/raid1/www/Hosts/bankrupt/TCR_Public/210525.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 25, 2021, Vol. 25, No. 144
Headlines
1121 PIER VILLAGE: Voluntary Chapter 11 Case Summary
193 HANCOCK: Voluntary Chapter 11 Case Summary
1A SMART: S&P Downgrades ICR to 'B-' on Proposed Dividend
2136 FULTON: Online Auction of Brooklyn Property Set for July 15
231 E 123: Voluntary Chapter 11 Case Summary
2626 FRANFORD: Voluntary Chapter 11 Case Summary
285 KINGSLAND: Voluntary Chapter 11 Case Summary
5171 CAMPBELLS: Plan Admin's $656K Sale of Pittsburgh Property OK'd
ABRAXAS PETROLEUM: Receives Noncompliance Notice From Nasdaq
ACER THERAPEUTICS: Incurs $1.5 Million Net Loss in First Quarter
AFFILIATED PHYSICIANS: Case Summary & 20 Top Unsecured Creditors
AIMBRIDGE ACQUISITION: S&P Affirms 'CCC+' Issuer Credit Rating
ALPHA HOUSE: May Use Cash Collateral Until July 6
AMERICAN CRYOSTEM: Incurs $304,729 Net Loss in Second Quarter
AMERICORE HOLDINGS: Patient Care Ombudsman Files 7th Report
ANDRA'S REDEMPTION: Selling Ozone Park Property for $1.16 Million
ANGI INC: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable
ANTECO PHARMA: Seeks to Hire Krekeler Strother as Legal Counsel
ARCHDIOCESE OF NEW ORLEANS: Panel Hires Dundon as Financial Advisor
ARCHDIOCESE OF SANTA FE: SVN's Auction of Real Property Approved
AUSTIN CONVENTION: S&P Affirms Senior Bond Rating at 'BB+'
AVENTURA HOTEL: Seeks to Hire Avison Young as Real Estate Broker
AVERY ASPHALT: Public Auction Sale of 5 Vehicles Approved in Part
AYTU BIOPHARMA: Incurs $25.5 Million Net Loss in Third Quarter
BARENZ INVESTMENTS: Case Summary & 2 Unsecured Creditors
BCPE NORTH: S&P Assigns 'B-' ICR on Bain Capital Acquisition
BLACKSTONE CQP: S&P Alters Outlook to Stable, Affirms 'B' ICR
BLUE DOLPHIN: Incurs $3.2 Million Net Loss in First Quarter
BLUE DOLPHIN: Secures $500K SBA Loan
BOTS INC: Posts $305,984 Net Loss in Third Quarter
BROWNIE'S MARINE: Granted Full Forgiveness of $159,600 PPP Loan
BROWNIE'S MARINE: Incurs $441K Net Loss in First Quarter
CADIZ INC: Incurs $5.9 Million Net Loss in First Quarter
CANNTRUST HOLDINGS: Canadian Court OKs C$22.5M DIP, Exit Financing
CANTWELL WOODWORKING: Landlord's Objection to Assets Sale Resolved
CBAK ENERGY: Posts $29.6 Million Net Income in First Quarter
CEL-SCI CORP: Incurs $11.3 Million Net Loss in Second Quarter
CHARGING BEAR: Proposed Sale of Oklahoma City Property Approved
CLINTON NURSERIES: 2nd Cir. Says Trustee Fee Raise Unconstitutional
COCRYSTAL PHARMA: Incurs $2.7 Million Net Loss in First Quarter
CONCORD INC: May Use Iberiabank's Cash Collateral
CONNECTIONS COMMUNITY: Auction of MAT Programs Assets on June 4
DAVIDSTEA INC: June 11 Creditors' Meeting Set for CCAA Plan
DIGIPATH INC: Posts $18K Net Income in Second Quarter
DO@KING PLOW ARTS: June 3 Hearing on $3.2M Sale of Atlanta Property
DO@KING PLOW ARTS: Seeks Expedited Hearing on Atlanta Property Sale
DONALD ANTHONY DELLA: $49K Sale of Cresson Property to Ramseys OK'd
DORCHESTER RESOURCES: June 18 Auction of Substantially All Assets
DRYDEN 77: S&P Assigns Prelim B- (sf) Rating on Class F-R Notes
E.Y. REALTY: Voluntary Chapter 11 Case Summary
EAGLE HOSPITALITY: Auction Yields $480 Mil., None for Queen Mary
EAST END: May 27 Hearing on Bidding Procedures for Propane Buses
EAST END: Sets Bid Procedures for Propane Buses & Other Equipment
EASTERDAY RANCHES: Sale & Abandonment Procedures for Assets Issued
EDISON PLAZA: Gets Court Approval to Use Cash Collateral
ENERGY 11: Posts $3.5 Million Net Income in First Quarter
FAYETTE MEMORIAL: $175K Sale of Connersville Property to Woda OK'd
FRANCIS FARMS: $2.4M Sale of Rehoboth Property to Town Approved
FRESH ACQUISITIONS: May 25 Hearing on Bid Procedures for All Assets
FRESH ACQUISITIONS: Sets Bidding Procedures for Sale of All Assets
FRONTIER COMMUNICATIONS: Responds to FTC Lawsuit Over DSL Services
GALLERIA OF ST. MATTHEWS: $1.75M Louisville Property Sale Approved
GAUCHO GROUP: Incurs $1.1 Million Net Loss in First Quarter
GBT JERSEYCO: S&P Lowers ICR to 'B-', Outlook Negative
GENERAL CANNABIS: Incurs $2.4 Million Net Loss in First Quarter
GENESIS HEALTHCARE: Wins Cash Collateral Access Until July 21st
GREENKARMA LLC: Seeks Court Authority to Use Cash Collateral
GTT COMMUNICATIONS: Talks Consider Wiping Out Equity, Bonds
HENRY FORD VILLAGE: Court Okays Sale to Sage Healthcare
HENRY FORD: Patient Care Ombudsman Files Third Report
IBIO INC: Posts $7.7 Million Net Loss in Third Quarter
INPIXON: Incurs $12.5 Million Net Loss in First Quarter
IONIX TECHNOLOGY: Incurs $115,594 Net Loss in Third Quarter
ISLAND VIEW: General Partner Has Own Plan, Opposes Trustee's
ISLAND VIEW: Unsecureds to Recover 100% in General Partner's Plan
JB HOLDINGS: $1.3M Sale of Hobe Sound Property to Dickson Approved
JOSEPH MARTIN THOMAS: $3.37M Sale of Properties to Wells Fargo OK'd
KAYA HOLDINGS: Incurs $5.5 Million Net Loss in First Quarter
KRISU HOSPITALITY: Fine-Tunes Plan; Ongoing Operations to Fund Plan
LAMAR INVESTMENT: Trustee's $185K Sale of Pacific Property Approved
LINKMEYER PROPERTIES: Florence Buying Lawrenceburg Property for $1M
LINKMEYER PROPERTIES: Objections to $1M Sale of Property Due June 4
LUVU BRANDS: Posts $469K Net Income in Third Quarter
MALLINCKRODT PLC: Claims Reps, Govt. Challenge Plan Disclosures
MALLINCKRODT PLC: Mandos Agrees to Acquire Adrabetadex
MALLINCKRODT PLC: Willkie, Morris Update on Attestor Claimants
MANHATTAN SCIENTIFICS: Posts $134K Net Income in First Quarter
MC TOURS: Case Summary & 20 Largest Unsecured Creditors
MCD ENTERPRISES: $519K Sale to Siah of Dallas Condo Unit 302 Okayed
NEAL STUBBS: $945K Sale of Costa Rica Property to Morozov Approved
NG PURVIS: Seeks Approval to Hire Frost PLLC as Accountant
NG PURVIS: Seeks Approval to Hire Hendren Redwine as Co-Counsel
NG PURVIS: Seeks Approval to Hire Robbins May as Special Counsel
NG PURVIS: Seeks Approval to Hire Steve Weiss of NutriQuest as CRO
NG PURVIS: Seeks to Hire Butler & Butler as Bankruptcy Counsel
OAKMOD LLC: Case Summary & 16 Unsecured Creditors
ODYSSEY ENGINES: May Use Cash Collateral Thru July 21
OLMA-XXI INC: EisnerAmper's Calascibetta Named as Examiner
PAPER SOURCE: Sale of Substantially All Assets to Papershop Okayed
PENN TREATY HOMES: Voluntary Chapter 11 Case Summary
POINT LOOKOUT: Court Sets Hearing on Trustee's Sale of Ridge Asset
POINT LOOKOUT: Trustee Seeks Hearing for $1.25M Ridge Property Sale
POINT LOOKOUT: Trustee Selling Ridge Property for $1.25 Million
PROFESSIONAL DIVERSITY: Incurs $770,689 Net Loss in First Quarter
RABBIT RIDGE: June 10 Bid Deadline Set for Paso Robles Winery
RAWHIDE RESOURCES: Seeks to Hire 'Ordinary Course' Professionals
REMARK HOLDINGS: Incurs $5.5 Million Net Loss in First Quarter
RESTLAND MEMORIAL: Seeks to Hire Calaiaro Valencik as Legal Counsel
RIOT BLOCKCHAIN: Posts $7.5 Million Net Income in First Quarter
ROCK CHURCH: $262.5K Cash Sale of Lot 1 to Valley of Terre Approved
ROMANS HOUSE: Wins Interim Cash Collateral Access
SAHAR P. MONTALVO: $1.35M Sale of Fishers Property to Snyders OK'd
SCARISBRICK LAND: Gets Cash Collateral Access Until June 2
SEADRILL PARTNERS: Secures Four Well Contract for West Capella
STEM HOLDINGS: Incurs $8.6 Million Net Loss in Second Quarter
SUN PACIFIC: Incurs $587,802 Net Loss in First Quarter
TOUCHPOINT GROUP: Incurs $1.2 Million Net Loss in First Quarter
TWO GUNS CONSULTING: Obtains Cash Collateral Access Until June 7
US CONCRETE: S&P Assigns 'BB+' Rating on New $300MM Term Loan B
VENUS CONCEPT: Incurs $9.4 Million Net Loss in First Quarter
VYANT BIO: Incurs $7.4 Million Net Loss in First Quarter
WB SUPPLY: $9-Mil DIP Financing Wins Final Court OK
WESTMORELAND: S.C. Won't Tackle Retired Miner's Health Benefits
WORK CAT: Seeks Court Permission to Use Cash Collateral
XENIA HOTELS: S&P Rates New $400MM Senior Secured Notes 'B'
[*] Adam Chonich Joins Portage Point Partners as Managing Director
[*] April 2021 New Bankruptcy Filings Continue Steady Increase
[*] Bankruptcy Filings Remain Steady in Q1 2021, Report Shows
[*] Greenberg Traurig's David Guess Elected LA Bankruptcy Forum VP
[*] Houbeck & Associates Introduces Bankruptcy Case Legal Services
[*] Timothy Hoffmann Joins King & Spalding's Chicago Office
[^] Large Companies with Insolvent Balance Sheet
*********
1121 PIER VILLAGE: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: 1121 Pier Village LLC
1121-31 N Delaware Avenue
Philadelphia, PA 19125
Business Description: 1121 Pier Village LLC is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: May 23, 2021
Court: United States Bankruptcy Court
Eastern District of Pennsylvania
Case No.: 21-11466
Judge: Hon. Eric L. Frank
Debtor's Counsel: Edmond M. George, Esq.
OBERMAYER REBMANN MAXWELL & HIPPELL LLP
Centre Square West, 1500 Market Street,
Suite 3400
Philadelphia, PA 19102
Tel: 215-665-3140
E-mail: edmond.george@obermayer.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Alex Halim, operating manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/QKP5NGQ/1121_Pier_Village_LLC__paebke-21-11466__0001.0.pdf?mcid=tGE4TAMA
193 HANCOCK: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: 193 Hancock LLC
193 Hancock Street
Brooklyn, NY 11216
Business Description: 193 Hancock LLC is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: May 23, 2021
Court: United States Bankruptcy Court
Eastern District of Pennsylvania
Case No.: 21-11468
Judge: Hon. Ashely M. Chan
Debtor's Counsel: Edmond M. George, Esq.
OBERMAYER REBMANN MAXWELL & HIPPEL LLP
Centre Square West, 1500 Market Street,
Suite 3400
Philadelphia, PA 19102
Tel: 215-665-3140
E-mail: edmond.george@obermayer.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Alex Halimi, operating manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/RDR3AQY/193_Hancock_LLC__paebke-21-11468__0001.0.pdf?mcid=tGE4TAMA
1A SMART: S&P Downgrades ICR to 'B-' on Proposed Dividend
---------------------------------------------------------
S&P Global Ratings lowered its existing ratings on 1A Smart Start
LLC to 'B-' from 'B'; and assigned its 'B-' issue rating and '3'
recovery rating to the proposed incremental first-lien term loan.
At the same time, S&P assigned its 'CCC' issue-level and '6'
recovery ratings to the proposed $115 million second-lien term
loan.
S&P said, "The stable outlook on Smart Start reflects our
expectation that new installations in higher-margin international
regions, a rebound in the U.S. market, and actioned
cost-optimization initiatives will enable Smart Start to improve
(and sustain) S&P Global Ratings' adjusted leverage to the high-6x
area and EBITDA margin to the low-40% area by 2022.
"We believe the proposed dividend recapitalization transaction
indicates a more aggressive financial policy than we had previously
expected. We now view Smart Start's financial policy as more
aggressive than we previously expected, given the large size of the
proposed dividend. The proposed $154 million dividend follows the
previous payout of $108.7 million in 2017. The transaction will
result in weaker credit metrics for Smart Start, with pro forma
leverage increasing to 7.1x from 6.3x in 2020. The company's gross
debt will increase by 44.5% to about $503.3 million, and we expect
annual interest cost to be about $10.9 million higher. While we
expect credit metrics to improve gradually through 2022, supported
by good cash flow generation, we believe Smart Start will continue
to periodically undertake dividend payouts to its private equity
sponsors when the opportunity arises.
“The stable outlook on Smart Start reflects our expectation that
new installations in higher-margin international regions, a rebound
in the U.S. market, and actioned cost-optimization initiatives will
enable Smart Start to improve (and sustain) S&P Global Ratings'
adjusted leverage to the high-6x area and EBITDA margin to the low
40% range by 2022.
"Although unlikely, given our view of the company's financial
policy under majority ownership by ABRY, we could raise the rating
if the company generates better-than-expected revenue and EBITDA
growth, with leverage sustained comfortably below 6.5x.
"While unlikely, we could lower our rating if we believe Smart
Start's capital structure is unsustainable as a result of
weaker-than-expected operating performance, free cash flow turning
negative, liquidity becoming constrained, or increased risk for a
covenant breach. Smart Start may encounter this scenario from
pricing pressure, elevated investment needs, or a more aggressive
financial policy (including debt-funded dividends and
acquisitions)."
S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."
2136 FULTON: Online Auction of Brooklyn Property Set for July 15
----------------------------------------------------------------
Judge Nancy Hershey Lord of the U.S. Bankruptcy Court for the
Eastern District of New York authorized 2136 Fulton Realty LLC's
bidding procedures in connection with the online auction sale of
the real property located at 2136 Fulton Street, in Brooklyn, New
York.
A hearing on the Motion was held on May 4, 2021.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: July 12, 2021, at 5:00 p.m. (ET)
b. Deposit: $65,000, due on or before Bid Deadline
c. Auction: The Auction will be held via an online-only
auction from July 13, 2021 at 11:00 a.m. (ET) through July 15,
2021, at 11:00 a.m. (ET) at the Maltz Auction Gallery, 39 Windsor
Place, Central Islip, NY 11722. Online bidding will be made
available for pre-registered bidders via Maltz's online bidding App
available for download in the App Store or on Google play, and via
desktop bidding at RemoteBidding.MaltzAuctions.com.
d. Sale Hearing: July 27, 2021, at 11:30 a.m.
e. Sale Objection Deadline: July 20, 2021
f. Buyer's Premium: 6% of the high bid at Auction. Should the
Successful Purchaser be by credit bid, Maltz's fee will be 2% of
the credit bid amount and the same as other bidders with respect to
the cash portion.
g. Closing: The closing will be an "escrow closing."
h. Yellow Jacket Ventures, the mortgagee with regard to the
Property, is entitled to credit bid. The amount that Yellow Jacket
is entitled to credit bid will be as of July 1, 2021 $489,848.97.
The Debtor is authorized and empowered to take such steps, incur
and pay such costs and expenses, and do such things as may be
reasonably necessary to fulfill the notice requirements established
by the Order.
All time periods set forth in the Order will be calculated in
accordance with Bankruptcy Rule 9006(a).
A copy of the Bidding Procedures is available at
https://tinyurl.com/37h9ee74 from PacerMonitor.com free of charge.
About 2136 Fulton Realty
2136 Fulton Realty LLC filed a Chapter 11 petition (Bankr.
E.D.N.Y.
Case No. 20-42296) on June 10, 2020. Eric H. Horn, Esq., of A.Y.
STRAUSS LLC, is the Debtor's Counsel.
231 E 123: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: 231 E 123 LLC
231 E 123rd Street
New York, NY 10035
Business Description: 231 E 123 LLC is a Single Asset Real Estate
(as defined in 11 U.S.C. Section 101(51B)).
Chapter 11 Petition Date: May 23, 2021
Court: United States Bankruptcy Court
Eastern District of Pennsylvania
Case No.: 21-11469
Judge: Hon. Eric L. Frank
Debtor's Counsel: Edmond M. George, Esq.
OBERMAYER REBMANN MAXWELL & HIPPEL LLP
Centre Square West, 1500 Market Street,
Suite 3400,
Philadelphia, PA 19102
Tel: 215-665-3140
E-mail: edmond.george@obermayer.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Alex Halimi, operating manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/TOPDJHY/231_E_123_LLC__paebke-21-11469__0001.0.pdf?mcid=tGE4TAMA
2626 FRANFORD: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: 2626 Frankford LLC
2626 Frankford Avenue
Philadelphia, PA 19125
Business Description: 2626 Frankford LLC is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: May 23, 2021
Court: United States Bankruptcy Court
Eastern District of Pennsylvania
Case No.: 21-11467
Judge: Hon. Ashely M. Chan
Debtor's Counsel: Edmond M. George, Esq.
OBERMAYER REBMANN MAXWELL & HIPPELL LLP
Centre Square West, 1500 Market Street,
Suite 3400
Philadelphia, PA 19102
Tel: 215-665-3140
E-mail: edmond.george@obermayer.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Alex Halimi, operating manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/Q5MVXNY/2626_Frankford_LLC__paebke-21-11467__0001.0.pdf?mcid=tGE4TAMA
285 KINGSLAND: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: 285 Kingsland LLC
285 Kingsland Avenue
Brooklyn, NY 11222
Business Description: 285 Kingsland LLC is primarily engaged in
renting and leasing real estate properties.
Chapter 11 Petition Date: May 23, 2021
Court: United States Bankruptcy Court
Eastern District of Pennsylvania
Case No.: 21-11470
Judge: Hon. Eric L. Frank
Debtor's Counsel: Edmond M. George, Esq.
OBERMAYER REBMANN MAXWELL & HIPPEL LLP
Centre Square West, 1500 Market Street,
Suite 3400
Philadelphia, PA 19102
Tel: 215-665-3140
Email: edmond.george@obermayer.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Alex Halimi, operating manager.
The Debtor did not include in the petition a list of its 20 largest
unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/RW5TKLA/285_Kingsland_LLC__paebke-21-11470__0001.0.pdf?mcid=tGE4TAMA
5171 CAMPBELLS: Plan Admin's $656K Sale of Pittsburgh Property OK'd
-------------------------------------------------------------------
Judge Carlota M. Bohm of the U.S. Bankruptcy Court for the Western
District of Pennsylvania authorized Robert S. Bernstein, Esquire,
Plan Administrator in the Chapter 11 case of 5171 Campbells Land
Co., Inc., to sell the parcel of vacant property located at 5171
Campbells Run Road, in Pittsburgh, Pennsylvania, located in
Robinson Township, Allegheny County, containing approximately
1.0583 acres of land at Block and Lot 0334-G-00015, to First
National Bank of Pennsylvania for $656,000 credit bid.
The oral objection raised by Ronald G. Linaburg is overruled.
The sale is free and clear of all Liens. All Liens on the Real
Property will attach to the sale proceeds in the same order and
priority as such Liens were attached to the Real Property prior to
the Sale.
The Plan Administrator is the sole and lawful owner of the Property
and is authorized to sell the Real Property pursuant to the
Debtor's confirmed Chapter 11 Plan.
The Real Property is sold to the Purchaser "as is-where is, with
all faults" without any representations or warranties from the Plan
Administrator as to the quality or fitness of such real property
for either its intended use or any other purpose.
Within five days following the consummation of the sale, the Plan
Administrator will file a report of the sale.
Formal closing on the sale will occur within 20 days after entry of
the Sale Order confirming the sale to the Successful Bidder.
Pursuant to the Bid Procedures Order entered by the Court on Feb.
21, 2021, if the Purchaser is the Successful Bidder by way of a
credit bid, then the Purchaser is required to pay the expenses of
sale, the Plan Administrator's fees, the broker, Hanna Langholz
Wilson Ellis' commission and the Estates share of any closing
costs. The expenses of sale are $1,764.37. The Plan Administrator
has agreed to cap his fees at $5,000 and the brokers have agreed to
waive any commission on the purchase of the Real Property by the
Purchaser in exchange for a post-Closing arrangement with the
Purchaser to market the Real Property.
Accordingly, the Purchaser will pay the Plan Administrator: (i)
$1,764.37 for expenses; (ii) no more than $5,000 for the Plan
Administrator's fees, including but not limited to the legal fees
incurred by the Plan Administrator; and (iii) the Estate's closing
costs. The Plan Administrator will disburse all normal closing
costs and expenses to the appropriate parties and there will be no
further funds to distribute to the Estate.
The automatic stay provisions of section 362 of the Bankruptcy Code
are vacated and modified to the extent necessary to implement the
provisions of the Order and the terms and conditions of the Sale to
the Purchaser.
About 5171 Campbells
Based in Rankin, Pennsylvania, 5171 Campbells Land Co., Inc. is a
privately held company that operates in the restaurant industry.
5171 Campbells filed a Chapter 11 petition (Bankr. W.D. Pa. Case
No. 19-22715) on July 8, 2019. The petition was signed by William
T. Kane, president. At the time of filing, the Debtor estimated
$1
million to $10 million in assets and $10 million to $50 million in
liabilities.
The Debtor is represented by Robert O. Lampl, Esq., in Pittsburgh.
The U.S Trustee for Region 3 appointed a committee of unsecured
creditors on Aug. 1, 2019.
On March 18, 2020, the Court confirmed the Debtor's Chapter 11 Plan
of Liquidation Dated Nov. 12, 2020. Robert S. Bernstein, Esq. was
appointed as the Plan Administrator.
ABRAXAS PETROLEUM: Receives Noncompliance Notice From Nasdaq
------------------------------------------------------------
Abraxas Petroleum Corporation received a notice from the Nasdaq
Stock Market LLC stating that the company has not maintained the
necessary minimum of $500,000 in net income from continuing
operations in the most recently completed fiscal year, or two of
the last three fiscal years, as required by Listing Rule
5550(b)(3). The company also does not presently meet the
alternatives of market value of listed securities or stockholders
equity, accordingly, the company no longer complies with the
Listing Rule.
The notice states that Abraxas has 45 calendar days to submit to
Nasdaq a plan to regain compliance with the Listing Rules. The
company is working to resolve this matter and expects to submit the
plan to Nasdaq within the 45 calendar day period. If Nasdaq
accepts the plan, then Nasdaq may grant the company up to 180
calendar days from May 11, 2021 to evidence compliance.
About Abraxas
San Antonio, TX-based Abraxas Petroleum Corporation --
www.abraxaspetroleum.com -- is an independent energy company
primarily engaged in the acquisition, exploration, development and
production of oil and gas.
Abraxas reported a net loss of $184.52 million for the year ended
Dec. 31, 2020, compared to a net loss of $65 million for the year
ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $157.76
million in total assets, $230.73 million in total liabilities, and
a total stockholders' deficit of $72.97 million.
San Antonio, Texas-based ADKF, P.C., the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 6, 2021, citing that the Company has not satisfied certain
covenants under its first lien credit facility as of Dec. 31, 2020
which represents an event of default. Additionally, the company
does not anticipate maintaining compliance with all of its credit
facilities over the next twelve months. These matters raise
substantial doubt about the Company's ability to continue as a
"going concern."
ACER THERAPEUTICS: Incurs $1.5 Million Net Loss in First Quarter
----------------------------------------------------------------
Acer Therapeutics Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $1.51 million on $4 million of revenue for the three months
ended March 31, 2021, compared to a net loss of $4.95 million on
zero revenue for the three months ended March 31, 2020.
"We made significant progress in advancing our pipeline programs
and strengthening our balance sheet in Q1 2021," said Chris
Schelling, CEO and founder of Acer. "Regarding ACER-001, we
executed the Collaboration and License Agreement with Relief
Therapeutics; we conducted a pre-NDA meeting with the FDA and are
awaiting FDA meeting minutes; and we remain on track to submit an
NDA in mid-2021 for ACER-001 as a treatment for UCDs, provided that
no additional data are requested by the FDA and we reach agreement
on the Pediatric Study Plan (PSP). In addition, we conducted a
Type B meeting with the FDA to discuss our proposed path forward
for EDSIVO, and our dialogue is ongoing. We continue to prepare
and target an IND submission for ACER-801 (osanetant) in late Q3
2021. Finally, we continue to seek non-dilutive capital to advance
development of ACER-2820 (emetine)."
As of March 31, 2021, the Company had $44.51 million in total
assets, $34.10 million in total liabilities, and $10.41 million in
total stockholders' equity.
Cash and cash equivalents were $15.9 million as of March 31, 2021,
compared to $5.8 million as of Dec. 31, 2020. Acer believes its
cash and cash equivalents available as of March 31, 2021, plus up
to $20.0 million of Development Payments per the Collaboration
Agreement with Relief, are sufficient to fund its currently
anticipated operating and capital requirements into mid-2022,
excluding support for a planned osanetant clinical trial.
The Company had an accumulated deficit of $100.6 million and cash
and cash equivalents of $15.9 million as of March 31, 2021. Net
cash provided by operating activities was $3.0 million for the
three months ended March 31, 2021, as compared to net cash used in
operating activities of $5.1 million for the three months ended
March 31, 2020.
Acer Therapeutics said, "Management expects to continue to finance
operations through the issuance of additional equity or debt
securities, non-dilutive funding, and/or through strategic
collaborations. Any transactions which occur may contain covenants
that restrict the ability of management to operate the business and
any securities issued may have rights, preferences, or privileges
senior to the Company's common stock and may dilute the ownership
of current stockholders of the Company."
Going Concern
The Company has not established a source of commercial product
revenues and, as such, has been dependent on funding operations
through the sale of equity securities and through a collaboration
agreement. Since inception, the Company has experienced
significant losses and incurred negative cash flows from
operations. The Company has an accumulated deficit of $100.6
million as of March 31, 2021 and expects to incur further losses
for the foreseeable future as it develops its business. The
Company has spent, and expects to continue to spend, a substantial
amount of funds in connection with implementing its business
strategy, including its planned product development efforts and
potential precommercial activities.
As of March 31, 2021, the Company had cash and cash equivalents of
$15.9 million and current liabilities of $34.0 million, which
include $20.7 million associated with deferred collaboration
funding, as well as a $9.8 million liability related to the
securities class action and stockholder derivative actions
settlements and legal costs, for which the Company has also
recorded a receivable from its insurance carriers. The Company's
cash and cash equivalents available at March 31, 2021, plus up to
$20.0 million of Development Payments per the Collaboration
Agreement with Relief, are expected to fund its currently
anticipated operating and capital requirements into mid-2022,
excluding support for a planned osanetant clinical trial.
Acer said, "The Company will need to raise additional capital to
fund continued operations in the second half of 2022 because
neither FDA approval of ACER-001 nor subsequent product revenues
are assured. The Company may not be successful in its efforts to
raise additional funds or achieve profitable operations. The
Company continues to explore potential opportunities and
alternatives to obtain the additional resources that will be
necessary to support its ongoing operations beyond mid-2022,
including raising additional capital through either private or
public equity or debt financing or non-dilutive funding, as well as
using its ATM facility and/or its $15.0 million equity line
facility entered into on April 30, 2020 with Lincoln Park, which is
subject to certain limitations and conditions. The Company has no
commitments for any additional financing, except for the agreement
with Lincoln Park and the Collaboration Agreement with Relief. Any
amounts raised will be used for further development of its product
candidates, precommercial activities, potential acquisitions of
additional product candidates, and for other working capital
purposes."
"If the Company is unable to obtain additional funding to support
its current or proposed activities and operations, it may not be
able to continue its operations as proposed, which may require it
to suspend or terminate any ongoing development activities, modify
its business plan, curtail various aspects of its operations, cease
operations, or seek relief under applicable bankruptcy laws. In
such event, the Company's stockholders may lose a substantial
portion or even all of their investment."
"These factors individually and collectively raise substantial
doubt about the Company's ability to continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1069308/000156459021028403/acer-10q_20210331.htm
Acer Therapeutics
Acer Therapeutics -- http://www.acertx.com-- is a pharmaceutical
company focused on the acquisition, development and
commercialization of therapies for serious rare and
life-threatening diseases with significant unmet medical needs.
Acer's pipeline includes four clinical-stage candidates: emetine
hydrochloride for the treatment of patients with COVID-19; EDSIVO
(celiprolol) for the treatment of vascular Ehlers-Danlos syndrome
(vEDS) in patients with a confirmed type III collagen (COL3A1)
mutation; ACER-001 (a taste-masked, immediate release formulation
of sodium phenylbutyrate) for the treatment of various inborn
errors of metabolism, including urea cycle disorders (UCDs) and
Maple Syrup Urine Disease (MSUD); and osanetant for the treatment
of induced Vasomotor Symptoms (iVMS) where Hormone Replacement
Therapy (HRT) is likely contraindicated. Each of Acer's product
candidates is believed to present a comparatively de-risked
profile, having one or more of a favorable safety profile, clinical
proof-of-concept data, mechanistic differentiation and/or
accelerated paths for development through specific programs and
procedures established by the FDA.
Acer Therapeutics reported a net loss of $22.88 million for the
year ended Dec. 31, 2020, compared to a net loss of $29.42 million
for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company
had $14.61 million in total assets, $6.39 million in total
liabilities, and $8.22 million in total stockholders' equity.
BDO USA, LLP, based in Boston, Massachusetts, issued a "going
concern" qualification in its report dated March 1, 2021, citing
that the Company has recurring losses and negative cash flows from
operations that raise substantial doubt about the Company's ability
to continue as a going concern.
AFFILIATED PHYSICIANS: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Affiliated Physicians and Employers Master Trust
d/b/a Members Health Plan NJ
80 Cottontail Lane
Suite 204
Somerset, NJ 08873
Business Description: Affiliated Physicians and Employers Master
Trust is an insurance and employee benefit
fund.
Chapter 11 Petition Date: May 24, 2021
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 21-14286
Judge: Hon. Michael B. Kaplan
Debtor's Counsel: Daniel M. Stolz, Esq.
GENOVA BURNS LLC
110 Allen Road
Suite 304
Basking Ridge, NJ 07920
Tel: (973) 467-2700
Fax: (973) 467-8126
E-mail: dstolz@genovaburns.com
Debtor's
Accountant: WITHUMSMITH + BROWN PC
Total Assets: $6,303,036
Total Liabilities: $1,726,938
The petition was signed by Lawrence Downs, Chairman of Affiliated
Physicians and Employers Master Trust.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/M2YKPJI/Affiliated_Physicians_and_Employers__njbke-21-14286__0001.0.pdf?mcid=tGE4TAMA
AIMBRIDGE ACQUISITION: S&P Affirms 'CCC+' Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Aimbridge Acquisition Co.
Inc. to stable from negative and affirmed all of its ratings,
including its 'CCC+' issuer credit rating.
The stable outlook reflects S&P's assessment of the company's
adequate liquidity and S&P's belief that the ongoing recovery in
the travel and lodging industry has reduced the risk of a
conventional default or distressed debt restructuring over the next
12 months.
S&P said, "Despite Aimbridge's very high anticipated leverage
through 2022, we revised our outlook to stable because its
liquidity is currently adequate and the ongoing recovery in the
travel and lodging industry has reduced the risk of a conventional
default or restructuring. Aimbridge had total liquidity of about
$217 million as of March 31, 2021, which comprised about $97
million of unrestricted cash and an undrawn $120 million revolving
credit facility. We believe this level of liquidity will be
sufficient to cover Aimbridge's operating expenses, capital
expenditure, investments, and key money spending in 2021 as long as
hotel occupancy and revenue per available room (RevPAR) continue to
recover. We also believe the liquidity provides a sufficient runway
for RevPAR to recover until Aimbridge begins to generate positive
free cash flow, which we estimate could occur in the second half of
2021 based on our full-year U.S. industry assumptions. In our view,
these factors have reduced the likelihood of a conventional default
or debt restructuring that we would view as distressed under on our
criteria."
The company has a geographically diverse portfolio of more than
180,000 managed hotels rooms spread across the U.S. and Europe. In
addition, its portfolio is diversified across price segments,
including select service, extended stay, and full-service hotels,
which leads us to view it as well positioned to benefit from the
anticipated acceleration of the recovery in travel and hotel demand
in the second half of 2021. Approximately 90% of Aimbridge's
portfolio properties are located in the U.S., which has been
recovering at a faster pace in recent months. The remainder of its
portfolio is primarily located in Europe, where the hotel and
lodging industry has struggled so far this year. Currently, about
60% of the company's rooms base is in the select service, extended
stay, and economy segments, and this exposure helped the company to
experience a less severe decline in its RevPAR during the pandemic
compared with the declines experienced by the upper upscale and
luxury segments. S&P said, "While Aimbridge's management fees,
total revenue, and EBITDA base will remain under pressure in 2021
relative to its historical performance, we believe the recovery in
its revenue and EBITDA will gain momentum in the second half of
2021 and in 2022. Our updated base-case forecast assumes the
company's adjusted debt to EBITDA rises as high as 20x in 2021
before improving to the 10x-15x range in 2022 based on our
assumptions for a recovery in its RevPAR and EBITDA margin. We
forecast that Aimbridge's EBITDA coverage of interest expense could
partially recover in 2021 before improving to about 1.5x in 2021."
S&P said, "Based on our belief that Aimbridge's portfolio will
likely perform in line with the broader U.S. lodging industry, we
assume its RevPAR will rebound to 10%-20% below 2019 levels in
2022. We estimate that Aimbridge's S&P Global Ratings-adjusted
EBITDA margin will be pressured in the near term by the
reintroduction of costs related to its corporate overhead functions
and the ramp up of its hotels. Over the next several years, EBITDA
margin could potentially return to historical levels of more than
20% as long as the company's management fees rebound and Aimbridge
can control costs related to investments in corporate personnel.
"Our issuer credit rating on Aimbridge remains 'CCC+' because we
forecast very high leverage through 2022.We anticipate the
company's leverage will remain unsustainably high and believe its
interest coverage could remain pressured in 2022, which supports
our 'CCC+' rating. Aimbridge issued an incremental first-lien term
loan to enhance its liquidity in 2020, which increased total debt
above $1.1 billion and increases the burden on the path to
recovery. We forecast the company's leverage will remain high
because we anticipate it will generate a depressed level of EBITDA
in 2021 before experiencing a partial rebound in 2022. We also do
not incorporate add-backs for certain recurring cash costs and
anticipated fees in future periods from recent contract wins in our
measure of EBITDA.
"The 'CCC+' rating also reflects our expectation that the company's
near-term cash usage will reduce its cash balances over the coming
months. This is despite our belief that its cash usage has
moderated so far this year and our assessment of adequate
liquidity. We believe Aimbridge will likely continue to burn cash
over the next few months due to its high interest expense payments
until its fee base recovers sufficiently to cover its costs. In
addition, the company sometimes competes for hotel management
contracts by making minority investments in hotels. As its RevPAR
recovers and investment opportunities emerge, we believe Aimbridge
may use some of its liquidity to make key money investments as
early as the second half of 2021 as part of its contract
acquisition strategy." Management's aggressive contract acquisition
activity will pressure it near-term liquidity even though it could
enlarge the company's fee base over the next several years.
Aimbridge is favorably positioned to win hotel management contracts
as owners look to the company's greater scale to reap cost savings.
The company continued to increase the size of its portfolio during
the pandemic with several contract wins, including 49 hotels
additions in the first quarter of 2021 that will ramp up over time.
Aimbridge operates in the third-party hotel management industry, in
which it competes with other third-party hotel managers and brand
owners for management contracts. It is several times the size of
the next largest third-party manager and we expect its greater
scale could enable it to deliver cost savings for hotel owners,
particularly as costs rise over the next few years due to the
anticipated industry recovery. S&P believes Aimbridge has invested
in enterprise reporting and analytics systems that enhance the
ability of hotel owners to access operating performance
information. In addition, the company's scale potentially enables
it to offer procurement savings opportunities to hotel owners,
including for full-service hotels following its acquisition of
Interstate, which historically focused on full-service properties.
S&P said, "The stable outlook reflects our assessment of the
company's adequate liquidity and our belief that the ongoing
recovery in the travel and lodging industry has reduced the risk of
a conventional default or distressed debt restructuring over the
next 12 months.
"Even though we assess Aimbridge's liquidity as adequate over the
next 12 months, any slowdown in the recovery of travel and hotel
demand--particularly in the U.S.--would delay its deleveraging. We
could lower our rating on the company if we believe its capital
structure is unsustainable such that we envision a default or
distressed exchange occurring in the subsequent 12 months.
"We could revise our outlook on Aimbridge to positive or raise our
rating once we are confident it can significantly reduce leverage
and achieve EBITDA interest coverage of at least 1x."
ALPHA HOUSE: May Use Cash Collateral Until July 6
-------------------------------------------------
Judge Robert A. Mark authorized The Alpha House Inc., and debtor
affiliate M Group Hotels, Inc., to use cash collateral in the
ordinary course of their businesses, according to approved budgets,
until the earlier of (i) July 6, 2021, (ii) the entry of a Court
order dismissing the Debtors' case, or (iii) the granting of a stay
in favor of the creditors holding an interest in the cash
collateral.
The Alpha House may grant Marianna Holdings LLC, and M Group Hotels
may grant First Home Bank, each a perfected post-petition security
interest in the cash collateral to the same priority, validity and
extent that each creditor held a properly perfected pre-petition
security interest in the pre-petition assets, for the value of cash
collateral used by the Debtors.
To the extent that the replacement liens granted are not sufficient
to protect for the diminution in value to the creditors'
collateral, each creditor may file a request for a super-priority
basis pursuant to Section 507(b) of the Bankruptcy Code.
Final hearing on the cash collateral request is on July 6, 2021 at
1:30 p.m., by Zoom video conference.
A copy of the order is available for free at https://bit.ly/33YCcE3
from PacerMonitor.com.
About The Alpha House Inc.
The Alpha House, Inc., owner of the M Boutique Hotel in Miami,
Fla., filed for Chapter 11 bankruptcy (Bankr. S.D. Fla. Case No.
21-12338) on March 11, 2021. At the time of the filing, the Debtor
had between $1 million and $10 million in both assets and
liabilities. Judge Robert A. Mark oversees the case.
Affiliate M Group Hotels, Inc., filed for protection under Chapter
11 (Bankr. S.D. Fla. Case No. 21-13977) on April 26, 2021, listing
$10,820 in total assets and $2,643,737 in total liabilities on the
Petition Date. Judge Laurel M. Isicoff is assigned to the case.
Both petitions were signed by Matthieu Mamoudi, president. The
Debtors' cases are jointly administered, with The Alpha House's
case (Bankr. S.D. Fla. Case No. 21-12338) as the lead case.
The Debtors tapped Robert C. Meyer, PA to serve as legal counsel
and Alvin Hagerich, an accountant practicing in Hudson, Florida.
AMERICAN CRYOSTEM: Incurs $304,729 Net Loss in Second Quarter
-------------------------------------------------------------
American CryoStem Corporation filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $304,729 on $126,935 of total revenues for the three
months ended March 31, 2021, compared to a net loss of $147,227 on
$161,340 of total revenues for the three months ended March 31,
2020.
For the six months ended March 31, 2021, the Company reported a net
loss of $350,763 on $253,535 of total revenues compared to a net
loss of $419,087 on $294,467 of total revenues for the six months
ended March 31, 2020.
As of March 31, 2021, the Company had $1.80 million in total
assets, $2.28 million in total liabilities, and a total
shareholders' deficit of $482,481.
As of March 31, 2021, the Company had a cash balance of $109,108,
an increase of $67,348 since Sept. 30, 2020. The Company used
$235,261 of its cash for operations and $19,236 for investing
activities. The main sources of cash provided by financing
activities included new equity and debt issuances totaling
$342,500
Accounts Receivable increased to $749,350 at March 31, 2021 from
$500,000 at Sept. 30, 2020 mainly due to an increase in receivables
from Baoxin for licensing fees. Due to the current economic and
health conditions in China, including increased tariffs and the
Corona virus, the Company is closely monitoring the impact of these
circumstances.
