/raid1/www/Hosts/bankrupt/TCR_Public/210511.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, May 11, 2021, Vol. 25, No. 130
Headlines
3 LOTS LLC: Seeks Approval to Tap D&S Law Group as Legal Counsel
531 MANAGEMENT: Seeks to Tap Douglas Elliman Real Estate as Broker
950 MEAT & GROCERY: Wins July 21 Plan Exclusivity Extension
AARNA HOTELS & SRI VARI CRE: 2 Charlotte Hotels in Chapter 11
ADVANCED POWER: US Trustee Says Projections Unreliable
ALLIANCE EDUCATION: Seeks to Tap Newmeyer & Dillion as Counsel
AMBICA M & J: Niral Patel Emerges as Possible Buyer for Comfort Inn
AMERICAN PURCHASING: Committee Claims to Affect Unsecureds Recovery
AMERICAN PURCHASING: Wins Cash Collateral Access Thru May 14
AVERY ASPHALT: Affiliate Taps Matthews Real Estate as Broker
AVONDALE MEADOWS: S&P Affirms 'BB' LT Rating on Revenue Bonds
B & S DEVELOPMENT: Seeks to Hire James Wright as Accountant
BETA MUSIC: Seeks Approval to Hire Access CFO as Accountant
BETTEROADS ASPHALT: Unsecureds to be Paid From Carve-Out
BIOXXEL LLC: Unsecured Creditors to Get Share of Sale Proceeds
BLACK DIRT: Seeks Approval to Hire Paul Khoury as Bookkeeper
BLITMAN SARATOGA: Committee Taps Nolan Heller Kauffman as Counsel
BM318 LLC: Creditors to Be Paid in Full in Sale Plan
BMSL MANAGEMENT: Unsecured Claims, If Any, to Get 100% in Plan
CITY WIDE COMMUNTY: Unsecureds Will Recover 100% in Plan
CLARE INC: Seeks Approval to Hire McNamee as Bankruptcy Counsel
CONNECTIONS COMMUNITY: Ombudsman Taps Huebscher & Co. as Consultant
CRC INVESTMENTS: Seeks Permission to Use IRS, SBA Cash Collateral
EDDIE BAUER: Authentic Brands, Simon Property Acquiring Retailer
EQT CORP: Fitch Alters Outlook on 'BB+' LongTerm IDR to Stable
EQT CORP: S&P Places 'BB' ICR on CreditWatch Positive
EYEPOINT PHARMACEUTICALS: Incurs $12.3M Net Loss in First Quarter
FOREVER 21: Brookfield Property Sells for $63 Million Profit
GATEWAY FOUR: Unsecureds to Get Net Proceeds in Romspen-Backed Plan
GATHERING PLACE: Seeks Approval to Hire Bankruptcy Counsel
GLOBAL EAGLE: Expands Multi-year Deal With Satellite Operator ABS
GREENSILL CAPITAL: Seeks Approval to Hire Financial Advisors
GUIORA LLC: Seeks to Hire as Raines Feldman as Legal Counsel
HEARTWISE INC: All Creditors Will be Paid in Full in Amended Plan
HEARTWISE INC: U.S. Trustee Says Plan Lacks Feasibility
HLF FINANCING: S&P Rates New $500MM Senior Unsecured Notes 'BB-'
HOP−HEDZ INC: Court Conditionally Approves Disclosure Statement
I MORALES TIRE: Unsecured Creditors to Get 2.43% Under Plan
INSYS THERAPEUTICS: 1st Circuit Hints Convictions Will Stand
IT'SUGAR FL: June 11 Hearing on Plan and Disclosures Set
J.J.W. METAL: June 25 Hearing on Disclosure Statement
JIM'S DISPOSAL: Plan Exclusivity Extended Until June 9
JUDSON COLLEGE: Plans to File Chapter 11 Bankruptcy, to Close Doors
L&L WINGS: Seeks Approval to Hire WebsterRogers as Accountant
LINEAR MOLD: Gets OK to Hire UHY Advisors as Accountant
LIVE PRIMARY: Plan Exclusivity Period Extended Until August 5
MAJESTIC HILLS: Settled Insurers & Released Parties to Fund Plan
MARBLE RIDGE: Founder Sentenced for Neiman Bankruptcy Fraud
MILLAR WESTERN: S&P Upgrades ICR to 'B-', Outlook Stable
MOBITV INC: Committee Taps PwC as Financial Advisor
MONTICELLO HORIZON: Seeks to Tap Goldberg as Substitute Counsel
MSLHD – KIRK: Taps Magee Goldstein Lasky & Sayers as Legal Counsel
MYOMO INC: Incurs $3 Million Net Loss in First Quarter
NAVIENT CORP: S&P Alters Outlook to Stable, Affirms 'BB-/B' ICRs
NEOPHARMA INC: Trustee Seeks to Hire Associated Accounting Services
NEW CONSTELLIS: S&P Lowers ICR to 'CCC+' on Elevated Leverage
OVINTIV EXPLORATION: Fitch Withdraws Ratings
PARMELEE INVESTMENTS: Unsec. Creditors Will Recover 10% in Plan
PATRIARCH PARTNERS: Chancery Denies Tilton's Stila Secrecy Bid
PENSKE AUTOMOTIVE: S&P Upgrades ICR to 'BB+' on Declining Leverage
PMHC II: S&P Upgrades Issuer Credit Rating to 'B-', Outlook Stable
POLAR US: S&P Rates New $300MM Senior Unsecured Notes 'CCC+'
POLYMER INSTRUMENTATION: Case Summary & 20 Unsecured Creditors
PROASSURANCE CORP: S&P Lowers ICR to 'BB', Outlook Negative
PURDUE PHARMA: Massachusetts Sues Publicis Over Opioid Marketing
PURDUE PHARMA: Says Plan Disclosures Continue to be Ambiguous
ROYAL BLUE: Seeks to Hire Davidoff Hutcher as Legal Counsel
SAFE FLEET: S&P Alters Outlook to Stable, Affirms 'B-' ICR
SAMM SOLUTIONS: Seeks to Hire Higgs Fletcher & Mack as Counsel
SAMM SOLUTIONS: Seeks to Hire Scott Bier as Financial Consultant
SAND DOLLAR: Seeks to Tap Robert O Lampl as Bankruptcy Counsel
SATELLITE RESTAURANTS: Crabcake Factory to be Auctioned in May 2021
SEVEN GENERATIONS: S&P Rates 2021A-B Bonds 'BB'
SK MOHAWK: Fitch Rates Unit's Sr. Unsecured Notes 'CCC+'
SMART & FINAL: S&P Alters Outlook to Stable, Affirms 'B' ICR
SOTHEBY'S: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable
SOUTHLAND ROYALTY: Wind-Down Amount in Plan Hiked to $2,000,000
STANTON VIEW: Seeks to Hire Asmar Schor as Special Counsel
TALI CORP: Seeks to Hire Christopher Stromberg as Bookkeeper
TALI CORP: Seeks to Tap Weiland Golden Goodrich as Counsel
TEEFOR2 INC: Case Summary & 19 Unsecured Creditors
TERRIER MEDIA: S&P Alters Outlook to Stable, Affirms 'B' ICR
TERRY J. LEMONS: Hires Henry Schein Professional as Broker
TIPTON ACADEMY: S&P Assigns 'BB' Rating on 2021 Revenue Bonds
TRILOGY INTERNATIONAL: S&P Affirms 'B-' ICR, Outlook Stable
UNIQUE TOOL: Court Enters Modified Carve-Out Orders
VIZIV TECHNOLOGIES: Wins July 8 Plan Exclusivity Extension
VTV THERAPEUTICS: Reports $4.2M Net Loss for Quarter Ended March 31
WELBILT INC: S&P Upgrades ICR to 'B-', Outlook Positive
[*] Total Commercial Ch. 11 Filings Decline 49% Y/Y in April 2021
[^] Large Companies with Insolvent Balance Sheet
*********
3 LOTS LLC: Seeks Approval to Tap D&S Law Group as Legal Counsel
----------------------------------------------------------------
3 Lots LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Florida to hire D&S Law Group, P.A. as its
legal counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties
and the continued management of its business operations;
(b) advise 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) prepare legal documents;
(d) protect the interest of the Debtor in all matters pending
before the court;
(e) represent the Debtor in negotiation with its creditors in
the preparation of a Chapter 11 plan.
The hourly rates of the firm's attorneys and professionals are as
follows:
Elias Leonard Dsouza, Esq. $350
Associate Attorneys $250
Law Clerks $150
Paralegals/Assistants $75
Elias Leonard Dsouza, Esq., at D&S Law Group, disclosed in court
filings that he and his firm are "disinterested persons" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Elias Leonard Dsouza, Esq.
D&S Law Group, P.A.
8751 W. Broward Blvd., Suite 301
Plantation, FL 33324
Telephone: (954) 358-5911
Facsimile: (954) 357-2267
Email: Dtdlaw@aol.com
About 3 Lots LLC
3 Lots, LLC filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-13693) on
April 19, 2021, listing under $1 million in both assets and
liabilities. Elias Leonard, Esq., at D&S Law Group, P.A.,
represents the Debtor as legal counsel.
531 MANAGEMENT: Seeks to Tap Douglas Elliman Real Estate as Broker
------------------------------------------------------------------
531 Management LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to employ Douglas Elliman
Real Estate as broker.
The Debtor needs a broker to market its residential building
located at 3511 Cambridge Ave., Bronx, N.Y.
The firm will receive 1.5 percent commission for its services.
As disclosed in court filings, Douglas Elliman Real Estate does not
hold an interest adverse to the Debtor's estate.
The firm can be reached at:
Kenneth I. Haber
Douglas Elliman Real Estate
575 Madison Avenue
New York, NY 10022
Telephone: (212) 350-2291/(212) 692-6111
Email: khaber@elliman.com
About 531 Management
531 Management LLC, a real estate development and construction
company in Bronx, N.Y., filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
17-10519) on March 6, 2017. Maurice Elmalem, managing member,
signed the petition. In the petition, the Debtor disclosed $7.23
million in assets and $6.87 million in liabilities. Judge James L.
Garrity Jr. presides over the case. Goldberg Weprin Finkel
Goldstein, LLP and Naidich Wurman, LLP serve as the Debtor's
bankruptcy counsel and special counsel, respectively.
950 MEAT & GROCERY: Wins July 21 Plan Exclusivity Extension
-----------------------------------------------------------
Judge David S. Jones of the U.S. Bankruptcy Court for the Southern
District of New York extended the periods within which the Debtor
950 Meat & Grocery Inc. has the exclusive right to file a plan of
reorganization through and including July 21, 2021, and to solicit
acceptances to a Plan through and including September 21, 2021.
The Debtor needs to assume its sublease with GLC Market Street LLC
before it can propose a plan, and GLC and the Debtor need to
resolve some disputes arising under that agreement before the
sublease can be assumed.
The extensions of time granted according to this order are without
prejudice to the Debtor's right to seek further extensions under 11
U.S.C. § 1121(d) or any party in interest's right to object
thereto and/or the right of any party-in-interest to seek to reduce
the Exclusive Periods as provided for in 11 U.S.C. § 1121(d).
A copy of the Court's Extension Order is available at
https://bit.ly/3nTsRXj from PacerMonitor.com.
About 950 Meat & Grocery
950 Meat & Grocery Inc. operates a retail supermarket business at
its place of business located at 946-956 Market Street, Patterson,
New Jersey 07513-1131.
950 Meat & Grocery Inc., based in Paterson, N.J., filed a Chapter
11 petition (Bankr. S.D.N.Y. Case No. 20-10616) on February 27,
2020. In the petition signed by Kent Tavera, president, the Debtor
was estimated to have $1 million to $10 million in both assets and
liabilities.
Judge David S. Jones presides over the case. Clifford A. Katz,
Esq., at Platzer Swergold Levine Goldberg Katz & Jaslow, LLP,
serves as bankruptcy counsel to the Debtor.
AARNA HOTELS & SRI VARI CRE: 2 Charlotte Hotels in Chapter 11
-------------------------------------------------------------
Jennifer Thomas of Charlotte Business Journal reports that Aloft
Charlotte Airport, owned by Aarna Hotels LLC, and Courtyard
Charlotte Steele Creek, owned by Sri Vari CRE Development LLC,
filed for Chapter 11 bankruptcy protection at the end of April
2021.
Both bankruptcy petitions report assets of just over $10 million to
$50 million -- and debts in the same amount. Funds are expected to
be available for distribution to unsecured creditors; both have up
to 49 creditors.
An interim court order allows cash collateral to be used for
expenses such as employees’ salaries and costs to operate the
hotels.
"Our goal continues to be to find the best solution for all
stakeholders and we believe that Chapter 11 allows us the
opportunity to do so," says AnujNarayan Mittal, CEO of
Raleigh-based MJM Group.
That hotel group is part owner of both facilities.
The $28.3 million, 139-room Aloft hotel, at 3928 Memorial Parkway,
was forced to close just two weeks after opening. Occupancy dipped
as low as 20%, with Covid keeping its doors closed for months, he
says.
The 118-room Courtyard by Marriott Steele Creek, located at 8536
Outlets Blvd., had to push its opening back until July 31. It cost
$23.5 million to realize.
A third property that MJM has a stake in — a dual-branded hotel
in north Charlotte — also filed for bankruptcy protection last
August.
"This is 100% Covid related. We're not seeing the rates that we
need to get back on our feet," Mittal says.
He says the hotel group's hand was forced by creditors that refused
to find an amicable path forward. For example, hotel notes for
Aloft and Courtyard were sold to a national hotel ownership company
that declared them in default and demanded outstanding loan amounts
be paid within 10 days, Mittal says.
"People are looking for opportunities to crush people like us," he
says. "This is a favorable time for the lawyers and the hedge
funds."
Mittal said Friday he doesn't expect to be able to save the
dual-branded hotel in north Charlotte from an eventual sale. That
facility consists of the Residence Inn by Marriott and Courtyard by
Marriott, located at 9110 Harris Corners Parkway.
"That's just out of reach," he says. "It's in the court’s hands
now."
He has a more positive outlook on Aloft and the Courtyard in Steele
Creek, as more people become vaccinated and travel picks back up.
Occupancy is hovering between 45% and 50%, he says. Pre-Covid
occupancy levels were about 75%
"These hotels were built to cater to corporate demand. We’re not
seeing corporate demand return yet," he says. "It's been just a
ghost town."
That hospitality group also operates a Residence Inn in Steele
Creek and a dual-branded Residence Inn and Fairfield Inn & Suites.
Mittal says the last year has been devastating to his company, but
he can recover because he still has his health and loved ones.
"We've been able to do it once. We'll just start fresh and build
back in the years to come," he says.
About Sri Vari CRE Development
Sri Vari CRE Development, LLC is a limited liability company formed
in 2017 under the laws of the State of North Carolina. The company
owns and operates a Courtyard by Marriott branded hotel located at
8536 Outlets Boulevard in Charlotte, North Carolina.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. N.C. Case. No. 21-30250) on April 29,
2021. In the petition signed by Anuj N. Mittal, manager, the
Debtor
disclosed up to $50 million in assets and up to $10 million in
liabilities.
Judge Laura T. Beyer oversees the case.
Richard S. Wright, Esq. at MOON WRIGHT & HOUSTON, PLLC is the
Debtor's counsel.
About Aarna Hotels, LLC
Aarna Hotels, LLC is a limited liability company formed in 2017
under the laws of the State of North Carolina. The company owns and
operates an Aloft branded hotel located at 3928 Memorial Parkway in
Charlotte, North Carolina.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.N.C. Case No. 21-30249) on April 29,
2021. In the petition signed by Anuj N. Mittal, manager, the
Debtor
disclosed up to $50 million in both assets and liabilities.
Judge Laura T. Beyer oversees the case.
Richard S. Wright, Esq. at MOON WRIGHT & HOUSTON, PLLC is the
Debtor's counsel.
ADVANCED POWER: US Trustee Says Projections Unreliable
------------------------------------------------------
The United States Trustee for Region 21 (the "UST") submits the
following objections to Advanced Power Technologies LLC's Amended
Disclosure Statement and Amended Plan.
The U.S. Trustee points out that the Insider is paying $50,000 to
retain his stock interests in the reorganized company which the
Insider projects will generate $65 million in revenue for the next
33 months. There is no explanation as to the basis for the
valuation. The Debtor doesn't discuss whether the stock interest
have been marketed, whether the business has been marketed or
whether the Debtor has received any inquiries about ownership. The
Debtor fails to discuss or analyze any of the relevant issues in
203 N. Lasalle.
The U.S. Trustee further points out that the Debtor, thorough this
Insider, simply believes that creditors should accept his word that
the business generates no positive cash flow after operating
expenses yet can pay his $300,000 a year salary and real estate
mortgage.
The U.S. Trustee asserts that a closer review of the Monthly
Operating Reports filed during the first nine months of the case
reveals nearly $2 million in errors.
According to U.S. Trustee, a review of the operating report for the
period ending May 31, 2020, has an ending cash balance of
$1,410,334 but the starting cash balance the following month (June
2020) is $413,339, a difference of $996,995. This discrepancy
could be the PPP loan proceeds the Debtor had received, but the
Debtor does not account for the use of these monies in its
reporting, does not discuss the dismissal and subsequent
reinstatement of the case to apply for the loan under the CARES
Act.
The U.S. Trustee points out that the ending cash balance for the
period ending June 2020 was $922,455, (not including the $996,995
error described above) but the beginning cash balance for the
period starting July 1, 2020, was reported as $698,741, a
difference of $223,714.
The UST further points out that the ending cash balance for the
period ending July 2020 was $698,741, but the beginning cash
balance for the period starting Aug. 1, 2020, was reported as
$362,410, a difference of $336,331.
The UST asserts that the cash sales for the month of September
total $2,249,346 (including a $65,544.22 credit) yet the Accounts
Receivable report includes $2,852,176 in account receivables
collections. The Debtor provides no explanation of how receipts
could be $600,000 lower than accounts receivable collected.
According to the UST, the Debtor routinely includes a line item in
the monthly operating reports for "Other Operating Expenses"
without supporting documentation. For the period between March
2020 and December 2020 the Debtor had $2,736,812 in "Other
Operating Expenses".
The UST points out that the projections attached to the Disclosure
Statement are simply unreliable. The projections are understated,
the financial reporting is highly questionable and certainly
inaccurate. The enormity of these errors and impact on the
financial data is too great to allow the Disclosure Statement as
drafted to be approved.
The UST further points out that the Debtor conveniently provides
projections for less than 3 years under its proposed plan and
provides no reason or basis not to include General Unsecured
Creditors in its future projections or operations beyond 33 months.
The UST asserts that the Disclosure Statement lacks sufficient
information to support the proposed Plan. Based on the Debtor's
financial reporting, the Debtor's proposed distribution to
unsecured creditors should greatly exceed the proposed distribution
of $50,000 (representing 1.22%), solely from a New Value
contribution, the sufficiency of which has not been tested.
About Advanced Power Technologies
Advanced Power Technologies, LLC --
http://www.advancedpowertech.com/-- offers interior and exterior
lighting, signage, and electrical service needs throughout the
United States and Canada. It works with commercial, hospitality,
industrial, institutional, restaurant, and retail clients to save
energy and reduce operating costs.
Advanced Power Technologies, LLC, based in Pompano Beach, Fla.,
filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 20-13304) on
March 11, 2020. In the petition signed by Devin Grandis, president,
the Debtor was estimated to have $1 million to $10 million in both
assets and liabilities.
Judge Peter D. Russin Bradley replaced Judge Paul G Hyman Jr., who
previously oversaw the case. Bradley S. Shraiberg, Esq., at
Shraiberg Landau & Page PA, serves as the Debtor's bankruptcy
counsel.
The U.S. Trustee was not able to appoint an Official Committee of
Unsecured Creditors for the Debtor.
ALLIANCE EDUCATION: Seeks to Tap Newmeyer & Dillion as Counsel
--------------------------------------------------------------
Alliance Education Specialists seeks approval from the U.S.
Bankruptcy Court for the Northern District of California to employ
Newmeyer & Dillion, LLP as its legal counsel.
The firm will render these legal services:
(a) draft and file legal documents;
(b) appear at the Debtor's hearings; and
(c) negotiate and file the Debtor's Chapter 11 plan.
The firm will be billed at a flat fee of $20,000 for all services
rendered related to the Debtor's Chapter 11 case.
Michael Krueger, Esq., a partner at Newmeyer & Dillion, 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:
Michael T. Krueger, Esq.
Newmeyer & Dillion LLP
1333 N. California Blvd., Suite 600
Walnut Creek, CA 94596
Telephone: (925) 988-3200
Facsimile: (925) 988-3290
Email: michael.krueger@ndlf.com
About Alliance Education Specialists
Alliance Education Specialists filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal.
Case No. 21-40463) on April 1, 2021, listing under $1 million in
both assets and liabilities. Irum Zaidi, president, signed the
petition. Judge William J. Lafferty oversees the case. Newmeyer &
Dillion LLP serves as the Debtor's legal counsel.
AMBICA M & J: Niral Patel Emerges as Possible Buyer for Comfort Inn
-------------------------------------------------------------------
Robin K. Cooper of Albany Business Review reports that Niral Patel,
one of the owners of the Comfort Inn & Suites in Wilton, has
emerged as a potential buyer of the bankrupt 87-room hotel and the
closed Golden Corral restaurant next door.
U.S. Bankruptcy trustee Christian Dribusch received an offer from
Patel and his New York holding company VIA TAVDI LLC to purchase
the 7-acre property on Old Gick Road for $6.4 million.
It was the best of at least six inquiries that Dribusch has
received over the past two months.
"Notwithstanding the insider nature of the sale ... the trustee
strongly believes that the proposed sale presents the best
opportunity to monetize the value of the debtors' assets," Dribusch
wrote in a motion asking the court to approve the sale.
A federal bankruptcy court judge in Albany is expected to schedule
a hearing on the proposed sale of the hotel, the former restaurant
and real estate. Additional bidders will have an opportunity to
submit higher offers and an auction or sale could be finalized by
late June, according to documents filed with the court.
Prospective bidders will have to be pre-qualified. Any offer above
Patel's likely will have to be at least $6.72 million, or $320,000
higher than the current offer.
Niral Patel and his mother, Nirmala Patel, filed for Chapter 11
bankruptcy protection in January to stop a receiver from taking
control of their books after they defaulted on a $45,000 monthly
payment plan with their primary lender, SDI Matto JV Holdco LLC of
Coral Gables, Florida.
By February 2021, the bankruptcy was converted into a Chapter 7
liquidation case and Dribusch was appointed as trustee to take over
the hotel and negotiate a sale of the real estate, the businesses
and other assets to help creditors recover as much money as
possible.
The family defaulted on a loan years ago and had worked out the
repayment plan but were unable to keep up after the Covid-19
pandemic slashed hotel occupancy and forced the buffet-style
restaurant to close in March 2020.
If Patel's $6.4 million offer is approved, it could bring in $1.28
million to help repay creditors who are owed money that is
unsecured by collateral, according to court documents.
The deal would allow Patel to use a new corporate entity to reclaim
control of the hotel, real estate, furniture, franchise agreements
and the former restaurant from the bankruptcy estate.
Patel has been considering several options that would allow him to
re-open the Golden Corral, but he has not yet decided which
strategy he would pursue.
Patel is represented by Justin Heller, managing partner with Nolan
Heller Kauffman LLP in Albany.
About Ambica M&J Two
Ambica M&J Two LLC is a Single Asset Real Estate debtor (as defined
in 11 U.S.C. Section 101(51B)), which owns property that's occupied
by the Comfort Inn & Suites Hotel and Golden Corral restaurant at
17 Old Gick Road, Saratoga Springs, New York. Maha Laxmi II Corp.
is the entity that controls the 87-room Comfort Inn. Jagdamba II
Corp. controls the Golden Corral. The three entities are owned by
mother-and-son team Nirmala Patel and Niral Patel.
To stop a receiver from taking control of the hotel and restaurant,
Ambica M&J Two LLC, Jagdamba II Corp., and Maha Laxmi II Corp.
sought Chapter 11 protection (Bankr. N.D.N.Y. Case No. 21-10014 to
21-10016) on Jan. 11, 2021. The petitions were signed by Niral
Patel, secretary.
Ambica M&J Two estimated assets and liabilities of $1 million to
$10 million. Jagdamba II Corp. estimated assets of $500,000 to $1
million and liabilities of $10 million to $50 million. Maha Laxmi
II Corp. estimated assets of $1 million to $10 million and
liabilities of $10 million to $50 million.
The Hon. Robert E. Littlefield Jr. is the case judge.
NOLAN HELLER KAUFFMAN LLP, led by Justin A. Heller, is serving as
the Debtors' counsel.
AMERICAN PURCHASING: Committee Claims to Affect Unsecureds Recovery
-------------------------------------------------------------------
American Purchasing Services, LLC d/b/a American Medical Depot
("AMD"), DVSS Acquisition Company, LLC ("DVSS"), AMD Pennsylvania,
LLC ("AMD PA") and American Medical Depot Holdings, LLC, filed a
Chapter 11 Plan of Liquidation and a corresponding Disclosure
Statement.
The Debtors' prepetition capital structure is as follows:
* Wells Fargo is the First Lien Agent for the Debtors' First
Lien Lenders. AMD, AMD PA and DVSS are the borrowers under a
revolving line of credit provided by the First Lien Lenders. In
connection with the Revolver, Holdings, which owns 100% of the
equity in AMD, issued a Guaranty and Security Agreement in favor of
the First Lien Lenders. As of the Petition Date, the Debtors owed
the First Lien Lenders no less than $10,536,689. As of May 4,
2021, the Debtors owe the First Lien Lenders $8,921,982.75
(exclusive of any accrued and accruing amounts under section 506(b)
of the Bankruptcy Code).
* WC AMD, a Delaware limited liability company, is the Second
Lien Agent for Second Lien Lenders WC AMD, SOLIC AMD Investco, LLC,
a Delaware limited liability company, and Aman Capital LLC, a
Florida limited liability company. The Second Lien Lenders have a
lien on substantially all of the Debtors’ assets, subordinated to
the First Lien Lenders pursuant to an Intercreditor Agreement. In a
related transaction, the Second Lien Lenders also purchased equity
interests in Holdings. As of the Petition Date, the Debtors owe
the Second Lien Lenders approximately $32,816,304.39.
* The Debtors owe approximately $51 million in general unsecured
debt to about 450 non-insider creditors as of the Petition Date, of
which about $30 million is owed to nine vendors. Approximately
$559,000 in general unsecured debt is also owed to the Second Lien
Lenders.
The Creditors' Committee has asserted claims against the Second
Lien Lenders, including for recharacterization of their loans as
equity, challenges regarding the extent, validity and/or priority
of their liens, for avoidance of transfers, D&O claims and breach
of fiduciary duty claims (collectively, the "Committee Claims").
The Plan provides for, among other things, the creation of a
Liquidating Trust to effectuate the wind-down of the Debtors'
Estates and the Distribution of funds for the benefit of the
Debtors' Creditors.
AMD's and AMD PA's assets consisted of medical, surgical, dental
and laboratory supplies and equipment (aggregating approximately
$23.3 million at net book value), accounts receivable (aggregating
approximately $14.5 million), and office furniture, office
equipment, fixtures, warehouse equipment and machinery (aggregating
approximately $2.2 million at net book value). Neither DVSS nor
Holdings had any assets as of the filing of these Chapter 11
Cases.
The Plan will treat claims as follows:
* Class 2 - WC AMD, LLC ("WC AMD") Junior Secured Claim having
an allowed claim of $32.8 million. The percentage recovery depends
on outcome of Committee Claims. On the Effective Date, holders of
Allowed Class 2 Claims shall have Class 2 beneficial interests in
the Liquidating Trust. Class 2 is impaired.
* Class 3 - General Unsecured Claims having an allowed claim of
$51 million. The percentage recovery depends on the outcome of
Committee Claims. On the Effective Date, holders of Allowed Class
3 Claims shall have Class 3 beneficial interests in the Liquidating
Trust. Class 3 is impaired.
Payments required under the Plan shall be funded from cash held by
the Debtors on the Effective Date or proceeds of the sale,
liquidation or other disposition of the Debtors' assets, in each
case with the consent of the Controlling Beneficial Interest Class
until Payment in Full of the Class 1 Claims (as those terms are
defined in the Plan) and, thereafter, as approved by the
Liquidating Trust Oversight Board.
Counsel to the Debtors:
Paul Steven Singerman, Esq.
Robin J. Rubens, Esq.
BERGER SINGERMAN LLP
1450 Brickell Avenue, Suite 1900
Miami, Florida 33133
Telephone: (305) 755-9500
Facsimile: (305) 714-4340
A copy of the Disclosure Statement is available at
https://bit.ly/2RCt3xZ from PacerMonitor.com.
About American Purchasing Services
American Purchasing Services, LLC, which conducts business under
the name American Medical Depot, is a distributor of medical,
surgical, dental and laboratory supplies and equipment. It is
owned 100% by American Medical Depot Holdings, LLC.
American Purchasing Services and its affiliates, including DVSS
Acquisition Company, LLC, AMD Pennsylvania, LLC and American
Medical Depot Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 20-23495) on Dec.
11, 2020.
At the time of the filing, the Debtors had estimated assets of
between $10 million and $50 million and liabilities of between $50
million and $100 million.
Judge Scott M. Grossman oversees the cases.
The Debtors tapped Berger Singerman LLP as their legal counsel, CR3
Partners LLC as restructuring advisor, and Prime Clerk LLC as
notice and claims agent.
The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Jan. 5, 2021. The committee tapped Gray
Robinson, P.A., as its bankruptcy counsel, Cimo Mazer Mark as
special counsel, and CBIZ Accounting, Tax and Advisory of New York,
LLC, as financial advisor.
AMERICAN PURCHASING: Wins Cash Collateral Access Thru May 14
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
Fort Lauderdale Division, has entered an order authorizing the
Debtor to use cash collateral through May 14, 2021.
The Court says the Amended Order entered on February 5, 2021 -- as
modified by the Second Amended Order Authorizing Debtors to (A) Use
Cash Collateral; and (B) Grant Adequate Protection and Provide
Security and Other Relief to (i) Wells Fargo Bank, National
Association, as First Lien Agent, and the First Lien Lenders on a
Final Basis and (ii) WC AMD, LLC, as Second Lien Agent, and the
Second Lien Lenders on an Interim Basis, dated March 5, 2021, as
further modified by amended orders -- will remain in full force
and effect, except that the Termination Date will be amended to
state May 14, 2021, or such later date as First Lien Agent may
agree in writing.
In consideration for the extension of the permitted use of cash
collateral, the Debtors covenant and agree with the Lenders that
they will comply with milestones to be determined by the First Lien
Agent in connection with the Chapter 11 plan and disclosure
statement filed on May 5, 2021.
The Court will conduct a zoom video hearing on the relief sought
with respect to the Second Lien Agent and the Second Lien Lenders
on May 14, 2021 at 9:30 am.
A copy of the order and the Debtor's budget is available for free
at https://bit.ly/33LnDnv from Prime Clerk, the claims agent.
About American Purchasing Services
American Purchasing Services, LLC, which conducts business under
the name American Medical Depot, is a distributor of medical,
surgical, dental and laboratory supplies and equipment. It is
owned 100% by American Medical Depot Holdings, LLC.
American Purchasing Services and its affiliates, including DVSS
Acquisition Company, LLC, AMD Pennsylvania, LLC and American
Medical Depot Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 20-23495) on Dec.
11, 2020.
At the time of filing, the Debtors disclosed up to $50 million in
assets and up to $100 million in liabilities.
Judge Scott M. Grossman oversees the cases.
The Debtors tapped Berger Singerman LLP as their legal counsel, CR3
Partners LLC as restructuring advisor, and Prime Clerk LLC as
notice and claims agent.
AVERY ASPHALT: Affiliate Taps Matthews Real Estate as Broker
------------------------------------------------------------
1401 S. 22nd Avenue, LLC, an affiliate of Avery Asphalt, Inc.,
seeks approval from the U.S. Bankruptcy Court for the District of
Colorado to employ Matthews Real Estate Investment Services, Inc.
as its real estate broker.
The Debtor needs a real estate broker in connection with the sale
of its real property located at 2435 S. 6th Ave., Phoenix, Ariz.
The broker will receive a 6 percent commission on the sales price.
As disclosed in court filings, Matthews is a "disinterested person"
as defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Alexis Suarez
Real Estate Investment Services, Inc.
8300 Douglas Ave., Suite 750
Dallas, TX 75225
About Avery Asphalt
Avery Asphalt, Inc., a Colorado-based asphalt paving contractor,
and its affiliates filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
21-10799) on Feb. 19, 2021. The affiliates are Avery Equipment
LLC, Avery Holdings LLC, 1401 S. 22nd Avenue LLC, LBLA Ventures
Inc., and Regional Pavement Maintenance of Arizona Inc. (Case Nos.
21-10800, 21-10801, 21-10802, 21-10805 and 21-10808).
At the time of the filing, the Debtors each disclosed total assets
of less than $50,000 and total liabilities of $1 million to $10
million.
Judge Michael E. Romero oversees the cases.
The Debtors tapped Wadsworth Garber Warner Conrardy, PC as
bankruptcy counsel. 3i Law, LLC and Mulliken Weiner Berg & Jolivet
P.C. serve as the Debtors' special counsel.
AVONDALE MEADOWS: S&P Affirms 'BB' LT Rating on Revenue Bonds
-------------------------------------------------------------
S&P Global Ratings revised the outlook to stable from negative and
affirmed its 'BB' long-term rating on the Indiana Finance
Authority's series 2017 educational facilities multipurpose revenue
bonds, issued for Avondale Meadows Academy Inc. (AMA).
"The outlook revision reflects our expectation of financial
stabilization, with improved margins expected in fiscal 2021,
though they still may be break-even or slightly negative on a
full-accrual basis," said S&P Global Ratings credit analyst Beatriz
Peguero. S&P expects maximum annual debt service coverage (MADS)
to, at a minimum, be sustained, based on increased per-pupil
funding. S&P also expects student enrollment to stabilize and state
funding to increase, which it projects will provide credit
stability. Rating maintenance will likely depend on the school's
ability to improve operations and, at a minimum, maintain its MADS
coverage and liquidity at levels consistent with the rating, while
preserving a steady enrollment and demand profile.
S&P said, "In our view, charter schools face elevated social risk
due to the uncertainty surrounding the duration of the COVID-19
pandemic, and the unknown effects on enrollment levels and mode of
instruction. For AMA, per-pupil funding has continued to grow
despite the pandemic; in our view, this mitigates some near-term
risk, although we expect to monitor the impact on state budgets
over the longer term. We consider the school's governance and
environmental risks as in line with those of the sector.
"We would lower the rating if the school's financial profile fails
to improve and MADS coverage weakens. Any worsening of full-accrual
operations could result in a negative rating action. Though not
expected, any weakening in demand or total enrollment, such that it
might pressure operations further, could lead to a negative rating
action.
"Although unlikely during the outlook period due to the school's
debt burden, we could raise the rating if its full-accrual
operating margins improve over a trend, MADS coverage and liquidity
improve to levels that are more on par with those of peers, and
academics improve."
B & S DEVELOPMENT: Seeks to Hire James Wright as Accountant
-----------------------------------------------------------
B & S Development, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Tennessee to employ James Wright,
a certified public accountant practicing in Memphis, Tenn.
Mr. Wright will render these services:
(a) prepare and file a $0 balance return for 2015;
(b) review seemingly erroneous 2016-2018 returns prepared by
bookkeeper;
(c) prepare and file taxes for 2016-2020 return; and
(d) assist with resolving tax issues with the Internal Revenue
Service.
The accountant will be billed at $2,500 for his services.
Mr. Wright 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 accountant can be reached at:
James Wright, CPA
The Office of James Wright
2868 Summer Oaks Drive, Suite 105
Memphis, TN 38134
Telephone: (901) 363-1544
About B & S Development
B & S Development, Inc. filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No.
21-20894) on March 18, 2021, listing under $1 million in both
assets and liabilities. Judge M. Ruthie Hagan oversees the case.
The Debtor tapped the Law Office of Vanecia Belser Kimbrow as legal
counsel and The Office of James Wright as accountant.
BETA MUSIC: Seeks Approval to Hire Access CFO as Accountant
-----------------------------------------------------------
Beta Music Group, Inc. and Get Credit Healthy, Inc. seek approval
from the U.S. Bankruptcy Court for the Southern District of Florida
to employ Access CFO, Inc. as its accountant.
The Debtor requires an accountant to prepare financial reports
necessary for its consolidated tax return for 2020.
Anna Berman, an accountant at Access CFO, will be the primary
professional responsible for providing accounting services to the
Debtor. Her firm will receive a flat fee of $500.
Ms. Berman disclosed in a court filing that her firm is
disinterested as required by Section 327(a) of the Bankruptcy
Code.
The firm can be reached through:
Anna Berman
Access CFO, Inc.
11756 Bayou Lane
Boca Raton, FL 33498
Phone: 561-414-5150
About Beta Music Group
Beta Music Group, Inc., through its operating subsidiary Get Credit
Healthy, Inc. (www.getcredithealthy.com), utilizes its proprietary
processes, platform and software to integrate with lenders to make
it easier to recapture leads.
Beta Music Group and Get Credit Healthy, Inc. filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Fla. Lead Case No. 21-12199) on March 5, 2021.
Elizabeth Karwowski, president, signed the petitions. In its
petition, Beta Music Group disclosed $802,688 in assets and
$1,336,478 in liabilities.
Judge Scott M. Grossman oversees the cases.
Markowitz Ringel Trusty & Hartog, PA, led by Grace E. Robson, Esq.,
serves as the Debtors' legal counsel. Access CFO, Inc. is the
Debtors' accountant.
BETTEROADS ASPHALT: Unsecureds to be Paid From Carve-Out
--------------------------------------------------------
Betteroads Asphalt LLC filed a First Amended Disclosure Statement.
As part of the Settlement and Release Agreement, the Debtor and
Betterecycling and Betteroads have agreed to deliver to the Lenders
and the Lenders have agreed to accept, a fixed settlement payment
resulting from the sale of operating assets as further detailed in
the Asset Purchase Agreement entered with Puerto Rico Asphalt, LLC,
(the "APA") and the sale or transfer of other additional Collateral
and payment of additional distributions as detailed in the
Settlement and Release Agreement, all to occur on or before certain
closing deadlines and subject to other conditions to closing, this
in complete satisfaction of all obligations and as a final
settlement of all litigation.
In furtherance of the Settlement and Release Agreement, the Debtor
and Betterecycling will receive the Cash Collateral Carve-Out and
the Account Receivable Carve-Out as these terms are defined in the
agreement and subject to the conditions set forth therein, by way
of agreed carve out distributions which are to be distributed under
the terms of the Plan proposed.
The Plan will treat claims as follows:
* Class 1: The Secured Claims of the Lenders totaling
$94,306,956 and Class 2: The Secured Claim of Banco Popular (BPPR
Direct Loan) totaling $19,098,906. Each Holder of classes 1 and 2
thereof shall receive the Settlement Payment as payment in full of
the secured portion of this amount subject to the terms and
conditions provided in the Settlement and Release Agreement.
