankr. W.D.N.Y. Case No. 17-11558) on July 24, 2017, estimating
its assets at between $100,001 and $500,000 and its liabilities at
between $500,001 and $1 million.
Great Food also filed for Chapter 11 bankruptcy protection (Bankr.
W.D.N.Y. Case No. 17-11557) on July 24, 2017.
Both of the Debtors are single-member limited liability
corporations owned by Andrew C. Carlson, an individual who is not
in bankruptcy. On July 24, 2017, the Debtors filed a motion
seeking joint administration of the cases.
Chief Judge Carl L. Bucki presides over the cases.
Daniel F. Brown, Esq., at Andreozzi Bluestein LLP, serves as the
Debtors' bankruptcy counsel.
RADNET MANAGEMENT: Moody's Rates New First Lien Loans 'B1'
----------------------------------------------------------
Moody's Investors Service assigned B1 ratings to RadNet Management,
Inc.'s proposed senior secured first lien revolver and term loan.
There is no change to RadNet's B2 Corporate Family Rating, B2-PD
Probability of Default Rating, and SGL-2 Speculative Grade
Liquidity rating. The outlook is stable.
The proceeds from the proposed $675 million term loan will be used
to pay the outstanding amount ($611 million as of 12/31/2020) under
the existing term loan, pay transaction fees and fund some cash for
potential M&A/operating purposes. The proposed $195 million
revolving credit facility, expected to be undrawn at the close of
the transaction, will replace the existing revolver.
Ratings assigned:
Issuer: RadNet Management, Inc.
Proposed $195 million senior secured first lien revolving credit
facility expiring in 2026 at B1 (LGD3)
Proposed $675 million senior secured first lien term loan due
2028 at B1 (LGD3)
The ratings on the existing revolver and term loan will be
withdrawn after the close of the transaction.
RATINGS RATIONALE
RadNet Management, Inc's B2 CFR is constrained by its geographic
concentration in six states with most of its facilities located in
California, New York and Maryland. Moody's estimates that the
company's pro forma leverage at the end of December 2020, adjusted
for the proposed transaction, was moderately high at approximately
5.7 times. The rating is constrained by the company's high fixed
costs, including significant CAPEX, sizeable interest expense and
mandatory term loan amortization. That said, mandatory amortization
for the proposed term loan will decline to 1% per annum compared to
5% per annum for the existing term loan. This will significantly
reduce the company's annual debt service requirements and improve
liquidity.
The company's ratings benefit from its strong competitive position
in its primary markets. The rating also benefits from the
diversification of revenues through the multi-modality capabilities
(including X-rays, CT scans, MRI, ultrasound and mammography) of
its sites. The rating also benefits from the company's good payor
diversity, with around 54% of revenues sourced from commercial
payors that offer higher reimbursement rates than government
payors.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Medical imaging services is a sector of healthcare that
has social risk given that the services may be provided on an
out-of-network basis and may not be adequately reimbursed by the
commercial insurers. The No Surprise Act, which was signed into law
in December 2020, will take the patient out of the provider-payor
dispute. The extent to which any company will be impacted depends
on the percentage of out-of-network patients treated and the
company's specific billing and collections practices. As a
publicly-traded company, RadNet's transparency, disclosures,
accountability and compliance are likely to be better than its
private equity-owned peers.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if the company's operating
performance and/or liquidity position weakens due to reasons
including the change in the trajectory of the pandemic.
Quantitatively, Moody's could downgrade the rating if debt/EBITDA
is sustained above 5.5 times.
The company's ratings could be upgraded if it increases scale and
geographic diversification. Additionally, Moody's would consider an
upgrade if the company's adjusted debt/EBITDA is sustained below
4.5 times. Furthermore, a disciplined growth strategy and a stable
reimbursement environment are needed for an upgrade.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
RadNet Management, Inc. (a wholly-owned subsidiary of publicly
traded RadNet, Inc.) is a provider of freestanding, fixed-site
outpatient diagnostic imaging services in the United States. The
company has a network of 331 owned and/or operated outpatient
imaging centers located in Arizona, California, Delaware, Florida,
Maryland, New Jersey, and New York. The company's services include
magnetic resonance imaging (MRI), computed tomography (CT),
positron emission tomography (PET), nuclear medicine, mammography,
ultrasound, diagnostic radiology (X-ray), fluoroscopy and other
related procedures. Net revenues are around $1.1 billion.
REVLON INC: Citigroup Fights to Freeze $500 Mil. It Sent in Blunder
-------------------------------------------------------------------
Chris Dolmetsch, Katherine Doherty and Jenny Surane of Bloomberg
News report that Citigroup is fighting to freeze the $500 million
it sent in blunder to Revlon Inc. Revlon lenders that received more
than half a billion dollars in accidental payments from Citigroup
Inc. are asking a judge to free up the money he's already ruled is
theirs to keep. The bank sued 10 asset managers for the Revlon
lenders last summer of 2020 to force them to return $504 million it
had mistakenly wired them, an epic back office blunder that led to
a closely watched trial. U.S. District Judge Jesse Furman froze
the funds while the dispute played out.
About Revlon Inc.
Headquartered in New York, New York, Revlon, Inc. conducts its
business exclusively through its direct wholly-owned operating
subsidiary, Revlon Consumer Products Corporation and its
subsidiaries. Revlon is an indirect majority-owned subsidiary of
MacAndrews & Forbes Incorporated, a corporation beneficially owned
by Ronald O. Perelman. Mr. Perelman is Chairman of Revlon's and
Products Corporation's Board of Directors.
* * *
In July 2020, S&P Global Ratings lowered issuer credit rating on
Revlon Inc. to 'CC' from 'CCC-'. Concurrently, S&P lowered its
issue-level rating on the company's $880 million Brandco first lien
term loan to 'CCC-' from 'CCC' and maintain '2' recovery rating. In
addition, S&P lowered its issue-level rating on the remaining
tranches of secured debt to 'C' from 'CC' and maintained '5'
recovery rating. Lastly, S&P affirmed its 'C' issue-level rating on
the company's two tranches of unsecured notes, the '6' recovery
ratings remain unchanged.
The negative outlook reflects S&P's expectation that it will lower
its issuer credit rating on Revlon to 'SD' (selective default) and
its issue-level rating on its February 2021 notes to 'D' after the
transaction closes.
The downgrade follows Revlon's announcement that it commenced an
offer to exchange any and all of its outstanding amounts of 5.75%
notes due February 2021 for a combination of new 5.75% notes due
February 2024 and an early tender/consent fee. The existing
noteholders will receive $750 principal amount of new notes for
every $1,000 of existing notes tender and $50 of cash as an early
tender/consent fee. Holders who tender their existing notes after
the early tender deadline (Aug. 7, 2020) will receive only $750
principal amount of new notes for every $1,000 principal amount of
existing notes tendered.
ROI INDUSTRIES: Files for Chapter 11 Bankruptcy Protection
----------------------------------------------------------
Lauren Ohnesorge of Triangle Business Journal reports that the
Durham manufacturer, ROI Industries Group, has filed for Chapter 11
bankruptcy, citing the pandemic as a contributing factor.
ROI Industries Group, which does business as ROI Machinery &
Automation, filed April 7, 2021, estimating its assets at nearly
$377,000. That's as its liabilities are estimated at more than
$775,000.
The firm's attorney, J.P. Cournoyer, attributed the situation to
"historical debts and the impact of the Covid pandemic" in an email
to TBJ.
"We are confident in the company's ability to successfully
reorganize, especially now that the effects of the pandemic are
starting to abate," Cournoyer said.
ROI filed under a recently enacted law only available to small
businesses with debts below $7.5 million. Cournoyer said the new
law "has been very effective in helping small companies
successfully reorganize."
ROI is a specialty machinery and automation company that
manufactures products such as its mobile compact palletizers, known
as PalletPODs, used in warehouse operations. According to the
company, the equipment is meant to eliminate the use of
injury-prone manual handling labor for palletizing and
depalletizing activities.
Firms ROI owes money to include Apex manufacturer ATI Industrial
Automation, according to the filing. The firm also owes more than
$163,000 for a "machine upgrade not performed" to Valassis
Manufacturing.
The company was founded by Schmalz veteran Kevin Saylor in 2006.
His brother, Ingersoll-Rand veteran Keith Saylor, joined in 2018.
Despite fears that the pandemic would result in a huge rise in
bankruptcies for small businesses, those worries have yet to come
to fruition. Bankruptcies took a dive during the pandemic and,
despite some projections, have yet to pick up. In January 2021
there were a total of 43 bankruptcy cases in Wake County, less than
half the amount seen in January 2020 when there were 98 filings.
About ROI Industries Group
ROI Industries Group, which does business as ROI Machinery
Automation, is a privately held corporation comprised of three
divisions: ROI Machinery & Automation, POWERSTAND and PALLETPOD.
ROI Industries filed for Chapter 11 bankruptcy on April 7, 2021
(Bankr. M.D.N.C. Case No. 21-80134), citing the pandemic as a
contributing factor. It listed estimated assets of about $377,000
and liabilities of more than $775,000.
The Debtor's counsel:
John Paul H. Cournoyer
Northen Blue, LLP
Tel: 919-968-4441
E-mail: jpc@nbfirm.com
RUSSELL INVESTMENTS: S&P Affirms BB- on Dividend Recapitalization
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on
Russell Investments Cayman Midco Ltd. The outlook remains
negative.
At the same time, S&P affirmed its 'BB-' ratings on Russell's
first-lien secured term loan and revolving credit facility. The
recovery rating on the term loan and revolver is '4', indicating an
average (40%) recovery in the event of a default.
The announced incremental offering to fund a dividend
recapitalization raises our expectation for Russell's adjusted debt
to EBITDA to the higher end of 4x-5x over the next 12 months. S&P
includes in its calculation of debt the company's pro forma term
loan and lease liabilities, and S&P does not net cash. Somewhat
offsetting the increase in debt is our expectation that Russell's
earnings may improve over the next 12 months.
Russell's investment performance has begun to improve over the past
two quarters with 70% of funds beating their benchmarks as of
February 2021 on a trailing-12-month basis, compared with 48% as of
year-end 2020. While net outflows have continued, the trend has
improved in the past few months. Furthermore, Russell's recently
announced partnership with Hamilton Lane, a private markets fund
investor, could garner inflows and stem outflows from institutional
clients seeking more expansive alternative product offerings.
Assuming neutral or supportive markets, S&P thinks Russell may be
able to reduce its leverage over the next 12 months.
That said, the company has had weaker investment performance and
net outflows in recent years, as well as fee compression, which has
pressured earnings and profitability. S&P also thinks the company
may have an appetite for further debt-funded dividends or
acquisitions over the next 12-24 months. The current proposed
dividend recapitalization is the third in the past five years,
following $200 million and $300 million add-ons in 2017 and 2018,
respectively.
Russell's liquidity is adequate, with sources (including cash,
funds from operations, and the currently undrawn $50 million
revolving credit facility) exceeding uses (including dividends,
debt amortization, and capital expenditure) by greater than 1.2x.
The negative outlook reflects S&P Global Ratings' expectation that
Russell's leverage could remain near or rise above 5x during the
next 12 months.
S&P could lower the ratings if leverage increases above 5x due to
further debt issuance or declining earnings.
S&P could revise the outlook to stable if the company operates with
leverage sustainably below 5x.
-- S&P's recovery analysis includes the company's $1.3 billion
first-lien term loan B and assumes 85% usage of the $50 million
secured revolving credit facility.
-- S&P applies a 5.0x multiple for all asset managers because it
believes this represents an average multiple for asset managers
emerging from a default scenario.
-- S&P's simulated default scenario includes poor investment
performance or market depreciation leading to a substantial outflow
of assets under management and a reduction in EBITDA sufficient to
trigger a payment default.
-- Emergence EBITDA: $120 million
-- Multiple: 5.0x
-- Gross recovery value: $602 million
-- Net recovery value for waterfall after administrative expenses
(5%): $572 million
-- Obligor/nonobligor valuation split: 100%/0%
-- Estimated priority claims (ABL or other): None
-- Remaining recovery value: $572 million
-- Estimated first-lien claim: $1.337 billion
-- Value available for first-lien claim: $572 million
--Recovery range: 40%
Note: All debt amounts include six months of prepetition interest.
SAONA HOLDING: Seeks to Hire Van Horn Law Group as Legal Counsel
----------------------------------------------------------------
Saona Holding, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Van Horn Law Group,
P.A. as counsel to handle its Chapter 11 case.
The standard rates for the firm's attorneys range from $350 to $450
per hour. Paralegals charge an hourly fee of $150.
Van Horn Law Group will be paid a retainer in the amount of $5,000,
plus $1,738 for the filing fee. The firm will also receive
reimbursement for out-of-pocket expenses incurred.
Chad Van Horn, Esq., a partner at Van Horn Law Group, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Chad T. Van Horn, Esq.
Van Horn Law Group, P.A.
330 North Andrews Avenue Suite 450
Fort Lauderdale, FL 33301
Tel: (954) 637-0000 / (954) 765-3166
Email: chad@cvhlawgroup.com
About Saona Holding
Saona Holding, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-12880) on March 29,
2021. Jose D. Mejia, managing member, signed the petition. At the
time of the filing, the Debtor was estimated to have assets of less
than $50,000 and liabilities of between $1 million and $10
million.
Judge Peter D. Russin oversees the case.
Van Horn Law Group, P.A. is the Debtor's legal counsel.
SERENDIPITY HOME: Seeks to Hire Reynolds Law Corp. as Legal Counsel
-------------------------------------------------------------------
Serendipity Home Decor, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to employ Reynolds Law
Corporation to handle its Chapter 11 case.
The firm will be paid at the rate of $375 per hour. It will also
receive reimbursement for out-of-pocket expenses incurred.
Stephen Reynolds, Esq., a partner at Reynolds Law Corporation,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Stephen M. Reynolds, Esq.
Reynolds Law Corporation
424 Second Street, Suite A
Davis, CA 95616
Tel: (530) 297-5030
Fax: (530) 297-5077
Email: sreynolds@lr-law.net
About Serendipity Home Decor
Serendipity Home Decor, LLC filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Calif. Case No. 21-21057) on March 25, 2021,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Reynolds Law Corporation.
SERENDIPITY LABS: Fine-Tunes Plan; May 12 Plan Confirmation Hearing
-------------------------------------------------------------------
Serendipity Labs, Inc., submitted a Second Amended Disclosure
Statement for its Chapter 11 Plan of Reorganization on April 8,
2021.
The Bankruptcy Court has scheduled May 12, 2021 at 12:00 p.m., as
the Confirmation Hearing before the Honorable Judge Sage M. Sigler,
United States Bankruptcy Judge, at the United States Bankruptcy
Court for the Northern District of Georgia, Courtroom 1201, United
States Courthouse, 75 Ted Turner Drive, S.W., Atlanta, Georgia.
May 4, 2021, at 4:00 p.m., is the Disclosure Statement and Plan
Objection Deadline.
As of the date hereof, the Debtor has in its possession deposits in
the amount of $187,355, representing 2.5% of the new cash amount
committed by almost every participant in the Equity Investment,
other than those who are converting debt to equity and the DIP
Lender, whose deposit was waived in view of the $1.1 million DIP
Financing Facility already in the Debtor's possession. Such
deposits are refundable to such investors only if the Debtor is
unable to obtain an order confirming a Chapter 11 plan effectuating
the transactions on or before June 29, 2021. The amount of the
Exit Investment is sufficient to pay Holders of Allowed Claims and
allow for approximately $2.2 million of working capital to the
Reorganized Debtor from and after the Effective Date. The cash
component of the Exit Investment will be funded to the Debtor prior
to the Effective Date.