Convertible debt increased to $699,305 an increase of $140,753
since Sept. 30, 2020. This increase was due to the issuance of an
additional $150,000 of new Convertible Notes along with the effects
of increasing and amortizing the beneficial conversion feature of
these notes.
American Cryostem said, "The Company will continue to focus on its
financing and investment activities, but should we be unable to
raise sufficient funds, we will be required to curtail our
operating plans or cease them entirely. We cannot assure you that
we will generate the necessary funding to operate or develop our
business. In the event that we are able to obtain the necessary
financing to move forward with our business plan, we expect that
our expenses will increase significantly as we attempt to grow our
business. Accordingly, the above estimates for the financing
required may not be accurate and must be considered in light these
circumstances."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1468679/000101905621000307/acryo_2q21.htm
About American CryoStem
Eatontown, New Jersey-based American CryoStem Corporation (OTC:
CRYO) -- http://www.americancryostem.com-- is a developer,
marketer and global licensor of patented adipose tissue-based
cellular technologies and related proprietary services with a focus
on processing, commercial bio-banking and application development
for adipose (fat) tissue and autologous adipose-derived
regenerative cells (ADRCs).
American CryoStem reported a net loss of $1.18 million for the year
ended Sept. 30, 2020, compared to a net loss of $1.08 million for
the year ended Sept. 30, 2019. As of Sept. 30, 2020, the Company
had $1.47 million in total assets, $1.90 million in total
liabilities, and a total shareholders' deficit of $421,199.
Fruci & Associates II, PLLC, in Spokane, Washington, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated Jan. 4, 2021, citing that the Company has incurred
significant net losses since inception. This factor raises
substantial doubt about the Company's ability to continue as a
going concern.
AMERICORE HOLDINGS: Patient Care Ombudsman Files 7th Report
-----------------------------------------------------------
Suzanne Koeing, Patient Care Ombudsman for Americore Holdings, LLC,
filed with the Bankruptcy Court a Seventh Interim Report on May 19,
2021.
The Ombudsman disclosed that the Debtor's Izard County Medical
Center in Calico Rock, Arkansas had no sentinel events or major
patient accidents during the reporting period -- there were no
recent spikes in the number of COVID-19 cases in Izard County, and
there was no positive COVID-19 cases at the Medical Center during
the reporting period from March 19, 2021 through May 19, 2021.
A copy of the Seventh Interim Report is available for free at
https://bit.ly/3fEHxWG from PacerMonitor.com.
The Ombudsman did not visit the Medical Center due to COVID-19
precautions but did, however, maintain frequent communications with
the Debtor's Chapter 11 Trustee and with the appropriate leaders at
the Medical Center.
The Patient Care Ombudsman is represented by:
John D. Demmy, Esq.
SAUL EWING ARNSTEIN & LEHR LLP
1201 N. Market Street, Suite 2300
P.O. Box 1266
Wilmington, DE 19899
Telephone: (302) 421-6848
Facsimile: (302) 421-5881
Email: john.demmy@saul.com
About Americore Holdings
Americore Holdings, LLC and its affiliates, including Americore
Health LLC, own and operate the Ellwood City Medical Center in
Pennsylvania, Southeastern Kentucky Medical Center (formerly
Pineville Community Hospital), Izard County Medical Center in
Arkansas; and St. Alexius Hospital in St. Louis.
Americore Holdings and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case
No.19-61608) on Dec. 31, 2019. At the time of the filing, the
Debtor had estimated assets of less than $50,000 and liabilities of
less than $50,000. Judge Gregory R. Schaaf oversees the case.
BINGHAM GREENEBAUM Doll, LLP is the Debtor's legal counsel.
Carol A. Fox was appointed as the Debtors' Chapter 11 trustee. The
trustee is represented by BAKER & HOSTETLER LLP.
Suzanne Koeing was appointed as the Debtor's Patient Care
Ombudsman. The PCO is represented by SAUL EWING ARNSTEIN & LEHR
LLP.
ANDRA'S REDEMPTION: Selling Ozone Park Property for $1.16 Million
-----------------------------------------------------------------
Andra's Redemption, Inc., filed with the U.S. Bankruptcy Court for
the Eastern District of New York a notice of its proposed sale of
the real property known as and located at 94-19 104th Street, also
known as 104-01/104-97 95th Avenue, Ozone Park, New York, Block
9385, Lot 54, to 94-19 104th Street LLC for $1.155 million, under
the terms of their Contract of Sale, dated May 4, 2021, subject to
higher and better offers.
A hearing on the Motion is set for June 22, 2021, at 11:00 a.m.
Any party wishing to appear at the hearing should use the
following: Dial-in Number 888-363-4734 and Access Code 4702754.
The Objection Deadline is June 15, 2021 at 1:00 p.m.
The Property consists of the land and buildings located thereon.
It is owned by the Debtor.
The Purchaser has made the Debtor an offer to purchase the
Property, on the terms set forth in the Contract for a purchase
price of $1.155 million, subject to higher and better offers at the
Sale Hearing. The Purchaser has sent E, Morgan Laird, Special Real
Estate Counsel the sum of $50,000, which is being held in escrow.
If the Purchaser is the successful bidder it will pay the balance
of the purchase price at the closing. The Contract is subject to
the Purchaser obtaining a mortgage in the amount of $866,250.
The counsel for the Debtor spoke with Joshua Harris of Joshua's
Realty and Mr. Harris said that he did due diligence on the
Purchaser and will be assisting it in its mortgage application.
Mr. Harris said he is confident that the Purchaser will have a firm
mortgage commitment by the time of the Sale Hearing.
The Purchaser came to the Debtor through Joshua's Realty. The
Debtor is filing an application for an order authorizing it to
retain Joshua's Realty as its real estate broker in the case.
Although the sale price is sufficient to pay all creditors in full,
Joshua's Realty will continue to market the property and inform
prospective purchasers that they can make higher or better offers
at the Sale Hearing.
The Debtor will welcome any higher and better offers at the Sale
Hearing, with the first offer to be not less than $1.175 million.
It asks that the Court requires any offerors tendering a higher
offer to sign at the Sale Hearing a contract of sale similar to the
contract dated May 4, 2021, as well as any other terms and
conditions that will be announced at the Sale Hearing.
The Debtor's agreement with Joshua's Realty provides that it will
receive 6% of the sales price, from the Debtor, and the Debtor
requests that the Court approves the commission of 6% of the sales
price.
By order dated April 18, 2019, the Court authorized the Debtor to
retain E. Morgan Laird as Special Real Estate Counsel. The Debtor
believed that it had a buyer back in 2019, and Mr. Laird drafted a
contract and sent it to the attorney for the prospective buyer.
That buyer never signed the contract. Mr. Laird drafted the
contract annexed as Exhibit A and negotiated its terms with the
Purchaser's counsel. He will represent the Debtor at the closing
on the sale of the Property. The Debtor believes that the
requested fee of $,3500 is reasonable and requests that the Court
approves the fee.
By the Application, the Debtor seeks the entry of an order:
(a) approving the Contract and authorizing the Debtor to enter
into and consummate the Contract;
(b) pursuant to sections 363(b)(1) and 363(1) of the
Bankruptcy Code, authorizing the Debtor to sell the Property, free
and clear of all liens, claims, encumbrances and interests, except
as set forth in the Contract of Sale, to the Purchaser or to such
entity that submits a higher and better offer at the Sale Hearing;
(c) approving the broker's commission to Joshua's Realty of 6%
of the Sales Price;
(d) approving fees of $3,500 to E. Morgan Laird, as special
real estate counsel to the Debtor; and
(e) granting the Debtor such other and further relief as may
be just and proper.
A copy of the Application is available at
https://tinyurl.com/547e363e from PacerMonitor.com free of charge.
About Andra's Redemption
Andra's Redemption, Inc., owner of a mixed-use building in Ozone
Park, New York, filed a Chapter 11 petition (Bankr. E.D.N.Y. Case
No. 17-40825) on Feb. 24, 2017. Andra Indarmattie, president,
signed the petition. The Debtor indicated $1.02 million in total
assets and $493,000 liabilities as of the bankruptcy filing.
Judge
Nancy Hershey Lord oversees the case. The Debtor tapped
Rosenberg,
Musso & Weiner as its bankruptcy counsel, and Brickner Makow, LLP
as its special counsel.
ANGI INC: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on
Denver-based home services digital marketplace company Angi Inc.
and its 'BB-' issue-level rating on its debt to reflect its
expectation of the potential support from its parent,
IAC/InterActiveCorp., in a stress scenario. However, S&P lowered
its stand-alone credit profile on the company to 'b+' from 'bb-' to
indicate its expectation that its leverage will remain elevated at
more than 6x over the next 12 months.
S&P said, "At the same time, we revised our recovery rating on
Angi's $500 million unsecured notes due 2028 to '3' from '4'
following the company's repayment of $213 million of the principal
on its outstanding senior secured term loan because the reduction
in the amount of secured debt in its capital structure improved the
recovery prospects for the lenders of its unsecured debt. The '3'
recovery rating indicates our expectation for meaningful (30%-50%;
rounded estimate: 55%) recovery in a default scenario.
"The stable outlook on Angi reflects our expectation that it will
benefit from the secular consumer shift toward the online
purchasing of home services, which will increase its revenue by
about 15% over the next 12 months while it maintains a strong
liquidity profile.
"We expect Angi's leverage to remain elevated in 2021 and 2022 due
to its rollout of fixed-price services despite the ongoing economic
recovery and its recent debt paydown. We expect the company's
rollout and expansion of fixed-price contracts will cause its
expenses to remain elevated and weaken its EBITDA margins in 2021
and 2022. Therefore, we believe its EBITDA could decline by about
15%-20% in 2021, relative to 2020 levels, despite a double-digit
percent increase in its revenue. We anticipate Angi's debt leverage
will increase to about 6.2x, from 5.8x as of Dec. 31, 2020, because
the benefits from its recent debt repayment will be more than
offset by the decline in its EBITDA. Our revised estimate for the
company's 2021 leverage is well above our prior expectation for the
low-4x area as of year-end 2021. Therefore, we lowered our
stand-alone credit profile (SACP) on Angi to 'b+' from 'bb-'.
Although its EBITDA margins will likely remain pressured in 2022,
we expect its scale to benefit its EBITDA margins somewhat. This
leads us to forecast a 10%-15% increase in its EBITDA, which will
cause its leverage to decline to the high-4x area.
"We believe that IAC would provide a moderate level of credit
support to Angi in a stress scenario. We consider Angi to be
moderately strategic to IAC given the parent's significant
ownership stake and investment in Angi, the significant cash
holdings (which exceeded $3.9 billion as of March 31, 2021) it is
looking to invest, IAC's desire to make Angi a market leader in its
space over the long run, and Angi's contribution of a material
portion of IAC's annual EBITDA. Furthermore, IAC's CFO Glenn
Schiffman is also the acting CFO of Angi while the company looks
for a permanent replacement. In addition, Joey Levin, IAC's CEO, is
the chairman of Angi's board of directors. Therefore, we believe
that IAC would provide a moderate degree of credit support to Angi
in a stress scenario because it has an economic incentive to
preserve its credit strength. To reflect this, we apply one notch
of uplift to our SACP on Angi and arrive at our 'BB-' issuer credit
rating (ICR), which is one notch below our 'BB' ICR on IAC. Over
the long term, we believe IAC will look to expand Angi and
eventually spin it off as a separate business."
Angi participates in the fragmented home repairs market and has low
digital penetration. S&P expects the company to increase the number
and wallet share of service professionals that rely on its
business, which will likely pressure its margins over the next few
years. Angi provides consumers with tools and resources to find
local, pre-screened, and customer-rated service professionals (SP)
and instantly book appointments online. It derives its revenue from
the SPs, which pay Angi Homeservices to receive leads and
participate in its online directory or receive prenegotiated
contracts to perform specific home repairs. Customer demand for the
online search and reservation of home services well exceeds supply
and a large proportion of online service requests typically go
unfulfilled because most SPs are small businesses that have limited
time and familiarity with using online lead-generation tools.
Therefore, the growing number and wallet share of SPs that rely on
Angi to generate demand will remain a key constraint for the
company and the industry.
Angi believes that the rollout of features such as instant booking
and fixed-price services in its marketplace will help reduce
friction and support greater demand from both consumers and SPs,
thereby creating a flywheel that benefits all market participants.
However, it needs to make material investments to create a thriving
marketplace at the local level, such as taking on the pricing risk
inherent in its fixed-price contracts for instant booking before a
service professional has bid on a project. Furthermore, the strong
housing market and solid demand for home services will continue to
act as a barrier to the significant adoption of online lead
generation by SPs. Therefore, S&P expects the company's margins to
be pressured over the next two years as it invests in improving the
supply from SPs and the consumer demand for its platform.
The company benefits from its market-leading position, though it
participates in an industry with limited barriers to entry. Angi
Inc. owns well-known brands, like HomeAdvisor, Handy, and Angi
(formerly Angie's List), in the home services industry. S&P said,
"However, we view this as a nascent industry because less than 20%
of home service contracts in the U.S. are fulfilled online. While
consumers prefer to interact with known brands with a reputation
for transparency, ease of use, and service quality, the industry
has relatively low barriers to entry. Because of this, significant
marketing and product investments by existing or new competitors
could, over time, increase Angi's customer acquisition costs and
pressure the margins of all industry players. We expect that as the
online purchasing of home services grows, we will see greater
competition in the sector. That said, the expansion of this sector
will also benefit Angi given its market-leading position and
greater operating leverage. We also believe the expansion of this
industry will enable the company to form an established suite of
products over time."
The company's solid cash position and positive cash flow somewhat
offset the risk that its leverage will remain elevated over the
next 12 months. S&P said, "Pro forma for the repayment of the
sinior secured term loan, Angi had about $558 million of cash on
its balance sheet as of March 31, 2021, which compares with its
approximately $500 million of funded debt, and we expect it to
generate over $30 million of free cash flow in 2021. Based on these
assumptions, we forecast it will have free operating cash flow
(FOCF) to debt of over 5%. These factors somewhat offset the risks
posed by its elevated leverage (which we assume will remain above
6x through 2021) stemming from its continued investments. Given the
benefits from its scale and moderating investments in 2022, we
expect its leverage to decline below 5x by year-end 2022, although
we acknowledge that the need for continued investments could cause
its leverage to remain elevated above 5x over the long term."
The stable outlook on Angi reflects S&P's expectation that it will
benefit from the secular consumer shift toward the online
purchasing of home services, which will increase its revenue by
about 15% over the next 12 months while it maintains a strong
liquidity profile.
S&P could lower our rating on Angi over the next 12 months if:
-- Its leverage increases and remains above 6x on a sustained
basis, which could occur due to a combination of
higher-than-expected product and marketing investments, a weakening
economic environment, or a resurgence in coronavirus cases that
leads to government-imposed shutdowns and reduced consumer demand;
-- It depletes its cash balance through dividends, share
repurchases, or significant negative cash flow due to increased
investments; or
-- S&P downgrades IAC and Angi's leverage remains elevated above
5x.
Although unlikely over the next 12 months, S&P could raise its
rating on Angi if:
-- Its leverage declines and remains below 4x due to strong
revenue and EBITDA growth, successful product launches, or
accretive acquisitions; or
-- The company increases its scale and the diversity of its
offerings, such as by expanding its portfolio of fixed-price
services, and its instantly bookable services contribute a
significant proportion of its EBITDA.
ANTECO PHARMA: Seeks to Hire Krekeler Strother as Legal Counsel
---------------------------------------------------------------
Anteco Pharma, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Wisconsin to hire Krekeler Strother,
S.C. as its legal counsel.
The firm will render these services:
a. consult with the Debtor's professionals or representatives
concerning the administration of its Chapter 11 case;
b. prepare and review pleadings, motions and correspondence
regarding the bankruptcy case;
c. appear at and be involved in proceedings before the
bankruptcy court;
d. provide legal advice to the Debtor in its investigation of
the acts, conduct, assets, liabilities and financial condition of
the Debtor, the operation of the Debtor's business, and any other
matters relevant to the bankruptcy case;
e. analyze the Debtor's proposed use of cash collateral and
debtor-in-possession financing;
f. advise the Debtor of its rights, powers and duties under
the Bankruptcy Code;
g. assist in the negotiation and documentation of financing
agreements, debt restructurings, cash collateral arrangements,
debtor-in-possession financing, and related transactions;
h. review the nature and validity of liens asserted against
the property of the Debtor and advise the Debtor concerning the
enforceability of such liens;
i. advise and assist the Debtor concerning the actions that it
might take to collect and recover property for the benefit of the
Debtor's estate;
j. prepare legal documents and review all financial reports to
be filed in the bankruptcy case;
k. advise the Debtor concerning, and prepare responses to,
applications, motions, pleadings, notices and other papers that may
be filed and served in the bankruptcy case; and
l. perform all other legal services.
The firm's attorneys and paralegals will be paid at hourly rates as
follows:
J. David Krekeler, shareholder $396
Kristin J. Sederholm, shareholder $280
John P. Driscoll, associate attorney $225
Associate Attorneys $225 - $280
Abigail N. Haberkorn, paralegal $115
Other Paralegals $115 or less
In addition, the firm will charge Debtor for any other costs and
expenses incurred.
Kristin Sederholm, Esq., at Krekeler Strother, disclosed in court
filings that the firm and its employees are "disinterested persons"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Kristin J. Sederholm, Esq.
Krekeler Strother, S.C.
2901 West Beltline Highway, Suite 301
Madison, WI 53713
Tel: 608-258-8555
Fax: 608-258-8299
Email: ksederho@ks-lawfirm.com
About Anteco Pharma
Anteco Pharma, LLC is a Waunakee, Wis.-based company specializing
in freeze drying and related processing of pharmaceutical
intermediates, medical devices, specialty food and nutritional
ingredients.
Anteco Pharma filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 221-11012) on
May 7, 2021. Howard R. Teeter, authorized member, signed the
petition. At the time of the filing, the Debtor disclosed total
assets of up to $10 million and total liabilities of up to $1
million. Judge Catherine J. Furay oversees the case. Krekeler
Strother, S.C. serves as the Debtor's legal counsel.
ARCHDIOCESE OF NEW ORLEANS: Panel Hires Dundon as Financial Advisor
-------------------------------------------------------------------
The official committee of unsecured commercial creditors appointed
in the Chapter 11 case of The Roman Catholic Church of the
Archdiocese of New Orleans received approval from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to retain
Dundon Advisers, LLC as its financial advisor.
The firm's services include:
a. assisting the commercial creditors' committee in
investigating the assets, liabilities and financial condition of
the Debtor or its operations;
b. assisting the committee in the review of financial
disclosures required by the court;
c. analyzing the Debtor's accounting reports and financial
statements;
d. assisting the committee to analyze the scope of economic
damages and other financial claims of child sex abuse claims;
e. providing forensic accounting and investigations with
respect to transfers of the Debtor's assets and the potential
recovery of property of the estate;
f. assisting the committee in evaluating the Debtor's
ownership interests of property alleged to be held in trust by the
Debtor for the benefit of third parties;
g. assisting the committee in reviewing and everlasting any
proposed asset sales and other asset dispositions;
h. assisting the committee in the evaluation of the Debtor's
organizational structure;
i. assisting the committee in evaluating the Debtor's cash
management system;
j. assisting the committee in the review of financial
information that the Debtor may distribute to creditors and
others;
k. attending meetings and assisting in discussions with the
Debtor, the committee, the U.S. trustee and other parties in
interest;
l. assisting in the review and preparation of information and
analyses necessary for the confirmation of a proposed disposition
of the Debtor's Chapter 11 case;
m. assisting the committee in its evaluation of the Debtor's
solvency;
n. assisting the committee in the evaluation and analysis of
claims, and on any litigation matters;
o. analyzing the flow of funds in and out of accounts, which
the Debtor contends contain assets held in trust for others;
p. assisting the committee with respect to any adversary
proceedings that may be filed in the Debtor's case.
Effective through June 30, 2021, the firm will be paid as follows:
Principal $700 - $750 per hour
Managing Director $650 - $700 per hour
Senior Director $550 - $600 per hour
Director $475 - $5250 per hour
Associate $400 per hour
Effective July 1, 2021, the firm will be paid as follows:
Principal $790 per hour
Managing Director $730 per hour
Senior Director $650 per hour
Associate Director $500 per hour
Sr. Associate $450 per hour
Associate $350 per hour
Matthew Dundon, a principal at Dundon Advisers, disclosed in court
filings 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:
Matthew Dundon
Dundon Advisers LLC
440 Mamaroneck Avenue, Fifth Floor
Harrison, NY 10528
Telephone: (914) 341-1188
Facsimile: (212) 202-4437
Email: md@dundon.com
About Archdiocese of New Orleans
The Roman Catholic Church of the Archdiocese of New Orleans is a
non-profit religious corporation incorporated under the laws of the
State of Louisiana. For more information, visit
https://www.nolacatholic.org/
Established as an archdiocese in 1850, the Archdiocese of New
Orleans has educated hundreds of thousands in its schools, provided
religious services to its churches, and provided charitable
assistance to individuals in need, including those affected by
hurricanes, floods, natural disasters, war, civil unrest, plagues,
epidemics, and illness. Currently, the archdiocese's geographic
footprint occupies over 4,200 square miles in southeast Louisiana
and includes eight civil parishes -- Jefferson, Orleans,
Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St.
Tammany, and Washington.
The Roman Catholic Church for the Archdiocese of New Orleans sought
Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1,
2020, to deal with sexual abuse claims. The archdiocese was
estimated to have $100 million to $500 million in assets and
liabilities as of the bankruptcy filing.
Judge Meredith S. Grabill oversees the case.
The archdiocese's counsel is Jones Walker LLP. Donlin, Recano &
Company, Inc. is the claims agent.
The official committee of unsecured creditors tapped Pachulski
Stang Ziehl & Jones, LLP and Locke Lord, LLP as counsel, and
Berkeley Research Group, LLC, as financial advisor.
On March 5, 2021, the Office of the United States Trustee appointed
a commercial creditor's committee in this Chapter 11 case. The
commercial creditors' committee tapped Stewart Robbins Brown &
Altazan, LLC as counsel and Dundon Advisers LLC as its financial
advisor.
ARCHDIOCESE OF SANTA FE: SVN's Auction of Real Property Approved
----------------------------------------------------------------
Judge David T. Thuma of the U.S. Bankruptcy Court for the District
of New Mexico authorized The Roman Catholic Church of the
Archdiocese of Santa Fe to employ SVN Auction Services, LLC, to
conduct the auction sale of the parcels of real property, which are
listed on Exhibit C.
The objection deadline expired on May 7, 2021. No objections to
the Motion were filed, timely or otherwise.
The Terms of Retention and the Engagement Agreement are approved as
of the date the Motion was filed.
SVN's compensation for its services is approved as follows:
a. The Debtor is authorized to pay marketing and sale
expenses in an amount not to exceed $62,730 to SVN;
b. SVN is authorized to collect commission from the proceeds
of each sale to third party purchasers equal to 0%, as a buyer's
premium, added to the winning bid and included in the total
contract price paid for a property, a portion of which may be paid
to cooperating buyers' brokers, plus gross receipts tax; and
c. SVN is also authorized to collect a $250 administrative
fee per closing from the buyer(s).
4. The Sale and Bidding Procedures are approved, and the
Debtor is hereby authorized to direct SVN to begin marketing the
Property.
The Auctioneer is authorized to close the sales of Property without
further approval of the Court, including accepting payment and
delivering deeds for the parcels of Property.
The Debtor is authorized to sell the Property free and clear of any
liens, claims, and interests, if any. Any liens, claims, and
interests attach to the proceeds of the sale.
At the conclusion of the Auction, the Debtor will submit to the
Court a report of sale or sales of the Property.
The 14-day stay imposed by Rule 6004(h) is waived, and the Debtor
may close on the sale(s) of the Property as set forth in the Sale
and Bidding Procedures without further order of the Court.
A copy of the Agreements and the Exhibits is available at
https://tinyurl.com/emp9s72w from PacerMonitor.com free of charge.
About the Archdiocese of Santa Fe
The Roman Catholic Church of the Archdiocese of Santa Fe --
https://www.archdiosf.org/ -- is an ecclesiastical territory or
diocese of the southwestern region of the United States in the
state of New Mexico. At present, the Archdiocese of Santa Fe
covers
an area of 61,142 square miles. There are 93 parish seats and 226
active missions throughout this area.
The Archdiocese of Santa Fe sought Chapter 11 protection (Bankr.
D.N.M. Case No. 18-13027) on Dec. 3, 2018, to deal with child
abuse
claims. It reported total assets of $49,184,579 and total
liabilities of $3,700,000 as of the bankruptcy filing.
Judge David T. Thuma oversees the case.
The archdiocese tapped Elsaesser Anderson, Chtd. and Walker &
Associates, P.C., as bankruptcy counsel, Stelzner, Winter,
Warburton, Flores, Sanchez & Dawes, P.A as special counsel, and
REDW LLC as accountant.
On Aug. 28, 2020, the Court appointed as Brokers, Philip Gudwin
and Rusty Wafer of Santa Fe Properties.
AUSTIN CONVENTION: S&P Affirms Senior Bond Rating at 'BB+'
----------------------------------------------------------
S&P Global Ratings affirmed Austin Convention Enterprises Inc's
(ACE) senior bond rating at 'BB+' and subordinated bond rating at
'B' based on its liquidity analysis, which indicates robust
resiliency for ACE's senior debt, but a possible default for
subordinated debt in 2022 in the downside case.
ACE owns Hilton Austin, an 801-room, full-service hotel in downtown
Austin, Texas, across from the Austin Convention Center. The hotel
opened on Dec. 27, 2003, and operates in a 31-story tower (24
stories are occupied by the hotel), with about 98,800 square feet
of meeting space (including pre-function space). Below the hotel is
a 750-space parking garage, 600 of which the hotel operates.
S&P said, "We consider that the two approved amendments further
fostered ACE's liquidity position and current rating levels for
both senior and subordinated bonds. The approved $2,175,300 PPP
loan provided additional liquidity to the project, which is
eligible to offset its payroll and utility payments. The loan would
become forgivable by the amount expensed for the project's payroll
and utility payment within the six-month forgivable period. We
believe that ACE would spend all the proceeds to cover its payroll
cost based on an average payroll cost of about $870,000 as per the
loan document, and therefore full forgiveness of the PPP loan. We
also tested the sensitivity of the project's liquidity resiliency
assuming the worst case, where 100% of the loan becomes
non-forgivable and due in five years with 1% annual interest
expense. The impact is very minimal and our liquidity resiliency
assessment for senior and subordinated bonds remains. The
authorization to use excess revenue fund and supplemental repair
and replacement fund to pay administrative expense, if there is
insufficient operational cash flow, enabled the project with more
flexibility to cover administrative expenses. The term will expire
on March 31, 2022, unless an extension is approved by the project,
Hilton, and the majority of bondholders. This amendment, along with
the fact that the project could retain up to 12 months of budgeted
administrative expenses from operational cash flow, fully removed
the risk of imminent operational default of non-payment of
administrative expenses.
"We are revising our forecast for ACE, reflecting a still high
recovery uncertainty. As lodging demand, which was unprecedentedly
suppressed by COVID-19 in 2020, began to bounce back during the
last quarter, U.S. lodging market demonstrated solid recovery,
boosted by the rise of leisure traffic over weekends and strong
performance during spring break and the recent Easter week. U.S.
weekly RevPAR reached nearly 60%-70% in the past two to three
weeks. Austin, slightly behind the national level, recovered its
market RevPAR to about 45% of the 2019 level in March. ACE, being a
hotel with a relatively significant concentration of group bookings
before COVID-19, still underperformed the market at about 15%
RevPAR recovery of the 2019 level in the first quarter. We believe
that operational performance for this hotel would be highly
dependent on the path to recovery of transient bookings this year,
which represents nearly 90% of ACE's total bookings. With the
continuous effort to administer vaccinations to a broader
population and more people willing to travel domestically, we
believe that the U.S. lodging market is on the right path to
recovery. Our revised forecast is based on the recent performance
of the project and market. And our view that convention center
hotels would be the last to recover does not change given the
nature of the convention-related businesses that drive the hotel's
revenue.
"Our revised base case assumes that ACE would have a quicker
recovery in transient bookings but still be under pressure on group
bookings until the fourth quarter of this year. In the first
quarter of 2021, the hotel experienced a recovery for transient
RevPAR of about 37% of the 2019 level, primarily led by rising
drive-in demand over the weekends and spring break. We believe that
ACE's transient RevPAR would achieve up to 50% recovery for 2021
and still represents the majority of the hotel's total RevPAR. The
hotel's group bookings were still under material pressure and
currently at the historically lowest RevPAR level of $1.7 with a
1.4% occupancy rate for the first quarter. Austin Convention Center
was approved for event use on April 16, 2021, and it typically
takes about six months for a reopened center to fill in additional
events on its calendar. Therefore, the estimated time for us to see
a rebound of group bookings could be around the fourth quarter of
2021. As a result, we forecast ACE's 2021 group RevPAR to be about
15% recovery of the 2019 level, with our assumption that it would
be able to capture sizable event attendees during the last quarter
of this year. Combining our expectation for both transient and
group bookings, the hotel's RevPAR recovery arrives at about 30% in
2021. In addition, we believe that the hotel has passed the trough
of the U-sharp recovery curve, and it could demonstrate a faster
recovery toward the end of the recovery cycle. We pushed one
additional year to achieve 100% recovery of the 2019 level to 2025
because we observed a weaker recovery of definite group room nights
on the hotel's book than other rated hotels in our portfolio for
the next three years."
The revised downside case assumes 10% additional stress over the
base case, reflecting a possibly longer U-shaped recovery, with
RevPAR resurfacing to the 2019 level by 2026.
ACE's liquidity cushion reduces the risk of a cash flow shortfall
for senior debt but is subject to full depletion for subordinated
debt in 2022 under our downside case. As of April 30, 2021, ACE's
total liquidity was about $29.1 million including fully funded
$13.5 million first and $6.2 million second-tier debt service
reserve funds, $3.0 million operating reserve fund, $2.1 million
renewal and replacement fund, and $4.0 million supplemental renewal
and replacement fund. S&P said, "In our downside case scenario, the
assumed reduction of RevPAR in 2021 would deplete its operating
reserve fund and draw a large portion of its second-tier debt
service reserve fund by the end of 2021. In addition, our downside
case assumed the first-tier debt service reserve fund to be drawn
in 2022 by about $1.8 million, and not be fully replenished until
2024. Given that the senior debt would survive without depleting
its liquidity for more than five years under our downside case, we
view that its liquidity resiliency is in line with 'bbb-' level.
However, we applied a negative one-notch comparable rating
adjustment to arrive the final rating for senior debt at 'BB+'
given our concern over ACE's discounted average daily rate (ADR)
for transient bookings compared with its peers. For the
subordinated debt, given the subordinated nature of this debt
tranche, which is highly subject to liquidity available to the
subordinated debt obligation (not including the first-tier debt
service reserve fund) and the residual cash after senior debt
services and replenishment of first-tier debt service reserve fund,
our downside case assumed that the liquidity position could only
support one year and likely be fully depleted in 2022 under our
revised downside case. Therefore, the liquidity profile for the
subordinated debt tranche is closer to 'b' level under our downside
assessment."
Environmental, social, and governance (ESG) credit factors for this
credit rating change:
-- Health and safety
S&P considers the impact of the COVID-19 pandemic to be a social
public health and safety issue, related to our ESG factors.
S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."
The negative outlooks reflects S&P's view that the recovery for the
convention center hotel has been slow in the first quarter of 2021,
and that ACE's ability to service senior and subordinated debt
would still be highly dependent on its liquidity position in the
next two years.
S&P said, "We could lower the senior debt rating if ACE's RevPAR
recovery fell behind and was less than 50% of we expected in our
downside case, leading to a material drawdown and a prolonged
period of replenishment for its first-tier debt service reserve. We
could also lower the subordinated debt rating if there were a
material cost overrun in 2021, leading to full depletion of
liquidity dedicated to subordinated debt by 2021. Factors that
could trigger the downgrade include any significant delay in
vaccine roll out, or if there were widespread COVID-19 variants
that could materially delay travel and lodging demand, which would
lead to a disruption in leisure bookings and further postpone or
cancel conference and event schedules.
"We could revise the outlook to stable if transient RevPAR
recovered faster than we expected or convention business-related
group bookings rebounded and group RevPAR outperformed our
expectation, resulting in a recovery of RevPAR close to our base
case forecast with a senior debt service coverage ratio (DSCR) of
about 2.0x and subordinated DSCR above 1.0x."
AVENTURA HOTEL: Seeks to Hire Avison Young as Real Estate Broker
----------------------------------------------------------------
Aventura Hotel Properties, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Avison Young-Florida, LLC as its real estate broker.
The Debtor requires a real estate broker to market for sale the
Triptych Project –- a mixed-use hotel project located at 3601 N.
Miami Avenue.
Avison Young will receive a brokerage fee in the amount of 150
basis points (1.50 percent) of the gross sale price of the Triptych
Project.
As disclosed in court filings, Avison Young is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
John K. Crotty
Avison Young-Florida, LLC
2020 Ponce de Leon Boulevard, Suite 1200
Miami, FL 33134
Phone: +1 305-446-0011
Fax: +1 305-446-1907
About Aventura Hotel Properties
Aventura Hotel Properties, LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-12374) on
March 12, 2021. Francisco Arocha, manager, signed the petition. In
the petition, the Debtor disclosed assets of between $10 million
and $50 million and liabilities of the same range. Judge Jay A.
Cristol oversees the case. Genovese Joblove & Battista, P.A. is
the Debtor's legal counsel.
AVERY ASPHALT: Public Auction Sale of 5 Vehicles Approved in Part
-----------------------------------------------------------------
Judge Michael E. Romero of the U.S. Bankruptcy Court for the
District of Colorado authorized in part Avery Asphalt, Inc.'s
public auction sale of the following five vehicles via public
auction:
a. 2008 International 7500 Dump Truck, VIN
1HTWPAZTX8J657664;
b. 1993 Freightliner Truck Tractor, VIN 1FUYDSEB3PP434131;
c. 1998 Chevrolet 3500 Utility Truck, VIN 1GBGC34RXWE198859;
d. Blaw-Knox PF-875 Asphalt Paver, S/N 01093; and
e. Blaw-Knox PF-875 Asphalt Paver, S/N 01147.
The Debtor is authorized to employ and compensate the Auctioneer on
the terms set forth in the Auction Agreement. It may sell the
Goods at auction free and clear of all liens, claims, and interests
with all liens, claims and interest to attach to sale proceeds in
such amount and priority as existed against the Goods and may
compensate the Auctioneer as set forth in the Auction Agreement out
of the proceeds of sale.
The Auctioneer may forward the remaining proceeds of sale as
follows and subject to the following restrictions:
1. The Goods to be sold will not include the two 2019
Chevrolet Silverado pickup trucks with the following VINs:
1GB4KVCG3KF117822 and 1GC1KREG6KF226827 which are leased from
Enterprise FM Trust.
2. Subject to the provisions of the Stipulated Order, any
remaining proceeds from the sale of any Goods located in Colorado
will first be placed in the COLTAF account for Wadsworth Garber
Warner Conrardy, P.C. until there is $175,000 held therein to be
held in trust as adequate protection solely for the secured and
trust claims and interests of the Colorado Department of Revenue;
and the parties who have stipulated to this order acknowledge and
agree that the Colorado Department of Revenue holds a valid, first
priority, senior statutory lien in the amount of $117,391 against
such funds;
3. Any remaining proceeds from the sale of any Goods located
in Maricopa County, Arizona, will first be forwarded to the
Maricopa County Treasurer until it receives $383.75 and any
remaining proceeds from the sale of Goods located in Maricopa
County will be paid to Sunflower provided that any remaining
proceeds from the sale of titled motor vehicles or other equipment
subject to a state's motor vehicle registration scheme located in
Maricopa County will be subject to the provisions of the Stipulated
Order;
4. The Goods to be sold will not include the (a) Caterpillar
CB34B AsphaltCompactor (serial number XB400672); (b) Caterpillar
262D Skid Steer Loader (serial number DTB09171); (c) Caterpillar
AP655F Caterpillar Asphalt Paver (serial number MH600367); (d)
Caterpillar 246D Ski Steer Loader (serial number BYF03756; or (e)
Caterpillar 262D3 Ski Steer Loader (serial number ZB200690).
5. The remaining proceeds from the sale of any titled motor
vehicles or other equipment subject to a state's motor vehicle
registration scheme and for which a pre-petition lien was not
filed, recorded, and perfected under C.R.S. Section 42-6-121 or
A.R.S. Section 28-2132 (for which the certificate of title or an
application for certificate of title with the mortgage for the
encumbered Vehicle was not filed with or submitted to the
appropriate government agency prior to Feb. 19, 2021) will be
forwarded to: (a) with respect to proceeds arising from the sales
of Vehicles in Arizona, to the Debtor to be held in a segregated
account pending further Court order; (b) with respect to proceeds
arising from the sales of Vehicles in Colorado, to the Colorado
Department of Revenue until its pre-petition claim is satisfied;
(c) with the remaining proceeds arising from the sales of Vehicles
in Colorado, to be deposited into the Segregated Account to be held
pending further Court order. Should the Colorado Department of
Revenue receive $117,391.00 within 60 days from the entry of the
Order, the remaining amount set forth in its proof of claim filed
on April 7, 2021 (claim no. 17) will be waived. Such waiver will
not apply to any additional taxes that may be owed that are not set
forth in the proof of claim currently on file.
6. The remaining sale proceeds for Vehicles for which a lien
was properly filed, recorded, and perfected prior to the Petition
Date will be used to first satisfy the lien(s) set forth on the
corresponding certificate of title. Should there be any excess
proceeds from the sale of such Vehicles, the funds will be placed
in the Segregated Account to be held pending further Court order.
The remaining sale proceeds from the sale of Goods located in
Colorado, in excess of the Initial CO Proceeds held in the Trust
Account, will be paid to Sunflower, provided that any remaining
proceeds from the sale of Vehicles located in Colorado will be
subject to Stipulated Order.
7. Once the Colorado Department of Revenue is paid in full,
the Initial CO Proceeds will be paid to Sunflower.
8. After the pre-petition claim of the Colorado Department of
Revenue is satisfied, any other remaining proceeds of sale from
Goods other than Vehicles will be forwarded to Sunflower Bank, N.A
9. The Auctioneer will file a detailed report of sale with an
itemized listing of all sale proceeds by item, costs and
expenditures by item, and the disposition of any remaining sale
proceeds by item.
About Avery Asphalt, Inc.
Avery Asphalt, Inc., is the main operating company and installs,
maintains, and improves roadways, parking lots, and other outdoor
surfaces. Avery Equipment, LLC owns the equipment used in Avery
Asphalt's business. Avery Holdings, LLC owns the real estate used
in Avery Asphalt's business. LBLA Ventures, Inc. is the holding
company for a non-operating Arizona asphalt company and 1401 S.
22nd Ave., LLC owns the real estate that was formerly used by
Regional Pavement Maintenance of Arizona, Inc. in its business.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Lead Case No. 21-10799) on
February 19, 2021. The bankruptcy was filed after a receiver was
appointed for all the Debtors in one state court case. The
receivership hampered Avery Asphalt's ability to operate
profitably. The Debtors believe this reorganization proceeding
will
facilitate a better return to creditors than a receivership or
liquidation. The Debtors intend to streamline operations and sell
equipment and real estate that is no longer used by Avery Asphalt
in connection with a plan of reorganization.
In the petition signed by CEO Aaron Avery, the Debtors disclosed
up
to $50,000 in assets and up to $10 million in liabilities.
David J. Warner, Esq., at WADSWORTH GARBER WARNER CONRARDY, P.C.
is
the Debtor's counsel.
AYTU BIOPHARMA: Incurs $25.5 Million Net Loss in Third Quarter
--------------------------------------------------------------
Aytu Biopharma, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $25.46 million on $13.48 million of revenues for the three
months ended March 31, 2021, compared to a net loss of $5.33
million on $8.15 million of revenues for the three months ended
March 31, 2020.
For the nine months ended March 31, 2021, the Company reported a
net loss of $39.29 million on $42.15 million of revenues compared
to a net loss of $10.47 million on $12.77 million of revenues for
the nine months ended March 31, 2020.
As of March 31, 2021, the Company had $271.55 million in total
assets, $128.41 million in total liabilities, and $143.15 million
in
total stockholders' equity.
Cash, cash equivalents and restricted cash totaled $46.8 million as
of March 31, 2021, after making a principal payment of $15.0
million toward the Deerfield Note held by Neos.
As of March 31, 2021, we had approximately $46.8 million of cash,
cash equivalents and restricted cash. Our operations have
historically consumed cash and are expected to continue to require
cash, but at a declining rate.
Aytu stated, "As of the date of this report, we expect costs of
operations to increase as we integrate the Neos acquisition, invest
in new product candidate development and continue to focus on
revenue growth through increasing product sales. Our current
assets totaling approximately $100.0 million as of March 31, 2021,
plus the proceeds expected from ongoing product sales will be used
to fund existing operations. We may continue to access the capital
markets from time-to-time when market conditions are favorable.
The timing and amount of capital that may be raised is dependent
the terms and conditions upon which investors would require to
provide such capital. There is no guarantee that capital will be
available on terms favorable to us and our stockholders, or at all.