Classes 1 and 2 are impaired.
* Class 3: The Secured Claim of First Bank (FirstBank Direct
Loan) totaling $2,923,033. FirstBank shall receive a payment in
cash and in full in the amount of $200,000, which is to be
delivered on the effective date of the Plan, or such other
treatment as may otherwise be agreed to by such Holder and the
Debtor. The funds to pay this class shall be obtained from the sale
of the machinery, equipment and vehicles which serve as collateral
to this claim. Class 3 is impaired.
* Class 4: The Secured Claim of Western Surety Company totaling
$12,853,074. The Debtor has reached an agreement with Western
Surety Company (CNA), in full and final satisfaction, compromise,
settlement, release, and discharge of and in exchange for its
entire claim, to provide a payment in cash and in full in the
amount of $1,497,337, amount which is to be delivered on the
effective date of the Plan, or (ii) such other treatment as may
otherwise be agreed to by such Holder and the Debtor. The funds to
pay this class shall be obtained by way of a "Carve- Out" upon
approval of the Settlement and Release Agreement entered to with
the Lenders.
* Class 6: General Unsecured Claims. Each Allowed General
Unsecured Claim, each such Holder shall be paid as follows:
-- Carve-Out Pro-Rata Dividend – On the effective date of the
plan allowed claimants shall receive from the Debtor a lump sum
payment in the aggregate amount of $250,000 to be paid pro-rata
among all allowed claimants under this Class. The funds to pay this
class shall be obtained from a "Carve-Out" to be obtained upon
approval of the Asset and Release Agreement entered to with the
Lenders. This pro-rata distribution will be paid to each allowed
general unsecured claim.
-- Free and Clear Assets Pro-Rata Dividend – Six Months after
the effective date of the plan, allowed claimants shall receive
from the Debtor quarterly distributions on the aggregate amount of
free and clear assets, mainly on the collections of Account
Receivable Carve-Out, which may be realized after completing the
distribution provisions detailed in the Settlement and Release
Agreement entered to with the Lenders. Upon full payment of the
dividends provided to the Lenders, any amounts realized or
collected by the Debtor will be paid pro-rata among all allowed
claimants under this Class up to the full amount of principal owed.
Class 6 is impaired.
* Class 8: Equity Holders' Interest. On the Effective Date, or
as soon thereafter as reasonably practicable, all Betteroads
Interests will be extinguished, and the Holders of Betteroads
Interests shall not receive or retain any distribution, property,
or other value on account of their Betteroads Interests. Class 8 is
impaired.
On the Effective Date, or as soon as reasonably practicable
thereafter, the Reorganized Debtor, with the consent of the Lenders
and subject to the conditions to Closing set forth in the
Settlement and Release Agreement, shall undertake the restructuring
transactions, including: (1) the execution and delivery of any
appropriate agreements or other documents of conversion,
disposition, transfer, dissolution, or liquidation containing terms
that are consistent with the terms of the Plan, the Settlement and
Release Agreement and the APA executed in connection therewith, and
that satisfy the requirements of applicable law and any other terms
to which the applicable entities may agree; (2) the execution and
delivery of appropriate instruments of transfer, assignment,
assumption, or delegation of any asset, property, right, liability,
debt, or obligation on terms consistent with the terms of the Plan,
the Settlement and Release Agreement and the APA executed in
connection therewith and having other terms for which the
applicable entities agree; (3) all transactions necessary to
provide for PRA for the purchase of the Sale Assets (as that term
is defined in the Settlement Agreement, which transactions shall be
structured in the most tax efficient manner, as determined by the
Debtor and the Lenders; (4) the execution and delivery of any Exit
Credit Facility Documents; (5) the execution and delivery of
Definitive Documentation not otherwise included in the foregoing,
if any; and (6) all other actions that the Debtor, the Reorganized
Debtor, or the Lenders determine to be necessary or appropriate,
including making filings or recordings that may be required by
applicable law.
Attorneys for the Debtor:
Wigberto Lugo Mender
USDC-PR 212304
wlugo@lugomender.com
Alexis A. Betancourt Vincenty
USDC-PR 301304
a_betancourt@lugomender.com
LUGO MENDER GROUP, LLC
Betteroads Asphalt, LLC
100 Carr 165 Suite 501
Guaynabo, P.R. 00968-8052
Tel.: (787) 707-0404
Fax: (787) 707-0412
A copy of the First Amended Disclosure Statement is available at
https://bit.ly/3nXDZT9 from PacerMonitor.com.
About Betteroads Asphalt
and Betterecycling Corp
Betteroads Asphalt LLC produces warm mix asphalt, which is used in
airports, highways, neighborhoods, and environmental projects.
Betterecycling Corporation produces gasoline, kerosene, distillate
fuel oils, residual fuel oils, and lubricants. Both companies are
based in San Juan, P.R.
On June 9, 2017, creditors commenced involuntary bankruptcy
petitions under Chapter 11 of the Bankruptcy Code against
Betteroads Asphalt LLC (Bankr. D.P.R. Case No. 17-04156) and
Betterecycling Corporation (Bankr. D.P.R. Case No. 17-04157).
On Oct. 11, 2019, the court entered the "order for relief" after
finding that the involuntary petitions were not filed for an
improper bankruptcy purpose or with bad faith. Judge Enrique S.
Lamoutte oversees the cases. The Debtors are represented by Lugo
Mender Group, LLC.
BIOXXEL LLC: Unsecured Creditors to Get Share of Sale Proceeds
--------------------------------------------------------------
Bioxxel, LLC, filed a Plan and a Disclosure Statement.
Under the Plan, unsecured creditors will receive their pro-rata
share of any net proceeds from the sale of the Debtor's real
property after paying secured and administrative claims.
The Debtor is the legal and equitable owner of an approximately
122,388 square-foot industrial building located at 30590 Cochise
Circle, Murrieta, California ("Property"). Since the filing of the
Petition and the retention of Onyx, the Estate has actively
marketed the Property for sale. As of the filing of this instant
Disclosure Statement, the CRO has accepted a stalking horse bid
offer of $10.75 million, which remains subject to overbid.
The Plan will treat claims as follows:
* Class 1A - Secured Claim of BREF totaling $6,779,551. The
secured creditor will be paid through the sale of the Property free
and clear of liens and interests, subject to overbid and Court
approval, once an appropriate offer is received, and subject to the
removal of buyer contingencies. Class 1A is impaired.
Class 2A - Convenience Class - Allowed General Unsecured Claim(s)
Class 2A Option. Each holder of an Allowed General Unsecured Claim
may voluntarily elect to receive 50.0% of their Allowed General
Unsecured Claim not to exceed $25,000 on the Effective Date or as
soon as reasonably practicable. Class 2A is impaired.
* Class 2B - Debtor's Allowed General Unsecured Claims Class.
Each holder of an Allowed General Unsecured Claim shall receive a
pro=rata share of the net equity available from the sale of the
Property, if any, after payment in full of the Secured Claim,
Administrative Claims, and Class 2A Claims. Class 2B is impaired.
The Plan will be funded through cash on hand at the time of
confirmation; the liquidation of the Property and proceeds of its
sale; and litigation claims pursued by the Disbursing Agent, if
any.
Proposed Attorneys for BIOXXEL, LLC:
MATTHEW W. GRIMHSAW
DAVID A. WOOD
LAILA MASUD
CLAUDIA M. COLEMAN, #329633
MARSHACK HAYS LLP
870 Roosevelt, Irvine, CA 92620
Telephone: 949-333-7777
Facsimile: 949-333-7778
E-mail: grimshaw@marshackhays.com
dwood@marshackhays.com
lmasud@marshackhays.com
lmasud@marshackhays.com
A copy of the Disclosure Statement is available at
https://bit.ly/3unBpYS from PacerMonitor.com.
About BioXXel, LLC
BioXXel, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Court (Bankr. C.D. Cal. Case No. 21-10256) on February
2, 2021. In the petition signed by Josh Teeple, chief
restructuring
officer, the Debtor disclosed up to $50 million in both assets and
liabilities.
BioXXel, LLC is a Single Asset Real Estate company. The Debtor is
owned by Bioxxel Investment Holding Inc. and Pharmaxx, Inc. Both
BIHI and Pharmaxx are owned by Mr. Phoung Nguyen, who owns and
operates four of the tenants at the Debtor's industrial building in
California. The tenants are Pharmaxx, International Pharmaceutical
Distribution Co. Ltd., ExxelUSA, Inc. and Pharmaxx Medical Inc.
Judge Theodor Albert oversees the case.
David A. Wood, Esq. at MARSHACK HAYS LLP represents the Debtor as
counsel. Joshua Teeple of Grobstein Teeple LLP acts as the Debtor's
chief restructuring officer. The CRO has retained Onyx Asset
Advisors, LLC to market and sell the Debtor's property.
Secured creditor BREF1 30590 Cochise LLC is represented by Jennifer
R. Tullius, Esq., at Tullius Law Group.
BLACK DIRT: Seeks Approval to Hire Paul Khoury as Bookkeeper
------------------------------------------------------------
Black Dirt Farm, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of West Virginia to employ Paul Khoury,
CPA, to provide bookkeeping services and prepare its tax returns.
Mr. Khoury seeks to be billed at $75 per hour for bookkeeping
services and $175 per hour for accounting and preparation of tax
returns.
As disclosed in court filings, Mr. Khoury does not represent
interests adverse to the Debtor or the estate in the matters upon
which he is to be engaged.
Mr. Khoury can be reached at:
Paul M. Khoury, CPA
P.O. Box 5284
Vienna, WV 26105
Telephone: (304) 295-0316
Facsimile: (614) 417-5284
Email: paul@pkhourycpa.com
About Black Dirt Farm
Black Dirt Farm, LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. W. Va. Case No.
21-50028) on April 11, 2021. At the time of the filing, the Debtor
disclosed assets of up to $10 million and liabilities of up to $1
million. The Debtor tapped Paul W. Roop, II, Esq., at Roop Law
Office LC as legal counsel; Jonathan Bolen as manager; Kimberly
Bolen as chief operating officer; and Paul M. Khoury as bookkeeper.
BLITMAN SARATOGA: Committee Taps Nolan Heller Kauffman as Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 case of Blitman Saratoga, LLC seeks approval from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Nolan Heller Kauffman, LLP as its legal counsel.
The firm will render these legal services:
(a) consult with the Debtor, the lender's legal counsel and
any other professionals appointed in the Debtor's Chapter 11 case
and the Office of the U.S. Trustee regarding the administration of
the case;
(b) advise the committee regarding its rights, powers and
duties;
(c) investigate the acts, conduct, assets, liabilities and
financial condition of the Debtor;
(d) assist the committee in analyzing the Debtor's
pre-bankruptcy and post-petition relationships with its creditors,
equity interest holders, employees and other parties-in-interest.
(e) assist and negotiate on the committee's behalf in matters
related to the claims of the Debtor's other creditors;
(f) assist the committee in preparing pleadings and
applications;
(g) research, analyze, investigate, file and prosecute
litigation on behalf of the committee;
(h) represent the committee at hearings and other
proceedings;
(i) review and analyze applications, orders, statement of
operations and schedules filed with the court and advise the
committee on such matters;
(j) aid and enhance the committee's participation in
formulating a Chapter 11 plan;
(k) assist the committee in advising its constituents of the
committee's decisions;
(l) negotiate and mediate issues related to the value and
payment of claims held by the committee's constituency; and
(m) perform such other legal services.
The hourly rates of the firm's attorneys range from $300 to $375.
The firm did not receive a retainer from the committee.
Francis Brennan, Esq., a partner at Nolan Heller Kauffman,
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:
Francis J. Brennan, Esq.
Nolan Heller Kauffman LLP
80 State Street, 11th Floor
Albany, NY 12207
Telephone: (518) 449-3300
Facsimile: (518) 432-3123
Email: fbrennan@nhkllp.com
About Blitman Saratoga
White Plains, N.Y.-based Blitman Saratoga LLC was formed in 2012 to
develop and build a residential community consisting of at least 77
single-family homes spread over approximately 149 acres on Geyser
Road in Saratoga County, N.Y.
Blitman Saratoga sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-23177) on Nov. 6,
2020. At the time of the filing, the Debtor disclosed $5,857,288 in
assets and $2,755,584 in liabilities. Judge Robert D. Drain
oversees the case.
Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP, is
the Debtor's legal counsel.
On Dec. 21, 2020, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The committee tapped
Nolan Heller Kauffman, LLP as its bankruptcy counsel.
BM318 LLC: Creditors to Be Paid in Full in Sale Plan
----------------------------------------------------
BM318, LLC, filed a First Modification to its Second Amended
Disclosure Statement for Debtor's Plan of Reorganization.
Class 1: Priority Unsecured Claims, Class 2: General Unsecured
Claims, and Class 4: Equity Interests are not impaired under the
Plan. Class 3: Insider Claims is impaired.
The Plan is a plan of reorganization. The Debtor previously owned
118 acres of unimproved land located in Parker County near Aledo,
Texas (the "Property"). The Debtor sold the Property pursuant to
an Agreed Order Granting Motion Pursuant to 11 U.S.C. Section 363
for Approval of Agreement to Sell 118.34 Acres in Parker County,
Texas Free and Clear of Liens entered by the Bankruptcy Court on
April 29, 2021. The Debtor used the proceeds of the sale to pay
its secured creditors and will use the remaining proceeds of sale
to pay all other creditors in full under the Plan.
In the Schedules of Assets and Liabilities filed in the bankruptcy
case, the Debtor listed assets with an aggregate value of
$4,419,636 as of the Petition Date. This amount consisted of real
property in the amount of $4,250,000 and a certificate of deposit
in the amount in the amount of $169,636. However, due to the
transaction pursuant to the Sale Order, the real property and
certificate of deposit are no longer property owned by the Debtor.
Attorneys for the Debtor:
Joyce W. Lindauer
Kerry S. Alleyne
Guy H. Holman
Joyce W. Lindauer Attorney, PLLC
1412 Main Street, Suite 500
Dallas, Texas 75202
Telephone: (972) 503-4033
Facsimile: (972) 503-4034
About BM318 LLC
BM318, LLC is a Single Asset Real Estate (as defined in 11 U.S.C.
Section 101(51B)) based in Aledo, Texas.
BM318, LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Tex. Case No. 20-42789) on Sept. 1, 2020. The
petition was signed by Tim Barton, president. At the time of the
filing, the Debtor had estimated assets of between $1 million and
$10 million and liabilities of the same range. Judge Mark X.
Mullin oversees the case. Joyce W. Lindayuer Attorney, PLLC, is
the Debtor's legal counsel.
BMSL MANAGEMENT: Unsecured Claims, If Any, to Get 100% in Plan
--------------------------------------------------------------
BMSL Management, LLC, filed an Amended Disclosure Statement.
The Bankruptcy Court has scheduled June 2, 2021 at 10:00 a.m. as
the date and time of the hearing to consider confirmation of the
Plan and objections thereto, which hearing will be held before
Robert E. Grossman, United States Bankruptcy Judge in the United
States Bankruptcy Court for the Eastern District of New York, 290
Federal Plaza, Central Islip, New York 11722, Courtroom 860.
The Debtor is a Limited Liability Company formed and existing under
the laws of the State of New York. The principal place of business
for the Debtor is 131-09 Hillside Avenue, Richmond Hill, New York
11418. The Debtor is a single asset real estate company.
The Plan will treat claims as follows:
* CLASS 1 - Secured claim of Hillrich Holding Corp. totaling
$3,261,407.73. The creditor has agreed to accept in full
satisfaction of its claim the sum of $3,161,000.00, plus accrual of
interest from April 1, 2021, until the Effective date, at the rate
of $598.36 per day. This creditor will be paid on the Effective
Date of the Plan from the proceeds of the sale of the real
property. This class is impaired.
* CLASS 2 - Secured claim of Mlf3 Atlantic, LLC totaling
$824,024. This Claim will not receive a distribution under the
Plan. It is expected that the lien shall be released in connection
with the sale of the real property in the Chapter 7 case of
Atlantic 111st, LLC Case No: 19-73137. This class is impaired.
* CLASS 3 - General unsecured claims. The Debtor has no
unsecured creditors. This class, if any, will be paid 100% on the
Effective Date of the Plan. This class is not impaired.
* CLASS 4 - Equity interests. This class consists of one
member, Jarnail Singh, the sole member of the LLC. The equity
rights of the Debtor will remain unaffected by the Plan.
Effective Date payments under the Plan will be paid from the sale
of the Property pursuant to a Sale to Zara 9 Brothers, LLC for the
sum of $3,300,000.
Proposed Attorneys for the Debtor:
Berger, Fischoff, Shumer, Wexler & Goodman, LLP
Heath S. Berger, Esq.
6901 Jericho Turnpike, Suite 230
Syosset, New York 11791
Tel: (516) 747-1136
A copy of the Amended Disclosure Statement is available at
https://bit.ly/3b3pk3y from PacerMonitor.com.
About BMSL Management
BMSL Management LLC filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 20-43621) on Oct. 14, 2020, disclosing under $1
million in both assets and liabilities. The Debtor is represented
by Shiryak Bowman Anderson Gill & Kadochnikov, LLP.
CITY WIDE COMMUNTY: Unsecureds Will Recover 100% in Plan
--------------------------------------------------------
City-Wide Community Development Corporation, ("CWCDC"); and its
wholly owned subsidiaries, Lancaster Urban Village Residential,
LLC, ("LUVR")and Lancaster Urban Village Commercial, LLC, filed a
Combined Plan and Disclosure Statement.
While under Mr. Robert's guidance, CWCDC has developed
multi-million dollar single and multi-family housing projects as
well as office and retail properties. One such notable project, as
aforementioned, includes Lancaster Urban Village ("LUV"). LUV is a
30-million-dollar completion cost, mixed-use, transit -oriented
development consisting of 193 apartment units, 14,000 square feet
of office and retail space and 432 parking spaces. Development was
completed in 2014. The 193-unit residential portion of the
development was financed as more fully described herein thru loans
made to CWCDC's 100% owned Debtor affiliate, LUVR. Likewise, the
commercial portion of the development was financed thru CWCDC's
100% owned Debtor affiliate, LUVC.
The Debtor intends to market this property for its current
appraised value, in an "as-is, where is" sale. Based on broker's
opinion, this sale will be at a range of from $19 million to $22
million. This sale, or refinancing in lieu of sale, if purchase
fails, will drive funding of the Plan.
This Plan provides, with exception of the City of Dallas which is
escrowed pending completion of resolution of disputes regarding
whether there is a $1 million lien on LUVR in full under on the
Effective Date, or under their respective terms. The priority
claims to the taxing authorities, if any, will also be paid in full
in five years. Unsecured creditors with claims of pre-professional
fees not requiring Court approval and trade accounts will be paid
100% of their claims in one single lump sum payment to be made
within 180 days of the Effective Date.
Counsel for the Debtor:
Kevin S. Wiley, Sr.
WILEY LAW GROUP, PLLC
325 N. St. Paul Street, Suite 2250
Dallas, Texas 78201
Tel: (214) 537-9572
Fax: (972) 498-1117
E-mail: kwiley@wileylawgroup.com
A copy of the Combined Plan and Disclosure Statement is available
at https://bit.ly/3xYnIC6 from PacerMonitor.com.
About City-Wide Community
CWCDC is a mission-driven, 501(c)(3) nonprofit organization that
revitalizes neighborhoods in South Dallas (specifically along the
Lancaster Corridor) by (i) developing mixed-income housing and
mixed-use developments, and (ii) providing educational, literacy,
employment-training and social programs that empower individuals
and families to improve their quality of life. WILEY LAW GROUP,
PLLC is the Debtors' counsel.
CLARE INC: Seeks Approval to Hire McNamee as Bankruptcy Counsel
---------------------------------------------------------------
Clare, Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Maryland to employ McNamee, Hosea, Jernigan, Kim,
Greenan & Lynch, PA as its legal counsel.
The firm will render these legal services:
(a) prepare and file schedules, statement of affairs and other
documents required by the bankruptcy court;
(b) represent the Debtor at the initial interview and meeting
of creditors;
(c) advise the Debtor in connection with the formulation,
negotiation and promulgation of plans of reorganization and related
documents;
(d) assist the Debtor in the negotiation and documentation of
financing agreements, debt restructurings and related
transactions;
(e) review the validity of liens asserted against the property
of the Debtor and advise the Debtor concerning the enforceability
of such liens;
(f) prepare legal documents; and
(g) perform all other necessary legal services.
The hourly rates of the firm's attorneys and staff are as follows:
Partners $350
Associates $325
Paralegals $105
As disclosed in a court filing, 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:
Steven L. Goldberg, Esq.
McNamee, Hosea, Jernigan, Kim, Greenan & Lynch, PA
6411 Ivy Lane, Suite 200
Greenbelt, MD 20770
Telephone: (301) 441-2420
Facsimile: (301) 982-9450
Email: sgoldberg@mhlawyers.com
About Clare Inc.
Clare Inc. is a Potomac, Md.-based company that owns and operates a
restaurant specializing in American Regional Cuisine along with a
unique twist on Traditional Irish dishes.
Clare filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 21-12889) on April 29,
2021. Christopher P. Hughes, authorized representative, signed the
petition. At the time of the filing, the Debtor was estimated to
have less than $50,000 in assets and $1 million to $10 million in
liabilities. Judge Thomas J. Catliota oversees the case. McNamee,
Hosea, Jernigan, Kim, Greenan & Lynch, PA serves as the Debtor's
legal counsel.
CONNECTIONS COMMUNITY: Ombudsman Taps Huebscher & Co. as Consultant
-------------------------------------------------------------------
Eric Huebscher, the patient care ombudsman appointed in the Chapter
11 case of Connections Community Support Programs, Inc., seeks
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Huebscher & Company as his consultant.
Huebscher & Company will render these services:
(a) review medical records;
(b) interview patients and staff regarding direct patient
care;
(c) conduct site visits;
(d) interact with key Debtor personnel;
(e) interact with state regulatory agencies as appropriate;
and
(f) respond to complaints, if any.
The hourly rates of the firm's professionals are as follows:
President $425
Managing Directors $275
Directors $225
Para-professionals $150
Eric Huebscher, the president and chief executive officer of
Huebscher and Company, disclosed in a court filing that his firm is
a "disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Eric Huebscher
Huebscher and Company
630 3rd Avenue – 21st Floor
New York, NY 10017
Telephone: (646) 584-3141
Email: ehuebscher@huebscherconsulting.com
About Connections Community Support Programs
Connections Community Support Programs Inc. is a multifaceted
not-for-profit 501(c)(3) health and human services organization
operating and founded in Delaware with over 100 locations
throughout Delaware and more than 1,100 employees.
Since its founding in 1985, CCSP has grown from providing
assistance to older adults with lifelong histories of psychiatric
hospitalization to one of Delaware's largest nonprofit
organizations that touches the lives of approximately 10,000 of
Delaware's most vulnerable citizens and their families, dealing
with behavioral health and substance use disorders, housing
challenges, and developmental and intellectual disabilities. The
organization leases 408 properties (including 389 leased
facilities associated with housing and veterans' services) and owns
48 properties.
Connections Community Support Programs filed for Chapter 11
protection (Bankr. D. Del. Case No. 21-10723) on April 19, 2021.
The Debtor had estimated assets and debt of $50 million to $100
million
as of the bankruptcy filing.
The Debtor tapped Chipman Brown Cicero & Cole, LLP, led by Mark L.
Desgrosseilliers, Esq., as legal counsel and SSG Advisors, LLC as
investment banker. Omni Agent Solutions is the claims and
noticing
agent.
On April 26, 2021, the U.S. Trustee for Region 3 appointed Eric M.
Huebscher as patient care ombudsman in this Chapter 11 case. The
ombudsman tapped Huebscher & Company as his consultant and advisor.
CRC INVESTMENTS: Seeks Permission to Use IRS, SBA Cash Collateral
-----------------------------------------------------------------
CRC Investments, LLC asked the U.S. Bankruptcy Court for the Middle
District of North Carolina to authorize the use of cash collateral
through and including the effective date of a confirmed Plan of
Reorganization. The Debtor receives rent income from the lodging
and event venue of its hospitality business, and needs to use cash
collateral to pay on-going costs of business operations, as well as
costs to insure, preserve, and maintain all its tangible assets.
The Internal Revenue Service and the U.S. Small Business
Administration each hold an interest in the cash collateral.
The IRS asserts a first priority lien in the cash collateral for
unpaid income taxes at approximately $509,757. The Debtor said,
however, that the IRS has an inchoate lien against all of the
Debtor's property, including the cash collateral, pursuant to 26
U.S.C. Section 6321. The Debtor obtained an EIDL (Economic Injury
Disaster Loan) from the U.S. Small Business Administration, secured
by certain of the Debtor's personal property and fixtures, pursuant
to a Security Agreement. Approximately $126,500 is outstanding on
the EIDL as of the Petition Date. The Debtor believes that the
fixtures are worth approximately $448,410, and the vehicles and
equipment have a value of approximately $15,000. The balance in
the bank account is approximately $8,670.
The Debtor also asked the Court's approval to provide the IRS and
SBA adequate protection -- to the extent the Debtor's use of cash
collateral impairs the creditors' interest -- in a manner and
extent which the Court will determine at the hearing of the
motion.
The Debtor proposed to provide adequate protection by:
* limiting the use of cash collateral as generally projected
in the proposed budget. The budget for May 2021 projected $27,850
in total revenue and $29,338 in total costs.
* providing the secured parties, the Bankruptcy Administrator,
and any Committee subsequently appointed (i) evidence of adequate
insurance in effect with respect to all insurable property of the
estate, and (ii) actual reports on a monthly basis.
A copy of the motion and the budget is available for free at
https://bit.ly/3nXVjar from PacerMonitor.com.
About CRC Investments
CRC Investments, LLC, d/b/a 1906 Pine Crest Inn and Restaurant,
filed a petition under Subchapter V of Chapter 11 (Bankr. M.D.N.C.
Case No. 21-80172) on May 6, 2021, in the U.S. Bankruptcy Court for
the Middle District of North Carolina.
On the Petition Date, the Debtor estimated assets and liabilities
between $1,000,000 and $10 million. The petition was signed by
Carl Ray Caudie, Jr., general manager. Joshua H. Bennett, Esq., at
BENNETT GUTHRIE PLLC represents the Debtor as counsel.
EDDIE BAUER: Authentic Brands, Simon Property Acquiring Retailer
----------------------------------------------------------------
Authentic Brands Group, LLC (ABG), a global brand owner, marketing
and entertainment company, and SPARC Group, LLC (SPARC), a leading
retail enterprise, on May 7, 2021, announced a definitive agreement
to purchase Eddie Bauer, the iconic American outdoor brand, from
PSEB Group ("PSEB"), an operating company owned by Golden Gate
Capital.
ABG will own Eddie Bauer's intellectual property and the brand's
core operating business will become a part of the SPARC portfolio
of brands. Following the close of the transaction, SPARC's
operating platform will include Eddie Bauer, Brooks Brothers, Lucky
Brand, Nautica, Aéropostale and Forever 21, which collectively
generate nearly $8.6 billion in systemwide retail sales annually.
ABG owns a portfolio of brands that span the entertainment, media,
fashion, active, beauty, home and hospitality sectors. The
acquisition of Eddie Bauer, an outdoor lifestyle pioneer, further
diversifies ABG's portfolio and puts the company at the forefront
of this thriving industry vertical. Eddie Bauer is a
history-making brand with a legacy built on inspiration, innovation
and exploration. The founder of the eponymous brand invented the
original down jacket, which revolutionized outerwear and created a
wardrobe staple. Today, Eddie Bauer empowers people everywhere to
"live their adventure." Its product offerings include performance
outerwear, apparel, swimwear, footwear, accessories and outdoor
lifestyle gear.
"Eddie Bauer has a 100-year history of unparalleled authority in
the outdoor space," said Jamie Salter, Founder, Chairman and CEO of
ABG. "The global outdoor market opportunity has grown
exponentially over the last year and we are ready to hit the ground
running and guide this brand into new frontiers in partnership with
SPARC, Damien and the rest of the Eddie Bauer team."
After the acquisition is complete, Eddie Bauer will become part of
the SPARC organization. Eddie Bauer will remain headquartered in
the Seattle area under the leadership of current President Damien
Huang. The Eddie Bauer team, in partnership with SPARC, will
manage the brand's sourcing, product design and development,
wholesale, planning and allocation, and e-commerce as well as its
300 stores, which are principally located in the U.S. and Canada.
Eddie Bauer has a robust and growing e-commerce business, which
drove nearly half of the brand's annual retail sales last year.
"The addition of Eddie Bauer introduces a new and
highly-differentiated expertise to the SPARC organization," said
Marc Miller, CEO of SPARC. "The brand pushes the boundaries of
technical innovation and performance with award-winning outdoor
product offerings, bringing an entirely new component to our
fashion and lifestyle brand portfolio. We are excited to work
closely with the Eddie Bauer team as we help drive the brand
forward."
"As an iconic brand dedicated to making the outdoors more
accessible and enjoyable for everyone, Eddie Bauer has built up
great momentum," said Damien Huang, President at Eddie Bauer. "I
am proud of our team's achievements to better position Eddie Bauer
to compete and win in a digitally-driven, omnichannel world. We are
excited to partner with ABG and SPARC, who recognize the
significant opportunities ahead, and are well-positioned to help us
maximize the brand's full potential and expand our global presence
as a leader among outdoor and active brands. On behalf of the
entire Eddie Bauer team, we are deeply grateful for the support of
Golden Gate Capital, who has been instrumental in guiding our
strategy and accelerating Eddie Bauer's growth over the course of
our partnership."
"We have enjoyed a highly successful partnership with Eddie Bauer
since 2009 and are proud of the company's tremendous transformation
during that time," said Neale Attenborough, PSEB Chairman and
Operating Partner at Golden Gate Capital. "Under Damien's
leadership and vision, Eddie Bauer has repositioned itself as a
true outdoor performance brand with award-winning technical
products, strong omnichannel capabilities and a loyal and growing
customer base, which are driving solid results. With significant
scale, unique brand-building capabilities and deep operational
acumen, we are confident that ABG and SPARC are the perfect
partners to enable Eddie Bauer to continue to flourish."
ABG will tap into the essence of Eddie Bauer and leverage the
brand's technical performance attributes to extend into new outdoor
categories and distribution. International growth is an important
part of the brand strategy, with territory expansion opportunities
in LATAM, Europe and APAC. Near-term launches in China and Korea
will drive the initial phase of that growth. Eddie Bauer also has a
proven history in non-traditional categories and ABG will continue
to expand the brand into other product lines suited for all of
life's outdoor adventures.
Leveraging their vast brand development and marketing expertise,
ABG and SPARC will engage the next generation of Eddie Bauer
consumers while retaining its legacy audience through a strategy
that focuses on introducing enhanced content, growing its following
online and launching collaborations inspired by the brand's
energetic DNA. ABG and SPARC will also continue Eddie Bauer's
commitment to purpose-driven initiatives such as its One Outside
program, which makes the outdoors more accessible and inclusive for
underrepresented communities, and its partnership with American
Forests, a 25-year long initiative that has planted over 8 million
trees across the U.S. and Canada.
The closing is subject to certain standard closing conditions
including certain U.S. and Canadian anti trust filings and
approvals. The transaction is expected to close by June 1, 2021.
No financial terms were disclosed.
Guggenheim Securities LLC is serving as financial advisor to PSEB
and Golden Gate Capital.
About Authentic Brands Group
Headquartered in New York, NY, ABG Intermediate Holdings 2 LLC is
the borrowing entity for holding company Authentic Brands Group,
LLC (d/b/a Authentic Brands). Authentic Brands is a brand
management company with a portfolio of 28 brands - 31 pro forma for
Nautica and two global accessories fashion brands - including Jones
New York, Juicy Couture, Spyder, Aeropostale, and Hickey-Freeman.
The company also has control over the use of the name, image and
likeness of Marilyn Monroe, Elvis Presley, Muhammad Ali, and
Shaquille O'Neal among other celebrities. The company is majority
owned (about 70% in aggregate) by two private equity firms, with
affiliates of Leonard Green & Partners, L.P. being the largest
shareholders, followed closely by General Atlantic. Lion Capital
and management own the remaining equity. Authentic Brands is
privately owned and does not publicly disclose its financial
information. The company generated revenue for the twelve-month
period ended December 31, 2017 of approximately $340 million, pro
forma for the pending acquisition of Nautica and two global
accessories fashion brands.
About Simon Property Group
Simon Property Group, Inc. is an American commercial real estate
company, the largest retail real estate investment trust, and the
largest shopping mall operator in the US.
About Eddie Bauer
Eddie Bauer -- http://www.eddiebauer.com/-- is an outdoor brand
offering performance outerwear, apparel, footwear, accessories, and
gear. For 100 years, Eddie Bauer has been inspiring and enabling
people to live their adventure. Eddie Bauer products carry a
lifetime guarantee and are available online at www.eddiebauer.com,
and at more than 300 stores in the United States, Canada, Germany,
Japan, and other international markets.
Eddie Bauer, founded in Bellevue, Wash., in 1920, was acquired by
General Mills Inc. in 1971 and then sold to catalog retailer
Spiegel Inc. in 1988. Eddie Bauer Inc. emerged from Spiegel's
2003 Chapter 11 case as a separate, reorganized entity under the
control and ownership of Eddie Bauer Holdings, Inc.
Eddie Bauer Holdings, Inc. and eight affiliates filed for
bankruptcy (Bankr. D. Del. Lead Case
No. 09-12099) on June 17, 2009. Latham & Watkins LLP and Young
Conaway Stargatt & Taylor LLP, served as attorneys; Alvarez and
Marsal North America LLC, was the restructuring advisor, and Peter
J. Solomon Company was the financial advisor.
On Aug. 4, 2009, Golden Gate Capital closed a deal to acquire Eddie
Bauer Holdings for $286 million.
In February 2014, Jos. A. Bank Clothiers Inc. said it agreed to buy
retailer Eddie Bauer for $825 million in cash and stock but the
sale did not push through after Men's Wearhouse purchased Jos. A.
Bank.
In 2018, Eddie Bauer merged with surfwear and streetwear retailer
Pacific Sunwear of California, also owned by Golden Gate, to form
PSEB Group.
EQT CORP: Fitch Alters Outlook on 'BB+' LongTerm IDR to Stable
--------------------------------------------------------------
Fitch Ratings has upgraded EQT Corporation's Long-Term Issuer
Default Rating (IDR) to 'BB+' from 'BB'. Fitch has also upgraded
EQT's senior unsecured debt to 'BB+'/'RR4' from 'BB'/'RR4'. The
Rating Outlook has been revised to Stable from Positive.
The rating reflects the credit-accretive nature of the announced
acquisition of Alta Resources, which is planned to be financed with
a large equity component. In addition, the transaction increases
EQT's production scale, adds high quality inventory to the
company's portfolio, lowers overall operating costs per unit, and
enhances FCF.
The Stable Outlook reflects Fitch's expectation of continued credit
improvement and conservative financial policies. A positive rating
action could occur upon stronger netback's and continued
application of FCF proceeds to debt reduction.
KEY RATING DRIVERS
Credit Accretive Transaction: EQT is acquiring Alta Resources, an
independent exploration and producer (E&P) operating in the
Appalachian basin for approximately $2.9 billion. The acquisition
is expected to be funded with $1 billion of debt with the remainder
funded through the issuance of EQT shares to the seller. Alta's
current production is approximately 1 bcfe/d with approximately 50%
of production coming from operated wells. Approximately 220,000
acres are operated (greater than 95% held by production) and 78,000
acres are non-operated (99% held by production). Approximately 85%
of the non-operated acreage is operated by Chesapeake Energy Corp.
Fitch views the transaction as credit accretive given the large
equity component of the financing, the attractive northeast
Pennsylvania acreage, the overall reduction in costs per unit, and
incremental FCF.
The transaction is expected to close in Q3 2021 and does require a
shareholder vote subject to the SEC 20% rule. EQT has obtained
commitments for a 364-day bridge loan prior to announcing the
transaction.
Debt Reduction Management: EQT continues to address its overall
debt load by using FCF to reduce debt. EQT has approximately $603
million of maturities due in 2021 to 2023, which Fitch believes
should be addressed with FCF proceeds. Maturities from 2025 to 2027
range from $0.6 billion to $1.25 billion annually, which Fitch
believes can be met through FCF proceeds and debt refinancings.
Fitch believes that EQT's access to debt capital markets are
strong.
Solid Hedging Strategy: EQT continues to opportunistically add
hedges as pricing improves. The company has hedged approximately
85% of its expected 2021 production at an approximately
$2.70/dekatherm (Dth). Fitch believes management will look to
increase its hedging program and begin to move to multi-year hedges
beyond 2022.
Improved Liquidity: EQT's current liquidity is supported by a $2.5
billion unsecured revolver with $300 million of outstanding
borrowings and approximately $800 million of outstanding letters of
credit as of Dec. 31, 2020. The revolver was recently extended by
one year to July 2023. Fitch's expectation of positive FCF over the
forecasted period will limit use of the facility to working capital
swings.
Relatively High FT Costs: EQT's firm transportation (FT) and
gathering and transmission costs are relatively high compared with
other Appalachian natural gas producers. The company has taken
steps to rationalize its firm transportation portfolio to improve
costs while maintaining direct access to markets with greater
realized prices and growing demand. The Alta acquisition would
result in lowering these costs for EQT's.
Leading Size and Acreage: EQT is one of the largest gas producers
in the U.S. with 1Q21 average daily sales volume of 4,610 million
cubic-foot equivalent per day (mmcfe/d). Estimated proved reserves
were 19.8 trillion cubic feet equivalent (Tcfe), which is
significantly higher than gas-weighted E&P peers.
The company has one of the best land positions in the Marcellus,
given its extensive contiguous acreage position (1.6 million net
acres in Appalachia, including 1.3 million net acres in the core of
the Marcellus and 60,000 net acres in the core of the Ohio Utica).
EQT estimates it has 1,660 core undeveloped drilling locations in
the Marcellus and 120 locations in the Ohio Utica, providing a deep
inventory of Tier 1 inventory without the need for material land
acquisition.