The Second Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:
* Each Holder of a General Unsecured Claim shall receive, in
full and final satisfaction, release and discharge of its General
Unsecured Claim, payment in the Allowed Amount of such Claim, in
Cash, plus interest accruing at the Federal Post-Judgment Rate from
the Petition Date through the date of payment, to be made on the
later of: (a) the Effective Date; and (b) the date upon which such
General Unsecured Claim becomes Allowed. The estimated, approximate
amount of the Allowed General Unsecured Claims in Class 3 is
$3,695,000 with a 100% estimated recovery.
* Holders of Interests in the Debtor shall retain their
Interests upon the Effective Date, which Interests shall, in
accordance with the Debtor's governing documents in effect on the
Petition Date, constitute common stock of the Reorganized Debtor
and be governed by the Definitive Documents, as applicable.
A full-text copy of the Second Amended Disclosure Statement dated
April 8, 2021, is available at https://bit.ly/2RsO9Pt from
PacerMonitor.com at no charge.
Counsel for the Debtor:
Lee B. Hart
Joshua H. Stein
NELSON MULLINS RILEY & SCARBOROUGH LLP
201 17th Street, NW, Suite 1700
Atlanta, Georgia 30363
Tel: (404) 322-6000
Fax: (404) 322-6050
E-mail: lee.hart@nelsonmullins.com
josh.stein@nelsonmullins.com
About Serendipity Labs
Serendipity Labs, Inc., is a workplace-as-a-service company that
offers co-working, shared offices and team suites. It has over 35
locations in urban, suburban, and secondary markets across the
United States.
Serendipity Labs filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
20-68124) on July 15, 2020. John Arenas, chairman and CEO, 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.
SHOLAND LLC: Seeks to Hire Spector & Cox as Legal Counsel
---------------------------------------------------------
Sholand, LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Texas to employ Spector & Cox, PLLC as its
legal counsel.
The firm's services include:
a. advising the Debtor with respect to its powers and duties;
b. preparing and pursuing confirmation of a Chapter 11 plan and
approval of a disclosure statement;
c. preparing legal papers;
d. appearing in court; and
e. other legal services necessary to administer the Debtor's
Chapter 11 case.
Spector & Cox will be paid at these rates:
Attorneys $325 to $375 per hour
Paralegals $105 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
The retainer fee is $21,738.
Howard Marc Spector, Esq., a partner at Spector & Cox, disclosed in
a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Howard Marc Spector, Esq.
Spector & Cox, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Tel: (214) 365-5377
Fax: (214) 237-3380
Email: hspector@spectorcox.com
About Sholand LLC
Sholand, LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Texas Case No. 21-40521) on March 12, 2021.
Robert Stetson, manager, signed the petition. At the time of the
filing, the Debtor disclosed assets of between $1 million and $10
million and liabilities of the same range. Spector & Cox, PLLC is
the Debtor's legal counsel.
SOLSTICE MARKETING: Taps Retail Consulting as Real Estate Advisor
-----------------------------------------------------------------
Solstice Marketing Concepts, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Retail Consulting Services, Inc. as its real estate advisor.
The firm will provide these services:
a. prepare a lease portfolio book showing current lease terms,
sales, profits, and occupancy cost and store contribution
percentages relative to sales;
b. create a site ranking report by contribution, revenues, and
occupancy costs, as appropriate;
c. perform a rejection claim analysis;
d. analyze the Debtor's lease real estate assets;
e. assist the Debtor in developing real estate goals and
parameters to determine store closures, stores to keep under
renegotiated terms, and stores to go forward with;
f. negotiate with landlords with respect to rent reductions,
term modifications, lease extensions, and any other modification
deemed necessary for the Debtor's leaseholds;
g. work with landlords and the Debtor to document accurately all
lease modification proposals and provide timely status reports
reflecting current progress;
h. attend and participate in court hearings, committee meetings,
and meetings with the Debtor and its counsel when requested to do
so by the Debtor;
i. coordinate all real estate matters with the Debtor, its
professionals, and other interested parties with respect to its
real estate action plan;
j. perform desktop leasehold valuations for some of the Debtor's
assets;
k. negotiate waivers, reductions or payout terms for
pre-bankruptcy cure amounts, which will be due and owing to
landlords at the time of assumption of leases; and
l. conduct negotiations with respect to mitigating the
landlord's allowed rejection damages claims.
The firm will be paid as follows:
a) For each renegotiated lease, the firm shall earn 6 percent of
the difference between (i) the original lease terms and (ii) the
reduced rental payments renegotiated by Retail Consulting
Services.
b) For each lease termination agreement, the firm shall earn 6
percent of the gross rental obligation avoided, less any
consideration paid by the Debtor for the early termination.
c) For any non-monetary lease modifications accepted and agreed
to by the Debtor, the firm shall receive $3,000 per lease
renegotiated by the firm.
d) Retail Consulting Services will be paid 6 percent of the
total amount of the reduction.
e) Retail Consulting Services will be paid 6 percent of the
savings of any distribution on account of a waived or reduced
landlord's rejection damages claim under the Bankruptcy Code.
f) For any claims owed or due to a landlord that the firm
negotiated a waiver or mitigated, the firm will be paid 6 percent
of the amount waived or mitigated.
The firm will also be reimbursed for out-of-pocket expenses
incurred.
Ivan Friedman, a partner at Retail Consulting Services, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Ivan L. Friedman
Retail Consulting Services, Inc.
d/b/a RCS Real Estate Advisors
470 Seventh Avenue
New York, NW 10018
Tel: (212) 239-1100
Fax: (212) 268-5848
Email: ifriedman@rcsrealestate.com
About Solstice Marketing Concepts
Solstice Marketing Concepts LLC -- http://solsticesunglasses.com/
-- is a brick and mortar and online sunglasses retailer.
Solstice Marketing Concepts sought Chapter 11 protection (Bankr.
S.D.N.Y. Case No. 21-10306) on Feb. 17, 2021. Jacen A. Dinoff,
chief restructuring officer, signed the petition. The Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities at the time of the filing.
Judge Martin Glenn oversees the case.
The Debtor tapped Morgan, Lewis & Bockius LLP as bankruptcy
counsel, Retail Consulting Services Inc. as real estate consultant,
and KCP Advisory Group LLC as restructuring advisor.
STOP & GO: Unsecured Creditors Will Recover 10% in Plan
-------------------------------------------------------
Stop & Go Airport Shuttle Service, Inc. filed with the U.S.
Bankruptcy Court for the Northern District of Illinois a Disclosure
Statement in conjunction with the Plan of Reorganization dated
April 8, 2021.
The Debtor's Plan of Reorganization provides for payment of
$5,649.42 in installment payments to general unsecured creditors,
to be divided among general unsecured creditors pro rata. This
amount will be paid over a five-year period, with payments of
$282.48/quarter. Claims of creditors scheduled by the Debtor as
general unsecured creditors total $56,494.15. General unsecured
creditors will receive a distribution of 10% on their allowed
claims.
The Plan provides for the deposit of the $282.48 quarterly payment
to a distribution account by monthly deposits of $94.16/month. The
Debtor will pay the $282.48 quarterly payment, divided pro rata
among holders of allowed secured claims, each quarter, until the
end of the five-year term of the Plan. The Debtor will distribute
the amount in the distribution account each quarter immediately
upon availability of the funds in the distribution account.
The Debtor will pay the priority claim of the Internal Revenue
Service in full, with interest at 3.0% per annum, over 48 months,
with a monthly payment commencing on the first day of the month
after the Effective Date. If the Internal Revenue Service priority
claim is allowed in the amount of $4,443.70 as filed, the monthly
payment will be $98.36/month. The remaining balance of the Internal
Revenue Service claim is a general unsecured claim and will be paid
a 10% distribution. If the unsecured portion of the Internal
Revenue Service is allowed in the filed amount of $3,000.00, the
Debtor will make a one-time $300.00 payment on the claim, on the
first day of the calendar quarter after the Effective Date of the
Plan.
The Debtor will pay the secured claim of Mercedes-Benz Financial
Service, secured by two vehicles, in the amount of $36,750.00, with
interest at 5% per annum, over five years, in monthly payments of
$694.52/month. The unsecured balance of the creditor's claim, in an
amount totaling $33,743.13, will be paid a 10% distribution over a
five-year period, with payments of $168.72/quarter.
The Plan provides for the current shareholder of the Debtor,
Vincent Rover, to retain his equity interest in the debtor
corporation, with payment of $1,000.00 in new value.
The funds for payment of Administrative Expenses (other than those
for which the holder of such claim agrees to payment over time),
the unsecured portion of Class I Governmental Unit Claims, and
Class II Priority Claims (the Debtor is not aware of any such
priority claims) will be obtained from funds on hand with the
Debtor as of the Effective Date of the Plan. All funds for the
periodic payment of the all claims paid under this Plan shall be
obtained from the business income of the Debtor over a period of
five years.
The Debtor projects sufficient income to pay all required payments
under the plan.
A full-text copy of the Disclosure Statement dated April 8, 2021,
is available at https://bit.ly/3dWswOS from PacerMonitor.com at no
charge.
The Debtor is represented by:
David P. Lloyd, Esq.
David P. Lloyd, Ltd.
615B S. LaGrange Rd.
LaGrange IL 60525
Phone: 708-937-1264
Fax: 708-937-1265
About Stop & Go Airport Shuttle Service
Stop & Go Airport Shuttle Service, Inc. sought protection for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill.
Case No. 20-17814) on Sept. 29, 2020, listing under $1 million in
both assets and liabilities. Judge Donald R. Cassling oversees the
case. David P. Lloyd, Ltd. is the Debtor's legal counsel.
SUMMIT MIDSTREAM: Extends Expiration of Exchange Offer to April 13
------------------------------------------------------------------
Summit Midstream Partners, LP has amended its offer to exchange its
9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable
Perpetual Preferred Units (Liquidation Preference $1,000) tendered
in the Exchange Offer for up to 2,400,000 newly issued common units
representing limited partner interests in the Partnership. The
Partnership has extended the expiration date of the Exchange Offer
to 11:59 p.m., New York City time, on April 13, 2021, unless
further extended.
The Partnership will issue Common Units in exchange for Series A
Preferred Units that are accepted for exchange promptly after the
Expiration Date. As of 11:59 p.m., New York City time, on April 6,
2021, based on preliminary information provided by American Stock
Transfer & Trust Company, LLC, the depositary for the Exchange
Offer, 23,912 Series A Preferred Units were properly tendered (and
not validly withdrawn) in the Exchange Offer. The Exchange Offer
is still conditioned on, among other things, that holders of at
least 15,000 Series A Preferred Units properly tender (and do not
validly withdraw) their Series A Preferred Units prior to the
expiration date of the Exchange Offer. There are no other material
changes to the Exchange Offer.
The complete terms and conditions of the Exchange Offer are set
forth in the Offer to Exchange and related Letter of Transmittal,
as amended and supplemented, that are filed with the U.S.
Securities and Exchange Commission under cover of Schedule TO.
Copies of the Offer to Exchange and Letter of Transmittal may be
found on the SEC's website at www.sec.gov, the Partnership's
website at www.summitmidstream.com or may be obtained from the
Information Agent, D.F. King & Co., Inc., at 800-967-5071 (toll
free) for unitholders, 212-269-5550 for banks and brokers or
summitmidstream@dfking.com. The Depositary can be contacted at
877-248-6417 (toll free) or 718-921-8317.
About Summit Midstream
Summit Midstream Partners is a value-driven limited partnership
focused on developing, owning and operating midstream energy
infrastructure assets that are strategically located in
unconventional resource basins, primarily shale formations, in the
continental United States. SMLP provides natural gas, crude oil
and produced water gathering services pursuant to primarily
long-term and fee-based gathering and processing agreements with
customers and counterparties in six unconventional resource basins:
(i) the Appalachian Basin, which includes the Utica and Marcellus
shale formations in Ohio and West Virginia; (ii) the Williston
Basin, which includes the Bakken and Three Forks shale formations
in North Dakota; (iii) the Denver-Julesburg Basin, which includes
the Niobrara and Codell shale formations in Colorado and Wyoming;
(iv) the Permian Basin, which includes the Bone Spring and Wolfcamp
formations in New Mexico; (v) the Fort Worth Basin, which includes
the Barnett Shale formation in Texas; and (vi) the Piceance Basin,
which includes the Mesaverde formation as well as the Mancos and
Niobrara shale formations in Colorado. SMLP has an equity
investment in Double E Pipeline, LLC, which is developing natural
gas transmission infrastructure that will provide transportation
service from multiple receipt points in the Delaware Basin to
various delivery points in and around the Waha Hub in Texas. SMLP
also has an equity investment in Ohio Gathering, which operates
extensive natural gas gathering and condensate stabilization
infrastructure in the Utica Shale in Ohio. SMLP is headquartered in
Houston, Texas.
Summit Midstream reported net income of $189.08 million for the
year ended Dec. 31, 2020, compared to a net loss of $393.73 million
for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company
had $2.49 billion in total assets, $1.48 billion in total
liabilities, $89.66 million in mezzanine capital, and $922.89
million in total partners' capital.
* * *
As reported by the TCR on March 23, 2021, S&P Global Ratings
lowered its issuer credit rating on Summit Midstream Partners L.P.
(SMLP) to 'CC' from 'CCC+' and its issue-level rating on its series
A preferred units to 'C' from 'CC'. S&P also affirmed its negative
outlook. The downgrade of SMLP follows its announcement of an
exchange for its series A preferred units that S&P views as
distressed. The terms of the exchange provide the holders of its
preferred units the opportunity to move down the capital structure
for a more liquid security.
T&R SERVICE: Seeks to Hire Shaykett Appraisal Co. as Appraiser
--------------------------------------------------------------
T&R Service Company seeks approval from the U.S. Bankruptcy Court
for the District of South Dakota to employ Shaykett Appraisal
Company, Inc. to provide appraisal services and expert testimony.
Shaykett will be paid a flat rate of $5,000 for its appraisal
services and $250 per hour for expert testimony.
The firm will also be reimbursed for out-of-pocket expenses
incurred.
Steven Shaykett, a partner at Shaykett, disclosed in a court filing
that his firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Steven C. Shaykett
Shaykett Appraisal Company, Inc.
P.O. Box 91513
Sioux Falls, SD 57109
Tel: (605) 332-3553
Email: shaykettappraisal@shaykettappraisal.com
About T&R Service Company
T&R Service Company filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.S.D. Case No. 21-40007)
on Jan. 13, 2021. At the time of the filing, the Debtor had
between $1 million and $10 million in both assets and liabilities.
Clair R. Gerry, Esq., at Gerry & Kulm Ask, Prof. LLC represents the
Debtor as counsel.
TRANSPINE INC: Hires Berkshire Hathaway as Real Estate Broker
-------------------------------------------------------------
Transpine, Inc. seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ Berkshire Hathaway
HomeServices CA Properties as real estate broker.
The Debtor requires a real estate broker to market and sell its
real property located at 4256 Tarzana Estates Drive, Tarzana,
Calif.
The firm will be paid a commission of 5 percent of the purchase
price.