We raised approximately $29.6 million, net during the nine months
ended March 31, 2021, from the sale of approximately 0.4 million
shares using our at-the-market facility and from the issuance of
approximately 4.8 million shares of our common stock and 0.3
million placement agent warrants on the December 15, 2020 offering.
Finally, on December 10, 2020, we exchanged $0.8 million of debt
into 0.1 million shares of our common stock, reducing the need to
use cash to satisfy this obligation. Between March 31, 2021, and
the filing date of this quarterly report on Form 10-Q, we have not
issued any common stock under our at-the-market offering program.
As of the date of this report, we have adequate capital resources
to cover potential net cash outflows for the twelve months
following the filing date of this Quarterly Report.
"If we are unable to raise adequate capital in the future when it
is required, we can adjust our operating plans to reduce the
magnitude of the capital needs under our existing operating plan.
Some of the adjustments that could be made include delays of and
reductions to commercial programs, reductions in headcount,
narrowing the scope of our commercial plans, or reductions or delay
to our research and development programs. Without sufficient
operating capital, we could be required to relinquish rights to
products or renegotiate to maintain such rights on less favorable
terms than it would otherwise choose. This may lead to impairment
or other charges, which could materially affect our balance sheet
and operating results."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1385818/000143774921012543/aytu20210329_10q.htm
About Aytu BioScience
Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) --
http://www.aytubio.com-- is a commercial-stage specialty
pharmaceutical company focused on commercializing novel products
that address significant patient needs. The company currently
markets a portfolio of prescription products addressing large
primary care and pediatric markets. The primary care portfolio
includes (i) Natesto, an FDA-approved nasal formulation of
testosterone for men with hypogonadism, (ii) ZolpiMist, an
FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra
XR, an FDA-approved 12-hour codeine-based antitussive syrup.
Aytu Bioscience reported a net loss of $13.62 million for the year
ended June 30, 2020, compared to a net loss of $27.13 million for
the year ended June 30, 2019. As of Dec. 31, 2020, the Company had
$166.74 million in total assets, $54.05 million in total
liabilities, and $112.69 million in total stockholders' equity.
BARENZ INVESTMENTS: Case Summary & 2 Unsecured Creditors
--------------------------------------------------------
Debtor: Barenz Investments, LLC
12035 Gulf Blvd
David Alan Barenz, MGR
Treasure Island, FL 33076
Business Description: Barenz Investments, LLC operates a boutique
beach guest house and a hotel.
Chapter 11 Petition Date: May 24, 2021
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 21-02682
Debtor's Counsel: Alan Borden, Esq.
DEBT RELIEF LEGAL GROUP, LLC
901 W. Hillsborough Ave
Tampa, FL 33603
Tel: (813) 231-2088
E-mail: aborden@1800debtrelief.com
Total Assets: $3,009,800
Total Liabilities: $1,427,953
The petition was signed by David Alan Barenz, manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/6SBYYUY/David_Alan_Barenz__flmbke-21-02682__0001.0.pdf?mcid=tGE4TAMA
BCPE NORTH: S&P Assigns 'B-' ICR on Bain Capital Acquisition
------------------------------------------------------------
S&P Global Ratings assigned a 'B-' issuer credit rating to
U.S.-based BCPE North Star Holdings L.P. (operating as Dessert
Holdings), a manufacturer of premium desserts.
The company is being acquired by Bain Capital. The proposed
transaction and related fees will be funded by an undrawn $75
million cash flow revolver, $380 million first-lien term loan,
undrawn $75 million first-lien delayed-draw term loan, $135 million
second-lien term loan, and common equity.
S&P said, "We also assigned a 'B-' issue-level rating and '3'
recovery rating to the proposed first-lien senior secured credit
facilities, which consist of a $75 million cash flow revolver, $380
million first-lien term loan, and $75 million first-lien
delayed-draw term loan (assumed undrawn at close), indicating our
expectation of meaningful (50%-70%; rounded estimate: 60%) recovery
in the event of a default. We also assigned a 'CCC' issue-level
rating and '6' recovery rating to the proposed $135 million
second-lien term loan, indicating our expectation of negligible
(0%-10%; rounded estimate: 0%) recovery.
"The stable outlook reflects our expectation that leverage will
improve to 6.5x-7x over the next 12 months. All ratings are based
on preliminary terms and subject to receipt and review of final
documentation."
The rating on Dessert Holdings reflects its small scale and narrow
focus in the premium dessert category. The company is a leading
manufacturer of premium desserts serving retail (approximately 75%
of 2020 sales) and food service customers (approximately 25%). It
manufactures and ships dessert products, and customers then add
finishing touches. This enables retailers and restaurants to
outsource their dessert manufacturing, save on labor and logistics
costs, and leverage Dessert's manufacturing and product development
expertise. Its product portfolio consists of cakes (50% of sales),
cheesecakes (40%), and brownies and bars (10%). The company
generated about 80% of its revenues in the U.S. and 20% in Canada
in 2020. Despite its market leadership in the niche premium dessert
category, Dessert Holdings is a small player in the much broader,
$5.6 billion North American baked dessert market. It competes
against other large business-to-business competitors such as CSM
Bakery Solutions, Aryzta, and Rich's.
S&P expects leverage to remain high in the near term. S&P estimates
S&P Global Ratings-adjusted pro forma leverage of about 7x at
transaction close for the 12 months ended April 30, this is up from
about 6x prior to the leveraged buyout transaction for the last 12
months ended March 31, 2021. Historically Dessert Holdings operated
with higher leverage in at least the high-single digits due to
acquisitions and restructuring initiatives. Through the fiscal year
ended Dec. 31, 2020, Dessert Holdings benefitted from strong demand
in its retail business from increased consumption at home due to
the pandemic and market share gains, resulting in above category
growth, driving adjusted EBITDA margin expansion of about 470bps.
Although food service revenues declined dramatically in 2020 due to
restaurant shutdowns, the company generated overall
low-single-digit percentage top-line growth and increased margins
because of strong retail sales, lower commodity costs, procurement
savings, and automation savings initiatives.
S&P said, "We forecast modest deleveraging and retail demand growth
to subside as Dessert Holdings laps the benefits of the pandemic.
We expect leverage of 6.5x-7x for fiscal 2021 as food service
revenues continue to recover and the company invests in expanding
capacity, resulting in some temporary cost inefficiencies as
volumes ramp up. We expect commodity and logistics costs to rise,
which could impair margins. Dessert Holdings actively hedges about
80% of input costs, which limits exposure to near-term
fluctuations, and can pass pricing onto customers. We expect
double-digit percentage sales growth, driven by quicker than
expected recovery in food service demand as the U.S. economy
reopens and sustained strength in retail demand as in-store
bakeries continue allocating more space to premium desserts. We do
not expect a strong rebound in the Canadian food service recovery
until the fourth quarter of 2021. We expect free cash flow
generation of $20 million-$25 million, stronger than 2020 due to
increased profitability despite increased capital investment to
support capacity buildout. While we expect retail demand for
premium desserts to remain strong, there could be risk of
moderation longer term as consumers return to pre-pandemic spending
and dining behaviors."
Dessert Holdings' expansive manufacturing network is a key
competitive advantage. Operating leverage and managing raw material
input cost fluctuations are essential to maintaining profitability.
The company operates four dessert manufacturing facilities, in
Houston; Vancouver; London, Ont.; and Atlanta. Its capacity
utilization at each facility is about 70%, and there are redundant
capabilities to ensure uninterrupted production. It plans
additional capital expenditure (capex) through 2021 to build out
additional scale at its London facility. This will temporarily
reduce gross margins through 2022 while volumes ramp up to desired
utilization. In the retail business, Dessert Holdings ships
finished products to retailer warehouses, which take care of
last-mile distribution to their own stores. In the food service
segment, the company utilizes third-party cold storage providers to
transport frozen products to distributors. Its top commodities
include cream cheese, cream, chocolate, corrugate, eggs, sugar,
graham meal, and sour cream. Dessert Holdings contracts or hedges
the majority of its inputs to manage volatility. Given its premium
prices, S&P expects the company to pass on increases during
inflationary periods. However, there could be a lag between when
pricing actions are taken and costs are realized, which could hurt
near-term profitability.
The company has long-standing relationships with key customers, but
there is moderate customer concentration and in-sourcing is a
potential risk. Within its retail business, Dessert Holdings
generates approximately 50% of its revenues from its top 10
customers, which consist mostly of club and grocery in-store
bakeries. Within food service, it generates roughly 50% of sales
from national chains, 27% through broadline food service companies,
and 23% through Canadian food service channels. S&P said, "We
believe a loss of a significant customer or SKU would be extremely
detrimental to profitability, as any volume declines would also
impair operating leverage. There are some risks of customers
attempting to switch manufacturers or in-source, though technical
know-how and scalability are major hurdles. Some customers have
tried, but ultimately Dessert won back some of that business. While
we do not foresee any immediate customer loss risks, we believe
profitability would decline if key customers were to switch or
in-source production due to better economics or manufacturing
mishaps."
S&P said, "We expect aggressive financial policies given Dessert
Holdings' historical acquisition activity and majority ownership by
financial sponsors. While we expect some deleveraging due to EBITDA
growth from increased premium dessert consumption and food service
recovery, we believe the sponsor would prioritize cash deployment
for capital projects, acquisitions, or dividends over debt
repayment. Therefore, we expect leverage will remain elevated
through our longer-term forecast horizon. The company has an
acquisitive history, purchasing Lawler Foods in 2016 and Atlanta
Cheesecake in 2018. Although not reflected in our model, we believe
it could further expand its portfolio and scale through
acquisitions, which would likely be funded with the proposed
delayed-draw term loan.
"The stable outlook reflects our expectation that Dessert Holdings
will improve leverage to 6.5x-7x by the end of fiscal 2021 from 7x
at close."
S&P could raise the ratings if it sustains leverage below 6.5x and
improves scale. S&P believes this could happen if the company:
-- Deleverages through sustained post-pandemic organic top-line
growth in both the retail and food service channels, while managing
through commodity and logistics cost inflation; and
-- Demonstrates conservative financial policies by not making
large, debt-financed dividends or acquisitions.
Downside scenario
S&P could lower the ratings if we expect the company's capital
structure will become unsustainable, a deterioration in free cash
flow, or liquidity becomes constrained. This could happen if:
-- Major manufacturing difficulties result in loss of key
customers, lower sales, and weaker overhead absorption;
-- Inability to offset intensified commodity, labor, and logistics
inflation, leading to profitability decline;
-- Increased competition or in-sourcing;
-- Lower demand for its products due to a shift in consumer
preferences; or
-- More aggressive financial policies such as large debt-financed
acquisitions or dividends.
BLACKSTONE CQP: S&P Alters Outlook to Stable, Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Blackstone CQP Holdco
L.P. (BXCQP) to stable from positive and affirmed the 'B' issuer
credit rating. S&P also assigned 'B' ratings and '3' recovery
ratings to both the proposed new issues.
The company is refinancing its capital structure with a $2.9
billion term loan due 2028 and $1 billion of secured notes due
2031; the proceeds will also be used to refinance debt at BXCQP's
affiliates.
S&P said, "The stable outlook reflects our expectation of improving
credit quality at CQP, offset by the currently high leverage at
BXCQP. Pro-forma for the transaction we now expect stand-alone
leverage to be in the high 6x low 7x range for 2021 and 2022
dropping below 5x in 2023."
The proposed refinancing constitutes a $1.3 billion increase to
BXCQP's debt and will therefore increase leverage. The company's
proposed $2.9 billion senior secured term loan and $1 billion
senior secured notes, which are pari passu, will be used to
refinance the existing $2.6 billion term loan. S&P said, "We expect
that distributions from Cheniere Energy Partners (CQP), BXCQP's
partly owned affiliate, to be $530 million-$560 million in 2021 and
2022 versus our previous expectations of $515 million-$530 million.
The increased EBITDA is due to additional CQP units pledged to
BXCQP at the close of the refinancing. Despite the improvement to
our distribution assumptions, the higher debt balance results in
expected debt to EBITDA in the high-6x to low-7x area for 2021 and
2022. As Train 6 comes online in 2022, we expect distributions will
increase, resulting in debt to EBITDA to fall below 5x in 2023. Our
revision of the outlook to stable stemmed from the elevated
leverage through 2022."
The 'B' issuer credit rating on BXCQP reflects the differentiated
credit quality between BXCQP and CQP. BXCQP owns approximately
41.1% of CQP, with 203.2 units pledged. The rating differential
reflects the structural subordination of BXCQP's debt to CQP's
underlying cash flows, which BXCQP does not control. Other factors
include cash-flow stability, BXCQP's influence on CQP's corporate
governance and financial policy, financial ratios, and ability to
liquidate its investments in CQP to repay debt. S&P assesses these
factors as either positive, neutral, or negative. When viewing
these factors holistically, it arrives at a 'b' stand-alone credit
profile (SACP) for BXCQP, a three-notch differential from its 'bb'
SACP on CQP.
S&P said, "We view CQP's underlying cash flows as stable because
the dividend stream to BXCQP is backed by highly contracted
long-term agreements with investment-grade counterparties. As a
result, our cash flow stability assessment is positive. We do not
anticipate an adverse change to the dividend policy. In addition,
construction at Sabine Pass has been proceeding on time and within
budget, which we believe supports BXCQP's positive cash flow
assessment. We assess corporate governance and financial policy as
positive given the master limited partnership (MLP) structure of
the investee company, CQP. MLP unitholders strongly favor stable or
increasing dividends. In our opinion, BXCQP also benefits from a
more robust governance structure than conventional limited partners
in an MLP structure. These were effected as a precondition of
Blackstone's initial investment in CQP in 2012.
"We forecast stand-alone leverage in the high-6x to low-7x area for
2021 and 2022, before decreasing to below 5x in 2023. The increase
in distributions from CQP related to train 6 coming online ahead of
schedule drives the deleveraging in 2023. Additionally, the
proposed term loan has a cash flow sweep provision beginning in
2023 which accelerates debt repayment. We expect CQP's quarterly
distribution to be $2.6-$2.7 per unit in 2021 and to increase
modestly in 2022. In our view, because CQP's units do not have a
relatively deep market, if BXCQP tried to sell large stakes of the
units it owns, it would likely depress CQP's unit price. However,
at today's price, BXCQP can sell its entire stake and repay its
total debt by over 3x. Therefore, we do not view BXCQP's likelihood
to sell its stake in CQP as probable in the near term."
In addition, with Trains 1-5 fully operational and Train 6 coming
online soon, the units will likely be more liquid, and its unit
price should appreciate gradually. Consequently, as CQP's market
liquidity improves, S&P could consider improving our negative
assessment of BXCQP's ability to liquidate investments.
At close of the transaction, S&P expects BXCQP to revise its name
to CQP Holdco LP.
S&P views the outlook as stable, given its expectation of improving
credit quality at CQP offset by high leverage at Blackstone CQP
HoldCo. Pro forma for the transaction, we now expect stand-alone
leverage to be approximately 6.9x in 2022, dropping to below 5x in
2023.
A lower rating is possible if:
-- S&P expects leverage to remain above 6x in 2023;
-- The interest coverage ratio was below 1.5x over a sustained
period;
-- The holding company's liquidity position materially
deteriorated; or
-- CQP's adjusted weighted-average debt to EBITDA is greater than
6.5x, which would prompt S&P to lower the SACP on the investee
company.
Such outcomes could occur if SPL experienced significant
operational issues that have a detrimental effect on upstream
distributions. In S&P's opinion, the likelihood of such scenarios
occurring are slim given that distributions are underpinned by
heavily contracted cash flows and face primarily investment-grade
counterparties.
S&P could take a positive rating action if CQP's credit quality
continues to improve and Blackstone CQP HoldCo lowers leverage more
rapidly than its forecast, leading to leverage below 6.5x in 2022.
BLUE DOLPHIN: Incurs $3.2 Million Net Loss in First Quarter
-----------------------------------------------------------
Blue Dolphin Energy Company filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $3.17 million on $59.41 million of total revenue from operations
for the three months ended March 31, 2021, compared to a net loss
of $3.34 million on $62 million of total revenue from operations
for the three months ended March 31, 2020.
As of March 31, 2021, the Company had $65.55 million in total
assets, $79.51 million in total liabilities, and a total
stockholders' deficit of $13.96 million.
The Company stated, "Management has determined that certain factors
raise substantial doubt about our ability to continue as a going
concern. As discussed more fully below, these factors include
inadequate liquidity to sustain operations due to defaults under
our secured loan agreements, margin deterioration and volatility,
and historic net losses and working capital deficits. Our
consolidated financial statements assume we will continue as a
going concern and do not include any adjustments that might result
from the outcome of this uncertainty. Our ability to continue as a
going concern depends on sustained positive operating margins and
having working capital for, amongst other requirements, purchasing
crude oil and condensate and making payments on long-term debt.
Without positive operating margins and working capital, our
business will be jeopardized, and we may not be able to continue.
If we are unable to make required debt payments, we would likely
have to consider other options, such as selling assets, raising
additional debt or equity capital, cutting costs or otherwise
reducing our cash requirements, or negotiating with our creditors
to restructure our applicable obligations, including a potential
bankruptcy filing."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/793306/000165495421005849/bdco_10-q.htm
About Blue Dolphin
Headquartered in Houston, Texas, Blue Dolphin --
http://www.blue-dolphin-energy.com-- is an independent downstream
energy company operating in the Gulf Coast region of the United
States. The Company's subsidiaries operate a light sweet-crude,
15,000-bpd crude distillation tower with approximately 1.2 million
bbls of petroleum storage tank capacity in Nixon, Texas. Blue
Dolphin was formed in 1986 as a Delaware corporation and is traded
on the OTCQX under the ticker symbol "BDCO".
Blue Dolphin reported a net loss of $14.46 million for the 12
months ended Dec. 31, 2020, compared to net income of $7.36 million
for the 12 months ended Dec. 31, 2019. As of Dec. 31, 2020, the
Company had $69.30 million in total assets, $80.08 million in total
liabilities, and a total stockholders' deficit of $10.78 million.
Sterling Heights, Michigan-based UHY LLP, the Company's auditor
since 2002, issued a "going concern" qualification in its report
dated March 31, 2021, citing that the Company is in default under
secured and related party loan agreements and has a net working
capital deficiency. These conditions raise substantial doubt about
the Company's ability to continue as a going concern.
BLUE DOLPHIN: Secures $500K SBA Loan
------------------------------------
Blue Dolphin Energy Company executed the standard loan documents
required to secure an Economic Injury Disaster Loan through the
Small Business Administration for COVID-19 pandemic relief.
The principal amount of the loan is $500,000. Proceeds will be
used for working capital purposes. Interest on the loan accrues at
the rate of 3.75% per annum and will accrue from the date of loan.
Installment payments, including principal and interest, total
$2,505 per month and are due beginning 18 months from the date of
the loan. The balance of principal and interest is payable over a
30-year term. SBA EIDLs are not forgivable.
Jonathan Carroll, the company's chief executive officer, and
Lazarus Energy Holdings, LLC, an affiliate, provided guarantees of
the debt. The debt is subject to certain customary covenants and
default provisions.
About Blue Dolphin
Headquartered in Houston, Texas, Blue Dolphin --
http://www.blue-dolphin-energy.com-- is an independent downstream
energy company operating in the Gulf Coast region of the United
States. The Company's subsidiaries operate a light sweet-crude,
15,000-bpd crude distillation tower with approximately 1.2 million
bbls of petroleum storage tank capacity in Nixon, Texas. Blue
Dolphin was formed in 1986 as a Delaware corporation and is traded
on the OTCQX under the ticker symbol "BDCO".
Blue Dolphin reported a net loss of $14.46 million for the 12
months ended Dec. 31, 2020, compared to net income of $7.36 million
for the 12 months ended Dec. 31, 2019. As of March 31, 2021, the
Company had $65.55 million in total assets, $79.51 million in total
liabilities, and a total stockholders' deficit of $13.96 million.
Sterling Heights, Michigan-based UHY LLP, the Company's auditor
since 2002, issued a "going concern" qualification in its report
dated March 31, 2021, citing that the Company is in default under
secured and related party loan agreements and has a net working
capital deficiency. These conditions raise substantial doubt about
the Company's ability to continue as a going concern.
BOTS INC: Posts $305,984 Net Loss in Third Quarter
--------------------------------------------------
BOTS, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss attributable to
controlling interest of $305,984 on zero sales for the three months
ended Jan. 31, 2021, compared to a net loss attributable to
controlling interest of $644,664 on $33,415 of sales for the three
months ended Jan. 31, 2020.
For the nine months ended Jan. 31, 2021, the Company reported net
income attributable to controlling interest of $56.88 million on
zero sales compared to a net loss attributable to controlling
interest of $71,816 on $908,871 of sales for the same period in
2020.
As of Jan. 31, 2021, the Company had $71.67 million in total
assets, $596,626 in total liabilities, and $71.08 million in total
equity.
The Company had cash available of $1,643 as of Jan. 31, 2021.
Based on its revenues, cash on hand and current monthly burn rate,
around break-even, the Company believes that its operations will
require additional capital or loans to fund operations through
April 2021.
The Company gained $9,780 in cash by operating activities for the
nine months ended Jan. 31, 2021, as compared to gaining $32,106 for
the nine months ended Jan. 31, 2020.
For the nine months ending Jan. 31, 2021, the Company net cash
gained by operations consisted primarily of the net profit of
$56,874,405, $3,900,000 in stock based compensation, $142,683 in
depreciation and amortization of intangible assets, the effects of
discontinued operations of $317,530 and an increase in accounts
payable of $12,000 offset by non-cash expenses of accrued interest
of $54,839, the effects of acquisition of $61,244,071.
For the nine months ending Jan. 31, 2020, the Company's net cash
gained through operations consisted primarily of non-cash expenses
of $208,741 in depreciation and amortization of intangible assets,
$256,500 in stock based compensation and minority interest in
earnings of subsidiaries, net of $156,698. Additionally, changes
in assets and liabilities consisted of an increase of $76,928 in
accounts receivable, an increase of $402,552 in other receivable,
prepaid expenses of $10,100, reserve for uncollectable accounts of
$1,357,473 and a decrease in inventory of $459,557. Offset
primarily by the net loss of $2,785,368 a non-cash expenses of
accrued interest, net of $ 157,193. Additionally, changes in
assets and liabilities consisted of a decrease in account payable
of $99,130 and deferred revenue of $21,257.
For the nine months ending Jan. 31, 2021, the Company spent $5,000
in investing activities as compared to the nine months ended Jan.
31, 2020 earn $173,723. For the nine months ending Jan. 31, 2021
the Company's intangible assets reflects the payment of $5,000 for
patent development. For the nine months ending Jan. 31, 2020 the
Company earns $36,085 in cost basis investments and it used
$147,656 of property, plant and equipment. The remaining amount of
$285,294 is a gain in intangible assets.
For the nine months ending Jan. 31, 2021, the Company had net cash
used in financing activities of $27,832. Its financing activities
consisted of receiving $2,219 for net payments made to by related
party, and $19,949 in net proceeds from the issuance of stock,
offset by the payment of $50,000 in payments on its notes payable.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1525852/000147793221003323/bots_10q.htm
About BOTS, Inc.
BOTS, Inc. -- www.BOTS.org -- was originally formed to open and
operate a full-service day spa in Montrose, California. In October
2013 the Company repositioned itself as a technology company
focused on two long-term secular trends sweeping the globe: (1) The
decriminalization and legalization of marijuana for medicinal or
recreational purposes; and, (2) the adoption of electronic
vaporizing cigarettes.
Tel Aviv, Israel-based Weinstein International CPA, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated March 9, 2021, citing that as of April 30, 2020, the
Company has negative cash flow and there are no assurances the
Company will generate a profit or obtain positive cash flow. The
Company has a nominal working capital deficit, which raise
substantial doubt about its ability to continue as a going concern.
BROWNIE'S MARINE: Granted Full Forgiveness of $159,600 PPP Loan
---------------------------------------------------------------
Brownie's Marine Group, Inc. previously filed a current report with
the U.S. Securities and Exchange Commission disclosing that on May
12, 2020, the company entered into a promissory note evidencing an
unsecured loan in the amount of $159,600 made to the company
through South Atlantic Bank, under the Paycheck Protection Program.
The PPP was established under the Coronavirus Aid, Relief, and
Economic Security Act and is administered by the U.S. Small
Business Administration.
On May 18, 2021, Brownie's Marine Group received a notification
from South Atlantic Bank that the SBA approved the company's PPP
loan forgiveness application for the entire PPP loan balance of
$159,600 and that the remaining PPP loan balance is zero.
About Brownie's Marine
Headquartered in Pompano Beach, Florida, Brownie's Marine Group,
Inc., is the parent company to a family of innovative brands with a
unique concentration in the industrial, and recreational diving
industry. The Company, together with its subsidiaries, designs,
tests, manufactures, and distributes recreational hookah diving,
yacht-based scuba air compressors and nitrox generation systems,
and scuba and water safety products in the United States and
internationally. The Company has three subsidiaries: Trebor
Industries, Inc., founded in 1981, dba as "Brownie's Third Lung";
BLU3, Inc.; and Brownie's High-Pressure Services, Inc., dba LW
Americas. The Company is headquartered in Pompano Beach, Florida.
Brownie's Marine reported a net loss of $1.35 million for the year
ended Dec. 31, 2020, compared to a net loss of $1.42 million for
the year ended Dec. 31, 2019. As of March 31, 2021, the Company
had $2.28 million in total assets, $1.50 million in total
liabilities, and $776,105 in total stockholders' equity.
Boynton Beach, Florida-based Liggett & Webb, P.A., the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated March 31, 2021, citing that the Company has
experienced net losses and has an accumulated deficit. These
factors raise substantial doubt about the Company's ability to
continue as a going concern.
BROWNIE'S MARINE: Incurs $441K Net Loss in First Quarter
--------------------------------------------------------
Brownie's Marine Group, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $440,981 on $950,769 of total net revenues for the three months
ended March 31, 2021, compared to a net loss of $296,693 on
$634,790 of total net revenues for the three months ended March 31,
2020.
As of March 31, 2021, the Company had $2.28 million in total
assets, $1.50 million in total liabilities, and $776,105 in total
stockholders' equity.
The Company said, "We have a history of losses, and an accumulated
deficit of $13,397,118 as of March 31, 2021. Despite a working
capital surplus of $733,672 at March 31, 2021, the continued losses
and cash used in operations raise substantial doubt as to the
Company's ability to continue as a going concern. The Company's
ability to continue as a going concern is dependent upon the
Company's ability to continue to increase revenues, control
expenses, raise capital, and to continue to sustain adequate
working capital to finance its operations. The failure to achieve
the necessary levels of profitability and cash flows would be
detrimental to the Company. We owe third parties approximately
$100,000 under the terms of convertible debentures that become due
in December 2021. In addition, we have an additional $25,000 in
loans which are due on demand. We are continuing to engage in
discussions with potential sources for additional capital, however,
our ability to raise capital is somewhat limited based upon our
revenue levels, net losses and limited market for our common stock.
If we fail to raise additional funds when needed, or if we do not
have sufficient cash flows from operations, we may be required to
scale back or cease certain of our operations."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1166708/000149315221011963/form10-q.htm
About Brownie's Marine
Headquartered in Pompano Beach, Florida, Brownie's Marine Group,
Inc., is the parent company to a family of innovative brands with a
unique concentration in the industrial, and recreational diving
industry. The Company, together with its subsidiaries, designs,
tests, manufactures, and distributes recreational hookah diving,
yacht-based scuba air compressors and nitrox generation systems,
and scuba and water safety products in the United States and
internationally. The Company has three subsidiaries: Trebor
Industries, Inc., founded in 1981, dba as "Brownie's Third Lung";
BLU3, Inc.; and Brownie's High-Pressure Services, Inc., dba LW
Americas. The Company is headquartered in Pompano Beach, Florida.
Brownie's Marine reported a net loss of $1.35 million for the year
ended Dec. 31, 2020, compared to a net loss of $1.42 million for
the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had
$2.07 million in total assets, $1.49 million in total liabilities,
and $583,804 in total stockholders' equity.
Boynton Beach, Florida-based Liggett & Webb, P.A., the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated March 31, 2021, citing that the Company has
experienced net losses and has an accumulated deficit. These
factors raise substantial doubt about the Company's ability to
continue as a going concern.
CADIZ INC: Incurs $5.9 Million Net Loss in First Quarter
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Cadiz Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss and
comprehensive loss applicable to common stock of $5.94 million on
$139,000 of total revenues for the three months ended March 31,
2021, compared to a net loss and comprehensive loss applicable to
common stock of $20.51 million on $114,000 of total revenues for
the three months ended March 31, 2020.
The Company had working capital of $17.2 million at March 31, 2021
and used cash in its operations of $2.8 million for the three
months ended March 31, 2021. The higher loss in 2020 was primarily
due to a loss on early extinguishment of debt in the amount of
$12.4 million, which was a non-cash charge, reflecting the excess
of the fair value of new preferred stock issued over the historical
book value of the related convertible debt retired pursuant to
certain conversion and exchange agreements entered into in March
2020. If the related convertible debt had been recorded at fair
value and marked to market over the term of the debt, the excess of
the fair value of the new preferred stock issued over the value of
the related convertible debt would not have been significant.
As of March 31, 2021, the Company had $89.55 million in total
assets, $102.60 million in total liabilities, and a total
stockholders' deficit of $13.05 million.
Cash used in operating activities totaled $2.8 million and $4.4
million for the three months ended March 31, 2021 and 2020,
respectively. The cash was primarily used to fund general and
administration expenses related to the Company's water development
efforts and agricultural development efforts.
Cash used in investing activities totaled $0.7 million for the
three months ended March 31, 2021, and $4.7 million for the three
months ended March 31, 2020. The 2020 period included additions to
the Company's interests in SoCal Hemp JV LLC, well development and
professional water quality and structural testing of a five-mile
segment of pipeline.
Cash provided by financing activities totaled $14.9 million for the
three months ended March 31, 2021, compared with cash provided of
$3.9 million for the three months ended March 31, 2020. Proceeds
from financing activities for both periods reported are related to
the issuance of shares under at-the-market offerings.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/727273/000143774921012533/cdzi20210331_10q.htm
About Cadiz
Founded in 1983 and headquartered in Los Angeles, California, Cadiz
Inc. -- http://www.cadizinc.com-- is a natural resources
development company dedicated to creating sustainable water and
agricultural opportunities in California. The Company owns 70
square miles of property with significant water resources in
Southern California and are the largest agricultural operation in
San Bernardino, California, where we have sustainably farmed since
the 1980s. The Company is also partnering with public water
agencies to implement the Cadiz Water Project, which was named a
Top 10 Infrastructure Project that over two phases will create a
new water supply for approximately 400,000 people and make
available up to 1 million acre-feet of new groundwater storage
capacity for the region.
Cadiz Inc. reported a net loss and comprehensive loss applicable to
common stock of $37.82 million for the year ended Dec. 31, 2020,
compared to a net loss and comprehensive loss applicable to common
stock of $29.53 million for the year ended Dec. 31, 2019. As of
Dec. 31, 2020, the Company had $74.36 million in total assets,
$99.66 million in total liabilities, and a total stockholders'
deficit of $25.30 million.
CANNTRUST HOLDINGS: Canadian Court OKs C$22.5M DIP, Exit Financing
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CannTrust Holdings Inc. (unlisted) disclosed that it has obtained
approval from the Ontario Superior Court of Justice (Commercial
List) under the Companies' Creditors Arrangement Act (Canada) (the
"CCAA") for the Company's previously announced
"debtor-in-possession" ("DIP") and CCAA Exit Credit Facility
("Credit Facility") arranged and agented by Cortland Credit Lending
Corporation.
As announced by the Company on April 20, 2021, the Credit Facility
consists of a revolving loan under which repayments and additional
drawdowns will be permitted from time to time, provided that the
amounts owing under the Credit Facility shall not exceed the
Borrowing Limit of C$22.5 million. The Credit Facility will have a
term of 12 months, which may be extended for an additional 12
months upon mutual agreement.
The Credit Facility will be secured by a first-ranking security
interest over all assets of CannTrust, subject to certain Permitted
Encumbrances and certain excluded assets and, during the pendency
of the CCAA Proceedings, a first-ranking super-priority DIP
financing charge, subject to some limited exceptions.
Funds advanced under the Credit Facility will be used to fund
CannTrust's working capital needs and support the restoration of
its operations, so that CannTrust can continue to rebuild
stakeholder trust while delivering quality, innovative products to
its patients and consumers.
The Company intends to file on www.sedar.com a copy of the
definitive Term Sheet relating to the Credit Facility, redacted to
omit certain commercially sensitive information that has been
sealed by order of the Court.
CannTrust remains under CCAA protection to facilitate its efforts
to resolve its civil litigation claims and complete its review of
strategic alternatives, which includes a review of financing
options. Aspects of the ongoing efforts remain confidential, and
the Company is unable to predict with any certainty either their
timing or outcome. In the meantime, the reinstatement of its
cannabis licenses and the restoration of its ongoing operations,
CannTrust's re-entry into the Canadian recreational and medical
cannabis business segments and its entry into the Restructuring
Support Agreement are essential to the Company's focus on
rebuilding its franchise. For more information about CannTrust's
CCAA proceedings, please visit: www.ey.com/ca/canntrust.
About CannTrust Holdings
CannTrust Holdings Inc. -- https://www.canntrust.ca/ -- operates as
a pharmaceutical company. The Company develops and produces medical
cannabis for health care sectors. CannTrust also supports ongoing
patient education. CannTrust serves patients in Canada.
CannTrust Holdings Inc. in April 2020 commenced with the Ontario
Superior Court of Justice (Commercial List) proceedings under the
Companies' Creditors Arrangement Act (Canada). CannTrust was
selected Ernst & Young Inc. as monitor in the CCAA proceedings.
The Ontario Court granted an order staying creditors of CannTrust,
CannTrust Inc., CTI Holdings (Osoyoos) Inc., and Elmcliffe
Investments Inc., as well as the plaintiffs in the putative class
actions and other litigation brought against the Companies, from
enforcing their claims.
CannTrust remains under CCAA protection.
CANTWELL WOODWORKING: Landlord's Objection to Assets Sale Resolved
------------------------------------------------------------------
Judge Magdeline D. Coleman of the U.S. Bankruptcy Court for the
Eastern District of Pennsylvania issued an order resolving the
Landlord's objection to Cantwell Woodworking, LLC's sale of
machinery, equipment and other personal property, located at 500
Pine Street, Building 4, in Holmes, Pennsylvania, to Industrial
Recovery Service, Inc., for $86,000, free and clear of any and all
liens and encumbrances.
Other than the Allowed Expenditures, the Debtor is precluded from
utilizing, paying or transferring in any way, any of proceeds of
the Purchase Price or the proceeds of the sale of any additional
assets of the Debtor unless and until it either receives the
consent of the Landlord in writing to make such payments or
transfer or upon further Bankruptcy Court order.
As set forth in the lease for the Leased Premises, the Debtor will
be responsible for removing all machinery, equipment, and other
personal property of the Debtor and return the Leased Premises to
the Landlord broom clean in the condition it was upon Lease
inception, reasonable wear and tear excepted. This obligation
includes repairing any and all holes (including, but not limited
to, repairing the roof of the Leased Premises) and other damage
caused by the Debtor's use of the Leased Premises during the term
of the Lease or in removal of the Personal Property and in
returning the Leased Premises to the Landlord in the Required
Leased Premises Condition.
The Debtor will, and it will also cause any purchaser of any of the
Assets, to cooperate with Landlord regarding the manner of the
removal of the Assets from the Leased Premises, which removal will
occur with the least possible disturbance to the Leased Premises
and towards that end, before removing any Personal Property or
repairing any Damage, Debtor will provide to the Landlord
information on the party to perform such removal or repair. Each
such Contractor which needs to utilize rigging to remove an Asset
will be licensed in the Commonwealth of PA, however, all
Contractors will be insured in the Commonwealth of PA (such license
and insurance being current) and for any repair or for the removal
of any item which cannot be carried by a single person without the
aid of any mechanical device, such Contractor will provide a
Certificate of Insurance which names Landlord as a certificate
holder.
The Landlord will be permitted to have one or more observers on
site for any removal of the Assets or repair of Damage, and in
order to effectuate this, Debtor will keep Landlord informed on a
real time basis when Assets are to be removed or Damage repaired,
in each instance providing at least two Business Days advance
written notice to Landlord of any such Asset removal or Damage
repair.
All of the Personal Property must be removed, and all of the Damage
repaired, no later than 30 calendar days after the end of the
auction, which itself will end no later than 77 calendar days after
the date of the entry of the Order approving the Motion, however,
the Debtor will use its best efforts to remove all Personal
Property, repair all Damage and return the Leased Premises to
Landlord in the in the Required Leased Premises Condition on the
earliest possible date.
The Lease will be deemed rejected on the earlier of the date that
the Debtor returns the Leased Premises to Landlord in the Required
Leased Premises Condition and that date which is the 107th day
after the entry of the Sale Order.
The Landlord will have an allowed Administrative Claim under 11
U.S.C. Section 503(b)(1)(A) for any post-petition rent not paid
hereunder, any reasonable attorneys' fees incurred by it in these
bankruptcy proceedings as well as for the costs to repair any
Damage or to remove any Personal Property to the extent Debtor
fails to do either in a manner required under the Lease through the
later of the date the Lease is rejected by the Order and the date
that the Leased Premises is delivered back to the Landlord in the
Required Leased Premises Condition.
Any auction of the Assets will be conducted by online or remote
means and will not take place at the Leased Premises. Within a
reasonable time after the conclusion of the auction, written notice
will be provided to the Landlord informing it what was sold and the
date the auction concluded.
About Cantwell Woodworking
Cantwell Woodworking, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Pa. Case No. 21-10031). The Debtor hired Adelstein &
Kaliner LLC, as counsel.
CBAK ENERGY: Posts $29.6 Million Net Income in First Quarter
------------------------------------------------------------
CBAK Energy Technology, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $29.61 million on $9.42 million of net revenues for the three
months ended March 31, 2021, compared to a net loss of $2.35
million on $6.90 million of net revenues for the three months ended
March 31, 2020.
As of March 31, 2021, the Company had $203.96 million in total
assets, $106.08 million in total liabilities, and $97.88 million in
total equity.
The Company stated, "We had financed our liquidity requirements
from a variety of sources, including short-term bank loans, other
short-term loans and bills payable under bank credit agreements,
advance from our related and unrelated parties, investors and
issuance of capital stock."
"We generated a net profit of $29.6 million for the three months
ended March 31, 2021. As of March 31, 2021, we had cash and cash
equivalents and restricted cash of $81.4 million. Our total
current assets were $119.9 million and our total current
liabilities were $89.3 million, resulting in a net working capital
of $30.6 million."
"We had an accumulated deficit from recurring losses from
operations and short-term debt obligations as of December 31, 2020
and March 31, 2021. As of December 31, 2020, we had a working
capital deficiency of $10.5 million. These factors raise
substantial doubts about our ability to continue as a going
concern. The report from our independent registered public
accounting firm for the year ended December 31, 2020 included an
explanatory paragraph in respect of the substantial doubt of our
ability to continue as a going concern. We are currently expanding
our product lines and manufacturing capacity in our Dalian and
Nanjing plant, which requires more funding to finance the
expansion. We plan to renew our bank borrowings upon maturity and
raise additional funds through bank borrowings and equity financing
to meet our daily cash demands. However, there can be no assurance
that we will be successful in obtaining the financing."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1117171/000121390021026727/f10q0321_cbakenergy.htm
About CBAK Energy
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications. Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.
CBAK Energy reported a net loss of $7.85 million for the year ended
Dec. 31, 2020, compared to a net loss of $10.85 million for the
year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had
$142.77 million in total assets, $90.36 million in total
liabilities, and $52.41 million in total equity.
Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 13, 2021, citing that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
and significant short-term debt obligations maturing in less than
one year as of Dec. 31, 2020. All these factors raise substantial
doubt about its ability to continue as a going concern.
CEL-SCI CORP: Incurs $11.3 Million Net Loss in Second Quarter
-------------------------------------------------------------
CEL-SCI Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $11.28 million on zero grant income for the three months ended
March 31, 2021, compared to a net loss of $9.07 million on $298,726
of grant income for the three months ended March 31, 2020.
For the six months ended March 31, 2021, the Company reported a net
loss of $19.22 million on zero grant income compared to a net loss
of $14.60 million on $334,232 of grant income for the six months
ended March 31, 2020.
As of March 31, 2021, the Company had $48.37 million in total
assets, $19.03 million in total liabilities, and $29.33 million in
total stockholders' equity.
CEL-SCI said, "Since inception, the Company has financed its
operations through the sale of equity securities, convertible
notes, loans and certain research grants. The Company's expenses
will continue to exceed its revenues as it continues the
development of Multikine and brings other drug candidates into
clinical trials. Until the Company becomes profitable, any or all
of these financing vehicles or others may be utilized to assist in
funding the Company's capital requirements."
"Capital raised by the Company has been expended primarily for
patent applications, research and development, administrative
costs, and the construction and upgrade of the Company's
manufacturing and laboratory facilities. The Company does not
anticipate realizing significant revenues until it receives
regulatory approval to sell its products and enters into licensing
arrangements for its technology and know-how (which could take
several years). Thus, the Company has been dependent upon the
proceeds from the sale of its securities to meet all its liquidity
and capital requirements and anticipates having to do so in the
future."