DERIVATION SUMMARY
EQT's 2020 production of 4,092 mmcfe/d is significantly larger than
Southwestern Energy (SWN; BB/Stable, 2,405 mmcfe/d) and CNX
(BB/Positive, 1,396 mmcfe/d). EQT's 1P proved reserve base is 19.8
Tcfe. Given its dry gas orientation, EQT's liquids mix is low at
just 5% versus more liquids-oriented peers like SWN (21%) and
Ascent Resources Utica Holdings (ARUH: B/Stable, 11%). EQT's
Fitch-calculated netbacks for 2020 were in the middle of the peer
range at $0.36/mcfe, higher than liquids-oriented names such as SWN
at $0.30/mcfe), but below peers like CNX Resources Corp. at
$0.55/mcfe), given CNX's lower G&T costs. EQT's market access is
above average for its peer group. Following 2020 capital markets
activity and related debt repayment, EQT's refinancing risk has
dropped significantly.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:
-- Henry Hub natural gas price of $2.75 mcf/d in 2021 and $2.45
mcf/d over the long term;
-- WTI oil price of $55/bbl in 2021 and $50/bbl over the long
term;
-- Production increases of approximately 20% in 2021 and over 10%
in 2022 to reflect Chevron and Alta acquisitions;
-- Pro forma capex of $1.2-$1.3 billion over the forecasted
period;
-- No assumptions for stock buybacks, dividends, acquisitions, or
divestitures.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Use of FCF proceeds applied to gross debt reduction
approaching $1 billion;
-- Improvement in Fitch-calculated netbacks, particularly from
lower firm transportation and gas gathering costs per unit;
-- Mid-cycle debt/EBITDA and FFO-adjusted leverage below 2.0x;
-- Increased size, scale, or diversification with continued
credit-neutral funding policies.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Change in financial policies including acquisitions, stock
buybacks and/or dividends that result in deterioration of
credit metrics;
-- Mid-cycle debt/EBITDA above 2.5x on a sustained basis;
-- Sustained erosion in natural gas fundamentals that leads to
reduction in liquidity, complicating the capital structure, or
operational adjustments resulting in a reduction of long-term
production levels.
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: At Dec. 31, 2020, EQT's liquidity was comprised
of cash on hand of $18.2 million, and availability of approximately
$1.5 billion on the company's $2.5 billion senior unsecured
revolver after accounting for LOCs of approximately $800 million
and borrowings on the facility of $300 million. The revolver is due
July 2023 and has a one-time expansion option up to $3.0 billion,
subject to lenders' approval. The only financial covenant on EQT's
revolver is a maximum debt-to-capitalization ratio of 65% which has
a carve-out for the effects other comprehensive income (OCI).
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.
EQT CORP: S&P Places 'BB' ICR on CreditWatch Positive
-----------------------------------------------------
S&P Global Ratings placed the 'BB' issuer credit and senior
unsecured ratings of U.S.-based oil and gas exploration and
production company EQT Corp. on CreditWatch with positive
implications.
The positive CreditWatch listing reflects S&P's expectation that it
will likely raise ratings one notch to 'BB+' at the close of the
acquisition, assuming no material changes to S&P's current
assumptions.
S&P Global Ratings placed its ratings, including the 'BB' issuer
credit rating, on Pittsburgh-based independent exploration and
production company EQT Corp. on CreditWatch with positive
implications following the announcement that it plans to acquire
fellow Marcellus Shale producer Alta Resources' upstream and
midstream subsidiaries for approximately $2.925 billion in cash and
stock.
S&P said, "We expect to raise the issuer credit and senior
unsecured ratings one notch to 'BB+' if the acquisition closes as
expected. The Alta acquisition further strengthens EQT's already
large position in the Appalachian region, boosting reserves and we
expect production of approximately 5.6 billion cubic feet
equivalent per day. The acquisition solidifies EQT's position as
the largest producer in the Marcellus shale, and one of the largest
in the U.S. Importantly, we expect Alta's very low operating costs
to result in a material improvement to EQT's costs to around
$1.25/thousand cubic foot equivalent (mcfe), supporting improved
profitability. Improved profitability will likely support EQT's
ability to maintain positive free cash flow through all points in
the natural gas pricing cycle, which we expect to remain volatile
given the industry's relative ease of adding natural gas
production, and which can also be affected by significant negative
pricing differentials that have been typical of the Appalachian
region. Finally, the Alta acquisition provides EQT a measure of
diversification within the Marcellus Shale by adding a new core
area in the Northeast Pennsylvania region. As a result of these
factors, we expect to raise the business risk profile of EQT to
satisfactory from fair upon closing of the transaction.
"EQT should maintain modest financial policies that lead to
significant free cash flow generation. We expect EQT to generate
around $700 million to $800 million of free cash flow per year over
the next couple years, under our base case natural gas price
assumptions of $2.75 per mmBtu in 2021 and $2.50 per mmBtu in 2022
and thereafter. We expect the company will use the majority of this
free cash flow to reduce debt that will likely support expected
FFO/debt of around 40% and debt/EBITDA of 2x-2.5x through 2022,
which we view as supportive for the rating. Furthermore, we expect
EQT to remain focused on strengthening its balance sheet to provide
a greater cushion in the event of natural gas price swings and
resulting cash flow volatility.
"The placement of the ratings on CreditWatch with positive
implications reflects the potential that we will raise the issuer
credit and senior unsecured ratings one notch to 'BB+' upon close
of the acquisition, if there are no material changes to our
assumptions. We expect to resolve the CreditWatch listing around
the close of the transaction, expected in the third quarter of
2021."
EYEPOINT PHARMACEUTICALS: Incurs $12.3M Net Loss in First Quarter
-----------------------------------------------------------------
EyePoint Pharmaceuticals, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $12.28 million on $7.32 million of total revenues for
the three months ended March 31, 2021, compared to a net loss of
$13.17 million on $7.49 million of total revenues for the three
months ended March 31, 2020.
As of March 31, 2021, the Company had $187.14 million in total
assets, $71.43 million in total liabilities, and $115.71 million in
total stockholders' equity.
"This quarter was a productive one for EyePoint, as we continued to
execute on our plan to advance our exciting pipeline of ocular
products that have the potential to disrupt current treatment
paradigms," said Nancy Lurker, chief executive officer of EyePoint
Pharmaceuticals. "We are very pleased to have initiated the Phase
1 DAVIO clinical trial in patients with wet-age macular
degeneration (wet AMD) in January and this trial remains on track
for interim data in the fourth quarter of this year."
Ms. Lurker continued, "We were also very pleased to complete a
$115.1 million follow-on financing during the first quarter
positioning us to advance and expand our pipeline efficiently and
purposefully, including plans to expand EYP-1901 into clinical
trials in diabetic retinopathy (DR) and retinal vein occlusion
(RVO). On the commercial front, we had a solid first quarter,
which historically is weak due to co-pay and coinsurance annual
resets, beating 4Q2020 and 45% above 1Q2020 net product revenues.
We also are very pleased with our DEXYCU co-promotion partnership
with ImprimisRx and the product demand it is now generating."
Operating expenses for the first quarter ended March 31, 2021
totaled $18.3 million versus $18.9 million in the prior year
period. This decrease was primarily due to a $2.4 million decrease
in sales and marketing expense offset by a $0.8 million increase in
G&A expense, a $0.6 million increase in R&D expense and a $0.4
million increase in cost of sales. Non-operating expense, net,
totaled $1.3 million and net loss was $12.3 million, or ($0.50) per
share, compared to a net loss of $13.2 million, or ($1.14) per
share, for the prior year period.
Cash and cash equivalents at March 31, 2021 totaled $138.6 million
compared to $44.9 million at Dec. 31, 2020.
Financial Outlook
The Company expects the cash on hand at March 31, 2021 and expected
net cash inflows from its product sales will enable it to fund its
current and planned operations through the end of 2022.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1314102/000156459021023626/eypt-10q_20210331.htm
About EyePoint Pharmaceuticals
EyePoint Pharmaceuticals, formerly pSivida Corp. --
http://www.eyepointpharma.com-- headquartered in Watertown, MA, is
a specialty biopharmaceutical company committed to developing and
commercializing innovative ophthalmic products in indications with
high unmet medical need to help improve the lives of patients with
serious eye disorders. The Company currently has two commercial
products: DEXYCU, the first approved intraocular product for the
treatment of postoperative inflammation, and YUTIQ, a three-year
treatment of chronic non-infectious uveitis affecting the posterior
segment of the eye.
EyePoint reported a net loss of $45.39 million for the year ended
Dec. 31, 2020, compared to a net loss of $56.79 million for the
year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had
$91.72 million in total assets, $73.17 million in total
liabilities, and $18.54 million in total stockholders' equity.
FOREVER 21: Brookfield Property Sells for $63 Million Profit
------------------------------------------------------------
Bloomberg News reports that Brookfield Property Partners LP sold
its stake in fast-fashion retailer Forever 21 ahead of a proposed
buyout that would see the mall owner taken private by its parent
company. The New York-based company sold the Forever 21 stake in
the first three months of the year for a profit of $63 million, it
said in a statement discussing quarterly results, without
disclosing a buyer. Brookfield converted the position into equity
in Authentic Brands Group LLC, according to people with knowledge
of the matter. Authentic, Brookfield and Simon Property Group Inc.
teamed up to purchase the retailer out of bankruptcy.
About Forever 21
Founded in 1984 by South Korean husband and wife team Do Won Chang
and Jin Sook Chang and headquartered in Los Angeles, Calif.,
Forever 21, Inc. -- http://www.forever21.com/-- is a fast-fashion
retailer of women's, men's and kids clothing and accessories and is
known for offering the hottest, most current fashion trends at a
great value to consumers. Forever 21 delivers a curated assortment
of new merchandise brought in daily.
Forever 21, Inc. and seven of its U.S. subsidiaries each filed a
voluntary petition for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept.
29, 2019. According to the petition, Forever 21 has estimated
liabilities on a consolidated basis of between $1 billion and $10
billion against assets of the same range.
As of the bankruptcy filing, the Debtors operated 534 stores under
the Forever 21 brand in the U.S. and 15 stores under beauty and
wellness brand, Riley Rose.
The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez &
Marsal as restructuring advisor; and Lazard as investment banker;
and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel.
Prime Clerk is the claims agent.
Andrew Vara, acting U.S. trustee for Region 3, appointed a
committee of unsecured creditors on Oct. 11, 2019. The committee is
represented by Kramer Levin Naftalis & Frankel LLP and Saul
Ewing Arnstein & Lehr LLP.
Counsel to the administrative agent under the Debtors' prepetition
revolving credit facility and the Debtors' DIP ABL financing
facility are Morgan, Lewis & Bockius LLP and Richards, Layton &
Finger, PA.
Counsel to the administrative agent under the Debtors' DIP term
loan facility is Schulte Roth & Zabel LLP.
* * *
In February 2020, the company was purchased by a consortium that
includes Authentic Brands Group, Simon Property Group and
Brookfield Property Partners for $81.1 million. As part of the
deal, ABG and Simon will each own 37.5% of the fast-fashion
retailer, while Brookfield controls the remaining 25% of Forever
21's operating and intellectual property businesses.
GATEWAY FOUR: Unsecureds to Get Net Proceeds in Romspen-Backed Plan
-------------------------------------------------------------------
David K. Gottlieb, the Chapter 11 Trustee for Gateway Two, LP,
Gateway Four, LP, and Gateway Five, LLC, filed a proposed Chapter
11 Plan of Reorganization and a Disclosure Statement for the
Gateway Four estate.
The primary asset of the Gateway Four bankruptcy estate is certain
real property and improvements located thereon in the City of El
Monte, California comprising a partially constructed apartment
building with retail space on the street level (the "Gateway Four
Property"). The completed apartment building is expected to be
comprised of 208 units, and the streel level retail space is
expected to be comprised of approximately 27,000 square feet. The
fundamental purpose of the Plan is for secured creditor Romspen
Mortgage Limited Partnership to provide the funding needed to
complete the construction of the Gateway Four Property so that the
completed Gateway Four Property can ultimately be sold for the
benefit of the creditors of the Gateway Four bankruptcy estate.
The basic structure by which this will all occur will involve the
transfer of the Gateway Four Property on the Effective Date or as
soon thereafter as is possible to a newly formed limited liability
company ("New LLC"), which will be jointly owned and managed by
Romspen and general contractor KPRS Construction Services, Inc.
("KPRS"), which served as the general contractor for the Gateway
Four project before construction ceased in early 2020. Romspen and
KPRS are collectively referred to herein as the "New LLC Owners").
The Plan will treat claims as follows:
* Class 1 - The secured claim of lender Romspen Mortgage Limited
Partnership. Following the closing of the sale of the completed
Gateway Four Property, the class 1 claim of Romspen will be paid
out of the Remaining Net Property Sale Proceeds in the manner
consensually agreed to between Romspen and KPRS or in accordance
with the amounts and lien priorities as determined by the State
Court in the Pending State Court Litigation or the Bankruptcy
Court. Class 1 is impaired.
* Class 2 - The secured claim of KPRS. The Gateway Four Property
Construction Financing will include payment of a substantial amount
of the KPRS claim for payment to subcontractors on mutually
agreeable terms. Class 2 is impaired.
* Classes 3 to 28 - Secured claims. If (i) the New LLC Owners,
on the advice of and in consultation with the Project Manager,
elect to use claimants in connection with the Gateway Four Property
Construction, (ii) the New LLC Owners and claimants are able to
reach an agreement on mutually acceptable terms regarding
claimants' role with respect to the Gateway Four Property
Construction, and (iii) the New LLC Owners and claimants are able
to reach agreement on the allowed amount of claimants' class claim,
then the class allowed claims of claimants will be paid in full by
a combination of payment from the Trustee from the Gateway Four
Property Construction Financing in an amount agreed to by
claimants, KPRS and Romspen coupled with payment from the New LLC
Manager out of the New LLC Financing on terms that are mutually
agreed to by the New LLC Owners and claimants. If any of the
foregoing three conditions are not satisfied, then following the
closing of the sale of the completed Gateway Four Property, the
class claims of claimants will be paid out of the Remaining Net
Sale Proceeds in the manner consensually agreed to between the New
LLC Owners and claimants or in accordance with the amount and lien
priority as determined by the State Court in the Pending State
Court Litigation or the Bankruptcy Court. These claims are
impaired.
* Class 31 - All non-priority general unsecured claims that are
not included in any of classes 1-30. Each holder of a class 31
allowed claim will be paid by the New LLC Manager a pro-rata
distribution out of any Remaining Net Sale Proceeds that are
remaining, if any, after the allowed claims of all creditors in
classes 1-30 have been paid in full. Class 31 is impaired.
* Class 32 - Class 32 consists of all equity interests in the
Gateway Four Debtor. The class 32 interests will receive all of the
Remaining Net Sale Proceeds, if any, that are remaining after all
allowed claims of all creditors in classes 1-31 have been paid in
full, which the Trustee does not believe is likely to occur. Class
32 is impaired.
On the Effective Date, all right, title and interest of all
property of the Gateway Four bankruptcy estate (except for that
needed to fund the Initial Estate Funding), including the Gateway
Four Property (collectively, the "Estate Property"), shall be
irrevocably transferred, absolutely assigned, conveyed, set over
and delivered to the New LLC for the benefit of the creditors (and
equity holders to the extent applicable) of the Gateway Four
estate, free and clear of any and all liens, claims, encumbrances
and interests (legal, beneficial or otherwise).
Attorneys for David K. Gottlieb in his capacity as Chapter 11
Trustee:
RON BENDER (SBN 143364)
KRIKOR J. MESHEFEJIAN (SBN 255030)
LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
10250 Constellation Boulevard, Suite 1700
Los Angeles, California 90067
Telephone: (310) 229-1234; Facsimile: (310) 229-1244
Email: RB@LNBYB.COM; KJM@LNBYB.COM
A copy of the Disclosure Statement is available at
https://bit.ly/2R0leCs from PacerMonitor.com.
About Gateway Four LLP
Gateway Four LP and its affiliates Gateway Two LP and Gateway Five
LLC sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. C.D. Cal. Lead Case No. 20-11581) on Aug. 31, 2020. In the
petition signed by its president, James Acevedo, Gateway Four
disclosed up to $100 million in assets and up to $50 million in
liabilities.
Judge Martin R. Barash oversees the case.
Daniel M. Shapiro, Esq., Attorney at Law serves as the Debtors'
counsel, and the Law Office of Sevan Gorginian as co-counsel.
David K. Gottlieb of D. Gottlieb & Associates, LLC, has been
appointed as Chapter 11 Trustee. He is represented by Ron Bender,
Esq. and Krikor J. Meshefejian, Esq. at Levene, Neale, Bender, Yoo
& Brill L.L.P.
GATHERING PLACE: Seeks Approval to Hire Bankruptcy Counsel
----------------------------------------------------------
The Gathering Place of Columbus seeks approval from the U.S.
Bankruptcy Court for the Southern District of Ohio to employ Strip,
Hoppers, Leithart, McGrath & Terlecky Co., LPA and Calig Law Firm,
LLC as bankruptcy counsel.
The law firms will render these legal services:
(a) advise the Debtor regarding its rights, powers and duties
in its Chapter 11 case;
(b) assist the Debtor in the preparation of its schedules and
statement of financial affairs;
(c) assist and advise the Debtor in connection with the
administration of the case;
(d) analyze the claims of creditors and negotiate with such
creditors;
(e) investigate the acts, conduct, assets, rights, liabilities
and financial condition of the Debtor and its business;
(f) advise and negotiate regarding the sale of the Debtor's
assets;
(g) investigate, file and prosecute litigation on behalf of
the Debtor;
(h) propose a plan of reorganization;
(i) appear and represent the Debtor at hearings, conferences,
and other proceedings;
(j) prepare or review motions, applications, orders and other
filings filed with the Court;
(k) institute or continue any appropriate proceedings to
recover assets of the estate; and
(l) perform other legal services as may be required.
The hourly rates of the firm's attorneys and staff are as follows:
Myron N. Terlecky $350
John W. Kennedy $300
Derek M. Shaw $225
Paraprofessionals $100
Strip, Hoppers, Leithart, McGrath & Terlecky Co. and Calig Law Firm
received a retainer in the amount of $20,000 and $5,000,
respectively, within one year prior to the filing of the
petitions.
Myron Terlecky, Esq., a partner at Strip, Hoppers, Leithart,
McGrath & Terlecky Co., and Derek Shaw, Esq., a partner at Calig
Law Firm, disclosed in court filings that their firms are
"disinterested persons" as the term is defined in Section 101(14)
of the Bankruptcy Code.
The firms can be reached through:
Myron N. Terlecky, Esq.
Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA
575 South Third Street
Columbus, OH 43215-5759
Telephone: (614) 228-6345
Facsimile: (614) 228-6369
Email: mnt@columbuslawyer.net
- and –
Derek M. Shaw, Esq.
Calig Law Firm, LLC
513 East Rich Street
Columbus, OH 43215-5584
Telephone: (614) 252-2300
Facsimile: (614) 252-2558
Email: dshaw@caliglaw.com
About The Gathering Place of Columbus
The Gathering Place of Columbus is an Ohio non-profit 501(c)(3)
religious organization serving the Columbus area, operating out its
church facility located at 3550 E. Deshler Ave., Columbus, Ohio. It
was founded in May of 1993 as an Ohio non-profit corporation then
known as Romans Church of God of the Apostolic Faith, Inc.
Effective Jan. 1, 2014, the organization merged with another Ohio
non-profit corporation called The Gathering Place of Columbus.
The Gathering Place of Columbus sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 21-51509) on
April 29, 2021, listing under $1 million in both assets and
liabilities. Judge C. Kathryn Preston oversees the case. Strip,
Hoppers, Leithart, McGrath & Terlecky Co., LPA and Calig Law Firm,
LLC serve as the Debtor's bankruptcy counsel.
GLOBAL EAGLE: Expands Multi-year Deal With Satellite Operator ABS
-----------------------------------------------------------------
Broadcast Pro reports that Global Eagle Entertainment (GEE), a
major provider of high-speed connectivity and entertainment
solutions for worldwide mobility markets, has renewed and expanded
its multi-year, multi-transponder agreements with satellite
operator ABS.
Besides securing existing ABS capacity on ABS-6 C-band, ABS-3A
C-band and ABS-2 Ku-band beams, GEE has also expanded its services
on ABS-2. Combined, the ABS capacity provides GEE comprehensive
coverage across continents and oceans, from the Americas, across to
Western Europe, the Middle East, North-East Asia and into the
Pacific Ocean. The capacity will be optimised to provide reliable
connectivity and seamless connections for mobile communications and
entertainment for a wide variety of mobility customers and their
end-users. The connectivity network supports the provision of
services such as Wi-Fi, VoIP, multi-media live and on-demand video
streaming, and greater bandwidth for crew applications.
Speaking about the deal, Jim Frownfelter, Chairman and CEO of ABS,
said: "We are delighted to have negotiated this multi-year contract
renewal and expansion with GEE, which is a testament to ABS'
reliability of connectivity and attractive service offering. ABS is
proud to be part of GEE’s satellite network that brings reliable
connectivity and entertainment to vessels around the world."
Mike Pigott, Executive Vice President, Connectivity Operations at
Global Eagle, added: "Our emergence from Chapter 11 and subsequent
restructuring has improved our ability to deliver great user
experiences to our wide range of maritime and aviation customers
and their passengers. This agreement showcases our ability to meet
our customers’ needs today while helping them prepare for the
future and we are thrilled to be able to continue to partner with
ABS."
About Global Eagle Entertainment
Headquartered in Los Angeles, Global Eagle Entertainment Inc. is a
provider of media, content, connectivity and data analytics to
markets across air, sea and land. It offers a fully integrated
suite of media content and connectivity solutions to airlines,
cruise lines, commercial ships, high-end yachts, ferries and land
locations worldwide. Visit http://www.GlobalEagle.comfor more
information.
Global Eagle Entertainment and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11835) on July 22,
2020. In the petition signed by CFO Christian M. Mezger, Global
Eagle disclosed $630.5 million in assets and $1.086 billion in
liabilities.
Judge John T. Dorsey oversees the cases.
Debtors have tapped Latham & Watkins LLP (CA) and Young Conaway
Stargatt & Taylor, LLP as legal counsel; Greenhill & Co., LLC as
investment banker; Alvarez & Marsal North America, LLC as financial
advisor; and PricewaterhouseCoopers LLP as tax advisor. Prime
Clerk, LLC is the claims and noticing agent.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Aug. 5, 2020. The committee has tapped Akin Gump
Strauss Hauer & Feld LLP and Ashby & Geddes, P.A. as its legal
counsel, and Perella Weinberg Partners LP as its investment
banker.
* * *
Global Eagle Entertainment Inc. on March 23, 2021, announced that
it has successfully completed the sale of substantially all of the
Company's assets to a group comprising the Company's first-lien
investors and its operations have emerged from the Chapter 11
restructuring process. Through its sale and restructuring, Global
Eagle reduced its total debt by $487.5 million and increased its
liquidity with a $217.5 million investment from the Company's new
owners. Global Eagle's new owners include certain funds managed by
affiliates of Apollo Global Management, Inc., Eaton Vance
Management, Mudrick Capital Management, Crestline Investors, Inc.,
certain funds and accounts managed by Sound Point Capital
Management, certain funds and accounts managed by Arbour
Lane Capital Management, L.P., and certain funds and accounts under
management by BlackRock Financial Management, Inc., among others.
GREENSILL CAPITAL: Seeks Approval to Hire Financial Advisors
------------------------------------------------------------
Greensill Capital Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ GLC Advisors
& Co., LLC and GLCA Securities, LLC as its financial advisors and
investment bankers.
The firm's services include:
a. reviewing the Debtor's assets, financial condition and
business;
b. advising and assisting the Debtor in examining, analyzing,
developing, structuring and negotiating the financial aspects of
any potential or proposed strategy for a transaction;
c. assisting the Debtor in soliciting, coordinating and
evaluating indications of interest and proposals, tenders and
consents in connection with the transaction;
d. preparing offering or information materials for, and managing
the due diligence process with, potential bidders in connection
with the transaction;
e. providing expert advice and testimony regarding financial
matters related to the transaction, if necessary;
f. attending meetings of, and advising and communicating with,
the Debtor's board of directors, creditor groups and other
interested parties; and
g. other investment banking and financial advisory services.
The firm will be paid as follows:
a. Monthly Advisory Fees: The Debtor shall pay the firm a
monthly advisory fee of $75,000. After six full monthly advisory
fees have been paid to the firm, the firm will credit, without
duplication, 50 percent of the seventh monthly fee and each
subsequent monthly fee actually paid to the firm against any sale
transaction fee that is due to be paid to the firm. The monthly
advisory fee shall be deemed earned in full upon receipt.
b. Financing Transaction Fee: The Debtor shall pay the firm a
fee payable directly out of the gross proceeds of any financing
transaction equal to: (i) 1.5 percent of the aggregate principal
face amount of any secured debt raised, including, without
limitation, any debtor-in-possession or exit financing raised,
other than any DIP financing arranged with parties affiliated with
Lex Greensill ; (ii) 3 percent of the aggregate principal face
amount of any unsecured debt raised; and (iii) 5 percent of any
equity or equity-linked securities raised. For greater certainty,
the term "raised" includes all amounts committed.
c. Sale Transaction Fee: The Debtor shall pay the firm a fee
equal to:
i. Up to $500,000 (on a dollar for dollar basis) for each
additional dollar of cash proceeds paid to the Debtor from a sale
transaction involving Finacity Corporation in excess of $3 million
up to and including $3.5 million; plus
ii. 10 percent of cash proceeds in excess of $3.5 million until
the cash proceeds equal the "claims threshold," which is the
aggregate amount of (x) allowed administrative expenses and (y)
allowed claims of unsecured creditors "); provided, however, that
the claims threshold shall not include any claims or interests of
any affiliates of the Debtor; plus
iii. 20 percent of cash proceeds in excess of the claims
threshold.
The firm will also be reimbursed for out-of-pocket expenses
incurred.
Lee Jason Goldberg, a partner at GLC Advisors & Co. and GLCA
Securities, disclosed in a court filing that the firms are
"disinterested" as the term is defined in Section 101(14) of the
Bankruptcy Code.
The firms can be reached at:
Lee Jason Goldberg
GLC Advisors & Co., LLC
GLCA Securities, LLC
600 Lexington Avenue, 9th Fl.
New York, NY 10022
Tel: (212) 542-4540
Fax: (212) 542-4541
About Greensill Capital
Greensill is an independent financial services firm and principal
investor group based in the United Kingdom and Australia. It
offers structures trade finance, working capital optimization,
specialty financing and contract monetization. Greensill Capital
Pty is the parent company for the Greensill Group.
Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.
Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021. Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.
Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia. Matt Byrnes, Phil Campbell-Wilson, and Michael McCann
of Grant Thornton Australia Ltd, were appointed as voluntary
administrators in Australia.
Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021. Jill M. Frizzley,
director, signed the petition. In the petition, the Debtor listed
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million. The case is handled by Judge
Michael E. Wiles.
The Debtor tapped Segal & Segal LLP as bankruptcy counsel, Mayer
Brown LLP as special counsel, and GLC Advisors & Co., LLC and GLCA
Securities, LLC as investment bankers and financial advisors.
Matthew Tocks is the chief restructuring officer.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on April 7, 2021. The committee is represented
by George P. Angelich, Esq.
GUIORA LLC: Seeks to Hire as Raines Feldman as Legal Counsel
------------------------------------------------------------
Guiora, LLC seeks approval from the U.S. Bankruptcy Court for the
Central District of California to employ Raines Feldman LLP as its
legal counsel.
Raines Feldman will render these legal services:
(a) advise the Debtor regarding the bankruptcy requirements
and the Office of the U.S. Trustee's requirements pertaining to the
administration of the estate;
(b) advise and represent the Debtor concerning its rights and
remedies in regards to the assets of the estate and the use
thereof;
(c) prepare legal papers;
(d) protect and preserve the estate by prosecuting and
defending actions commenced by or against the Debtor;
(e) analyze and prepare objections to proofs of claim filed
against the estate;
(f) conduct examinations of witnesses, claimants and other
adverse or third parties;
(g) represent the Debtor in any proceeding or hearing in the
bankruptcy court;
(h) negotiate, formulate, and draft any plan of reorganization
and disclosure statement;
(i) advise and represent the Debtor in connection with its
investigation of potential causes of action against persons or
entities; and
(j) render such other services as the Debtor may require in
connection with its Chapter 11 case.
The attorneys and paralegal currently expected to be principally
responsible for the case and their hourly rates are as follows:
Hamid R. Rafatjoo, Attorney $895
Carollynn H.G. Callari, Attorney $695
Bambi Clark, Paralegal $345
The Debtor agreed to fund the retainer in the total amount of
$31,480. Prior to the filing of the case, the Debtor paid Wolff &
Orenstein a retainer in the amount of $14,500. The Debtor agreed to
pay the balance of the retainer on May 26.
Hamid Rafatjoo, Esq., a partner at Raines Feldman, 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:
Hamid R. Rafatjoo, Esq.
Raines Feldman LLP
1800 Avenue of the Stars, 12th Floor
Los Angeles, CA 90067
Telephone: (310) 440-4100
Facsimile: (310) 691-1367
Email: hrafatjoo@raineslaw.com
About Guiora LLC
Guiora LLC filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-12775) on
March 10, 2021. At the time of the filing, the Debtor disclosed
between $10 million and $50 million in both assets and liabilities.
Judge Ernest M. Robles oversees the case. Raines Feldman LLP serves
as the Debtor's legal counsel.
HEARTWISE INC: All Creditors Will be Paid in Full in Amended Plan
-----------------------------------------------------------------
Heartwise, Inc., submitted a First Amended Chapter 11 Plan of
Reorganization and a corresponding Disclosure Statement.
On Feb. 11, 2021, Vitamins Online filed its Motion to Appoint a
Chapter 11 Trustee. The request was joined by the Office of the
U.S. Trustee, and opposed by the Debtor and Robinson. The hearing
on the motion is currently scheduled to be heard by the Court on
May 12, 2021.
On April 9, 2021, Vitamins Online filed its Motion for Relief from
the Automatic Stay Under 11 U.S.C. Sec. 362 (the "Lift Stay
Motion"), requesting the Court to lift the automatic stay to allow
it to obtain an attorneys' fees award on the Judgment in the Utah
District Court. The Debtor filed an opposition to the Lift Stay
Motion, and the Court is set to hear the Lift Stay Motion on May
10, 2021.
On April 29, 2021, Doyle filed a proof of claim against the Debtor
in the amount of $10,245,410. The proof of claim is based on Oregon
law related to the rights of shareholders to request the purchase
of its shares. The Debtor believes that this proof of claim is of
no consequence to the Plan, because at best any claim awarded Doyle
would be subordinated to all other claims under 11 U.S.C. Sec.
510(b).
The Debtor, through the Plan, shall pay creditors of the Debtor's
estate, in full, on the Effective Date, from three sources:
* First, Robinson and Alpha are in possession of pre-petition
deposits totaling $4,200,000. Net of Robinson's pre-petition claim
($940,863.90), and net of Alpha's pre-petition claim ($497,990.62),
the total deposits remaining are $2,761,145. On the Effective
Date, Robinson and Alpha will return to the Debtor $2,559,136, and
Alpha will return to the Debtor $202,009.
* Second, there will be a new value injection by Earnesty
and/or Doyle of $9,425,855 on the Effective Date.
* Third, the Debtor will have approximately $3 million in cash
on the Effective Date that will be partly used to pay
pre-confirmation creditors.
While the bar date to file proofs of claim has not yet passed, the
Debtor believes the estate has the following claims: (1)
outstanding priority tax claims of $120,590; (2) administrative
expense priority claims (excluding Robinson's prepetition
administrative claim) of approximately $320,650; and (3) unsecured
claims of $14,745,760 (excluding the claims of Robinson and Alpha,
which will be offset from the prepetition deposits they are each in
possession of). Ergo, the Debtor believes that the total amount of
claims that will be asserted against its estate will be $15,187,000
(again, excluding the pre-petition claims of Robinson and Alpha).
The total cash that will be available to fund immediate payments on
the Effective Date will be no less than $15,187,000, which amount
will allow the Debtor to repay creditors in full, on the Effective
Date.
The Plan requires a new value contribution of its current equity.
All equity interests as of the Petition Date will be canceled, and
new shares shall be issued in the Reorganized Debtor based on
Earnesty's and Doyle's new value contributions. Specifically, the
new value contribution will total $9,425,855. Earnesty will be
entitled to 51% of the shares in the Reorganized Debtor should it
contribute $4,807,186 of the new value, and Doyle will be entitled
to 49% of the shares in the Reorganized Debtor should he contribute
$4,618,669 of the new value. If either Earnesty or Doyle is unable
to meet the new value contribution share as outlined, the other
party may purchase the entirety of the Reorganized Debtor's equity
for $9,425,855.
General Insolvency Counsel for Heartwise, Inc.:
Ronald A. Clifford
R. CLIFFORD & ASSOCIATES
1100 Town and Country Rd., Suite 1250
Orange, California 92868
Telephone: (949) 533-9774
E-Mail: RAC@RCliffordLaw.com
A copy of the First Amended Disclosure Statement is available at
https://bit.ly/33puToA from PacerMonitor.com.
About Heartwise Inc.
Heartwise Incorporation -- https://www.naturewise.com/ -- is a
retail store that sells wellness and health related supplements.
Heartwise filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 20-13335) on
Dec. 4, 2020. Tuong V. Nguyen, chief executive officer, signed the
petition. In its petition, the Debtor disclosed $7,653,717 in
assets and $12,030,563 in liabilities.
Judge Mark S. Wallace oversees the case.
The Law Offices of Michael Jay Berger and Trojan Law Offices serve
as the Debtor's bankruptcy counsel and special counsel,
respectively.
HEARTWISE INC: U.S. Trustee Says Plan Lacks Feasibility
-------------------------------------------------------
Peter C. Anderson, the United States Trustee for Region 16, filed
an objection to the Disclosure Statement explaining Heartwise,
Inc.'s Plan.
The U.S. Trustee points out that the Plan as proposed is simple.
All claims will be paid on the Effective Date. Funding includes $3
million from the Debtor's cash on hand, $2,761,145 in deposit
returns from related entity/supplier Robinson Pharma and management
company Alpha Health Research, and $9,425,854 in new value
infusions by equity. What is missing is any evidence that each of
the third-party funders has agreed to make such contributions and
that they have adequate funds on hand to do so. A recent monthly
operating report should also be included to show that the Debtor
has the ability to contribute its portion of the funding. Absent
this crucial information, the Plan funding lacks feasibility,
according to the U.S. Trustee.
The U.S. Trustee also points out that while the Disclosures
Statement indicates that the Plan satisfies the "Best Interest
Test" required for confirmation, it indicates that its analysis is
on Exhibit C to the Disclosure Statement, which was not included in
the Disclosure Statement on file with the Court.
Moreover, the U.S. Trustee asserts that the proposed broad
exculpation and releases language appears to be inconsistent with
the fiduciary obligations of certain included parties under
prevailing case law. Here, the included release language would
permit the Debtor to use its Chapter 11 Plan as a vehicle to
release and otherwise seek to discharge claims or causes of action
that might be brought by creditors against non-debtor third
parties, in violation of 11 U.S.C. Sec. 524(e). Language extended
releases beyond the Debtor must therefore be eliminated, the U.S.
Trustee tells the Court.
About Heartwise Inc.
Heartwise Incorporation -- https://www.naturewise.com/ -- is a
retail store that sells wellness and health-related supplements.
Heartwise filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-13335) on Dec.
4, 2020. Tuong V. Nguyen, chief executive officer, signed the
petition. In its petition, the Debtor disclosed $7,653,717 in
assets and $12,030,563 in liabilities.
Judge Mark S. Wallace oversees the case.
The Law Offices of Michael Jay Berger and Trojan Law Offices serve
as the Debtor's bankruptcy counsel and special counsel,
respectively.
HLF FINANCING: S&P Rates New $500MM Senior Unsecured Notes 'BB-'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level and '3' recovery
rating to Herbalife Nutrition Ltd.'s proposed $500 million senior
unsecured notes due 2029. The '3' recovery rating indicates our
expectation that creditors could expect meaningful (50% to 70%;
rounded estimate: 55%) recovery in the event of a payment default.
Herbalife intends to use the net proceeds from the offering to
redeem all its outstanding 7.25% $400 million senior unsecured
notes due 2026 including fees and expenses, with the remaining net
proceeds to be used for general corporate purposes.
All its existing ratings on the group, including its 'BB-' issuer
credit rating, are unchanged. The outlook is stable.
The proposed senior unsecured notes will be issued by subsidiaries
HLF Financing S.a.r.l. LLC and Herbalife International Inc. and
will be guaranteed on a senior unsecured basis by Herbalife and any
subsidiaries that guarantee the senior secured bank credit
facility. Based on its analysis and previous discussion with the
company and agent bank, S&P believes the proposed senior unsecured
notes are structurally senior to Herbalife's existing $550 million
senior unsecured convertible notes due 2024 (unrated) due to the
presence of guarantees that are not provided to the senior
unsecured convertible noteholders. In particular, the proposed
senior unsecured notes benefit from guarantees by certain
subsidiaries that own non-guarantor subsidiaries located in China
and Russia. The senior unsecured convertible notes are issued by
parent Herbalife and lack any guarantees. Therefore, S&P believes
the senior unsecured noteholders are in a better position relative
to the enterprise value located primarily in China and Russia.
Herbalife has been a strong performer throughout the pandemic,
which we believe reflects people's desire for healthier lifestyles
and additional income. S&P estimates adjusted leverage pro forma
for the proposed issuance as of the twelve months ended March 31,
2021, improved to around 3x, compared to 3.2x as of Dec. 31, 2020.
This compares to its adjusted leverage downgrade trigger of 4x or
above. First quarter March 31, 2021, sales were up 19%, operating
income more than doubled, and the company moderately raised and
narrowed its guidance for the year.
HOP−HEDZ INC: Court Conditionally Approves Disclosure Statement
-----------------------------------------------------------------
Judge Caryl E. Delano has entered an order conditionally approving
the disclosure statement of Hop−Hedz, Inc.
The Court will conduct a hearing on confirmation of the Plan on
June 28, 2021, at 2:00 pm in Tampa, FL - Courtroom 9A, Sam M.
Gibbons United States Courthouse, 801 N. Florida Avenue.
Parties in interest shall submit to the Clerk's office their
written ballot accepting or rejecting the Plan no later than 8 days
before the date of the Confirmation. Hearing.
Deadline for Objections to Confirmation. Objections to confirmation
shall be filed and served no later than 7 days before the date of
the Confirmation Hearing.
The Plan Proponent shall file a ballot tabulation no later than 96
hours prior to the time set for the Confirmation Hearing.
About Hop-Hedz
Hop-Hedz, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Florida Case No. 20-09249) on Dec. 20,
2020. At the time of the filing, the Debtor disclosed assets of
between $1 million to $10 million and liabilities between $500,000
to $1 million. W. Bart Meacham, Esq., is the Debtor's counsel.
I MORALES TIRE: Unsecured Creditors to Get 2.43% Under Plan
-----------------------------------------------------------
Israel Morales Nieves and I Morales Tire Corp. filed a Plan and
Joint Disclosure Statement.
Based on the projections, the Debtors have concluded that the Plan
is feasible and that they will have enough funds over the life of
the Plan to make the required payments and operate their
businesses.
The Debtors' Plan provides for the payment of creditors with income
generated from his business operations and its current assets.
The Plan provides for one class of priority claims, two classes of
secured claims, two classes for government taxes, one class of
general unsecured claims, and one class for equity security
holders.
General unsecured creditors will receive monthly distributions,
which the proponent of this Plan has valued approximately at 2.43%.