Andrew Spitz, a partner at Berkshire, disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Andrew Spitz
Berkshire Hathaway HomeServices CA Properties
16810 Ventura Blvd.
Encino, CA 91436
Tel: (818) 817-4284
Email: Andrew@AndrewSpitz.com
About Transpine Inc.
Transpine, Inc. is a Tarzana, Calif.-based corporation whose
primary asset is its 100 percent ownership of the real property
located at 4256 Tarzana Estates Drive, Tarzana.
Transpine filed a Chapter 11 petition (Bankr. C.D. Calif. Case No.
20-11286) on July 22, 2020. In the petition signed by CEO Nisan
Tepper, the Debtor was estimated to have $1 million to $10 million
in both assets and liabilities. Judge Victoria S. Kaufman presides
over the case.
Leslie Cohen Law, PC and Kelley Semmel serve as the Debtor's
bankruptcy counsel and special counsel, respectively.
TRANSPINE INC: Unsecureds to be Paid in Full from Sale Proceeds
---------------------------------------------------------------
Transpine, Inc., submitted a Second Amended Disclosure Statement
describing its Chapter 11 Plan on April 8, 2021.
The Debtor's objective as a Chapter 11 debtor is to arrange for an
orderly reorganization through liquidation of the Property. Sale
proceeds will be segregated until the state Court Action is
concluded, at which time, the Plan Funds shall be distributed to
unsecured creditors in compliance with the provisions of the Plan.
Class 1 consists of the Secured Claim of Wooshies, Inc. with a
proposed allowed secured claim amount of $1,300,000. Full debt
owed to Wooshies, Inc., will be paid through escrow upon sale of
the Property.
Class 2 consists of the Secured Claim of LA County Treasurer and
Tax Collector with proposed allowed secured claim amount of
$94,568. Allowed secured claim will be paid in full through escrow
upon sale of the Property.
Class 3 consists of timely-filed and scheduled general unsecured
claims. The total amount of allowed unsecured claims is $48,378.
Each allowed general unsecured creditor will receive payment in
full of their claim from segregated sale proceeds upon resolution
of the State Court Action and release of the funds to the Debtor.
Class 4 consists of sole interest holder Nisan Tepper. The member
of this class will retain his interest in the Reorganized Debtor
but will not be allowed to take any distributions until all secured
and unsecured claims are paid in full. Nisan Tepper is making a
new value contribution by way of waiving his $101,000 in claims
against the Debtor contingent upon confirmation of this Plan. If
for any reason this Plan is not confirmed, Nisan Tepper reserves
all rights.
The Plan is a reorganizing Plan. In other words, the Debtor has
proposed the Plan to sell its asset, with proceeds to be segregated
until related state court litigation is concluded, and, following
the sale and conclusion of litigation, to timely pay Debtor's
creditors as overseen by the Court. The Debtor will fund the Plan
from the following sources: (1) sale of its real property located
at 4256 Tarzana Estates Drive, Tarzana, CA 91356 (the "Property");
(2) any other cash available on the Effective Date of the Plan
(collectively, the "Assets"). The sources shall also be referred
as the "Plan Funds." All payments required to be paid on the
Effective Date of the Plan will be made from the Plan Funds.
The Debtor, following the Effective Date, will be referred to as
the Reorganized Debtor. It is estimated the Effective Date will be
July 1, 2021.
The Bankruptcy Court has scheduled April 15, 2021, at 1:30 p.m., as
the hearing to consider approval of the Second Amended Disclosure
Statement.
A full-text copy of the Second Amended Disclosure Statement dated
April 8, 2021, is available at https://bit.ly/3scsHuG from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Leslie A. Cohen, Esq.
J'aime Williams, Esq.
LESLIE COHEN LAW, PC
506 Santa Monica Blvd., Suite 200
Santa Monica, CA 90401
Telephone: 310.394.5900
Facsimile: 310.394.9280
E-mail: leslie@lesliecohenlaw.com
jaime@lesliecohenlaw.com
About Transpine Inc.
Transpine, Inc., based in Tarzana, CA, is a corporation whose
primary asset is its 100% ownership of the real property located at
4256 Tarzana Estates Drive, Tarzana, CA 91356.
Transpine filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
20-11286) on July 22, 2020. In the petition signed by CEO Nisan
Tepper, the Debtor was estimated to have $1 million to $10 million
in both assets and liabilities. The Honorable Victoria S. Kaufman
presides over the case. LESLIE COHEN LAW PC serves as bankruptcy
counsel to the Debtor.
TTK INVESTMENTS: Seeks to Hire Kurtzman Steady as Legal Counsel
---------------------------------------------------------------
TTK Investments LLC seeks approval from the U.S. Bankruptcy Court
for the District of New Jersey to employ Kurtzman Steady, LLC as
its legal counsel.
The firm's services include legal advice concerning the Debtor's
powers and duties under the Bankruptcy Code; investigation of
potential causes of action; the preparation of a plan of
reorganization; and representing the Debtor in its dealings with
creditors.
Kurtzman Steady will be paid at these rates:
Attorneys $385 to $485 per hour
Paralegals $75 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred. The retainer fee is $10,000.
Maureen Steady, Esq., a partner at Kurtzman Steady, disclosed in a
court filing that her firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Maureen P. Steady, Esq.
Kurtzman Steady, LLC
38 N. Haddon Avenue
Haddonfield, NJ 08033
Tel: (856) 428-1060
Fax: (609) 482-8011
Email: steady@kurtzmansteady.com
About TTK Investments
TTK Investment, LLC is primarily engaged in renting and leasing
real estate properties. It is the owner of fee simple titles to 10
properties in New Jersey having a total comparable sale value of
$1.92 million.
TTK Investment sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.N.J. Case No. 21-12659) on March 31, 2021. Emily K.
Vu, sole member, signed the petition. In its petition, the Debtor
disclosed assets of $1,924,380 and liabilities of $1,782,755.
Judge Jerrold N. Poslusny, Jr. oversees the case.
Kurtzman Steady, LLC is the Debtor's legal counsel.
URBAN ONE: Reports $8.1 Million Net Loss for 2020
-------------------------------------------------
Urban One, Inc. filed with the Securities and Exchange Commission
its Annual Report on Form 10-K disclosing a consolidated net loss
attributable to common stockholders of $8.11 million on $376.34
million of net revenues for the year ended Dec. 31, 2020, compared
to consolidated net income attributable to common stockholders of
$925,000 on $436.93 million of net revenues for the year ended Dec.
31, 2019.
As of Dec. 31, 2020, the Company had $1.19 billion in total assets,
$995.89 million in total liabilities, $12.70 million in redeemable
noncontrolling interests, and $186.90 million in total
stockholders' equity.
Urban One said, "We anticipate continued decreases in revenues due
to the COVID-19 pandemic. As such, we assessed our operations
considering a variety of factors, including but not limited to,
media industry financial reforecasts, expected operating results,
estimated net cash flows from operations, future obligations and
liquidity, capital expenditure commitments and projected debt
covenant compliance. If the Company had been unable to meet
financial covenants under certain of our debt covenants outstanding
in 2020, an event of default could have occurred and our debt could
have been required to be classified as current, which we could have
been unable to repay if lenders were to call the debt. We
concluded that the potential that the Company could incur
considerable decreases in operating profits and the resulting
impact on the Company's ability to meet its debt service
obligations and debt covenants were probable conditions giving rise
to a need to assess whether substantial doubt existed over the
Company's ability to continue as a going concern.
"To address the matter, we proactively implemented certain
cost-cutting measures including furloughs, layoffs, salary
reductions, other expense reduction (including eliminating travel
and entertainment expenses), eliminating merit raises, decreasing
or deferring marketing spend, deferring programming/production
costs, reducing special events costs, and implementing a hiring
freeze on open positions. The Company performed a complete
reforecast of its anticipated results extending through one year
from the date of issuance of the consolidated financial statements.
Further, out of an abundance of caution and to provide for further
liquidity given the uncertainty around the pandemic, we drew
approximately $27.5 million on our ABL Facility on March 19, 2020.
As operating conditions improved throughout the year, we were able
to accumulate cash and all amounts outstanding under our ABL
Facility were repaid on December 22, 2020, and as of December 31,
2020, no amounts were outstanding.
"Based on the Company's forecast of operational activity, its
ability to manage and delay any capitalized expenditures and
additional variable cost-cutting measures, the Company has adequate
cash reserves and sufficient liquidity into the foreseeable future
or for the next 12 months. As a result of the cost reduction
measures that the Company took in response to the onset of the
COVID-19 pandemic, the Company's current cash balance and, further,
considering certain remaining countermeasures the Company can
implement in the event of further or continued downturn, the
Company anticipates meeting its debt service requirements and is
projecting compliance with all debt covenants through one year from
the date of issuance of the consolidated financial statements.
This estimate is, however, subject to substantial uncertainty, in
particular due to the unpredictable extent and duration of the
impact of COVID-19 on our business, and the concentration of
certain of our revenues in areas that could be deemed "hotspots"
for the pandemic."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/Archives/edgar/data/1041657/000110465921044506/tm211759d1_10k.htm
About Urban One
Headquartered in Silver Spring, Maryland, Urban One, Inc. (together
with its subsidiaries) -- www.urban1.com -- is an urban-oriented,
multi-media company that primarily targets African-American and
urban consumers. The Company's core business is its radio
broadcasting franchise which is the largest radio broadcasting
operation that primarily targets African-American and urban
listeners. As of Dec. 31, 2020, the Company owned and/or operated
63 independently formatted, revenue producing broadcast stations
(including 54 FM or AM stations, 7 HD stations, and the 2 low power
television stations it operates) located in 13 of the most populous
African-American markets in the United States. While a core source
of the Company's revenue has historically been and remains the sale
of local and national advertising for broadcast on its radio
stations, its strategy is to operate the premier multi-media
entertainment and information content provider targeting
African-American and urban consumers.
Urban One received notice from The Nasdaq Stock Market, Inc. that
as a result of the resignation of Geoffrey Armstrong as a director
of the Company effective Nov. 23, 2020 the Company was no longer in
compliance with Nasdaq's audit committee requirements as set forth
in Nasdaq Marketplace Rule 5605 since Mr. Armstrong had been a
member of the audit committee.
VILLA TAPIA: Updates Administrative Claims Pay Details
------------------------------------------------------
Villa Tapia Citi Fresh Supermarket Corp submitted a Fifth Amended
Disclosure Statement in support of Fourth Amended Chapter 11 Plan.
It is anticipated that the Effective Date of the Plan will be July
1, 2021. On the Effective Date, the SBA Loan proceeds will be
further used by the Debtor to pay down and pay off other debts so
that it will be in a much better position to manage the remainder
of its debt through its monthly Plan payments.
The Administrative Claims for post-petition arrears consist of
Resnick Corp. in the amount of $1,209.50, National Grid in the
amount of $3,686.16, Con Edison in the amount of $14,640.93 and NYS
T&F in the amount of $26,228.71.
The Plan calls for the Resnick Corp.'s and National Grid's
administrative claims to be paid in full on the Effective Date
using proceeds from the SBA Loan, for the Con Edison administrative
fees to be paid in full through the Plan in 12 consecutive monthly
installments of $1,205.07 each with the first payment to be made on
the Effective Date, and for NYS T&F to be paid in full through the
Plan with an initial payment of $15,879.84 on the Effective Date
followed by 35 consecutive monthly payments of $265.14 and one
payment of $268.97 with the first payment to be made on the
Effective Date.
Class 1 is the Eastern Funding's claim consists $128,473.88 in
secured debt plus $23,143.78 in interest and $36,989.12 in legal
fees, minus projected total postpetition payments to the Effective
Date of $64,731.44, leaving a total debt of $123,875.34 which will
be paid in full through the Plan. Of this, $18,161.52 will be paid
from SBA Loan funds in a lump sum on the Effective Date, and an
additional $18,661.02 will be paid from SBA Loan funds over the
first five months of the plan. The first four of these payments
will be in the amount of $4,540.38 and the last payment will be in
the amount of $499.50. The remaining $87,052.80 in debt will be
paid in full in 60 installments over the course of the Plan, with
the first payment made on the Effective Date.
Like the prior iteration of the Plan, Con Edison's unsecured debt
($14,258.90) will be paid in full in 48 monthly payments beginning
on the Effective Date. The unsecured debt of National Grid
($1,013.52), Community Financial ($2,020.00) and ADT Security
($2,639.10) will be paid in full in 5 monthly payments beginning on
the Effective Date. The unsecured debt of Manhattan Beer
($6,899.95) will be paid in full in 10 monthly payments beginning
on the Effective Date. The unsecured nonpriority debt of the NYS
T&F ($702.49) and the Internal Revenue Service ($1,717.45) will be
combined with the priority debt of these taxing agencies and paid
in full in 36 monthly payments beginning on the Effective Date.
A full-text copy of the Fifth Amended Disclosure Statement dated
April 8, 2021, is available at https://bit.ly/3uHeac5 from
PacerMonitor.com at no charge.
About Villa Tapia Citi
Fresh Supermarket Corp.
Based in Brooklyn, N.Y., Villa Tapia Citi Fresh Supermarket Corp.
is a delicatessen located at 40 Nostrand Avenue, Brooklyn,
NY11205.
It fell behind on its debt obligations in mid-2019 after it lost
its W.I.C. license, which enabled it to sell certain nutritional
children's products to holders of W.I.C. (Women, Infants, and
Children) food subsidy cards.
The Company subsequently fell behind on its rent payments to
landlord Nostrand Avenue Equities, and on its loan payments to
Eastern Funding LLC, which held a secured first lien on all the
Debtor's property, and to Resnick Supermarket Equipment Corporation
and General Trading Company, both of whom held junior liens.
Villa Tapia Citi Fresh Supermarket Corp. filed a voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 20-40357) on Jan. 20, 2020, listing under $1 million in
both assets and liabilities.
Previously, Judge Elizabeth S. Stong oversaw the case, now the case
is assigned to Judge Nancy Hershey Lord. Phillip Mahony, Esq., is
the Debtor's bankruptcy counsel.
The Debtor tapped Sgouras Law Firm, PLLC as its legal counsel for
non-bankruptcy matters, and Marcum LLP as its accountant.
WASH MULTIFAMILY: S&P Affirms 'B-' ICR, Outlook Stable
------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on WASH
Multifamily Acquisition Inc.
S&P said, "At the same time, we assigned our 'B-' issue-level
rating and '3' recovery rating to the company's proposed senior
secured notes. The '3' recovery rating indicates our expectation
for meaningful (50%-70%; rounded estimate: 60%) recovery in the
event of a default.
"The stable outlook reflects our expectation that WASH will
increase its organic revenue at a slightly faster pace than our
forecast for U.S. GDP growth supported by its improving utilization
and price increases as the effects of the COVID-19 pandemic
subside."
North American outsourced laundry services provider WASH
Multifamily Acquisition Inc. intends to issue a new $75 million
super-priority revolving credit facility (unrated) and $850 million
of senior secured notes, which it will use to refinance all of its
existing debt.
S&P said, "Our ratings on WASH reflect its participation in the
mature outsourced laundry services industry; its relatively high
maintenance and growth capital expenditure (capex), which have
contributed to its sustained free operating cash flow (FOCF)
deficits; and its acquisitive growth strategy and financial
policies, which will likely limit any material debt reduction.
These factors are offset by the company's position as the
second-largest provider of outsourced laundry services in the U.S.