"The Company will be required to raise additional capital or find
additional long-term financing to continue with its research
efforts. The ability to raise capital may be dependent upon market
conditions that are outside the control of the Company. The
ability of the Company to complete the necessary clinical trials
and obtain FDA approval for the sale of products to be developed on
a commercial basis is uncertain. Ultimately, the Company must
complete the development of its products, obtain the appropriate
regulatory approvals and obtain sufficient revenues to support its
cost structure. However, there can be no assurance that the
Company will be able to raise sufficient capital to support its
operations."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/725363/000165495421005882/cvm_10q.htm
About CEL-SCI Corporation
CEL-SCI -- http://www.cel-sci.com-- is a clinical-stage
biotechnology company focused on finding the best way to activate
the immune system to fight cancer and infectious diseases. The
Company's lead investigational therapy Multikine is currently in a
pivotal Phase 3 clinical trial involving head and neck cancer, for
which the Company has received Orphan Drug Status from the FDA.
The Company has operations in Vienna, Virginia, and near Baltimore,
Maryland.
CEL-SCI reported a net loss of $30.25 million for the year ended
Sept. 30, 2020, compared to a net loss of $22.13 million for the
year ended Sept. 30, 2019. As of Dec. 31, 2020, the Company had
$49.61 million in total assets, $20.78 million in total
liabilities, and $28.83 million in total stockholders' equity.
BDO USA, LLP, in Potomac, Maryland, the Company's auditor since
2005, issued a "going concern" qualification in its report dated
Dec. 29, 2020, citing that since inception the Company has suffered
recurring losses from operations and expects to continue incurring
losses. In addition, the Company is dependent on raising
additional capital to continue to fund its operations. These
factors raise substantial doubt about the Company's ability to
continue as a going concern.
CHARGING BEAR: Proposed Sale of Oklahoma City Property Approved
---------------------------------------------------------------
Judge Janice D. Lloyd of the U.S. Bankruptcy Court for the Western
District of Oklahoma authorized Charging Bear, LLC's auction sale
of its sole asset, the improved real property more particularly
described as Lot 5, Block 1 of The Offices at MacArthur Crossing, a
Replat of a portion of Lot 6, Block 2 of MacArthur Crossing, an
Addition to the City of Oklahoma City, Oklahoma County, Oklahoma,
according to the recorded plat thereof, with a street address of
5800 NW 135th Street, Oklahoma City, Oklahoma, to the successful
buyer.
The sale is free and clear of all liens, claims, encumbrances, and
interests.
Further, the Debtor has structured this Sale as an "As-Is Where-Is"
asset sale pursuant to Section 363 of the Bankruptcy Code, not a
sale of common stock. It makes no warranty as to condition, title
or otherwise.
The Real Estate was offered for sale at an auction held by Dakil
Auctioneers, Inc., at its offices located at 200 NW 114th Street,
Oklahoma City on May 20, 2021, at 6:00 p.m. The auction sale will
have a reserve of $2.2 million. In the event the real property is
not sold at auction, the Auctioneer expenses for marketing the
property will be paid from the rent proceeds on deposit.
The priority of the distribution of the sale proceeds, in the event
of sale, will be according to the date the liens were filed other
than the ad valorem tax liens as referenced in the Motion to Sell.
Further, in the event of sale, the sale proceeds will be paid at
closing of the sale after payment of the accrued ad valorem taxes
to the Oklahoma County Treasurer. Subject to the successful
purchaser's obligation to pay the ad valorem taxes, lienholders may
credit bid in accordance with their respective lien priority.
In the event no successful bid is made at the auction sale, the
automatic stay will be modified to allow the secured creditors to
sell the real estate other than through a bankruptcy sale and the
real property will be abandoned without necessity of seeking relief
from the stay and abandonment by any secured creditor.
Due to the possibility of incurring additional administrative
expenses by the Estate an immediate need exists to facilitate the
orderly and, more importantly, timely Sale of the Assets. The
Court approves the lifting of the stay provided by Bankruptcy Rule
6004(h), so that the Sale of the Assets can be finalized
immediately upon the closing of the sale, if there is a successful
bidder.
About Charging Bear
Charging Bear LLC is a single asset real estate the Debtor (as
defined in 11 U.S.C. Section 101(51B)). It is the owner of fee
simple title to certain parcels located in Oklahoma City, Oklahoma
having an appraised value of $3.4 million.
Charging Bear sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Okla. Case No. 20-13610) on Nov. 11, 2020.
Charles V. Long, Jr., managing member, signed the petition.
At the time of the filing, the Debtor had total assets of
$3,400,544 and total liabilities of $4,081,531.
Douglas N. Gould, PLC, is the Debtor's legal counsel.
CLINTON NURSERIES: 2nd Cir. Says Trustee Fee Raise Unconstitutional
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Law360 reports that the Second Circuit determined Monday that a
hike in fees owed by Chapter 11 debtors to the Office of the U.S.
Trustee enacted a rule that didn't apply uniformly to all similarly
situated debtors, and ordered that Clinton Nurseries be refunded a
portion of the trustee fees it paid in 2018.
In the opinion, the three-judge panel said the 2017 amendment that
increased quarterly fees owed to the U.S. trustee breached the
uniformity requirement of the Constitution's bankruptcy clause
because it did not apply to the two states that don't participate
in the trustee system.
About Clinton Nurseries
Founded in 1921, Clinton Nurseries, Inc., operates nurseries that
produce ornamental plants and other nursery products. The company
grows trees, flowering shrubs, roses, ornamental grasses & ground
covers, perennials, annuals, herbs and vegetables. Clinton
Nurseries is based in Westbrook, Connecticut.
Clinton Nurseries and its affiliates sought Chapter 11 protection
(Bankr. D. Conn. Case No. 17-31897) on Dec. 18, 2017. David
Richards, president, signed the petition. The cases are jointly
administered under Case No. 17-31897. At the time of filing,
Clinton Nurseries has estimated assets and liabilities at $10
million to $50 million.
Judge James J. Tancredi oversees the cases.
Zeisler & Zeisler, P.C., is the Debtors' legal counsel.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors. The committee tapped Green & Sklarz LLC as its
legal counsel.
COCRYSTAL PHARMA: Incurs $2.7 Million Net Loss in First Quarter
---------------------------------------------------------------
Cocrystal Pharma, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.74 million on $0 of revenues for the three months ended March
31, 2021, compared to a net loss of $1.99 million on $461,000 of
revenues for the three months ended March 31, 2020.
As of March 31, 2021, the Company had $53.85 million in total
assets, $1.79 million in total liabilities, and $52.06 million in
total stockholders' equity.
Net cash used by operating activities was $1,770,000 for the three
months ended March 31, 2021 compared with net cash used by
operating activities of $2,188,000 for the same period in 2020.
This was primarily due to reduction of expenditures related to the
Collaboration Agreement with Merck during the three months ended
March 31, 2021 as the program transitioned expenditures to Merck.
Net cash used for investing activities was approximately $25,000
for the three months ended March 31, 2021 compared with $93,000 net
cash used for the same period in 2020. For the three months ended
March 31, 2021 the level of investments decreased compared to March
31, 2020 due to finalization of laboratory expansion.
Net cash provided by financing activities totaled $2,063,000 for
the three months ended March 31, 2021 compared with $16,549,000 for
the same period in 2020. This decrease was primarily due to
sufficient capital needs during the three months ended March 31,
2021, which resulted in reduced equity offerings as compared to the
three months ended March 31, 2020.
The Company has not yet established an ongoing source of revenue
sufficient to cover its operating costs. The Company had
$33,278,000 cash on March 31, 2021 and subsequently received net
proceeds of approximately $36.4 million on May 7, 2021 following
the closing of an underwritten public offering. The Company
believes this is sufficient to maintain planned operations for more
than the next 12 months.
The Company said, "We have focused our efforts on research and
development activities, including through collaborations with
suitable partners. We have been profitable on a quarterly basis,
but have never been profitable on an annual basis. We have no
products approved for sale and have incurred operating losses and
negative operating cash flows on an annual basis since inception."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1412486/000149315221011680/form10-q.htm
About Cocrystal Pharma
Headquartered in Creek Parkway Bothell, WA, Cocrystal Pharma, Inc.
-- http://www.cocrystalpharma.com-- is a clinical stage
biotechnology company discovering and developing novel antiviral
therapeutics that target the replication machinery of influenza
viruses, hepatitis C viruses, noroviruses, and coronaviruses.
Cocrystal Pharma reported a net loss of $9.65 million for the year
ended Dec. 31, 2020, compared to a net loss of $48.17 million for
the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had
$54.24 million in total assets, $1.74 million in total liabilities,
and $52.50 million in total stockholders' equity.
CONCORD INC: May Use Iberiabank's Cash Collateral
-------------------------------------------------
Judge Paul Baisier authorized Concord Inc. to use cash collateral,
pursuant to the budget, and pay fees due to the U.S. Trustee,
provided that all salary and other forms of compensation to Corey
Alston shall be limited to a maximum of $7,000 monthly.
The Debtor's monthly budget provided for $979,254 in total expenses
-- including projected payments for $5,000 to Iberiabank; $5,500 to
the Debtor's counsel; and $2,000 to the Subchapter V Trustee --
against projected income of $980,000.
Iberiabank, a division of First Horizon Bank; McKesson Corporation;
and the U.S. Small Business Administration may assert security
interests and liens against the Debtor's accounts receivable and
proceeds.
Judge Baisier further ruled that, as adequate protection for the
Debtor's use of the Lenders' cash collateral:
* the lenders are granted a valid, perfected and continuing
security interest in all of the Debtor's post-petition assets of
the same character, type, nature, priority, extent and validity as
the liens and encumbrances of lenders that attached to the Debtor's
assets pre-petition;
* the Debtor shall pay Iberia $5,000 by the 14th of each month
beginning May 14, 2021 and continuing until further Court order or
until an order confirming a plan is entered in the Debtor's case.
A copy of the order and the budget may be accessed for free at
https://bit.ly/3f36trD from PacerMonitor.com.
Counsel for First Horizon Bank:
Kevin A. Stine, Esq.
BAKER, DONELSON, BEARMAN,
CALDWELL & BERKOWITZ, P.C.
Suite 1500, Monarch Plaza
3414 Peachtree Road, N.E.
Atlanta, GA 30326
Telephone: (404) 477-6000
Facsimile: (404) 221-6501
Email: kstine@bakerdonelson.com
About Concord Inc.
Founded in Philadelphia in 1983, Concord, Inc. provides and manages
driver qualification files, substance abuse programs, physical
examinations, regulatory compliance consulting, occupational health
and safety services, policy development and consulting, and
employee background screening services.
Concord filed its voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Ga. Case No. 21-52482) on March
26, 2021. At the time of the filing, the Debtor disclosed $1
million to $10 million in both assets and liabilities. Judge Paul
Baisier oversees the case. The Debtor tapped Will B. Geer, Esq.,
at Wiggam & Geer, LLC as legal counsel and CliftonLarsonAllen, LLP
as accountant.
CONNECTIONS COMMUNITY: Auction of MAT Programs Assets on June 4
---------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware authorized Connections Community Support Programs,
Inc.'s bid protection and bidding procedures in connection with the
sale of assets, contracts, and services in connection with its
medication assisted treatment ("MAT") programs to Conexio Care,
Inc., for the cash consideration of $2.5 million, plus the payment
of all Cure Costs for executory contracts being assumed and
assigned to the Stalking Horse, plus Transfer and other related
taxes, subject to overbid.
The Sale Notice is approved. The Debtor will, within two business
days after the entry of the Order, serve a copy of the Sale Notice
and the Order upon the Sale Notice Parties.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: June 3, 2021, at 5:00 p.m. (ET)
b. Initial Bid: Must equal or exceed the sum of the amount of
(i) the purchase price under the Stalking Horse APA, plus (ii) any
break-up fee, expense reimbursement, or other bid protection
provided under the Stalking Horse APA or otherwise, plus (iii) an
overbid of $50,000 of the purchase price under the Stalking Horse
APA.
c. Deposit: 10% of the aggregate cash Purchase Price
d. Auction: The Auction, if an auction is necessary, will be
held at 10:00 a.m. (ET) on June 4, 2021. The Auction will be held
telephonically and/or by Zoom videoconference and all entities
entitled to attend the Auction, including but not limited to the
U.S. Trustee and the Patient Care Ombudsman, will receive
instructions from the Debtor's counsel, on attending the Auction on
June 3, 2021, at 5:00 p.m. (ET).
e. Bid Increments: $50,000
f. Sale Hearing: June 8, 2021, at 2:00 p.m. (ET)
g. Sale Objection Deadline: June 1, 2021, at 4:00 p.m. (ET)
h. Closing: June 15, 2021
i. Credit Bid: Subject to the terms of the Second Interim Cash
Collateral Order, holders of claims secured by unavoidable,
properly perfected liens on all or a portion of the Assets shall,
pursuant to section 363(k) of the Bankruptcy Code, be permitted,
but not compelled, to credit bid up to the full amount of their
secured claims for any of the Assets.
The Bid Protections are approved and will be paid in cash from the
proceeds of any sale of the Acquired Assets to a purchaser other
than the Stalking Horse Bidder, at the closing of such sale,
without the need for any further order of the Court. In the event
the Stalking Horse Purchaser is not the Successful Bidder for all
of the Acquired Assets (or otherwise does not purchase all of the
Acquired Assets as a Backup Bidder), the Stalking Horse Purchaser
will be provided a break-up fee of the 3% of the $10 million
Purchase Price as set forth in the Stalking Horse APA (as in effect
as of the date of the filing and not as amended from time to time)
and expense reimbursement for reasonable, documented, and
out-of-pocket costs, fees, and expenses incurred in connection with
the Sale in an amount not to exceed $350,000.
The Notice to Counterparties to Executory Contracts and Unexpired
Leases That May Be Assumed and Assigned is approved. On May 19,
2021, the Debtor will serve the Order and the Contract Assumption
Notice upon each counterparty to the Assumed Contracts and its
counsel (if known), with such service to be made by e-mail where
that information is available. The Assumed Executory Contract
Objection Deadline is (i) June 1, 2021, at 4:00 p.m. (ET), or (ii)
4:00 p.m. (ET) on the date that is seven calendar days after the
date of service of any Supplemental Contract Assumption Notice in
respect of such Assumed Executory Contract. The Adequate Assurance
Objection Deadline is June 7, 2021, at 10:00 a.m. (ET).
Notwithstanding the possible applicability of Bankruptcy Rules
6004, 6006, 7062, 9014 or otherwise, the terms and conditions of
the Order will be immediately effective and enforceable.
A copy of the APA and the Bid Procedures is available at
https://tinyurl.com/28bcrftb from PacerMonitor.com free of charge.
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 the State of 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.
On April 19, 2021, Connections Community Support Programs Inc.
filed for Chapter 11 protection (Bankr. D. Del. Case No. 21-10723)
on April 19, 2021. The Debtor estimated assets and debt of $50
million to $100 million as of the bankruptcy filing.
CHIPMAN BROWN CICERO & COLE, LLP, led by Mark L. Desgrosseilliers,
is the Debtor's counsel. SSG ADVISORS, LLC, is the investment
banker. OMNI AGENT SOLUTIONS is the claims and noticing agent.
DAVIDSTEA INC: June 11 Creditors' Meeting Set for CCAA Plan
-----------------------------------------------------------
DAVIDsTEA Inc., a leading tea merchant in North America, on May 7
disclosed that it obtained an order from the Quebec Superior Court
authorizing the Company to file its Plan of Arrangement under the
Companies' Creditors Arrangement Act ("CCAA") and to call a
creditors' meeting to be held on June 11, 2021 at 10 a.m. in
virtual mode. The Court order also extended to July 16, 2021 the
previously-announced stay of all proceedings against the Company
under the CCAA.
As previously announced, the Plan of Arrangement to be submitted to
creditors for approval on June 11, 2021 provides that DAVIDsTEA
will distribute an aggregate amount of approximately CDN $18
million to its creditors and those of DAVIDsTEA (USA) Inc., the
Company's wholly-owned U.S. subsidiary, in full and final
settlement of all claims affected by the Plan of Arrangement.
Under the CCAA, the Plan of Arrangement must be approved by a
simple majority of creditors of DAVIDsTEA and of DAVIDsTEA (USA)
Inc., voting separately, whose claims are affected by the Plan of
Arrangement, representing in each case at least two-thirds in
dollar value of all such claims duly filed in accordance with the
CCAA proceedings.
PwC is acting as Court-appointed Monitor in the CCAA proceedings.
All documents relating to the CCAA proceedings, including the Plan
of Arrangement, are available at www.pwc.com/ca/davidstea. The
Company will continue to provide updates throughout the CCAA
restructuring process as events warrant.
DAVIDsTEA can provide no assurance that the proposed Plan of
Arrangement will be accepted by the respective creditors of
DAVIDsTEA Inc. and DAVIDsTEA (USA) Inc. on the terms set out
therein, or at all.
About DAVIDsTEA
DAVIDsTEA (Nasdaq:DTEA) is a leading branded retailer and growing
mass wholesaler of specialty tea, offering a differentiated
selection of proprietary loose-leaf teas, pre-packaged teas, tea
sachets and tea-related gifts and accessories on our e-commerce
platform at http://www.davidstea.com/and through 18 Company-owned
and operated retail stores in Canada. A selection of DAVIDsTEA
products is also available in more than 2,500 grocery stores and
pharmacies across Canada. The Company is headquartered in
Montreal, Canada.
DIGIPATH INC: Posts $18K Net Income in Second Quarter
-----------------------------------------------------
Digipath, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing net income of $18,201
on $633,160 of revenues for the three months ended March 31, 2021,
compared to a net loss of $609,143 on $754,982 of revenues for the
three months ended March 31, 2020.
For the six months ended March 31, 2021, the Company reported a net
loss of $372,436 on $1.13 million of revenues compared to a net
loss of $829,570 on $1.56 million of revenues for the six months
ended March 31, 2020.
As of March 31, 2021, the Company had $1.57 million in total
assets, $2.68 million in total liabilities, and a total
stockholders' deficit of $1.11 million.
During the six months ended March 31, 2021, net cash used in
operating activities was $94,603, compared to net cash used in
operating activities of $456,504 for the same period ended March
31, 2020. The decrease in cash used in operating activities was
primarily attributable to the Company's decreased net loss.
During the six months ended March 31, 2021, net cash used in
investing activities was $1,206, compared to $335,648 for the same
period ended March 31, 2020. The decrease is attributable to fewer
investments made for cannabis testing equipment in the current
period, and the $200,000 purchase of VSSL Enterprises, Ltd. in the
prior period.
During the six months ended March 31, 2021, net cash provided by
financing activities was $126,766, compared to net cash provided by
financing activities of $558,384 for the same period ended March
31, 2020. The current period consisted primarily of $150,000 of
proceeds received on debt financing, proceeds of $20,250 from the
sale of stock, as offset by $16,715 of principal payments on an
equipment lease and $26,769 of principal payments on an equipment
loan, compared to $ 550,000 of proceeds received on convertible
note financing and proceeds of $56,500 from the sale of stock, as
offset by $35,387 of principal payments on an equipment lease and
$12,729 of principal payments on an equipment loan in the
comparative period.
Ability to Continue as a Going Concern
"As of March 31, 2021, our balance of cash on hand was $113,706.
We currently may not have sufficient funds to sustain our
operations for the next twelve months and we may need to raise
additional cash to fund our operations and expand our lab testing
business. As we continue to develop our lab testing business and
attempt to expand operational activities, we expect to experience
net negative cash flows from operations in amounts not now
determinable, and will be required to obtain additional financing
to fund operations through common stock offerings to the extent
necessary to provide working capital. We have and expect to
continue to have substantial capital expenditure and working
capital needs," Digipath said.
"The Company has incurred recurring losses from operations
resulting in an accumulated deficit, and, as set forth above, the
Company's cash on hand is not sufficient to sustain operations.
These factors raise substantial doubt about the Company's ability
to continue as a going concern. Management is actively pursuing
new customers to increase revenues. In addition, the Company is
currently seeking additional sources of capital to fund short term
operations. In the event sales do not materialize at the expected
rates, management would seek additional financing or would attempt
to conserve cash by further reducing expenses. There can be no
assurance that we will be successful in achieving these objectives,
becoming profitable or continuing our business without either a
temporary interruption or a permanent cessation. In addition,
additional financing may result in substantial dilution to existing
stockholders," Digipath further said.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1502966/000149315221011919/form10-q.htm
About DigiPath
Headquartered in Las Vegas, Nevada, Digipath, Inc. --
http://www.digipath.com-- offers full-service testing lab for
cannabis, hemp and ancillary cannabis and hemp infused products
serving growers, dispensaries, caregivers, producers, patients and
eventually all end users of cannabis and botanical products.
DigiPath reported a net loss of $2.31 million for the year ended
Sept. 30, 2020, compared to a net loss of $1.80 million s for the
year ended Sept. 30, 2019. As of Dec. 31, 2020, the Company had
$1.56 million in total assets, $2.86 million in total liabilities,
and a total stockholders' deficit of $1.30 million.
M&K CPAS, PLLC, in Houston, Texas, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Jan. 29, 2021, citing that the Company has recurring losses from
operations and insufficient working capital, which raises
substantial doubt about its ability to continue as a going concern.
DO@KING PLOW ARTS: June 3 Hearing on $3.2M Sale of Atlanta Property
-------------------------------------------------------------------
Judge Jeffery W. Cavender of the U.S. Bankruptcy Court for the
Northern District of Georgia will convene a hearing on June 3,
2021, at 11:00 a.m., to consider DO@King Plow Arts Center, LLC's
proposed private sale of the remaining three parcels of real
property located at 517 Jones Avenue, Atlanta, Georgia to United
Georgia Loans, LLC, for $3.2 million, as soon as possible, on the
date and time the Court deems appropriate.
Given the current public health crisis, hearings may be telephonic
only. Parties should check the "Important Information Regarding
Court Operations During COVID-19 Outbreak" tab at the top of the
GANB Website prior to the hearing for instructions on whether to
appear in person or by phone.
The counsel for the Debtor will serve the Order and Notice upon all
creditors and the United States Trustee and file a Certificate of
Service within three days of the entry of the Order.
About DO@King Plow Arts Center
DO@King Plow Arts Center LLC is a commercial, performing and
visual
arts center in Atlanta.
DO@King Plow Arts Center sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-60066) on Jan. 2,
2020. In the petition signed by Nacasha Leca Ruffin, authorized
representative, the Debtor was estimated to have $1 million to $10
million in both assets and liabilities. Judge Jeffery W. Cavender
oversees the case. William A. Rountree, Esq. at Rountree Leitman
&
Klein, LLC, is the Debtor's legal counsel.
DO@KING PLOW ARTS: Seeks Expedited Hearing on Atlanta Property Sale
-------------------------------------------------------------------
DO@King Plow Arts Center, LLC, asks the U.S. Bankruptcy Court for
the Northern District of Georgia to enter an order scheduling a
hearing on its proposed private sale of the remaining three parcels
of real property located at 517 Jones Avenue, in Atlanta, Georgia,
to United Georgia Loans, LLC, for $3.2 million, as soon as
possible, on the date and time the Court deems appropriate.
On May 12, 2021, the Debtor filed an Emergency Motion to Sell Real
Property. In the Motion to Sell, the Debtor informs the Court that
it has a Purchase Agreement to sell the Property for $3.2 million.
It submits that the proposed purchase price amounts to fair market
value for the Property and that selling the Property pursuant to
the Purchase Agreement is in the best interests of the estate and
its creditors. Indeed, the Debtor believes the sale proceeds will
be sufficient to pay all secured and unsecured creditors in full.
The closing is scheduled for June 30, 2021.
Accordingly, the Debtor requests that an expedited hearing on the
Motion to Sell be set as soon as reasonably possible before June
30, 2021.
For the reasons explained and the reasons set forth in the Motion
to Sell, the Debtor believes that the Court should hear the Motion
to Sell as soon as possible.
About DO@King Plow Arts Center
DO@King Plow Arts Center LLC is a commercial, performing and
visual
arts center in Atlanta.
DO@King Plow Arts Center sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-60066) on Jan. 2,
2020. In the petition signed by Nacasha Leca Ruffin, authorized
representative, the Debtor was estimated to have $1 million to $10
million in both assets and liabilities. Judge Jeffery W. Cavender
oversees the case. William A. Rountree, Esq. at Rountree Leitman
&
Klein, LLC, is the Debtor's legal counsel.
DONALD ANTHONY DELLA: $49K Sale of Cresson Property to Ramseys OK'd
-------------------------------------------------------------------
Judge Jeffery A. Deller of the U.S. Bankruptcy Court for the
Western District of Pennsylvania confirmed Donald Anthony Della's
sale of the real property and improvements thereon located in the
Borough of Cresson, County of Cambria, Commonwealth of
Pennsylvania, identified by Cambria County Tax Map Number 15-014.
-111.000, commonly known as 412 2nd Street, in Cresson,
Pennsylvania, to John and Kathy Ramsey for $49,000.
The sale is free and divested of the liens. The liens, claims and
interests of the Respondents, if any, be, and they are hereby
divested from the property being sold, if and to the extent they
may be determined to be valid liens against the sold property, and
transferred to the proceeds of sale, and that the within decreed
sale will be free, clear and divested of said liens, claims and
interests.
The sale of the Premises will be a sale of the Premises in "as is,
where is" condition, without representations or warranties of any
kind whatsoever.
The following expenses/costs will immediately be paid at the time
of the closing Failure of the Closing Agent to timely make and
forward the disbursements required by this Order will subject the
Closing Agent to monetary sanctions, including among other things,
a fine or the imposition of damages, after notice and hearing, for
failure to comply with the above terms of the Order. Except as to
the distribution specifically authorized, all remaining funds will
be held by Counsel for the Movant pending further Order of the
Court after notice and hearing:
(1) The following lien(s)/claim(s): Genetco, Inc.;
(2) Delinquent real estate taxes, if any;
(3) Current year real estate taxes, pro-rated to the date of
closing;
(4) The costs of sale, specifically including but not limited
to payment for any Court filing fees, advertising, printing,
mailing and notice fees; Debtor/the Estate's counsel fees incurred
in filing and drafting the sale motion, representing the estate at
the hearing and obtaining an order authorizing the sale, deed
preparation fees and closing on the same and other such closing
costs as may be properly incurred to effect said closing;
(5) The Court approved realtor commission in the amount of
$3,500; and
(6) The "net" proceeds from the closing as identified on the
Settlement Statement and/or Closing Disclosure to Counsel for the
Movant.
Within seven days of the date of the Order, the Movant/Plaintiff
will serve a copy of the Order on each Respondent/Defendant (i.e.
each party against whom relief is sought) and its attorney of
record, if any, upon any attorney or party who answered the motion
or appeared at the hearing, the attorney for the Debtor, the
Closing Agent, the Purchaser(s), and the attorney for the
Purchaser, if any, and file a Certificate of Service.
The closing will occur within 30 days of the Order unless otherwise
reasonably extended by the parties.
Within seven days following closing, the Movant/Plaintiff will file
a Report of Sale which will include a copy of the Settlement
Statement and/or Closing Disclosure.
The Sale Confirmation Order survives the dismissal or conversion of
the case.
Donald Anthony Della sought Chapter 11 protection (Bankr. W.D. Pa.
Case No. 21-70103) on March 15, 2021. The Debtor tapped Kevin J.
Petak, Esq., at Spence, Custer, Saylor, Wolfe & Rose, LLC as
counsel.
DORCHESTER RESOURCES: June 18 Auction of Substantially All Assets
-----------------------------------------------------------------
Judge Sarah A. Hall of the U.S. Bankruptcy Court for the Western
District of Oklahoma authorized Dorchester Resources, LP's bidding
procedures in connection with the sale of assets to DRII, LLC, for
the base purchase price of $10 million, plus the assumption of
certain agreements of the Debtor which amount to over $800,000,
subject to certain adjustments and carve-outs upon Court approval
of the transaction, subject to overbid.
The Debtor is authorized to take any and all actions necessary to
implement the Bidding Procedures, consistent with the terms of the
Order.
The Debtor may pursue a sale (or sales) of the Assets and enter
into the transactions contemplated by the Purchase Agreement by
conducting an Auction in accordance with the Bidding Procedures;
provided that the Debtor must receive authority from the Court to
consummate any such sale (or sales) at the Sale Hearing.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: June 15, 2021, at 4:00 p.m. (CT)
b. Initial Bid: $10.25 million
c. Deposit: $1.25 million
d. Auction: The Auction will take place, in compliance with
the Bidding Procedures, on June 18, 2021 at 10:00 a.m. (CT) at the
offices of the Auctioneer or the Debtor's counsel, or such other
place and time as the Debtor will notify all Qualified Bidders.
e. Bid Increments: $100,000
f. Sale Hearing: June 29, 2021, at 1:00 p.m. (CST)
g. Sale Objection Deadline: June 22, 2021, at 4:00 p.m. (CT)
h Breakup Fee: $200,000
i. Expense Reimbursement: $50,000
Identification of the Winning Bidder, along with the proposed asset
purchase agreement, will be provided by the Debtor to all parties
in interest on the earlier of (i) June 16, 2021, to the extent
there are no competing bids made or (ii) June 19, 2021, upon the
completion of the Auction as set forth in the Order.
The Sale Notice is approved. Five business days after entry of the
Bidding Procedures Order, the Debtor will cause the Sale Notice
upon the Sale Notice Parties.
The Bid Protections and Sections 13 and 16 of the Purchase
Agreement are approved, authorized and binding upon the Debtor and
its estate.
The Simmons Reservation and Objecting Parties Reservations are
expressly ordered.
The stays provided for in Bankruptcy Rules 6004(h) and 6006(d) are
waived and the Bidding Procedures Order will be effective
immediately upon its entry.
A copy of the Bidding Procedures is available at
https://tinyurl.com/ysdp5beh from PacerMonitor.com free of charge.
About Dorchester Resources
Dorchester Resources, LP filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case
No.
21-10840) on April 5, 2021. At the time of the filing, the Debtor
had between $10 million and $50 million in both assets and
liabilities.
Judge Sarah A. Hall oversees the case.
The Debtor tapped Christensen Law Group, PLLC as counsel and Dakil
Auctioneers, Inc. as marketing and sales agent. Omni Agent
Solutions is the claims and administrative agent.
DRYDEN 77: S&P Assigns Prelim B- (sf) Rating on Class F-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
X-R, A-R, B-R, C-R, D-R, E-R, and F-R replacement notes from Dryden
77 CLO Ltd./Dryden 77 CLO LLC, a CLO managed by PGIM Inc. This is a
proposed refinancing of its May 2020 transaction.
The preliminary ratings are based on information as of May 20,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.
On the May 27, 2021, refinancing date, the proceeds from the
replacement notes will be used to redeem the original notes. At
that time, S&P expects to withdraw its ratings on the original
notes and assign ratings to the replacement notes. However, if the
refinancing doesn't occur, S&P may affirm its ratings on the
original notes and withdraw its preliminary ratings on the
replacement notes.
The replacement notes will be issued via a proposed supplemental
indenture, which outlines the terms of the replacement notes.
According to the proposed supplemental indenture:
-- The replacement class X-R, A-R, B-R, C-R, and E-R notes are
expected to be issued at a lower spread over three-month LIBOR than
the original notes.
-- The original class D-1 and D-2 notes are being combined into a
single replacement class: the class D-R notes.
-- The transaction is issuing two additional replacement class:
the class X-R and F-R notes. The class X-R notes are expected to be
paid down. over 16 payment dates, beginning with the payment date
in August 2022.
-- The transaction is upsizing by 25%, compared with the original
transaction.
-- The non-call period will be extended by two years, and the
stated maturity and reinvestment period will be extended by three
years each.
S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios. Our analysis also considered the
transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches.
"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."
Preliminary Ratings Assigned
Dryden 77 CLO Ltd./Dryden 77 CLO LLC
Class X-R, $5.00 million: AAA (sf)
Class A-R, $310.00 million: AAA (sf)
Class B-R, $70.00 million: AA (sf)
Class C-R (deferrable), $30.00 million: A (sf)
Class D-R (deferrable), $30.00 million: BBB- (sf)
Class E-R (deferrable), $20.00 million: BB- (sf)
Class F-R (deferrable), $5.00 million: B- (sf)
Subordinated notes, $38.00 million: Not rated
E.Y. REALTY: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: E.Y. Realty, LLC
20 Holm Court
Malden, MA 02148
Business Description: E.Y. Realty, LLC is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: May 24, 2021
Court: United States Bankruptcy Court
District of Massachusetts
Case No.: 21-10754
Debtor's Counsel: Gary W. Cruickshank, Esq.
GARY W. CRUICKSHANK
21 Custom House Street
Suite 920
Boston, MA 02110
Tel: 617-330-1960
E-mail: gwc@cruickshank-law.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Yim Kun Yu, manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/HQUV7NI/EY_Realty_LLC__mabke-21-10754__0001.0.pdf?mcid=tGE4TAMA
EAGLE HOSPITALITY: Auction Yields $480 Mil., None for Queen Mary
----------------------------------------------------------------
Becky Yerak of The Wall Street Journal reports that Eagle
Hospitality Real Estate Investment Trust has gotten bids of more
than $480 million for 14 of its properties, but the bankrupt hotel
chain doesn't yet have a buyer for its lease for 1930s ocean liner
the Queen Mary.
Heading into a Thursday, May 20, 2021, auction, Monarch Alternative
Capital LP was the lead bidder for Eagle Hospitality's properties,
with a $470 million offer for all 15 properties that set the floor
price. The distressed-debt investor ended up having the best offer
for 10 of 14 Eagle Hospitality properties.
About Eagle Hospitality Group
Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.
EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.
EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.
The Debtors tapped Paul Hastings LLP as bankruptcy counsel; FTI
Consulting, Inc., as restructuring advisor; and Moelis & Company
LLC, as investment banker. Cole Schotz P.C. is the Delaware
counsel. Rajah & Tann Singapore LLP is Singapore Law counsel, and
Walkers is Cayman Law counsel. Donlin, Recano & Company Inc. is the
claims agent.
EAST END: May 27 Hearing on Bidding Procedures for Propane Buses
----------------------------------------------------------------
Judge Louis A. Scarcella of the U.S. Bankruptcy Court for the
Eastern District of New York will convene a telephonic hearing on
May 27, 2021, at 1:00 p.m., to consider the bidding procedures
proposed by East End Bus Lines, Inc., and affiliates in connection
with the sale of 66 propane buses and other miscellaneous equipment
to Durham School Services, L.P., for $4,062,804, cash, subject to
overbid.
Parties wishing to participate in the Hearing will dial-in as
follows: Toll Free Number: (888) 278-0296 and Access Code:
3535042.
By May 18, 2021, the Debtors are directed to serve a copy of the
Motion and the Order the Notice Parties. The Debtors will file
proof of service by May 19, 2021.
The Objection Deadline is May 25, 2021, at 4:00 p.m.
A copy of the Bidding Procedures is available at
https://tinyurl.com/449bej89 from PacerMonitor.com free of charge.
About East End Bus Lines
East End Bus Lines Inc. and its subsidiaries --
https://www.eastendbus.com/ -- offer bus transportation services
for students. East End Bus Lines and Montauk Student Transport
are
dedicated to providing cost-effective solutions for transportation
requirements for private schools, public schools, charter trips,
and camping events. Founded in 2007, East End Bus Lines was later
joined by Montauk Student Transport under the guidance of John
Mensch.
East End Bus Lines and its subsidiaries, namely, Montauk Student
Transport LLC, and Montauk Transit Service LLC, filed voluntary
Chapter 11 petitions (Bankr. E.D. N.Y. Lead Case No. 18-76176) on
Sept. 13, 2018.
In the petitions signed by John Mensch, president, East End Bus
Lines and Montauk Student Transport estimated up to $50,000 in
assets and $10 million to $50 million in liabilities while Montauk
Transit Service estimated up to $50,000 in assets and $1 million
to
$10 million in liabilities.
The Debtors tapped Weinberg, Gross & Pergament LLP as their legal
counsel, and Giambalvo, Stalzer & Company, CPA's, PC as their
accountant. The Debtors hired Littler Mendelson PC, as special
counsel to represent them in labor relations matters.
No official committee of unsecured creditors has been appointed.
EAST END: Sets Bid Procedures for Propane Buses & Other Equipment
-----------------------------------------------------------------
East End Bus Lines, Inc., and affiliates ask the U.S. Bankruptcy
Court for the Eastern District of New York to authorize the bidding
procedures in connection with the sale of 66 propane buses and
other miscellaneous equipment to Durham School Services, L.P., for
$4,062,804, cash, subject to overbid.
The Debtors are current on their post-petition finance obligations
and have made payments to these creditors throughout the Chapter 11
cases. They acknowledge that a quick sale of their assets is
necessary in order to maximize the value of their business, to save
hundreds of jobs and to ensure that there is no interruption in
service which would have ripple effects throughout the delicate
community which they serve.
The Debtors have received an executed Asset Purchase Agreement the
Purchaser to purchase the Assets in the cash amount of $4,062,804,
which contemplates a sale of the Debtors' right, title and interest
in 66 school buses and other miscellaneous equipment "as-is"
described on Schedule 1 to the Agreement, as may be adjusted in
number by the Purchaser pursuant to Section 10(e), free and clear
of all liens, claims and encumbrances.
The terms of the Agreement are:
a. Seller: Debtors
b. Purchaser: Durham School Services, L.P. a Delaware limited
partnership, and/or its assigns or its affiliates
c. Purchase Price: $4,062,804
d. Deposit: $400,000
e. Assets: 66 Propane School Buses, 66 Zonar V4 Unites,
Gatekeeper Camera Systems, Two-Way Digital Radio
d. Closing Date: The closing will occur Within 14 days of
entry of the Court order approving the Purchaser as the successful
purchaser.
By the Motion, the Debtors are seeking entry of three orders: (i)
Sale Procedures Order, (ii) Sale Approval Order and (iii) Order
scheduling Emergency Hearing.
The Debtors are seeking to sell the Sale Assets subject to higher
and/or better offers. In order to ensure that the highest and best
offer is received for the Sale Assets, the Debtors have
established the proposed Bidding Procedures to govern the
submission of competing bids at an auction. Accordingly, they ask
the Court's approval of the Bidding Procedures set forth in Exhibit
A.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: (TBD) at 5:00 p.m. (EST)
b. Initial Bid: For a Competing Bid to be considered, it must
be in a cash amount of at least $4,062,804, which amount equals the
Purchase Price, plus $50,000 in an additional overbid increment.
c. Deposit: 10% of the initial bid
d. Auction: The Auction will be held at 12:00 noon (EST) on
(TBD) at the offices of Weinberg, Gross & Pergament LLP, 400 Garden
City Plaza, Suite 403, Garden City, New York 11552.
e. Bid Increments: $25,000
Following the Auction, the Debtors will seek the Court's approval
of the sale of their Sale Assets free and clear of all liens,
claims, interests and encumbrances to the Successful Bidder.
All of the sale proceeds will be held in escrow by the Debtors'
counsel, with all liens, claims, interests and encumbrances, if
any, to attach to the proceeds in accordance with Section 363(t)
ofthe Bankruptcy Code, pending further Order of the Court.
The Debtors assert that the "stalking horse" offer received by the
Debtors will result in the payment of $3.95 million to Merchants
Automotive Services to reduce its secured debt.
The Debtors will serve within three days of entry of the Sale
Procedures Order copies of: (a) Sale Procedures Order; (b) Bidding
Procedures; and (c) the Motion upon the Notice Parties.
The Debtors respectfully submit that the Auction process will
provide the greatest recovery for their estates than would be
provided by any other available alternative. In addition, the
value of the Assets will be tested in the market through an auction
process, which will support the fairness and reasonableness of the
consideration being received. Therefore, they ask that the Court
authorizes and approve the Sale of the Assets.
A copy of the Bidding Procedures is available at
https://tinyurl.com/4v24mc2w from PacerMonitor.com free of charge.
About East End Bus Lines
East End Bus Lines Inc. and its subsidiaries --
https://www.eastendbus.com/ -- offer bus transportation services
for students. East End Bus Lines and Montauk Student Transport
are
dedicated to providing cost-effective solutions for transportation
requirements for private schools, public schools, charter trips,
and camping events. Founded in 2007, East End Bus Lines was later
joined by Montauk Student Transport under the guidance of John
Mensch.
East End Bus Lines and its subsidiaries, namely, Montauk Student
Transport LLC, and Montauk Transit Service LLC, filed voluntary
Chapter 11 petitions (Bankr. E.D. N.Y. Lead Case No. 18-76176) on
Sept. 13, 2018.
In the petitions signed by John Mensch, president, East End Bus
Lines and Montauk Student Transport estimated up to $50,000 in
assets and $10 million to $50 million in liabilities while Montauk
Transit Service estimated up to $50,000 in assets and $1 million
to
$10 million in liabilities.
The Debtors tapped Weinberg, Gross & Pergament LLP as their legal
counsel, and Giambalvo, Stalzer & Company, CPA's, PC as their
accountant. The Debtors hired Littler Mendelson PC, as special
counsel to represent them in labor relations matters.
No official committee of unsecured creditors has been appointed.