Each claim holder under this class will receive pro-rata
distributions, as per the allowed amounts. Debtors joint plan
propose a monthly cash dividend of $300 for 60 months beginning
from effective date and the sum of these payments is $18,000.
Counsel for the Debtors:
Javier Vilarino
VILARINO & ASSOCIATES LLC
P.O. BOX 9022515
San Juan, PR 00902-2515
Tel. 787-565-9894
E-mail: jvilarino@vilarinolaw.com
A copy of the Joint Disclosure Statement is available at
https://bit.ly/3ulzzrn from PacerMonitor.com.
About I. Morales Tire Corp.
Aguas Buenas, P.R.-based I. Morales Tire Corp. filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.P.R. Case No. 21-00311) on Feb. 3, 2021, listing $100,001 to
$500,000 in both assets and liabilities. Isarael Morales Nieves
also sought bankruptcy protection (Case No. 21-00305). Judge
Mildred Caban Flores oversees the cases. Vilarino & Associates,
LLC, serves as the Debtors' legal counsel.
INSYS THERAPEUTICS: 1st Circuit Hints Convictions Will Stand
------------------------------------------------------------
Law360 reports that the emotional patient testimony and a
prosecutor's improper remark during closing arguments likely aren't
enough to overturn a landmark verdict convicting five former Insys
Therapeutics executives of a scheme to bribe doctors to prescribe
opioids, a First Circuit panel suggested Thursday, May 6, 2021.
The panel heard nearly two hours of oral arguments in the appeals
of Insys Therapeutics Inc. founder John Kapoor and former
underlings Michael Gurry, Rich Simon, Joe Rowan and Sunrise Lee, as
well as the government's bid to reinstate part of the racketeering
conviction that was thrown out by the trial judge.
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.
IT'SUGAR FL: June 11 Hearing on Plan and Disclosures Set
--------------------------------------------------------
Judge Robert A. Mark has entered an order that a consolidated
hearing on final approval of the Disclosure Statement and
confirmation of the Plan of It'Sugar FL I LLC, et al. will be held
on June 11, 2021, at 10:00 a.m., thru video conference via Zoom
Video Communications, Inc.
The deadline for objections to confirmation of the Plan and
objections to final approval of the Disclosure Statement will be on
June 4, 2021. Ballots accepting or rejecting the Plan are also due
June 4, 2021.
The deadline for objections to claims will be on May 21, 2021.
About It'Sugar FL I
It'Sugar FL I LLC -- https://itsugar.com -- is a specialty candy
retailer with 100 locations across the United States and abroad,
whose products include bulk candy, candy in giant packaging, and
licensed and novelty items.
It'Sugar sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Fla. Case No. 20-20259) on September 22, 2020.
The Debtor has up to $50,000 in assets and liabilities.
Judge Robert A. Mark oversees the case. Michael S. Budwick, Esq.,
at Meland Budwick, P.A., serves as the Debtor's legal counsel and
Daszkal Bolton, LLP as the Debtor's accountant.
On Oct. 20, 2020, the U.S. Trustee appointed an official committee
of unsecured creditors in the Chapter 11 cases. The committee has
tapped Pachulski Stang Ziehl & Jones, LLP, and Fox Rothschild, LLP
as its legal counsel. The Law Firm of Kopelowitz Ostrow, P.A., is
serving as special counsel.
J.J.W. METAL: June 25 Hearing on Disclosure Statement
-----------------------------------------------------
Judge Edward A. Godoy has entered an order that the hearing on
approval of disclosure statement of J J W Metal Corp is scheduled
for June 25, 2021, at 1:30 p.m. via Microsoft Teams. Objections to
the disclosure statement should be filed and served not less than
14 days prior to the hearing.
About J.J.W. Metal Corp.
J.J.W. Metal Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 20-04536) on Nov. 23, 2020.
J.J.W. Metal President Jorge Rodriguez Quinones signed the
petition. At the time of filing, the Debtor disclosed total assets
of $1,649,341 and total liabilities of $1,750,865.
Judge Edward A. Godoy oversees the case.
The Debtor tapped Charles A. Cuprill, P.S.C., Law Offices as its
legal counsel, and Luis R. Carrasquillo & Co. P.S.C. as its
financial consultant. Gino Negretti Lavergne, Esq., and Frank
Inserni Milam, Esq., serve as the Debtor's special counsel.
JIM'S DISPOSAL: Plan Exclusivity Extended Until June 9
------------------------------------------------------
Judge Brian T. Fenimore of the U.S. Bankruptcy Court for the
Western District of Missouri extended the periods within which the
Debtor Jim's Disposal Service, LLC has the exclusive right to file
a Plan and Disclosure Statement to and including June 9, 2021, and
to solicit Plan acceptances to and including August 4, 2021.
The extension will allow the Debtor to finalize its budget
projections for the smaller, single location; make additional
progress on resolving PBGC's claim, and lock down additional
commercial and residential contracts.
About Jim's Disposal Service
Jim's Disposal Service, LLC, a company that specializes in
residential waste solutions, filed a Chapter 11 petition (Bankr.
W.D. Mo. Case No. 20-40050) on Jan. 6, 2020. At the time of the
filing, the Debtor was estimated to have less than $50,000 in
assets and $1 million to $10 million in liabilities.
Judge Brian T. Fenimore oversees the case.
The Debtor tapped Mann Conroy, LLC as its legal counsel and Cochran
Head Vick & Co., P.A. as its accountant.
JUDSON COLLEGE: Plans to File Chapter 11 Bankruptcy, to Close Doors
-------------------------------------------------------------------
Ty West of Birmingham Business Journal reports that Judson College,
a 183-year-old private Baptist college and one of the nation's
oldest universities for women, plans to close its doors and file
Chapter 11 bankruptcy.
The Judson College Board of Trustees on Thursday voted to take the
drastic steps in what the college called a heartbreaking decision.
It follows months of urgent fundraising efforts and the exploration
of mergers and other options aimed at addressing the operating
deficit for the college, which is located in Marion in Alabama's
Black Belt region.
The college will suspend academic operations after the summer term
ends on July 31, 2021.
Judson's board had previously approved a budget that was based on
confidence in securing significant donors to close its deficit, but
those funds never materialized. At the same time, enrollment had
dwindled from 145 to 80 returning students after 41 seniors
graduated at the end of April.
The school was also grappling with issues posed by Covid-19, which
has had a detrimental effect on a number of colleges and
universities around the nation.
Judson President W. Mark Tew said the financial issues came to a
head when a creditor called the note on a loan, which was due two
days before Thursday's board meeting.
The board will create a five-member committee from its executive
committee to work with administration and bankruptcy counsel as it
moves through its transition to closure. "We know this was the
right decision, but there is not a person here whose heart isn’t
broken over this. I share the heartbreak of this decision that is
felt by generations of Judson students, faculty, and friends," Tew
told the board.
Judson plans to assist students in their transfer plans.
"No decision by this Board is ever taken lightly," said Joan Newman
chair of the Judson College Board of Trustees. "Today's vote is the
outcome of months of research, fundraising, and yes, prayer.
Acknowledging the incredible legacy of Judson, acknowledging the
thousands of lives that were changed through a Judson experience
and grateful for my own personal journey at Judson, it is with
broken hearts that the Board votes to suspend instruction."
About Judson College
Founded in 1838, Judson College is a small undergraduate liberal
arts women's college located in Marion, Ala. It is a 183-year-old
private Baptist college and one of the nation's oldest universities
for women.
L&L WINGS: Seeks Approval to Hire WebsterRogers as Accountant
-------------------------------------------------------------
L&L Wings, Inc. seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to employ WebsterRogers LLP as
its accountant.
WebsterRogers will render these services:
(a) prepare financial statements and other reports;
(b) prepare tax returns;
(c) consult and advise the Debtor regarding its historical and
ongoing business affairs and operations; and
(d) perform such other necessary accounting services.
The hourly rates of WebsterRogers' professionals are as follows:
Partners $350
Managers $280
Senior Accountants $215
Administrative $116
Kevin Wise, CPA, a manager at WebsterRogers, 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:
Kevin Wise, CPA
WebsterRogers LLP
950 48th Avenue, North, Suite 201
Myrtle Beach, SC 29577
Telephone: (843) 448-1500
Facsimile: (842) 497-2588
About L&L Wings Inc.
L&L Wings, Inc. is a New York-based retailer of beachwear and beach
sundry items. It operates 26 stores throughout North Carolina,
South Carolina, Florida, Texas, and California.
L&L Wings sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. N.Y. Case No. 21-10795) on April 24, 2021. In the
petition signed by Ariel Levy, president, the Debtor disclosed
up to $50 million in assets and up to $100 million in liabilities.
Judge Shelley C. Chapman oversees the case. The Debtor tapped
Davidoff Hutcher & Citron LLP as legal counsel and WebsterRogers
LLP as accountant.
LINEAR MOLD: Gets OK to Hire UHY Advisors as Accountant
-------------------------------------------------------
Linear Mold & Engineering, LLC received approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to employ UHY
Advisors as its accountant.
The firm's services include:
(a) advising the Debtor with respect to its accounting and
financial responsibilities and duties in the continued management
and operation of its business;
(b) advising and consulting with the Debtor regarding tax
matters; and
(c) performing all necessary financial consulting services in
connection with the Debtor's Chapter 11, Subchapter V case.
UHY Advisors will be paid at hourly rates ranging from $155 to $425
and a retainer of $10,000. The firm will also be reimbursed for
out-of-pocket expenses incurred.
James Bauters, a partner at UHY Advisors, 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:
James J. Bauters
UHY Advisors
455 E. Eisenhower, Suite 102
Ann Arbor, MI 48108
Phone: (734) 821-6532 / (248) 204-9474
Email: jbauters@uhy-us.com
About Linear Mold & Engineering
Livonia, Mich.-based Linear Mold & Engineering, LLC was
incorporated on May 23, 2003, as a full-service plastics mold
tooling and production service provider.
Linear Mold sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 21-42617) on March 26,
2021. In the petition signed by John Tenbusch, chief executive
officer, the Debtor disclosed $1,565,224 in assets and $3,149,145
in liabilities. Judge Mark A. Randon oversees the case. The Debtor
tapped Strobl Sharp PLLC as legal counsel and UHY Advisors as
accountant.
LIVE PRIMARY: Plan Exclusivity Period Extended Until August 5
-------------------------------------------------------------
At the behest of the Live Primary, LLC, Judge Martin Glenn of the
U.S. Bankruptcy Court for the Southern District of New York
extended:
(i) the Debtor's exclusive period by 90 days, to solicit and obtain
acceptances to the Plan, through and including August 5, 2021,
without prejudice to the Debtor's right to seek additional
extensions, the Exclusivity Period; and
(ii) the time within which the Debtor may assume or reject its
unexpired lease of non-residential real property, through and
including August 5, 2021.
With the granted extensions, the Debtor will be able to maintain
the status quo while it negotiates with the Landlord to account for
the actual rate of increasing revenue instead of the anticipated
rate. The Debtor also continues to work toward resolution of any
issues relative to the First Amended Disclosure Statement, the
Plan, and claims.
Finally, with the additional time, the unresolved contingencies
that exist in this case will be addressed by the Debtor, because
renegotiation with the Landlord recently became necessary, and
Primary Member appealed the Decision.
A copy of the Court's Extension Order is available at
https://bit.ly/3ts7uxx from PacerMonitor.com.
About Live Primary LLC
Live Primary -- https://liveprimary.com/ -- which conducts business
under the name Primary, is a co-working and shared office space
featuring an array of amenities designed to help people feel good
while working to make their businesses thrive.
Live Primary sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 20-11612) on July 12, 2020. At the
time of filing, the Debtor had estimated assets of $1 million to
$10 million and estimated liabilities of $10 million to $50
million.
The case is assigned to Judge Martin Glenn. Sanford P. Rosen, Esq.
of Rosen and Associates PC is the Debtor's counsel.
David Kirshenbaum as representative for the noteholders is
represented by Daniel J. Weiner, Esq., at Schafer & Weiner, PLLC.
Broadway 26 Waterview, LLC, the Debtor's landlord, is represented
in the case by Jay B. Itkowitz, Esq., at Itkowitz PLLC.
MAJESTIC HILLS: Settled Insurers & Released Parties to Fund Plan
----------------------------------------------------------------
Majestic Hills, LLC, submitted an Amended Chapter 11 Liquidating
Plan and a corresponding Disclosure Statement dated May 4, 2021.
Majestic Hills, LLC, is a single purpose, limited liability company
that was formed to develop 179 single-family lots in North Strabane
Township, Washington County, Pennsylvania. Once developed,
Majestic Hills, LLC sold the lots to NVR, Inc. d/b/a Ryan Homes,
who then undertook the building and selling of the homes.
Under this Plan, the Debtor will carry out the remediation efforts
of any required actions with regard to complying with final orders
issued by the Pennsylvania Department of Environmental Protection.
Once the remediation is completed, the Debtor will dissolve and
have no further operation.
Class 3 is composed of the claims and interests held by North
Strabane Township. North Strabane Township asserted various legal
theories in support of its claim, including but not limited to,
breach of contract, negligence, fraudulent and negligent
misrepresentation, and indemnification/contribution. To the extent
that North Strabane Township has an Allowed Claim, it will receive
a distribution from the remaining Plan Funding after the
remediation efforts are completed.
Class 4 shall be composed of all other Claimants who have asserted
Claims that have arisen from and or relate to the Majestic Hills
residential development and the Litigation. This Class includes all
of the subcontractors that worked on the development. This Class
also includes NVR, Inc. d/b/a Ryan Homes, who built the homes in
the development. This Class will be broken into two subgroups: (A)
and (B). The (A) subgroup will include all Claimants who will be
providing a substantial contribution towards the Plan Funding. The
(B) subgroup will include the Allowed Claims of all Claimants who
have chosen to not contribute towards the Plan Funding.
* Through extensive arm's-length negotiations, the Debtor and
the Parties in Subgroup (A) have agreed to the substantial
contributions towards Plan Funding. For purposes of Plan
Confirmation only, the Parties will agree that each of the
participants will have an Allowed Claim in the amount of their
contribution. Upon the Confirmation of the Plan and its Effective
Date, the participants in Class 4, Subgroup (A) agree to waive
their right to any distribution and will execute a release upon
payment of their contribution.
* The participants in Subgroup (A) shall be liable to pay the
amounts pledged and agreed to contribute towards the Plan Funding.
The payment of the agreed contribution is a prerequisite to the
effectiveness of any Release or Injunction contemplated in this
Plan. Upon the payment of the agreed contribution amount and all
other prerequisites contemplated in this Plan, the contributing
party shall be deemed a Released Party.
* NVR, Inc. d/b/a Ryan Home is currently the sole participant in
Class 4, Subgroup (B). NVR asserted various legal theories in
support of its claim, including but not limited to, breach of
contract, negligence, fraudulent and negligent misrepresentation,
and indemnification/contribution. To the extent that NVR has an
Allowed Claim, it will receive a distribution from the remaining
Plan Funding after the remediation efforts are completed.
Class 5 will be comprised solely of the Claims of JND Properties,
LLC. JND Properties is the Managing Member of the Debtor. JND
Properties asserted an unknown and unliquidated claim for costs
incurred for remediation work. As of the date of the Plan, JND
Properties has not agreed to make a substantial contribution to the
Plan. Therefore, JND Properties will not be getting a release. JND
Properties will also not receive a distribution of any amounts
contributed to the Plan.
The Plan will be funded through the substantial contributions
provided to the Debtor by various Parties in Interest and Creditors
in exchange for a full release of all claims, present and future,
raised by any Party, related to the Majestic Hills development and
the corresponding land movements.
The Plan proposes contributions from the Settled Insurers and the
Released Parties. The Settled Insurers will make their
contributions based on the policy buy-backs contemplated in the
Insurance Company Motions. Upon approval, the bankruptcy estate
will have $1,625,000.00 towards the Plan Funding. Additionally, the
other Released Parties will be contributing money in the aggregate
amount of $2,084,000.00 towards the Plan Funding.
The Plan Funding will allow claims to be paid and remediation work
to begin while bringing finality for most of the Parties to the
Litigation. Any excess money will be distributed to Class 3 and
4(B) claimants after remediation efforts.
The amount necessary to make payments at confirmation will come
from the approval of the sale of the Insurance Policies back to
Mutual Benefit Insurance Company and Westfield Insurance Company,
the settlement with Parkridge Development, LLC, and the voluntary
substantial contributions made by the Protected Parties.
A full-text copy of the Disclosure Statement dated May 4, 2021, is
available at https://bit.ly/3nXS4jB from PacerMonitor.com at no
charge.
The Debtor is represented by:
Donald R. Calaiaro, Esquire
CALAIARO VALENCIK
938 Penn Avenue, Suite 501
Pittsburgh, PA 15222-3708
Tel: (412) 232-0930
E-mail: dcalaiaro@c-vlaw.com
About Majestic Hills
Majestic Hills, LLC, a privately held company that owns certain
property in Pennsylvania, filed a Chapter 11 petition (Bankr. W.D.
Pa. Case No. 20-21595) on May 21, 2020. At the time of filing, the
Debtor was estimated to have $1 million to $10 million in assets
and liabilities. The Hon. Gregory L. Taddonio oversees the case.
The Debtor's counsel is Donald R. Calaiaro of CALAIRO VALENCIK.
MARBLE RIDGE: Founder Sentenced for Neiman Bankruptcy Fraud
-----------------------------------------------------------
The U.S. Attorney's Office for the Southern District of New York
announced May 7, 2021, that DANIEL KAMENSKY, the founder and former
manager of New York-based hedge fund Marble Ridge Capital, was
sentenced today in Manhattan federal court to six months in prison
for engaging in fraud and extortion to pressure a rival bidder to
abandon its higher bid for assets in connection with Neiman
Marcus's bankruptcy proceedings so that Marble Ridge could obtain
those assets for a lower price. KAMENSKY pled guilty on February
3, 2021, before United States District Judge Denise L. Cote, who
imposed the sentence.
U.S. Attorney Audrey Strauss said: "Daniel Kamensky committed
bankruptcy fraud -- undermining the integrity of bankruptcy
proceedings and violating his fiduciary responsibility -- in an
effort to take extra profits for himself and his hedge fund. As he
himself predicted, this fraud has now landed Daniel Kamensky in
prison."
As alleged in the Complaint, the Information, and statements made
in court:
DANIEL KAMENSKY was the principal of Marble Ridge, a hedge fund
with assets under management of more than $1 billion that invested
in securities in distressed situations, including bankruptcies.
Prior to opening Marble Ridge, KAMENSKY worked for many years as a
bankruptcy attorney at a well-known international law firm, and as
a distressed debt investor at prominent financial institutions.
The Neiman Marcus Bankruptcy
Neiman Marcus, an American chain of luxury department stores with
stores located across the United States, filed for Chapter 11
bankruptcy protection in the United States Bankruptcy Court for the
Southern District of Texas (the "Bankruptcy Court") in May 2020.
At the outset of the bankruptcy, Marble Ridge, through KAMENSKY,
applied to be on the Official Committee of Unsecured Creditors (the
"Committee") and was thereafter appointed to be a member of the
Committee. As a member of the Committee, KAMENSKY had a fiduciary
duty to represent the interests of all unsecured creditors as a
group.
During the bankruptcy process, the Committee had negotiated with
the owners of Neiman Marcus to obtain certain securities, known as
MyTheresa Series B Shares (the "MYT Securities"), and ultimately,
the Committee was successful in coming to a settlement to obtain
140 million shares of MYT Securities for the benefit of certain
unsecured creditors of the bankruptcy estate. In July 2020,
KAMENSKY was negotiating with the Committee for Marble Ridge to
offer 20 cents per share to purchase MYT Securities from any
unsecured creditor who preferred to receive cash, rather than MYT
Securities, as part of that settlement.
Kamensky's Fraudulent Scheme
On July 31, 2020, KAMENSKY learned that a diversified financial
services company headquartered in New York, New York (the
"Investment Bank"), had informed the Committee that it was
interested in bidding a price between 30 and 40 cents per share --
substantially higher than KAMENSKY's bid – to purchase the MYT
Securities from any unsecured creditor who was interested in
receiving cash.
That afternoon, KAMENSKY sent messages to a senior trader at the
Investment Bank ("IB Employee-1") telling him not to place a bid,
and followed those messages up with a phone call with IB Employee-1
and a senior analyst of the Investment Bank ("IB Employee-2," and
collectively the "Employees"). During that call, KAMENSKY asserted
that Marble Ridge should have the exclusive right to purchase MYT
Securities, and he threatened to use his official role as co-chair
of the Committee to prevent the Investment Bank from acquiring the
MYT Securities. KAMENSKY also stated that Marble Ridge had been a
client of the Investment Bank in the past but that if the
Investment Bank moved forward with its bid, then Marble Ridge would
cease doing business with the Investment Bank.
The Investment Bank thereafter decided not to make a bid to
purchase MYT Securities and informed the legal adviser to the
Committee of its decision. The Investment Bank further told the
legal adviser it made that decision because KAMENSKY -- a client of
the Investment Bank -- had asked them not to.
Advisers to the Committee informed counsel for Marble Ridge of
their call with the Employees, and after speaking with KAMENSKY,
counsel for Marble Ridge falsely informed the advisers that
KAMENSKY had not asked the Employees not to bid, but instead had
told them to place a bid only if they were serious. Later that
evening, KAMENSKY contacted IB Employee-1 and attempted to
influence what IB Employee-1 would tell others, including the
Committee and law enforcement, about KAMENSKY's attempt to block
the Investment Bank’s bid for the MYT Securities. KAMENSKY said
at the outset of the call, in substance, "this conversation never
happened." During the call, KAMENSKY asked IB Employee-1 to say
falsely that IB Employee-1 had been mistaken and KAMENSKY had
actually suggested that the Investment Bank bid only if it were
serious, and made comments including the following: "Do you
understand . . . I can go to jail?" "I pray you tell them that it
was a huge misunderstanding, okay, and I'm going to invite you to
bid and be part of the process." "But I'm telling you . . . this
is going to the U.S. Attorney's Office. This is going to go to the
court." "[I]f you're going to continue to tell them what you just
told me, I'm going to jail, okay? Because they're going to say
that I abused my position as a fiduciary, which I probably did,
right? Maybe I should go to jail. But I'm asking you not to put
me in jail."
During a subsequent interview with the Office of the United States
Trustee, which was conducted under oath and in the presence of
counsel, KAMENSKY stated that his calls to IB Employee-1 were a
"terrible mistake" and "profound errors in lapses of judgment."
After this series of events, Marble Ridge resigned from the
Committee and advised its investors that it intended to begin
winding down operations and returning investor capital.
* * *
In addition to his prison term, KAMENSKY, 48, of Roslyn, New York,
was sentenced to six months of supervised release on home
confinement and ordered to pay a fine of $55,000.
Ms. Strauss praised the work of the FBI. Ms. Strauss further
thanked the Office of United States Trustee and the Securities and
Exchange Commission for their cooperation and assistance in this
investigation.
This case is being handled by the Office's Securities and
Commodities Fraud Task Force. Assistant U.S. Attorneys Richard
Cooper and Daniel Tracer are in charge of the prosecution.
* * *
Law360 reports that a Manhattan federal judge hit a hedge fund pro
and onetime BigLaw lawyer with six months in prison Friday, May 7,
2021, for illegally pressuring Jefferies Financial Group not to
challenge his bid for assets sold by retailer Neiman Marcus in a
Texas bankruptcy.
U.S. District Judge Denise L. Cote said Daniel Kamensky, who has
shut down his $1 billion Marble Ridge Capital LP fund, is a "good
man" who engaged in "deeply disturbing behavior" in imposing
sentence. She directed him to surrender to custody by June 18,
2021. "There was no evidence of premeditation here," the judge
said.
About Marble Ridge
Marble Ridge Capital LP, based in New York and founded in 2015 by
Dan Kamensky, a former partner at hedge fund firm Paulson & Co, had
$1.2 billion in assets under management as of Dec. 31, 2019, a
regulatory filing showed.
Distressed investment firm Marble Ridge said August 2020 that it
plans to wind down its funds after a government report called into
question the actions of its managing partner, Dan Kamensky, during
the Neiman Marcus Group bankruptcy, the firm said.
"After much consideration, and in light of the operating
environment, we have made the difficult decision to commence an
orderly wind-down of the Marble Ridge funds," the firm told
clients
in a letter.
"Marble Ridge will manage the liquidation in the best interests of
our investors and with the objective of protecting and enhancing
the value of the funds' assets."
MILLAR WESTERN: S&P Upgrades ICR to 'B-', Outlook Stable
--------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Millar
Western Forest Products Ltd. to 'B-' from 'CCC+'. At the same time,
S&P Global Ratings raised its issue-level rating on the company's
senior secured notes to 'B' from 'B-'. The '2' recovery rating is
unchanged.
S&P said, "The stable outlook primarily reflects our expectation
that lumber prices will remain above historical trend levels for at
least the next 12 months, resulting in positive free cash flow,
improved liquidity, and credit measures that we view as strong for
the rating.
"The upgrade primarily reflects improved prospects for Millar
Western's credit measures and liquidity over the next two years,
following stronger-than-expected operating results in 2020. We
believe very strong lumber market conditions and improved pulp
prices will enable Millar Western to generate solidly positive free
cash flow over the next two years, with credit measures that are
strong for the rating. The dramatic ascent in lumber prices started
shortly after the emergence of the COVID-19 pandemic in early 2020
and has shown no signs of easing in the near term. Millar Western's
earnings exceeded our expectations last year, leading to adjusted
debt to EBITDA of just over 3x and the company's cash position
remained stable. These developments have tempered our previous view
of risks related to Millar Western's liquidity position and the
sustainability of the company's capital structure, and primarily
account for the upgrade.
"Strong lumber prices and improved outlook for pulp are the primary
drivers of the increase in our earnings and cash flow estimates.
The lumber price benchmark Western Spruce, Pine, Fir (W.SPF) is
currently trading at a little more than US$1,400 per thousand board
feet (mfbm), or about four times higher than trough levels in early
2020. The price rally was initiated by surging demand at the outset
of the pandemic, spurred by an increase in discretionary spending
as consumers saved on travel and entertainment costs and spent more
time at home. Following a temporary drop in late 2020, prices have
steadily increased through 2021 to a historical high amid
continuing high operating rates and strong demand. S&P Global
Economics expects steady demand notably from relatively stable
housing starts, growth in residential construction, repair and
remodeling spending, and persistently low interest rates. We assume
lumber prices will remain well above historical trend levels at
least through this year, and they primarily account for our sharply
higher estimates for Millar Western's earnings and cash flow. In
addition, we assume recent pulp price increases announced within
the industry (following weakness for much of the past two years)
will benefit the company's pulp segment results, although we assume
prices will pull back slightly from current high levels. Our pulp
price outlook is supported by improving end market demand for
printing and writing papers (in tandem with strengthening
macroeconomic conditions) and recovering demand for away-from-home
tissue as vaccination rates rise and lockdown measures ease. We
expect global supply to increase later this year, offsetting the
impact of improving demand and contributing to a modest decline in
prices from current highs. This incorporates our expectation for
logistical disruptions caused by the shortage of shipping
containers to dissipate, producers to return from periods of
extended maintenance, and new capacity to come online.
"We now estimate a material improvement in Millar Western's credit
measures this year, with increased downside rating cushion through
2022. We expect the company's leverage to drop below 2x in 2021,
which is strong for the rating and due to much higher EBITDA. For
2022, we expect lumber prices to ease but enable the company to
maintain leverage below 3x. Over this period, we assume the
company's cash position will increase and debt will modestly
decline, which should increase Millar Western's financial
flexibility. We believe this will afford the company greater
capacity to manage an unexpected drop in its cash flow. In
addition, the expected improvement in the company's debt and
liquidity profile should improve the prospects for the refinancing
of Millar Western's C$150 million secured notes due in June 2023
(which are now trading above par). We also expect the principal
balance on the notes to decrease over our forecast, as excess cash
flow is used to pay down the outstanding amount (as per the cash
flow sweep provision under the bond indenture).
"Our rating incorporates Millar Western's high sensitivity to
historical volatile lumber and pulp industry conditions and private
equity ownership. We view limited risk to our rating on Millar
Western in the near term but do not contemplate further upside at
this point. The company's credit measures are highly sensitive to
relatively modest changes in our commodity price assumptions, and
we can't rule out a sharper-than-expected decline in lumber and
pulp prices over the next two years. For example, a US$50 per mfbm
decline in W.SPF prices in 2022 from our US$500 per mfbm price
assumption would lead to an adjusted debt-to-EBITDA ratio of close
to 4x--assuming the company meets our input cost and shipment
forecasts, with a stable U.S.-Canadian dollar exchange rate. Given
the historical fluctuations in prices and the company's earnings,
we cannot rule out an increase in leverage of this magnitude, or
greater. In addition, the potential impact of future issues related
to the availability of fiber is unknown, and could affect
production costs and/or shipment volumes. Lastly, the company is
owned by Atlas Holdings LLC, which we view as a financial sponsor
that limits upside to our financial risk assessment. Given the
stronger outlook for Millar Western's earnings and cash flow, we
believe a cash distribution is possible, and this could materially
affect the company's estimated credit measures.
"The stable outlook on Millar Western primarily reflects our
expectation the company will generate positive free cash flow over
the next two years, resulting in stronger liquidity. We assume
Millar Western will realize lumber prices well above 2020 levels,
in tandem with higher pulp prices that primarily result in much
stronger year-over-year earnings. We estimate the company's credit
measures will be strong for the rating in 2021, including leverage
below 2x, but incorporate the expectation for future lumber and
pulp market volatility into the rating.
"We could downgrade the company if, over the next 12 months, we
believe its capital structure is likely unsustainable in the long
term. In our view, this could result in result from a sharp drop in
lumber and pulp prices relative to our assumptions or operational
disruptions that lead to a free cash flow deficit, weaker
liquidity, and sharply higher leverage. In this scenario, we
believe Millar Western could face an increased risk of a distressed
exchange of its secured notes due in 2023.
"We could upgrade Millar Western if, over the next 12 months, we
expect the company will generate and maintain leverage below 4x
over the next several years. In our view, this would likely require
debt repayment to reduce the volatility of its earnings to future
lumber and pulp price fluctuations. We would also expect financial
policies from the company's private equity owners that, in our
view, would sustain leverage at this level."
MOBITV INC: Committee Taps PwC as Financial Advisor
---------------------------------------------------
The official committee of unsecured creditors of MobiTV, Inc. and
its affiliates received approval from the U.S. Bankruptcy Court for
the District of Delaware to hire PricewaterhouseCoopers, LLP as its
financial advisor.
The firm's services include:
(a) assisting the committee in its analysis of any proposed
debtor-in-possession financing or use of cash collateral;
(b) monitoring the Debtors' short-term cash flow, liquidity
and operating results;
(c) reviewing financial-related disclosures of the Debtors;
(d) reviewing key employee retention program and other
employee benefit programs that may be proposed by the Debtors;
(e) reviewing the Debtors' analysis with respect to the
assumption or rejection of various executory contracts and leases;
(f) reviewing claims reconciliation and estimation process;
(g) attending meetings and assisting in discussions with the
Debtors, the committee, the U.S. trustee, and any party in interest
and their respective professionals;
(h) assisting the committee in the evaluation and analysis of
potential avoidance action;
(i) assisting the committee in its assessment of restructuring
alternatives and estimated recoveries;
(j) assisting the committee in its assessment of forensic or
investigative reports, data, and analyses related to insider
activities prepared by other professionals;
(k) testifying as either a "fact or percipient witness" or an
"expert witness" in bankruptcy court proceedings; and
(l) other general business consulting services.
The hourly rates charged by the firm are as follows:
Partner/Principal $850
Director $790
Senior Manager $695
Manager $595
Senior Associate $495
Associate $295
Steven Fleming, a principal at PwC, disclosed in a court filing
that his firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.
PwC can be reached through:
Steven J. Fleming
PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017
Office: 1-646-471-3041
Mobile: 1-917-929-6199
Email: steven.fleming@pwc.com
About MobiTV Inc.
Founded in 2000, MobiTV is the first company to bring live and
on-demand television to mobile devices and is a leader in
application-based television and video delivery solutions. MobiTV
provides end-to-end internet protocol streaming television services
("IPTV") via a proprietary cloud-based, white-label application.
On March 1, 2021, MobiTV Inc. and MobiTV Service Corporation filed
for Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10457).
MobiTV Inc. estimated at least $10 million in assets and $50
million to $100 million in liabilities as of the filing.
FTI Consulting, Inc. and FTI Capital Advisors LLC have been
retained as the Debtors' financial advisor and investment banker to
assist in negotiation of strategic options. Pachulski Stang Ziehl &
Jones LLP and Fenwick & West LLP serve as the Debtors' legal
counsel. Stretto is the claims agent, maintaining the page
https://cases.stretto.com/MobiTV.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors on March 15, 2021. The committee
tapped Fox Rothschild, LLP and PricewaterhouseCoopers, LLP as its
legal counsel and financial advisor, respectively.
MONTICELLO HORIZON: Seeks to Tap Goldberg as Substitute Counsel
---------------------------------------------------------------
Monticello Horizon Legacy, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Goldberg Weprin Finkel Goldstein LLP as substitute bankruptcy
counsel.
The firm will render these legal services:
(a) advise the Debtor regarding the operation and
rehabilitation of its business and its responsibilities and
duties;
(b) represent the Debtor in all proceedings before the
bankruptcy court and the Office of the U.S. Trustee;
(c) review and prepare all necessary legal papers; and
(d) negotiate with creditors and prepare and file a viable
Chapter 11 plan to restructure the Debtor's mortgage debt and other
obligations based upon sales, refinancing or a combination
thereof.
The firm's billing rates for bankruptcy and real estate matters are
as follows:
Partners $575 per hour
Associates $275 - $425 per hour
Kevin Nash, Esq., a member of Goldberg Weprin Finkel Goldstein,
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 through:
Kevin Nash, Esq.
Goldberg Weprin Finkel Goldstein LLP
1501 Broadway, 22nd Floor
New York, NY 100136
Telephone: (212) 221-5700
Facsimile: (212) 730-4518
Email: knash@gwfglaw.com
About Monticello Horizon Legacy
Monticello Horizon Legacy, LLC, owner of 21 residential properties
for lease in Sullivan County, N.Y., filed a Chapter 11 bankruptcy
petition (Bankr. S.D.N.Y. Case No. 20-35665) on June 24, 2020.
Esther Loeffler, managing member, signed the petition. At the time
of the filing, the Debtor had between $1 million and $10 million in
both assets and liabilities. Judge Cecelia G. Morris oversees the
case. The Debtor tapped Goldberg Weprin Finkel Goldstein LLP to
replace Genova & Malin LLP as its bankruptcy counsel.
MSLHD – KIRK: Taps Magee Goldstein Lasky & Sayers as Legal Counsel
--------------------------------------------------------------------
MSLHD – Kirk, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Virginia to employ Magee Goldstein
Lasky & Sayers, PC as its legal counsel.
The firm will render these legal services:
(a) advise the Debtor regarding its powers and duties in the
continued management and operation of its business and properties;
(b) advise and consult on the conduct of the Debtor's Chapter
11 case;
(c) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(d) take all necessary action to protect and preserve the
Debtor's estate;
(e) prepare legal papers;
(f) represent the Debtor in connection with obtaining
post-petition financing, if necessary;
(g) advise the Debtor in connection with any potential sale of
assets;
(h) appear before the bankruptcy court;
(i) take any necessary action to negotiate, prepare, and
obtain approval of a Chapter 11 plan and documents related thereto;
and
(j) perform such other necessary legal services to the
Debtor.
The firm's hourly rates for attorneys and paraprofessionals who may
work on this matter range as follows:
Attorneys $225 - $400
Paraprofessionals $115
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received $9,000 from Stuart
Meredith, the Debtor's principal.
Andrew Goldstein, Esq., president of Magee Goldstein Lasky &
Sayers, 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 through:
Andrew S. Goldstein, Esq.
Magee Goldstein Lasky & Sayers, PC
P.O. Box 404
Roanoke, VA 24003-0404
Telephone: (540) 343-9800
Facsimile: (540) 343-9898
Email: agoldstein@mglspc.com
About MSLHD – Kirk
MSLHD – Kirk, LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No.
21-70356) on May 3, 2021, listing under $1 million in both assets
and liabilities. Stuart Meredith, manager, signed the petition.
Magee Goldstein Lasky & Sayers, PC serves as the Debtor's legal
counsel.
MYOMO INC: Incurs $3 Million Net Loss in First Quarter
------------------------------------------------------
Myomo, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $2.96
million on $2.34 million of revenue for the three months ended
March 31, 2021, compared to a net loss of $3.80 million on $1.01
million of revenue for the three months ended March 31, 2020.
As of March 31, 2021, the Company had $20.92 million in total
assets, $4.86 million in total liabilities, and $16.07 million in
total stockholders' equity.
Cash used in operating activities was approximately $2.1 million
and $2.4 million for the three months ended March 31, 2021 and
2020, respectively. The Company has historically funded its
operations through financing activities, including raising equity
and debt capital.
The Company's operating plans are primarily focused on scaling up
its operations, increasing the proportion of patients carrying
commercial health insurance with payers that have historically
reimbursed for the Company's products and continued work with the
Centers for Medicare and Medicaid Services, or CMS, and their
administrative contractors regarding reimbursement of its products.
In addition, the Company believes that it has access to capital
resources through payment of a license fee associated with the
Company's entry into a joint venture and technology license
agreement with Beijing Ryzur Medical Investment Co., Ltd. possible
public or private equity offerings, exercises of outstanding
warrants, debt financings, or other means. Debt financing may
require the Company to pledge other assets and enter into covenants
that could restrict certain business activities or its ability to
incur further indebtedness; and may contain other terms that are
not favorable to the Company or its stockholders.
During the first quarter of 2021, the Company received
approximately $7.3 million from the exercise of outstanding
warrants. Based on the Company's cash balance of approximately
$17.4 million as of March 31, 2021and its expected cash flows, the
Company believes that its available cash will fund its operations
for at least the next twelve months from the issuance date of these
financial statements.
Management Commentary
"We are pleased to deliver another quarter of solid revenue
growth," stated Paul R. Gudonis, Myomo's chairman and chief
executive officer. "Our efforts to increase lead generation began
to pay off as we generated a record number of additions to our
reimbursement pipeline, following a return to a more normal
marketing environment after the 2020 U.S. election cycle. In
addition, although the year started off slowly, insurance
authorizations have begun to pick up, with 35 authorizations
received in April."
Cash and cash equivalents as of March 31, 2021 were $17.4 million,
which includes $7.3 million received from the exercise of warrants.
Cash used by operating activities was $2.1 million in the first
quarter of 2021, which includes a deposit of $0.5 million paid to
one of the Company's subcontractors to enable the procurement of
inventory in support of projected 2021 demand. Cash used by
operations is expected to increase in the second quarter of 2021
due to annual incentive compensation payments. The Company
continues to believe that its existing cash is sufficient to fund
operations well into 2022.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1369290/000156459021024069/myo-10q_20210331.htm
About Myomo
Headquartered in Cambridge, Massachusetts, Myomo, Inc.