(behind leader Spin Holdco Inc. d/b/a CSC ServiceWorks) and the
largest in Canada; its resilient revenue and earnings profile,
which is underpinned by its long-term contracts and the
non-discretionary nature of its services; its ability to flex its
growth capex investments during periods of tight liquidity; and its
improved profit potential due to its investments in the deployment
of remanufactured machines and its improved digital workflows and
route optimization.
"WASH's planned refinancing enhances our view of its liquidity
position. The company's weighted average maturity will increase to
5 years from 2.2 years following its issuance of the proposed $75
million super-priority revolving credit facility maturing in 2026
and $850 million secured notes maturing in 2026. Despite the
expected increase in its annual interest expense, the transaction
will reduce WASH's near-term refinancing risks (the existing
revolving credit facility matures on June 30, 2021) and improve its
liquidity profile. Pro forma for the transaction, we expect the
company to have $4.8 million of unrestricted cash balances and full
availability under its $75 million revolving credit facility. We
believe this will provide it with a sufficient liquidity cushion to
support its near-term investments and tuck-in acquisition needs."
The company's investments in its digital capabilities will support
an improvement in its organic growth and EBITDA margins in 2021.
S&P said, "We expect WASH's ongoing migration to digitally enabled
machines to continue to drive its top-line revenue growth, which we
forecast will increase by 6.9% over the next 12 months. This trend
was particularly evident during 2020 when the company's stand-alone
organic revenue rose by 7.6% despite a 5.2% decline in its pro
forma revenue. The decrease in utilization across colleges and
universities led to the decline in its consolidated revenue in
2020.
"We estimate that the company's revenue will increase at a slightly
faster pace than our forecast 6.5% rise in U.S. GDP in 2021 as the
increasing penetration of its card and mobile-enabled machines,
which currently account for 58% of its total revenue, improve its
reliability, user convenience, and machine utilization. Moreover,
given that it typically enjoys better price elasticity and profit
margins from these machines, we expect its reported EBITDA margin
to expand by over 480 basis points (bps) over the next 12 months
(adjusted margins in the 21% area on an S&P Global Ratings-adjusted
basis). This also reflects the benefits from the cost-cutting
measures management implemented during the pandemic, its improved
operating efficiency, and the roll-off of a one-time $17 million
settlement related to contract overbillings.
"We anticipate the company will generate positive FOCF as its
elevated investment capex declines. We expect WASH to reduce its
capex following the completion of its increased investments to
upgrade its information technology (IT) infrastructure and vehicle
fleet and to convert its machines to coinless payments (e.g.,
mobile payments, card readers). We forecast the company will
generate over $20 million of FOCF in 2021 as it cuts its total
capex to the $80 million-90 million range and improves its EBITDA
margins. Moreover, WASH has the flexibility to cut or postpone a
large part of its growth capex or delay a moderate level of its
maintenance capex if necessary.
"We believe these digital investments, which include the addition
of mobile payment options, remote diagnostic capabilities, and
improved analytics, will contribute to the extension of its machine
lifecycles and reduce its overall maintenance-related capex to 8%
of its sales from its historical level of 10%. Through the
acquisition of fully digital Hercules, the company reduced the
percentage of its fleet that it will need to transition to digital.
Moreover, 80% of the company's transactions in the U.S. in 2020
were completed with coinless payments. In addition, WASH has
focused on implementing more-efficient operating initiatives,
including the utilization of remanufactured machines and
replacement parts, to contribute to the extension of its machines'
lifecycles.
"The company's acquisitive growth strategy may preclude material
debt reduction. We note that WASH's fund owner, EQT, has materially
increased its leverage to support its acquisitive growth strategy.
For example, the company made the relatively large and strategic
debt and equity-financed acquisition of Hercules, which increased
its leverage to 7.5x in 2019 from 6.3x in 2018. While we expect
WASH to realize strong organic growth rates in the
mid-to-high-single digit percent range over the longer term, we
expect it will continue to pursue debt-funded acquisitions to
consolidate the fragmented laundry outsourcing market.
"The stable outlook on WASH reflects our expectation that it will
increase its organic revenue at a slightly faster pace than our
forecast for U.S. GDP due to its improving utilization and price
increases as the effects of the COVID-19 pandemic subsides. We
forecast the company will generate positive FOCF and reduce its
adjusted leverage to the low-6x area as of year-end 2021 from its
pro forma level of 8.3x as of the close of the transaction.
"We could lower our rating on WASH if it generates sustained
negative FOCF that leads to a sharp decline in its liquidity
position or we come to view its capital structure as unsustainable.
Under this scenario, we would expect the company's profitability to
decline sharply due to contract losses, operational missteps, low
satisfaction rates, pricing pressure from its competitors, or
underperforming acquisitions.
"We view an upgrade as unlikely given WASH's growth strategy and
aggressive financial policy, as well as our expectation that its
FOCF to debt will remain in the low-single-digit-percent area.
However, we would consider upgrading the company if it
significantly increases its EBITDA and sustains FOCF to debt in the
mid-single-digit percent area."
WINDSTREAM HOLDINGS: Charter Sanctioned for False Windstream Ads
----------------------------------------------------------------
Law360 reports that a New York bankruptcy judge has awarded
Windstream Holdings more than $19 million in sanctions against
rival Charter Communications, saying Windstream was forced to spend
millions to get back the customers it lost to Charter's false
advertising campaign.
In a memorandum issued Thursday, April 8, 2021, U.S. Bankruptcy
Judge Robert Drain said Charter should pay contempt sanctions for
its violation of Windstream's bankruptcy protections with its
attempt to get Windstream's customers to cancel their contracts by
convincing them the company was shutting down.
About Windstream Holdings
Windstream Holdings, Inc., and its subsidiaries provide advanced
network communications and technology solutions for businesses
across the United States. They also offer broadband, entertainment
and security solutions to consumers and small businesses primarily
in rural areas in 18 states.
Windstream Holding Inc. and its subsidiaries filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 19-22312) on Feb. 25,
2019.
The Debtors had total assets of $13,126,435,000 and total debt of
$11,199,070,000 as of Jan. 31, 2019.
The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as counsel; PJT Partners LP as financial advisor
and investment banker; Alvarez & Marsal North America LLC as
restructuring advisor; and Kurtzman Carson Consultants as notice
and claims agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on March 12, 2019. The committee tapped
Morrison & Foerster LLP as its legal counsel, AlixPartners, LLP, as
its financial advisor, and Perella Weinberg Partners LP as
investment banker.
WJA ASSET: Unsecured Claims to Recover 35% in Plan
--------------------------------------------------
TD Opportunity Fund, LLC, a California limited liability company
and a Debtor Affiliate of WJA Asset Management, LLC, filed a
Disclosure Statement Describing its Chapter 11 Plan of Liquidation
dated April 8, 2021.
The Plan is a liquidation plan which contemplates that the Debtor
will liquidate its assets and distribute the proceeds and funds on
hand to its creditors in accordance with the priorities set forth
in the Bankruptcy Code.
Collectively, the Debtors held the following types of assets: (1)
cash; (2) real estate; (3) deeds of trust; (4) promissory notes;
and (5) stock or membership units in third party companies, which,
in turn, either operate a business or own a real estate development
project.
Secured Claims are Claims secured by valid liens on the property of
the Estate. The Debtor has no Secured Claims.
Class 2 consists of General Unsecured Claims in the amount of
$23,211,457. Within 120 days of the Effective Date, the Debtor
will make an initial Pro Rata Distribution of the Available Cash,
if any, to the holders of Allowed Class 2 Claims. To the extent
Allowed Class 2 Claims are not Paid in Full by the initial Pro Rata
Distribution and provided that there is Available Cash, the Debtor
will make additional interim and/or final Pro Rata Distributions of
Available Cash.
Class 3 consists of holders of equity in the Debtor. Provided that
all assets of the Debtor have been liquidated, abandoned or
otherwise administered, and that all Creditors of the Debtor have
been Paid in Full, if Available Cash remains, the Debtor will make
a Pro Rata Distribution of Available Cash to the Interest Holders
after all other Allowed Claims have been Paid in Full and after any
disputes about the amount of an Interest Holder's percentage
interest in the Debtor are resolved by a Final Order.
The Debtor will continue to liquidate its Estate assets and
distribute the proceeds and funds on hand to its Creditors and
Interest Holders as set forth in the Plan. As of July 31, 2021,
the Debtor is projected to have Available Cash of approximately
$935,000 and no accrued operating liabilities other than its
Professional Fee Claims and ordinary expenses of its Estate.
There are at least two important aspects of a feasibility analysis.
The first aspect considers whether the Plan proponent will have
enough Available Cash on the Effective Date of the Plan to pay all
the claims which are entitled to be paid on such date. The Debtor
will have approximately $935,000 available on the Effective Date to
make Distributions required to be made on or near the Effective
Date, an amount that is more than sufficient to make the payments
required by the Plan.
The second component essential to the execution of the Plan relates
to the funding of the ongoing Distributions to holders of Allowed
Claims and Interests required by the Plan. Here, the Plan is a
liquidating Plan and Distributions will be made to holders of
Allowed Claims and Interests as Claims senior in priority that must
be paid first are determined with finality. An analysis of the
total amount expected to be distributed over the life of the Plan
shows that holders of Allowed Claims are presently expected to
receive about 35% of the amount of their Allowed Claim under the
Plan. If expectations are greatly exceeded and Allowed Claims are
Paid in Full, then Allowed Interests will receive the remaining
Distributions.
A full-text copy of TD Opportunity's Disclosure Statement dated
April 8, 2021, is available at https://bit.ly/3g2pKKW from
PacerMonitor.com at no charge.
Attorneys for the Debtors:
SMILEY WANG-EKVALL, LLP
Lei Lei Wang Ekvall
Philip E. Strok
Kyra E. Andrassy
Robert S. Marticello
3200 Park Center Drive, Suite 250
Costa Mesa, California 92626
Telephone: 714 445-1000
Facsimile: 714 445-1002
E-mail: lekvall@swelawfirm.com
pstrok@swelawfirm.com
kandrassy@swelawfirm.com
rmarticello@swelawfirm.com
About WJA Asset Management
Luxury Asset Purchasing International, LLC, et al., are part of a
network of entities or "Funds" formed to offer a range of
investment opportunities to individuals. Many of the existing
funds are performing and some Funds had substantial gains. However,
certain Funds, i.e., those invested in private trust deeds secured
by real estate, suffered losses.
William Jordan Investments, Inc. ("Advisor"), is a registered
investment advisor. Laguna Hills, California-based WJA Asset
Management, LLC ("Manager"), is the managing member of Luxury, et
al. William Jordan was the president and sole owner of Advisor and
was the sole member and manager of Manager.
On May 18, 2017, Luxury and its affiliates filed voluntary
petitions under Chapter 11 of the United States Bankruptcy Code. On
May 25, 2017, four other affiliated filed voluntary Chapter 11
petitions. On June 6, 2017, CA Real Estate Opportunity Fund III
filed its Chapter 11 petition. The Debtors' cases are jointly
administered under Bankr. C.D. Cal. Lead Case No. 17-11996, and the
Debtors continue to operate their businesses and manage their
affairs as DIP.
Pursuant to court orders, Howard Grobstein is now serving as the
chief restructuring officer of the Debtors and Mr. Jordan no longer
has any ongoing role in the Debtors' operations.
At the time of the filing, WJA estimated assets of less than
$500,000 and liabilities of $1 million to $10 million.
Judge Scott C. Clarkson presides over the cases.
Lei Lei Wang Ekvall, Philip E. Strok, Robert S. Marticello, and
Michael L. Simon, at Smiley Wang Ekvall, LLP, are serving as
counsel to the Debtors. Ann Moore of Norton Moore Adams has been
tapped as special counsel. Elite Properties Realty is the broker.
YOUFIT HEALTH: MCT Says Treatment of Its Claim Unclear
------------------------------------------------------
Maricopa County Treasurer ("MCT"), a secured tax lien creditor,
objects to confirmation of the Combined Disclosure Statement and
Amended Chapter 11 Plan of Liquidation of YouFit Health Clubs, LLC
and its Debtor Affiliates.
MCT objects to the Plan because the treatment of the MCT Claim is
unclear. Per the MCT Claim and the definitions in the Plan, the MCT
Claim is an Other Secured Claim. However, the Plan estimates the
amount of Other Secured Claims at "$0.00." The Plan does not
provide an estimated amount of Priority Tax Claims.
MCT contends to the Plan because it fails to provide for payment of
the taxes in accordance with the Sale Order and the related Asset
Purchase Agreement. MCT has not received an objection from either
party regarding the taxes owed to MCT pursuant to the MCT Claim or
otherwise, and neither party has requested additional information
on the 2020 personal property taxes.
MCT asserts that the Plan should provide that the MCT Claim is an
Allowed Claim based either on the MCT Claim amount or on a final
amount determined between the Debtors/Sellers, Buyer and MCT with
all such amounts to be paid in full, including any post-petition
interest, on, or prior to, the Effective Date of the Plan.
MCT points out that the Plan fails to provide for retention of the
MCT liens on any property or sale proceeds transferred to the
Liquidating Trust, or any property constituting the Liquidating
Trust Assets.
MCT further objects to the Plan as it fails to provide for the
accrual of post-petition interest at the statutory rate of 16% per
annum until the taxes and interest are paid in full. The Arizona
Revised Statutes provide that all taxes bear interest from the date
of delinquency at the rate of 16% per annum.
Attorney for Maricopa County Treasurer:
PETER MUTHIG
Deputy County Attorney
Maricopa County Attorney's Office
225 W. Madison Stree
Phoenix, AZ 85003
Telephone (602) 506-1923
Email: muthigk@mcao.maricopa.gov
About YouFit Health Clubs
YouFit Health Clubs, LLC, and its affiliates own and operate 85
fitness clubs in the states of Alabama, Arizona, Florida, Georgia,
Louisiana, Maryland, Pennsylvania, Rhode Island, Texas, and
Virginia. Visit https://www.youfit.com/ for more information.
On Nov. 9, 2020, YouFit Health Clubs and its affiliates sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-12841).
YouFit was estimated to have $50 million to $100 million in assets
and $100 million to $500 million in liabilities as of the filing.
The Hon. Mary F. Walrath is the case judge.
The Debtors tapped Greenberg Traurig LLP as its bankruptcy counsel,
FocalPoint Securities LLC as investment banker, Red Banyan Group
LLC as communications consultant, and Hilco Real Estate LLC as real
estate advisor. Donlin Recano & Company Inc. is the claims agent.
On Nov. 18, 2020, the U.S. Trustee for Region 3 appointed a
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. The committee tapped Berger Singerman LLP and Pachulski
Stang Ziehl & Jones LLP as its legal counsel, and Dundon Advisers
LLC as its financial advisor.
[*] SBA Extends PPP, Clarifies Borrowers Eligibility in Bankruptcy
------------------------------------------------------------------
ABA Banking Journal reports that the Small Business Administration
(SBA) has issued a notice extending PPP and clarifying the
eligibility for borrowers in bankruptcy.
On April 8, 2021, the Small Business Administration issued a
procedural notice to lenders regarding the extension of the
Paycheck Protection Program. Pursuant to the PPP Extension Act of
2021, SBA said that it would shut down its PPP platform to new PPP
loan guaranty applications at 12 a.m. EDT on June 1, 2021 SBA will
then have an additional month to process any pending applications,
before shutting down processing on 12 a.m. EDT on July 1, 2021.