EASTERDAY RANCHES: Sale & Abandonment Procedures for Assets Issued
------------------------------------------------------------------
udge Whitman L. Holt of the U.S. Bankruptcy Court for the Eastern
District of Washington issued an order establishing procedures for
the sale and the abandonment of the de minimis assets of Easterday
Ranches, Inc., and Easterday Farms.
The De Minimis Asset Procedures are approved with the following
exception: the $500,000 aggregate sale price cap referred to on
Pages 4 and 6 of the Motion is reduced to $250,000.
The form of Transaction Notice and Abandonment Notice are approved
and are good and sufficient notice of the sale or abandonment of
such De Minims Asset, as applicable.
The Sales of De Minimis Assets pursuant to the De Minimis Asset
Sale Procedures are, without the need for any action by any party
free and clear of all Liens, with such Liens attaching to the
proceeds of such sale.
The Debtors are authorized to pay those reasonable and necessary
fees and expenses incurred in the sale of De Minimis Assets,
including commission fees to agents, brokers, auctioneers, and
liquidators, provided that the Debtors may not pay fees and
expenses of estate-retained professionals in connection with such
sale except as authorized by the Court.
Notwithstanding the possible applicability of Bankruptcy Rules
6004(h) or 6006(d), the terms and conditions of the Order will be
immediately effective and enforceable upon its entry.
About Easterday Ranches and Easterday Farms
Easterday Ranches, Inc. is a privately held company in the cattle
ranching and farming business.
Easterday Ranches sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Wash. Case No. 21-00141) on Feb. 1,
2021. Its affiliate, Easterday Farms, a Washington general
partnership, filed a Chapter 11 bankruptcy petition (Bankr. E.D.
Wash. Case No. 21-00176) on Feb. 8, 2021. The cases are jointly
administered under Case No. 21-00141.
At the time of the filing, the Debtors disclosed assets of between
$100 million and $500 million and liabilities of the same range.
Judge Whitman L. Holt oversees the cases.
The Debtors tapped Pachulski Stang Ziehl & Jones LLP as their lead
bankruptcy counsel, Bush Kornfeld LLP as local counsel, and Davis
Wright Tremaine LLP as special counsel. T. Scott Avila and Peter
Richter of Paladin Management Group serve as restructuring
officers.
The U.S. Trustee for Region 18 appointed an official committee of
unsecured creditors on Feb. 16, 2021.
EDISON PLAZA: Gets Court Approval to Use Cash Collateral
--------------------------------------------------------
Judge Vincent F. Papalia authorized Edison Plaza Diner, LLC to use
cash collateral generated from its business operations, pursuant to
a Court-approved budget.
Judge Papalia directed the Debtor to:
* provide Edison Family Restaurant, Inc., the U.S. Small
Business Administration, Vend Lease Company, Inc.,
Peapack-Gladstone Bank, and Swift Financial, LLC with adequate
protection for any diminution in the value of collateral that is
subject to its security interest or lien as of the Petition Date,
to the extent and with the same priority in the Debtor's
post-petition collateral, that the Secured Creditors held in the
Debtor's pre-petition collateral;
* pay Edison Family Restaurant, Inc. $5,000 monthly for
adequate protection. Edison Family Restaurant may move to convert
or dismiss the Debtor's case should the Debtor fail to make
adequate protection payments to Edison.
The current interim order may continue in full force and may be
deemed a final order if no objections are filed.
A copy of the order is available for free at https://bit.ly/3whZSiY
from PacerMonitor.com.
Final hearing on the motion is scheduled for June 24, 2021, at 11
a.m. prevailing Eastern Time.
About Edison Plaza Diner, LLC
Edison Plaza Diner, LLC, operates the Edison Family Restaurant in
Edison, New Jersey. Edison Plaza Diner filed a petition under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. N.J.
Case No. 21-12085) on March 15, 2021. In the petition signed by
Jonathan Son, member, the Debtor estimated assets between $100,000
and $500,000 and liabilities within the same range.
David L. Stevens, Esq., of SCURA, WIGFIELD, HEYER, STEVENS &
CAMMAROTA, LLP represents the Debtor as counsel. Judge Vincent F.
Papalia is assigned to the case.
ENERGY 11: Posts $3.5 Million Net Income in First Quarter
---------------------------------------------------------
Energy 11, L.P. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing net income of $3.46
million on $13.60 million of total revenue for the three months
ended March 31, 2021, compared to net income of $2.93 million on
$11.10 million of total revenue for the three months ended March
31, 2020.
As of March 31, 2021, the Company had $330.09 million in total
assets, $46.28 million in total liabilities, and $283.81 million in
total partners' equity.
The Company said, "During 2019 and the first quarter of 2020, the
Partnership elected to participate in the drilling and completion
of 43 new wells, primarily administered by Whiting, at an estimated
cost of approximately $60 million to the Partnership. Production
from additional wells to be completed under the Drilling Program
was expected to enhance the Partnership's operating performance
throughout 2020, providing incremental cash flow from operations to
fund the Partnership's investment in its undrilled acreage.
Subsequent to the Partnership's election to participate in the
Drilling Program, the outbreak of a novel coronavirus in China in
December 2019 significantly impacted the global economy throughout
2020, and the domestic oil and gas industry was especially impacted
as demand for oil, natural gas and other hydrocarbons substantially
declined in March and April 2020. In addition to the outbreak of
COVID-19, Saudi Arabia and Russia, two of the largest worldwide
producers of crude oil, engaged in a price war during March and
April 2020 that ultimately led to excess crude oil and natural gas
inventory and congested supply chain channels, which weighed
negatively on commodity prices while demand was low.
"Demand for oil and natural gas began to return in the fourth
quarter of 2020 and first quarter of 2021 as government-mandated
COVID-19 restrictions have eased. In addition, oil prices
increased to over $60 per barrel throughout March 2021, marking an
over 50% increase over the average price per barrel in 2020.
Increased demand and higher commodity prices have improved the
outlook for the domestic oil and natural gas industry in 2021, but
significant uncertainty remains as to when Whiting will fully
resume the Drilling Program, which the Partnership anticipates will
have a positive impact to its revenues and operating results.
"As of March 31, 2021, the Partnership has used all its
availability under its $40 million revolving credit facility
("Credit Facility"), and the maturity date of the Credit Facility
is July 31, 2021. If the lenders were to enforce the obligations
outstanding under the Credit Facility when they become due, the
Partnership would be required to pay approximately $40 million (as
of March 31, 2021) to the lenders at maturity. The Partnership's
ability to continue as a going concern is primarily dependent on
the refinancing the Partnership's existing debt and/or securing
additional capital as well as the Partnership's ability to continue
to comply with its obligations under its existing loan agreements.
"In May 2021, the Partnership entered into a loan agreement with a
bank syndicate led by BancFirst, which provides for a $60 million
revolving credit facility that matures on March 1, 2024. The
Partnership used proceeds from the new revolving credit facility to
repay the existing Credit Facility in full. Therefore, based on
the successful refinancing of the Partnership's debt along with the
Partnership's performance during the first quarter of 2021,
substantial doubt no longer exists for the Partnership to continue
as a going concern for one year after the date these financial
statements are issued."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1581552/000118518521000671/energy1120210331_10q.htm
About Energy 11
Fort Worth, Texas-based Energy 11, L.P. -- www.energyeleven.com --
is a Delaware limited partnership formed to acquire producing and
non-producing oil and natural gas properties onshore in the United
States and to develop those properties.
Energy 11 reported a net loss of $2.80 million for the year ended
Dec. 31, 2020, compared to net income of $8.48 million for the year
ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $331.81
million in total assets, $51.46 million in total liabilities, and
$280.34 million in total partners' equity.
Oklahoma City, Oklahoma-based Grant Thornton LLP, the Company's
auditor since 2015, issued a "going concern" qualification in its
report dated March 12, 2021, citing that the Partnership has
substantial debt that is due within one year of the report date
which raises substantial doubt about the Partnership's ability to
continue as a going concern.
FAYETTE MEMORIAL: $175K Sale of Connersville Property to Woda OK'd
------------------------------------------------------------------
Judge Jeffrey J. Graham of the U.S. Bankruptcy Court for the
Southern District of Indiana authorized Fayette Memorial Hospital
Association, Inc.'s private sale of the real property located at
3135 Virginia Avenue, in Connersville, Indiana, to Woda Cooper
Development, Inc. or its assignee for $175,000.
The Debtor, acting through the Plan Administrator, is authorized
and directed to fully perform all terms and conditions of the
Purchase Agreement, to execute such documents as may be necessary
to consummate the sale transaction described therein, and to take
any and all further actions (including any prorations, adjustments,
payment of closing costs, and the like provided for in the Purchase
Agreement) as may be necessary or appropriate in performing the
obligations of the Debtor under the Purchase Agreement.
The sale is free and clear of any and all Claims.
The Order is a final order (as opposed to an interlocutory order)
and is enforceable upon entry.
The Debtor and the Plan Administrator are authorized to take all
actions necessary to effectuate the relief granted pursuant to the
Order.
About Fayette Memorial Hospital Association
Founded in 1913, Fayette Memorial Hospital Association, Inc. --
https://www.fayetteregional.org/ -- is a multi-faceted health care
organization in Connersville, Indiana. It offers ambulatory care,
cancer care, care pavilion, dermatology, diagnostic imaging,
emergency care, express care, facial and cosmetic procedures,
hospice care, laboratory services, pediatrics, physical therapy
and
rehabilitation, among other services.
Fayette Memorial Hospital Association sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
18-07762) on Oct. 10, 2018. In the petition signed by CEO Randall
White, the Debtor estimated assets of $10 million to $50 million
and liabilities of $10 million to $50 million. The case is
assigned to Judge Jeffrey J. Graham. The Debtor tapped Fultz
Maddox Dickens PLC as its legal counsel.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors. The committee tapped Fox Rothschild LLP as
its legal counsel.
The official committee of unsecured creditors was appointed on
Dec. 5, 2018. On Feb. 19, 2021, the Court confirmed the Joint
Plan of Liquidation by which it confirmed the Immaterially
Modified Joint Chapter 11 Plan of Liquidation. Pursuant to the
Confirmation Order and the Plan, the Committee was dissolved, and
Bernadette Barron of Barron Business Consulting, Inc., was
appointed as the Plan Administrator.
FRANCIS FARMS: $2.4M Sale of Rehoboth Property to Town Approved
---------------------------------------------------------------
Judge Janet E. Bostwick of the U.S. Bankruptcy Court for the
Eastern District of Massachusetts authorized Francis Farms
Holdings, LLC's proposed private sale of the commercial real estate
located at 151R County Street/19-33 Farm Road, in Rehoboth,
Massachusetts, to the Town of Rehoboth for the sum of $2.4 million,
free and clear of liens.
No objections or higher offers have been filed. The Motion will be
allowed by separate order.
The hearing scheduled for May 20, 2021, was canceled.
About Francis Farms Holdings
Francis Farms Holdings, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Mass. Case No. 21-10273) on March
3,
2021. David Cascioli, manager, signed the petition. In the
petition, the Debtor disclosed between $1 million and $10 million
in both assets and liabilities.
Judge Janet E. Bostwick oversees the case.
Gary W. Cruickshank, Esq., serves as the Debtor's legal counsel.
FRESH ACQUISITIONS: May 25 Hearing on Bid Procedures for All Assets
-------------------------------------------------------------------
Judge Stacey G.C. Jernigan of the U.S. Bankruptcy Court for the
Northern District of Dallas will convene a hearing on May 25, 2021,
at 9:30 a.m. (CT) to consider the bidding procedures proposed by
Fresh Acquisitions, LLC, and its debtor-affiliates in connection
with the sale of substantially all of their assets to VitaNova
Brands, LLC, or its designee(s), subject to overbid.
The Stalking Horse Bidder's consideration will include a credit bid
of the DIP Loan, assumption and payment of certain priority trust
fund taxes, payment of certain priority employee obligations and
assumption of landlord, vendor and customer obligations associated
with the restaurants.
The Objection Deadline was May 24, 2021, at 10:30 a.m. (CT).
The Debtors will promptly provide notice of the Hearing to all
parties on the limited service list maintained in these chapter 11
cases.
About Fresh Acquisitions
Fresh Acquisitions LLC and Buffets, LLC, operate independent
restaurant brands and are based in San Antonio, Texas. Prior to
the COVID-19 pandemic, Fresh and its affiliates were a significant
operator of buffet-style restaurants in the United States with
approximately 90 stores operating in 27 states. Fresh's concepts
include six buffet restaurant chains and a full service
steakhouse,
operating under the names Furr's Fresh Buffet, Old Country Buffet,
Country Buffet, HomeTown Buffet, Ryan's, Fire Mountain, and Tahoe
Joe's Famous Steakhouse, respectively.
Buffets Holdings, Inc., filed for Chapter 11 relief in January
2008
and won confirmation of a reorganization plan in April 2009. In
January 2012, Buffets again sought Chapter 11 protection and
emerged from bankruptcy in July 2012.
On Aug. 19, 2015, Alamo Ovation, LLC, acquired Buffets Restaurants
Holdings, Inc., and as a result of the merger, Buffets operated
over 300 restaurants in 35 states. Down to 150 restaurants in 25
states after closing unprofitable locations, Buffets LLC and its
affiliated entities sought Chapter 11 protection (Bankr. W.D. Tex.
Case No. Lead Case No. 16-50557) in San Antonio on March 7, 2016.
On April 27, 2017, the Court confirmed the Debtors' Second Amended
Joint Plan of Reorganization. The Effective Date of the Plan was
May 18, 2017.
Fresh Acquisitions, LLC and 14 affiliates, including Buffets LLC
(a/k/a Ovation Brands), sought Chapter 11 protection (Bankr. N.D.
Tex. Lead Case No. 21-30721) on April 20, 2021. Fresh Acquisitions
was estimated to have $1 million to $10 million in assets and $10
million to $50 million in liabilities.
The Hon. Harlin Dewayne Hale is the case judge.
In the 2021 cases, the Debtors tapped GRAY REED as counsel; and B.
RILEY ADVISORY SERVICES as financial advisor. KATTEN MUCHIN
ROSENMAN LLP is special counsel. BMC GROUP, INC., is the claims
and noticing agent. HILCO REAL ESTATE, LLC is the real estate
consultant.
FRESH ACQUISITIONS: Sets Bidding Procedures for Sale of All Assets
------------------------------------------------------------------
Fresh Acquisitions, LLC, and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Northern District of Dallas to authorize
the bidding procedures in connection with the sale of substantially
all of their assets to VitaNova Brands, LLC, or its designee(s),
subject to overbid.
The Stalking Horse Bidder's consideration will include a credit bid
of the DIP Loan, assumption and payment of certain priority trust
fund taxes, payment of certain priority employee obligations and
assumption of landlord, vendor and customer obligations associated
with the restaurants.
As the Court is aware, the Debtors are committed to certain case
milestones, including deadlines for the filing of the Motion, and
entry of the ultimate Sale Order. These Milestones are contained
in the Court's DIP Order, and the underlying DIP credit agreement.
One such Milestone is the deadline to file the Motion by May 18,
2021, which is 28 days from the Petition Date.
The Motion seeks relief in two stages. First, the Debtors seek
entry of the Bidding Procedures Order, approving the Bidding
Procedures for the sale of their Assets, designating VitaNova
Brands, LLC, or its designee(s), as the Stalking Horse Bidder and
granting certain bidding protections including a Break-Up Fee,
authorizing the Debtors to conduct an Auction, and scheduling the
Sale Hearing to approve the Proposed Sale.
Second, the Debtors seek entry of the Sale Order, substantially in
the form to be filed in advance of the Sale Hearing and within the
time permitted under the Bidding Procedures Order, approving the
Proposed Sale and related transactions.
They propose to solicit bids, conduct the Auction, and have a
Proposed Sale approved on the following timeline:
a. Virtual Data Room ("VDR") to be open: May 21, 2021
b. Deadline to file a notice of Stalking Horse Bidder and
corresponding Asset Purchase Agreement: May 21, 2021
c. Hearing to approve Bidding Procedures: May 25, 2021, at
9:30 am CT
d. Deadline to file initial Cure Notice: June 25, 2021
e. Indication of interest deadline: June 29, 2021
f. Deadline for objections to Sale, including Cure Amounts:
July 9, 2021, 4:00 p.m. (CT)
g. Deadline to submit bids: July 16, 2021, 4:00 p.m. (CT)
h. Notifications to Qualified Bidders: July 19, 2021, 10:00
a.m.
i. Auction: July 20, 2021, 10:00 a.m. (CT)
j. Deadline to file notice of Auction results: July 22, 2021
k. Return of Deposit to non-Qualified Bidders: July 23, 2021
m. Deadline to object to Auction results: July 26, 2021, 4:00
p.m. (CT)
n. Hearing to Approve Auction results: Aug. 2-6, 2021
The Debtors believe that the timelines are reasonable, and
otherwise comply with the Milestones. They, with the assistance of
their professionals, are prepared to begin an expedited marketing
process to provide interested parties an opportunity to submit
qualifying
bids for the Assets. The proposed deadlines are also consistent
with deadlines often established for asset sales in other chapter
11 cases.
The Bidding Procedures are designed to maximize value for the
Debtors' estates while ensuring a fair and competitive bidding and
auction process.
The salient terms of the Bidding Procedures are:
a. Initial Bid: At the Auction, the initial overbid must
exceed the Stalking Horse Bid by at least $150,000, which amount
includes the Break-Up Fee ($100,000), plus an initial overbid of
$50,000.
b. Deposit: 10% of the aggregate value of the cash
consideration of the bid
c. Auction: If the Debtors receive more than one Qualified
Bid, an auctio will be conducted, upon notice to all Qualified
Bidders who have submitted Qualified Bids, at 10:00 a.m. (CT) on
July 20, 2021, virtually and/or at the offices of Gray Reed, 1601
Elm Street, Suite 4600, Dallas, Texas 75201, in accordance with the
terms of the Bidding Procedures.
d. Bid Increments: $50,000
f. Any Proposed Sale(s) will be on an "as is, where is" basis,
without representations or warranties of any kind, nature, or
description by the Debtors, their agents, or estates, except as
expressly agreed to in the applicable APA.
g. Any Proposed Sale(s) will be free and clear of all Claims
and Interests, with such Claims and Interests attaching to the net
proceeds of the sale(s).
h. Any creditor that has a valid, perfected, unavoidable, and
enforceable security interest in the Debtors' assets, may make one
or more credit bids for all or any portion of the assets in which
such Secured Creditor has a Security Interest at the Auction.
The Debtors designate VitaNova or its designee(s), as the stalking
horse bidder pursuant to the terms of an APA executed between the
Debtors and the Stalking Horse Bidder to be filed no fewer than
three days prior to the hearing on the Motion. While the Stalking
Horse Bid remains subject to final negotiations between the Debtors
and VitaNova, the Debtors anticipate that the Stalking Horse Bidder
will acquire substantially all of their Assets, including the
remaining Tahoe Joe’s restaurants, all of their intellectual
property and all estates' causes of action.
In exchange for such assets, the Debtors anticipate that the
Stalking Horse Bidder's consideration will include a credit bid of
the DIP Loan, assumption and payment of certain priority trust fund
taxes, payment of certain priority employee obligations and
assumption of landlord, vendor and customer obligations associated
with the restaurants.
Although the Stalking Horse Bidder is an insider (and the DIP
Lender), the Debtors seek approval of a break-up fee in the amount
of $100,000, which is expected to be approximately 1% of the total
anticipated consideration to be offered under the Stalking Horse
Bid. They believe that such a Break-Up Fee is reasonable and
consistent with the market for such transactions, and that approval
of such a Break-Up Fee will not discourage other potential
competing bidders from participating in this process.
Within three business days after entry of the Bidding Procedures
Order, the Debtors will serve (i) a copy of the Bidding Procedures
Order (which includes the Bidding Procedures), (ii) the Stalking
Horse Bid, and (iii) the notice of Bid Deadline, Auction, and Sale
Hearing upon the following Bid Notice Parties.
The Debtors may seek to assume and assign to the Successful Bidder
certain executory contracts and unexpired leases to be designated
by the Successful Bidder. No later than June 25, 2021, they
propose to file with the Court an initial schedule of executory
contracts and unexpired leases that may be assumed and assigned as
part of the Proposed Sale. Concurrently therewith, the Debtors
will serve a cure notice substantially in the form attached to the
Bidding Procedures Order as Appendix 3 upon each counterparty.
Prior to the commencement of the Sale Hearing, the Debtors will
file with the Court a final schedule of executory contracts and
unexpired leases elected to be assumed by the Successful Bidder.
At the Sale Hearing, the Debtors will seek authority to assume and
assign the Assumed Contracts to the Successful Bidder effective as
of the closing of the Proposed Sale.
The Debtors will serve a supplemental Cure Notice on the
counterparties to the additional Potential Assumed Contracts and
such counterparties will have until the later of (i) 4:00 p.m. (CT)
on July 9, 2021; or (ii) 10 days from service of the supplemental
Cure Notice to object the assumption and assignment of such
additional contract or lease.
A copy of the Bidding Procedures is available at
https://tinyurl.com/b48fuwjv from PacerMonitor.com free of charge.
About Fresh Acquisitions
Fresh Acquisitions LLC and Buffets, LLC, operate independent
restaurant brands and are based in San Antonio, Texas. Prior to
the COVID-19 pandemic, Fresh and its affiliates were a significant
operator of buffet-style restaurants in the United States with
approximately 90 stores operating in 27 states. Fresh's concepts
include six buffet restaurant chains and a full service
steakhouse,
operating under the names Furr's Fresh Buffet, Old Country Buffet,
Country Buffet, HomeTown Buffet, Ryan's, Fire Mountain, and Tahoe
Joe's Famous Steakhouse, respectively.
Buffets Holdings, Inc., filed for Chapter 11 relief in January
2008
and won confirmation of a reorganization plan in April 2009. In
January 2012, Buffets again sought Chapter 11 protection and
emerged from bankruptcy in July 2012.
On Aug. 19, 2015, Alamo Ovation, LLC, acquired Buffets Restaurants
Holdings, Inc., and as a result of the merger, Buffets operated
over 300 restaurants in 35 states. Down to 150 restaurants in 25
states after closing unprofitable locations, Buffets LLC and its
affiliated entities sought Chapter 11 protection (Bankr. W.D. Tex.
Case No. Lead Case No. 16-50557) in San Antonio on March 7, 2016.
On April 27, 2017, the Court confirmed the Debtors' Second Amended
Joint Plan of Reorganization. The Effective Date of the Plan was
May 18, 2017.
Fresh Acquisitions, LLC and 14 affiliates, including Buffets LLC
(a/k/a Ovation Brands), sought Chapter 11 protection (Bankr. N.D.
Tex. Lead Case No. 21-30721) on April 20, 2021. Fresh Acquisitions
was estimated to have $1 million to $10 million in assets and $10
million to $50 million in liabilities.
The Hon. Harlin Dewayne Hale is the case judge.
In the 2021 cases, the Debtors tapped GRAY REED as counsel; and B.
RILEY ADVISORY SERVICES as financial advisor. KATTEN MUCHIN
ROSENMAN LLP is special counsel. BMC GROUP, INC., is the claims
and noticing agent. HILCO REAL ESTATE, LLC is the real estate
consultant.
FRONTIER COMMUNICATIONS: Responds to FTC Lawsuit Over DSL Services
------------------------------------------------------------------
Frontier Communications Parent, Inc. (NASDAQ: FYBR), on May 19,
2021, responded to a lawsuit filed by the Federal Trade Commission
and State officials in Arizona, California, Indiana, Michigan,
North Carolina, and Wisconsin claiming that Frontier made material
misrepresentations to consumers in descriptions of its digital
subscriber line ("DSL") Internet services.
Frontier believes the lawsuit is without merit. The plaintiffs'
complaint includes baseless allegations, overstates any possible
monetary harm to Frontier's customers and disregards important
facts including the following:
* Frontier offers Internet service in some of the country's most
rural areas that often have challenging terrain, are more sparsely
populated and are the most difficult to serve.
* Frontier's rural DSL Internet service was enthusiastically
welcomed when it was launched and has retained many satisfied
customers over the years.
* Frontier's DSL Internet speeds have been clearly and
accurately articulated, defined and described in the Company's
marketing materials and disclosures.
Frontier will present a vigorous defense.
About Frontier Communications
Frontier Communications Parent, Inc. (NASDAQ: FYBR) offers a
variety of services to residential and business customers over its
fiber-optic and copper networks in 25 states, including video,
high-speed internet, advanced voice, and Frontier Secure(R) digital
protection solutions. Frontier Business(TM) offers communications
solutions to small, medium, and enterprise businesses.
GALLERIA OF ST. MATTHEWS: $1.75M Louisville Property Sale Approved
------------------------------------------------------------------
Judge Charles R. Merrill of the U.S. Bankruptcy Court for the
Western District of Kentucky authorized Galleria of St. Matthews,
LLC,'s sale of the real property and improvements commonly
identified as 4101-4127 Oeschli Avenue, in Louisville, Kentucky, to
Kaden Management Co. Inc. for $1.75 million.
The Real Estate Purchase and Sale Agreement, together with all of
the amendments, exhibits, terms, and conditions thereof, is
approved.
Upon entry of the Order (and it becoming final and no longer
subject to appeal or reconsideration), Kaden is deemed to have
waived the following conditions: (1) the Debtor's delivery of Lien
Releases as to those holders of liens or interests in the Real
Property of record as of Feb. 19, 2021 who (i) appeared on the
Debtor's mailing matrix on Feb. 19, 2021, and (ii) who received
notice of the Sale Motion when originally served; and (2) the
Debtor's representations and warranties required by Section
6.1(vii) of the Sale Agreement.
The sale is free and clear of any liens, claims, encumbrances, and
all other interests of any kind or nature whatsoever, including,
but not limited to, the interests of current or former tenants of
Debtor in, at, or concerning the Real Property, with the liens of
the respective lienholders and all other interests attaching to the
proceeds of the sale
The Order constitutes a final and appealable order within the
meaning of 28 U.S.C. Section 158(a). Notwithstanding Bankruptcy
Rules 6004(h) and 6006(d), the Court expressly finds that there is
no just reason for delay in the implementation of the Order, and
expressly directs entry of judgment as set forth therein.
The Order will be effective immediately upon entry, and the Debtor
and the Buyer are authorized to close the sale transaction
contemplated by the Sale Agreement immediately upon entry of the
Order. Time is of the essence in closing the transaction
referenced therein, and the Debtor and the Buyer intend to close
the transaction as soon as practicable, subject to the Buyer's
rights under the Sale Agreement.
All payments made by or on behalf of the Debtor at closing of the
sale will constitute disbursements for purposes of 28 U.S.C.
Section 1930(a)(6). The Debtor will cause an amount equal to 1% of
the total funds paid by or deducted from the Seller's funds at
closing to be deposited and held in escrow by Kaplan Johnson Abate
& Bird LLP for payment of quarterly fees to the United States
Trustee when due.
A copy of the Sale Agreement is available at
https://tinyurl.com/eu6b6pnk from PacerMonitor.com free of charge.
About Galleria of St. Matthews, LLC
Galleria of St. Matthews, LLC is a Single Asset Real Estate debtor
(as defined in 11 U.S.C. Section 101(51B)). The Debtor is the
owner of a fee simple title to a property located at 4101-4127
Oechsli Avenue Louisville, Kentucky valued at $1.75 million.
Galleria of St. Matthews, LLC sought Chapter 11 protection (Bankr.
W.D. Ky. Case No. 21-30360) on Feb. 19, 2021. The case is assigned
to Judge Charles R. Merrill.
The Debtor's total assets are at $1,817,376 and $4,024,374 in total
debt.
The Debtor tapped Charity S. Bird, Esq., at Kaplan Johnson Abate &
Bird LLP as counsel.
The petition was signed by Enrique L. Pantoja, manager.
GAUCHO GROUP: Incurs $1.1 Million Net Loss in First Quarter
-----------------------------------------------------------
Gaucho Group Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $1.14 million on $275,039 of sales for the three months ended
March 31, 2021, compared to a net loss of $1.30 million on $296,986
of sales for the three months ended March 31, 2020.
As of March 31, 2021, the Company had $11.46 million in total
assets, $3.18 million in total liabilities, and $8.28 million in
total stockholders' equity.
As of March 31, 2021, the Company had cash and working capital of
$5,467,448 and $5,149,806, respectively. During the three months
ended March 31, 2021, the Company used cash in operating activities
of $2,075,085.
The Company expects that its cash on hand, as well as the
forecasted cash generated from operating activities which includes
projected increases in revenues, will fund its operations for a
least 12 months after the issuance date of these financial
statements.
"Since inception, the Company's operations have primarily been
funded through proceeds received in equity and debt financings.
The Company believes it has access to capital resources and
continues to evaluate additional financing opportunities. There is
no assurance that the Company will be able to obtain funds on
commercially acceptable terms, if at all. There is also no
assurance that the amount of funds the Company might raise will
enable the Company to complete its development initiatives or
attain profitable operations," Gaucho Group said.
"The Company's operating needs include the planned costs to operate
its business, including amounts required to fund working capital
and capital expenditures. The Company's future capital
requirements and the adequacy of its available funds will depend on
many factors, including the Company's ability to successfully
commercialize its products and services, competing technological
and market developments, and the need to enter into collaborations
with other companies or acquire other companies or technologies to
enhance or complement its product and service offerings," Gaucho
Group further said.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1559998/000149315221011905/form10q.htm
About Gaucho Group
Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly-owned
subsidiaries, GGH invests in, develops and operates real estate
projects in Argentina. GGH operates a hotel, golf and tennis
resort, vineyard and producing winery in addition to developing
residential lots located near the resort. In 2016, GGH formed a new
subsidiary and in 2018, established an e-commerce platform for the
manufacture and sale of high-end fashion and accessories. The
activities in Argentina are conducted through its operating
entities: InvestProperty Group, LLC, Algodon Global Properties,
LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L.,
and Algodon Wine Estates S.R.L. Algodon distributes its wines in
Europe through its United Kingdom entity, Algodon Europe, LTD.
Gaucho Group reported a net loss of $5.78 million for the year
ended Dec. 31, 2020, compared to a net loss of $6.95 million for
the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had
$5.97 million in total assets, $5.57 million in total liabilities,
$9.01 million in series B convertible redeemable preferred stock,
and a total stockholders' deficiency of $8.62 million.
GBT JERSEYCO: S&P Lowers ICR to 'B-', Outlook Negative
------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on GBT JerseyCo
Ltd. to 'B-' from 'B' and lowered its issue-level rating on the
company's financing subsidiary GBT Group Services B.V.'s senior
secured debt to 'B-' from 'B'.
The negative outlook reflects the risk that travel disruption
caused by the pandemic persists at elevated levels and is prolonged
beyond the next 12 months, causing GBT's leverage to remain high
and constrains liquidity.
S&P said, "We lowered our rating on GBT based on our expectations
for a slower-than-expected recovery. GBT, the largest global
business travel management company, has experienced a significant
decline in its revenue since March 2020 because of the effects of
the COVID-19 pandemic. As the global economy returns to growth in
2021 and vaccination rates, particularly in developed economies,
gather pace, GBT is well positioned to benefit from a pick-up in
travel volumes. However, we expect the recovery in business travel
to be slow and anticipate it will be among the last of the travel
segments to recover from the pandemic given its dependence on
countries and states easing their travel restrictions and companies
and individuals feeling comfortable enough to resume travelling for
business." Although widespread vaccination, particularly in the
U.S. and other developed countries, will likely lead to a rebound
in travel transaction volumes, governments and companies will
likely prioritize health and safety and take a cautious approach
toward expanding their nonessential travel. In addition, the extent
of the recovery in business travel remains somewhat uncertain
because--to a large degree--companies have shifted to virtual
meetings in lieu of in-person travel over the last 12 months and
this trend could continue to some degree even after vaccinations
becomes more widespread and travel restrictions ease.
S&P said, "We expect the company to incur EBITDA and cash flow
losses over the next 12 months. We don't expect the company to
generate meaningful EBITDA or positive free cash flow generation
until 2023 given a likely prolonged and slow recovery in global
business travel." However, the company has made a concentrated
effort to reduce its cost base by enacting temporary furlough
programs, permanent job eliminations, and other cost-saving
strategies. GBT estimates it has permanently reduced operating
expenses by $260 million. Management estimates these cost cuts will
help GBT return to break-even levels of profitability at only
around a 50% recovery of 2019 travel volumes, and a recovery to
full 2019 EBITDA levels well before a full recovery in travel
volumes. Although we expect negative EBITDA and cash flow in 2022,
we expect both to be significantly improved compared to our 2021
projections. The company has continued to gain market share through
the pandemic organically and will further gain share through its
acquisitions of Egencia and Ovation Travel Group which should
assist its return to profitability once business travel resumes.
Recent proceeds from the company's delayed-draw term loan and
shareholder preferred equity commitment support liquidity. The
company has sufficient liquidity in S&P's view to address operating
deficits over the next 12 months and it believes the company's
ownership group has been supportive to its liquidity needs so far
and will likely continue to be supportive in the future. In August
2020, GBT entered into an agreement with its shareholders to fund a
$300 million preferred equity backstop, and in February 2021 the
company entered into an $200 million delayed-draw term loan (DDTL)
to support liquidity. As of March 31, 2021, the company has $250
million of availability under its equity commitment and $150
million available under its delayed draw term loan. As required by
the company's credit agreement, per each draw on the DDTL, GBT must
draw the equivalent amount under its equity commitment. For the
remainder of 2021, we expect the company to draw down the remaining
$150 million on the DDTL, and draw down an equivalent $150 million
under its shareholder equity commitment if business travel
conditions remain depressed. S&P notes as travel resumes, the
company will experience negative working capital which it would
need to fund from its available liquidity.
S&P said, "We view the company's capital structure could become
unsustainable if travel disruption persists for a prolonged period.
GBT has raised a significant amount of debt since the start of the
COVID-19 pandemic. In addition to its recent $200 million
delayed-draw term loan, the company issued a $400 million term loan
add-on in September 2020. We also view proceeds drawn under the
preferred equity commitment as debt as we do not view them to be a
permanent part of the company's capital structure. As such, by end
of 2021, S&P Global Ratings-adjusted debt will have increased by
about $800 million since the start of the pandemic. Although the
majority of the company's debt will not be due until 2025, and the
business travel industry has begun to see green shoots of improving
travel in select locations, increased travel restrictions stemming
from virus variants or a resurgence of cases could slow the
recovery in travel causing the company's leverage to remain
elevated for a prolonged period. Although we believe the company
has sufficient liquidity to fund its cash flow deficits over the
next 12 months, a prolonged disruption in business travel could
require the company to raise incremental funding."
The announced acquisition of Egencia, will strengthen GBT as the
leading provider of global business travel. In May 2021, GBT
announced it has entered into an agreement to acquire competitor
Egencia from Expedia Inc. in an all-stock transaction estimated to
be worth $750 million. Post-transaction, Expedia is expected to
hold an approximate 14% share in GBT. S&P views the acquisition as
beneficial to GBT, as it enhances GBT's leading position as the
largest provider of business travel solutions and strengthens its
position to capture market share as the sector enters recovery.
Additionally, the acquisition would come with a 10-year lodging
supply agreement with Expedia, that could provides benefits to GBT
as the pace of the recovery advances.
Environmental, social, and governance (ESG) credit factors for this
credit rating change:
-- Health and safety
The negative outlook reflects the risk that travel disruption
caused by the pandemic persists at elevated levels and is prolonged
beyond the next 12 months.
S&P could lower the rating over the next 12 months if:
-- Global business travel conditions do not improve, but instead
remain near current distressed levels causing GBT's leverage to
remain elevated for a prolonged period; and
-- S&P expects significant negative cash flows to persist beyond
2021 such that the company faces liquidity constraints without
meaningful liquidity relief provided by the company's
shareholders.
S&P said, "We could revise the outlook to stable once we see an
improvement in business travel trends in the form of bookings,
revenue and EBITDA growth such that we expect the company to
generate positive cash flows. For an upgrade we would look for a
continuation of these trends such that we expect the company to
generate FOCF to debt approaching 5%."
GENERAL CANNABIS: Incurs $2.4 Million Net Loss in First Quarter
---------------------------------------------------------------
General Cannabis Corp. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.36 million on $1.65 million of total revenue for the three
months ended March 31, 2021, compared to a net loss of $2.01
million on $1.66 million of total revenue for the three months
ended
March 31, 2020.
As of March 31, 2021, the Company had $8.09 million in total
assets, $6.71 million in total liabilities, and $1.38 million in
total stockholders' equity.
The Company had an accumulated deficit of $77.3 million as of March
31, 2021. The Company had cash, cash equivalents, and short-term
and long-term investments of $0.8 million and $1.0 million as of
March 31, 2021 and Dec. 31, 2020, respectively.
The Company has incurred recurring losses and negative cash flows
from operations since inception and has primarily funded its
operations with proceeds from the issuance of convertible debt.
The Company expects its operating losses to continue into the
foreseeable future as it continues to execute its acquisition and
growth strategy.
The Company believes that its cash, cash equivalents, and
short-term investments as of March 31, 2021 will be sufficient to
fund its operating expenses and capital expenditure requirements
for at least twelve months from the date of filing this Quarterly
Report on Form 10-Q due to the receipt of an additional $2.3
million of cash in April 2021 from the issuance of a convertible
note offering and the pending acquisition of three dispensaries.
The Company may need additional funding to support its planned
investing activities. If the Company is unable to obtain
additional funding, it would be forced to delay, reduce or
eliminate some or all of its acquisition efforts, which could
adversely affect its business prospects.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1477009/000155837021007388/cann-20210331x10q.htm
About General Cannabis Corp
Headquartered in Denver, Colorado, General Cannabis Corp --
http://www.generalcann.com-- offers a comprehensive national
resource to the regulated cannabis industry. The Company is a
trusted partner to the cultivation, production and retail sides of
the cannabis business.
General Cannabis reported a net loss of $7.68 million for the year
ended Dec. 31, 2020, compared to a net loss of $15.48 for the year
ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $8.52
million in total assets, $7.52 million in total liabilities, and $1
million in total stockholders' equity.
GENESIS HEALTHCARE: Wins Cash Collateral Access Until July 21st
---------------------------------------------------------------
Judge Jacqueline P. Cox granted Genesis Healthcare Inc. authority
to use cash collateral until 5 p.m. on July 21, 2021, to pay
actual, the ordinary and necessary operating expenses of its
business. The Internal Revenue Service holds a perfected first
priority security interest in the Debtor's assets by virtue of a
recorded tax lien for $15,240.
Accordingly, the Court directed the Debtor to pay the IRS $500
monthly continuing on June 8, 2021 and the 8th day each month
thereafter until the Debtor's case is confirmed, converted or
dismissed, and to maintain insurance coverage on the collateral.
As adequate protection, the IRS is granted valid, binding,
enforceable and perfected replacement liens and security interests
on the Debtor's collateral to the same extent, validity and
priority held by the IRS pre-petition and to the extent of the
diminution in the amount of IRS's cash collateral used by the
Debtor post-petition.
A further status hearing on the motion and entry of a final order
will be held at 1 p.m. on July 20, 2021.
A copy of the order is available for free at https://bit.ly/2SepCOE
from PacerMonitor.com.
About Genesis Healthcare
Genesis Healthcare Inc. is a provider of short-term post-acute,
rehabilitation, skilled nursing and long-term care services. As of
January 2017, Genesis operates approximately 500 skilled nursing
centers and assisted/senior living residences in 34 states across
the United States.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-00245) on January 9,
2021. In the petition signed by Corazon Cordero, member-manager,
the Debtor disclosed up to $500,000 in both assets and
liabilities.
The Law Office of Konstatine Sparagis serves as the Debtor's
counsel.
GREENKARMA LLC: Seeks Court Authority to Use Cash Collateral
------------------------------------------------------------
GreenKarma, LLC asked the Bankruptcy Court to authorize the use of
cash collateral.
Before the Petition Date, the Debtor obtained a business loan
serviced by Swift Financial LLC and funded by WebBank, which loan
has a balance of $87,697 in principal and interest, as of the
Petition Date. The loan was guaranteed by Nupoor Patel, the
Debtor's managing member. The loan is secured by a continuing,
first priority security interest and lien on all of the Debtor's
present and future accounts, receivables, chattel paper, deposit
accounts, personal property, assets and fixtures, general
intangibles, instruments, equipment and inventory.
The Debtor proposed that, as adequate protection, Swift is granted
a valid and perfected replacement security interest in, and lien to
the extent Swift's cash collateral is used by the Debtor, and to
the extent and with the same priority in the Debtor's post-petition
collateral and proceeds thereof, that Swift held in the Debtor's
pre-petition collateral.
As further adequate protection, the Debtor proposed to pay Swift
$500 monthly, payable by the 25th of each month, which amount shall
be applied to the Debtor's loan from Swift.
A copy of Nupoor Patel's certification supporting the cash
collateral request is available at https://bit.ly/3yuEicZ from
PacerMonitor.com free of charge.
The Court will consider the request on June 8, 2021 at 10 a.m.
About GreenKarma, LLC
GreenKarma, LLC, d/b/a Baby Mantra, filed a petition under
Subchapter V of Chapter 11 (Bankr. D.N.J. Case No. 21-11823) on
March 5, 2021 in the U.S. Bankruptcy Court for the District of New
Jersey.