--http://www.myomo.com-- is a wearable medical robotics company
thatoffers expanded mobility for those suffering from
neurologicaldisorders and upper limb paralysis. Myomo develops and
markets the MyoPro product line. MyoPro is a powered upper limb
orthosis designed to support the arm and restore function to the
weakened or paralyzed arms of patients suffering from CVA stroke,
brachial plexus injury, traumatic brain or spinal cord injury, ALS
or other neuromuscular disease or injury.
Myomo reported a net loss of $11.56 million for the year ended Dec.
31, 2020, compared to a net loss of $10.71 million for the year
ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $14.71
million in total assets, $3.14 million in total liabilities, and
$11.56 million in total stockholders' equity.
NAVIENT CORP: S&P Alters Outlook to Stable, Affirms 'BB-/B' ICRs
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Navient Corp. to stable
from negative. S&P also affirmed its long- and short-term issuer
credit ratings at 'BB-/B' and unsecured debt rating at 'B+'.
The outlook revision reflects Navient's better-than-expected
financial performance and capital metrics through the first quarter
of 2021. Last week, the company reported GAAP net income of $370
million, compared with a net loss of $106 million in the first
quarter last year. Earnings in first-quarter 2021 benefited from
the sale of $1.6 billion of private education loans that resulted
in a gain on sale of $89 million, and a reversal of $102 million of
allowance for loan losses through provision. Provisions for loan
losses were -$87 million for the quarter. The credit quality of the
company's loan portfolio, as measured by charge-offs and
delinquencies, is now near or better than pre-pandemic levels.
Earnings have also been better than expected, and the risk-adjusted
capital (RAC) ratio was 7.9% as of March 31, 2021, compared with
4.9% as of June 30, 2020.
Forbearance rates across the company's loan portfolio have
normalized, in S&P's opinion. Forbearance in the Federal Family
Education Loan Program (FFELP) portfolio was 15.5% as of March 31,
2021, after peaking at 28.5% early in the second quarter of 2020.
Similarly, forbearance for private education loans was 3.9% as of
March 31, 2021, after peaking at 14.7% early in the second quarter
of 2020. At the same time, delinquencies and charge-offs are both
down for FFELP and private education loans compared with the first
quarter last year. Greater-than-30-day delinquency was 2.3% for the
private education loan portfolio and 8.3% for the FEELP portfolio,
compared with 3.6% and 10.5% for the year-ago period,
respectively.
S&P said, "We expect credit quality to remain stable, at least for
the remainder of the year. While the company's negative provisions
for the first quarter of 2021 were largely the result of the loan
sale, we expect improving macroeconomic trends will result in
reserve releases this year, which should continue to aid earnings."
The company originated $1.7 billion of private education loans,
compared with $1.9 billion in first-quarter 2020. However, Navient
expects 2021 originations to be up relative to last year because of
the impact of reduced marketing and tightening credit--due to the
pandemic--on 2020 originations.
The company has no unsecured maturities in 2021 after calling $627
million of unsecured debt in April. The company has $1.7 billion of
unsecured debt maturing in 2022, including approximately $750
million that matures in the first quarter. As of March 31, 2021,
Navient had $1.5 billion in cash and liquid investments on its
balance sheet, and $1.2 billion in unencumbered assets. It also
expects to generate $1.8 billion in cash flow from its loans for
the remainder of 2021 and $2.2 billion in 2022.
S&P said, "We expect Navient's RAC ratio to remain above 7%.
Downside risks to our forecast are more aggressive-than-expected
shareholder distributions.
"The stable outlook indicates our expectation that Navient will be
able to manage unsecured debt maturities in the next 12 months and
deliver steady operating results. We also expect Navient will
maintain a RAC ratio over 7.0%.
"We could lower the ratings in the next 12 months if we think that
Navient will have difficulty repaying its large upcoming unsecured
debt maturities or will be unable to sustain a RAC ratio above
7.0%, perhaps as a result of share repurchases, or judgments or
settlements related to litigation. We could also lower the rating
if adverse regulatory actions affect the company's operations.
"We could consider raising the ratings in the next 12 months if the
Consumer Financial Protection Bureau litigation is resolved without
an outsize financial impact and Navient maintains a RAC ratio
comfortably over 7.0% and steady operating results. We are unlikely
to raise the ratings if regulatory risks remain prominent, in our
view."
NEOPHARMA INC: Trustee Seeks to Hire Associated Accounting Services
-------------------------------------------------------------------
Gary Murphey, the appointed trustee in the Chapter 11 case of
Neopharma, Inc. and Neopharma Tennessee LLC, seeks approval from
the U.S. Bankruptcy Court for the Eastern District of Tennessee to
employ Associated Accounting Services, PC to prepare the Debtors'
2020 federal and state income tax returns.
Amy Childress, principal at Associated Accounting Services, will
provide the services at an agreed hourly rate of $150.
Ms. Childress disclosed in a court filing that her firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Amy Childress
Associated Accounting Services, PC
2119 Weaver Pike
Bristol, TN 37620
Telephone: (423) 573-2274
About Neopharma Inc.
Neopharma Inc. and Neopharma Tennessee, LLC, manufacturers of
pharmaceutical and medicinal products, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Lead Case No.
20-52015) on Dec. 22, 2020. At the time of the filing, the Debtors
disclosed assets of between $1 million and $10 million and
liabilities of the same range.
Judge Shelley D. Rucker oversees the cases.
Hunter, Smith & Davis, LLP and Province LLC serve as the Debtors'
legal counsel and financial advisor, respectively.
On Jan. 14, 2021, the U.S. Trustee for Region 8 appointed an
official committee of unsecured creditors. The committee tapped
Buchalter P.C. as its lead bankruptcy counsel, Woolf McClane Bright
Allen & Carpenter PLLC as Tennessee counsel, and Province LLC as
financial advisor.
Gary M. Murphey is the Debtors' Chapter 11 trustee. The trustee
tapped Polsinelli PC as legal counsel and Associated Accounting
Services, PC as tax return services provider.
NEW CONSTELLIS: S&P Lowers ICR to 'CCC+' on Elevated Leverage
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Herndon,
Va.-based Constellis LLC to 'CCC+' from 'B-' because S&P views
current leverage levels as unsustainable over the long term.
S&P said, "We also maintained our 'B' issue-level rating and
revised the recovery rating to '1' from '2' on the company's
first-lien term loan due 2024. In addition, we lowered the
issue-level rating on the company's second-lien term loan due 2025
to 'CCC-' from 'CCC' and maintained the '6' recovery rating.
"The negative outlook reflects our expectation that debt to EBITDA
will remain elevated in the 10x-15x range in 2021.
"After a challenging 2020, we expect Constellis' credit metrics to
remain weak through 2021. Constellis faced several challenges to
its business in 2020 because the COVID-19 pandemic affected its
ability to provide its core offerings of security, training, and
investigative services to some of its customers, which we believe
impaired the company's revenue and EBITDA for 2020. We also
expected that Constellis' restructuring efforts in 2020 would lead
to lower but improved margins in 2021 as the company expands its
domestic contract base and pursues higher margin contracts outside
of the U.S. We believe the benefits of the company's restructuring
and ramp-up efforts have not been fully realized and will continue
through 2021 and thus, we expect little to no year-over-year growth
in revenue for 2021. Therefore, we forecast credit metrics to be
significantly weaker than our earlier estimates, with debt to
EBITDA in the 10x-15x range in 2021 (versus our earlier
expectations of below 7x). We expect funds from operations (FFO) to
debt to remain in the low-single-digit percent area throughout our
forecast period. We view these credit metrics as unsustainable over
the long term.
"Our liquidity assessment remains adequate. Although we expect
Constellis to generate reduced cash flow in 2021 versus our
previous forecast, we view the company's liquidity position as
adequate, with liquidity sources exceeding its uses by more than
3x. The company has ample availability under its revolving credit
facility and has no near-term debt maturities. Additionally, the
company has moderate capital spending requirements, given the
asset-light nature of its business.
"We do not anticipate recent changes in management to result in an
unfavorable shift in Constellis' corporate strategy. In January
2021, Constellis announced the appointment of Terry Ryan as its
CEO. In September 2020, Constellis appointed Richard Hozik, who has
a background in corporate turnarounds. We expect that Constellis
will continue to restructure its business to reduce costs and
expand its contract base.
"The negative outlook reflects our expectation that debt to EBITDA
will remain elevated in the 10x-15x range in 2021. Although the
company's leverage appears unsustainable in the long term, we do
not assume credit or payment crisis within the next few years given
the lack of near-term maturities.
"We could lower our rating on Constellis over the next 12 months if
we believe there is an increased likelihood the company will engage
in a debt exchange or restructuring that we would view as
distressed. We could also lower the rating if Constellis' liquidity
becomes constrained beyond our expectations by lower revenue or
significant cash outflows."
S&P could revise its outlook to stable over the next 12 months if:
-- The company improves leverage closer to a level S&P views as
sustainable; and
-- The company maintains adequate liquidity and compliance with
covenants; and
-- S&P believes the company will meet its debt obligations without
entering into a distressed exchange.
OVINTIV EXPLORATION: Fitch Withdraws Ratings
--------------------------------------------
Fitch Ratings has withdrawn Ovintiv Exploration's Long-Term Issuer
Default Rating (IDR) and senior unsecured ratings following a
structural simplification announced by the company. Under this
simplification, Ovintiv Exploration, Inc. (BB+/Positive) was merged
into Ovintiv Inc. (OVV: BB+/Positive), with OVV the surviving
entity and obligor on all Ovintiv Exploration bonds. Accordingly,
Fitch also moved Ovintiv Exploration debt (2022 5.75% notes, 2024
5.625% notes, and 2026 5.375% notes) under OVV.
Ovintiv's ratings reflect the company's size and scale as an
independent exploration and production (E&P), above-average basin
and geographic diversification, improving FCF prospects, strong
line of sight on debt repayment over the next few quarters,
improving cost position and adequate near-term hedge position.
These considerations are offset by margins and netbacks, which have
historically lagged those of oilier diversified peers, its
still-significant exposure to natural gas (47% of production in
2020) and a maturity wall that was larger than average versus peers
as of YE 2020.
Fitch is withdrawing Ovintiv Exploration's ratings, as the entity
has undergone a reorganization and no longer exists. Accordingly,
Fitch Ratings will no longer provide ratings or analytic coverage
for Ovintiv Exploration.
KEY RATING DRIVERS
Announced Asset Sales: OVV announced $1.1 billion in asset sales in
1Q21, including stakes in the Duvernay for $263 million in February
(includes $12 million contingency payment linked to future
commodity prices), and the sale of its Eagle Ford assets to Validus
Energy for $880 million. Both transactions are expected to close in
2Q21, subject to ordinary closing conditions and regulatory
approvals. Associated production is moderate relative to OVV's
asset base. Duvernay produced under 10,000 boepd in 4Q20 (43%
liquids, 57% gas) and the Eagle Ford around 28,000 boepd ( 82%
liquids, 18% gas).
Improved FCF: OVV's 2021 FCF outlook has significantly improved
given lower cash costs, the impact of a cash tax refund and higher
oil prices. Lower cash costs stem from the roll off of Deep Panuke
remediation costs, lower legacy transport contracts and the impact
of a 25% workforce reduction taken during the pandemic. As
calculated by Fitch, OVV generated $453 million in FCF in 1Q21.
Lower Debt Targets: Given the combination of near-term asset sales
and improved FCF, the company has lowered its total gross debt
target from an earlier level in the $6.2 billion-$6.3 billion range
to $4.5 billion by 1H22. Much of this reduction should be
front-loaded in 2021, and OVV expects to be at or below $5.0
billion in gross debt by the end of the year. If executed on this
timetable, this will also address the refinancing issues that were
a key concern hanging over the credit earlier in the pandemic.
Sizable Gas Exposure: Although it continues to transition toward
liquids, OVV still has a sizable exposure to natural gas. As of YE
2020, natural gas comprised approximately 47% of production, down
from around 53% in 2018, but still relatively high versus
diversified peers. OVV's production also has a relatively large
NGLs component in its liquids mix, along with better performing
condensate. Although pricing has improved recently for both natural
gas and NGLs as pandemic conditions lift, these mix effects have
been a key driver behind the company's below-average netbacks,
which lagged those of oilier diversified peers. High gas exposure
also drives the company's above-average G&T costs, which are
associated with managing gas basis risk.
Maturity Wall Still High: Although there is good line of sight in
taking down its maturity wall, OVV's maturity wall remained
above-average versus peers at 1Q21, and included $518 million in
3.9% November 2021 notes, $600 million in 5.75% January 2022 notes,
as well as a CP balance of $490 million. In the unexpected event
pricing were to see a second leg down, the company could be forced
to lean on the revolver again, although asset sale proceeds
certainly would cap the extent of borrowing.
Scale and Diversification: Following 2021 asset sales, OVV will
operate in four basins, with production concentrated in its three
core plays: the Permian, Montney and Anadarko Basins. Remaining
non-core production is largely in the Bakken. Fitch views OVV's
scaled multibasin model favorably given it mitigates against
single-basin regulatory risk and allows companies to still reach
their production guidance by shifting capital in the event issues
pop up in one basin. Separately, OVV announced a standstill
agreement with activist investor Kimmeridge in 1Q21.
DERIVATION SUMMARY
At approximately 544,000 boepd (YE 2020), OVV is above average in
size when compared with peers including Hess (BBB-/Stable),
Marathon Oil (BBB-/Stable), Apache (BB+/Stable) and Murphy
(BB+/Negative). Geographic and basin diversification is also above
average for the peer group and includes the company's three core
growth plays (Permian, Anadarko and Montney) and the Bakken,
following recently announced asset sales in the Duvernay and Eagle
Ford. However, cash netbacks remain below average versus
diversified E&P peers due to mix effects, including the company's
high exposure to natural gas (47% of production at YE 2020) and
non-condensate NGLs, as well as incremental G&T costs associated
with managing AECO basis risk. Fitch anticipates the company's
netbacks should continue to gradually improve due to the
elimination of legacy costs, drilling efficiencies and an ongoing
transition to higher liquids-weighting.
As calculated by Fitch, at Dec. 31, 2020, OVV's unhedged netbacks
averaged $4.37/boe, versus $12.05/boe for APA, $9.78/boe for MUR,
$8.48/boe for MRO, $5.02/boe for HES and $8.86/boe for DVN. OVV's
maturity wall and revolver utilization are also somewhat larger
than peers, although both issues should be addressed once
de-leveraging programs are completed over the next few quarters. No
parent/subsidiary, country ceiling or operating environment
considerations constrain the rating.
KEY ASSUMPTIONS
-- Base Case WTI oil price of $55 in 2021, and $50 across the
remainder of the forecast;
-- Base Case Henry Hub natural gas prices of $2.75/mcf in 2021;
and $2.45/mcf across the remainder of the forecast;
-- Capex of approximately $1.5 billion in 2021, rising gradually
to just under $1.7 billion by 2024;
-- Production of 519,000 boepd in 2021, 516,000 boepd in 2022,
522,000 boepd in 2023, and 536,000 boepd in 2024;
-- Eagle Ford and Duvernay asset sales close as expected in 2021
for approximately $1.1 billion;
-- Total gross debt declines to just under $5.0 billion by the
end of 2021;
-- Dividend growth and stock repurchases resume beginning 2023.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Trend of continued structural improvements in netbacks and FCF
across the cycle through unit cost reductions, while
maintaining adequate drilling inventory;
-- Elimination of near term refi risk through gross debt
reduction;
-- Mid-cycle debt/EBITDA below 2.5x;
-- Mid-cycle FFO leverage below 2.5x
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Inability to maintain adequate liquidity while addressing
upcoming maturities;
-- Mid-cycle debt/EBITDA above 3.0x;
-- Mid-cycle FFO leverage above 3.0x;
-- Trend of additional gross debt increases.
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: OVV's liquidity is adequate but revolver
utilization is higher than most peers. At 1Q21, cash was $9
million, and the company used $490 million of its $4.0 billion in
revolver capacity, comprised of commercial paper. The company's CP
program is 100% backed by revolver capacity. OVV's revolver
capacity is split between a $2.5 billion unsecured revolver at
Ovintiv Inc. and a $1.5 billion revolver at Ovintiv Canada ULC,
both of which mature July 2024. Separately, the company has
uncommitted credit lines totaling $339 million, of which $60
million was used for undrawn letters of credit. Maturities over the
next few years include $518 million in 3.9% notes due November 2021
and a $600 million in 5.75% notes due January 2022.
Financial Covenants: OVV's covenants are light, with the main
financial covenant a 60% maximum consolidated debt/capitalization
ratio on its revolver. The covenant excludes nonrecourse debt, the
Bow Office lease and allows for the add-back of approximately $7.7
billion in impairments taken when OVV converted to GAAP accounting
in 2011. Other features include a negative pledge and restrictions
on the ability to issue debt from non-guarantor material
subsidiaries (maximum of 17.5% of consolidated tangible assets). As
of 1Q21, the company had ample headroom on this covenant with an
actual ratio of 35%.
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.
PARMELEE INVESTMENTS: Unsec. Creditors Will Recover 10% in Plan
---------------------------------------------------------------
Parmelee Investments LLC submitted a Chapter 11 Plan of
Reorganization and a Disclosure Statement.
The Debtor owns and manages an investment property located at 6504
Parmelee Ave., Los Angeles, CA 90001-1244 (hereinafter "Subject
Property"). The Subject Property is a triplex and currently worth
$225,000.00 in its current condition.
According to the Disclosure Statement, the Debtor's Plan calls for
a whole scale renovation and rehabilitation of the Subject Property
so the Subject Property can be sold for a profit, or leased to pay
its obligations until it can be sold for a profit or leased. As set
forth herein, upon the Court's approval of the herein Disclosure
Statement and Plan, the Debtor is able to reorganize itself with
funds from its managing member, Zabi Nowaid. Additionally, as set
forth in the Declaration of Zabi Nowaid, the Debtor shall payoff
Claims No. 2 and No. 3 upon the confirmation of the Plan and shall
pay all property taxes and insurance when they become due from
funds to be deposited from Mr. Nowaid personally.
The Plan provides that unsecured creditors will recover 10 cents on
the dollar:
* Class 2 - Unsecured claim of SPS totaling $312,307.46 of
which $31,230.75 of the unsecured will be paid.
* Class 2 - Unsecured claim of Solar Wing LLC totaling $178,000
of which $17,800 will be paid.
* Class 2 - Unsecured claim of Moreno Services LLC totaling
$65,000 of which $6,500 will be paid.
The Debtor has the ability to fund its Plan from the debtor's
principal whom has cash on hand to fund the entire Plan.
Attorney for the Debtor:
Matthew Abbasi, Esq.
ABBASI LAW CORPORATION
6320 CANOGA AVE., SUITE 220
WOODLAND HILLS, CALIFORNIA 91367
TEL: (310)358-9341
FAX: (888) 709-5448
EMAIL: MATTHEW@MALAWGROUP.COM
A copy of the Disclosure Statement is available at
https://bit.ly/33l690X from PacerMonitor.com.
About Parmelee Investments
Parmelee Investments, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
21-10002) on Jan. 3, 2021, listing under $1 million in both
assets
and liabilities. Matthew Abbasi, Esq., at Abbasi Law Corporation,
is the Debtor's legal counsel.
PATRIARCH PARTNERS: Chancery Denies Tilton's Stila Secrecy Bid
--------------------------------------------------------------
Law360 reports that distressed company turnaround mogul Lynn Tilton
lost a bid Friday, May 7, 2021, for a temporary seal on a Chancery
Court complaint challenging control of one of her "Patriarch
Partners" companies just ahead of a bankruptcy court's supervised
sale effort.
Vice Chancellor Morgan T. Zurn rejected a motion for the temporary
confidentiality order after hearing arguments from Tilton's
attorneys that secrecy for the dispute was needed to avoid spooking
potential strategic bidders for Stila Styles LLC, which controls
California-based Stila Cosmetics. Tilton has managed Stila Styles
since 2009, but it's next in line for a U. S. Bankruptcy
Court-supervised sale of her portfolio of Patriarch Companies.
About Patriarch Partners & Zohar Funds
Patriarch Partners, LLC, is a private equity firm specializing in
acquisition, buyouts, and turnaround investment in distressed
American companies and brands. The Firm makes control investments
in its investee companies and also seeks board seats. Patriarch
Partners was founded by Lynn Tilton in 2000 and is based in New
York. Tilton is CEO of Patriarch.
Patriarch Partners XV, LLC, filed involuntary Chapter 11 bankruptcy
petitions against Zohar CDO 2003-1, Corp., Zohar CDO 2003-1,
Limited and Zohar CDO 2003-1, LLC (Bankr. S.D.N.Y. Case Nos.
15-23681 to 15-23682) on Nov. 22, 2015.
Patriarch XV later withdrew the petition with respect to Zohar I.
The Zohar funds were created to raise money through selling a form
of notes called collateralized loan obligations to investors that
was then used to extend loans to dozens of distressed mid-size
companies, often in connection with the acquisition of those
companies out of bankruptcy. Patriarch was Zohar I's largest
creditor, holding $286.5 million face amount of Zohar I notes.
Patriarch placed Zohar into Chapter 11 to protect Zohar and
Patriarch from the efforts of MBIA Inc. and MBIA Insurance
Corporation, another Zohar creditor, to obtain Zohar's assets for
itself. As widely reported, Patriarch claimed it has been forced to
pursue this route because of MBIA's fraudulent scheme to induce
Patriarch XV to spend over $103 million to buy out a third-party
noteholder in Zohar-I to facilitate a restructuring of Zohar-I.
Patriarch's restructuring counsel was Skadden, Arps, Slate, Meagher
& Flom LLP and its financial advisor was Moelis & Co.
In November 2016, two investment funds previously managed by
Patriarch Partners sued Tilton in Delaware Chancery court, claiming
she has refused to step down as a director of three companies
controlled or partially owned by the funds -- FSAR Holdings Inc.,
UI Acquisition Holding Co. and Glenoit Universal Ltd. -- despite
shareholder majority agreements seeking her replacement. The Zohar
funds are now managed by restructuring firm Alvarez & Marsal. The
case captioned, is Zohar II 2005-1 et al. v. FSAR Holdings Inc. et
al., Case No. _____, in the Court of Chancery of the State of
Delaware.
In January 2017, three Zohar funds -- Zohar CDO 2003-1, Ltd., Zohar
II 2005-1, Ltd., and Zohar III, Ltd. -- commenced a lawsuit against
Patriarch, Tilton, and other related entities in U.S. District
Court for the Southern District of New York over the alleged
"egregious fraudulent scheme among Defendants Lynn Tilton and
numerous entities created and dominated by her to abuse certain of
those entities' roles as fiduciaries for the Plaintiff Zohar Funds
in order to pillage more than a billion dollars in cash and
valuable assets that have lined Ms. Tilton's pockets while leaving
the Zohar Funds on a collision course to default on obligations to
their own investors." The funds seek, among other relief, a
declaration of their rights in the assets that they properly own as
well as treble damages in recompense for the Defendants' fraudulent
and illegal scheme implemented through a pattern of racketeering
activity. The case is, ZOHAR CDO 2003-1, LTD.; ZOHAR II 2005-1,
LTD.; and ZOHAR III, LTD., Plaintiffs, v PATRIARCH PARTNERS, LLC;
PATRIARCH PARTNERS VIII, LLC; PATRIARCH PARTNERS XIV, LLC;
PATRIARCH PARTNERS XV, LLC; OCTALUNA LLC; OCTALUNA II LLC; OCTALUNA
III LLC; ARK II CLO 2001-1, LLC; ARK INVESTMENT PARTNERS II, L.P.;
and LYNN TILTON, Defendants, Case No. 17-00307 (S.D.N.Y.).
PENSKE AUTOMOTIVE: S&P Upgrades ICR to 'BB+' on Declining Leverage
------------------------------------------------------------------
S&P Global Ratings raised its rating on Penske Automotive Group
Inc. to 'BB+' from 'BB' and its rating on its senior subordinated
notes to 'BB-' from 'B+'.
S&P said, "The stable outlook reflects our expectation that Penske
will maintain more moderate levels of leverage, even as it invests
in growing its various businesses. It also reflects our view that
compared to other auto retailers, Penske has a more diversified set
of businesses that continues to strengthen its competitive
position.
"The upgrade reflects Penske's declining leverage, strong free cash
flow generation, and our expectation that it will continue to grow
and strengthen its diversified set of businesses. In 2020 Penske
generated significant free cash flow of over $1 billion and reduced
its debt by over $600 million. Penske's leverage is now below 4x
and we expect it to remain in the 3x-4x range. We also anticipate
the company's cash flow generation will remain strong, though
weaker than in 2020, as its inventories increase to more normalized
levels and it expands its capital expenditure (capex) to support
its future growth. We expect Penske will continue to invest
aggressively in new stores for its stand-alone used-car business
CarShop, as well as in acquisitions to grow its retail auto and
commercial truck businesses. While there is a risk that leverage
increases temporarily above 4x, we expect the company's free cash
flow to debt will remain at least 10% longer term.
"We expect higher vehicle prices to lead to above-average margins
for the year or so, with Penske's cost-reduction efforts and its
ability to leverage its strong footprint and base of established
businesses to improve margins longer term. Due to the semiconductor
chip shortage, which is limiting the production of new cars, and
the strong demand for vehicles in both the U.S. and Europe, new and
used-car prices are very strong, and will likely remain so
throughout 2021. As a consequence, Penske's gross margins, along
with all other auto retailers, have increased significantly. While
we expect these outsized margins to fall after 2021, we expect the
company to maintain some of the cost savings in selling, general
and administrative (SG&A). Furthermore, we expect that a number of
the company's growth platforms like its CarShop business and its
truck dealerships will require less investment in SG&A than its
traditional new car dealerships. As well, we believe the company
can use its existing large physical footprint to support digital
sales for customers who want to shop from home. Finally, vehicle
miles traveled remained down around 10% in the beginning of 2021,
but we forecast that number to increase throughout 2021 and this
should help volume recovery in the company's very profitable parts
and service business."
Penske continues to stand out among its peers in terms of
geographic diversification, end market diversity, and its focus on
the luxury segment, all of which increases the resiliency of the
company. With the exception of Group 1, Penske's rated peers depend
entirely on North America for sales. Penske has established a solid
foothold in Europe. Based on 2020 sales, North American accounted
for 60% of total revenue, the U.K. 31%, with the rest in Germany,
Italy, Australia, and New Zealand. S&P said, "While European
markets proved more volatile during the pandemic, we think the
diversity benefits Penske's risk exposure longer term. We also
believe Penske will continue to diversify its end markets. The
company's retail automotive business represents about 88% of its
total revenue, retail commercial truck accounts about 10% of total
revenue, and commercial vehicle distribution and equity income from
its joint ventures investments, including Penske Truck Leasing,
account for the remaining 2%. We view the commercial truck business
as an attractive area for revenue growth and higher margins.
Recently the company purchased Kansas City Freightliner, which it
expects to generate $450 million of revenues."
S&P said, "The company continues to target the premium car market,
which we view as more resilient in a downturn, though the company
will likely face challenges in electric vehicles sooner than peers.
In 2020, 71% of its retail automotive mix was premium. We think
luxury car buyers have more discretionary income and will continue
to spend more even in an economic downturn. However, the luxury
market also represents the area where there is growing penetration
of electric vehicles. Longer term, this could present the company
with some challenges as auto manufacturers experiment with direct
to consumer models. Electric vehicles will also likely require less
parts and service care than a typical combustion or hybrid car. We
think Penske may face these challenges sooner than others given its
European exposure, but for now we don't believe it to be
significant enough to our base case forecast to change our
expectation for improved margins and cashflows over the next few
years.
"The stable outlook reflects our expectation that Penske will
maintain more moderate levels of leverage, even as it invests in
growing its various businesses. It also reflects our view that
compared to other auto retailers, Penske has a more diversified set
of businesses that continues to strengthen its competitive
position.
"We could lower our rating on Penske if its leverage exceeds 4.5x
or its FOCF to debt falls below 10% for an extended period. This
could occur if the company engages aggressively in acquisitions
that are not accretive or if the company is forced to increase its
spending significantly to maintain its luxury dealerships.
"For a higher rating, we would expect Penske to maintain debt to
EBITDA of less than 3x and increase its FOCF to debt above 15% on a
sustained basis. Moreover, we would need to believe its strategic
business, financial policies, governance, and capital structure are
consistent with a higher rating."
PMHC II: S&P Upgrades Issuer Credit Rating to 'B-', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on PMHC II Inc.
(doing business as Prince International Corp.) to 'B-' from 'CCC+'
and all of the issue-level ratings on its debt by one notch. All of
S&P's recovery ratings on the company's debt are unchanged.
S&P said, "The stable outlook reflects our expectation that the
improvement in Prince's volumes and demand, combined with its
stable debt levels, will lead to a modest improvement in its
weighted-average credit measures such that it maintains S&P Global
Ratings-adjusted debt to EBITDA in the 6x-7x range.
"The rating action follows our updated forecast, which assumes a
significant improvement in the company's EBITDA in 2021.Although
Prince was negatively affected by the pandemic in 2020, it did a
favorable job of managing its costs and selectively exiting
lower-margin businesses. Therefore, the company's 2020 EBITDA was
stronger than we previously expected. Prince continues to see
strong end-market demand in its key markets, such as battery,
appliances and sanitaryware (A&S), and brick and tiles. In
addition, its end markets that were hardest hit by the COVID-19
pandemic, such as metallurgical and glass, are recovering, which
will likely support a further improvement in its volumes in 2021.
Given the upward revision of our forecasts for U.S. real GDP growth
and consumer spending in 2021, we expect the further ramp-up of
economic activity will positively affect the demand for the
company's products. Specifically, we expect Prince's credit
metrics, such as its S&P Global Ratings-adjusted weighted-average
debt to EBITDA, to improve to between 6x and 7x over the next 12
months.
"We expect the company earnings will continue to benefit from its
improved product and cost structure.Prince did a good job of
managing its costs through 2020 by improving its net working
capital and reducing its capital spending. In addition, we expect
it will continue to generate positive free cash flow and maintain
adequate liquidity over the next 12 months. Furthermore,
approximately half of the decline in the company's volume in 2020
was due to its selective exits from lower-margin products that
negatively affected its EBITDA. We expect that Prince will be able
to maintain its improved cost structure and anticipate it will
benefit from volume growth focused on its higher-margin products."
Prince benefits from its leading market positions in the niche
markets in which it operates. The company has moderate geographic
diversity for a company of its size and global operations. It also
benefits from its decent product, end-market, customer, and
supplier diversity, as well as its somewhat variable raw material
cost structure, which enables it to pass through the majority of
the increases in its raw material prices to its customers (albeit
with somewhat of a lag). Prince generates its sales predominantly
in North America (about 60%) and derives approximately 20%from
Europe/Middle East/Africa, 15% from China/Asia and 5% from South
America. Both of these markets are subject to intense competition.
In addition, the company does not benefit from long-term contracts
and has a significant exposure to cyclical end markets, such as oil
and gas, refractory and steel, and agriculture and construction,
which can lead to volatility in its operating performance.
S&P said, "The stable outlook on Prince reflects our expectation
that it will gradually improve its EBITDA in 2021, leading its S&P
Global Ratings-adjusted debt to EBITDA to decline to between 6x and
7x over the next 12 months. Although the company has experienced
some weakness in its volumes, it has a done a good job of managing
its costs, which we expect to continue in 2021. Prince's EBITDA
also improved due to its variable cost structure and reduced raw
material spending in 2020. We expect the company to maintain its
adequate liquidity over the next 12 months. Under our base-case
scenario, we do not assume the company has a cushion to increase
its debt at the current rating for acquisitions or shareholder
rewards.
"We could take a negative rating action on Prince over the next 12
months if its end-market demand weakens and leads to further volume
declines or it is unable to execute on its growth initiatives or
adequately pass through the increases in its raw material costs. In
such a scenario, we would expect its weighted-average debt to
EBITDA to remain consistently above 8x and approach unsustainable
levels due to a 400 basis points (bps) decline in its margins
relative to our base case. Although less likely, we could lower our
ratings if Prince's free cash flow turns negative, causing its
liquidity to deteriorate such that we view a covenant breach under
its revolving credit facility as likely over the next 12 months.
This could occur if its borrowing under its $85 million revolving
credit facility rises above 35% of the facility's commitment,
causing the covenant to spring, which--coupled with
weaker-than-expected EBITDA--would lead to a very tight covenant
cushion. We could also lower our ratings if Prince pursues any
large debt-funded shareholder rewards or acquisitions.
"We could take a positive rating action on Prince over the next 12
months if it improves its margins by at least 200 bps by focusing
on its higher-margin specialty chemicals products such that it
sustains S&P Global Ratings-adjusted leverage of about 6.0x for
consecutive quarter. We believe this could occur due to increased
demand in its key end markets (particularly construction,
agriculture, steel, electronics, and oil and gas), elevated
volumes, and a continued improvement in the conditions in its
battery segment. Specifically, we could take a positive rating
action if elevated end-market demand increased the company's
volumes by more than we currently project."
POLAR US: S&P Rates New $300MM Senior Unsecured Notes 'CCC+'
------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issue-level rating and '5'
recovery rating to the proposed $300 million senior unsecured notes
due 2026 issued by SK Mohawk Holdings SARL's (doing business as SI
Group) subsidiary Polar US Borrower LLC. The '5' recovery rating
indicates its expectation for modest (10%-30%; rounded estimate:
15%) recovery in the event of a payment default.
S&P expects the company to use the proceeds from these notes,
together with cash on hand, to redeem its preferred equity, repay a
portion of its outstanding term loan facility, and pay related
transaction fees and expenses.
The notes are being issued out of the same entities as the existing
term loan, Polar US Borrower, LLC and Schenectady International
Group, Inc.
All of S&P's other ratings on SI Group and Polar are unchanged.
POLYMER INSTRUMENTATION: Case Summary & 20 Unsecured Creditors
--------------------------------------------------------------
Debtor: Polymer Instrumentation & Consulting Services, Ltd.
DBA Polymics
2215 High Tech Road
State College, PA 16803
Chapter 11 Petition Date: May 10, 2021
Court: United States Bankruptcy Court
Middle District of Pennsylvania
Case No.: 21-01056
Judge: Henry W. Van Eck
Debtor's Counsel: Robert E. Chernicoff, Esq.
CUNNINGHAM, CHERNICOFF & WARSHAWKY, P.C.
2320 North Second Street
Harrisburg, PA 17110
Tel: (717) 238-6570
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Tim T. Hsu, president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/SJZHWRY/Polymer_Instrumentation__Consulting__pambke-21-01056__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/SPO5TGQ/Polymer_Instrumentation__Consulting__pambke-21-01056__0001.0.pdf?mcid=tGE4TAMA
PROASSURANCE CORP: S&P Lowers ICR to 'BB', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings lowered its ratings on ProAssurance Corp. (PRA)
to 'BB' from 'BBB-' and removed them from CreditWatch with negative
implications. The outlook is negative.
The rating actions reflect the dilutive impact of the NORCAL
acquisition on PRA's FRP. S&P said, "We have revised our FRP
assessment downward in connection with our updated capital adequacy
assessment, including our updated view for earnings and capital
development for the combined enterprise. Our updates reflect pro
forma year-end 2020 capital adequacy as strained compared with its
strength on a stand-alone basis. The diminished strength also
reflects the immediate acquisition-driven strain on PRA's capital
adequacy, which we expect to persist though through 2022. We've
also updated our risk exposure assessment to reflect a
more-concentrated risk profile for the combined enterprise."
S&P said, "PRA's operating performance has materially weakened
despite our expectations for 2019-2020 due to increased loss
severity stemming from reserve strengthening and less-favorable
prior-period reserve development relative to its core specialty
property/casualty (P/C) business. As a result, its calendar-year
combined ratios escalated to 119% and 113% for 2019 and 2020,
respectively. Our baseline expectation anticipates moderate
improvement to 105%-110% for 2021-2022 supported by sustained
mid-single-digit pricing actions, absence of reserve strengthening
actions, realized scale efficiencies, and moderately improved
prior-period reserve development.
"Our business risk profile assessment remains unchanged and
continues to be supported by PRA's established presence in the
specialty medical professional liability (MPL) marketplace, which
will become more focused via its acquisition of NORCAL. While we
believe the combination will broaden PRA's geographic scope, expand
product capabilities, and moderately improve its operational scale,
its credit profile will still be constrained by its concentrated
presence in a niche segment of the P/C market that has been
contending with various industry headwinds, including an increased
frequency of severity claims trends. We also think the effect of
COVID-19 on the MPL segment (driven by reduced utilization,
exposure, and litigation activity) has broadly resulted in lower
claims filed in 2020, effectively masking a higher underlying trend
that could become more apparent through 2022 as business conditions
normalize.
"Our negative outlook reflects the potential for incremental credit
profile erosion through 2022 due to risk associated with the
integration of NORCAL, sustained MPL industry headwinds, and
potential for sustained underperformance relative to our
expectations.
"We could lower the ratings through 2022 if we negatively reassess
PRA's competitive position due to weaker-than-expected post-deal
operational and strategic execution, or if PRA continues to
underperform relative to our expectations, with an elevated
combined ratio of 110%-115% that could lead to EBITDA coverage
sustainably below 4.0x.
"We do not expect to raise our ratings through 2022. But we could
revise the outlook to stable through 2022 if NORCAL integrates
without disruption and its follow-up strategic execution and
operating performance comes in line with our expectations. If PRA
meets our baseline expectations for revenue and earnings, we expect
capital adequacy to reflect moderate redundancy at the satisfactory
level with financial leverage and EBITDA interest coverage of about
30% in 2021 and closer to 4.0x through 2022."
PURDUE PHARMA: Massachusetts Sues Publicis Over Opioid Marketing
----------------------------------------------------------------
Attorney General Maura Healey on May 6, 2021, filed a lawsuit
against Publicis Health, LLC, a significant player in the American
drug marketing industry, alleging it designed and deployed unfair
and deceptive marketing schemes to help Purdue Pharma sell more
OxyContin, including in Massachusetts.
In a complaint filed in Suffolk Superior Court, AG Healey alleges
that from 2010 to 2019, Publicis -- a subsidiary of global
advertising conglomerate Publicis Groupe -- partnered with Purdue
on dozens of contracts, collecting more than $50 million in
exchange for marketing schemes to get doctors to prescribe Purdue's
opioids to more patients, in higher doses, for longer periods of
time.
"Responsibility for the opioid crisis runs across the industry,
from Purdue and the Sacklers, to consultants and partners like
McKinsey and Publicis," said AG Healey. "Publicis convinced
doctors to prescribe more OxyContin to more patients as the opioid
epidemic was raging. As a result, patients in Massachusetts
suffered, overdosed, and died, while Publicis collected tens of
millions of dollars."