The SBA this week also issued an update to its frequently asked
questions on the PPP. The new answer provides clarity regarding
when an applicant or owner is no longer considered to be "presently
involved in any bankruptcy" for PPP loan eligibility purposes.
Chapter 7 bankruptcy filers will no longer be considered "presently
involved in any bankruptcy," after the bankruptcy court enters a
discharge order in the case. For Chapter 11, 12, or 13 bankruptcy
filers, the bankruptcy court must enter an order confirming the
plan in the case. For any type of bankruptcy, if the bankruptcy
court has entered an order dismissing the case, applicants or
owners will no longer be considered "presently involved in any
bankruptcy" for purposes of the PPP. SBA noted that "the discharge
order, the order confirming the plan or the order of dismissal,
whichever is applicable, must be entered before the date of the PPP
loan application."
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ACCELERATE DIAGN 1A8 GR 93.4 (62.8) 75.0
ACCELERATE DIAGN AXDX US 93.4 (62.8) 75.0
ACCELERATE DIAGN AXDX* MM 93.4 (62.8) 75.0
ACCELERATE DIAGN 1A8 TH 93.4 (62.8) 75.0
ACCELERATE DIAGN 1A8 QT 93.4 (62.8) 75.0
ADAMAS PHARMACEU ADMS US 120.0 (50.0) 76.9
ADAMAS PHARMACEU 136 GR 120.0 (50.0) 76.9
ADAMAS PHARMACEU ADMSEUR EU 120.0 (50.0) 76.9
ADAMAS PHARMACEU 136 TH 120.0 (50.0) 76.9
AEMETIS INC DW51 GR 125.1 (184.7) (93.6)
AEMETIS INC AMTX US 125.1 (184.7) (93.6)
AEMETIS INC AMTXGEUR EU 125.1 (184.7) (93.6)
AEMETIS INC DW51 GZ 125.1 (184.7) (93.6)
AEMETIS INC DW51 TH 125.1 (184.7) (93.6)
AGILITI INC AGLY US 745.0 (67.7) 17.3
AGRIFY CORP AGFY US - - -
ALPINE 4 HOLDING ALPP US 36.6 (13.6) (5.2)
ALTICE USA INC-A ATUS* MM 33,376.7 (1,177.4) (2,121.5)
ALTICE USA INC-A 15PA TH 33,376.7 (1,177.4) (2,121.5)
ALTICE USA INC-A 15PA GR 33,376.7 (1,177.4) (2,121.5)
ALTICE USA INC-A ATUSEUR EU 33,376.7 (1,177.4) (2,121.5)
ALTICE USA INC-A 15PA GZ 33,376.7 (1,177.4) (2,121.5)
ALTICE USA INC-A ATUS US 33,376.7 (1,177.4) (2,121.5)
AMC ENTERTAINMEN AMC US 10,276.4 (2,858.2) (1,091.5)
AMC ENTERTAINMEN AH9 GR 10,276.4 (2,858.2) (1,091.5)
AMC ENTERTAINMEN AMC* MM 10,276.4 (2,858.2) (1,091.5)
AMC ENTERTAINMEN AMC4EUR EU 10,276.4 (2,858.2) (1,091.5)
AMC ENTERTAINMEN AH9 TH 10,276.4 (2,858.2) (1,091.5)
AMC ENTERTAINMEN AH9 QT 10,276.4 (2,858.2) (1,091.5)
AMC ENTERTAINMEN AH9 GZ 10,276.4 (2,858.2) (1,091.5)
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 AAL* MM 62,008.0 (6,867.0) (5,474.0)
AMERICAN AIRLINE A1G GR 62,008.0 (6,867.0) (5,474.0)
AMERICAN AIRLINE A1G TH 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 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 A1G QT 62,008.0 (6,867.0) (5,474.0)
AMERICAN RESOURC AREC US 38.4 (20.0) (12.0)
AMERISOURCEB-BDR A1MB34 BZ 45,846.8 (511.5) (344.2)
AMERISOURCEBERGE ABG TH 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 ABC2EUR EU 45,846.8 (511.5) (344.2)
AMERISOURCEBERGE ABG QT 45,846.8 (511.5) (344.2)
AMERISOURCEBERGE ABG GZ 45,846.8 (511.5) (344.2)
AMYRIS INC AMRS US 222.8 (167.0) (16.5)
AMYRIS INC 3A01 GR 222.8 (167.0) (16.5)
AMYRIS INC 3A01 TH 222.8 (167.0) (16.5)
AMYRIS INC 3A01 SW 222.8 (167.0) (16.5)
AMYRIS INC 3A01 QT 222.8 (167.0) (16.5)
AMYRIS INC AMRSEUR EU 222.8 (167.0) (16.5)
AMYRIS INC 3A01 GZ 222.8 (167.0) (16.5)
APA CORP APA US 12,746.0 (37.0) 538.0
APA CORP APA11EUR EU 12,746.0 (37.0) 538.0
APA CORP 2S3 GR 12,746.0 (37.0) 538.0
APA CORP APA* MM 12,746.0 (37.0) 538.0
APA CORP 2S3 TH 12,746.0 (37.0) 538.0
APA CORP 2S3 GZ 12,746.0 (37.0) 538.0
APA CORP - BDR A1PA34 BZ 12,746.0 (37.0) 538.0
AQUESTIVE THERAP AQST US 62.9 (48.5) 23.5
ARCHIMEDES TECH ATSPU US - - -
ARRAY TECHNOLOGI ARRY US 656.0 (80.9) 86.1
ARYA SCIENCES-A ARYD US 0.0 (0.0) (0.1)
ASANA INC- CL A ASAN US 731.1 (12.8) 282.3
AUSTERLITZ ACQUI AUS/U US 0.2 (0.0) (0.2)
AUTOZONE INC AZ5 GR 14,160.0 (1,523.6) (477.4)
AUTOZONE INC AZ5 TH 14,160.0 (1,523.6) (477.4)
AUTOZONE INC AZO US 14,160.0 (1,523.6) (477.4)
AUTOZONE INC AZO AV 14,160.0 (1,523.6) (477.4)
AUTOZONE INC AZ5 TE 14,160.0 (1,523.6) (477.4)
AUTOZONE INC AZO* MM 14,160.0 (1,523.6) (477.4)
AUTOZONE INC AZ5 GZ 14,160.0 (1,523.6) (477.4)
AUTOZONE INC AZOEUR EU 14,160.0 (1,523.6) (477.4)
AUTOZONE INC AZ5 QT 14,160.0 (1,523.6) (477.4)
AUTOZONE INC-BDR AZOI34 BZ 14,160.0 (1,523.6) (477.4)
AVID TECHNOLOGY AVID US 305.1 (132.9) 25.7
AVID TECHNOLOGY AVD GR 305.1 (132.9) 25.7
AVIS BUD-CEDEAR CAR AR 17,538.0 (155.0) (258.0)
AVIS BUDGET GROU CAR US 17,538.0 (155.0) (258.0)
AVIS BUDGET GROU CUCA GR 17,538.0 (155.0) (258.0)
AVIS BUDGET GROU CUCA SW 17,538.0 (155.0) (258.0)
AVIS BUDGET GROU CAR* MM 17,538.0 (155.0) (258.0)
AVIS BUDGET GROU CUCA TH 17,538.0 (155.0) (258.0)
AVIS BUDGET GROU CUCA QT 17,538.0 (155.0) (258.0)
AVIS BUDGET GROU CAR2EUR EU 17,538.0 (155.0) (258.0)
AVIS BUDGET GROU CUCA GZ 17,538.0 (155.0) (258.0)
BABCOCK & WILCOX BWEUR EU 591.8 (338.3) 118.0
BABCOCK & WILCOX UBW1 GR 591.8 (338.3) 118.0
BABCOCK & WILCOX BW US 591.8 (338.3) 118.0
BANXA HOLDINGS I BNXA CN 0.1 (0.1) (0.1)
BANXA HOLDINGS I BNXAF US 0.1 (0.1) (0.1)
BANXA HOLDINGS I AC00 GR 0.1 (0.1) (0.1)
BANXA HOLDINGS I BNXAEUR EU 0.1 (0.1) (0.1)
BANXA HOLDINGS I AC00 TH 0.1 (0.1) (0.1)
BANXA HOLDINGS I AC00 QT 0.1 (0.1) (0.1)
BELLRING BRAND-A BRBR US 680.8 (130.1) 186.3
BELLRING BRAND-A BR6 GR 680.8 (130.1) 186.3
BELLRING BRAND-A BR6 TH 680.8 (130.1) 186.3
BELLRING BRAND-A BR6 GZ 680.8 (130.1) 186.3
BELLRING BRAND-A BRBR1EUR EU 680.8 (130.1) 186.3
BIOCRYST PHARM BO1 TH 334.7 (19.3) 218.1
BIOCRYST PHARM BO1 GR 334.7 (19.3) 218.1
BIOCRYST PHARM BCRX US 334.7 (19.3) 218.1
BIOCRYST PHARM BO1 SW 334.7 (19.3) 218.1
BIOCRYST PHARM BCRX* MM 334.7 (19.3) 218.1
BIOCRYST PHARM BCRXEUR EU 334.7 (19.3) 218.1
BIOCRYST PHARM BO1 QT 334.7 (19.3) 218.1
BIOHAVEN PHARMAC 2VN TH 687.0 (332.2) 326.6
BIOHAVEN PHARMAC BHVN US 687.0 (332.2) 326.6
BIOHAVEN PHARMAC 2VN GR 687.0 (332.2) 326.6
BIOHAVEN PHARMAC BHVNEUR EU 687.0 (332.2) 326.6
BIONOVATE TECHNO BIIO US - (0.5) (0.5)
BLACK IRON INC BKIN MM 1.8 (5.7) 1.1
BLACK ROCK PETRO BKRP US 0.0 (0.0) -
BLUE BIRD CORP BLBD US 307.8 (54.2) (2.9)
BLUE BIRD CORP 4RB GR 307.8 (54.2) (2.9)
BLUE BIRD CORP 4RB GZ 307.8 (54.2) (2.9)
BLUE BIRD CORP BLBDEUR EU 307.8 (54.2) (2.9)
BLUE BIRD CORP 4RB TH 307.8 (54.2) (2.9)
BLUE BIRD CORP 4RB QT 307.8 (54.2) (2.9)
BOEING CO-BDR BOEI34 BZ 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-CED BAD AR 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 BA 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 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 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 BA AV 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 BACL CI 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 23,090.0 (6,657.0) (181.0)
BONE BIOLOGICS C BBLG US 0.0 (11.9) (0.5)
BRIDGEMARQ REAL BRE CN 89.0 (48.4) 8.9
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)
BROOKFIELD INF-A BIPC US 11,930.4 (730.3) (2,775.8)
BROOKFIELD INF-A BIPC CN 11,930.4 (730.3) (2,775.8)
BRP INC/CA-SUB V B15A GR 4,885.9 (474.9) 669.8
BRP INC/CA-SUB V DOOO US 4,885.9 (474.9) 669.8
BRP INC/CA-SUB V DOO CN 4,885.9 (474.9) 669.8
BRP INC/CA-SUB V DOOEUR EU 4,885.9 (474.9) 669.8
BRP INC/CA-SUB V B15A GZ 4,885.9 (474.9) 669.8
CADIZ INC CDZI US 74.4 (25.3) 4.9
CADIZ INC 2ZC GR 74.4 (25.3) 4.9
CADIZ INC CDZIEUR EU 74.4 (25.3) 4.9
CALUMET SPECIALT CLMT US 1,808.3 (128.6) (9.6)
CAMPING WORLD-A CWH US 3,256.4 (9.2) 458.7
CAMPING WORLD-A C83 GR 3,256.4 (9.2) 458.7
CAMPING WORLD-A CWHEUR EU 3,256.4 (9.2) 458.7
CAMPING WORLD-A C83 TH 3,256.4 (9.2) 458.7
CAMPING WORLD-A C83 QT 3,256.4 (9.2) 458.7
CAP SENIOR LIVIN CSU2EUR EU 702.8 (279.3) (329.7)
CDK GLOBAL INC CDK US 2,935.4 (425.2) 392.1
CDK GLOBAL INC C2G SW 2,935.4 (425.2) 392.1
CDK GLOBAL INC C2G QT 2,935.4 (425.2) 392.1
CDK GLOBAL INC CDK* MM 2,935.4 (425.2) 392.1
CDK GLOBAL INC C2G TH 2,935.4 (425.2) 392.1
CDK GLOBAL INC CDKEUR EU 2,935.4 (425.2) 392.1
CDK GLOBAL INC C2G GR 2,935.4 (425.2) 392.1
CEDAR FAIR LP FUN US 2,693.4 (666.4) 254.5
CENGAGE LEARNING CNGO US 2,704.3 (177.2) 167.1
CENTRUS ENERGY-A 4CU GR 486.3 (320.6) 40.0
CENTRUS ENERGY-A 4CU TH 486.3 (320.6) 40.0
CENTRUS ENERGY-A LEU US 486.3 (320.6) 40.0
CENTRUS ENERGY-A LEUEUR EU 486.3 (320.6) 40.0
CEREVEL THERAPEU CERE US 150.5 142.6 (1.7)
CHARGEPOINT HOLD CHPT US 290.1 (0.8) 108.5
CHESAPEAKE ENERG CHK US 6,584.0 (5,341.0) (1,986.0)
CHESAPEAKE ENERG CS1 GR 6,584.0 (5,341.0) (1,986.0)
CHESAPEAKE ENERG CHK1EUR EU 6,584.0 (5,341.0) (1,986.0)
CHEWY INC- CL A CHWY US 1,740.9 (2.0) (154.1)
CHEWY INC- CL A CHWY* MM 1,740.9 (2.0) (154.1)
CHOICE HOTELS CZH GR 1,587.3 (5.8) 177.1
CHOICE HOTELS CHH US 1,587.3 (5.8) 177.1
CINCINNATI BELL CBB US 2,668.6 (191.1) (87.0)
CINCINNATI BELL CIB1 GR 2,668.6 (191.1) (87.0)
CINCINNATI BELL CBBEUR EU 2,668.6 (191.1) (87.0)
CLOVIS ONCOLOGY C6O GR 605.6 (158.7) 125.9
CLOVIS ONCOLOGY CLVS US 605.6 (158.7) 125.9
CLOVIS ONCOLOGY C6O QT 605.6 (158.7) 125.9
CLOVIS ONCOLOGY C6O TH 605.6 (158.7) 125.9
CLOVIS ONCOLOGY CLVSEUR EU 605.6 (158.7) 125.9
CLOVIS ONCOLOGY C6O GZ 605.6 (158.7) 125.9
COGENT COMMUNICA CCOI US 1,000.5 (293.2) 361.9
COGENT COMMUNICA OGM1 GR 1,000.5 (293.2) 361.9
COGENT COMMUNICA CCOIEUR EU 1,000.5 (293.2) 361.9
COGENT COMMUNICA CCOI* MM 1,000.5 (293.2) 361.9