As of the Petition Date, the Debtor estimated up to $50,000 in
assets and between $500,000 to $1 million in liabilities. The
petition was signed by Nupoor Patel, managing member of
Continential Brands LLC. Judge Stacey L. Meisel is assigned to the
case. SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA, LLP represents
the Debtor as counsel.
The firm may be reached through:
David L. Stevens, Esq.
Jamal J. Romero, Esq.
SCURA, WIGFIELD, HEYER,
STEVENS & CAMMAROTA, LLP
1599 Hamburg Turnpike
Wayne, NJ 07470
Telephone: 973-696-8391
Email: ecfbkfilings@scuramealey.com
jromero@scura.com
GTT COMMUNICATIONS: Talks Consider Wiping Out Equity, Bonds
-----------------------------------------------------------
Allison McNeely and Katherine Doherty of Bloomberg News reports
that GTT Communications Inc.'s shareholders and unsecured
bondholders would get nothing under the bankruptcy plan being
discussed by the telecommunications company and its lenders,
according to people with knowledge of the matter. The shares fell
more than 11%.
The latest plan marks a shift after the company had initially
sought in talks with both groups to offer some recovery for the
bondholders in the form of equity in a reorganized GTT. Even
shareholders could have been offered warrants for the shares. But
those plans didn't pan out as the groups crunched the numbers on
the declining business.
About GTT Communications
Headquartered in McLean, Virginia, GTT Communications, Inc. --
http://www.gtt.net/-- owns and operates a global Tier 1 internet
network and provides a comprehensive suite of cloud networking
services.
* * *
As reported by the TCR on March 1, 2021, S&P Global Ratings lowered
all of its ratings on U.S.-based internet protocol network operator
GTT Communications Inc. by one notch, including its issuer credit
rating, to 'CCC-' from 'CCC', to reflect the increased likelihood
of a default or distressed exchange over the next six months.
In December 2020, Moody's Investors Service downgraded GTT
Communications, Inc's corporate family rating to Caa2 from B3. The
downgrade reflects the continued delays in the company reaching an
agreement with its lenders over a long-term cure of its reporting
requirements which GTT is in breach of due to recently discovered
accounting issues which have led to the company being unable to
file its Q2 and Q3 financial reports.
HENRY FORD VILLAGE: Court Okays Sale to Sage Healthcare
-------------------------------------------------------
Lauren Coleman-Lochner of Bloomberg News reports that U.S.
Bankruptcy Judge Mark Randon approved the sale of bankrupt Henry
Ford Village Inc. to an affiliate of Sage Healthcare Partners, an
operator of residential retirement communities. The approval
follows an objection to the planned $76.3 million sale from lender
Comerica Bank, which had argued that the sale should be rejected
because Henry Ford didn't follow SBA's PPP requirements.
About Henry Ford Village
Henry Ford Village, Inc., is a non-profit, non-stock corporation
established to operate a continuing care retirement community
located at 15101 Ford Road, Dearborn, Mich. It provides senior
living services comprised of 853 independent living units, 96
assisted living units and 89 skilled nursing beds.
Henry Ford Village sought Chapter 11 protection (Bankr. E.D. Mich.
Case No. 20-51066) on Oct. 28, 2020. In the petition signed by CRO
Chad Shandler, Henry Ford Village was estimated to have $50 million
to $100 million in assets and $100 million to $500 million in
liabilities.
The Hon. Mark A. Randon is the case judge.
The Debtor has tapped Dykema Gossett PLLC as its legal counsel, and
FTI Consulting, Inc., as its financial advisor. Kurzman Carson
Consultants, LLC, is the claims agent.
HENRY FORD: Patient Care Ombudsman Files Third Report
-----------------------------------------------------
Salli A. Pung filed the Third Report of Patient Care Ombudsman for
Henry Ford Village, Inc., disclosing that no complaints or concerns
were received from the two nursing homes operated by the Debtor,
nor were there any complaint received from the residents of both
facilities, their family members, or other sources -- for the
period from March 20, 2021 through May 19, 2021.
The PCO's report was based on the in-person visit conducted at
Henry Ford Village, Inc. and Henry Ford Assisted Living, Inc. by
Local Ombudsman for The Senior Alliance, Michelle Danou. The
report was filed with the Bankruptcy Court on May 19, 2021 by
United States Trustee for Regions 3 and 9, Andrew R. Vara, a copy
of which is available for free at https://bit.ly/3fCFQZP from
Kurtzman Carson Consultants, claims agent.
Henry Ford Village, Inc. is licensed for 89 beds, with 20 beds
designated by the MDHHS Certificate of Need to serve people with
Alzheimer's disease. It has 48 residents, at 54% capacity, at time
of in-person visit and has 68 staff consisting of administrative,
nursing, social work and support staff. The nursing home currently
has employees 26 nurses, 22 Certified Nurse Aides and uses three to
eight agency staff per day for nursing care services.
Henry Ford Village Assisted Living, Inc. is licensed for 132 beds
and has 55 residents, at 41% capacity. It has 50 staff including
administrative, nursing and support staff.
Both facilities are duly licensed by the Michigan Department of
Licensing and Regulatory Affairs (LARA).
About Henry Ford Village
Henry Ford Village, Inc., is a non-profit, non-stock corporation
established to operate a continuing care retirement community
located at 15101 Ford Road, Dearborn, Mich. It provides senior
living services comprised of 853 independent living units, 96
assisted living units and 89 skilled nursing beds.
Henry Ford Village sought Chapter 11 protection (Bankr. E.D. Mich.
Case No. 20-51066) on Oct. 28, 2020. In the petition signed by CRO
Chad Shandler, Henry Ford Village was estimated to have $50 million
to $100 million in assets and $100 million to $500 million in
liabilities.
The Hon. Mark A. Randon is the case judge.
The Debtor has tapped Dykema Gossett PLLC as its legal counsel and
FTI Consulting, Inc., as its financial advisor. Kurzman Carson
Consultants, LLC, is the claims agent.
IBIO INC: Posts $7.7 Million Net Loss in Third Quarter
------------------------------------------------------
iBio, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss attributable to
the Company's stockholders of $7.73 million on $765,000 of revenues
for the three months ended March 31, 2021, compared to a net loss
attributable to the Company's stockholders of $4.74 million on
$96,000 of revenues for the three months ended March 31, 2020.
For the nine months ended March 31, 2021, the Company reported a
net loss attributable to the Company's stockholders of $23.52
million on $1.88 million of revenues compared to a net loss
attributable to the Company's stockholders of $34.66 million on
$518,000 of revenues for the same period in 2020.
As of March 31, 2021, the Company had $142.70 million in total
assets, $37.87 million in total liabilities, and $104.83 million in
total equity.
iBio had $103.9 million in cash, cash equivalents and debt
investments as of March 31, 2021. The Company further strengthened
its financial position through the aforementioned settlement of
litigation with Fraunhofer USA. The Company believes it will have
sufficient resources to fund its planned operations at least
through March 31, 2023, inclusive of its planned investment in the
FastPharming Discovery Platform and potential in-licensing
activities.
"Our focus on strategy execution was reflected in our third quarter
results as we advanced our second-generation COVID-19 vaccine
candidate, defended our intellectual property rights, and achieved
strong year-over-year revenue growth while adding new development
services clients," said Tom Isett, Chairman & CEO of iBio. "Also,
more recently, we saw continued progress on new product and
pipeline additions, including line extensions to our Bioanalytical
Services offering, and a planned investment in the establishment of
a new Drug Discovery team. Importantly, we believe that when our
new discovery capabilities are installed, we will be able to more
fully leverage the many 'speed-to-clinic' advantages conveyed by
our proprietary FastPharming System."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1420720/000155837021007415/ibio-20210331x10q.htm
About iBio Inc.
iBio, Inc. -- http://www.ibioinc.com-- is a full-service
plant-based expression biologics CDMO equipped to deliver
pre-clinical development through regulatory approval, commercial
product launch and on-going commercial phase requirements. iBio's
FastPharming expression system, iBio's proprietary approach to
plant-made pharmaceutical (PMP) production, can produce a range of
recombinant products including monoclonal antibodies, antigens
forsubunit vaccine design, lysosomal enzymes, virus-like particles
(VLP), blood factors and cytokines, scaffolds, maturogens and
materials for 3D bio-printing and bio-fabrication,
biopharmaceutical intermediates and others, as well as create and
produce proprietary derivatives of pre-existing products with
improved properties.
iBio disclosed a net loss attributable to the Company of $16.44
million for the year ended June 30, 2020, compared to a net loss
attributable to the Company of $17.59 million for the year ended
June 30, 2019. As of Dec. 31, 2020, the Company had $145.41
million in total assets, $38.08 million in total liabilities, and
$107.32 million in total equity.
INPIXON: Incurs $12.5 Million Net Loss in First Quarter
-------------------------------------------------------
Inpixon filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $12.54
million on $2.95 million of revenues for the three months ended
March 31, 2021, compared to a net loss of $6.17 million on $1.80
million of revenues for the three months ended March 31, 2020.
As of March 31, 2021, the Company had $128.83 million in total
assets, $12.91 million in total liabilities, and $115.92 million in
total stockholders' equity.
Net cash used in operating activities during the three months ended
March 31, 2021 was approximately $5.7 million.
Net cash used in operating activities during the three months ended
March 31, 2020 was approximately $4.5 million.
Net cash flows used in investing activities during the three months
ended March 31, 2021 was approximately $43.3 million compared to
net cash flows used in investing activities during the three months
ended March 31, 2020 of approximately $0.2 million. Cash flows
related to investing activities during the three months ended March
31, 2021 include $109,000 for the purchase of property and
equipment, $253,000 for investment in capitalized software, $42.1
million for short term investments, and $0.9 million for cash paid
for the Systat License Agreement. Cash flows related to investing
activities during the three months ended March 31, 2020 include
$16,000 for the purchase of property and equipment and $193,000
investment in capitalized software.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1529113/000162828021010533/inpx-20210331.htm
About Inpixon
Headquartered in Palo Alto, Calif., Inpixon (Nasdaq: INPX) is an
indoor data company and specializes in indoor intelligence. The
Company's indoor location data platform and patented technologies
ingest and integrate data with indoor maps enabling users to
harness the power of indoor data to create actionable
intelligence.
Inpixon reported a net loss of $29.21 million for the year ended
Dec. 31, 2020, compared to a net loss of $33.98 million for the
year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had
$59.01 million in total assets, $14.33 million in total
liabilities, and $44.68 million in total stockholders' equity.
IONIX TECHNOLOGY: Incurs $115,594 Net Loss in Third Quarter
-----------------------------------------------------------
Ionix Technology, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $115,594 on $3.16 million of revenues for the three months ended
March 31, 2021, compared to a net loss of $636,222 on $2.75 million
of revenues for the three months ended March 31, 2020.
For the nine months ended March 31, 2021, the Company reported a
net loss of $1 million on $9.10 million of revenues compared to net
income of $210,712 on $17.59 million of revenues for the same
period in 2020.
As of March 31, 2021, the Company had $18.76 million in total
assets, $7.75 million in total liabilities, and $11.01 million in
total stockholders' equity.
During the nine months ended March 31, 2021, net cash used in
operating activities was $1,411,451 compared to the cash provided
by operating activities of $641,370 for the nine months ended March
31, 2020. The change was mainly due to a decrease of $1,214,730 in
net income and an increase of $1,012,057 in cash outflow from
changes in operating assets and liabilities in the nine months
ended March 31, 2021 compared to the same period in 2020.
During the nine months ended March 31, 2021, net cash used in
investing activities was $192,524 compared to net cash used in
investing activities of $71,895 for the same period in 2020. The
change was primarily due to the fact that there were proceeds from
sale of equipment of $121,715 during the nine months ended March
31, 2020 while no sales of fixed assets or intangible assets during
the same period in 2021.
During the nine months ended March 31, 2021, cash provided by
financing activities was $787,342 compared to net cash provided by
financing activities of $787,503 for the same period in 2020. The
change was immaterial during the nine months ended March 31, 2021
compared to same period of 2020.
As of March 31, 2021, the Company has a working capital of
$2,165,185.
The Company's total current liabilities as of March 31, 2021 were
$7,748,280 and mainly consisted of $1,217,415 for short-term bank
loans, $2,650,376 in accounts payable, the amount due to related
parties of $2,879,635, advance from customers of $351,225 and the
self-amortized promissory notes of $571,093. The Company's major
shareholder is committed to providing for its minimum working
capital needs for the next 12 months, and the Company does not
expect the previous related party loan be payable for the next 12
months. However, the Company does not have a formal agreement that
states any of these facts. The remaining balance of the Company's
current liabilities relates to audit and consulting fees and such
payments are due on demand and we expect to settle such amounts on
a timely basis based upon shareholder loans to be granted to the
Company in the next 12 months.
Going Concern
The Company incurred loss from operation and did not generate
sufficient cash flow from its operating activities for the nine
months ended March 31, 2021. These factors, among others, raise
substantial doubt about the Company's ability to continue as a
going concern. The consolidated financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.
The Company plans to rely on the proceeds from loans from both
unrelated and related parties to provide the resources necessary to
fund the development of the business plan and operations. The
Company is also pursuing other revenue streams which could include
strategic acquisitions or possible joint ventures of other business
segments. However, no assurance can be given that the Company will
be successful in raising additional capital.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1528308/000121465921005505/i51421010q.htm
About Ionix
Headquartered in Liaoning Province, China, Ionix Technology, Inc.
-- http://www.iinx-tech.com-- is a holding company that is
principally engaged in the photoelectric display and smart energy
industries. The company has five operating subsidiaries: Changchun
Fangguan Electronics Technology Co., Ltd, a company which has been
focusing on R&D, manufacturing and marketing LCM and LCD; Changchun
Fangguan Photoelectric Display Technology Co., Ltd, a company which
specializes in developing, designing, and selling TN and STN LCD,
STN, CSTN, and TFT LCD modules as well as other related products;
Shenzhen Baileqi Electronic Technology Co., Ltd, a company which
specializes in LCD slicing, filling, researching and designing, and
selling of LCD Modules (LCM) and PCBs; Lisite Science Technology
(Shenzhen) Co., Ltd., a company engaged in the marketing and
selling of intelligent electronic devices; and Dalian Shizhe New
Energy Technology Co., Ltd., a company engaged in the new energy
support service, and operating the photovoltaic power generation,
electric vehicles and charging piles with corresponding operation
and maintenance and three dimensional parking. Currently, IINX has
embarked on the layout of industrialization and marketization of
front end materials and back end modules of liquid crystal displays
and applications of flexible folding display technology by taking
Fangguan Electronics as production bases, to seize the market share
of OLED high technology.
Ionix reported a net loss of $277,668 for the year ended June
30,2020, compared to net income of $397,047 for the year ended June
30, 2019. As of Dec. 31, 2020, the Company had $18.08 million in
total assets, $7.12 million in total liabilities, and $10.96
million in total stockholders' equity.
The Company had an accumulated deficit of $626,226 as of Dec. 31,
2020. The Company incurred loss from operation and did not
generate sufficient cash flow from its operating activities for the
six months ended Dec. 31, 2020. The Company said these factors,
among others, raise substantial doubt about its ability to continue
as a going concern.
ISLAND VIEW: General Partner Has Own Plan, Opposes Trustee's
------------------------------------------------------------
Renato J. Gualtieri, the general partner of debtor Island View
Properties, Inc., objects to the approval of the Chapter 11
Trustee's Motion for Entry of an Order Approving Disclosure
Statement.
Mr. Gualtieri asserts that the Disclosure Statement proposed by the
Trustee should not be approved, as it is deficient, because it does
not include information regarding the Gualtieri Plan, thereby
failing to provide sufficient information to allow creditors to
make an informed decision regarding the Trustee Plan.
He notes that for a disclosure statement to be approved, it must
contain all pertinent information bearing upon the success or
failure of the proposals contained in the plan of liquidation and
should set forth all material information relating to the risks
posed to creditors. It is apparent that the Disclosure Statement
does not contain sufficient information to allow creditors to make
an informed decision to accept or reject the Trustee Plan, as the
information that is presented is incomplete.
The Gualtieri Plan will pay creditors more than the amount to be
paid under the Trustee plan and on a much faster timetable, with
fewer contingencies. As such, the Gualtieri Plan is eminently more
obviously feasible than the Trustee Plan and must be disclosed to
creditors in order for them to make an informed decision to accept
or reject any plan filed in this case. To the extent the Court
determines that the Trustee Plan's confirmation process should move
forward, the Trustee's Disclosure Statement should be amended to
include this information to be meaningful to creditors.
A full-text copy of Mr. Gualtieri's objection to the Trustee's
Disclosure Statement dated May 18, 2021, is available at
https://bit.ly/3hOQwY7 from PacerMonitor.com at no charge.
Counsel to Renato J. Gualtieri:
DAILEY LLP
Jeffery A. Dailey, Esquire
John H. Strock, Esquire
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: (215) 367-1640
About Island View Crossing II
Island View Crossing II, L.P., Calnshire Estates, LLC and Steeple
Run, LP filed their respective Chapter 11 petitions (Bankr. E.D.
Pa. Case Nos. 17-14454, 17-14457 and 17-14458, respectively) on
June 30, 2017.
Island View, Calnshire Estates, and Steeple Run are affiliates of
One State Street Associates which filed a voluntary petition on
June 21, 2017 (Bankr. E.D. Pa. Case No. 17-14291). The Debtors are
managed by Renato J. Gualtieri, a real estate developer based in
Langhorne, PA.
The Debtors' individual cases have not been ordered to be jointly
administered or consolidated and thus, each Debtor has its own
separate bankruptcy estate. The Hon. Eric L. Frank presides over
these cases.
The petitions were signed by Renato J. Gualtieri, president of the
Debtors' corporate general partner.
At the time of the filing, Calnshire Estates estimated assets of
between $10 million and $50 million and liabilities of between $1
million and $10 million. Island View Crossing and Steeple Run
estimated their assets and debts at $1 million to $10 million.
The Debtors tapped Smith Kane Holman, LLC as their bankruptcy
counsel, and Stradley Ronon Stevens & Young, LLP as special
litigation counsel.
On Jan. 30, 2018, the U.S. Trustee for Region 3 appointed Kevin
O'Hallaron as the Chapter 11 trustee in the case of Island View
Crossing II, L.P. The trustee hired Karalis PC, as bankruptcy
counsel, and Newbridge Management LLC as financial advisor.
ISLAND VIEW: Unsecureds to Recover 100% in General Partner's Plan
-----------------------------------------------------------------
Renato J. Gualtieri, the General Partner of Debtor Island View
Crossing II, LP, submitted a Chapter 11 Plan of Reorganization and
a Disclosure Statement on May 18, 2021.
On the date hereof, Mr. Gualtieri filed the Plan seeking to provide
a basis for resolving outstanding claims against the Debtor through
the following mechanism: utilizing the proceeds of the
Post-Confirmation Loans and the cash flow from the ongoing
operations of the Debtor to fund Plan payment to holders of Allowed
Claims. Contemporaneously therewith, Mr. Gualtieri filed his
Disclosure Statement as containing adequate information as required
by the provisions of the Bankruptcy Code.
Since the Trustee's appointment, he has continued with construction
to complete: (i) the construction of the 73 residential units in
Phase 1, (ii) construction of the necessary site improvements
required in order to be able to market and sell the residential
units in Phase 1, and (iii) the remaining remediation work and
reports required to obtain the final approval of the DEP under PA
Act 2 for Phase 1.
Class 9 consists of General Unsecured Claims. Except to the extent
that any Holder of an Allowed General Unsecured Claim has been paid
or satisfied prior to the Effective Date or a Holder of such claim
agrees to a different treatment, each Holder of an Allowed General
Unsecured Claim shall receive payment in full satisfaction,
settlement, release and extinguishment of such Claim in not more
than two payments. Class 9 is Impaired by the Plan and is therefore
entitled to vote to accept or reject the Plan.
On the Effective Date, all Class 10 Limited Partner Interests shall
remain unaltered with regard to their legal, equitable and
contractual rights to which they were entitled before the Petition
Date. Class 10 is Unimpaired by the Plan and is therefore deemed to
accept the Plan.
On the Effective Date, all Class 11 General Partner Interests shall
remain unaltered with regard to their legal, equitable and
contractual rights to which they were entitled before the Petition
Date. Class 11 is Unimpaired by the Plan and is therefore deemed to
accept the Plan.
The funds necessary for the implementation of the Plan shall be
from the proceeds of the Post-Confirmation Loans, funds from the
sale of the Debtor's inventory in the ordinary course of business,
the potential sale of new limited partnership interests, and the
cash on hand on the Effective Date. Such funds will fund Plan
payments to holders of Allowed Claims.
The Plan contemplates that Allowed Creditors will get paid in full
and/or pursuant to a negotiated and consensual
distribution/treatment with interest. The Plan allows the Debtor's
business to survive and continue its development under the
experience of Mr. Gualtieri, maximize the return to all Creditors
and maintaining high paying construction jobs in Bucks County. Mr.
Gualtieri's Plan does not rely on the timing or risk of litigation
to provide a return to creditors and interest holders.
Further, Mr. Gualtieri submits that the Plan provides greater
benefit to all Creditors than the Plan of Liquidation submitted by
the Trustee dated April 19, 2021 (the "Trustee's Plan"). The
Trustee's Plan proposes the continued development, marketing, and
sale of Phase 1 and Phase 2 to fund distributions to Creditors.
While the Trustee's Plan can offer Creditors a significant recovery
over several years, Mr. Gualtieri's plan offers all Secured
creditors full payment of their Allowed Secured Claims on or about
the Effective Date. Further, Mr. Gualtieri's Plan provides General
Unsecured Creditors 100% recovery for their Allowed Claims (with
interest) within one year of the Effective Date.
A full-text copy of Mr. Gualtieri's Disclosure Statement dated May
18, 2021, is available at https://bit.ly/3fhSmiy from
PacerMonitor.com at no charge.
Counsel to Renato J. Gualtieri:
DAILEY LLP
Jeffery A. Dailey, Esquire
John H. Strock, Esquire
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: (215) 367-1640
About Island View Crossing II
Island View Crossing II, L.P., Calnshire Estates, LLC and Steeple
Run, LP filed their respective Chapter 11 petitions (Bankr. E.D.
Pa. Case Nos. 17-14454, 17-14457 and 17-14458, respectively) on
June 30, 2017.
Island View, Calnshire Estates, and Steeple Run are affiliates of
One State Street Associates which filed a voluntary petition on
June 21, 2017 (Bankr. E.D. Pa. Case No. 17-14291). The Debtors are
managed by Renato J. Gualtieri, a real estate developer based in
Langhorne, PA.
The Debtors' individual cases have not been ordered to be jointly
administered or consolidated and thus, each Debtor has its own
separate bankruptcy estate. The Hon. Eric L. Frank presides over
these cases.
The petitions were signed by Renato J. Gualtieri, president of the
Debtors' corporate general partner.
At the time of the filing, Calnshire Estates estimated assets of
between $10 million and $50 million and liabilities of between $1
million and $10 million. Island View Crossing and Steeple Run
estimated their assets and debts at $1 million to $10 million.
The Debtors tapped Smith Kane Holman, LLC as their bankruptcy
counsel, and Stradley Ronon Stevens & Young, LLP as special
litigation counsel.
On Jan. 30, 2018, the U.S. Trustee for Region 3 appointed Kevin
O'Hallaron as the Chapter 11 trustee in the case of Island View
Crossing II, L.P. The trustee hired Karalis PC, as bankruptcy
counsel, and Newbridge Management LLC as financial advisor.
JB HOLDINGS: $1.3M Sale of Hobe Sound Property to Dickson Approved
------------------------------------------------------------------
Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern
District of Florida authorized JB Holdings of Hobe Sound, LLC's
private sale of the real property located in Hobe Sound, Florida,
described as a 4.88 acres vacant site on Rohl Way, Hobe Sound, FL
33455, PCN 34-38-42-480-000-00020-0, to Andrew Dickson for $1.3
million.
The sale is free and clear of all liens, claims, encumbrances and
interests, with liens, claims, encumbrances and interests attaching
to the proceeds of the sale.
Notwithstanding the terms of the Dickson Contract, the Debtor is
authorized to pay the real estate commissions to the representative
parties as follows at the closing of the Dickson Contract, and only
under the Dickson Contract:
a. Brian Gregory Edwards will receive a commission of 2% of
the selling price from the proceeds of a sale under the Dickson
Contract.
b. Jamie Mix of Realty One Group Engage will receive a
commission of 2% of the selling price from the proceeds of a sale
under the Dickson Contract.
c. Tranzon Driggers will receive a commission of 2% of the
selling price from the proceeds of a sale under the Dickson
Contract.
The net sale closing proceeds after payment of the outstanding real
estate taxes, the full amount of the secured creditor's (Alan
Jacobson, Neil Littman and Rebecca Littman) claim, closing costs
and title insurance will be deposited by wire transfer into the
Trust Account of Kelley, Fulton & Kaplan, P.L. to disburse pursuant
to a confirmed Chapter 11 Plan or by other Orders of the Court.
In the event that the Contract between Dickson and the Debtor is
terminated or fails to close by Aug. 6, 2021, it is the Debtor's
intention to auction the Property. The terms of the auction and
bidding procedures related thereto are currently being negotiated
with the Secured Creditor (Alan Jacobson, Neil Littman and Rebecca
Littman).
The Debtor will file a Notice of Termination with this Court in the
event the Dickson Contract is terminated or fails to close by the
deadline described. It will file a Notice of Closing if and after
the sale contemplated herein is consummated and final.
Nothing in the Order will be deemed to authorize any extension
under the Contract between the Debtor and Andrew Dickson. However,
the Debtor and Andrew Dickson may agree to up to a 30-day extension
of the due diligence period without Court authorization, so long as
the closing occurs by Aug. 6, 2021. Any agreement by the Debtor
and Andrew Dickson to extend the due diligence period beyond 30
days will require the Secured Creditor's consent.
Upon a closing of the sale to Dickson, a certified copy of the
Order may be filed in the Official Records of the Clerk of Court
for Martin County, Florida.
The Order will be deemed effective immediately notwithstanding
anything to the contrary set forth in Rules 4001(a)(3), 6004(h) or
7062 of the Federal Rules of Bankruptcy Procedure.
About JB Holdings of Hobe Sound
JB Holdings of Hobe Sound, LLC owns 4.88 acres of unimproved real
estate worth $1.5 million in Hobe Sound, Fla.
JB Holdings of Hobe Sound filed a Chapter 11 petition (Bankr. S.D.
Fla. Case No. 20-24182) on Dec. 31, 2020. In its petition, the
Debtor disclosed $1,510,000 in assets and $504,526 in liabilities.
John Doyle, manager, signed the petition.
Judge Mindy A. Mora oversees the case.
The Debtor tapped Kelley, Fulton & Kaplan, P.L. as its bankruptcy
counsel and McCarthy Summers Wood Norman Melby & Scultz, P.A. as
its special counsel.
JOSEPH MARTIN THOMAS: $3.37M Sale of Properties to Wells Fargo OK'd
-------------------------------------------------------------------
Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the
Western District of Pennsylvania denied the proposed private sale
by Joseph Martin Thomas, M.D., and 2374 Village Common Drive, LLC,
to Joseph C. Kramer for $3.15 million, cash, subject to higher and
better offers of the following:
(a) Real estate and improvements located at 2374 Village
Common Drive, Erie, PA 16506 owned by 2374 Village Common Drive,
LLC, Tax Index No. 33-123-418.0-034.00; and,
(b) Real estate located at Lot 15 (2368) Village Common
Drive, Erie, PA 16506, Tax Index No. 33-123-418.0-034.01 owned by
Dr. Thomas.
The Sale Property is confirmed to Wells Fargo for $3.37 million,
free and divested of the liens and claims.
The Court denied the Motion as a result of another interested
party, Wells Fargo Bank, N.A., a financial institution with a
mailing address c/of Steven Treadway, 1620 Roseville Parkway, 1st
Floor, Suite 100, MAC AI792-018, Roseville, CA 95661, making a
higher and better offer at the hearing on said sale by bidding-in a
portion of its secured claim against the property to be sold, and
the Motion for Private Sale was thus converted to a Public Auction
Sale.
Service of the Notice of Hearing and Order setting hearing on said
Motion for private sale of real and personal property free and
divested of liens of the named Respondents, was effected on the
secured creditors whose liens are recited in said Motion for
private sale.
The sale by Special Warranty Deed of the Sale Property is confirmed
to Wells Fargo, for $3.37 million, free and divested of the liens
and claims, and, that the Movants are authorized to make, execute,
and deliver to the Purchaser the necessary deed and/or other
documents required to transfer title to the property purchased upon
compliance with the terms of sale.
Wells Fargo has designated the name and address of the following
entity which will be listed as the grantee or buyer on the Special
Warranty Deed: Redus Properties, Inc., 1 Independent Drive, 88th
Floor-Suite 810, Jacksonville, FL 32202.
The recited liens and claims are, transferred to the proceeds of
sale, if and to the extent they may be determined to be valid liens
against the sold property, and that the within decreed sale will be
free, clear, and divested of said liens and claims.
The sale of 2374 Village Common Drive, Erie, PA 16506, Tax Index
No. 33-123-418.0-034.00 owned by 2374 Village Common Drive, LLC at
the allocated purchase price of $3.17 million is made pursuant to
the confirmation of 2374 Village Common Drive, LLC's Chapter 11
Plan of Orderly Liquidation dated March 5, 2021, which was
confirmed by Order of Court dated April 28, 2021.
Therefore, the sale of the referenced parcel is exempt from
taxation under any laws imposing a stamp tax, state or local
transfer tax, or similar tax. If a timely objection is filed, then
the Court will hold a hearing and decide the Section 1146(a) stamp
tax issue de novo. If no such objection it timely filed, then the
exemptions provided for will be allowed and final.
The following expenses/costs will immediately be paid at the time
of closing. Failure of the Closing Agent to timely make and
forward the disbursements required by the Order will subject the
Closing Agent to monetary sanctions, including among other things,
a fine or the imposition of damages, after notice and hearing, for
failure to comply with the above terms of the Order. Except as to
the distribution specifically authorized, all remaining funds will
be held by the Counsel for the Movant pending further Order of the
Court after notice and hearing.
The sum of $3,170,000 is allocated as the purchase price for the
real estate located at 2374 Village Common Drive, Erie,
Pennsylvania owned by 2374 Village Common Drive LLC. Of that
amount, the following disbursements will be made:
1. The Purchaser will pay delinquent real estate taxes payable
to the Erie County Tax Claim Bureau in the approximate amount of
$588,881.94, plus interest at the rate of 9% per annum from March
31, 2021;
2. The Purchaser will pay current real estate taxes, due and
payable to the Millcreek Township Tax Collector pro-rated to the
date of closing;
3. The Purchaser will pay the court-approved commission
payable to Coldwell Banker Select Realtors in the amount of
$5,000;
4. The Purchaser will pay the costs of newspaper advertising
in the following amounts: Erie Times News: $175.10; Pittsburgh
Post-Gazette: $341.00; The Buffalo News: $494.00; and The Cleveland
Plain Dealer: $382.72, for a total of $1,392.82 will be reimbursed
to The Quinn Law Firm;
5. The Purchaser will pay the costs of legal journal
advertising in the amount of $105 will be reimbursed to the Quinn
Law Firm;
6. The Purchaser will pay the reimbursement to the Quinn Law
Firm of the filing fee for the Motion for Order Approving Sale of
Real Estate Free and Divested of Liens in the amount of $188;
7. The Purchaser will pay any and all municipal fees, as well
as any and all water and sewer charges, if applicable, will be paid
at the time of the closing.
8. The Debtors will pay the from the Purchaser's cash
collateral on hand with the Debtors sum of $100,000 for the
Administrative Carve-Out to the Quinn Law Firm, to be set aside and
held in its escrow account pending further agreement by the Debtors
and Purchaser, for the payment of Court-approved, administrative
expense claims for professional fees and expenses of the estates of
the Debtors related to the within sale in accordance with 11 U.S.C.
Section 506(c) surcharge, subject to the stipulation of the counsel
to reduce administrative claims for court-approved professional
fees by 35% and subject to further order of court regarding the
distribution of said $100,000 Administrative Carve-Out.
9. The closing agent who represents the Debtors at the time of
the real estate closing, which will be completed on an hourly basis
as counsel for a commercial seller, will be paid by the Debtors
pending further fee application(s) to be filed and approved by the
Court. In addition, all necessary overnight fees associated with
the closing will be reimbursed to the appropriate party.
10. All parties agree that $133,000 of the Purchaser's cash
collateral on hand with the Greater Erie Surgery Center, an
affiliated non-bankrupt entity, will be earmarked as a carve-out
from the within purchase price for the benefit of all estate
professionals in these related cases in the amount of $100,000
without prejudice to additional claims of the estate professionals
to the cash on hand held by the Debtors and their affiliates (as
the term "affiliates" is defined in the Bankruptcy Code at 11
U.S.C. Section 101(2)) and for the benefit of the U.S. Trustee in
the amount of $33,000 ($31,700 for 2374 Village Common Drive, LLC
at Case No. 21-10118-TPA and $1,300 for Dr. Joseph Martin Thomas at
Case No. 20-10334-TPA), in the event that it is determined that
separate order of court that the U.S. Trustee is entitled to a
disbursement from the credit bid amounts. Said $133,000 will be so
earmarked and held in escrow by the attorney for the Debtors
pending further order(s) of Court.
The sum of $200,000 is allocated as the purchase price for the real
estate located at Lot 15, Village Common Drive, Erie, Pennsylvania,
Tax Index No. 33-123-418.0-034.01 owned by Joseph Martin Thomas.
Of that amount, the following disbursements will be made:
11. The Purchaser will pay the delinquent real estate taxes
payable to the Erie County Tax Claim Bureau in the approximate
amount of $4,917.22, plus interest at the rate of 9% per annum from
March 31, 2021;
12. The Purchaser will pay the current real estate taxes, due
and payable to the Millcreek Township Tax Collector pro-rated to
the date of closing;
13. Transfer Taxes will be paid in accordance with the
findings set forth on the record at the hearing on the Motion for
Private Sale of Real Property Free and Divested of Liens. Debtor is
to pay one-half and the Purchaser is to pay one-half of the
transfer taxes due and owing, which equal 2% of the purchase price
or $2,000.
14. The Purchaser will pay the court-approved commission
payable to Coldwell Banker Select Realtors in the amount of
$12,000;
15. The Purchase will pay the reimbursement to the Quinn Law
Firm of the filing fee for the Motion for Order Approving Sale of
Real Estate Free and Divested of Liens in the amount of $188.
16. The Purchaser will pay any and all municipal fees, as well
as any and all water and sewer charges, if applicable, will be paid
at the time of the closing.
Within seven days of the date of the Order, the Movants will serve
a copy of the within Order on each Respondent (i.e. each party
against whom relief is sought) and its attorney of record, if any,
upon any attorney or party who answered the motion or appeared at
the hearing, the attorney for the Debtor, the Closing Agent, the
Purchaser, and the attorney for the Purchaser, if any, and file a
certificate of service.
Closing will occur no later than May 31, 2021. The Debtors and the
Purchaser will cooperate fully with each other in order to
facilitate a timely Closing and sign any and all other documents
and take such actions as reasonably necessary to carry out the
spirit and intent of the Sale.
Within seven days following closing, the Movants will file a Report
of Sale which will include a copy of the HUD-1 or other Settlement
Statement.
The Sale Confirmation Order survives any dismissal or conversion of
the within cases.
The 14-day period for filing a notice of appeal found in Fed. R.
Bank. Proc. 8002(a)(1) is waived.
Joseph Martin Thomas sought Chapter 11 protection (Bankr. W.D. Pa.
Case No. 20-10334) on May 6, 2020. The Debtor tapped Michael P.
Kruszewski, Esq., at The Quinn Law Firm as counsel.
KAYA HOLDINGS: Incurs $5.5 Million Net Loss in First Quarter
------------------------------------------------------------
Kaya Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $5.51 million on $237,018 of net sales for the three months
ended March 31, 2021, compared to a net loss of $710,003 on
$235,311 of net sales for the three months ended March 31, 2020.
As of March 31, 2021, the Company had $2.30 million in total
assets, $32.69 million in total liabilities, and a net
stockholders' deficit of $30.39 million.
The Company said the increase in net loss is due to the changes in
derivative liabilities, the increase in amortization of debt
discount and derivative liabilities expense, as well as the company
continues to have operating losses. At March 31, 2021 the Company
has a working capital deficiency of $25,551,438 and is totally
dependent on its ability to raise capital. The Company has a plan
of operations and acknowledges that its plan of operations may not
result in generating positive working capital in the near future.
Even though management believes that it will be able to
successfully execute its business plan, which includes third-party
financing and capital issuance, and meet the Company's future
liquidity needs, there can be no assurances in that regard. The
Company said these matters raise substantial doubt about its
ability to continue as a going concern. The consolidated financial
statements do not include any adjustments that might result from
the outcome of this material uncertainty. Management recognizes
that the Company must generate additional funds to successfully
develop its operations and activities. Management plans include:
* the sale of additional equity and debt securities,
* alliances and/or partnerships with entities interested in and
having the resources to support the further development of the
Company's business plan,
* business transactions to assure continuation of the Company's
development and operations,
* development of a unified brand and the pursuit of licenses to
operate recreational and medical marijuana facilities under the
branded name.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1530746/000172186821000298/f2skays10q051121.htm
About Kaya
Kaya Holdings, Inc. -- http://www.kayaholdings.com-- is a
vertically integrated legal marijuana enterprise that produces,
distributes, and/or sells a full range of premium cannabis products
including flower, oils, vape cartridges and cannabis infused
confections, baked goods and beverages through a fully integrated
group of subsidiaries and companies supporting highly distinctive
brands.
Kaya Holdings reported a net loss of $12.29 million for the 12
months ended Dec. 31, 2020, compared to net income of $7.52 million
for the 12 months ended Dec. 31, 2019. As of Dec. 31, 2020, the
Company had $2.29 million in total assets, $27.22 million in total
liabilities, and a total stockholders' deficit of $24.93 million.
Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
March 31, 2021, citing that the Company has suffered net losses
from operations and has a net capital deficiency, which raises
substantial doubt about its ability to continue as a going concern.
KRISU HOSPITALITY: Fine-Tunes Plan; Ongoing Operations to Fund Plan
-------------------------------------------------------------------
Krisu Hospitality, LLC, a Texas Limited Liability Company,
submitted a First Amended Disclosure Statement in support of First
Amended Plan of Reorganization dated May 18, 2021.
The First Amended Disclosure Statement discusses the alterations
made to the Priority Unsecured Claims of TX Comptroller in the
Allowed Amount of $1,563.07 in a monthly payment of $42.98 for 39
months. The Allowed Amount Claim of 11,547.97 of TX Comptroller
shall be paid $317.55 for 39 months.
Like in the prior iteration of the Plan, the amount of the allowed
secured claim of HSB is the payoff amount of the debt owing to HSB
on the effective date plus HSB's reasonable pre- and post-petition
attorneys' fees to be paid at no interest as a balloon to be added
to the final payment to HSB. The amount of HSB's claim, as of May
12, 2021, not including attorney's fees to be added, is in the
amount of $2,425,677. The Debtor acknowledges that HSB's claim and
loan documents are valid, subsisting, and fully and properly
executed and are in full force and effect.
Priority unsecured claims will be paid in full according to the
claims filed or pursuant to the agreement of the parties. General
unsecured creditors are classified in Class 5, and will receive a
distribution of approximately 4% of allowed claims, to be
distributed in equal monthly distributions over a period of 60
months beginning month 37 following the effective date.
Payments and distributions under the Plan will be funded by the
ongoing operations of the hotel property.
A full-text copy of the First Amended Disclosure Statement dated
May 18, 2021, is available at https://bit.ly/3fjtQgE from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Patrick A. Swindell
Swindell Law Firm
1619 S Kentucky Suite B202
Amarillo, TX 79102
(806)374-7979 fax (806)414-5105
pat@swindellandassociates.com
About Krisu Hospitality
Krisu Hospitality, LLC, is a Single Asset Real Estate (as defined
in 11 U.S.C. Section 101(51B)). Krisu Hospitality sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Tex. Case No. 19-20347) on Nov. 4, 2019, disclosing assets of less
than $50 million and debt under $10 million. Judge Robert L. Jones
is assigned to the case. SWINDELL LAW FIRM is the Debtor's
counsel.
LAMAR INVESTMENT: Trustee's $185K Sale of Pacific Property Approved
-------------------------------------------------------------------
Judge Kathy A. Surratt-States of the U.S. Bankruptcy Court for the
Eastern District of Missouri authorized Shawn K. Brown, the Chapter
11 Trustee of Lamar Investment Capital, LLC, to sell the estate's
24 acres of raw land located off Hogan Road, in Pacific, Missouri,
to Edward Lamar III for $185,000.
The Court acknowledges that the funds for the purchase of the Real
Estate by the Purchaser are coming from the sale of another parcel
of land owned by the Purchaser. Should the closing of the
Purchaser's other property conclude on May 19, 2021, then he will
forward $185,000 to the Debtor. The Debtor will transfer the 24
acres when the platting survey is completed. It will pay any
closing costs. The sale will be cash and there will be no real
estate commissions.