The AG's complaint alleges that, over its decade-long partnership
with Purdue, Publicis engaged in myriad unfair and deceptive
strategies that influenced OxyContin prescribing across the nation,
including in Massachusetts. In particular, Publicis:
* Devised marketing strategies to combat prescribers’ hesitancy
to prescribe OxyContin, including materials used to train and
assist Purdue sales reps in detailing doctors;
* Wrote and facilitated the delivery of thousands of unfair and
deceptive emails to prescribers, including messages designed to get
doctors to convert more patients to OxyContin from lower dose,
short-acting opioids, and increase existing patients’ doses and
duration on the drug, without regard for the increased risk;
* Developed strategies to counter the 2016 CDC Guideline for
Prescribing Opioids for Chronic Pain and maintain OxyContin
prescribing levels;
* Told Purdue how to target the most dangerous high prescribers;
and
* Helped Purdue increase the number of patients on OxyContin by
placing ads for OxyContin right in patients' electronic medical
records, including at the point-of-prescribing.
Publicis also partnered with Purdue's internal marketing team to
"humanize" the OxyContin brand by creating patient vignettes to get
doctors to recognize patients who could be started on OxyContin.
Publicis developed one patient vignette, "James," age 40, to target
a younger demographic. Publicis designed the "James" patient
example to have his dose increased from 10 mg to 15 mg to 20 mg, in
a period of just three weeks. Publicis devised marketing plans to
deliver patient vignettes like James to prescribers, including
through Purdue sales rep visits with doctors.
Publicis carried out the misconduct alleged in the complaint under
several trade names, including Rosetta and Razorfish Health.
The lawsuit is the latest action AG Healey has taken to combat the
opioid epidemic and hold accountable those who are responsible for
creating and fueling the crisis. Since taking office, AG Healey has
prioritized combating the opioid epidemic through a
multi-disciplinary approach that includes enforcement, policy,
prevention, and education efforts.
In February, AG Healey co-led a $573 million settlement joined by
53 attorneys general over allegations that McKinsey & Company
similarly advised Purdue on how to target doctors to "turbocharge"
OxyContin sales. In June 2018, AG Healey was the first state
attorney general to sue members of the Sackler family for their
role in creating the opioid crisis.
This matter is being handled by Assistant Attorneys General Jenny
Wojewoda, Sandy Alexander, and Ethan Marks, Senior Enforcement
Counsel Gillian Feiner, Health Care Division Chief Eric Gold, and
Paralegals Philipp Nowak and Indira Rao of the AG's Health Care and
Fair Competition Bureau, with assistance from Senior Investigator
Marlee Greer of the AG’s Civil Investigations Division.
About Purdue Pharma LP
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.
Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.
Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation facing the Company.
The Company's consolidated balance sheet at Aug. 31, 2019, showed
$1.972 billion in assets and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain, in White Plains, New York, has
been assigned to oversee Purdue's Chapter 11 case.
Davis Polk & Wardwell LLP and Dechert LLP are serving as legal
counsel to Purdue. PJT Partners is serving as investment banker,
and AlixPartners is serving as financial advisor. Prime Clerk LLC
is the claims agent.
PURDUE PHARMA: Says Plan Disclosures Continue to be Ambiguous
-------------------------------------------------------------
Dr. Michael Masiowski, individually and as putative class
representative for Independent Emergency Medical Room Physicians
("ER Physician") submitted a supplement to the objection of
Independent Emergency Room Physicians to the Disclosure Statement
of Purdue Pharma L.P. and Its Affiliated Debtors.
ER Physician asserts that:
* The Second Amended Disclosure Statement filed April 30, 2021,
continues to be ambiguous by failing to provide a means to readily
identify the inclusion of ER Physician in the "150 proof of claims
filed by other treatment providers." These claims are referenced
as Class 6.
* The Second Amended Disclosure Statement's identified
distribution procedures for the Hospital Trust distribution seem to
not include any "other healthcare service providers" and only
includes Hospitals, in contradiction of the definition of "Class
6". The language of the Amended Disclosure is ambiguous at best
and fails to provide any rationale for this apparently selective
distribution.
* In addition, the Amended Disclosure statement and the
referenced Hospital Trust Distribution procedures seem to provide
not only that "other healthcare service providers" that are
included in Class 6 are prohibited from any disbursement, but also
that a substantial number of Hospitals are able to obtain a
disbursement even if they did not file a valid Claim document.
* The actual language of the Debtor Releases based on the
definitions of "Releasing Parties" and "Related Parties" is
overbroad.
* The additional qualification in the Amended Disclosure
statement regarding the Releases is convoluted and nearly
incomprehensible. Simply, the Amended Disclosure is not in a
readily understandable format as required by the Bankruptcy Code.
* The full Hospital Trust Distribution procedures are not
attached to the Disclosure but are in the Amended Plan, thus not
providing the ability to fully assess the Disclosure before the
hearing.
Attorney for ER Physician Mike Masiowski:
Paul S. Rothstein
Paul S. Rothstein, P.A.
626 NE 1st Street
Gainesville, FL 32601
Tel: (352)376-7650
E-mail: PSR@RothsteinForJustice.com
About Purdue Pharma LP
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.
Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.
Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation facing the Company.
The Company's consolidated balance sheet at Aug. 31, 2019, showed
$1.972 billion in assets and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain, in White Plains, New York, has
been assigned to oversee Purdue's Chapter 11 case.
Davis Polk & Wardwell LLP and Dechert LLP are serving as legal
counsel to Purdue. PJT Partners is serving as investment banker,
and AlixPartners is serving as financial advisor. Prime Clerk LLC
is the claims agent.
ROYAL BLUE: Seeks to Hire Davidoff Hutcher as Legal Counsel
-----------------------------------------------------------
Royal Blue Realty Holdings, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Davidoff Hutcher & Citron, LLP as its legal counsel.
The firm will render these services:
a. advise the Debtor regarding its powers and duties and the
continued management of its property and affairs;
b. negotiate with creditors of the Debtor, work out a plan of
reorganization and take the necessary legal steps in order to
effectuate such a plan including negotiations with creditors and
other parties in interest;
c. prepare legal papers;
d. appear before the bankruptcy court;
e. attend meetings and negotiate with representatives of
creditors and other parties in interest;
f. advise the Debtor in connection with any potential
refinancing of secured debt or sale of its business;
g. represent the Debtor in connection with obtaining
post-petition financing;
h. take any necessary action to obtain approval of a
disclosure statement and confirmation of a plan of reorganization;
i. perform all other legal services for the Debtor, which are
necessary to administer its Chapter 11 case.
The firm will be paid at these rates:
Attorneys $400 - $725 per hour
Paraprofessionals $195 - $260 per hour
Robert Rattet, Esq., co-chair of Davidoff Hutcheris, disclosed in a
court filing that his firm is a "disinterested person" as defined
in Bankruptcy Code Section 101(14).
The firm can be reached through:
Robert L. Rattet, Esq.
Jonathan S. Pasternak, Esq.
Davidoff Hutcher & Citron LLP
605 Third Avenue, 34th Floor
New York, NY 10158
Tel: 212-557-7200
Fax: 212-286-1884
Email: rlr@dhclegal.com
jsp@dhclegal.com
About Royal Blue Realty Holdings
Royal Blue Realty Holdings, Inc. is a New York-based company that
is primarily engaged in renting and leasing real estate properties.
It operates its business at 162-174 Christopher St., N.Y.
Royal Blue Realty Holdings filed a Chapter 11 petition (Bankr.
S.D.N.Y. Case No. 21-10802) on April 26, 2021. Andrew Nichols,
chief restructuring officer, signed the petition. In its petition,
the Debtor reported assets of up to $10 million and liabilities of
up to $50 million. Judge Hon. Lisa G. Beckerman oversees the case.
Davidoff Hutcher & Citron, LLP represents the Debtor as legal
counsel.
SAFE FLEET: S&P Alters Outlook to Stable, Affirms 'B-' ICR
----------------------------------------------------------
S&P Global Ratings revised its outlook on U.S. transportation
safety products company Safe Fleet Holdings LLC to stable from
negative and affirmed all its ratings, including its 'B-' issuer
credit rating, 'B-' rating on its first-lien term loan and
revolving credit facility, and 'CCC' rating on its second-lien term
loan. S&P's '3' recovery rating on the first-lien debt and '6'
recovery rating on its second-lien debt are unchanged.
S&P said, "The stable outlook reflects our expectation that Safe
Fleet's operating performance will benefit from improved demand for
safety and productivity-oriented products for fleet vehicles across
the majority of its end markets by the second half, allowing the
company to maintain S&P Global Ratings-adjusted debt to EBITDA of
7x or less.
"We anticipate Safe Fleet will generate positive free cash flow and
maintain adequate liquidity over the next 12 months. Like most
capital goods companies, Safe Fleet's revenue deteriorated during
2020 because of capital spending deferrals by some customers
(particularly with school buses and urban passenger
transportation). Despite a 7.4% revenue decline, Safe Fleet
improved EBITDA margins 40 basis points (bps) and generated
significantly higher FOCF than in previous years. It generated $52
million of FOCF by expanding margins, releasing working capital,
and lowering discretionary outlays. We expect positive FOCF to
continue, about $30 million over the next 12 months ($11 million in
the first quarter of fiscal 2021), after incorporating sustained
capital spending and working capital outflows to support higher
sales.
"As of the first quarter ended March 31, 2021, Safe Fleet had over
$80 million of available liquidity, including balance sheet cash
and revolving credit facility availability. We believe this
adequately positions the company to fund operations, meet required
minimum debt amortization payments, and pursue moderate bolt-on
acquisitions over the next 12 months.
"We anticipate the company's end markets will begin to recover from
the pandemic-induced recession in fiscal 2021 and into 2022. We
expect a steady rebound in its end markets as shelter-in-place
policies gradually lift and the business environment begins to
improve. This is evidenced by the partial return of in-person
education in early 2021 and increased use of school buses. While
there is still significant hesitation in using buses, trains, and
other public transit, we expect demand for products tied to these
vehicles should gradually rebound through 2021. We also view Safe
Fleet's win of the California Highway Patrol contract (greater than
$15 million in expected revenues in 2021) as credit-positive. We
expect the company will leverage this contract to approach similar
contracts across the U.S.
"We continue to view Safe Fleet's business as cyclical, with
moderate customer concentration. The company primarily operates in
the U.S. and serves a limited number of end markets across the
transportation sector. Safe Fleet's top 10 suppliers, which account
for 25% of total spending, provide it with cameras, plastics, and
mechanical components, and have considerable pricing power.
However, Safe Fleet maintained leading market shares in most
product segments (except law enforcement), benefited from its
recurring revenue model, and maintained above-average profit
margins throughout the 2020 pandemic year. Although not mandatory,
the company's products improve safety, comfort, and efficiency of
fleet operation, and are a tool to save customers' total costs and
reduce risk and liability (e.g., on-body video footage recording
for police officers), which we view as credit-positive.
"The stable outlook reflects our expectation that Safe Fleet's
operating performance will benefit from improved demand for safety
and productivity products for fleet vehicles across most of its end
markets in 2021. This allows the company to reduce S&P Global
Ratings-adjusted debt to EBITDA of 7x or less and maintain it."
S&P could raise its rating on Safe Fleet if:
-- Its S&P Global Ratings-adjusted debt to EBITDA falls
comfortably below 6.5x;
-- It maintains consistent positive FOCF generation; and
-- S&P expects the company to sustain improved leverage through
the cycle and when accounting for acquisitions and shareholder
distributions.
This could occur with strong growth across most or all its end
markets and steady EBITDA margin. S&P would also need to believe
the company's financial policies would support leverage of less
than 6.5x.
S&P could lower its rating on Safe Fleet if:
-- Its end markets deteriorate more than S&P expects and lead to
consistently negative FOCF, which would constrain its liquidity
position; or
-- S&P believes leverage will continue to rise, causing it to view
its capital structure as unsustainable over the long term.
SAMM SOLUTIONS: Seeks to Hire Higgs Fletcher & Mack as Counsel
--------------------------------------------------------------
SAMM Solutions, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of California to employ Higgs Fletcher &
Mack, LLP as bankruptcy counsel.
The firm will render these legal services:
(a) advise the Debtor regarding matters of bankruptcy law;
(b) represent the Debtor in proceedings or hearings in the
bankruptcy court involving matters of bankruptcy law;
(c) prepare and assist the Debtor in the preparation of
reports, accounts, applications and orders;
(d) advise the Debtor concerning the requirements of the
Bankruptcy Code and rules relating to administration of its Chapter
11 case; and
(e) assist the Debtor in the negotiation, formulation,
confirmation, and implementation of a plan of reorganization.
The hourly rates of the firm's attorneys and staff are as follows:
Paul J. Leeds, Partner $500
Maggie E. Schroedter, Partner $400
Partners $350 - $500
Associates $250 - $350
Paralegals $100 - $150
Prior to the petition date, the Debtor made total payments of
$39,080 to the firm, including the Chapter 11 filing fee. The
Debtor agreed to pay a supplemental retainer of $25,000.
Paul Leeds, Esq., a partner at Higgs Fletcher & Mack, 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:
Paul J. Leeds, Esq.
Maggie E. Schroedter, Esq.
Higgs Fletcher & Mack LLP
401 West A Street, Suite 2600
San Diego, CA 92101-7913
Telephone: (619) 236-1551
Facsimile: (619) 696-1410
Email: leedsp@higgslaw.com
schroedterm@higgslaw.com
About SAMM Solutions
SAMM Solutions, Inc. -- http://www.btsresearch.com/-- is a San
Diego-based contract research organization that delivers GLP and
Non-GLP biological services to clients in the pharmaceutical,
biopharmaceutical, biotech, academic research, medical device and
related industries.
SAMM Solutions sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Calif. Case No. 21-01163) on March 26, 2021.
Usama Abunadi, president, signed the petition. At the time of the
filing, the Debtor disclosed $1 million and $10 million in both
assets and liabilities. Judge Louise DeCarl Adler oversees the
case. The Debtor tapped Higgs Fletcher & Mack LLP as legal counsel
and Scott M. Bier at The CFO Solution LLC as financial advisor and
consultant.
SAMM SOLUTIONS: Seeks to Hire Scott Bier as Financial Consultant
----------------------------------------------------------------
SAMM Solutions, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of California to employ Scott Bier, a
financial advisor and consultant at The CFO Solution LLC.
Mr. Bier will render these services:
(a) supervise the basic accounting services and the Debtor's
month-end close process;
(b) assist with day-to-day reporting, budgeting and
forecasting, and weekly cash flow forecasting;
(c) prepare monthly budget for the secured lender's approval
of the Debtor's use of cash collateral;
(d) compile the Debtor's monthly operating reports; and
(e) analyze the Debtor's Chapter 11 plan, and prepare
projections in support thereof.
Mr. Bier will be billed at his hourly rate of $200. The monthly
retainer fee is $1,500.
In court filings, Mr. Bier disclosed that he and the firm are
"disinterested persons" as that term is defined in Section 101(14)
of the Bankruptcy Code.
Mr. Bier can be reached at:
Scott M. Bier, CPA
The CFO Solution LLC
4014 Orchard Ave.
San Diego, CA 92107
Telephone: (619) 952-0383
Email: scott.bier@optimaoffice.com
About SAMM Solutions
SAMM Solutions, Inc. -- http://www.btsresearch.com/-- is a San
Diego-based contract research organization that delivers GLP and
Non-GLP biological services to clients in the pharmaceutical,
biopharmaceutical, biotech, academic research, medical device and
related industries.
SAMM Solutions sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Calif. Case No. 21-01163) on March 26, 2021.
Usama Abunadi, president, signed the petition. At the time of the
filing, the Debtor disclosed $1 million and $10 million in both
assets and liabilities. Judge Louise DeCarl Adler oversees the
case. The Debtor tapped Higgs Fletcher & Mack LLP as legal counsel
and Scott M. Bier at The CFO Solution LLC as financial advisor and
consultant.
SAND DOLLAR: Seeks to Tap Robert O Lampl as Bankruptcy Counsel
--------------------------------------------------------------
Sand Dollar Charters, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Robert O Lampl
Law Office as its legal counsel.
The firm will render these legal services:
(a) represent the Debtor on matters involving legal issues;
(b) prepare any legal documentation;
(c) review reports for legal sufficiency;
(d) furnish information on legal matters; and
(e) perform all necessary legal services related to the
Debtor's Chapter 11 case.
The hourly rates of the firm's attorneys and staff who will work
primarily in this case are as follows:
Robert O Lampl $450
Sy O. Lampl $275
Paralegal $150
Robert O Lampl, Esq. disclosed in a court filing that his firm and
its attorneys have no connection with the Debtor, its creditors or
any party in interest.
The firm can be reached through:
Robert O Lampl, Esq.
Sy O. Lampl, Esq.
Robert O Lampl Law Office
Benedum Trees Building
223 Fourth Avenue, 4th Fl.
Pittsburgh, PA 15222
Telephone: (412) 392-0330
Facsimile: (412) 392-0335
Email: rlampl@lampllaw.com
About Sand Dollar Charters
Sand Dollar Charters, LLC filed a Chapter 11 petition (Bankr. M.D.
Fla. Case No. 21-01957) on April 28, 2021, listing under $1 million
in both assets and liabilities. Robert O Lampl Law Office serves as
the Debtor's legal counsel.
SATELLITE RESTAURANTS: Crabcake Factory to be Auctioned in May 2021
-------------------------------------------------------------------
Matthew Prensky of Salisbury Daily Times reports that The Crabcake
Factory at 120th Street in Ocean City, Maryland, will head to
auction this month after the business declared bankruptcy back in
the fall, having owed thousands to various groups.
Bidders will have until May 19 to place bids on the restaurant's
"furniture, fixtures, equipment, royalties and tangible and
intangible assets," according to Alex Cooper Auctioneers, organizer
of the auction. The opening bid for the restaurant is currently set
at $325,000.
Interested parties will be able to purchase tangible assets like
Crabcake Factory's t-shirts, hats and memorabilia, as well as
dining and kitchen equipment, according to the auction company.
The restaurant is putting its royalties on the auction block as
well, which were valued at about $62,769 in 2019 and $51,580 last
year, according to the auction company. Crabcake Factory will also
auction off its liquor license, business name, website domain and
customer list.
About Satellite Restaurants
Satellite Restaurants Inc. Crabcake Factory USA sought protection
for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md.
Case No. 20-19282) on Oct. 14, 2020, listing under $1 million in
both assets and liabilities. Judge Maria Ellena Chavez-Ruark
oversees the case. Paul Sweeney, Esq., at Yumkas, Vidmar, Sweeney
& Mulrenin, LLC, is the Debtor's legal counsel.
SEVEN GENERATIONS: S&P Rates 2021A-B Bonds 'BB'
-----------------------------------------------
S&P Global Ratings assigned its 'BB' rating to the Lehigh County
Industrial Development Authority, Pa.'s series 2021A (tax-exempt)
and series 2021B (taxable) charter school revenue bonds issued on
behalf of Seven Generations Charter School (SGCS). The outlook is
stable.
The series 2021 bonds are a general obligation (GO) of SGCS,
secured by a pledge of gross revenues of the school and a mortgage
on its school facilities. Seven Generations Charter School
Foundation, was established in 2020 to support the charter school
and owns the facility which it leases to SGCS. Within the lease
agreement, SGCS pledges to make payments to its foundation for debt
service. Total pro forma debt is $15.2 million consisting solely of
the series 2021 bonds. SGCS is issuing the bonds to refinance a
$3.5 million loan used to purchase its permanent facility ; to pay
costs of construction and renovation to the school site and
reimburse for any prior related capital expenditures, fund
capitalized interest through June of 2022, fully fund a debt
service reserve at maximum annual debt service (MADS) and pay costs
of issuance. SGCS' covenants include: 1.1x Annual Debt Service
Coverage, a requirement to maintain 45 Days' Cash on Hand (DCOH),
an additional bonds test of 1.1x historical and 1.2x pro forma debt
service, along with the agreement to fund a repair and replacement
fund. This issuance is intended to create a level debt payment
schedule over the 30-year maturity.
"We assessed SGCS' enterprise profile as adequate, characterized by
its small but growing enrollment base which is expected to exceed
400 students during the outlook period, solid charter standing,
good academic standing, capable management team, and maturing
profile in its 12th year of operations," said S&P Global credit
analyst Mel Brown. "We assessed the school's financial profile as
vulnerable, characterized by sufficient cash levels, a high pro
forma debt burden and pro forma debt per student, along with a
history of somewhat variable full accrual operating performance
though we anticipate organic enrollment growth to increase
operating flexibility and margins." These financial weaknesses
partially offset what we consider a good liquidity position and the
expectation for favorable results in fiscal 2021 translating to
MADS coverage of at least 1x and growth in DCOH. S&P believes that
combined, these credit factors lead to an anchor of 'bb' and a
final rating of 'BB'.
S&P said, "The stable outlook reflects our expectation that, SGCS
will grow enrollment to over 400 students by fall 2022, preserve
its academic performance, achieve and maintain 1x MADS coverage,
and preserve days' cash on hand in line with the current range. We
do not expect SGCS to issue additional debt during our outlook
period."
SK MOHAWK: Fitch Rates Unit's Sr. Unsecured Notes 'CCC+'
--------------------------------------------------------
Fitch Ratings has assigned a 'CCC+'/'RR6' rating to the senior
unsecured notes issued by Polar U.S. Borrower, LLC, a subsidiary of
SK Mohawk Holdings, SARL (SK Mohawk).
SK Mohawk's 'B' rating reflects its diverse mix of intermediate and
additive products, modest cyclicality, elevated leverage and
limited near-term maturities. The Negative Rating Outlook reflects
the company's need to address its 2023 revolver maturity in the
next 12-18 months while earnings growth and debt repayment drive
total debt, with equity credit/operating EBITDA below 5.5x.
KEY RATING DRIVERS
New Unsecured Notes Issuance: SK Mohawk is issuing $300 million of
five-year unsecured notes; proceeds are to be used, combined with
about $100 million in cash from the balance sheet, to redeem
roughly $300 million in preferred shares and accrued interest, as
well as to pay down $100 million of the first lien term loan. Fitch
believes that management views redeeming the preferred shares,
which have a dividend rate of over 16%, as important in terms of
managing the cost of capital.
The company's capital structure now consists of a first lien
revolver due in 2023, a first lien term loan due in 2025 and the
new unsecured notes due in 2026. Fitch therefore notes that, to
address the 2023 revolver maturity, the company may have to
simultaneously address the 2025 and 2026 maturities as well. Should
the business environment continue to improve and cash flow
generation remain strong, Fitch believes that the company will be
able to adequately address the capital structure in the near to
medium term.
Stability during Pandemic: SK Mohawk exhibited strong cash flow
generation in 2020, despite its products' end uses in fuel,
lubricants and rubber. Although the onset of the coronavirus
pandemic saw a sharp decline in both volumes and pricing --
particularly in Asia, where the company faced a less favorable
pricing environment -- the company's pharma business has served as
a bright spot during the pandemic, with solid demand for ibuprofen
and rising demand for propofol, which is used in intubation.
Although the Fitch-calculated EBITDA fell by about 16.6% from 2019
to 2020, management's proactive liquidity management, particularly
as it relates to working capital, resulted in FCF generation of
over $100 million. This allowed the company to maintain an ample
liquidity buffer without taking on additional debt, even as it
faced a material demand impact related to the pandemic. Fitch
believes that the company's relative financial health as it emerges
from the pandemic is what allowed it to pursue the unsecured notes
issuance.
Ongoing Integration and Centralization: Prior to its acquisition,
SI Group's facilities followed an affiliate model, with each
subsidiary as its own profit center and with its own staff. The
combined company is reviewing its facilities for redundancies,
having already shut down its Songjiang facility with several others
under review, including ongoing attempts to sell the industrial
resins business. Additionally, a more disciplined capex process has
resulted in slower spending and a lower go-forward maintenance
capex. Fitch believes that the ongoing optimization of the
company's manufacturing footprint is achievable and has already
materially benefited cash generation.
DERIVATION SUMMARY
Compared to other chemical peers in the 'B' category, SK Mohawk has
relatively high gross leverage. Typically, the greater degree to
which a chemical manufacturer's products are specialized or
otherwise defensible, the greater amount of debt the firm can
support at the same rating level. Kronos Worldwide (B+/Negative)
generally operates with total debt with equity credit/operating
EBITDA of under 2.0x, but its titanium dioxide (TiO2) offerings'
price is highly volatile, leaving the company exposed to large
swings in leverage and volatile cash flows. In contrast, SK
Invictus Intermediate II S.a.r.l. (B+/Negative), which operates at
a similar level of leverage as SK Mohawk, but has a higher rating,
enjoys a No. 1 market position in both of its segments, including
its fire safety retardants segment, which acts as the sole supplier
of fire retardants to the U.S. government, among other governmental
entities. The relative insulation from competition yields more
defensible cash flows, allowing SK Invictus to operate with higher
leverage than these peers. SK Mohawk's business and cash flow risk
profiles are toward the middle of these peer levels, with
moderately diverse offerings in the additives space, fragmented
competition and a modest (but improving) cost advantage.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Vehicle usage roughly at historical levels by YE21.
-- Organic revenue growth thereafter in low- to mid-single
digits, driven primarily by volumes.
-- Industrial resins unit sold in fiscal 2022.
-- Successful refinancing in fiscal 2022.
-- Initial margin expansion driven by continued realization of
cost synergies and jumping during the forecast's 2022 period.
-- Industrial resins unit divestiture - rising utilization rates
aid margin expansion thereafter.
-- Term loan amortization completed as anticipated with some
prepayments related to the ECF sweep.
-- Capital deployment primarily toward organic growth.
The recovery analysis assumes that SK Mohawk would be reorganized
as a going-concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.
SK Mohawk's GC EBITDA assumption is based on forecast 2021 EBITDA.
The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which the
valuation of the company is based. The going-concern EBITDA depicts
a scenario in which severe volume headwinds in the rubber and
adhesives business, and weak growth in other segments due to slower
macroeconomic activity, potentially due to residual softness from
the pandemic, leads to a severe drop in both EBITDA and cash
generation. The assumption also reflects corrective measures taken
in the reorganization to offset the adverse conditions that
triggered default such as cost cutting efforts and industry
recovery.
An EV multiple of 6.0x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value. The multiple is
comparable to the range of historical bankruptcy case study exit
multiples for peer companies, which ranged from 5.0x-8.0x.
Bankruptcies in this space are related either to litigation or to
deep cyclical troughs. The revolving credit facility is assumed to
be drawn at 80%. Fitch's recovery assumptions result in a recovery
rating for the senior secured debt within the 'RR2' range, which
corresponds with a 'BB-' rating. The assumptions result in a
recovery rating for the senior unsecured debt within the 'RR6'
range, which corresponds with a 'CCC+' rating.
RATING SENSITIVITIES
Developments that may, individually or collectively, lead to a
stabilization of the rating outlook:
-- Continued cost synergy capture and/or timely divestiture of
the industrial resins business, resulting in total debt with
equity credit/operating EBITDA between 4.5x and 5.5x.
-- Proactive addressing of medium-term debt maturities before the
2023 revolver maturity goes current.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Continued cost synergy capture, timely divestiture of the
industrial resins business, and greater-than-anticipated
application of FCF to debt repayment, resulting in total debt
with equity credit/operating EBITDA durably below 4.5x.
-- Consistently positive FCF generation.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Slow demand growth, potentially alongside an inability to
realize a substantial portion of projected synergies and total
debt with equity credit/operating EBITDA durably above 5.5x.
-- FFO fixed-charge coverage durably below 2.0x.
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: SK Mohawk has access to a $250 million revolving
credit facility and a moderate cash balance. At the onset of the
pandemic, the company aggressively targeted working capital
reduction in an effort to bolster liquidity. As a result, the
company generated FCF of greater than $100 million in 2020. The
surplus of cash generated during this period will be used alongside
$300 million in proceeds from the issuance of unsecured notes to
redeem roughly $300 million in preferred equity and $100 million in
first lien term loan debt. Although the company will likely give
some of the working capital back as volumes and operations
normalize, Fitch believes that the revolver will remain mostly
undrawn through the forecast horizon. Term loan amortization is
modest at approximately $14.6 million per year, with no significant
maturities until 2025. However, Fitch notes that to address the
2023 revolver maturity, the company may have to simultaneously
address the 2025 term loan and 2026 bond maturities as well.
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.
SMART & FINAL: S&P Alters Outlook to Stable, Affirms 'B' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on Smart & Final Funding LLC
(d/b/a Smart & Final Grocery; SFG) to stable from negative,
reflecting the expectation for stabilizing operating performance.
S&P affirmed its ratings on SFG and its debt, including its 'B'
issuer credit rating.
The stable outlook reflects S&P's expectation for relatively
normalized performance over the next 12 months after a uniquely
strong 2020.
The stable outlook reflects S&P's view that SFG's operating results
will likely moderate in 2021, but still support credit metrics
below elevated pre-pandemic levels. Similar to other grocers, SFG
reported significant operating improvement in 2020 on increased
demand for food at home and other stock-up consumer trends during
the COVID-19 pandemic. Revenue increased about 13% and S&P Global
Ratings-adjusted EBITDA margin improved to 7.3% from 4.2% in 2019,
resulting in adjusted leverage in the low-4x area. This was down
from 8x in 2019 amid a transformative split of the company from
another unit.
S&P said, "We believe consumer demand, comparable-store sales, and
profitability will moderate in 2021. We expect SFG's sales to
decline at a low-single-digit percent, reflecting a pullback from
what we view as unique and partially pandemic-related results in
2020. This includes the effect of the company's sales to business
customers, usually about 30% of sales, which declined during the
pandemic but we anticipate those sales will partially offset the
pullback as businesses reopen. We also expect adjusted EBITDA
margin to normalize in the 6% area, but still ahead of the 4.2% in
2019. As a result, we expect S&P Global Ratings-adjusted leverage
to return to the low- to mid-5x area by the end of 2021, better
than our earlier expectation of the mid- to high-5x range.
"We expect SFG to enjoy good market presence and remain
geographically concentrated in a mature and intensively competitive
industry. We believe SFG will maintain its position as a small
regional player with significant geographic concentration in the
medium term. We also expect SFG to continue to increase its market
share in its core California market by its differentiated,
value-oriented products and strong customer engagement. However,
significant competition continues from both traditional and
nontraditional grocers and persistent price competition. We believe
SFG would likely benefit from its strategic initiatives to ease the
challenges from its high-cost structure and modest e-commerce
penetration. In addition, as SFG slows its store expansion strategy
with none planned in the near future and focuses on improving
profitability, we believe capital expenditures (capex) will
stabilize and translate into more steady free cash flow over the
next few years.
"Despite recent credit metrics improvement, we maintain our
assessment of SFG's financial risk as highly leveraged. This
reflects the company's controlling ownership by financial sponsor
Apollo Global Management LLC. SFG made a total of $115 million in
dividend payments to Apollo in 2020. We view SFG's financial policy
would likely remain aggressive and anticipate Apollo could use cash
flows or debt issuance to fund any growth strategy and shareholder
returns."
Environmental, social, and governance (ESG) credit factors for this
credit rating change:
-- Health and safety
The stable outlook reflects S&P's expectation for relatively steady
performance in 2021, the continued presence of a financial sponsor,
and its projection for adjusted leverage remaining in the low- to
mid-5x area.
S&P could lower the rating if:
-- Weaker-than-expected operating performance drives debt to
EBITDA beyond 6.5x on a sustained basis; or
-- S&P expects intensifying competition or cost pressure that
strains EBITDA margins more than 100 basis points below its
expectations.
S&P could raise the rating if:
-- S&P expects debt to EBITDA sustained below 5x;
-- S&P needs to believe the risks of a releveraging event are low
under its private-equity sponsor ownership structure, which would
require a less-aggressive financial policy; and
-- The company increases comparable sales growth more than
expected and expands EBITDA 10% from S&P's base-case forecast by
increasing scale and breadth of operations and reducing the risk of
profit volatility.
SOTHEBY'S: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on
Sotheby's.
S&P said, "The affirmation follows the correction of the error in
our application of Group Rating Methodology (GRM). Previously, our
analysis only considered Sotheby's and its subsidiaries when
determining our GCP. We now determine our GCP at the level of
parent company BidFair USA. Our GCP on the group is 'b+', which
primarily reflects Sotheby's auction business but also incorporates
the credit characteristics of SFS and BidFair Property Holdings
Inc. We maintained our 'b+' stand-alone credit profile on
Sotheby's.
"Sotheby's contributes a significant majority of the group's
revenue and profit. Therefore, we derive the bulk of our assessment
of the group's business risk profile from Sotheby's, though we also
note some incremental benefit from the complementary business
services and assets of the other entities in the group. Still, we
assess the group's business risk profile as fair, which is the same
as our assessment of Sotheby's business risk on a stand-alone
basis. At the group level, SFS and the real estate entities carry
higher leverage than Sotheby's, which is in line with our
expectations given the nature of their operations. We assess the
group's financial risk profile as highly leveraged, which is the
same as our assessment of Sotheby's financial risk on a stand-alone
basis.
"We assess Sotheby's as a core subsidiary, because we believe it is
integral to the group's current identity and future strategy, and
view it as comprising the significant majority of the group's key
business activities. Therefore, we align our issuer credit rating
on Sotheby's with our GCP on the group."
SFS has historically operated with low loss rates and is well
positioned given its relationship with Sotheby's, which is a leader
in auction services, to value and monetize its unique assets. The
real estate holdings lease property to Sotheby's Inc. for the
purpose of conducting business operations.
S&P's view of the core Sotheby's auction business and its
stand-alone credit profile remains consistent with the views they
expressed in their research update published last November when
they affirmed their ratings and revised the outlook to stable from
negative.
S&P said, "The stable outlook on Sotheby's reflects our expectation
that its performance will continue to benefit from good demand in
the resilient art market and its implementation of cost
efficiencies, which will enable it to reduce its stand-alone
adjusted debt to EBITDA to less than 6x from more than 7x amid the
pandemic in 2020. We also expect the ancillary businesses, SFS and
BidFair Property Holdings, to maintain leverage at or close to
their current levels."
S&P could lower its rating on Sotheby's if:
-- S&P no longer anticipate the group will improve its leverage
profile. For instance, we could downgrade the company if it expects
Sotheby's adjusted debt to EBITDA to remain above 6x and anticipate
the rest of the group's leverage will remain near current levels;
or
-- S&P believes the company's competitive position has weakened
materially.
S&P could raise its rating on Sotheby's if its owner commits to a
more conservative financial policy and demonstrates its commitment
such that it leads them to favorably reassess the group's financial
risk profile.
SOUTHLAND ROYALTY: Wind-Down Amount in Plan Hiked to $2,000,000
---------------------------------------------------------------
Southland Royalty Company LLC submitted an Amended Chapter 11 Plan,
which among other things, increases the amount allocated for the
winding down of the Debtors' business and affairs to $2 million
from $1.5 million.
The Debtor is selling substantially all assets to Wamsutter E&P,
LLC.
The Amended Plan also adds the GUC MSP Settlement Amount to the
sources of distribution for Class 4 General Unsecured Claims.
Under the Plan, Each Holder of an Allowed General Unsecured Claim
will receive its pro rata share of the GUC Guaranteed Distribution
Amount; the GUC Sage Grouse Proceeds on each Distribution Date
occurring after realization thereof; the GUC MSP Settlement Amount;
and any Proceeds of Retained Causes of Action, on each Distribution
Date occurring after realization thereof. Class 4 is impaired.
"GUC MSP Settlement Amount" means $2,000,000 in Cash, to be paid to
the Estate on the Effective Date by MSP in accordance with the MSP
Settlement. "MSP Settlement" means the compromise and settlement
of certain claims, causes of action and controversies, and the
exchange of other consideration, by and between the Estate and MSP,
as further described in the MSP Rule 9019 Motion, to be consummated
on the Effective Date, which among other things provides for: (i)
the release of the MSP Retained Causes of Action and releases by
the MSP Parties in favor of the Estate; (ii) payment of the GUC MSP
Settlement Amount by MSP; (iii) an allowed administrative claim of
$500,000 to be paid by the Debtor to MSP; (iv) the assumption and
assignment of certain agreements to MSP; and (v) entry into the
Liquidating Trust Transition Services Agreement.
Counsel to the Debtor:
M. Blake Cleary
Sean M. Beach
Elizabeth S. Justison
S. Alexander Faris
TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Phone: (302) 571-6600
Fax: (302) 571-1253
E-mail: mbcleary@ycst.com
sbeach@ycst.com
ejustison@ycst.com
afaris@ycst.com
- and -
C. Luckey McDowell
Ian E. Roberts
SHEARMAN & STERLING LLP
2828 N. Harwood Street, Suite 1800
Dallas, TX 75201
Phone: (214) 271-5777
E-mail: luckey.mcdowell@shearman.com
ian.roberts@shearman.com
Sara Coelho
Jonathan M. Dunworth
599 Lexington Avenue
New York, NY 10022
Phone: (212) 848-4000
E-mail: sara.coelho@shearman.com
jonathan.dunworth@shearman.com
A copy of the Amended Chapter 11 Plan is available at
https://bit.ly/3nNfV5n from PacerMonitor.com.
About Southland Royalty
Southland Royalty Company LLC -- http://www.southlandroyaltyco.com/
-- is a privately held independent exploration and production
company engaged in the acquisition and development of hydrocarbons.
Headquartered in Fort Worth, Southland Royalty Company conducts
its business across four states, with the majority of operations in
Wyoming and New Mexico. Southland Royalty Company was formed
principally to produce and extract hydrocarbons in the Wamsutter
field of the Green River Basin and in the San Juan Basin.
Southland Royalty Company sought Chapter 11 protection (Bankr. D.
Del. Case No. 20-10158) on Jan. 27, 2020. In the petition signed
by CRO Frank A. Pometti, the Debtor was estimated to have $100
million to $500 million in assets and $500 million to $1 billion in
liabilities.
The Debtor tapped Shearman & Sterling LLP as bankruptcy counsel;
Young Conaway Stargatt & Taylor, LLP as Delaware counsel; AP
Services, LLC as interim management services provider; PJT Partners
Inc. as investment banker; and Epiq Corporate Restructuring, LLC as
claims and noticing agent.
STANTON VIEW: Seeks to Hire Asmar Schor as Special Counsel
----------------------------------------------------------
Stanton View Development, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Maryland to hire Asmar, Schor
& McKenna, PLLC as its special counsel to pursue the claims it
holds in a civil case pending in the Superior Court of the District
of Columbia.
Prior to its Chapter 11 filing, the Debtor was a defendant in a
lawsuit pending in the Superior Court of the District of Columbia
(Ladonna May, et al v. Stanton View Development, LLC , et al) filed
by homeowners who purchased units at a condominium project in which
the Debtor had served as the general contractor. In connection
with the lawsuit, the Debtor filed a case styled Stanton View
Development, LLC, et. al. v. SGA Companies, Inc., et. al. 2020 CA
004070 B in the Superior Court. The two civil actions have been
consolidated into one proceeding.
Jordan Samuel, Esq., the firm's attorney who will be representing
the Debtor, will be paid at the rate of $450 per hour.