COMMUNITY HEALTH CG5 GR 16,006.0 (1,054.0) 1,695.0
COMMUNITY HEALTH CYH US 16,006.0 (1,054.0) 1,695.0
COMMUNITY HEALTH CG5 QT 16,006.0 (1,054.0) 1,695.0
COMMUNITY HEALTH CYH1EUR EU 16,006.0 (1,054.0) 1,695.0
COMMUNITY HEALTH CG5 TH 16,006.0 (1,054.0) 1,695.0
COMMUNITY HEALTH CG5 GZ 16,006.0 (1,054.0) 1,695.0
CPI CARD GROUP I PMTS US 266.2 (138.0) 95.6
CPI CARD GROUP I PMTS CN 266.2 (138.0) 95.6
CURRENCYWORKS IN CWRK CN 0.1 (5.7) (1.7)
CUSTOM TRUCK ONE CTOS US 768.4 (31.1) 31.9
CYTODYN INC CYDY US 143.8 (6.5) 15.1
D AND Z MEDIA AC DNZ/U US 0.2 (0.0) (0.2)
D AND Z MEDIA-A DNZ US 0.2 (0.0) (0.2)
DELEK LOGISTICS DKL US 956.4 (108.3) 1.0
DENNY'S CORP DENN US 430.9 (130.4) (28.5)
DENNY'S CORP DE8 TH 430.9 (130.4) (28.5)
DENNY'S CORP DE8 GR 430.9 (130.4) (28.5)
DENNY'S CORP DENNEUR EU 430.9 (130.4) (28.5)
DIEBOLD NIXDORF DBD GR 3,657.4 (831.7) 207.8
DIEBOLD NIXDORF DBD US 3,657.4 (831.7) 207.8
DIEBOLD NIXDORF DBD SW 3,657.4 (831.7) 207.8
DIEBOLD NIXDORF DBDEUR EU 3,657.4 (831.7) 207.8
DIEBOLD NIXDORF DBD TH 3,657.4 (831.7) 207.8
DIEBOLD NIXDORF DBD QT 3,657.4 (831.7) 207.8
DIEBOLD NIXDORF DBD GZ 3,657.4 (831.7) 207.8
DIGITAL MEDIA-A DMS US 202.4 (73.6) 19.9
DIGITAL TRANSFOR DTOCU US 0.0 (0.0) (0.0)
DINE BRANDS GLOB IHP TH 2,074.9 (354.7) 237.9
DINE BRANDS GLOB DIN US 2,074.9 (354.7) 237.9
DINE BRANDS GLOB IHP GR 2,074.9 (354.7) 237.9
DINE BRANDS GLOB IHP GZ 2,074.9 (354.7) 237.9
DOMINO'S PIZZA EZV TH 1,567.2 (3,300.4) 398.6
DOMINO'S PIZZA EZV GR 1,567.2 (3,300.4) 398.6
DOMINO'S PIZZA DPZ US 1,567.2 (3,300.4) 398.6
DOMINO'S PIZZA EZV SW 1,567.2 (3,300.4) 398.6
DOMINO'S PIZZA DPZEUR EU 1,567.2 (3,300.4) 398.6
DOMINO'S PIZZA DPZ AV 1,567.2 (3,300.4) 398.6
DOMINO'S PIZZA DPZ* MM 1,567.2 (3,300.4) 398.6
DOMINO'S PIZZA EZV GZ 1,567.2 (3,300.4) 398.6
DOMINO'S PIZZA EZV QT 1,567.2 (3,300.4) 398.6
DOMO INC- CL B DOMO US 216.4 (83.5) (20.7)
DOMO INC- CL B 1ON GR 216.4 (83.5) (20.7)
DOMO INC- CL B 1ON GZ 216.4 (83.5) (20.7)
DOMO INC- CL B DOMOEUR EU 216.4 (83.5) (20.7)
DOMO INC- CL B 1ON TH 216.4 (83.5) (20.7)
DRIVE SHACK INC DS US 449.5 (0.4) (51.4)
DYE & DURHAM LTD DND CN 1,132.0 557.0 210.5
DYE & DURHAM LTD DYNDF US 1,132.0 557.0 210.5
ESPERION THERAPE ESPR US 353.3 (96.1) 251.8
ESPERION THERAPE ESPREUR EU 353.3 (96.1) 251.8
ESPERION THERAPE 0ET TH 353.3 (96.1) 251.8
ESPERION THERAPE 0ET QT 353.3 (96.1) 251.8
ESPERION THERAPE 0ET GR 353.3 (96.1) 251.8
ESPERION THERAPE 0ET GZ 353.3 (96.1) 251.8
EVERI HOLDINGS I EVRI US 1,477.2 (7.9) 112.1
EVERI HOLDINGS I G2C TH 1,477.2 (7.9) 112.1
EVERI HOLDINGS I G2C GR 1,477.2 (7.9) 112.1
EVERI HOLDINGS I EVRIEUR EU 1,477.2 (7.9) 112.1
EVOLUS INC EVL QT 209.1 (73.0) (52.6)
EVOLUS INC EVL GZ 209.1 (73.0) (52.6)
EVOLUS INC EOLS US 209.1 (73.0) (52.6)
EVOLUS INC EVL GR 209.1 (73.0) (52.6)
EVOLUS INC EOLSEUR EU 209.1 (73.0) (52.6)
EVOLUS INC EVL TH 209.1 (73.0) (52.6)
EXTRACTION OIL & XOG US 2,025.2 (847.3) (369.4)
EXTRACTION OIL & EH40 GR 2,025.2 (847.3) (369.4)
EXTRACTION OIL & XOG1EUR EU 2,025.2 (847.3) (369.4)
FLEXION THERAPEU FLXN US 251.9 (16.7) 170.5
FLEXION THERAPEU F02 GR 251.9 (16.7) 170.5
FLEXION THERAPEU F02 TH 251.9 (16.7) 170.5
FLEXION THERAPEU F02 QT 251.9 (16.7) 170.5
FLEXION THERAPEU FLXNEUR EU 251.9 (16.7) 170.5
FORTUNE VALLEY T FVTI US 0.4 (1.0) (0.9)
FOUNTAIN HEALTHY FHAI US 0.0 (0.1) (0.1)
FRONTDOOR IN FTDR US 1,405.0 (61.0) 223.0
FRONTDOOR IN 3I5 GR 1,405.0 (61.0) 223.0
FRONTDOOR IN FTDREUR EU 1,405.0 (61.0) 223.0
GLOBAL CLEAN ENE GCEHD US 211.8 (21.7) (0.8)
GLOBAL SYNERGY GSAQU US 0.6 (0.0) (0.5)
GLOBAL SYNERGY-A GSAQ US 0.6 (0.0) (0.5)
GODADDY INC-A GDDY US 6,432.9 (11.8) (1,022.9)
GODADDY INC-A 38D TH 6,432.9 (11.8) (1,022.9)
GODADDY INC-A GDDY* MM 6,432.9 (11.8) (1,022.9)
GODADDY INC-A 38D GR 6,432.9 (11.8) (1,022.9)
GODADDY INC-A 38D QT 6,432.9 (11.8) (1,022.9)
GODADDY INC-A 38D GZ 6,432.9 (11.8) (1,022.9)
GOGO INC GOGO US 673.6 (641.1) 74.1
GOGO INC G0G GR 673.6 (641.1) 74.1
GOGO INC G0G TH 673.6 (641.1) 74.1
GOGO INC GOGOEUR EU 673.6 (641.1) 74.1
GOGO INC G0G QT 673.6 (641.1) 74.1
GOGO INC G0G GZ 673.6 (641.1) 74.1
GOLDEN NUGGET ON GNOG US 178.7 (72.2) 60.4
GOLDEN NUGGET ON 5ZU GR 178.7 (72.2) 60.4
GOLDEN NUGGET ON LCA2EUR EU 178.7 (72.2) 60.4
GOOSEHEAD INSU-A GSHD US 185.8 (38.4) 30.3
GOOSEHEAD INSU-A 2OX GR 185.8 (38.4) 30.3
GOOSEHEAD INSU-A GSHDEUR EU 185.8 (38.4) 30.3
GORES GUGGENHEIM GGPIU US - (0.0) (0.0)
GRAFTECH INTERNA EAF US 1,432.7 (329.4) 431.1
GRAFTECH INTERNA G6G GR 1,432.7 (329.4) 431.1
GRAFTECH INTERNA EAFEUR EU 1,432.7 (329.4) 431.1
GRAFTECH INTERNA G6G TH 1,432.7 (329.4) 431.1
GRAFTECH INTERNA G6G QT 1,432.7 (329.4) 431.1
GRAFTECH INTERNA G6G GZ 1,432.7 (329.4) 431.1
GREEN PLAINS PAR GPP US 105.3 (46.5) (101.1)
GREENSKY INC-A GSKY US 1,523.1 (175.5) 841.6
GT BIOPHARMA INC OXISEUR EU 0.9 (29.8) (29.9)
GT BIOPHARMA INC OXI GR 0.9 (29.8) (29.9)
GT BIOPHARMA INC GTBP US 0.9 (29.8) (29.9)
H&R BLOCK - BDR H1RB34 BZ 3,168.4 (534.6) 529.2
H&R BLOCK INC HRB GR 3,168.4 (534.6) 529.2
H&R BLOCK INC HRB US 3,168.4 (534.6) 529.2
H&R BLOCK INC HRB TH 3,168.4 (534.6) 529.2
H&R BLOCK INC HRB QT 3,168.4 (534.6) 529.2
H&R BLOCK INC HRBEUR EU 3,168.4 (534.6) 529.2
HERBALIFE NUTRIT HOO GR 3,076.1 (856.1) 648.5
HERBALIFE NUTRIT HLF US 3,076.1 (856.1) 648.5
HERBALIFE NUTRIT HOO TH 3,076.1 (856.1) 648.5
HERBALIFE NUTRIT HOO GZ 3,076.1 (856.1) 648.5
HERBALIFE NUTRIT HLFEUR EU 3,076.1 (856.1) 648.5
HERBALIFE NUTRIT HOO QT 3,076.1 (856.1) 648.5
HEWLETT-CEDEAR HPQ AR 34,737.0 (3,235.0) (7,442.0)
HEWLETT-CEDEAR HPQC AR 34,737.0 (3,235.0) (7,442.0)
HEWLETT-CEDEAR HPQD AR 34,737.0 (3,235.0) (7,442.0)
HILTON WORLD-BDR H1LT34 BZ 16,755.0 (1,486.0) 1,771.0
HILTON WORLDWIDE HLT US 16,755.0 (1,486.0) 1,771.0
HILTON WORLDWIDE HI91 TH 16,755.0 (1,486.0) 1,771.0
HILTON WORLDWIDE HI91 GR 16,755.0 (1,486.0) 1,771.0
HILTON WORLDWIDE HLTEUR EU 16,755.0 (1,486.0) 1,771.0
HILTON WORLDWIDE HLT* MM 16,755.0 (1,486.0) 1,771.0
HILTON WORLDWIDE HI91 TE 16,755.0 (1,486.0) 1,771.0
HILTON WORLDWIDE HLTW AV 16,755.0 (1,486.0) 1,771.0
HILTON WORLDWIDE HI91 QT 16,755.0 (1,486.0) 1,771.0
HILTON WORLDWIDE HI91 GZ 16,755.0 (1,486.0) 1,771.0
HORIZON GLOBAL HZN1EUR EU 456.5 (23.9) 80.0
HORIZON GLOBAL HZN US 456.5 (23.9) 80.0
HORIZON GLOBAL 2H6 GR 456.5 (23.9) 80.0
HOVNANIAN ENT-A HOV US 1,850.7 (416.3) 870.0
HOVNANIAN ENT-A HO3A GR 1,850.7 (416.3) 870.0
HOVNANIAN ENT-A HOVEUR EU 1,850.7 (416.3) 870.0
HP COMPANY-BDR HPQB34 BZ 34,737.0 (3,235.0) (7,442.0)
HP INC HPQ US 34,737.0 (3,235.0) (7,442.0)
HP INC HPQ TE 34,737.0 (3,235.0) (7,442.0)
HP INC 7HP TH 34,737.0 (3,235.0) (7,442.0)
HP INC 7HP GR 34,737.0 (3,235.0) (7,442.0)
HP INC HPQ CI 34,737.0 (3,235.0) (7,442.0)
HP INC HPQ* MM 34,737.0 (3,235.0) (7,442.0)
HP INC HPQ SW 34,737.0 (3,235.0) (7,442.0)
HP INC HPQUSD SW 34,737.0 (3,235.0) (7,442.0)
HP INC 7HP GZ 34,737.0 (3,235.0) (7,442.0)
HP INC HPQEUR EU 34,737.0 (3,235.0) (7,442.0)
HP INC HPQ AV 34,737.0 (3,235.0) (7,442.0)
HP INC 7HP QT 34,737.0 (3,235.0) (7,442.0)
HYRECAR INC 8HY GR 6.3 (4.5) (4.2)
HYRECAR INC HYRE US 6.3 (4.5) (4.2)
HYRECAR INC 8HY TH 6.3 (4.5) (4.2)
HYRECAR INC 8HY QT 6.3 (4.5) (4.2)
HYRECAR INC 8HY GZ 6.3 (4.5) (4.2)
INFINITY PHARMAC INFI US 39.3 (23.0) 25.0
INFINITY PHARMAC I3F QT 39.3 (23.0) 25.0
INFRASTRUCTURE A IEA US 729.1 (72.7) 102.8
INFRASTRUCTURE A IEAEUR EU 729.1 (72.7) 102.8
INFRASTRUCTURE A 5YF GR 729.1 (72.7) 102.8
INSEEGO CORP INO TH 227.4 (27.9) 38.4
INSEEGO CORP INO QT 227.4 (27.9) 38.4
INSEEGO CORP INSG US 227.4 (27.9) 38.4
INSEEGO CORP INO GR 227.4 (27.9) 38.4
INSEEGO CORP INSGEUR EU 227.4 (27.9) 38.4
INSEEGO CORP INO GZ 227.4 (27.9) 38.4
INSPIRED ENTERTA INSEEUR EU 324.1 (88.7) 27.1
INSPIRED ENTERTA 4U8 GR 324.1 (88.7) 27.1
INSPIRED ENTERTA INSE US 324.1 (88.7) 27.1
INTERCEPT PHARMA ICPT US 580.5 (166.9) 366.7
INTERCEPT PHARMA I4P GR 580.5 (166.9) 366.7
INTERCEPT PHARMA I4P TH 580.5 (166.9) 366.7
INTERCEPT PHARMA ICPT* MM 580.5 (166.9) 366.7
INTERCEPT PHARMA I4P GZ 580.5 (166.9) 366.7
JACK IN THE BOX JBX GR 1,913.6 (749.1) 62.7
JACK IN THE BOX JACK US 1,913.6 (749.1) 62.7
JACK IN THE BOX JBX GZ 1,913.6 (749.1) 62.7
JACK IN THE BOX JBX QT 1,913.6 (749.1) 62.7
JACK IN THE BOX JACK1EUR EU 1,913.6 (749.1) 62.7
JOSEMARIA RESOUR JOSE SS 19.7 (12.4) (24.7)
JOSEMARIA RESOUR NGQSEK EU 19.7 (12.4) (24.7)
JOSEMARIA RESOUR JOSES IX 19.7 (12.4) (24.7)
JOSEMARIA RESOUR JOSES EB 19.7 (12.4) (24.7)
JOSEMARIA RESOUR JOSES I2 19.7 (12.4) (24.7)
JUST ENERGY GROU JE CN 1,069.0 (215.8) (0.5)
KEMPHARM INC 1GDA GR 11.2 (66.4) 0.8
KEMPHARM INC KMPHEUR EU 11.2 (66.4) 0.8
KEMPHARM INC KMPH US 11.2 (66.4) 0.8
KEMPHARM INC 1GDA TH 11.2 (66.4) 0.8
KEMPHARM INC 1GDA QT 11.2 (66.4) 0.8
KITS EYECARE LTD KITS CN 54.7 (0.6) (24.3)
KITS EYECARE LTD KTYCF US 54.7 (0.6) (24.3)
KL ACQUISI-CLS A KLAQ US 0.4 (0.0) (0.5)
KL ACQUISITION C KLAQU US 0.4 (0.0) (0.5)
L BRANDS INC LB US 11,571.0 (661.0) 2,753.0
L BRANDS INC LTD GR 11,571.0 (661.0) 2,753.0
L BRANDS INC LTD TH 11,571.0 (661.0) 2,753.0
L BRANDS INC LTD SW 11,571.0 (661.0) 2,753.0
L BRANDS INC LBRA AV 11,571.0 (661.0) 2,753.0
L BRANDS INC LBEUR EU 11,571.0 (661.0) 2,753.0
L BRANDS INC LB* MM 11,571.0 (661.0) 2,753.0
L BRANDS INC LTD QT 11,571.0 (661.0) 2,753.0
L BRANDS INC-BDR LBRN34 BZ 11,571.0 (661.0) 2,753.0
LAREDO PETROLEUM LPI US 1,442.6 (21.4) (61.0)