Upon receipt of the $185,000, the Debtor will transfer the funds to
Central Bank. If received and verified as good funds before May
25, 2021, Central Bank will immediately cancel the foreclosure. If
received before May 25, 2021, but not yet verified as good funds
prior to that date, Central Bank will continue the foreclosure sale
to Friday, May 28, 2021, so as to allow additional time to verify
the funds as good funds. Upon verification of good funds, Central
Bank will cancel the foreclosure and thereafter release its lien on
the 24 acres when the survey is completed and the property is
deeded to Purchaser Edward Lamar III.
The $185,000 will pay off the principal on the loan, leaving only
interest and costs still owed to Central Bank. Central Bank will
retain its lien on the remaining 33.5 acres owned by the Debtor.
It agrees to forbear initiating foreclosure proceedings on the
remaining acreage until after Dec. 31, 2021 to allow Debtor the
opportunity to pay the balance. Other than the aforementioned
forbearance, nothing in the Order will have any effect upon the
Court's earlier order granting Central Bank of St. Louis relief
from the automatic stay with regard to the property at Hogan Road.
Bank of Washington will release its junior lien on the Real Estate
sold to the Purchaser. Any alleged claim or lien by JR Holmes on
said Real Estate will be released. Said releases will not affect
any claim or liens on the remaining approximately 33.5 unsold acres
of the property still owned and in possession of the Debtor.
The Debtor is ordered to perform and complete the environmental
remediation as directed in the Court's Order of July 20, 2020. It
acknowledges that the Department of Natural Resources seeks to have
the Debtor correct the ongoing environmental issues subject to the
Court's July 2020 Order and that the Property subject to the
environmental remediation will need to be maintained in compliance
with the Missouri Clean Water Law and applicable state and local
laws and ordinances once the property is sold. Both the Debtor and
the Missouri Department of Revenue acknowledge that environmental
remediation on the Property has an anticipated completion date of
July 20, 2021 based on the latest information available to the
Department of Natural Resources from review of the Property site on
May 10, 2021.
Pursuant to the Court's July 20, 2020 Order, the Debtor will
complete the remediation on at least the Real Estate prior to
passing title to the Buyer and have said remediation on said Real
Estate approved by the Department of Natural Resources.
The Debtor and the Department of Natural Resources will file a
status report with the Court no later than July 21st, 2021.
Pursuant to Bankruptcy Rules 7062, 9014, 6004(h) and 6006(d), the
Order will be effective immediately upon entry and the Debtor is
authorized to close the sale immediately upon entry of the Order.
The stay otherwise applicable under Rule 6004(h) is waived and
inapplicable to the relief requested in the Order.
The Order is a final and appealable order as of the date of entry
and there is no just cause to delay enforcement.
No later than two business days after the date this order is
entered on the docket, the Debtor is directed to serve a copy of
the Order on the 20 largest unsecured creditors, all parties
requesting notice and the U.S. Trustee and directed to file a
certificate of service within 24 hours after such service.
About Lamar Investment Capital
LaMar Investment Capital LLC is a privately-held investment
company
whose principal assets are located at 2642 Nike Base Road,
Catawissa and Hogan Road, Pacific Missouri.
LaMar Investment Capital sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mo. Case No. 18-47837) on Dec. 13,
2018. At the time of the filing, the Debtor estimated assets of $1
million to $10 million and liabilities of $1 million to $10
million. The case is assigned to Judge Kathy A. Surratt-States.
The
Debtor tapped Michael A. Kasperek, Esq., at Vogler & Associates,
LLC, as its legal counsel.
LINKMEYER PROPERTIES: Florence Buying Lawrenceburg Property for $1M
-------------------------------------------------------------------
Linkmeyer Properties, LLC, asks the U.S. Bankruptcy Court for the
Southern District of Indiana to authorize the sale of the real
property located on Florence Drive, in Lawrenceburg, Dearborn
County, Indiana, consisting of approximately 18.176 acres and
identified as Parcel 15-07-21-200-006.001-013 and by Duplicate
Number 6495966, to Florence Drive Estates LLC for $1 million.
The Debtor, or related entities, owns four parcels of vacant real
estate located in Dearborn County, Indiana. It was unable to
develop the Properties, and a dispute arose between the Debtor and
The City of Lawrenceburg, Indiana. The City of Lawrenceburg
obtained a judgment of foreclosure. The Debtor filed the Chapter
11 proceeding to avoid the sale of the Properties at a Sheriff's
Sale.
One of the parcels owned by Linkmeyer Properties is the Real
Estate.
The City of Lawrenceburg holds a lien on the Real Estate pursuant
to a Real Estate Mortgage dated Nov. 30, 2009, and recorded on Dec.
4, 2009, as Document No. 2009009658 in the Office of the Recorder
of Jennings County, Indiana. The Mortgage was reduced to a
judgment entered on May 23, 2018, in the Dearborn County Circuit
Court, Cause No. 15C01-1512-PL-089.
The Debtor has entered into a Purchase Agreement with the Buyer to
transfer, convey, assign and deliver to the Purchaser, as that term
is defined in the Agreement, all of its right, title and interest
in and to the Real Estate. The purchase price payable by the
Purchaser to Linkmeyer Properties for the Real Estate will be $1
million.
By the Sale Motion, the Debtor seeks authority to sell the Real
Estate to the Purchaser free and clear of all liens, claims,
interests and encumbrances, including, but not limited to the
Mortgage.
The Debtor will distribute the net sale proceeds pursuant to
further Court order. It is obligated to The City of Lawrenceburg
pursuant to the Mortgage and Judgment with a petition date balance
of $3,342,939.78 [Claim #2]. Pursuant to the Mortgage and
Judgment, The City of Lawrenceburg asserts a lien on the Real
Estate. The Delaware County Treasurer may have a claim in the Real
Estate by virtue of unpaid or delinquent real estate taxes.
The Debtor has not formally marketed the Real Estate. It asserts
that the Purchase Price is equal to fair market value and is
consistent with discussions it has had with prior interested
parties in the Properties. The additional cost, time, and
potential marketing expenses are, in hthe Debtor's opinion, simply
not justified under the circumstances.
The sale of the Real Estate is a cash offer without a financing
contingency. The only contingencies are for clear title which will
be resolved by an order of the Court, a survey which is simply
logistic and environmental for which a waiver is expected promptly.
The Debtor submits that the sale of the Real Estate is within its
sound business judgment. It has determined that the sale of the
Real Estate will maximize the value of its state and is in the best
interest of the estate and its creditors.
The Debtor also asks that if no objections are filed or pending at
the time of hearing on the Sale Motion, that the Court waives the
14-day stay imposed by Rule 6004(h) of the Federal Rules of
Bankruptcy Procedure. It asks that the Court schedules a hearing
on the Sale Motion.
About Linkmeyer Properties
Linkmeyer Properties, LLC, Linkmeyer Kroger, LLC, and Linkmeyer
Development II, LLC filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Lead Case No.
20-90898) on Aug. 13, 2020. At the time of the filing, each
Debtor
disclosed estimated assets of less than $50,000 and estimated
liabilities of between $1 million and $10 million. Judge Andrea
K.
Mccord oversees the cases. Hester Baker Krebs, LLC serves as
Debtors' legal counsel.
LINKMEYER PROPERTIES: Objections to $1M Sale of Property Due June 4
-------------------------------------------------------------------
Linkmeyer Properties, LLC, filed with the U.S. Bankruptcy Court for
the Southern District of Indiana a notice of its proposed sale of
the real property located on Florence Drive, Lawrenceburg, Dearborn
County, Indiana, consisting of approximately 18.176 acres and
identified as Parcel 15-07-21-200-006.001-013 and by Duplicate
Number 6495966, to Florence Drive Estates LLC for $1 million.
The Debtor's Sale Motion was filed on May 13, 2021.
Any objection to the Sale Motion must be filed with the Bankruptcy
Clerk by June 4, 2021. Objections should be filed electronically
at www.insb.uscourts.gov, or for those not required or not
permitted to file electronically, deliver any objection by U.S.
mail, courier, overnight/express mail, or in person.
About Linkmeyer Properties
Linkmeyer Properties, LLC, Linkmeyer Kroger, LLC, and Linkmeyer
Development II, LLC filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Lead Case No.
20-90898) on Aug. 13, 2020. At the time of the filing, each
Debtor
disclosed estimated assets of less than $50,000 and estimated
liabilities of between $1 million and $10 million. Judge Andrea
K.
Mccord oversees the cases. Hester Baker Krebs, LLC serves as
Debtors' legal counsel.
LUVU BRANDS: Posts $469K Net Income in Third Quarter
----------------------------------------------------
Luvu Brands, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing net income of $469,000
on $6.18 million of net sales for the three months ended March 31,
2021, compared to a net loss of $148,000 on $4.03 million of net
sales for the three months ended March 31, 2020.
For the nine months ended March 31, 2021, the Company reported net
income of $2.26 million on $17.26 million of net sales compared to
net income of $64,000 on $12.91 million of net sales for the nine
months ended March 31, 2020.
Louis Friedman, chairman and chief executive officer, commented,
"We continued to deliver strong financial results for the third
quarter and first nine months of fiscal 2021, setting new records
for net sales, gross margin and net income. Demand for Liberator
and Jaxx products increased 69% and 75%, respectively, from the
prior year third quarter and continues to be strong during the
current fourth quarter. Since September, 2020 we have purchased
almost $1 million of new production equipment which we expect will
increase our production capacity across all product lines."
As of March 31, 2021, the Company had $9.91 million in total
assets, $8.89 million in total liabilities, and $1.02 million in
total stockholders' equity.
As of March 31, 2021, the Company has an accumulated deficit of
approximately $5,893,000 and a working capital deficit of
approximately $196,000. The Company said this raises doubt about
its ability to continue as a going concern.
Luvu Brands stated, "In view of these matters, realization of a
major portion of the assets in the accompanying consolidated
balance sheet is dependent upon continued operations of the
Company, which in turn is dependent upon the Company's ability to
meet its financing requirements, and the success of its future
operations. Management believes that actions presently being taken
to revise the Company's operating and financial requirements
provide the opportunity for the Company to continue as a going
concern."
"These actions include an ongoing initiative to increase sales,
gross profits and our gross profit margin. To that end, we
evaluated various options for increasing the throughput of our
compressed foam products and during the second quarter of fiscal
2021, we purchased new foam contouring equipment for installation
during the third quarter of fiscal 2021. We also placed an order
for a larger roll compression machine which should be operational
during the fourth quarter of fiscal 2021. These actions should
yield higher factory throughput at a lower cost of goods sold.
However, these operational improvements have been more than offset
by rising wages and raw material costs. We plan to raise our
selling prices to offset some of the labor and raw material cost
increases. We estimate that the operational and strategic growth
plans we have identified over the next twelve months will, at a
minimum, require approximately $250,000 of funding, of which we
estimate will be provided by debt financing and, to a lesser
extent, cash flow from operations as well as cash on hand."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1374567/000165495421005781/luvu_10q.htm
About Luvu Brands
Luvu Brands, Inc. -- http://www.luvubrands.com/-- designs,
manufactures and markets a portfolio of consumer lifestyle brands
through the Company's websites, online mass/drug merchants and
specialty retail stores worldwide. Brands include: Liberator, a
brand category of iconic products for enhancing sensuality and
intimacy; Avana, medical and personal PPE products and inclined bed
therapy products, assistive in relieving medical conditions
associated with acid reflux, surgery recovery and chronic pain; and
Jaxx, a diverse range of casual fashion daybeds, sofas and beanbags
made from virgin and re-purposed polyurethane foam. Headquartered
in Atlanta, Georgia, the Company occupies a 140,000 square foot
vertically-integrated manufacturing facility and employs over 200
people.
Luvu Brands reported net income of $860,000 for the year ended June
30, 2020, compared to a net loss of $157,000 on $17 million for the
year ended June 30, 2019. As of June 30, 2020, the Company had
$5.45 million in total assets, $6.72 million in total liabilities,
and a total stockholders' deficit of $1.27 million.
Liggett & Webb, P.A., in Boynton Beach, Florida, the Company's
auditor since 2012, issued a "going concern" qualification in its
report dated Oct. 1, 2020, citing that the Company has a working
capital deficit and an accumulated deficit. The Company has
financed its working capital requirements primarily through the
issuance of debt. These factors raise substantial doubt about the
Company's ability to continue as a going concern.
MALLINCKRODT PLC: Claims Reps, Govt. Challenge Plan Disclosures
---------------------------------------------------------------
Law360 reports that opioid maker Mallinckrodt PLC's proposed
Chapter 11 disclosures have come under fire by the representative
of future opioid claimants, who said personal injury claimants will
not have enough say, and the U. S. government, which claimed the
proposed plan mishandles Medicare liabilities.
In a motion filed Friday, May 21, 2021, the future claims
representative argued those claiming direct injuries from opioids
should be given their own voting class separate from those claiming
indirect harm. In a separate motion, the federal government said
the proposed plan would force the government into a plan it can't
accept.
About Mallinckdrodt PLC
Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business consisting of multiple wholly owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies. The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.
As of March 27, 2020, the Company had $10.17 billion in total
assets, $8.27 billion in total liabilities, and $1.89 billion in
total shareholders' equity.
On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against the Company.
Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.
Latham & Watkins LLP, Ropes & Gray LLP and Wachtell, Lipton, Rosen
& Katz are serving as counsel to the Company, Guggenheim
Securities, LLC, is serving as investment banker and AlixPartners
LLP is serving as restructuring advisor to Mallinckrodt. Hogan
Lovells is serving as counsel with respect to the Acthar Gel
matter. Prime Clerk LLC is the claims agent.
On April 20, 2021, the Debtors filed their Plan of Reorganization
and the Disclosure Statement related thereto. The Bankruptcy Court
will hold a hearing to consider approval of the Disclosure
Statement on May 26, 2021, at 1 p.m. (prevailing Eastern Time)
before the Honorable John T. Dorsey.
MALLINCKRODT PLC: Mandos Agrees to Acquire Adrabetadex
------------------------------------------------------
Mandos, LLC, on May 19, 2021, disclosed that they have entered into
an agreement with Vtesse, LLC, a wholly owned subsidiary of
Mallinckrodt Pharmaceuticals (Mallinckrodt), a global
biopharmaceutical company, to acquire adrabetadex (also known as
VTS-270), a drug in development for the treatment of Niemann-Pick
Type C1 disease (NPC1).
This acquisition, if approved, will allow Mandos to pursue both the
continuation of the U.S. Expanded Access Program under Rush
University Medical Center (RUMC) and future research and
development of adrabetadex for patients living with NPC1. The
agreement is subject to approval from the United States Bankruptcy
Court for the District of Delaware, as a result of Mallinckrodt's
ongoing Chapter 11 restructuring.
Niemann-Pick Type C1 disease (NPC1) is a rare progressive genetic
disorder characterized by an inability of the body to transport
cholesterol and other fatty substances (lipids) inside of cells.
This leads to the abnormal accumulation of these substances within
various tissues of the body, including brain, liver, spleen and
lung tissue. As the disease progresses, patients typically exhibit
a decline in neurological and cognitive function, often with
independent changes in muscle tone and strength.
"We look forward to engaging with this passionate community of
patients, caregivers, clinicians, and regulators over the coming
months, once the transaction is approved. We care deeply about
ensuring access for patients and are committed to supporting
efforts to improve the lives of people with NPC1," said Scott
Riccio, EVP, Patient & Community Engagement at Mandos.
About Mallinckdrodt PLC
Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business consisting of multiple wholly owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies. The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.
As of March 27, 2020, the Company had $10.17 billion in total
assets, $8.27 billion in total liabilities, and $1.89 billion in
total shareholders' equity.
On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against the Company.
Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.
Latham & Watkins LLP, Ropes & Gray LLP and Wachtell, Lipton, Rosen
& Katz are serving as counsel to the Company, Guggenheim
Securities, LLC, is serving as investment banker and AlixPartners
LLP is serving as restructuring advisor to Mallinckrodt. Hogan
Lovells is serving as counsel with respect to the Acthar Gel
matter. Prime Clerk LLC is the claims agent.
On April 20, 2021, the Debtors filed their Plan of Reorganization
and the Disclosure Statement related thereto. The Bankruptcy Court
will hold a hearing to consider approval of the Disclosure
Statement on May 26, 2021, at 1 p.m. (prevailing Eastern Time)
before the Honorable John T. Dorsey.
MALLINCKRODT PLC: Willkie, Morris Update on Attestor Claimants
--------------------------------------------------------------
In the Chapter 11 cases of Mallinckrodt PLC, et al., the law firms
of Willkie, Farr & Gallagher LLP and Morris, Nichols, Arsht &
Tunnel LLP submitted an amended verified statement under Rule 2019
of the Federal Rules of Bankruptcy Procedure, to disclose an
updated list of Attestor Claimants that it is representing.
On April 19, 2021, the Law Firms filed their first verified
Statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure.
The Law Firms now file this Amended Verified Statement to amend and
supplement the disclosures set forth in the Original Statement.
On May 14, 2021, Attestor, through affiliated entities, acquired
additional Acthar-related proof of claims, originally filed by
United HealthCare Services, Inc., OptumRx Group Holdings Inc. and
OptumRx Holdings, LLC. On the same day, Attestor filed notices of
transfers with respect to such claims pursuant to F.R.B.P. Rule
3001(e) [D.I. 2317].
As of May 20, 2021, members of the Ad Hoc Group and their
disclosable economic interests are:
Disclosable
Economic Interests
------------------
Humana, Inc. Unliquidated
500 West Main St.
Louisville, KY 40202
Attestor Limited Unliquidated
7 Seymour Street
London
United Kingdom, W1H 7JW
The Firm can be reached at:
MORRIS, NICHOLS, ARSHT & TUNNELL LLP
Donna L. Culver, Esq.
Robert J. Dehney, Esq.
Matthew B. Harvey, Esq.
Taylor M. Haga, Esq.
Nader A. Amer, Esq.
1201 North Market Street, 16th Floor
P.O. Box 1347
Wilmington, DE 19899-1347
Telephone: (302) 658-9200
Facsimile: (302) 658-3989
E-mail: dculver@morrisnichols.com
rdehney@morrisnichols.com
mharvey@morrisnichols.com
thaga@morrisnichols.com
namer@morrisnichols.com
- and -
Matthew A. Feldman, Esq.
Joseph G. Minias, Esq.
Matthew Freimuth, Esq.
Richard Choi, Esq.
Philip F. DiSanto, Esq.
WILLKIE FARR & GALLAGHER LLP
787 Seventh Avenue
New York, NY 10019
Telephone: (212) 728-8000
E-mail: mfeldman@willkie.com
jminias@willkie.com
mfreimuth@willkie.com
rchoi1@willkie.com
pdisanto@willkie.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3bQ75Pn and https://bit.ly/2RJLx07
About Mallinckdrodt PLC
Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business consisting of multiple wholly owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies. The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.
As of March 27, 2020, the Company had $10.17 billion in total
assets, $8.27 billion in total liabilities, and $1.89 billion in
total shareholders' equity.
On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against the Company.
Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.
Latham & Watkins LLP, Ropes & Gray LLP and Wachtell, Lipton, Rosen
& Katz are serving as counsel to the Company, Guggenheim
Securities, LLC is serving as investment banker and AlixPartners
LLP is serving as restructuring advisor to Mallinckrodt. Hogan
Lovells is serving as counsel with respect to the Acthar Gel
matter. Prime Clerk LLC is the claims agent.
MANHATTAN SCIENTIFICS: Posts $134K Net Income in First Quarter
--------------------------------------------------------------
Manhattan Scientifics, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $134,000 on zero revenue for the three months ended March 31,
2021, compared to a net loss of $732,000 on zero revenue for the
three months ended March 31, 2020.
As of March 31, 2021, the Company had $7.08 million in total
assets, $1.21 million in total liabilities, $1.06 million in series
D convertible preferred mandatory redeemable shares, and $4.81
million in total stockholders' equity.
Manhattan Scientifics said, "Based upon current projections, our
principal cash requirements for the next 12 months consists of (1)
fixed expenses, including consulting and professional services and
(2) variable expenses, including technology research and
development, milestone payments and intellectual property
protection, and additional scientific consultants. As of March 31,
2021, we had $254,000 in cash. We believe our current cash
position may not be sufficient to maintain our operations for the
next twelve months. Accordingly, we may need to engage in equity
or debt financings to secure additional funds. If we raise
additional funds through future issuances of equity or convertible
debt securities, our existing stockholders could suffer significant
dilution, and any new equity securities we issue could have rights,
preferences and privileges superior to those of holders of our
common stock. Any debt financing that we secure in the future
could involve restrictive covenants relating to our capital raising
activities and other financial and operational matters, which may
make it more difficult for us to obtain additional capital and to
pursue business opportunities, including potential acquisitions.
We may not be able to obtain additional financing on terms
favorable to us, if at all. If we are unable to obtain adequate
financing or financing on terms satisfactory to us when we require
it, our ability to continue to support our business growth and to
respond to business challenges could be impaired, and our business
may be harmed."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1099132/000147793221003259/mhtx_10q.htm
About Manhattan Scientifics
Headquartered in New York, Manhattan Scientifics, Inc., is focused
on technology transfer and commercialization of these
transformative technologies. The Company operates as a technology
incubator that seeks to acquire, develop and commercialize
life-enhancing technologies in various fields. To achieve this
goal, the Company continues to identify emerging technologies
through strategic alliances with scientific laboratories,
educational institutions, scientists and leaders in industry and
government. The Company and its executives have a long-standing
relationship with Los Alamos Laboratories in New Mexico.
Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated April 15, 2021, citing that the Company has an
accumulated deficit, negative cash flows from operations, and
negative working capital, which raises substantial doubt about its
ability to continue as a going concern.
MC TOURS: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: MC Tours Inc.
PO Box 51955
Toa Baja, PR 00950
Chapter 11 Petition Date: May 24, 2021
Court: United States Bankruptcy Court
District of Puerto Rico
Case No.: 21-01609
Debtor's Counsel: Myrna L. Ruiz Olmo, Esq.
MRO ATTORNEYS AT LAW, LLC
P.O. Box 367819
San Juan, PR 00936-7819
Tel: 787-404-2204
E-mail: mro@prbankruptcy.com
Total Assets: $591,707
Total Liabilities: $1,482,592
The petition was signed by Merylee Suazo, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/KPWUSHI/MC_TOURS_INC__prbke-21-01609__0001.0.pdf?mcid=tGE4TAMA
MCD ENTERPRISES: $519K Sale to Siah of Dallas Condo Unit 302 Okayed
-------------------------------------------------------------------
Judge Stacey G. C. Jernigan of the U.S. Bankruptcy Court for the
Northern District of Texas authorized MCD Enterprises, LLC's sale
of the real property located in Dallas, Texas, commonly known as
Condominium Unit 302, in Building Canton Loft 2200, of
00C23700000000302, a condominium project located at 2200 Canton
Street, Dallas, Dallas County, Texas, and more fully described as
2200 Canton Loft, PT Blks 7/153, 6/154 & PT Alley & ST, ACS 0.959,
Unit 302 & CE 2.929%, INT201800146161, DD05252018 CO-DC, 0153 007
000 1000153 007, to Michael Siah and/or assigns for $519,000.
The Property is sold "as-is," and free and clear of all liens,
claims and interests, including without limitation those held or
asserted by Anchor Loans, LP, 2200 Canton Loft Condominiums
Association, Inc., and Jetti Industries, LLC, doing business as
Greenleaf Roofing, as described in the Motion.
Dallas County will retain all statutory liens securing the payment
of current year (2021) ad valorem property taxes to be assessed
against the Property. Such liens will remain attached to the
Property and will become the responsibility of the Buyer to the
extent not paid at closing.
The proceeds from the sale of the Property will be disbursed as
follows and in the following order:
a. Any taxing authority, including Dallas County and any and
all assignees thereof, which have a properly perfected statutory ad
valorem property tax lien on the Property;
b. Anchor Loans, LP will be paid the sum of $416,346.10, or
such other sum as may be lawfully due and owing at the time of
closing; and
c. All reasonable, customary and usual costs of Closing in
the sale of the Property including, without limitation, title
policy cost, property taxes, attorney and documents fees, and any
real estate commission.
The remainder of the sale proceeds will be held in trust by
DeMarco-Mitchell, PLLC (the counsel for the Debtor and Movant)
pending resolution of all claims disputes therein. Any and all
remaining liens, claims, interests, and encumbrances will attach to
the remaining sale proceeds.
To the extent necessary to consummate the sale or to pay the
persons designated by the Order, the stay provisions of Bankruptcy
Rule 6004(h) is waived and upon entry of the Order, Movant and
Buyer may immediately consummate the sale of the Property, subject
to fulfillment of the conditions state therein.
About MCD Enterprises
MCD Enterprises, LLC filed a Chapter 11 bankruptcy petition
(Bankr.
N.D. Tex. Case No. 20-31855) on July 6, 2020, disclosing under $1
million in both assets and liabilities. Judge Stacey G. Jernigan
oversees the case. Debtor has tapped Demarco Mitchell, PLLC as its
bankruptcy counsel, and Bennett, Weston, LaJone & Turner, P.C. and
Rankin Law Group as its special counsel. Areya Holder was
appointed as the SubChapter V Trustee.
NEAL STUBBS: $945K Sale of Costa Rica Property to Morozov Approved
------------------------------------------------------------------
Judge Roberta A. Colton of the U.S. Bankruptcy Court for the Middle
District of Florida authorized in part Neal A. Stubbs' private sale
of the real property located in District 4 Bahia Ballena, County 5
Osa, in the Province of Puntarenas, Costa Rica, an approximately
100-acre property referred to as Inversiones Tropicales Fuente De
Escalares, to Dennis Morozov for $945,000.
A hearing on the Motion was held on May 6, 2021, at 1:00 p.m.
The sale of the Tropicales Property is subject to the terms and
conditions of the settlement agreement between the Debtor and CL45
MW Loan 1, LLC.
The Debtor may sell the Tropicales Property pursuant to the
promissory sale and purchase agreement and subject to the terms and
conditions of the Settlement Agreement. He is authorized, without
need for further motion, hearing or order, to agree to
modifications to the Agreement except as to a material decrease in
the purchase price. The sale under the Agreement will be free and
clear of all Interests, with CL45's lien attaching to the proceeds
of sale.
The closing of the Sale will occur in accordance with the terms in
the Agreement attached to the Motion and subject to the terms and
conditions of the Settlement Agreement.
Notwithstanding Bankruptcy Rule 6004(h), the terms and conditions
of the Order will be immediately effective and enforceable upon its
entry and there will be no stay of execution or effectiveness of
the Order.
Pursuant to Section 506 of the Bankruptcy Code, the Court
determines the fair market value of the Property as of the time of
the Sale is $945,000.
The trial on the Motion set for May 19, 2021, at 2:00 p.m., was
canceled.
Attorney Mary A. Joyner is directed to serve a copy of the Order on
all interested parties who do not receive service via CM/ECF and
file proof of service within three days of entry of the Order.
Neal A. Stubbs sought Chapter 11 protection (Bankr. M.D. Fla. Case
No. 13-11303) on Aug. 26, 2013.
NG PURVIS: Seeks Approval to Hire Frost PLLC as Accountant
----------------------------------------------------------
N.G. Purvis Farms, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of North Carolina to hire Frost,
PLLC as its accountant.
The Debtor needs an accountant to prepare and file income tax
returns, conduct annual financial audit and provide other tax and
accounting services.
The firm will be paid at these rates:
Daniel Peregrin, CPA, JD $500 per hour
Rob Gunther, CPA $350 per hour
Robert Wolfe, CPA $295 per hour
David Haskins, CPA $290 per hour
Laura Wihelm (Audit Staff) $175 per hour
Kelsey Harris (Audit Staff) $160 per hour
Josie Flectcher (Audit Staff) $155 per hour
Madison Kersey (Tax Staff) $170 per hour
David Haskins, a certified public accountant at Frost, 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:
David Haskins, CPA
Frost, PLLC
5510 Six Forks Rd., Ste. 130
Raleigh, NC 27609
Phone: 919-782-8410
Fax: 919-881-0892
Email: dhaskins@frostpllc.com
About N.G. Purvis Farms
N.G. Purvis Farms, Inc. is a North Carolina corporation which has
been engaged in business for over 55 years. It operates throughout
the Southeast as a farrow-to-finish pork producer which breeds,
farrows, weans, and raises weaner pigs, feeder pigs and market
hogs, and then sold to pork processors. N.G. Purvis Farms owns and
operates 12 farms in North Carolina and two farms in Georgia,
together with associated facilities, on which it maintains herds of
sows, breeds piglets, and raises market hogs. It contracts with
numerous independent growers to feed and finish at their
facilities weaned pigs and feeder pigs furnished and owned by the
Company into market hogs.
N.G. Purvis Farms sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 21-01068) on May 6, 2021.
In the petition signed by Jerry M. Purvis, Sr., president, the
Debtor disclosed $34,268,361 in assets and $53,126,237 in
liabilities.
The Debtor tapped Butler & Butler, LLP and Hendren, Redwine,
Malone, PLLC as legal counsel; Robbins May & Rich, LLP as special
counsel; Frost, PLLC as accountant; and NutriQuest Business
Solutions, LLC as restructuring advisor. Steve Weiss of NutriQuest
Business Solutions serves as the Debtor's chief restructuring
officer.
First National Bank of Omaha, as lender, is represented by James J.
Niemeier, Esq., and Robert P. Diederich, Esq., at McGrath North
Mullin & Kratz, PC LLO.
NG PURVIS: Seeks Approval to Hire Hendren Redwine as Co-Counsel
---------------------------------------------------------------
N.G. Purvis Farms, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of North Carolina to hire Hendren,
Redwine & Malone, PLLC to serve as co-counsel with Butler & Butler,
LLP, the other firm handling its Chapter 11 case.
Hendren Redwine's hourly rates are as follows:
Jason L. Hendren, attorney $405
Rebecca F. Redwine, attorney $360
Benjamin E.F.B. Waller, attorney $350
Jenny Gorman, paralegal $140
Yazmeen Gadalla, paralegal $130
As disclosed in court filings, Hendren Redwine is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Jason L. Hendren, Esq.
Rebecca F. Redwine, Esq.
Benjamin E.F.B. Waller, Esq.
Hendren, Redwine & Malone, PLLC
4600 Marriott Drive, Suite 150
Raleigh, NC 27612
Tel: (919) 573-1422
Fax: (919) 420-0475
Email: jhendren@hendrenmalone.com
rredwine@hendrenmalone.com
bwaller@hendrenmalone.com
About N.G. Purvis Farms
N.G. Purvis Farms, Inc. is a North Carolina corporation which has
been engaged in business for over 55 years. It operates throughout
the Southeast as a farrow-to-finish pork producer which breeds,
farrows, weans, and raises weaner pigs, feeder pigs and market
hogs, and then sold to pork processors. N.G. Purvis Farms owns and
operates 12 farms in North Carolina and two farms in Georgia,
together with associated facilities, on which it maintains herds of
sows, breeds piglets, and raises market hogs. It contracts with
numerous independent growers to feed and finish at their
facilities weaned pigs and feeder pigs furnished and owned by the
Company into market hogs.
N.G. Purvis Farms sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 21-01068) on May 6, 2021.
In the petition signed by Jerry M. Purvis, Sr., president, the
Debtor disclosed $34,268,361 in assets and $53,126,237 in
liabilities.
The Debtor tapped Butler & Butler, LLP and Hendren, Redwine,
Malone, PLLC as legal counsel; Robbins May & Rich, LLP as special
counsel; Frost, PLLC as accountant; and NutriQuest Business
Solutions, LLC as restructuring advisor. Steve Weiss of NutriQuest
Business Solutions serves as the Debtor's chief restructuring
officer.
First National Bank of Omaha, as lender, is represented by James J.
Niemeier, Esq., and Robert P. Diederich, Esq., at McGrath North
Mullin & Kratz, PC LLO.
NG PURVIS: Seeks Approval to Hire Robbins May as Special Counsel
----------------------------------------------------------------
N.G. Purvis Farms, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of North Carolina to hire Robbins
May & Rich, LLP as its special counsel.
The firm will represent the Debtor in regulatory, agricultural,
employment and general corporate matters that may arise in the
operation of its business during the course of its reorganization.
The firm will be paid at these rates:
Stephen F. Later, Esq. $385 per hour
Paralegals $150 per hour
As disclosed in court filings, Robbins May and its attorneys do not
represent interests adverse to the Debtor and its bankruptcy
estate.
The firm can be reached through:
Stephen F. Later, Esq.
Robbins May & Rich LLP
120 Applecross Road
Pinehurst, NC 28374
Phone: +1 910-692-4900
About N.G. Purvis Farms
N.G. Purvis Farms, Inc. is a North Carolina corporation which has
been engaged in business for over 55 years. It operates throughout
the Southeast as a farrow-to-finish pork producer which breeds,
farrows, weans, and raises weaner pigs, feeder pigs and market
hogs, and then sold to pork processors. N.G. Purvis Farms owns and
operates 12 farms in North Carolina and two farms in Georgia,
together with associated facilities, on which it maintains herds of
sows, breeds piglets, and raises market hogs. It contracts with
numerous independent growers to feed and finish at their
facilities weaned pigs and feeder pigs furnished and owned by the
Company into market hogs.
N.G. Purvis Farms sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 21-01068) on May 6, 2021.
In the petition signed by Jerry M. Purvis, Sr., president, the
Debtor disclosed $34,268,361 in assets and $53,126,237 in
liabilities.
The Debtor tapped Butler & Butler, LLP and Hendren, Redwine,
Malone, PLLC as legal counsel; Robbins May & Rich, LLP as special
counsel; Frost, PLLC as accountant; and NutriQuest Business
Solutions, LLC as restructuring advisor. Steve Weiss of NutriQuest
Business Solutions serves as the Debtor's chief restructuring
officer.
First National Bank of Omaha, as lender, is represented by James J.
Niemeier, Esq., and Robert P. Diederich, Esq., at McGrath North
Mullin & Kratz, PC LLO.
NG PURVIS: Seeks Approval to Hire Steve Weiss of NutriQuest as CRO
------------------------------------------------------------------
N.G. Purvis Farms, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of North Carolina to hire NutriQuest
Business Solutions, LLC and appoint NutriQuest President Steve
Weiss as chief restructuring officer.
The CRO and his firm will render these services:
a. execute and file bankruptcy schedules, statements of
financial affairs, pleadings, agreements and other documents;
b. employ professionals in order to assist the Debtor in
carrying out its duties under the Bankruptcy Code;
c. negotiate, execute and deliver documents related to
bankruptcy financing, hedging or refinancing of existing
indebtedness; use of cash collateral or other purposes; assumption
and rejection of contracts and leases; the proposal and
confirmation of a Chapter 11 plan; and asset sale;
d. actively monitor and manage forward margin (hedging)
opportunities in an effort to identify an acceptable range of
margins and reduce or eliminate the effect of adverse commodity
prices on the profitability and cash flow of the Debtor, and
possess full trading authority for transactions affecting risk
management (CME board positions, forward sales or purchases),
subject to the terms of any interim or final orders approving
debtor-in-possession financing and the approved budget;
e. take any other actions that the CRO may deem necessary,
proper or desirable in connection with the Debtor's Chapter 11 case
with a view to the successful operation of the Debtor's business
and confirmation of a favorable plan of reorganization; and
f. other restructuring advisory services.
NutriQuest is to be paid a base fee of $7,500 per month, plus the
following hourly fees:
Steve Weiss $350
Casey Westphalen $225
Jennifer Brown $225
Dennis Nuetzman $225
Katie Weiss $225
Kevin Christensen $200
Crystal Cappel $125
As disclosed in court filings, NutriQuest is a "disinterested
person" as that term is defined by Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Steve Weiss
NutriQuest Business Solutions, LLC
3782 9th Street SW
Mason City, IA 50401
Tel: (641) 424-4798
Email: quest@nutriquest.com
About N.G. Purvis Farms
N.G. Purvis Farms, Inc. is a North Carolina corporation which has
been engaged in business for over 55 years. It operates throughout
the Southeast as a farrow-to-finish pork producer which breeds,
farrows, weans, and raises weaner pigs, feeder pigs and market
hogs, and then sold to pork processors. N.G. Purvis Farms owns and
operates 12 farms in North Carolina and two farms in Georgia,
together with associated facilities, on which it maintains herds of
sows, breeds piglets, and raises market hogs. It contracts with
numerous independent growers to feed and finish at their
facilities weaned pigs and feeder pigs furnished and owned by the
Company into market hogs.
N.G. Purvis Farms sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 21-01068) on May 6, 2021.
In the petition signed by Jerry M. Purvis, Sr., president, the
Debtor disclosed $34,268,361 in assets and $53,126,237 in
liabilities.
The Debtor tapped Butler & Butler, LLP and Hendren, Redwine,
Malone, PLLC as legal counsel; Robbins May & Rich, LLP as special
counsel; Frost, PLLC as accountant; and NutriQuest Business
Solutions, LLC as restructuring advisor. Steve Weiss of NutriQuest
Business Solutions serves as the Debtor's chief restructuring
officer.
First National Bank of Omaha, as lender, is represented by James J.
Niemeier, Esq., and Robert P. Diederich, Esq., at McGrath North
Mullin & Kratz, PC LLO.
NG PURVIS: Seeks to Hire Butler & Butler as Bankruptcy Counsel
--------------------------------------------------------------
N. G. Purvis Farms, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of North Carolina to hire Butler &
Butler, LLP to handle its Chapter 11 case.
The firm will be paid at these rates:
Algernon L. Butler, III $395 per hour
Associate Attorneys $295 per hour
Paralegal $150 per hour
Butler & Butler does not hold or represent any interest adverse to
the Debtor or the estate, according to court papers filed by the
firm.
The firm can be reached through:
Algernon L. Butler, III, Esq.
Butler & Butler, LLP
P.O. Box 38
Wilmington, NC 28402
Tel: (910) 762-1908
Fax: (910) 762-9441
Email: albutleriii@butlerbutler.com
About N.G. Purvis Farms
N.G. Purvis Farms, Inc. is a North Carolina corporation which has
been engaged in business for over 55 years. It operates throughout
the Southeast as a farrow-to-finish pork producer which breeds,
farrows, weans, and raises weaner pigs, feeder pigs and market
hogs, and then sold to pork processors. N.G. Purvis Farms owns and
operates 12 farms in North Carolina and two farms in Georgia,
together with associated facilities, on which it maintains herds of
sows, breeds piglets, and raises market hogs. It contracts with
numerous independent growers to feed and finish at their
facilities weaned pigs and feeder pigs furnished and owned by the
Company into market hogs.
N.G. Purvis Farms sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 21-01068) on May 6, 2021.
In the petition signed by Jerry M. Purvis, Sr., president, the
Debtor disclosed $34,268,361 in assets and $53,126,237 in
liabilities.
The Debtor tapped Butler & Butler, LLP and Hendren, Redwine,
Malone, PLLC as legal counsel; Robbins May & Rich, LLP as special
counsel; Frost, PLLC as accountant; and NutriQuest Business
Solutions, LLC as restructuring advisor. Steve Weiss of NutriQuest
Business Solutions serves as the Debtor's chief restructuring
officer.
First National Bank of Omaha, as lender, is represented by James J.
Niemeier, Esq., and Robert P. Diederich, Esq., at McGrath North
Mullin & Kratz, PC LLO.
OAKMOD LLC: Case Summary & 16 Unsecured Creditors
-------------------------------------------------
Debtor: Oakmod, LLC
12121 Wilshire Boulevard, Suite 720
Los Angeles, CA 90025
Business Description: Oakmod, LLC is engaged in activities related
to real estate.
Chapter 11 Petition Date: May 24, 2021
Court: United States Bankruptcy Court
Central District of California
Case No.: 21-14268
Judge: Hon. Vincent P. Zurzolo
Debtor's Counsel: Moses S. Bardavid, Esq.
LAW OFFICES OF MOSES S. BARDAVID
15910 Ventura Boulevard
Suite 1405
Encino, CA 91436
Tel: (818) 582-3463
Fax: (818) 582-3465
E-mail: mbardavid@hotmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by John Pagano, manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 16 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/H7PGBAI/Oakmod_LLC__cacbke-21-14268__0001.0.pdf?mcid=tGE4TAMA
ODYSSEY ENGINES: May Use Cash Collateral Thru July 21
-----------------------------------------------------
Judge Robert A. Mark authorized Odyssey Engines, LLC and its
debtor-affiliates to continue using cash collateral in the ordinary
course of business, pursuant to the budget, through and including a
further hearing on the motion on July 21, 2021.
Judge Mark further ruled that:
* as adequate protection, Synovus is granted a first priority
post-petition security interest and lien on the Debtors' cash
collateral, to the same priority, validity and extent that Synovus
held a properly perfected pre-petition security interest in said
assets as its pre-petition lien;
* as further adequate protection, in the event the Debtors
receive the Miami Air receivable for $500,000, the Debtors shall
pay the outstanding real estate taxes on the property at 8050 NW
90th Street, which is owned by Odyssey Real Estate Holdings, LLC.
In the event that the Miami AR exceeds $400,000, then the
obligation to pay the real estate tax is absolute. If the Miami AR
is less than $400,000, than the parties shall negotiate a
modification to the relevant provisions. However, if the parties
are unable to negotiate, they shall bring the matter before the
Court.
* Alternatively and conjunctively with the preceding
paragraphs, the Debtors shall commence paying adequate protection
to Synovus as of June 1, 2021 for $15,000 monthly in connection
with the real estate tax.