Mr. Samuel disclosed in a court filing that his firm does not have
interest adverse to the Debtor and its bankruptcy estate.
The firm can be reached through:
Jordan M. Samuel, Esq.
Asmar, Schor & McKenna, PLLC
5335 Wisconsin Avenue, NW, Suite 400
Washington, DC 20015
Tel: 202-244-4264
Fax: 202-686-3567
Email: JSamuel@asm-law.com
About Stanton View Development
Greenbelt, Md.-based Stanton View Development, LLC is a privately
held company in the residential building construction business.
Stanton View Development filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No.
21-11810) on March 23, 2021. Donte Lee, managing member, signed
the petition. In its petition, the Debtor disclosed $567,519 in
assets and $2,291,972 in liabilities.
Judge Thomas J. Catliota oversees the case.
Wolff & Orenstein, LLC and Asmar, Schor & McKenna, PLLC serve as
the Debtor's bankruptcy counsel and special counsel, respectively.
TALI CORP: Seeks to Hire Christopher Stromberg as Bookkeeper
------------------------------------------------------------
Tali Corp. seeks approval from the U.S. Bankruptcy Court for the
Northern District of California to employ Christopher Stromberg as
bookkeeper.
Mr. Stromberg will prepare the Debtor's books, forecasts and other
finance-related items; file sales taxes; and prepare payroll. He
will perform the required services at a discounted rate of $850 per
week for approximately 20 hours of work, invoiced monthly in the
amount of $3,400.
In court filings, Mr. Stromberg disclosed that he is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
Mr. Stromberg can be reached at:
Christopher Stromberg
Denver, CO 80209
Telephone: (303) 667-0442
Email: Chrisstromberg2002@gmail.com
About Tali Corp.
Tali Corp. is a San Francisco, Calif.-based company that
manufactures glass and glass products. It conducts business under
the name bkr.
Tali sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Calif. Case No. 21-30254) on April 1, 2021. In the
petition signed by Adam Winter, chief operating officer, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities. Judge Dennis Montali oversees the case. The Debtor
tapped Weiland Golden Goodrich LLP, led by Jeffrey I. Golden, Esq.,
as legal counsel and Christopher Stromberg as bookkeeper.
TALI CORP: Seeks to Tap Weiland Golden Goodrich as Counsel
----------------------------------------------------------
Tali Corp. seeks approval from the U.S. Bankruptcy Court for the
Northern District of California to employ Weiland Golden Goodrich
LLP as its legal counsel.
The firm will render these legal services:
(a) advise the Debtor with respect to bankruptcy requirements
and other applicable requirements which may affect the Debtor;
(b) assist the Debtor in preparing and filing bankruptcy
documents and requirements;
(c) assist the Debtor in negotiations with creditors and other
parties-in-interest;
(d) assist the Debtor in the preparation of a disclosure
statement and formulation of a Chapter 11 plan;
(e) advise the Debtor concerning the rights and remedies of
the estate and adversary proceedings which may be removed to, or
initiated in, the bankruptcy court;
(f) prepare legal papers;
(g) represent the Debtor in any proceeding or hearing in the
bankruptcy court; and
(h) provide all other legal services to the Debtor as may be
required in this Chapter 11 case.
The hourly rates of the firm's attorneys and staff who will work
primarily in this engagement are as follows:
Jeffrey I. Golden $750
Reem J. Bello $600
Sonja M. Hourany $450
Claudia Yoshonis $250
In addition, the firm will seek reimbursement for expenses
incurred.
Jeffrey Golden, Esq., a partner at Weiland Golden Goodrich,
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:
Jeffrey I. Golden, Esq.
Reem J. Bello, Esq.
Sonja M. Hourany, Esq.
Weiland Golden Goodrich LLP
650 Town Center Drive, Suite 600
Costa Mesa, CA 92626
Telephone: (714) 966-1000
Facsimile: (714) 966-1002
Email: jgolden@wgllp.com
rbello@wgllp.com
shourany@wgllp.com
About Tali Corp.
Tali Corp. is a San Francisco, Calif.-based company that
manufactures glass and glass products. It conducts business under
the name bkr.
Tali sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Calif. Case No. 21-30254) on April 1, 2021. In the
petition signed by Adam Winter, chief operating officer, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities. Judge Dennis Montali oversees the case. The Debtor
tapped Weiland Golden Goodrich LLP, led by Jeffrey I. Golden, Esq.,
as legal counsel and Christopher Stromberg as bookkeeper.
TEEFOR2 INC: Case Summary & 19 Unsecured Creditors
--------------------------------------------------
Debtor: Teefor2, Inc.
5460 Vine Street
Chino, CA 91710
Chapter 11 Petition Date: May 10, 2021
Court: United States Bankruptcy Court
Central District of California
Case No.: 21-12580
Debtor's Counsel: Stephen R. Wade, Esq.
LAW OFFICES OF STEPHEN R. WADE, P.C.
405 N. Indian Hill Blvd.
Claremont, CA 91711
Tel: (909) 985-6500
E-mail: srw@srwadelaw.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Larry Lazalde, president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
A full-text copy of the petition containing, among other items, a
list of the Debtor's 19 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/SRQZ5LA/Teefor2_Inc__cacbke-21-12580__0001.0.pdf?mcid=tGE4TAMA
TERRIER MEDIA: S&P Alters Outlook to Stable, Affirms 'B' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on Terrier Media Buyer Inc.
(Cox Media Group) to stable from negative. As the same time, S&P
affirmed all of its ratings, including the 'B' issuer credit
rating, on the company.
S&P said, "The stable outlook reflects our expectation that FOCF to
debt will remain above 5% in 2021 and CMG's leverage will decline
to around 7.5x in 2021 driven by a recovery in core television and
radio advertising revenue and double-digit percent increases in
retransmission revenue.
"We expect CMG's leverage will remain elevated in the mid-7x area
in 2021, but return to the low-6x area in 2022. CMG's pro forma
gross debt to average trailing-eight-quarters EBITDA was around 9x
as of Dec. 31, 2020. Leverage spiked in 2020 due to material
declines in core advertising revenue due to the recession stemming
from the COVID-19 pandemic, but was partially offset by record
political advertising revenue of more than $260 million. While
political advertising was robust leading up to the November
elections, CMG also benefited from the two senate run-off elections
in Georgia (where it owns the top station in Atlanta). As the
economy recovers from the pandemic, we expect CMG's core TV
advertising revenue to increase 10%-12% in 2021. Additionally, we
expect recent contract renewals with pay-TV distributors to lead to
26%-28% growth in retransmission revenue in 2021. This revenue
growth, combined with significant permanent cost reductions
executed in 2020, will cause leverage to decline to the mid-7x area
in 2021 with further improvement to the low-6x area in 2022.
Despite the elevated leverage, the company's healthy cash flow
characteristics support the current rating. We forecast FOCF to
debt of 5%-7% in 2021 and 10%-12% in 2022.
"We expect core TV advertising will largely recover in 2021. Core
advertising (excluding political) revenue is highly correlated with
GDP growth because expectations for consumer spending drive
advertising budgets. We believe reduced advertising spending from
the U.S. recession brought on by the pandemic reduced TV
broadcaster's core advertising revenue by 15%-20% in 2020. Core
advertising has sequentially improved since its low point in April,
and we expect it will largely recover in 2021 to about 90% of 2019
levels as spending improves throughout the year.
"We expect radio advertising will return to near pre-COVID levels,
but recovery will extend into 2022. Radio advertising has
sequentially improved since its low point in April 2020, and though
we expect it will recover to about 90% of full-year 2019 levels, we
do not expect this to occur until 2022. Radio advertising is
predominantly local and is dependent on listening in the car;
therefore, we believe its recovery will take longer than for
television. As the pandemic continues, we are uncertain to what
degree smaller advertisers will permanently close their businesses
due to financial distress from the recession. Additionally, while
radio advertising normally has short lead times, we believe the
recession further shortened advertiser commitments, giving us
little visibility into the recovery of radio advertising.
"The stable outlook reflects our expectations that CMG's leverage
will return below 6.5x over the next political cycle driven by
recovery in core TV and radio broadcast advertising revenue and
double-digit percent increases in retransmission revenue.
"We could lower the rating if we expect trailing-eight-quarter
leverage will remain above 6.5x with FOCF to debt below 5% through
the 2022 political cycle."
This could occur if:
-- A resurgence in COVID-19 causes core advertising's recovery to
stall or S&P expects the economic recovery to be more prolonged
than current expectations;
-- The company pursued any shareholder rewarding initiatives that
limited its ability to de-lever, including debt-financed
acquisitions or dividends.
S&P could raise the rating if:
-- S&P expects leverage will decline below 5x on a sustained
basis; and
-- CMG establishes a track record of significant debt repayment
with a commitment from its sponsor to prioritize debt repayment
over debt-financed distributions or acquisitions.
TERRY J. LEMONS: Hires Henry Schein Professional as Broker
----------------------------------------------------------
Terry J. Lemons DDS, PC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Henry Schein
Professional Practice Transitions, a division of Henry Schein
Financial Services, LLC, as its broker.
The Debtor needs the assistance of a broker to market and sell its
dental practice at 4060 Johns Creek Parkway, Building B, Suwanee,
Ga.
The broker will be paid the greater of $22,500 or 8 percent of the
gross sale price of the Debtor's property.
Matthew Sutton, an authorized representative at Henry Schein
Professional Practice Transitions, 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 through:
Matthew Sutton
Henry Schein Professional Practice Transitions
100A Centre Boulevard
Marlton, NJ 08053
Telephone: (800) 988-5674
About Terry J. Lemons DDS
Terry J. Lemons DDS, PC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 21-20344) on March 29,
2021, listing under $1 million in both assets and liabilities.
Judge James R. Sacca oversees the case. Rountree Leitman & Klein,
LLC serves as the Debtor's legal counsel.
TIPTON ACADEMY: S&P Assigns 'BB' Rating on 2021 Revenue Bonds
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB' rating to Tipton Academy,
Mich.'s series 2021 public school academy revenue bonds. The
outlook is stable.
Post issuance, Tipton will have about $6.1 million in total debt
outstanding, consisting solely of the series 2021 revenue bonds.
Proceeds of the series 2021 bonds will be used to acquire the
academy's two facilities, which it currently leases. The
acquisition is expected to result in material budgetary savings for
Tipton, as maximum annual debt service (MADS) on the bonds is
approximately $100,000 (approximately 20%) less than the total
lease expense paid in recent fiscal years.
"We assessed the academy's enterprise profile as vulnerable,
reflecting its location in an area with declining population,
although we view management's recent market efforts toward
stabilizing enrollment favorably, particularly during the
pandemic," said S&P Global Ratings credit analyst Jesse Brady.
Academic performance that is generally better than local peers', a
solid relationship with its authorizer, Lake Superior State
University (LSSU), and sound management (by an outside party)
provide Tipton with a relative competitive advantage against local
peers. S&P said, "We assessed the academy's financial profile as
adequate, with a history of positive operating performance on a
full accrual basis, solid liquidity and balance-sheet metrics for
the rating, and good pro forma MADS coverage. These credit factors
are somewhat tempered by Tipton's small operating base, with total
revenue of just over $5 million for the past three fiscal years. We
believe that, combined, these credit factors lead to an anchor of
'bb' and a final rating of 'BB.'"
S&P said, "The stable outlook reflects our expectation that the
academy's increased marketing and recruitment efforts will
successfully stabilize enrollment. Despite Tipton's planned deficit
in fiscal 2021, we expect the school will return to surplus
operations in fiscal 2022 and maintain coverage and liquidity
levels in line with the rating.
"We could consider a negative rating action if enrollment continues
to decline, or financial operations produce deficits. In addition,
if lease-adjusted MADS coverage or days' cash on hand weakens such
that liquidity is no longer commensurate with the rating, we would
view this negatively.
"A positive rating action is unlikely during the outlook period,
given the academy's planned deficit in fiscal 2021 and trend of
enrollment declines, which we believe will take time to address."
TRILOGY INTERNATIONAL: S&P Affirms 'B-' ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer-credit and issue-level
ratings on U.S.-based telecom company Trilogy International
Partners LLC.
The stable outlook reflects S&P's view that the company's debt to
EBITDA will remain above 5x while it continues to formalize its
strategy to enter the capital markets through the New Zealand
subsidiary.
During 2020, Trilogy's operating subsidiaries in Bolivia (NuevaTel)
and New Zealand (2Degrees) posted diverging performance. In
Bolivia, the economic downturn stemming from the pandemic and
political conflict during the presidential election weakened
NuevaTel's operating and financial performance. For instance, the
subsidiary reported a 3.8% decline in subscribers along with a 21%
drop in average revenue per user (ARPU) from 2019 to 2020.
2Degrees' subscriber growth of 3.1% and constant average ARPU for
the same period didn't offset NuevaTel's losses.
S&P said, "As seen in 2020, we believe that Trilogy will continue
to benefit from the growth prospects in New Zealand and increase
its focus on that market by participating in the deployment of 5G
this year. We expect continued, but low, EBITDA growth mainly from
2Degrees, with no need to resort to additional debt during the next
12 months. This will result in Trilogy's debt to EBITDA above 5x
and free operating cash flow (FOCF) to debt below 5%, in line with
our current assessment of the company's financial risk profile."
The proposed extension of maturity for its $350 million senior
secured debt and $50 million notes will provide additional 13
months beyond the original maturity date for the company, now set
for May 15, 2023. S&P believes that this will allow Trilogy to
launch IPO of 2Degrees or refinance debt to reorganize its capital
structure, reduce maturity pressure, and focus on growth.
The main characteristics on the extension of Trilogy's $350 million
senior secured notes:
-- Total exchange of existing notes for the new notes.
-- Issued through TISP, a new operating subsidiary New Zealand.
-- Same issued amount ($350 million) and interest rate (8.875%).
While those for TISP's $50 million senior secured notes:
-- Maturity extension.
-- Same issued amount ($50 million) and interest rate (10%).
S&P said, "We don't view the exchange of Trilogy's $350 million
senior secured notes as distressed, given that the company will be
granting a two-percentage point premium over par value while it
does so ahead of maturities. We will reassess Trilogy's financial
risk profile, capital structure, and liquidity once we have more
certainty over the trajectory of deleveraging."
In addition, some bondholders agreed on a backstop commitment,
subject to certain terms and conditions, to acquire an additional
amount to enable the company to consummate a total exchange of the
existing notes.
S&P said, "Our base-case scenario assumes that Trilogy will
complete the exchange of its existing $350 million notes due 2022
and extend the maturity of the $50 million notes to May 15, 2021.
Moreover, we contemplate the company's IPO of 2Degrees on the New
Zealand Stock and Australian Securities Exchanges, which we expect
will reach above $400 million in proceeds. We expect Trilogy to use
the proceeds to accelerate deleveraging and for growth prospects in
New Zealand. We will review our rating on Trilogy in the next 12-18
months once we have more detailed and accurate information on the
company's plan to improve its capital structure."
UNIQUE TOOL: Court Enters Modified Carve-Out Orders
---------------------------------------------------
Judge Mary Ann Whipple of the U.S. Bankruptcy Court for the
Northern District of Ohio entered an agreed order modifying the
carve-out provisions for payment of fees and reimbursement of
expenses to the Chapter 11 Trustee of Unique Tool & Manufacturing
Co., Inc. and the Trustee's counsel, Gold, Lange, Majoros and
Smalarz PC.
Waterford Bank, N.A. previously objected to the applications for
fees and reimbursement of expenses filed by the Trustee and his
counsel, which objections were resolved by the entry of two prior
carve-out orders.
By this stipulated order:
(A) Waterford agreed to modify the First Carve-out Order,
providing that:
* Waterford will waive any right to receive amounts paid
to the Chapter 11 Trustee by Temperance Distilling Company (TDC)
and Temperance Distilling Company (TTD) for the six month period of
April 2020 through September 2020. The six month Carve-Out will be
deemed to have begun beginning April 2020.
* the Carve-Out will now be funded from the rents received
from TDC and TTD for an additional four-month period beginning
October 2020 and ending January 31, 2021, provided that if the TDC
rent and the additional rent exceed $30,000 in any given month from
November 2020 through January 2021, the Chapter 11 Trustee will
promptly pay the excess to Waterford.
* the Chapter 11 Trustee may distribute $55,000 for
professional services rendered and expenses of $2,987 for a total
of $57,987 from the funds on hand (as requested in the Chapter 11
Trustee's application) preserving sufficient funds to pay all of
the on-going expenses that the Chapter 11 Trustee has been paying.
The remaining balance of fees and expenses will be held in abeyance
pending further Court order. The Trustee's Counsel shall be
entitled to distribution of funds by the Chapter 11 Trustee for
$38,000 plus expenses of $3,332 for a total of $41,332 from the
funds held by the Chapter 11 Trustee, as requested in Trustee's
Counsel's application. The remaining fees and expenses of the
Trustee's counsel will be held in abeyance pending further order of
the Court. Waterford shall, under no circumstance, be obligated to
advance any funds towards the expenses that the Chapter 11 Trustee
is paying on an on-going basis.
The modifications to the First Carve-out Order aimed to provide
additional funds to pay the professional fees of the Chapter 11
Trustee.
(B) Waterford agreed to modify the Second Carve-Out Order as
follows:
* Waterford will waive any right to receive amounts paid
to the Chapter 11 Trustee by TDC and/or TTD from April 1, 2020 to
June 30, 2021, provided that any rents received in excess of
$30,000 in any given month shall be promptly remitted to
Waterford.
* the Chapter 11 Trustee shall, upon entry of the current
order, release $40,000 to Waterford from the funds the Chapter 11
Trustee currently has on deposit from the proceeds derived directly
from Waterford's collateral. The said funds are to be replenished
through the anticipated sale of the remaining personal property
with any net amount over $40,000 to be paid to Waterford.
* Waterford agrees to withdraw its objections to the
Chapter 11 Trustee's fee application and to the fee application of
the Trustee's counsel, Gold, Lange, Majoros and Smalarz, P.C. The
fees and expenses of the Chapter 11 Trustee and his counsel will be
paid from the funds held by the Chapter 11 Trustee pursuant to the
agreed upon First, Second and Third Carve-out Orders.
A copy of the Third Amended Agreed Order is available for free at
https://bit.ly/3o4myAj from PacerMonitor.com.
Counsel for the Chapter 11 Trustee:
Stuart A. Gold, Esq.
Gold, Lange, Majoros and Smalarz, P.C.
24901 Northwestern Hwy., Suite 444
Southfield, MI 48075
Direct and Fax: 248-340-3728
Email: sgold@glmpc.com
Counsel for Waterford Bank, N.A.
Thomas W. Heintschel, Esq.
405 Madison Avenue, Suite 1212
Toledo, OH 43604
Tel: (419) 242-5100
Fax: (419) 242-5556
Email: theintschel@fhk-law.com
About Unique Tool & Manufacturing
Unique Tool & Manufacturing Co., Inc. -- http://www.uniquetool.com/
-- is a custom metal stamping company formed in 1963, which
supplies stampings to the satellite, communications, electrical,
appliance, refrigeration and automotive industries throughout the
United States, Canada and Mexico. It specializes in tool and die
manufacturing, brazing, welding, plating and more.
Unique Tool & Manufacturing sought Chapter 11 protection (Bankr.
N.D. Ohio Case No. 19-32356) on July 26, 2019. At the time of the
filing, the Debtor estimated up to $50,000 in assets and $1 million
to $10 million in liabilities. The Debtor is represented by Diller
and Rice, LLC in its Chapter 11 case. Judge Mary Ann Whipple
oversees the case.
The U.S. Trustee for Region 9 appointed a committee of unsecured
creditors on Sept. 5, 2019. The creditors' committee retained
Wernette Heilman PLLC as its legal counsel.
Richardo I. Kilpatrick is the Chapter 11 trustee appointed in the
Debtor's case. The trustee tapped Stuart A. Gold, Esq., of Gold,
Lange, Majoros and Smalarz PC, and C.L. Moore & Associates as his
legal counsel and accountant, respectively.
VIZIV TECHNOLOGIES: Wins July 8 Plan Exclusivity Extension
----------------------------------------------------------
Judge Stacey G. Jernigan of the U.S. Bankruptcy Court for the
Northern District of Texas, Dallas Division extended the periods
within which the Debtor Viziv Technologies, LLC has the exclusive
right to file a plan of reorganization through and including July
8, 2021, and to confirm a Plan through and including September 7,
2021.
The Court has authorized the employment of Stout Capital, LLC as
the Debtor's investment bankers according to an order entered on
March 22, 2021. The first task of Stout was to address the question
of whether there were alternatives to the DIP financing that was
proposed by the Debtor. That task did not conclude until the Court
granted the Debtor's motion on DIP financing at a hearing conducted
on April 7, 2021.
Immediately after the approval of the DIP financing, the Debtor
began working with Stout to produce a confidential investment
memorandum that would be the basis for Stout going out to the
potential plan funders. Ann Miller, a managing director and Co-Head
of Special Situations with Stout, previously testified that
exclusivity was a key provision needed to adequately market the
Debtor. Without the exclusivity period extension, Stout can no
longer assure prospective investors that Stout can manage a
planning process that will give the investor a path to successful
completion.
There are significant additional factors that justify the further
extension of the Exclusive Periods. The most important of these is
to support the efforts of Stout Capital to market the Debtor's
opportunity to change the energy marketplace. Stout cannot
effectively create a marketing program if that program is
undermined by the potential for a competing plan that could be
filed at any time. The bankruptcy estate is benefited most by
orderly marketing of the investment opportunity.
Secondly, as the Court is aware, the Debtor's technology presents a
risk or reward analysis that is very different from any other
investment opportunity because it literally has no comparable
marketplace example. Stout must have time to present this utterly
unique technology play because the evaluation process of potential
will necessarily be more involved.
Thirdly, there is no easily defined market for this opportunity
because the effect of Debtor's technology could cut across many
vertical markets.
In addition to the pure financial play, other industry sectors
could utilize the technology on an investment or license basis.
These include the infrastructure manufacturers and operating
companies across various market segments such as electric
utilities, energy companies, wireless communications, and
transportation. There could also be government and research
applications of the technology, as well as foundations that may see
the technology as essential to providing humanitarian relief. These
varied markets cannot be canvassed in less than a month.
Another factor for extending the Exclusive Periods is the Court's
appointment of an Independent Director. This appointment provides
an additional assurance that the Debtor's purpose in seeking an
extension of the Exclusive Periods is a good faith effort to
establish a viable chapter 11 exit strategy. The Debtor continues
to meet all applicable operating requirements during the pendency
of the case, and the Independent Director approves the requested
extension, showing that the request is not a "strong-arming" of any
party in interest but is a continuing effort to maximize value for
the benefit of all creditors and interest holders.
The extensions are without prejudice to the Debtor's right to seek
additional and further exclusivity periods extension. The Court
also ordered that in the event, the Debtor's post-petition
financing expires before July 8, 2021, parties-in-interest may seek
termination of the Exclusivity Filing Period and Exclusivity
Solicitation Period on an expedited basis.
A copy of the Debtor's Motion to extend is available at
https://bit.ly/3uzDj9a from PacerMonitor.com.
A copy of the Court's Extension Order is available at
https://bit.ly/3tu2vfy from PacerMonitor.com.
About Viziv Technologies
Viziv Technologies, LLC is an electronics company specializing in
the field of electromagnetic surface waves.
On October 7, 2020, creditors Surface Energy Partners LP, Kendol C.
Everroad, and Jamison Partners, LP filed an involuntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Texas Case No. 20-32554) against Viziv Technologies. The creditors
are represented by Kenneth Stohner Jr., Esq., at Jackson Walker,
LLP.
Judge Stacey G. Jernigan oversees the case.
Cavazos Hendricks Poirot, PC is the Debtor's bankruptcy counsel.
The Debtor tapped Allred & Wilcox, PLLC, The Beckham Group and King
& Fisher Law Group, PLLC as special counsel; Stout Risius Ross, LLC
as its investment banker; and RSM US LLP as an auditor.
VTV THERAPEUTICS: Reports $4.2M Net Loss for Quarter Ended March 31
-------------------------------------------------------------------
vTv Therapeutics Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
attributable to the company of $4.24 million on $987,000 of revenue
for the three months ended March 31, 2021, compared to a net loss
attributable to the company of $4.72 million on $8,000 of revenue
for the three months ended March 31, 2020.
As of March 31, 2021, the Company had $16.75 million in total
assets, $10.38 million in total liabilities, $62.65 million in
redeemable noncontrolling interest, and a total stockholders'
deficit attributable to the company of $56.28 million.
The Company's cash position as of March 31, 2021, was $8.4 million
compared to $5.7 million as of Dec. 31, 2020.
Going Concern and Liquidity
To date, the Company has not generated any product revenue and has
not achieved profitable operations. The continuing development of
the Company's drug candidates will require additional financing.
From its inception through March 31, 2021, the Company has funded
its operations primarily through a combination of private
placements of common and preferred equity, research collaboration
agreements, upfront and milestone payments for license agreements,
debt and equity financings and the completion of its IPO in August
2015. As of March 31, 2021, the Company had an accumulated deficit
of $274.7 million and has generated net losses in each year of its
existence.
As of March 31, 2021, the Company's liquidity sources included cash
and cash equivalents of $8.4 million and remaining availability of
$5.5 million under our Controlled Equity OfferingSM Sales Agreement
with Cantor Fitzgerald & Co pursuant to which the Company may offer
and sell, from time to time shares of the Company's Class A Common
Stock.
As of March 31, 2021, the Company also had the ability to sell an
additional 441,726 shares of Class A Common Stock under the LPC
Purchase Agreement based on the number of shares initially
registered. The extent to which the Company utilizes the LPC
Purchase Agreement as a source of funding will depend on a number
of factors, including the prevailing market price of and the volume
of trading in the Company's Class A Common Stock and the extent to
which the Company is able to secure funds from other sources. The
number of shares that the Company may sell to Lincoln Park under
the purchase agreement on any given day and during the term of the
agreement is limited. Additionally, the Company and Lincoln Park
may not effect any sales of shares of its Class A Common Stock
under the LPC Purchase Agreement during the continuance of an event
of default under the LPC Purchase Agreement.
Based on the Company's current operating plan, management believes
that its current cash and cash equivalents, the amounts raised
under the LPC Purchase Agreement through May 5, 2021 and the
remaining availability under the ATM Offering, will allow the
Company to meet its liquidity requirements through the end of the
third quarter, which is less than twelve months from the issuance
of these Condensed Consolidated Financial Statements. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern. The Company is evaluating several
financing strategies to provide continued funding which may include
additional direct equity investments or future public offerings of
its common stock. The timing and availability of such financing is
not yet known and the Company cannot be certain that additional
financing will be available on acceptable terms, or at all. Even
if the Company is able to obtain additional debt or equity
financing, it may contain restrictions on its operations or cause
substantial dilution to its stockholders.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1641489/000156459021024121/vtvt-10q_20210331.htm
About vTv Therapeutics
vTv Therapeutics Inc. is a clinical-stage biopharmaceutical company
focused on developing oral small molecule drug candidates. vTv has
a pipeline of clinical drug candidates led by programs for the
treatment of type 1 diabetes, Alzheimer's disease, and inflammatory
disorders. vTv's development partners are pursuing additional
indications in type 2 diabetes, chronic obstructive pulmonary
disease (COPD), and genetic mitochondrial diseases.
vTv Therapeutics reported a net loss attributable to common
shareholders of $8.50 million for the year ended Dec. 31, 2020,
compared to a net loss attributable to common shareholders of
$17.91 million for the year ended Dec. 31, 2019. As of Dec. 31,
2020, the Company had $14.79 million in total
assets, $10.99 million in total liabilities, $83.89 million in
redeemable noncontrolling interest, and a total stockholders'
deficit attributable to the company of $80.10 million.
WELBILT INC: S&P Upgrades ICR to 'B-', Outlook Positive
-------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
Welbilt Inc. to 'B-' from 'CCC+', its issue-level rating on its
term loan B to 'B-' from 'CCC+, and its issue-level rating on its
senior unsecured notes to 'CCC+' from 'CCC'.
The positive outlook reflects the one-in-three chance will upgrade
the company if it continues to generate positive FOCF, maintains
sufficient liquidity, and reduces its debt leverage below 6.5x in
the next 12 months.
S&P said, "We expect Welbilt's adjusted leverage to improve below
6.5x over the next 12 months supported by the global economic
recovery. Although its leverage for the trailing 12 months ended
March 2021 was elevated at about 7.6x, we expect the company's
leverage to gradually decline below 6.5x over the next 12 months as
it laps its weaker performance during the previous year, when its
operations were significantly affected by COVID-19-related
lockdowns following the onset of the pandemic. After a brief
resurgence in the spread of the virus in the first quarter of 2021,
the vaccination rates in the U.S. and Europe have improved and the
case loads in each region continue to decline. Therefore, local
governments in the U.S. have slowly relaxed their restrictions on
dining, which we expect will also occur in Europe over the
following months. We believe Welbilt will likely benefit from the
increase in dining traffic and the related acceleration in the
equipment replacement cycle. We expect the volume of domestic and
international travel, at least between the U.S. and members of the
European Union, to increase during the summer, which will provide a
tailwind for the company's travel and leisure market exposure. We
expect Welbilt's deleveraging to be primarily due to the expansion
of its revenue as the global economy recovers from the
pandemic-related slowdown. Our economists recently revised their
forecast for U.S. GDP growth in 2021 to 6.5% from 4.2%.
"We expect management's transformation program to improve Welbilt's
margin. Specifically, we expect the transformation program to
expand the company's adjusted margin to the 17% area in 2021. The
drop in Welbilt's volumes in 2020 negatively affected its margin,
although the company's progress in executing its transformation
program, which is focused on establishing leaner operations and
maintaining a smaller workforce, is beginning to mitigate the
effects of its reduced volumes. Welbilt's positive net pricing
during 2020 reflects the positive contribution from its material
costs due to the net savings from its transformation program's
procurement initiatives, which management is still ramping up. The
company is executing its labor-related strategies across its plants
and planning for equipment upgrades and facility consolidations in
line with its lean focus. Welbilt has incurred about $69 million of
costs related to its transformation program since its inception in
May 2019. We expect the company to spend the remaining balance of
about $5 million that it set aside for the program during 2021."
Welbilt anticipates it will achieve $75 million of run-rate savings
and improve its margins by 500 basis points (bps) when its sales
and volumes return to pre-COVID levels.
Welbilt's performance over the last couple of quarters has reduced
the risk of a covenant breach while solidifying its adequate
liquidity position. Although the company generated negative FOCF of
approximately $75 million in the first quarter of 2020,
management's cost actions and working capital management enabled it
to report modestly positive FOCF generation for the full year.
While Welbilt's free cash flow is a seasonal use of cash in the
first quarter because it provides rebates to its customers and
annual incentive compensation, builds inventory, and faces
seasonally lower volumes, the company reported a smaller use of
cash in the first quarter of 2021 ($21 million) than it has for the
past several years. Furthermore, Welbilt has ample liquidity with
capacity of $213 million under its $400 million revolver and $140
million of unrestricted cash on its balance sheet as of March 30,
2021. S&P believes the company has sufficient liquidity to meet its
cash needs over the short term and view the risk of it breaching
its minimum interest coverage or maximum leverage covenants as
having largely subsided.
Welbilt's debt will be repaid following its pending acquisition by
Middleby Corp. S&P said, "We expect the acquisition to close before
the end of 2021 and anticipate that Middleby will refinance
Welbilt's existing debt under its senior secured facility.
Therefore, we expect to withdraw all of our ratings on Welbilt when
the transaction closes. Until that time, we will continue our
normal surveillance of the company."
The positive outlook reflects that S&P could raise its ratings on
Welbilt over the next year if it continues to improve its operating
performance such that we believe its leverage will remain under
6.5x.
S&P could raise its ratings on Welbilt over the next 12 months if:
-- Its operating prospects improve and S&P expects its leverage to
remain under 6.5x;
-- The conditions in its end markets continue to rebound and S&P
expect sit to maintain positive FOCF and sufficient liquidity; and
-- The likelihood of a covenant breach remains remote.
S&P could revise its outlook on Welbilt to stable if:
-- Its operating results unexpectedly weaken and S&P forecasts its
adjusted debt to EBITDA will remain elevated above 6.5x;
-- Its liquidity becomes constrained due to an increasing cash
flow deficit; or
-- S&P believe there is increased risk for a covenant breach.
[*] Total Commercial Ch. 11 Filings Decline 49% Y/Y in April 2021
-----------------------------------------------------------------
ABL Advisor reports that according to data provided by Epiq, total
U.S. bankruptcy filings in April 2021 increased 6 percent from the
previous 2020. Bankruptcy filings totaled 40,911 in April 2021, up
from the April 2020 total of 38,459, when filings sharply declined
in the early stages of the COVID-19 pandemic. The 38,833 consumer
bankruptcy filings in April 2021 were a 7 percent increase from the
April 2020 consumer total of 36,156. Total commercial filings
decreased 10 percent in April 2021, as the 2,078 filings were down
from the 2,303 commercial filings registered in April 2020. Total
commercial chapter 11 filings experienced the largest decline, as
the 287 filings dropped 49 percent in April 2021 from the 567
commercial chapter 11 filings in April 2020.
"Massive stabilization efforts by the government, continued low
interest rates and leniency by many lenders have helped lay the
foundation for an economic recovery, but growing debt loads and
financial uncertainty remain for many families and businesses amid
the COVID-19 pandemic," said ABI Executive Director Amy
Quackenboss. "Bankruptcy provides a proven shield to struggling
households and small businesses facing overwhelming financial
distress."
April's total bankruptcy filings represented a 6 percent decrease
when compared to the 43,449 total filings recorded the previous
month. Total noncommercial filings for April 2021 also represented
a 6 percent decrease from the March 2021 noncommercial filing total
of 41,156. The commercial filing total represented a 9 percent
decrease from the March 2021 commercial filing total of 2,293.
Commercial chapter 11 filings decreased 26 percent from the 386
filings in March 2021.
The average nationwide per capita bankruptcy filing rate in April
was 1.43 (total filings per 1,000 population), a slight increase
from the 1.38 filing rate during the first three months of the
year. Average total filings per day in April 2021 were 1,860, a 6
percent increase from the 1,748 total daily filings in April 2020.