LAREDO PETROLEUM 8LP1 GR 1,442.6 (21.4) (61.0)
LAREDO PETROLEUM LPI1EUR EU 1,442.6 (21.4) (61.0)
LDH GROWTH CORP LDHAU US - - -
LEE ENTERPRISES LEE US 867.3 (12.4) (35.7)
LENNOX INTL INC LII US 2,032.5 (17.1) 386.3
LENNOX INTL INC LXI GR 2,032.5 (17.1) 386.3
LENNOX INTL INC LXI TH 2,032.5 (17.1) 386.3
LENNOX INTL INC LII* MM 2,032.5 (17.1) 386.3
LENNOX INTL INC LII1EUR EU 2,032.5 (17.1) 386.3
LESLIE'S INC LESL US 747.1 (386.4) 162.8
LESLIE'S INC LE3 GR 747.1 (386.4) 162.8
LESLIE'S INC LESLEUR EU 747.1 (386.4) 162.8
LESLIE'S INC LE3 TH 747.1 (386.4) 162.8
LESLIE'S INC LE3 QT 747.1 (386.4) 162.8
LIFEMD INC LFMD US 13.1 (0.8) (1.4)
MADISON SQUARE G MS8 GR 1,292.1 (265.1) (172.7)
MADISON SQUARE G MSG1EUR EU 1,292.1 (265.1) (172.7)
MADISON SQUARE G MSGS US 1,292.1 (265.1) (172.7)
MADISON SQUARE G MS8 TH 1,292.1 (265.1) (172.7)
MADISON SQUARE G MS8 QT 1,292.1 (265.1) (172.7)
MADISON SQUARE G MS8 GZ 1,292.1 (265.1) (172.7)
MANNKIND CORP NNFN TH 108.6 (180.4) 5.8
MANNKIND CORP MNKD US 108.6 (180.4) 5.8
MANNKIND CORP NNFN GR 108.6 (180.4) 5.8
MANNKIND CORP NNFN SW 108.6 (180.4) 5.8
MANNKIND CORP MNKDEUR EU 108.6 (180.4) 5.8
MANNKIND CORP NNFN QT 108.6 (180.4) 5.8
MANNKIND CORP NNFN GZ 108.6 (180.4) 5.8
MASON INDUS-CL A MIT US 0.5 (0.1) 0.0
MASON INDUSTRIAL MIT/U US 0.5 (0.1) 0.0
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 MTC2 AV 2,977.0 (1,176.0) 520.2
MATCH GROUP INC 4MGN SW 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 5,428.0 (1,800.0) (1,471.0)
MCAFEE CORP - A MC7 GR 5,428.0 (1,800.0) (1,471.0)
MCAFEE CORP - A MCFEEUR EU 5,428.0 (1,800.0) (1,471.0)
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 MCD SW 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCD US 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCD* MM 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MDO GR 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCD TE 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCD CI 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MDO TH 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCDUSD SW 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MDO GZ 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCDEUR EU 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCD AV 52,626.8 (7,824.9) 62.0
MCDONALDS CORP 0R16 LN 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MDO QT 52,626.8 (7,824.9) 62.0
MCDONALDS CORP MCDCL CI 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 1,511.3 (381.8) (204.1)
MDC PARTNERS-A MD7A GR 1,511.3 (381.8) (204.1)
MDC PARTNERS-A MDCAEUR EU 1,511.3 (381.8) (204.1)
MEDIAALPHA INC-A MAX US - (9.9) (9.9)
MICHAELS COS INC MIK US 4,528.4 (1,197.2) 556.6
MICHAELS COS INC MIM GR 4,528.4 (1,197.2) 556.6
MICHAELS COS INC MIM TH 4,528.4 (1,197.2) 556.6
MICHAELS COS INC MIKEUR EU 4,528.4 (1,197.2) 556.6
MICHAELS COS INC MIM QT 4,528.4 (1,197.2) 556.6
MICHAELS COS INC MIM GZ 4,528.4 (1,197.2) 556.6
MILESTONE MEDICA MMDPLN EU 0.9 (17.0) (17.0)
MILESTONE MEDICA MMD PW 0.9 (17.0) (17.0)
MONEYGRAM INTERN 9M1N GR 4,674.1 (237.0) (20.7)
MONEYGRAM INTERN MGI US 4,674.1 (237.0) (20.7)
MONEYGRAM INTERN 9M1N TH 4,674.1 (237.0) (20.7)
MONEYGRAM INTERN MGIEUR EU 4,674.1 (237.0) (20.7)
MONEYGRAM INTERN 9M1N QT 4,674.1 (237.0) (20.7)
MONGODB INC 526 GZ 1,407.5 (0.3) 787.3
MONGODB INC MDB US 1,407.5 (0.3) 787.3
MONGODB INC 526 GR 1,407.5 (0.3) 787.3
MONGODB INC MDBEUR EU 1,407.5 (0.3) 787.3
MONGODB INC 526 QT 1,407.5 (0.3) 787.3
MONGODB INC 526 TH 1,407.5 (0.3) 787.3
MONGODB INC MDB* MM 1,407.5 (0.3) 787.3
MONGODB INC- BDR M1DB34 BZ 1,407.5 (0.3) 787.3
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 TH 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 GR 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
MOTOROLA SOLUTIO MOSI AV 10,876.0 (541.0) 838.0
MOTOROLA SOLUTIO MTLA QT 10,876.0 (541.0) 838.0
MSCI INC 3HM GR 4,198.6 (443.2) 903.8
MSCI INC MSCI US 4,198.6 (443.2) 903.8
MSCI INC 3HM GZ 4,198.6 (443.2) 903.8
MSCI INC 3HM QT 4,198.6 (443.2) 903.8
MSCI INC MSCI* MM 4,198.6 (443.2) 903.8
MSCI INC 3HM TH 4,198.6 (443.2) 903.8
MSCI INC-BDR M1SC34 BZ 4,198.6 (443.2) 903.8
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
N/A HYREEUR EU 6.3 (4.5) (4.2)
NANTHEALTH INC NH US 200.3 (111.4) (94.2)
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 886.2 (268.6) 149.9
NATIONAL CINEMED XWM GR 886.2 (268.6) 149.9
NATIONAL CINEMED NCMIEUR EU 886.2 (268.6) 149.9
NAVISTAR INTL IHR TH 6,118.0 (3,825.0) 811.0
NAVISTAR INTL IHR GR 6,118.0 (3,825.0) 811.0
NAVISTAR INTL NAV US 6,118.0 (3,825.0) 811.0
NAVISTAR INTL NAVEUR EU 6,118.0 (3,825.0) 811.0
NAVISTAR INTL IHR QT 6,118.0 (3,825.0) 811.0
NAVISTAR INTL IHR GZ 6,118.0 (3,825.0) 811.0
NEW ENG RLTY-LP NEN US 291.7 (41.5) -
NOBLE ROCK ACQ-A NRAC US 0.4 (0.0) (0.3)
NOBLE ROCK ACQUI NRACU US 0.4 (0.0) (0.3)
NORTHERN OIL AND 4LT1 GR 872.1 (223.3) (56.8)
NORTHERN OIL AND NOG US 872.1 (223.3) (56.8)
NORTHERN OIL AND NOG1EUR EU 872.1 (223.3) (56.8)
NORTHERN OIL AND 4LT1 TH 872.1 (223.3) (56.8)
NORTONLIFEL- BDR S1YM34 BZ 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 NLOK US 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
NORTONLIFELOCK I SYMC AV 6,357.0 (492.0) 27.0
NORTONLIFELOCK I SYM QT 6,357.0 (492.0) 27.0
NOUVEAU MONDE GR NOU CN 21.2 (5.3) (0.2)
NOUVEAU MONDE GR NMGRD US 21.2 (5.3) (0.2)
NOUVEAU MONDE GR NM9A GR 21.2 (5.3) (0.2)
NOUVEAU MONDE GR NOUEUR EU 21.2 (5.3) (0.2)
NOUVEAU MONDE GR NM9A TH 21.2 (5.3) (0.2)
NOUVEAU MONDE GR NM9A GZ 21.2 (5.3) (0.2)
NUTANIX INC - A 0NU SW 2,311.5 (758.4) 766.2
NUTANIX INC - A 0NU GZ 2,311.5 (758.4) 766.2
NUTANIX INC - A 0NU GR 2,311.5 (758.4) 766.2
NUTANIX INC - A NTNXEUR EU 2,311.5 (758.4) 766.2
NUTANIX INC - A 0NU TH 2,311.5 (758.4) 766.2
NUTANIX INC - A 0NU QT 2,311.5 (758.4) 766.2
NUTANIX INC - A NTNX US 2,311.5 (758.4) 766.2
OM HOLDINGS INT OMHI US 0.0 (0.3) (0.3)
OMEGA ALPHA SP-A OMEG US 0.4 (0.0) (0.0)
OMEROS CORP OMER US 181.0 (120.8) 114.5
OMEROS CORP 3O8 GR 181.0 (120.8) 114.5
OMEROS CORP 3O8 QT 181.0 (120.8) 114.5
OMEROS CORP 3O8 TH 181.0 (120.8) 114.5
OMEROS CORP OMEREUR EU 181.0 (120.8) 114.5
OPTIVA INC OPT CN 77.4 (79.4) 3.0
ORTHO CLINCICAL OCDX US 3,401.5 (1,010.8) 230.8
ORTHO CLINCICAL 41V GR 3,401.5 (1,010.8) 230.8
ORTHO CLINCICAL OCDXEUR EU 3,401.5 (1,010.8) 230.8
ORTHO CLINCICAL 41V TH 3,401.5 (1,010.8) 230.8
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 872.8 (8.6) 17.5
PAPA JOHN'S INTL PP1 GR 872.8 (8.6) 17.5
PAPA JOHN'S INTL PZZAEUR EU 872.8 (8.6) 17.5
PAPA JOHN'S INTL PP1 GZ 872.8 (8.6) 17.5
PAPA JOHN'S INTL PP1 TH 872.8 (8.6) 17.5
PAPA JOHN'S INTL PP1 QT 872.8 (8.6) 17.5
PARATEK PHARMACE N4CN TH 176.9 (102.3) 140.2
PARATEK PHARMACE PRTK US 176.9 (102.3) 140.2
PARATEK PHARMACE N4CN GR 176.9 (102.3) 140.2
PARTS ID INC ID US 48.2 (12.7) (25.8)
PAVMED INC PAVMEUR EU 19.8 (0.5) (1.0)
PAVMED INC 1P5 GR 19.8 (0.5) (1.0)
PAVMED INC PAVM US 19.8 (0.5) (1.0)
PAYFARE INC PAY CN 31.8 (8.8) (10.0)
PHASEBIO PHARMAC PHAS US 50.4 (25.2) 25.2
PHILIP MORRI-BDR PHMO34 BZ 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 PM US 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 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 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 4I1 GZ 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 QT 44,815.0 (10,631.0) 1,877.0
PHILIP MORRIS IN PMIZ TQ 44,815.0 (10,631.0) 1,877.0
PIONEER MERGER PACXU US 0.5 (0.0) (0.5)
PIONEER MERGER-A PACX US 0.5 (0.0) (0.5)
PLANET FITNESS-A 3PL QT 1,849.7 (705.7) 454.9
PLANET FITNESS-A PLNT1EUR EU 1,849.7 (705.7) 454.9
PLANET FITNESS-A PLNT US 1,849.7 (705.7) 454.9
PLANET FITNESS-A 3PL TH 1,849.7 (705.7) 454.9
PLANET FITNESS-A 3PL GR 1,849.7 (705.7) 454.9
PLANET FITNESS-A 3PL GZ 1,849.7 (705.7) 454.9
PLANTRONICS INC PTM GR 2,201.5 (145.0) 193.1
PLANTRONICS INC PLT US 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 QT 2,201.5 (145.0) 193.1
PLANTRONICS INC PTM TH 2,201.5 (145.0) 193.1
PONTEM CORP PNTM/U US 0.6 (0.0) (0.5)
PONTEM CORP-CL A PNTM US 0.6 (0.0) (0.5)
POWIN ENERGY COR PWON US 15.9 (5.9) (17.6)
PPD INC PPD US 6,293.8 (711.6) 268.6
PRIORITY TECHNOL PRTH US 417.8 (98.6) (13.0)
PRIORITY TECHNOL PRTHEUR EU 417.8 (98.6) (13.0)
PRIORITY TECHNOL 60W GR 417.8 (98.6) (13.0)
PROGENITY INC 4ZU TH 154.4 (107.0) 53.7
PROGENITY INC 4ZU GR 154.4 (107.0) 53.7
PROGENITY INC 4ZU QT 154.4 (107.0) 53.7
PROGENITY INC PROGEUR EU 154.4 (107.0) 53.7
PROGENITY INC 4ZU GZ 154.4 (107.0) 53.7
PROGENITY INC PROG US 154.4 (107.0) 53.7
PSOMAGEN INC-KDR 950200 KS 49.5 36.8 25.3
PUMA BIOTECHNOLO PBYI US 244.2 (6.0) 31.9
PUMA BIOTECHNOLO 0PB GR 244.2 (6.0) 31.9
PUMA BIOTECHNOLO PBYIEUR EU 244.2 (6.0) 31.9
PUMA BIOTECHNOLO 0PB TH 244.2 (6.0) 31.9
QUALTRICS INT-A XM US 1,039.1 (268.9) (375.9)
QUALTRICS INT-A 5DX0 GZ 1,039.1 (268.9) (375.9)
QUALTRICS INT-A 5DX0 GR 1,039.1 (268.9) (375.9)
QUALTRICS INT-A 5DX0 QT 1,039.1 (268.9) (375.9)
QUALTRICS INT-A XM1EUR EU 1,039.1 (268.9) (375.9)
QUALTRICS INT-A 5DX0 TH 1,039.1 (268.9) (375.9)
QUANTUM CORP QMCO US 185.8 (194.0) 1.6
QUANTUM CORP QNT2 GR 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 191.6 (123.7) 107.4
RADIUS HEALTH IN 1R8 GR 191.6 (123.7) 107.4
RADIUS HEALTH IN 1R8 TH 191.6 (123.7) 107.4
RADIUS HEALTH IN RDUSEUR EU 191.6 (123.7) 107.4
RADIUS HEALTH IN 1R8 QT 191.6 (123.7) 107.4
REVLON INC-A RVL1 GR 2,527.7 (1,862.0) 202.2
REVLON INC-A REV US 2,527.7 (1,862.0) 202.2
REVLON INC-A REV* MM 2,527.7 (1,862.0) 202.2
REVLON INC-A RVL1 TH 2,527.7 (1,862.0) 202.2
REVLON INC-A REVEUR EU 2,527.7 (1,862.0) 202.2
RIMINI STREET IN RMNI US 279.9 (63.1) (62.1)
RR DONNELLEY & S DLLN TH 3,130.9 (243.8) 466.4
RR DONNELLEY & S RRD US 3,130.9 (243.8) 466.4
RR DONNELLEY & S DLLN GR 3,130.9 (243.8) 466.4
RR DONNELLEY & S RRDEUR EU 3,130.9 (243.8) 466.4
RUSH STREET INTE RSI US 308.6 (97.2) (106.5)
SBA COMM CORP 4SB TH 9,158.0 (4,809.2) (141.8)
SBA COMM CORP 4SB GR 9,158.0 (4,809.2) (141.8)
SBA COMM CORP SBAC US 9,158.0 (4,809.2) (141.8)
SBA COMM CORP 4SB GZ 9,158.0 (4,809.2) (141.8)
SBA COMM CORP SBAC* MM 9,158.0 (4,809.2) (141.8)
SBA COMM CORP SBACEUR EU 9,158.0 (4,809.2) (141.8)
SBA COMM CORP 4SB QT 9,158.0 (4,809.2) (141.8)
SBA COMMUN - BDR S1BA34 BZ 9,158.0 (4,809.2) (141.8)
SCIENTIFIC GAMES TJW GZ 7,984.0 (2,524.0) 1,348.0
SCIENTIFIC GAMES SGMS US 7,984.0 (2,524.0) 1,348.0
SCIENTIFIC GAMES TJW GR 7,984.0 (2,524.0) 1,348.0
SCIENTIFIC GAMES TJW TH 7,984.0 (2,524.0) 1,348.0
SEAWORLD ENTERTA SEAS US 2,566.4 (105.8) 190.3
SEAWORLD ENTERTA W2L GR 2,566.4 (105.8) 190.3
SEAWORLD ENTERTA W2L TH 2,566.4 (105.8) 190.3
SEAWORLD ENTERTA SEASEUR EU 2,566.4 (105.8) 190.3
SECOND SIGHT MED EYES US 4.5 (0.7) (0.9)
SECOND SIGHT MED 24PA GR 4.5 (0.7) (0.9)
SECOND SIGHT MED EYESEUR EU 4.5 (0.7) (0.9)
SELECTA BIOSCIEN 1S7 GR 165.4 (18.0) 69.8
SELECTA BIOSCIEN SELBEUR EU 165.4 (18.0) 69.8
SELECTA BIOSCIEN SELB US 165.4 (18.0) 69.8
SELECTA BIOSCIEN 1S7 TH 165.4 (18.0) 69.8
SELECTA BIOSCIEN 1S7 GZ 165.4 (18.0) 69.8
SHELL MIDSTREAM SHLX US 2,347.0 (458.0) 312.0
SIENTRA INC SIEN3EUR EU 169.0 (0.6) 58.6
SIENTRA INC SIEN US 169.0 (0.6) 58.6
SIENTRA INC S0Z GR 169.0 (0.6) 58.6
SINCLAIR BROAD-A SBGI US 13,382.0 (995.0) 2,183.0
SINCLAIR BROAD-A SBTA GR 13,382.0 (995.0) 2,183.0
SINCLAIR BROAD-A SBGIEUR EU 13,382.0 (995.0) 2,183.0
SINCLAIR BROAD-A SBTA GZ 13,382.0 (995.0) 2,183.0
SINCLAIR BROAD-A SBTA TH 13,382.0 (995.0) 2,183.0
SINCLAIR BROAD-A SBTA QT 13,382.0 (995.0) 2,183.0
SINO UNITED WORL SUIC US 0.3 (0.1) (0.2)
SIRIUS XM HO-BDR SRXM34 BZ 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 SIRI US 10,333.0 (2,285.0) (2,200.0)
SIRIUS XM HOLDIN RDO GZ 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 SIRI AV 10,333.0 (2,285.0) (2,200.0)
SIRIUS XM HOLDIN RDO QT 10,333.0 (2,285.0) (2,200.0)
SIX FLAGS ENTERT 6FE GR 2,772.7 (635.2) (145.7)
SIX FLAGS ENTERT SIX US 2,772.7 (635.2) (145.7)
SIX FLAGS ENTERT 6FE QT 2,772.7 (635.2) (145.7)
SIX FLAGS ENTERT SIXEUR EU 2,772.7 (635.2) (145.7)
SIX FLAGS ENTERT 6FE TH 2,772.7 (635.2) (145.7)
SLEEP NUMBER COR SNBR US 800.1 (224.0) (474.1)
SLEEP NUMBER COR SL2 GR 800.1 (224.0) (474.1)
SLEEP NUMBER COR SNBREUR EU 800.1 (224.0) (474.1)
SQL TECHNOLOGIES SQFL US 7.0 (22.9) (19.6)
STARBUCKS CORP SBUX* MM 29,968.4 (7,904.0) 473.6
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 CI 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SBUX SW 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 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 US 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 AV 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SBUX PE 29,968.4 (7,904.0) 473.6
STARBUCKS CORP 0QZH LI 29,968.4 (7,904.0) 473.6
STARBUCKS CORP SRB QT 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
SUBVERSIVE ACQUI SVX/U CN 226.1 (1.5) 223.9
SUBVERSIVE ACQUI SBVRF US 226.1 (1.5) 223.9
SVF INVESTMENT C SVFAU US 0.6 (0.1) (0.7)
SVF INVESTMENT-A SVFA US 0.6 (0.1) (0.7)
SWITCHBACK II CO SWBK/U US - - -
SWITCHBACK II-A SWBK US - - -
TASTEMAKER ACQ-A TMKR US 0.2 0.0 (0.1)
TASTEMAKER ACQUI TMKRU US 0.2 0.0 (0.1)
THOMA BRAVO ADVA TBA US 1.2 (0.0) (1.2)
THUNDER BRIDGE C TBCPU US 0.1 (0.0) (0.1)
THUNDER BRIDGE-A TBCP US 0.1 (0.0) (0.1)
TPCO HOLDING COR GRAM/U CN 607.7 (3.3) (3.3)
TPCO HOLDING COR GRAMF US 607.7 (3.3) (3.3)
TRANSDIGM - BDR T1DG34 BZ 18,557.0 (3,721.0) 5,511.0
TRANSDIGM GROUP TDG US 18,557.0 (3,721.0) 5,511.0
TRANSDIGM GROUP T7D GR 18,557.0 (3,721.0) 5,511.0
TRANSDIGM GROUP TDG* MM 18,557.0 (3,721.0) 5,511.0
TRANSDIGM GROUP T7D TH 18,557.0 (3,721.0) 5,511.0
TRANSDIGM GROUP TDGEUR EU 18,557.0 (3,721.0) 5,511.0
TRANSDIGM GROUP T7D QT 18,557.0 (3,721.0) 5,511.0
TRAVEL + LEISURE WD5A GR 7,613.0 (968.0) 1,545.0
TRAVEL + LEISURE TNL US 7,613.0 (968.0) 1,545.0
TRAVEL + LEISURE WD5A TH 7,613.0 (968.0) 1,545.0
TRAVEL + LEISURE WD5A QT 7,613.0 (968.0) 1,545.0
TRAVEL + LEISURE WYNEUR EU 7,613.0 (968.0) 1,545.0
TRAVEL + LEISURE WD5A GZ 7,613.0 (968.0) 1,545.0
TRIUMPH GROUP TG7 GR 2,401.9 (1,069.8) 699.1
TRIUMPH GROUP TGI US 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 US 1,219.9 (204.7) (363.6)
TUPPERWARE BRAND TUP GR 1,219.9 (204.7) (363.6)
TUPPERWARE BRAND TUP TH 1,219.9 (204.7) (363.6)
TUPPERWARE BRAND TUP1EUR EU 1,219.9 (204.7) (363.6)
TUPPERWARE BRAND TUP GZ 1,219.9 (204.7) (363.6)
TUPPERWARE BRAND TUP QT 1,219.9 (204.7) (363.6)
UBIQUITI INC 3UB GR 781.2 (181.8) 374.7
UBIQUITI INC UI US 781.2 (181.8) 374.7
UBIQUITI INC 3UB GZ 781.2 (181.8) 374.7
UBIQUITI INC UBNTEUR EU 781.2 (181.8) 374.7
UNISYS CORP UISEUR EU 2,707.9 (312.1) 570.9
UNISYS CORP UISCHF EU 2,707.9 (312.1) 570.9
UNISYS CORP USY1 TH 2,707.9 (312.1) 570.9
UNISYS CORP USY1 GR 2,707.9 (312.1) 570.9
UNISYS CORP UIS1 SW 2,707.9 (312.1) 570.9
UNISYS CORP UIS US 2,707.9 (312.1) 570.9
UNISYS CORP USY1 GZ 2,707.9 (312.1) 570.9
UNISYS CORP USY1 QT 2,707.9 (312.1) 570.9
UNITI GROUP INC 8XC SW 4,731.8 (2,072.4) -
UNITI GROUP INC 8XC TH 4,731.8 (2,072.4) -
UNITI GROUP INC 8XC GR 4,731.8 (2,072.4) -
UNITI GROUP INC UNIT US 4,731.8 (2,072.4) -
UNITI GROUP INC 8XC GZ 4,731.8 (2,072.4) -
VALVOLINE INC 0V4 GR 3,156.0 (55.0) 708.0
VALVOLINE INC 0V4 TH 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 1,343.4 (659.7) 380.6
VECTOR GROUP LTD VGR GR 1,343.4 (659.7) 380.6
VECTOR GROUP LTD VGREUR EU 1,343.4 (659.7) 380.6
VECTOR GROUP LTD VGR TH 1,343.4 (659.7) 380.6
VECTOR GROUP LTD VGR QT 1,343.4 (659.7) 380.6
VECTOR GROUP LTD VGR GZ 1,343.4 (659.7) 380.6
VERANO HOLDINGS VRNO CN 0.0 (0.3) (0.3)
VERANO HOLDINGS VRNOF US 0.0 (0.3) (0.3)
VERISIGN INC VRS GR 1,766.9 (1,390.2) 229.2
VERISIGN INC VRSN US 1,766.9 (1,390.2) 229.2
VERISIGN INC VRS TH 1,766.9 (1,390.2) 229.2
VERISIGN INC VRSN* MM 1,766.9 (1,390.2) 229.2
VERISIGN INC VRS GZ 1,766.9 (1,390.2) 229.2
VERISIGN INC VRSNEUR EU 1,766.9 (1,390.2) 229.2
VERISIGN INC VRS QT 1,766.9 (1,390.2) 229.2
VERISIGN INC-BDR VRSN34 BZ 1,766.9 (1,390.2) 229.2
VERISIGN-CEDEAR VRSN AR 1,766.9 (1,390.2) 229.2
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 (0.4) (0.6)
VITASPRING BIOME VSBC US 0.0 (0.1) (0.1)
VIVINT SMART HOM VVNT US 2,877.5 (1,487.3) (316.5)
VIVOS THERAPEUTI VVOS US 7.6 (1.6) (7.1)
W&T OFFSHORE INC WTI US 940.6 (208.3) (7.8)
W&T OFFSHORE INC UWV SW 940.6 (208.3) (7.8)
W&T OFFSHORE INC UWV TH 940.6 (208.3) (7.8)
WALDENCAST ACQUI WALDU US 0.2 (0.0) (0.2)
WAYFAIR INC- A W US 4,569.9 (1,191.9) 880.2
WAYFAIR INC- A W* MM 4,569.9 (1,191.9) 880.2
WAYFAIR INC- A 1WF GZ 4,569.9 (1,191.9) 880.2
WAYFAIR INC- A 1WF QT 4,569.9 (1,191.9) 880.2
WAYFAIR INC- A 1WF GR 4,569.9 (1,191.9) 880.2
WAYFAIR INC- A 1WF TH 4,569.9 (1,191.9) 880.2
WAYFAIR INC- A WEUR EU 4,569.9 (1,191.9) 880.2
WIDEOPENWEST INC WOW US 2,487.0 (212.4) (121.1)
WIDEOPENWEST INC WU5 GR 2,487.0 (212.4) (121.1)
WIDEOPENWEST INC WU5 TH 2,487.0 (212.4) (121.1)
WIDEOPENWEST INC WOW1EUR EU 2,487.0 (212.4) (121.1)
WIDEOPENWEST INC WU5 QT 2,487.0 (212.4) (121.1)
WINGSTOP INC WING1EUR EU 211.6 (341.3) 22.1
WINGSTOP INC WING US 211.6 (341.3) 22.1
WINGSTOP INC EWG GR 211.6 (341.3) 22.1
WINGSTOP INC EWG GZ 211.6 (341.3) 22.1
WINMARK CORP WINA US 31.3 (11.4) 6.9
WINMARK CORP GBZ GR 31.3 (11.4) 6.9
WW INTERNATIONAL WW US 1,481.2 (548.2) (40.9)
WW INTERNATIONAL WW6 GR 1,481.2 (548.2) (40.9)
WW INTERNATIONAL WW6 TH 1,481.2 (548.2) (40.9)
WW INTERNATIONAL WW6 SW 1,481.2 (548.2) (40.9)
WW INTERNATIONAL WW6 GZ 1,481.2 (548.2) (40.9)
WW INTERNATIONAL WTW AV 1,481.2 (548.2) (40.9)
WW INTERNATIONAL WTWEUR EU 1,481.2 (548.2) (40.9)
WW INTERNATIONAL WW6 QT 1,481.2 (548.2) (40.9)
WYNN RESORTS LTD WYNN US 13,869.5 (737.3) 1,932.3
WYNN RESORTS LTD WYNN* MM 13,869.5 (737.3) 1,932.3
WYNN RESORTS LTD WYR GR 13,869.5 (737.3) 1,932.3
WYNN RESORTS LTD WYR TH 13,869.5 (737.3) 1,932.3
WYNN RESORTS LTD WYNN SW 13,869.5 (737.3) 1,932.3
WYNN RESORTS LTD WYR GZ 13,869.5 (737.3) 1,932.3
WYNN RESORTS LTD WYNNEUR EU 13,869.5 (737.3) 1,932.3
WYNN RESORTS LTD WYR QT 13,869.5 (737.3) 1,932.3
WYNN RESORTS-BDR W1YN34 BZ 13,869.5 (737.3) 1,932.3
YELLOW CORP YEL GR 2,185.8 (223.3) 329.1
YELLOW CORP YELL US 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 YRCWEUR EU 2,185.8 (223.3) 329.1
YELLOW CORP YEL QT 2,185.8 (223.3) 329.1
YELLOW CORP YEL GZ 2,185.8 (223.3) 329.1
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* MM 5,852.0 (7,891.0) 14.0
YUM! BRANDS INC YUM US 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
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 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
*********
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.
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*** End of Transmission ***