States with the highest per capita filing rates (total filings per
1,000 population) in April 2021 were:
1. Alabama (3.33)
2. Nevada (2.99)
3. Delaware (2.64)
4. Tennessee (2.61)
5. Kentucky (2.26)
ABI has partnered with Epiq in order to provide the most current
bankruptcy filing data for analysts, researchers and members of the
news media. Epiq is a leading provider of managed technology for
the global legal profession. To view the full monthly statistical
tables provided by Epiq, be sure to visit ABI's Newsroom.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ACCELERATE DIAGN AXDX US 92.7 (66.4) 74.4
ACCELERATE DIAGN 1A8 GR 92.7 (66.4) 74.4
ACCELERATE DIAGN AXDX* MM 92.7 (66.4) 74.4
ACCELERATE DIAGN 1A8 TH 92.7 (66.4) 74.4
ACCELERATE DIAGN 1A8 QT 92.7 (66.4) 74.4
ADAMAS PHARMACEU ADMSEUR EU 120.0 (50.0) 76.9
ADAMAS PHARMACEU 136 TH 120.0 (50.0) 76.9
ADAMAS PHARMACEU ADMS US 120.0 (50.0) 76.9
ADAMAS PHARMACEU 136 GR 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)
AERIE PHARMACEUT AERI US 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 TH 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 QT 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 GZ 362.7 (10.4) 200.2
AERIE PHARMACEUT AERIEUR EU 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 GR 362.7 (10.4) 200.2
AGENUS INC AGEN US 119.4 (184.6) (16.1)
AGILITI INC AGTI US 745.0 (67.7) 17.3
AGRIFY CORP AGFY US - - -
ALPHA CAPITAL -A ASPC US 0.2 (0.0) (0.2)
ALPHA CAPITAL AC ASPCU US 0.2 (0.0) (0.2)
ALPINE 4 HOLDING ALPP US 40.7 (8.8) (6.2)
ALTICE USA INC-A 15PA GZ 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A ATUS US 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A 15PA TH 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A 15PA GR 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A ATUSEUR EU 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A ATUS* MM 33,169.8 (1,384.5) (2,360.4)
ALTUS MIDSTREA-A ALTM US 1,842.6 (331.0) 54.3
AMC ENTERTAINMEN AMC US 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AMC4EUR EU 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AMC* MM 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AH9 TH 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AH9 QT 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AH9 GR 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AH9 GZ 10,488.7 (2,287.0) (568.5)
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMERICAN AIR-BDR AALL34 BZ 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL11EUR EU 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL AV 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL TE 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G SW 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G GZ 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G QT 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL* MM 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G GR 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL US 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G TH 68,649.0 (7,945.0) 756.0
AMERICAN RESOURC AREC US 38.4 (20.0) (12.0)
AMERISOURCEB-BDR A1MB34 BZ 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG TH 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABC2EUR EU 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABC US 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG GR 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG QT 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG GZ 47,003.3 (102.8) 2,472.7
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)
APPLOVIN CO-CL A APP US 2,154.6 (158.2) 64.9
APPLOVIN CO-CL A 6RV GR 2,154.6 (158.2) 64.9
APPLOVIN CO-CL A 6RV GZ 2,154.6 (158.2) 64.9
APPLOVIN CO-CL A APP2EUR EU 2,154.6 (158.2) 64.9
APPLOVIN CO-CL A 6RV QT 2,154.6 (158.2) 64.9
APPLOVIN CO-CL A 6RV TH 2,154.6 (158.2) 64.9
ARCHIMEDES TECH ATSPU US - - -
ARCHIMEDES- SUB ATSPT 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 ACQ-A AUS US 0.2 (0.0) (0.2)
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 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CAR US 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA GR 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CAR* MM 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CAR2EUR EU 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA QT 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA TH 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA GZ 18,609.0 (316.0) (322.0)
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 BNXAEUR EU 0.1 (0.1) (0.1)
BANXA HOLDINGS I AC00 GR 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)
BAUSCH HEALTH CO BVF GR 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BHC CN 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BHC US 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF TH 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF GZ 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF QT 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO VRX1EUR EU 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO VRX SW 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BHCN MM 30,197.0 (124.0) 494.0
BELLRING BRAND-A BRBR US 639.3 (133.8) 108.7
BELLRING BRAND-A BR6 TH 639.3 (133.8) 108.7
BELLRING BRAND-A BR6 GR 639.3 (133.8) 108.7
BELLRING BRAND-A BR6 GZ 639.3 (133.8) 108.7
BELLRING BRAND-A BRBR1EUR EU 639.3 (133.8) 108.7
BIOCRYST PHARM BCRX US 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 GR 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 TH 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 SW 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 QT 284.4 (75.0) 172.6
BIOCRYST PHARM BCRXEUR EU 284.4 (75.0) 172.6
BIOCRYST PHARM BCRX* MM 284.4 (75.0) 172.6
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
BIOHAVEN PHARMAC 2VN TH 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
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 GR 307.8 (54.2) (2.9)
BLUE BIRD CORP BLBD US 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 150,035.0 (17,841.0) 30,053.0
BOEING CO-CED BA AR 150,035.0 (17,841.0) 30,053.0
BOEING CO-CED BAD AR 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BCO GR 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BAEUR EU 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA EU 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA PE 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BOE LN 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BOEI BB 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA US 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BCO TH 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA SW 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA* MM 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA TE 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA CI 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA AV 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BAUSD SW 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BCO GZ 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BCO QT 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BACL CI 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE TR TCXBOE AU 150,035.0 (17,841.0) 30,053.0
BOMBARDIER INC-B BBDBN MM 14,940.0 (3,061.0) 1,779.0
BONE BIOLOGICS C BBLG US - (13.7) (13.7)
BRIDGEBIO PHARMA BBIO US 1,093.3 (388.1) 850.4
BRIDGEBIO PHARMA 2CL GR 1,093.3 (388.1) 850.4
BRIDGEBIO PHARMA BBIOEUR EU 1,093.3 (388.1) 850.4
BRIDGEBIO PHARMA 2CL GZ 1,093.3 (388.1) 850.4
BRIDGEBIO PHARMA 2CL TH 1,093.3 (388.1) 850.4
BRIDGEMARQ REAL BRE CN 89.0 (48.4) 8.9
BRINKER INTL BKJ GR 2,309.0 (390.6) (325.4)
BRINKER INTL EAT US 2,309.0 (390.6) (325.4)
BRINKER INTL EAT2EUR EU 2,309.0 (390.6) (325.4)
BRINKER INTL BKJ QT 2,309.0 (390.6) (325.4)
BRINKER INTL BKJ TH 2,309.0 (390.6) (325.4)
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 DOO CN 4,885.9 (474.9) 669.8
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 B15A GZ 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 TH 4,885.9 (474.9) 669.8
CADIZ INC CDZI US 74.4 (25.3) 4.9
CADIZ INC CDZIEUR EU 74.4 (25.3) 4.9
CADIZ INC 2ZC GR 74.4 (25.3) 4.9
CALUMET SPECIALT CLMT US 1,808.3 (128.6) (9.6)
CAP SENIOR LIVIN CSU2EUR EU 702.8 (279.3) (329.7)
CEDAR FAIR LP FUN US 2,627.7 (780.6) 146.4
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 LEU US 486.3 (320.6) 40.0
CENTRUS ENERGY-A 4CU TH 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 CHH US 1,587.3 (5.8) 177.1
CHOICE HOTELS CZH GR 1,587.3 (5.8) 177.1
CINCINNATI BELL CBB US 2,603.2 (189.6) (87.2)
CINCINNATI BELL CIB1 GR 2,603.2 (189.6) (87.2)
CINCINNATI BELL CBBEUR EU 2,603.2 (189.6) (87.2)
CINEPLEX INC CPXGF US 2,246.7 (65.3) (269.2)
CINEPLEX INC CX0 GR 2,246.7 (65.3) (269.2)
CINEPLEX INC CGX CN 2,246.7 (65.3) (269.2)
CINEPLEX INC CGXEUR EU 2,246.7 (65.3) (269.2)
CINEPLEX INC CX0 TH 2,246.7 (65.3) (269.2)
CINEPLEX INC CGXN MM 2,246.7 (65.3) (269.2)
CINEPLEX INC CX0 GZ 2,246.7 (65.3) (269.2)
CLOVIS ONCOLOGY C6O GR 548.8 (221.0) 79.3
CLOVIS ONCOLOGY CLVS US 548.8 (221.0) 79.3
CLOVIS ONCOLOGY C6O QT 548.8 (221.0) 79.3
CLOVIS ONCOLOGY CLVSEUR EU 548.8 (221.0) 79.3
CLOVIS ONCOLOGY C6O TH 548.8 (221.0) 79.3
CLOVIS ONCOLOGY C6O GZ 548.8 (221.0) 79.3
COGENT COMMUNICA CCOI US 853.0 (307.6) (106.4)
COGENT COMMUNICA OGM1 GR 853.0 (307.6) (106.4)
COGENT COMMUNICA CCOIEUR EU 853.0 (307.6) (106.4)
COGENT COMMUNICA CCOI* MM 853.0 (307.6) (106.4)
COMMUNITY HEALTH CYH US 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CG5 GR 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CG5 QT 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CYH1EUR EU 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CG5 TH 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CG5 GZ 15,592.0 (1,114.0) 1,394.0
CPI CARD GROUP I PMTSEUR EU 266.2 (138.0) 95.6
CPI CARD GROUP I PMTS US 266.2 (138.0) 95.6
CPI CARD GROUP I PMTS CN 266.2 (138.0) 95.6
CUSTOM TRUCK ONE CTOS US 768.4 (31.1) 31.9
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 948.9 (111.4) (4.7)
DENNY'S CORP DENN US 422.9 (102.1) (22.1)
DENNY'S CORP DENNEUR EU 422.9 (102.1) (22.1)
DENNY'S CORP DE8 GR 422.9 (102.1) (22.1)
DENNY'S CORP DE8 TH 422.9 (102.1) (22.1)
DIALOGUE HEALTH CARE CN - - -
DIEBOLD NIXDORF DBD SW 3,657.4 (831.7) 207.8
DIEBOLD NIXDORF DBD US 3,657.4 (831.7) 207.8
DIEBOLD NIXDORF DBD GR 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)
DIGITAL TRANSFOR DTOC US 0.0 (0.0) (0.0)
DINE BRANDS GLOB DIN US 1,856.3 (317.4) 50.6
DINE BRANDS GLOB IHP GR 1,856.3 (317.4) 50.6
DINE BRANDS GLOB IHP TH 1,856.3 (317.4) 50.6
DINE BRANDS GLOB IHP GZ 1,856.3 (317.4) 50.6
DOMINO'S PIZZA DPZ US 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA EZV TH 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA DPZEUR EU 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA DPZ AV 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA DPZ* MM 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA EZV GR 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA EZV QT 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA EZV GZ 1,662.8 (3,236.1) 424.0
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 DOMOEUR EU 216.4 (83.5) (20.7)
DOMO INC- CL B 1ON GZ 216.4 (83.5) (20.7)
DOMO INC- CL B 1ON TH 216.4 (83.5) (20.7)
DRI HEALTHCARE T DHT/U CN 0.0 (0.0) -
DRI HEALTHCARE T DHT-U CN 0.0 (0.0) -
DROPBOX INC-A DBX AV 3,307.3 (83.0) 959.1
DROPBOX INC-A DBX US 3,307.3 (83.0) 959.1
DROPBOX INC-A 1Q5 GR 3,307.3 (83.0) 959.1
DROPBOX INC-A 1Q5 SW 3,307.3 (83.0) 959.1
DROPBOX INC-A 1Q5 TH 3,307.3 (83.0) 959.1
DROPBOX INC-A DBXEUR EU 3,307.3 (83.0) 959.1
DROPBOX INC-A 1Q5 QT 3,307.3 (83.0) 959.1
DROPBOX INC-A DBX* MM 3,307.3 (83.0) 959.1
DROPBOX INC-A 1Q5 GZ 3,307.3 (83.0) 959.1
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 278.6 (269.4) 174.7
ESPERION THERAPE ESPREUR EU 278.6 (269.4) 174.7
ESPERION THERAPE 0ET TH 278.6 (269.4) 174.7
ESPERION THERAPE 0ET QT 278.6 (269.4) 174.7
ESPERION THERAPE 0ET GR 278.6 (269.4) 174.7
ESPERION THERAPE 0ET GZ 278.6 (269.4) 174.7
EVOLUS INC EVL TH 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 QT 209.1 (73.0) (52.6)
EVOLUS INC EVL GZ 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)
FARMERS EDGE INC FDGE CN 79.5 (291.4) (339.9)
FARMERS EDGE INC 8QI GR 79.5 (291.4) (339.9)
FARMERS EDGE INC FDGEEUR EU 79.5 (291.4) (339.9)
FLEXION THERAPEU F02 TH 251.9 (16.7) 170.5
FLEXION THERAPEU FLXNEUR EU 251.9 (16.7) 170.5
FLEXION THERAPEU F02 QT 251.9 (16.7) 170.5
FLEXION THERAPEU FLXN US 251.9 (16.7) 170.5
FLEXION THERAPEU F02 GR 251.9 (16.7) 170.5
FRONTDOOR IN FTDR US 1,355.0 (46.0) 133.0
FRONTDOOR IN 3I5 GR 1,355.0 (46.0) 133.0
FRONTDOOR IN FTDREUR EU 1,355.0 (46.0) 133.0
GLOBAL CLEAN ENE GCEH US 206.1 (28.7) (5.8)
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* MM 7,259.3 (71.0) (503.3)
GODADDY INC-A 38D GR 7,259.3 (71.0) (503.3)
GODADDY INC-A 38D QT 7,259.3 (71.0) (503.3)
GODADDY INC-A 38D TH 7,259.3 (71.0) (503.3)
GODADDY INC-A GDDY US 7,259.3 (71.0) (503.3)
GODADDY INC-A 38D GZ 7,259.3 (71.0) (503.3)
GOGO INC GOGO US 687.7 (631.5) 420.4
GOGO INC G0G GR 687.7 (631.5) 420.4
GOGO INC G0G TH 687.7 (631.5) 420.4
GOGO INC GOGOEUR EU 687.7 (631.5) 420.4
GOGO INC G0G QT 687.7 (631.5) 420.4
GOGO INC G0G GZ 687.7 (631.5) 420.4
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
GOLDEN NUGGET ON 5ZU TH 178.7 (72.2) 60.4
GOOSEHEAD INSU-A 2OX GR 192.6 (36.3) 27.4
GOOSEHEAD INSU-A GSHDEUR EU 192.6 (36.3) 27.4
GOOSEHEAD INSU-A GSHD US 192.6 (36.3) 27.4
GORES GUGGENHEIM GGPIU US - (0.0) (0.0)
GORES HOLD VII-A GSEV US - - -
GORES HOLDINGS V GSEVU US - - -
GORES TECH-A GTPA US 0.0 (0.0) (0.0)
GORES TECH-B GTPB US - (0.0) (0.0)
GORES TECHNOLOGY GTPBU US - (0.0) (0.0)
GORES TECHNOLOGY GTPAU US 0.0 (0.0) (0.0)
GRAFTECH INTERNA G6G GR 1,378.1 (233.8) 380.2
GRAFTECH INTERNA EAFEUR EU 1,378.1 (233.8) 380.2
GRAFTECH INTERNA G6G TH 1,378.1 (233.8) 380.2
GRAFTECH INTERNA G6G QT 1,378.1 (233.8) 380.2
GRAFTECH INTERNA EAF US 1,378.1 (233.8) 380.2
GRAFTECH INTERNA G6G GZ 1,378.1 (233.8) 380.2
GREEN PLAINS PAR GPP US 104.6 (11.5) (65.7)
GREENSKY INC-A GSKY US 1,354.4 (162.2) 637.2
GT BIOPHARMA INC OXISEUR EU 5.7 (29.4) (29.4)
GT BIOPHARMA INC OXI GR 5.7 (29.4) (29.4)
GT BIOPHARMA INC GTBP US 5.7 (29.4) (29.4)
GT BIOPHARMA INC OXI GZ 5.7 (29.4) (29.4)
H&R BLOCK - BDR H1RB34 BZ 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 GR 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
H&R BLOCK INC HRB GZ 3,168.4 (534.6) 529.2
HERBALIFE NUTRIT HOO GR 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HLF US 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HOO GZ 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HOO TH 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HLFEUR EU 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HOO QT 2,666.8 (1,362.3) 319.7
HEWLETT-CEDEAR HPQ AR 34,737.0 (3,235.0) (7,442.0)
HEWLETT-CEDEAR HPQD AR 34,737.0 (3,235.0) (7,442.0)
HEWLETT-CEDEAR HPQC AR 34,737.0 (3,235.0) (7,442.0)
HILTON WORLD-BDR H1LT34 BZ 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HLT US 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HLT* MM 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 TE 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HLTEUR EU 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 QT 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HLTW AV 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 TH 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 GR 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 GZ 15,974.0 (1,620.0) 992.0
HORIZON GLOBAL HZN US 456.5 (23.9) 80.0
HORIZON GLOBAL 2H6 GR 456.5 (23.9) 80.0
HORIZON GLOBAL HZN1EUR EU 456.5 (23.9) 80.0
HOVNANIAN ENT-A HO3A GR 1,850.7 (416.3) 870.0
HOVNANIAN ENT-A HOV US 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 TE 34,737.0 (3,235.0) (7,442.0)
HP INC HPQ US 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 AV 34,737.0 (3,235.0) (7,442.0)
HP INC HPQUSD SW 34,737.0 (3,235.0) (7,442.0)
HP INC HPQEUR EU 34,737.0 (3,235.0) (7,442.0)
HP INC 7HP GZ 34,737.0 (3,235.0) (7,442.0)
HP INC HPQ SW 34,737.0 (3,235.0) (7,442.0)
HP INC 7HP QT 34,737.0 (3,235.0) (7,442.0)
HYRECAR INC HYRE US 6.3 (4.5) (4.2)
HYRECAR INC 8HY GR 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
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 251.4 (1.5) 77.7
INSEEGO CORP INO QT 251.4 (1.5) 77.7
INSEEGO CORP INO GZ 251.4 (1.5) 77.7
INSEEGO CORP INSG US 251.4 (1.5) 77.7
INSEEGO CORP INO GR 251.4 (1.5) 77.7
INSEEGO CORP INSGEUR EU 251.4 (1.5) 77.7
INSPIRED ENTERTA 4U8 GR 324.1 (88.7) 27.1
INSPIRED ENTERTA INSEEUR EU 324.1 (88.7) 27.1
INSPIRED ENTERTA INSE US 324.1 (88.7) 27.1
INTERCEPT PHARMA ICPT US 520.1 (200.0) 341.3
INTERCEPT PHARMA I4P GR 520.1 (200.0) 341.3
INTERCEPT PHARMA ICPT* MM 520.1 (200.0) 341.3
INTERCEPT PHARMA I4P TH 520.1 (200.0) 341.3
INTERCEPT PHARMA I4P GZ 520.1 (200.0) 341.3
ITIQUIRA ACQUI-A ITQ US 0.4 (0.0) (0.3)
ITIQUIRA ACQUISI ITQRU US 0.4 (0.0) (0.3)
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 QT 1,913.6 (749.1) 62.7
JACK IN THE BOX JBX GZ 1,913.6 (749.1) 62.7
JACK IN THE BOX JACK1EUR EU 1,913.6 (749.1) 62.7
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)
JOSEMARIA RESOUR JOSE SS 19.7 (12.4) (24.7)
JOSEMARIA RESOUR NGQSEK EU 19.7 (12.4) (24.7)
KARYOPHARM THERA KPTI US 274.9 (39.6) 193.5
KARYOPHARM THERA 25K TH 274.9 (39.6) 193.5
KARYOPHARM THERA 25K QT 274.9 (39.6) 193.5
KARYOPHARM THERA 25K GZ 274.9 (39.6) 193.5
KARYOPHARM THERA 25K GR 274.9 (39.6) 193.5
KARYOPHARM THERA KPTIEUR EU 274.9 (39.6) 193.5
KEMPHARM INC KMPH US 11.2 (66.4) 0.8
KEMPHARM INC 1GDA GR 11.2 (66.4) 0.8
KEMPHARM INC KMPHEUR EU 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 TH 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 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 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 LBEUR EU 11,571.0 (661.0) 2,753.0
L BRANDS INC LTD GZ 11,571.0 (661.0) 2,753.0
L BRANDS INC-BDR LBRN34 BZ 11,571.0 (661.0) 2,753.0
LAMAR ADVERTIS-A LAMR US 5,650.5 (229.1) (167.3)
LAMAR ADVERTIS-A 6LA GR 5,650.5 (229.1) (167.3)
LAMAR ADVERTIS-A 6LA TH 5,650.5 (229.1) (167.3)
LAMAR ADVERTIS-A LAMREUR EU 5,650.5 (229.1) (167.3)
LAREDO PETROLEUM 8LP1 GR 1,474.9 (68.6) (154.2)
LAREDO PETROLEUM LPI US 1,474.9 (68.6) (154.2)
LAREDO PETROLEUM LPI1EUR EU 1,474.9 (68.6) (154.2)
LDH GROWTH CORP LDHAU US - - -
LEE ENTERPRISES LEE US 867.3 (12.4) (35.7)
LENNOX INTL INC LXI GR 2,075.0 (160.7) 289.1
LENNOX INTL INC LII US 2,075.0 (160.7) 289.1
LENNOX INTL INC LII* MM 2,075.0 (160.7) 289.1
LENNOX INTL INC LXI TH 2,075.0 (160.7) 289.1
LENNOX INTL INC LII1EUR EU 2,075.0 (160.7) 289.1
LESLIE'S INC LESL US 858.9 (391.0) 140.9
LESLIE'S INC LE3 GR 858.9 (391.0) 140.9
LESLIE'S INC LESLEUR EU 858.9 (391.0) 140.9
LESLIE'S INC LE3 TH 858.9 (391.0) 140.9
LESLIE'S INC LE3 QT 858.9 (391.0) 140.9
LIFEMD INC LFMD US 13.1 (0.8) (1.4)
LIVE NATION ENTE 3LN GR 10,919.6 (129.7) 280.4
LIVE NATION ENTE 3LN TH 10,919.6 (129.7) 280.4
LIVE NATION ENTE 3LN QT 10,919.6 (129.7) 280.4
LIVE NATION ENTE LYVEUR EU 10,919.6 (129.7) 280.4
LIVE NATION ENTE LYV US 10,919.6 (129.7) 280.4
LIVE NATION ENTE LYV* MM 10,919.6 (129.7) 280.4
LIVE NATION ENTE 3LN GZ 10,919.6 (129.7) 280.4
LIVE NATION-BDR L1YV34 BZ 10,919.6 (129.7) 280.4
MADISON SQUARE G MS8 GR 1,304.4 (255.3) (146.2)
MADISON SQUARE G MSGS US 1,304.4 (255.3) (146.2)
MADISON SQUARE G MSG1EUR EU 1,304.4 (255.3) (146.2)
MADISON SQUARE G MS8 TH 1,304.4 (255.3) (146.2)
MADISON SQUARE G MS8 QT 1,304.4 (255.3) (146.2)
MADISON SQUARE G MS8 GZ 1,304.4 (255.3) (146.2)
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 NNFN QT 108.6 (180.4) 5.8
MANNKIND CORP MNKDEUR EU 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 3,214.7 (1,212.5) 734.3
MATCH GROUP INC MTCH US 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN TH 3,214.7 (1,212.5) 734.3
MATCH GROUP INC MTCH1* MM 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN QT 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN GR 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN SW 3,214.7 (1,212.5) 734.3
MATCH GROUP INC MTC2 AV 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN GZ 3,214.7 (1,212.5) 734.3
MCAFEE CORP - A MCFE US 5,362.0 (1,783.0) (1,457.0)
MCAFEE CORP - A MC7 GR 5,362.0 (1,783.0) (1,457.0)
MCAFEE CORP - A MCFEEUR EU 5,362.0 (1,783.0) (1,457.0)
MCDONALD'S CORP TCXMCD AU 51,103.1 (7,235.5) 888.1
MCDONALDS - BDR MCDC34 BZ 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO TH 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD US 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD SW 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO GR 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD* MM 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD TE 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD CI 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD AV 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCDUSD SW 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCDEUR EU 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO GZ 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO QT 51,103.1 (7,235.5) 888.1
MCDONALDS CORP 0R16 LN 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD PE 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCDCL CI 51,103.1 (7,235.5) 888.1
MCDONALDS-CEDEAR MCD AR 51,103.1 (7,235.5) 888.1
MCDONALDS-CEDEAR MCDC AR 51,103.1 (7,235.5) 888.1
MCDONALDS-CEDEAR MCDD AR 51,103.1 (7,235.5) 888.1
MDC PARTNERS-A MD7A GR 1,560.7 (380.2) (170.4)
MDC PARTNERS-A MDCA US 1,560.7 (380.2) (170.4)
MDC PARTNERS-A MDCAEUR EU 1,560.7 (380.2) (170.4)
MEDIAALPHA INC-A MAX US - (9.9) (9.9)
MONEYGRAM INTERN MGI US 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN 9M1N GR 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN 9M1N TH 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN MGIEUR EU 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN 9M1N QT 4,587.6 (259.2) (35.2)
MONGODB INC 526 GZ 1,407.5 (0.3) 787.3
MONGODB INC MDB US 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 GR 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 10,423.0 (478.0) 847.0
MOTOROLA SOL-CED MSI AR 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MOT TE 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MSI US 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MTLA TH 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MTLA GR 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MSI1EUR EU 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MTLA GZ 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MTLA QT 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MOSI AV 10,423.0 (478.0) 847.0
MSCI INC 3HM GR 4,565.5 (481.6) 881.3
MSCI INC MSCI US 4,565.5 (481.6) 881.3
MSCI INC 3HM SW 4,565.5 (481.6) 881.3
MSCI INC 3HM QT 4,565.5 (481.6) 881.3
MSCI INC MSCI* MM 4,565.5 (481.6) 881.3
MSCI INC 3HM GZ 4,565.5 (481.6) 881.3
MSCI INC 3HM TH 4,565.5 (481.6) 881.3
MSCI INC-BDR M1SC34 BZ 4,565.5 (481.6) 881.3
MSG NETWORKS- A MSGN US 971.8 (418.9) 358.2
MSG NETWORKS- A 1M4 QT 971.8 (418.9) 358.2
MSG NETWORKS- A MSGNEUR EU 971.8 (418.9) 358.2
MSG NETWORKS- A 1M4 TH 971.8 (418.9) 358.2
MSG NETWORKS- A 1M4 GR 971.8 (418.9) 358.2
N/A HYREEUR EU 6.3 (4.5) (4.2)
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) -
NEXIMMUNE INC NEXI US 6.7 (9.2) (11.3)
NEXIMMUNE INC 737 GR 6.7 (9.2) (11.3)
NEXIMMUNE INC 737 TH 6.7 (9.2) (11.3)
NEXIMMUNE INC NEXI1EUR EU 6.7 (9.2) (11.3)
NEXIMMUNE INC 737 GZ 6.7 (9.2) (11.3)
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 873.2 (180.7) (53.5)
NORTHERN OIL AND NOG US 873.2 (180.7) (53.5)
NORTHERN OIL AND NOG1EUR EU 873.2 (180.7) (53.5)
NORTHERN OIL AND 4LT1 TH 873.2 (180.7) (53.5)
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 SYMC AV 6,357.0 (492.0) 27.0
NORTONLIFELOCK I NLOK* MM 6,357.0 (492.0) 27.0
NORTONLIFELOCK I SYMCEUR EU 6,357.0 (492.0) 27.0
NORTONLIFELOCK I SYM GZ 6,357.0 (492.0) 27.0
NORTONLIFELOCK I NLOK US 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 NM9A GR 21.2 (5.3) (0.2)
NOUVEAU MONDE GR NOUEUR EU 21.2 (5.3) (0.2)
NOUVEAU MONDE GR NMGRF US 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)
NOUVEAU MONDE GR NM9A QT 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 0NU TH 2,311.5 (758.4) 766.2
NUTANIX INC - A NTNXEUR EU 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
O'REILLY AUT-BDR ORLY34 BZ 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT OM6 TH 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLY AV 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLYEUR EU 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT OM6 GZ 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLY* MM 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT OM6 GR 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLY US 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT OM6 QT 11,850.9 (7.0) (1,215.4)
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 TH 181.0 (120.8) 114.5
OMEROS CORP OMEREUR EU 181.0 (120.8) 114.5
OMEROS CORP 3O8 QT 181.0 (120.8) 114.5
OMEROS CORP 3O8 GZ 181.0 (120.8) 114.5
ONCOLOGY PHARMA ONPH US 0.0 (0.4) (0.4)
OPTINOSE INC OPTN US 157.9 (16.7) 105.5
OPTIVA INC OPT CN 77.4 (79.4) 3.0
OTIS WORLDWI OTIS US 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI 4PG GR 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI 4PG GZ 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI OTISEUR EU 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI OTIS* MM 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI 4PG TH 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI 4PG QT 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI-BDR O1TI34 BZ 10,505.0 (3,286.0) (49.0)
PARATEK PHARMACE PRTK US 176.9 (102.3) 140.2
PARATEK PHARMACE N4CN GR 176.9 (102.3) 140.2
PARATEK PHARMACE N4CN TH 176.9 (102.3) 140.2
PARATEK PHARMACE N4CN GZ 176.9 (102.3) 140.2
PARTS ID INC ID US 48.2 (12.7) (25.8)
PAVMED INC 1P5 GR 19.8 (0.5) (1.0)
PAVMED INC PAVM US 19.8 (0.5) (1.0)
PAVMED INC PAVMEUR EU 19.8 (0.5) (1.0)
PAYFARE INC PAY CN 31.8 (8.8) (10.0)
PHILIP MORRI-BDR PHMO34 BZ 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN 4I1 GR 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PM US 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PM1CHF EU 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PM1 TE 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN 4I1 TH 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PMI SW 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PM1EUR EU 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PMIZ IX 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PMIZ EB 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PMOR AV 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN 0M8V LN 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PM* MM 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN 4I1 GZ 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN 4I1 QT 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PMIZ TQ 39,804.0 (9,574.0) 2,695.0
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 1,865.0 (696.7) 441.0
PLANET FITNESS-A PLNT1EUR EU 1,865.0 (696.7) 441.0
PLANET FITNESS-A PLNT US 1,865.0 (696.7) 441.0
PLANET FITNESS-A 3PL TH 1,865.0 (696.7) 441.0
PLANET FITNESS-A 3PL GR 1,865.0 (696.7) 441.0
PLANET FITNESS-A 3PL GZ 1,865.0 (696.7) 441.0
PLANTRONICS INC PLT US 2,278.7 (113.0) 247.0
PLANTRONICS INC PTM GR 2,278.7 (113.0) 247.0
PLANTRONICS INC PLTEUR EU 2,278.7 (113.0) 247.0
PLANTRONICS INC PTM GZ 2,278.7 (113.0) 247.0
PLANTRONICS INC PTM TH 2,278.7 (113.0) 247.0
PLANTRONICS INC PTM QT 2,278.7 (113.0) 247.0
PONTEM CORP PNTM/U US 0.6 (0.0) (0.5)
PONTEM CORP-CL A PNTM US 0.6 (0.0) (0.5)
PPD INC PPD US 6,468.0 (605.7) 386.7
PRIORITY TECHNOL PRTHU US 417.8 (98.6) (13.0)
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)
PSOMAGEN INC-KDR 950200 KS 49.5 36.8 25.3
QUALTRICS INT-A XM US 1,389.5 (99.4) 208.1
QUALTRICS INT-A 5DX0 QT 1,389.5 (99.4) 208.1
QUALTRICS INT-A 5DX0 GR 1,389.5 (99.4) 208.1
QUALTRICS INT-A 5DX0 GZ 1,389.5 (99.4) 208.1
QUALTRICS INT-A XM1EUR EU 1,389.5 (99.4) 208.1
QUALTRICS INT-A 5DX0 TH 1,389.5 (99.4) 208.1
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 205.1 (216.0) 114.3
RADIUS HEALTH IN 1R8 TH 205.1 (216.0) 114.3
RADIUS HEALTH IN 1R8 QT 205.1 (216.0) 114.3
RADIUS HEALTH IN RDUSEUR EU 205.1 (216.0) 114.3
RADIUS HEALTH IN 1R8 GR 205.1 (216.0) 114.3
RAPID7 INC R7D SW 1,222.7 (81.2) 390.3
RAPID7 INC RPDEUR EU 1,222.7 (81.2) 390.3
RAPID7 INC R7D TH 1,222.7 (81.2) 390.3
RAPID7 INC RPD US 1,222.7 (81.2) 390.3
RAPID7 INC R7D GR 1,222.7 (81.2) 390.3
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 RVL1 TH 2,527.7 (1,862.0) 202.2
REVLON INC-A REVEUR EU 2,527.7 (1,862.0) 202.2
REVLON INC-A REV* MM 2,527.7 (1,862.0) 202.2
RIMINI STREET IN RMNI US 279.9 (63.1) (62.1)
RR DONNELLEY & S DLLN TH 2,980.4 (254.4) 381.1
RR DONNELLEY & S RRDEUR EU 2,980.4 (254.4) 381.1
RR DONNELLEY & S RRD US 2,980.4 (254.4) 381.1
RR DONNELLEY & S DLLN GR 2,980.4 (254.4) 381.1
RUSH STREET INTE RSI US 308.6 (97.2) (106.5)
SBA COMM CORP 4SB TH 9,763.5 (5,031.5) (170.8)
SBA COMM CORP SBAC US 9,763.5 (5,031.5) (170.8)
SBA COMM CORP 4SB GR 9,763.5 (5,031.5) (170.8)
SBA COMM CORP SBAC* MM 9,763.5 (5,031.5) (170.8)
SBA COMM CORP 4SB GZ 9,763.5 (5,031.5) (170.8)
SBA COMM CORP 4SB QT 9,763.5 (5,031.5) (170.8)
SBA COMM CORP SBACEUR EU 9,763.5 (5,031.5) (170.8)
SBA COMMUN - BDR S1BA34 BZ 9,763.5 (5,031.5) (170.8)
SCIENTIFIC GAMES TJW TH 7,984.0 (2,524.0) 1,348.0
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
SEAWORLD ENTERTA SEAS US 2,573.4 (145.8) 161.0
SEAWORLD ENTERTA W2L GR 2,573.4 (145.8) 161.0
SEAWORLD ENTERTA W2L TH 2,573.4 (145.8) 161.0
SEAWORLD ENTERTA SEASEUR EU 2,573.4 (145.8) 161.0
SECOND SIGHT MED EYES US 4.5 (0.7) (0.9)
SELECTA BIOSCIEN SELB US 165.4 (18.0) 69.8
SHELL MIDSTREAM SHLX US 2,322.0 (467.0) 325.0
SHOALS TECHNOL-A SHLS US 252.3 (42.9) 45.0
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 SBTA TH 13,382.0 (995.0) 2,183.0
SINCLAIR BROAD-A SBTA QT 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
SINO UNITED WORL SUIC US 0.3 (0.1) (0.2)
SIRIUS XM HO-BDR SRXM34 BZ 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN RDO GR 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN RDO TH 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN SIRI US 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN SIRI AV 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN SIRIEUR EU 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN RDO GZ 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN RDO QT 9,988.0 (2,603.0) (1,945.0)
SIX FLAGS ENTERT 6FE GR 2,674.0 (713.1) (248.5)
SIX FLAGS ENTERT SIXEUR EU 2,674.0 (713.1) (248.5)
SIX FLAGS ENTERT SIX US 2,674.0 (713.1) (248.5)
SIX FLAGS ENTERT 6FE QT 2,674.0 (713.1) (248.5)
SIX FLAGS ENTERT 6FE TH 2,674.0 (713.1) (248.5)
SKYWATER TECHNOL SKYT US - - -
SLEEP NUMBER COR SNBR US 822.2 (332.6) (585.9)
SLEEP NUMBER COR SL2 GR 822.2 (332.6) (585.9)
SLEEP NUMBER COR SNBREUR EU 822.2 (332.6) (585.9)
SLEEP NUMBER COR SL2 TH 822.2 (332.6) (585.9)
SLEEP NUMBER COR SL2 QT 822.2 (332.6) (585.9)
SQL TECHNOLOGIES SQFL US 7.0 (22.9) (19.6)
STARBUCKS CORP SBUX* MM 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SRB GR 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SRB TH 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX CI 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX AV 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUXEUR EU 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX TE 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX IM 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUXUSD SW 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SRB GZ 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX PE 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX US 28,371.7 (7,648.3) 474.4
STARBUCKS CORP USSBUX KZ 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX SW 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SRB QT 28,371.7 (7,648.3) 474.4
STARBUCKS CORP 0QZH LI 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUXCL CI 28,371.7 (7,648.3) 474.4
STARBUCKS-BDR SBUB34 BZ 28,371.7 (7,648.3) 474.4
STARBUCKS-CEDEAR SBUX AR 28,371.7 (7,648.3) 474.4
STARBUCKS-CEDEAR SBUXD AR 28,371.7 (7,648.3) 474.4
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 - - -
SYSOREX INC SYSX US 3.5 (23.5) (9.1)
TAIGA MOTORS COR TAIG CN 102.3 (7.5) (109.1)
TASTEMAKER ACQ-A TMKR US 0.2 0.0 (0.1)
TASTEMAKER ACQUI TMKRU US 0.2 0.0 (0.1)
THUNDER BRIDGE C TBCPU US 0.1 (0.0) (0.1)
THUNDER BRIDGE-A TBCP US 0.1 (0.0) (0.1)
TORTEC GROUP COR TRTK US 0.0 (0.1) (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 T7D QT 18,557.0 (3,721.0) 5,511.0
TRANSDIGM GROUP TDGEUR EU 18,557.0 (3,721.0) 5,511.0
TRAVEL + LEISURE WD5A GR 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A TH 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE TNL US 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE 0M1K LI 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A QT 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WYNEUR EU 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A GZ 6,728.0 (976.0) 3,073.0
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
TRIUMPH GROUP TG7 GZ 2,401.9 (1,069.8) 699.1
TUPPERWARE BRAND TUP GR 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP US 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP TH 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP1EUR EU 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP GZ 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP QT 1,226.9 (153.3) (317.6)
UBIQUITI INC UI US 893.0 (60.2) 440.3
UBIQUITI INC 3UB GR 893.0 (60.2) 440.3
UBIQUITI INC 3UB GZ 893.0 (60.2) 440.3
UBIQUITI INC UBNTEUR EU 893.0 (60.2) 440.3
UNISYS CORP USY1 GR 2,456.7 (285.8) 550.7
UNISYS CORP USY1 TH 2,456.7 (285.8) 550.7
UNISYS CORP UIS US 2,456.7 (285.8) 550.7
UNISYS CORP UIS1 SW 2,456.7 (285.8) 550.7
UNISYS CORP UISEUR EU 2,456.7 (285.8) 550.7
UNISYS CORP UISCHF EU 2,456.7 (285.8) 550.7
UNISYS CORP USY1 GZ 2,456.7 (285.8) 550.7
UNISYS CORP USY1 QT 2,456.7 (285.8) 550.7
UNITI GROUP INC 8XC SW 4,781.8 (2,153.7) -
UNITI GROUP INC 8XC TH 4,781.8 (2,153.7) -
UNITI GROUP INC 8XC GR 4,781.8 (2,153.7) -
UNITI GROUP INC UNIT US 4,781.8 (2,153.7) -
UNITI GROUP INC 8XC GZ 4,781.8 (2,153.7) -
VALVOLINE INC 0V4 TH 2,921.0 (56.0) 520.0
VALVOLINE INC VVVEUR EU 2,921.0 (56.0) 520.0
VALVOLINE INC 0V4 GR 2,921.0 (56.0) 520.0
VALVOLINE INC 0V4 QT 2,921.0 (56.0) 520.0
VALVOLINE INC VVV US 2,921.0 (56.0) 520.0
VECTOR GROUP LTD VGR US 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR GR 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGREUR EU 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR QT 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR TH 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR GZ 1,403.6 (656.5) 392.3
VERANO HOLDINGS VRNO CN 0.0 (0.3) (0.3)
VERANO HOLDINGS VRNOF US 0.0 (0.3) (0.3)
VERISIGN INC VRS TH 1,782.9 (1,403.8) 225.3
VERISIGN INC VRSN US 1,782.9 (1,403.8) 225.3
VERISIGN INC VRS GR 1,782.9 (1,403.8) 225.3
VERISIGN INC VRSN* MM 1,782.9 (1,403.8) 225.3
VERISIGN INC VRSNEUR EU 1,782.9 (1,403.8) 225.3
VERISIGN INC VRS GZ 1,782.9 (1,403.8) 225.3
VERISIGN INC VRS QT 1,782.9 (1,403.8) 225.3
VERISIGN INC-BDR VRSN34 BZ 1,782.9 (1,403.8) 225.3
VERISIGN-CEDEAR VRSN AR 1,782.9 (1,403.8) 225.3
VERY GOOD FOOD C VERY CN 15.8 9.1 8.1
VERY GOOD FOOD C VRYYF US 15.8 9.1 8.1
VIVINT SMART HOM VVNT US 2,877.5 (1,487.3) (316.5)
W&T OFFSHORE INC WTI US 949.7 (208.6) (26.2)
W&T OFFSHORE INC UWV SW 949.7 (208.6) (26.2)
WALDENCAST ACQUI WALDU US 0.2 (0.0) (0.2)
WARRIOR TECHN-A WARR US 0.4 (0.0) (0.4)
WARRIOR TECHNOLO WARR/U US 0.4 (0.0) (0.4)
WAYFAIR INC- A W US 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A W* MM 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF QT 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF GZ 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF GR 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF TH 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A WEUR EU 4,774.9 (1,469.7) 996.9
WIDEOPENWEST INC WOW US 2,505.1 (202.0) (91.3)
WIDEOPENWEST INC WU5 QT 2,505.1 (202.0) (91.3)
WIDEOPENWEST INC WOW1EUR EU 2,505.1 (202.0) (91.3)
WIDEOPENWEST INC WU5 TH 2,505.1 (202.0) (91.3)
WIDEOPENWEST INC WU5 GR 2,505.1 (202.0) (91.3)
WINGSTOP INC WING1EUR EU 217.8 (331.7) 33.0
WINGSTOP INC WING US 217.8 (331.7) 33.0
WINGSTOP INC EWG GR 217.8 (331.7) 33.0
WINGSTOP INC EWG GZ 217.8 (331.7) 33.0
WINMARK CORP WINA US 30.7 (12.8) 5.6
WINMARK CORP GBZ GR 30.7 (12.8) 5.6
WW INTERNATIONAL WW US 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WW6 GR 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WTW AV 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WW6 GZ 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WTWEUR EU 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WW6 QT 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WW6 TH 1,436.4 (555.8) (76.2)
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 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 WYNNEUR EU 13,869.5 (737.3) 1,932.3
WYNN RESORTS LTD WYR GZ 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 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 2,354.5 (281.2) 280.3
YELLOW CORP YEL1 SW 2,354.5 (281.2) 280.3
YELLOW CORP YELL US 2,354.5 (281.2) 280.3
YELLOW CORP YRCWEUR EU 2,354.5 (281.2) 280.3
YELLOW CORP YEL QT 2,354.5 (281.2) 280.3
YELLOW CORP YEL1 TH 2,354.5 (281.2) 280.3
YELLOW CORP YEL GZ 2,354.5 (281.2) 280.3
YUM! BRANDS -BDR YUMR34 BZ 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR TH 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR GR 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUM* MM 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUM AV 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR TE 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUMUSD SW 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR GZ 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUM US 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUMEUR EU 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR QT 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUM SW 5,550.0 (7,912.0) (25.0)
*********
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.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***