* the Debtors may borrow funds, to the extent that Court
authority is necessary under Section 364 of the Bankruptcy Code,
from the owners if post-petition cash flow is insufficient to meet
post-petition obligations (excluding debt service).
The owners acknowledge that said loans presently have no repayment
terms and cannot be paid without order of the Court but that in no
event will they be treated as administrative obligations.
A copy of the order is available for free at https://bit.ly/33Z7zOX
from PacerMonitor.com.
The hearing on July 21, 2021 at 11 a.m. will be done by video
conference.
About Odyssey Engines
Odyssey Engines, LLC and its affiliates own, lease, and maintain
aircraft engines. On June 23, 2020, Odyssey Engines and its
affiliates concurrently filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No.
20-16772). The petitions were signed by David Alan Boyer,
president. At the time of the filing, each Debtor disclosed
assets
of $1 million to $10 million and liabilities of $10 million to $50
million.
Judge Robert A. Mark oversees the cases. The Debtors have tapped
David R. Softness, P.A. as legal counsel; GGG Partners, LLC as a
chief restructuring officer; Bedford Advisers as financial advisor;
and Pat Duggins Consulting Services Inc. as an appraiser.
Synovus Bank is represented by Daniel Gold, Esq. --
Daniel.gold@bipc.com -- at Buchanan Ingersoll & Rooney as counsel.
Preferred Bank is represented by Daniel DeSouza, Esq.
--ddesouza@desouzalaw.com -- as counsel.
OLMA-XXI INC: EisnerAmper's Calascibetta Named as Examiner
----------------------------------------------------------
William K. Harrington, United States Trustee for Region 2, asked
the U.S. Bankruptcy Court for the Eastern District of New York to
approve the appointment of Anthony R. Calascibetta as examiner for
Olma-XXI, Inc. Mr. Calascibetta is a partner at the accounting and
consulting firm of EisnerAmper LLP.
The U.S. Trustee told the Court that his counsel has consulted the
respective counsel for the Debtor and that of creditors Arkady
Katselnik and Rita Katselnik before appointing Mr. Calascibetta,
and assured the Court that Mr. Calascibetta is a disinterested
person and is well qualified to serve as examiner in the Debtor's
case.
A copy of the application is available for free at
https://bit.ly/3hNQteU from PacerMonitor.com.
Counsel for the U.S. Trustee:
Jeremy S. Sussman
Trial Attorney
Office of the U.S. Trustee
Eastern District of New York
201 Varick Street, Suite 1006
New York, NY 10014
Telephone: (212) 510-0500
Creditors Arkady Katselnik and Rita Katselnik are represented by
McGrail & Bensinger LLP.
About Olma XXI Inc.
Located in Brooklyn, New York, Olma-XXI, Inc., distributes ethnic
and specialty foods. Olma-XXI, Inc., is a major producer of fine
caviar, meat, fish, and other quality foods.
Olma-XXI filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No.
19-44731) on Aug. 1, 2019. In the petition signed by Valeri
Eliachov, president, the Debtor disclosed $246,471 in assets and
$1,965,500 in liabilities. The Hon. Nancy Hershey Lord oversees
the case. Alla Kachan, Esq., at the Law Offices of Alla Kachan,
P.C., serves as bankruptcy counsel to the Debtor.
PAPER SOURCE: Sale of Substantially All Assets to Papershop Okayed
------------------------------------------------------------------
Judge Keith L. Phillips of the U.S. Bankruptcy Court for the
Eastern District of Virginia authorized Paper Source, Inc., and
debtor affiliates to sell substantially all assets to Papershop
Holdco Inc., under the terms of their Asset Purchase Agreement,
dated as of May 10, 2021.
The Purchaser has offered to purchase the Purchased Assets in
exchange for (A) $40 million in cash (inclusive of the Deposit,
plus an amount in cash equal to the amount of the Incremental DIP
Financing (including accrued but unpaid interest thereon), plus an
amount in cash equal to the Excluded Cash Shortfall, (B)
$51,622,185.65 of Discharged Pre-Petition First Lien Debt as an
Assumed Liability that will be permanently and immediately
satisfied and discharged in full on the Closing Date pursuant to
the terms and conditions set forth in the Financing Documents;
provided that in the event that the Purchaser elects to exercise
one (1) or more End Date Extensions, the amount of the Debt Portion
will increase by $21,590.50 for each day commencing with (and
including) June 1, 2021 through (and including) the Closing Date
and (C) the assumption of the other Assumed Liabilities not
addressed in the preceding clause (B).
The Sale Hearing was held on May 13, 2021.
The sale is free and clear of all liens, claims, encumbrances and
interests (other than the Permitted Liens and Assumed Liabilities
set forth in the Order and the APA).
The Debtors are authorized to and shall, in accordance with
sections 105(a) and 365 of the Bankruptcy Code, and upon payment of
the applicable Cure Amounts (if any) by the Purchaser, (a) assume
the Purchased Contracts, (b) assign the Purchased Contracts to the
urchaser, effective upon and subject to the occurrence of the
Closing, which Purchased Contracts by operation of the Order, will
be deemed assumed and assigned effective as of the Closing, and (c)
execute and deliver to the Purchaser such documents or other
instruments as may be necessary to assign and transfer the
Purchased Contracts to the Purchaser.
Any amounts that become payable by the Debtors to the Purchaser
pursuant to the APA and any related agreements executed in
connection therewith will be paid in accordance therewith.
The ad valorem taxes, together with any other amounts that may
accrue with respect there to, for the tax year beginning Jan. 1,
2021owed to (i) Dallas County, Texas, (ii) Harris County, Texas,
(iii) Tarrant County, Texas, (iv) Spring Branch Independent School
District, (v) Clear Creek Independent School District, (vi) City of
Houston, (vii) Plano Independent School District, (viii)
Carrollton-Farmers Branch Independent School District, (ix) Collin
County, Texas, (x) Collin County Community College District, and
(xi) the City of Plano, Texas, will be Assumed Liabilities and the
associated liens Permitted Liens under the APA.
The liens for the 2021 Taxes are expressly retained against the
Purchased Assets until the 2021 Taxes are paid in full or as
otherwise specified under applicable non-bankruptcy law. In the
event the Purchaser fails to pay the 2021 Taxes timely, the Texas
Taxing Authorities may proceed to collect all 2021 Taxes pursuant
to applicable non-bankruptcy law without further recourse to the
Court.
The DIP Obligations in the aggregate amount of $13.75 million (as
of May 7, 2021): (a) constitute legal, valid, binding, enforceable,
unavoidable obligations of the Debtors; and (b) are secured by
valid, binding, enforceable, unavoidable and properly perfected DIP
Liens on the DIP Collateral.
Notwithstanding Bankruptcy Rules 6004(h) and 6006(d), the Order
will be effective and enforceable immediately upon entry and its
provisions will be self-executing. In the absence of any entity
obtaining a stay pending appeal, the Debtors and the Purchaser are
free to close the Sale under the APA in accordance with its terms
at any time.
A copy of the Bidding Procedures is available at
https://tinyurl.com/3eybt339 from PacerMonitor.com free of charge.
About Paper Source
Paper Source, Inc., operates as lifestyle brand and retailer of
premium paper products, crafting supplies and related gifts,
including custom invitations, greeting cards and personalized
stationery and stamps. It sells fine and artisanal papers,
wedding
paper goods, books and gift wrap through its 158 domestic stores
and its e-commerce website. The Company's administrative
headquarters is in Chicago.
Paper Source, Inc., and Pine Holdings, Inc., sought Chapter 11
protection (Bankr. E.D. Va. Case No. 21-30660) on March 2, 2021.
Paper Source estimated assets and debt of $100 million to $500
million as of the bankruptcy filing.
The Hon. Keith L. Phillips is the case judge.
The Debtors tapped WILLKIE FARR & GALLAGHER LLP as bankruptcy
counsel; WHITEFORD TAYLOR & PRESTON LLP as bankruptcy co-counsel;
M-III ADVISORY, LP as restructuring advisor; and SSG CAPITAL
ADVISORS, LLC, as investment banker. A&G REAL ESTATE PARTNERS is
the real estate advisor. EPIQ CORPORATE RESTRUCTURING, LLC, is
the
claims agent.
PENN TREATY HOMES: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Penn Treaty Homes LLC
1143-51 N Delaware Avenue
Philadelphia, PA 19125
Business Description: Penn Treaty Homes LLC is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: May 23, 2021
Court: United States Bankruptcy Court
Eastern District of Pennsylvania
Case No.: 21-11471
Judge: Hon. Ashely M. Chan
Debtor's Counsel: Edmond M. George, Esq.
OBERMAYER REBMANN MAXWELL & HIPPEL LLP
Centre Square West, 1500 Market Street,
Suite 3400
Philadelphia, PA 19102
Tel: 215-665-3140
E-mail: edmond.george@obermayer.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Alex Halimi, operating manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/SZ47KTA/Penn_Treaty_Homes_LLC__paebke-21-11471__0001.0.pdf?mcid=tGE4TAMA
POINT LOOKOUT: Court Sets Hearing on Trustee's Sale of Ridge Asset
------------------------------------------------------------------
Judge Lori S. Simpson of the U.S. Bankruptcy Court for the District
of Columbia has set a hearing on May 24, 2021, at 3:00 p.m., to
consider the proposed sale by Gary A. Rosen, the Trustee for the
estate of Point Lookout Marine Properties, Inc., to Point Lookout
Marina, LLC, for $1.25 million of all of the Debtor's right, title
and interest in and to the following property:
(a) all of that improved real property commonly known and
described as 16244 Millers Wharf Road, Ridge, Maryland and being
all that same real property conveyed unto the Debtor by that Deed
dated Dec. 29, 2011 and recorded among the Land Records of St.
Mary's County, Maryland at Liber 3658 folio 0541; and
(b) all of the personal property formerly used or usable by
the Debtor and the Estate in the operation of that commercial
marina business located on the Realty and commonly known as "Point
Lookout Marina."
On May 13, 2021, the Trustee filed his Motion for Approval of
Proposed Sale of Property of Estate Including Assumption and
Assignment The Shortening Motion is granted.
The hearing upon the Trustee's Motion for Approval of Proposed Sale
of Property of Estate Including Assumption and Assignment of Leases
and Executory Contracts be expedited and the same was to be
conducted on Monday, May 24, 2021, at 3:00 p.m. The deadline for:
(i) the filing of objections to the relief prayed in the Sale
Motion; or (ii) for the submission of higher and/or better offers
was established as May 20, 2021.
The Trustee will cause a copy of the Order together with a copy of
that revised Notice appended to the Shortening Motion as Exhibit 1
to be served forthwith upon all parties in interest therein with a
certificate of service attesting to the same to be filed therein
promptly following the completion of such service.
About Point Lookout Marine Properties
Point Lookout Marine Properties, Inc. is the owner of fee simple
title to real property and improvements located at 16244 Whitaker
Court St. Inigoes, Md., having a current value of $1.7 million.
Point Lookout Marine Properties filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case
No. 20-20986) on Dec. 24, 2020. Joseph N. Salvo, president of
Point
Lookout, signed the petition.
At the time of the filing, the Debtor disclosed total assets of
$1,700,000 and total liabilities of $1,993,421.
Cohen Baldinger & Greenfeld, LLC and the Law Office of Joann M.
Wood, LLC serve as the Debtor's bankruptcy counsel and special
counsel, respectively.
POINT LOOKOUT: Trustee Seeks Hearing for $1.25M Ridge Property Sale
-------------------------------------------------------------------
Gary A. Rosen, the Trustee for the estate of Point Lookout Marine
Properties, Inc., asked the U.S. Bankruptcy Court for the District
of Columbia for a hearing on May 24, 2021, at 3:00 p.m., for the
consideration of his proposed sale to Point Lookout Marina, LLC,
for $1.25 million of all of the Debtor's right, title and interest
in and to the following property:
(a) all of that improved real property commonly known and
described as 16244 Millers Wharf Road, Ridge, Maryland and being
all that same real property conveyed unto the Debtor by that Deed
dated Dec. 29, 2011 and recorded among the Land Records of St.
Mary's County, Maryland at Liber 3658 folio 0541; and
(b) all of the personal property formerly used or usable by
the Debtor and the Estate in the operation of that commercial
marina business located on the Realty and commonly known as "Point
Lookout Marina."
On May 13, 2021, the Trustee filed his Motion for Approval of
Proposed Sale of Property of Estate Including Assumption and
Assignment of Leases and Executory Contracts. As set forth in
greater detail therein, he seeks approval of the Trustee's
Agreement of Sale described therein providing for the sale of all
of the Property. The Sale Motion also seeks authority for the
assumption and assignment of certain leases and executory contracts
integral to the operation of the business of the Marina.
In the Sale Motion, the Trustee seeks expedited disposition thereof
and a waiver of the stay otherwise imposed by Bankruptcy Rule
6004(h) to permit closing upon the sale (including assumption and
assignment of the Assigned Agreements) as contemplated in the
Agreement forthwith following approval thereof by the Court. That
expedited disposition is justified in order to permit the Purchaser
to take over control and operation of the Property and the business
of the Marina prior to commencement of the Memorial Day three-day
weekend on May 28, 2021; which early closing will benefit also the
Estate and all parties in interest by limiting the continuing
losses being suffered in the Estate's day-to-day operations as well
as permitting payment in full of its secured debt thereby ending
the accrual and required payment of debt service thereon.
Further, for those same reasons, the Trustee seeks authority from
the Court for expedited consideration of the instant Shortening
Motion and shortening of the time period for the filing of
objections to the relief requested in the Sale Motion. As
presently filed and scheduled, the hearing on the Sale Motion will
not occur until June 14, 2021. By the instant Shortening Motion,
the Trustee seeks that the hearing on the Sale Motion be conducted
on May 24, 2021 with the deadline for the filing of objections to
the relief sought therein to be established as May 20, 2021. As
required under Local Bankruptcy Rule 9013-7, the Trustee has
provided notice to all parties in interest of the June 14, 2021
hearing date and has appended at the foot of said notice in
prominent all-caps bold-face font that Notice required under said
Rule advising all parties of the pendency of the instant Shortening
Motion.
About Point Lookout Marine Properties
Point Lookout Marine Properties, Inc. is the owner of fee simple
title to real property and improvements located at 16244 Whitaker
Court St. Inigoes, Md., having a current value of $1.7 million.
Point Lookout Marine Properties filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case
No. 20-20986) on Dec. 24, 2020. Joseph N. Salvo, president of
Point
Lookout, signed the petition.
At the time of the filing, the Debtor disclosed total assets of
$1,700,000 and total liabilities of $1,993,421.
Cohen Baldinger & Greenfeld, LLC and the Law Office of Joann M.
Wood, LLC serve as the Debtor's bankruptcy counsel and special
counsel, respectively.
POINT LOOKOUT: Trustee Selling Ridge Property for $1.25 Million
---------------------------------------------------------------
Gary A. Rosen, the Trustee for the estate of Point Lookout Marine
Properties, Inc., asks the U.S. Bankruptcy Court for the District
of Columbia to authorize the sale to Point Lookout Marina, LLC, for
$1.25 million of all of the Debtor's right, title and interest in
and to the following property:
(a) all of that improved real property commonly known and
described as 16244 Millers Wharf Road, Ridge, Maryland and being
all that same real property conveyed unto the Debtor by that Deed
dated Dec. 29, 2011, and recorded among the Land Records of St.
Mary's County, Maryland at Liber 3658 folio 0541; and
(b) all of the personal property formerly used or usable by
the Debtor and the Estate in the operation of that commercial
marina business located on the Realty and commonly known as "Point
Lookout Marina."
Included among the assets of the instant Chapter 11 bankruptcy
estate is the Property.
As is more particularly detailed in that Trustee's Agreement of
Sale dated May 13, 2021, the Trustee proposes to sell the Property
to the Buyer, a limited liability company organized and existing
under the laws of the State of Maryland at and for an aggregate
purchase price of $1.25 million upon those terms and conditions set
forth in the Agreement. As provided therein, a non-refundable cash
deposit of $70,000 already has been paid by the Purchaser to the
Trustee and an additional $930,000 will be paid in cash at closing
(thereby aggregating $1 million of the Purchase Price) with the
balance of $250,000 to be paid three years from the date of
closing.
The Purchaser's obligation for the payment of said Deferred
Purchase Money ("DPM") will be evidenced by a Promissory Note to be
executed and delivered at closing providing for the accrual of
interest on the DPM at the rate of 5% per annum and will be secured
by a first and prior liens on the Realty and Personalty. All
obligations of the Purchaser under the Agreement, including the
payment of the DPM, will be guaranteed unconditionally, jointly and
severally by the sole principal of the Purchaser, Patrick Shawn
Craig ("Guarantor"). The sale will be free and clear of any
possessory leasehold interest, license or other right.
Also included among the terms and conditions of the Agreement is
the Trustee's agreement to seek authority for the assumption and
assignment to the Purchaser of numerous leases and executory
contracts integral to the continued operation of the Marina and
providing for the rental by retail customers of land boat storage
and marina slips. Those Assigned Agreements proposed to be assumed
and assigned by the Trustee are detailed in Exhibit 1. Pursuant to
Bankruptcy Rule 6006(f)(1), all parties to such Assigned Agreements
are directed to locate their names and Assigned Agreement as set
forth on Exhibit 1. Said Assigned Agreements are sought to be
assumed and assigned to the Purchaser without payment of additional
consideration beyond the Purchase Price.
Further, the Trustee notes that upon due investigation, information
and belief, no defaults exist thereunder on the part of the Trustee
or the Estate, and adequate assurance of the performance by the
Purchaser of its obligations thereunder is not required in light of
the character of those obligations.
In order to enhance the value to the Estate, the Trustee requests
approval of the assumption and assignment of the Assigned
Agreements to the Purchaser upon the closing of the transaction
contemplated under the Agreement. Importantly, he has conducted an
appropriate investigation and, upon information and belief, has
concluded that no defaults exist on the part of the Estate as to
any of the Assigned Agreements.
The Trustee seeks relief from the 14-day stay otherwise imposed by
Bankruptcy Rule 6004(h) to permit closing upon the sale (including
assumption and assignment of the Assigned Agreements) as
contemplated in the Agreement forthwith following approval thereof
by the Court in order to permit the Purchaser to take over control
and operation of the Property and the business of the Marina prior
to commencement of the Memorial Day three-day weekend on May 28,
2021; which early closing will benefit also the Estate and all
parties in interest herein by limiting the continuing losses being
suffered in its day-to-day operations as well as permitting payment
in full of its secured debt thereby ending the accrual and required
payment of debt service thereon.
Further, for those same reasons, the Trustee contemporaneously
seeks authority from the Court for expedited consideration of the
instant Motion.
A copy of the Agreement is available at
https://tinyurl.com/46c8txk3 from PacerMonitor.com free of charge.
About Point Lookout Marine Properties
Point Lookout Marine Properties, Inc. is the owner of fee simple
title to real property and improvements located at 16244 Whitaker
Court St. Inigoes, Md., having a current value of $1.7 million.
Point Lookout Marine Properties filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case
No. 20-20986) on Dec. 24, 2020. Joseph N. Salvo, president of
Point
Lookout, signed the petition.
At the time of the filing, the Debtor disclosed total assets of
$1,700,000 and total liabilities of $1,993,421.
Cohen Baldinger & Greenfeld, LLC and the Law Office of Joann M.
Wood, LLC serve as the Debtor's bankruptcy counsel and special
counsel, respectively.
PROFESSIONAL DIVERSITY: Incurs $770,689 Net Loss in First Quarter
-----------------------------------------------------------------
Professional Diversity Network, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $770,689 on $1.48 million of total revenues for the
three months ended March 31, 2021, compared to a net loss of $1.49
million on $982,297 of total revenues for the three months ended
March 31, 2020.
"Our PDN Network had a very strong first quarter and we anticipate
that the continued corporate and political awareness in terms of
greater diversity recruitment and inclusion initiatives will
continue to benefit the Company, and in turn society as a whole.
We continue to invest in our operating segments to drive organic
growth, and look to better position the financial strength of the
Company for the future," said Adam He, CEO of Professional
Diversity Network.
As of March 31, 2021, the Company had $6.04 million in total
assets, $5.07 million in total liabilities, and $964,228 in total
stockholders' equity.
At March 31, 2021, the Company’s principal sources of liquidity
were its cash and cash equivalents and the net proceeds from the
sale of common stock during the first quarter of 2021.
The Company had an accumulated deficit of ($93,793,524) at March
31, 2021. During the three months ended March 31, 2021, the
Company generated a net loss from continuing operations of
($755,615) and used cash in continuing operations of $935,598. At
March 31, 2021, the Company had a cash balance of $2,324,343.
Total revenues were approximately $1,485,000 and $982,000 for the
three months ended March 31, 2021 and 2020, respectively. The
Company had a working capital deficiency from continuing operations
of approximately ($684,000) and ($1,156,000) at March 31, 2021 and
December 31, 2020, respectively. The Company said these conditions
raise substantial doubt about its ability to continue as a going
concern.
"The ability of the Company to continue as a going concern is
dependent on the Company's ability to further implement its
business plan, raise capital, and generate revenues. The
consolidated financial statements do not include any adjustments
that might be necessary if the Company is unable to continue as a
going concern," Professional Diversity Network stated.
"Management believes that its available cash on hand and cash flow
from operations may not be sufficient to meet our working capital
requirements for the twelve month period subsequent to the issuance
of our financial statements. In order to accomplish our business
plan objectives, the Company will need to continue its cost
reduction efforts, increase revenues, raising capital through the
issuance of common stock, or through a strategic merger or
acquisition. However, there can be no assurances that our business
plans and actions will be successful, that we will generate
anticipated revenues, or that unforeseen circumstances will not
require additional funding sources in the future or effectuate
plans to conserve liquidity. Future efforts to improve liquidity
through the issuance of our common stock may not be successful or
they may not be available on acceptable terms, if at all,"
Professional Diversity Network further said.
On February 1, 2021, Professional Diversity Network entered into a
private placement with Ms. Yiran Gu, in which the Company sold
500,000 shares of its common stock at a price per share of $2.00
for gross proceeds of $1,000,000.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1546296/000149315221011731/form10-q.htm
About Professional Diversity
Headquartered in Chicago, Illinois, Professional Diversity Network,
Inc. -- https://www.prodivnet.com -- is a global developer and
operator of online and in-person networks that provides access to
networking, training, educational and employment opportunities for
diverse professionals. Through an online platform and its
relationship recruitment affinity groups, the Company provides its
employer clients a means to identify and acquire diverse talent and
assist them with their efforts to recruit diverse employees. Its
mission is to utilize the collective strength of its affiliate
companies, members, partners and unique proprietary platform to be
the standard in business diversity recruiting, networking and
professional development for women, minorities, veterans, LGBT and
disabled persons globally.
Professional Diversity reported a net loss of $4.35 million for the
year ended Dec. 31, 2020, compared to a net loss of $3.84 million
for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company
had $8.67 million in total assets, $5.33 million in total
liabilities, and $3.34 million in total stockholders' equity.
Wilmington, DE-based Ciro E. Adams, CPA, LLC, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated April 9, 2021, citing that the Company has a significant
working capital deficiency, has incurred significant losses, and
needs to raise additional funds to meet its obligations and sustain
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
RABBIT RIDGE: June 10 Bid Deadline Set for Paso Robles Winery
-------------------------------------------------------------
Hilco Real Estate LLC announces Thursday, June 10, 2021, as the bid
deadline for two properties in Paso Robles, one of California's
premier and fastest growing wine regions. Available together or
separately, the two properties include a 310-acre vineyard with a
turnkey winery and a 7,500-square foot hilltop estate on 160+
acres. The Paso Robles American viticultural area is equidistant
from both San Francisco and Los Angeles, with access to each via
U.S. Highway 101.
Built in 2002, the turnkey, 45,262 SF winery is located less than
one mile from U.S. Highway 101. With up to 217 acres of fertile
land, this is a valuable, state-of the-art gravity flow winery
production facility capable and authorized to produce 400,000 cases
of wine annually. The facility consists of assets formerly owned by
the Rabbit Ridge Winery and comes complete with four wells
installed, one recessed loading door with leveler, a crush pad,
fermentation room and additional office space. An extensive
climate-controlled barrel storage room/warehouse/bottling building
features 22-foot clear ceiling heights, while ceiling heights in
the barrel room are over 34 feet and 55 feet in the tank room. A
variety of value-add options with conditional use permits are
available through this sale, including possible hospitality
ventures such as unique bed and breakfast or Airbnb rentals,
visitor picnic areas and special event spaces for corporate
outings, private parties and weddings. With approximately 114
fertile acres, 71.5 of which are currently growing fruit with the
ability to increase, the property creates an encompassing winery
experience from the comfort of the estate's backyard.
The luxury residential estate sits atop a 160-acre winery with
spectacular panoramic mountain views. The stunning 7,532 SF home
has five bedrooms and four bathrooms, while the 900 SF guest house
adds an additional two bedrooms to the property. A custom-built
entertainer's kitchen features high-end, built-in appliances with
brands such as Wolf and Sub-Zero, and a breakfast nook that
captures 200-degree views of the valley. The family room is
designed for relaxing as it is suitable for a home theater, while
the dining room, living room and wine cellar are ideal for
entertaining and display even more breathtaking views. The outdoor
space features seven installed and productive wells, large terraces
overlooking beautifully landscaped grounds with irrigation system,
inground swimming pool, a cabana with a wood-burning fireplace and
pizza oven, tennis court and a high-tech bar/gazebo for hosting.
The on-site shop is completely enclosed with roll up doors,
concrete floor and 15-foot ceilings, allowing the space to be
suitable for a small production winery.
Paso Robles, affectionately referred to as Paso, is a city of
approximately 30,000 people centrally located between the major
cities of San Francisco and Los Angeles along California's Central
Coast. Based on data from 2015, the Paso Robles American
viticultural area (PRAVA) contributed to more than 13,000 jobs,
1.56 million total tourism visits to wineries, and $194 million in
tourism expenditures for the area's economy. The PRAVA is three
times the size of the Napa Valley appellation and boasts over 200
wineries spread across 614,000+ acres and encompasses more than
40,000 vineyard acres. Optimal growing conditions produce premium
and ultra-premium wines with factors such as a greater day-to-night
temperature swing than any other appellation in California,
distinct meso-climates, diverse soil and a long growing season.
Further, the PRAVA has not been directly affected by recent
wildfires or smoke hazards that have currently afflicted the Sonoma
and Napa areas which have recently experienced overwhelming damage.
Paso is well positioned for future fire seasons and has a higher
degree of land remaining unphased as it is located far from
historical fire outbreaks.
Jeff Azuse, senior vice president at Hilco Real Estate said, "Due
to its optimal location, Paso Robles is a strong investment
alternative for Napa-Sonoma wine growers who have been plagued by
frequent and devastating wildfires helping to mitigate future
risks." He continued, "This is an outstanding opportunity to
purchase a turnkey winery, and it's perfect for a savvy investor or
an established business looking to expand into a rapidly growing
wine region."
Commenting on the Hilltop Estate, Azuse stated, "This offering
represents an exciting chance to experience living in a countryside
château right in the middle of sunny California, in the coveted
Willow Creek District." He continued, "This sale offers the ability
to combine both properties to create a high-volume winery with an
estate home, or the ability to purchase smaller parcels with
endless possibilities, including the potential for hospitality
through a conditional use permit."
The bid deadline is Thursday, June 10 at 3:00 p.m. (CT). Property
tours will be at select dates and times by appointment only. To
schedule a visit, contact Adam Zimmerman at
azimmerman@hilcoglobal.com or Jonathan Cuticelli at
jcuticelli@hilcoglobal.com. For further information on the
property, an explanation of the sale process and Terms of Sale, and
to obtain access to the Virtual Data Room containing all the
property due diligence, please visit HilcoRealEstate.com.
For more information about this or other properties available for
sale, please visit HilcoRealEstate.com.
About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company
(HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA).
HRE is a national provider of strategic real estate disposition
services. Acting as an agent or principal, HRE uses its experience
to advise and execute strategies to assist clients in deriving the
maximum value from their real estate assets. By leveraging
multi-faceted sales strategies & techniques, aggressive
repositioning and restructuring experience, a vast and motivated
network of buyers and sellers, and substantial access to capital,
HRE exceeds expectations even in the most complex transactions.
RAWHIDE RESOURCES: Seeks to Hire 'Ordinary Course' Professionals
----------------------------------------------------------------
Rawhide Resources, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Wyoming to hire professionals used in the
ordinary course of business.
Specifically, the Debtor proposes to employ "ordinary course"
professionals Daly & Sorenson, LLC and Ketel Thorstenson, LLP to
render legal services and tax accounting services, respectively.
The services are necessary to the continuation of the Debtor's
operations but are unrelated to the administration of its Chapter
11 case.
The Debtor will pay 100 percent of the fees and disbursements
incurred to each of the OCPs.
The OCPs can be reached at:
John Daly, Esq.
Daly & Sorenson, LLC
510 S Gillette Ave.
Gillette, WY 82716
-- and --
Brent Siekman
Ketel Thorstenson, LLP
P.O. Box 3140
Rapid City, SD 57709- 3140
About Rawhide Resources
Rawhide Resources, LLC, a Gillette, Wyo.-based privately held
company in the oil and gas extraction business, filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Wyo. Case No. 21-20101) on March 24, 2021. Thomas R. Wright,
managing member of Rawhide Resources, signed the petition. At the
time of the filing, the Debtor disclosed $629,609 in assets and $1
million to $10 million in liabilities. Keith M. Aurzada, Esq., at
Reed Smith, LLP, represents the Debtor as legal counsel.
REMARK HOLDINGS: Incurs $5.5 Million Net Loss in First Quarter
--------------------------------------------------------------
Remark Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $5.46 million on $4.41 million of revenue for the three months
ended March 31, 2021, compared to a net loss of $2.42 million on
$431,000 of revenue for the three months ended March 31, 2020.
As of March 31, 2021, the Company had $14.38 million in total
assets, $28.05 million in total liabilities, and a total
stockholders' deficit of $13.67 million.
During the three months ended March 31, 2021, and in each fiscal
year since its inception, the Company has incurred net losses which
have resulted in an accumulated deficit of $366.0 million as of
March 31, 2021. Additionally, the Company's operations have
historically used more cash than they have provided. Net cash used
in continuing operating activities was $5.5 million during the
three months ended March 31, 2021. As of March 31, 2021, the
Company's cash and cash equivalents balance was $0.9 million, and
it had a negative working capital balance of $11.1 million.
"Our first quarter was highlighted by substantial increases in
revenue coming from the United States and China, despite each
country's slow emergence from COVID-19 lockdowns that dampened
business in the first quarter of last year. Momentum from last
year's second half continued with first quarter U.S. revenue
increasing by over half a million dollars and revenue from China
increasing by more than 10 times compared to the first quarter of
2020," noted Kai-Shing Tao, chairman and chief executive officer of
Remark Holdings. "Demand for our AI solutions came from schools,
retail outlets, bank branches, and medical facilities and we expect
demand momentum, particularly in the United States, to carry
forward throughout 2021. Additionally, during the quarter we saw
the initial implementation of our AI marketing program that we
believe will be a big catalyst for 2021."
"First quarter revenue growth set a positive tone for 2021. Our
China business was strong and is expected to get stronger as the
year progresses with retail, banking, school, smart community and
environmental sustainability opportunities growing. Our U.S.
business is expanding in health security, predictive analytics and
retail, as seen with our recently-won deal to outfit Shryne Group's
flagship Stiiizy Cannabis retail location. Finally, we anticipate
the closing of the Sharecare merger with Falcon Acquisition will
fund our balance sheet while simultaneously supporting working
capital needs to meet our growth goals," concluded Mr. Tao.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1368365/000136836521000029/mark-20210331.htm
About Remark Holdings
Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- delivers an integrated suite of AI
solutions that enable businesses and organizations to solve
problems, reduce risk and deliver positive outcomes. The company's
easy-to-install AI products are being rolled out in a wide range of
applications within the retail, financial, public safety and
workplace arenas. The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions. The company is headquartered in Las Vegas, Nevada, with
additional operations in Los Angeles, California and in Beijing,
Shanghai, Chengdu and Hangzhou, China.
Remark Holdings reported a net loss of $13.68 million for the year
ended Dec. 31, 2020, compared to a net loss of $25.61 million for
the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had
$11.31 million in total assets, $20.40 million in total
liabilities, and a total stockholders' deficit of $9.09 million.
Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 31, 2021, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has a negative working capital and a
stockholders' deficit that raise substantial doubt about its
ability to continue as a going concern.
RESTLAND MEMORIAL: Seeks to Hire Calaiaro Valencik as Legal Counsel
-------------------------------------------------------------------
Restland Memorial Parks, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to hire
Calaiaro Valencik as its bankruptcy counsel.
The firm's services include:
a) attending the first meeting of creditors;
b) advising the Debtor with regard to its rights and
obligations during its Chapter 11 reorganization;
c) representing the Debtor to any motions to convert or
dismiss the chapter 11;
d) representing the Debtor in relation to any motions for
relief from stay filed by creditors;
e) preparing a plan of reorganization and disclosure
statement;
f) preparing objections to claims; and
g) otherwise, representing the Debtor in general.
The firm will be paid at these rates:
Donald R. Calaiaro $395 per hour
David Z. Valencik $350 per hour
Mark B. Peduto $300 per hour
Andrew K. Pratt $300 per hour
Paralegal $100 per hour
Donald Calaiaro, Esq., an attorney at Calaiaro Valencik, disclosed
in a court filing that the firm and its members do not represent
interests adverse to the Debtor's estate.
The firm can be reached through:
Donald R. Calaiaro, Esq.
Calaiaro Valencik
938 Penn Avenue, Suite 501
Pittsburgh, PA 15222-3708
Phone: (412) 232-0930
Fax: 412-232-3858
Email: dcalaiaro@c-vlaw.com
About Restland Memorial Parks
Restland Memorial Parks, Inc., a Monroeville, Pa.-based company
that offers cemetery pre-need programs, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No.
21-21148) on May 7, 2021. At the time of the filing, the Debtor
disclosed total assets of up to $10 million and total liabilities
of up to $1 million. Judge Gregory L. Taddonio oversees the case.
The Debtor tapped Donald R. Calaiaro, Esq., at Calaiaro Valencik,
as its legal counsel.
RIOT BLOCKCHAIN: Posts $7.5 Million Net Income in First Quarter
---------------------------------------------------------------
Riot Blockchain, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $7.53 million on $23.20 million of total revenue for the three
months ended March 31, 2021, compared to a net loss of $4.28
million on $2.39 million of total revenue for the three months
ended March 31, 2020.
As of March 31, 2021, the Company had $375.91 million in total
assets, $8.09 million in total liabilities, and $367.82 million in
total stockholders' equity.
Prior to 2021, the Company has experienced recurring losses and
negative cash flows from operations. At March 31, 2021, the
Company had approximate balances of cash and cash equivalents of
$241.0 million, working capital of $268.8 million, and an
accumulated deficit of $222.4 million. To date, the Company has,
in large part, relied on equity financings to fund its operations.
The Company believes its current cash on hand is sufficient to meet
its operating and capital requirements for at least the next
one-year from the date these financial statements are issued.
During the three months ended March 31, 2021, the Company paid
approximately $56.4 million as deposits primarily for miners and as
of March 31, 2021, reclassified $18.7 million to property and
equipment in connection with the receipt of 6,703 miners placed in
service at the Coinmint Facility.
During the three months ended March 31, 2021, the Company received
net proceeds of approximately $82.7 million (after deducting $2.1
million in commissions and expenses) from sales of 4,433,468 shares
of its common stock, no par value, at a weighted average gross
sales price of $19.13 per share, which were sold in the Company's
December 2020 at-the-market offering of up to $200 million in
shares of the Company's common stock, no par value by H.C.
Wainwright & Co., LLC, as the Company's sales agent, pursuant to
the terms of the Second Amendment to the At-the-Market Sales
Agreement between the Company and H.C. Wainwright. All shares of
the Company's common stock, no par value, sold under the December
2020 ATM Offering were issued pursuant to the Company's shelf
registration statement on Form S-3 (Registration No. 333-251149),
filed with the SEC on Dec. 4, 2020.
COVID-19:
The Company said, "The COVID-19 global pandemic has been
unprecedented and unpredictable and is likely to continue to result
in significant national and global economic disruption, which may
adversely affect our business. Based on the Company's current
assessment, however, the Company does not expect any material
impact on its long-term strategic plans, its operations, or its
liquidity due to the worldwide spread of COVID-19. However, the
Company is actively monitoring this situation and the possible
effects on its financial condition, liquidity, operations,
suppliers, and industry."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1167419/000107997321000383/riot10qq1-0321.htm
About Riot Blockchain
Headquartered in Castle Rock, Colorado, Riot Blockchain --
http://www.RiotBlockchain.com-- specializes in cryptocurrency
mining with a focus on bitcoin. The Company is expanding and
upgrading its mining operations by securing the most energy
efficient miners currently available. Riot is headquartered in
Castle Rock, Colorado, and the Company's mining facility operates
out of upstate New York, under a co-location hosting agreement with
Coinmint.
Riot Blockchain reported a net loss of $12.67 million for the year
ended Dec. 31, 2020, compared to a net loss of $20.30 million for
the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had
$280.15 million in total assets, $3.07 million in total
liabilities, and $277.07 million in total stockholders' equity.
ROCK CHURCH: $262.5K Cash Sale of Lot 1 to Valley of Terre Approved
-------------------------------------------------------------------
Rock Church of the Wabash Valley, Inc., asks the U.S. Bankruptcy
Court for the Southern District of Indiana to authorize the sale of
its real estate located at 8930 Wabash Avenue, in Terre Haute, Vigo
County, Indiana 47803, consisting of a commercial building on
approximately 4.4 acres ("Lot 1"), to Valley of Terre Haute SR,
pursuant to a Sales Contract entered on April 26, 2021, for
$262,500, cash.
All terms of the Contract are approved.
First Financial Bank, N.A. ("FFB"), has an uncontested 2nd amended
proof of claim, and a contested 3rd amended Proof of Claim, the
difference of which (as contested by Debtor) is the amount of
$14,475.25.
At the closing of the contract sale, the Debtor will pay "FFB" the
amount of its 3rd amended claim less the amount of the contested
portion, a total of $185,645.11, and the contested the amount of
$14,475.25 will be held in the Smith & Miller LLP Trust account,
with FFB’s liens attaching to the $14,475.25 pending further
Order of the Court.
FFB will retain a lien on the proceeds of the sale until its claim
is satisfied in full.
Broker/Realtor fees may be paid at the closing subject to separate
court Order.
There are no other liens and encumbrances asserted against the Real
Estate.
The provisions of this Order will become effective immediately.
The Rule 4001(a)(3) 14-day stay is waived.
About Rock Church of the Wabash Valley
Rock Church of the Wabash Valley, Inc. provides religious services
to members and the general public from its location at 8930 E.
Wabash Ave., Terre Haute, Ind.
Rock Church of the Wabash Valley sought protection under Chapter
11
of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 20-80240) on
June
16, 2020. At the time of the filing, the Debtor disclosed assets
of
between $100,001 and $500,000 and liabilities of the same range.
B. Scott Skillman, Esq., at Skillman Defense Firm, is the Debtor's
legal counsel.
ROMANS HOUSE: Wins Interim Cash Collateral Access
-------------------------------------------------
Judge Edward L. Morris authorized Romans House, LLC and Affiliate
Healthcore System Management, LLC to use, on an interim basis, the
cash collateral of Pender Capital Asset Based Lending Fund I, LP,
pursuant to each Debtor's respective budget.
The Debtors' right to use cash collateral shall commence
retroactive to May 12, 2021, and will expire on the earliest of:
* the entry of a subsequent interim or final order authorizing
the Debtors' use of cash collateral;
* the entry of an order dismissing one or both of the Debtors'
bankruptcy cases;
* the entry of an order converting one or both of the Debtors'
bankruptcy cases to cases under Chapter 7 of the Bankruptcy Code;
* May 25, 2021.
As adequate protection, the Court grants the Secured Creditors a
replacement security lien on all of the Debtors' real and personal
property equal to the aggregate diminution, occurring after the
Petition Date, in value of the respective collateral.
The parties agree that use of cash collateral is without prejudice
to the Chapter 11 Trustee's right to seek a carve-out from the
collateral for the reasonable fees and expenses of the Chapter 11
Trustee and his proposed counsel, Kelly Hart & Hallman LLP. Pender
and the Chapter 11 Trustee agree to negotiate the terms of said
carve-out.
The Debtors' chief executive officer shall receive no compensation
from either of the Debtors during the interim period. The
replacement liens shall be subject and subordinate only to (a) the
reasonable fees and expenses incurred by the Debtors' patient care
ombudsman; (b) ad valorem property tax liens; and (c) all fees
payable to the United States Trustee and the Clerk of the
Bankruptcy Court.
Final hearing on the request is scheduled for May 24, 2021, at 9:30
a.m., via Webex.
About Romans House
Based in Fort Worth, Texas, Romans House, LLC operates Tandy
Village Assisted Living, a continuing care retirement community and
assisted living facility for the elderly in Fort Worth, Texas.
Affiliate Healthcore System Management, LLC, operates Vincent
Victoria Village Assisted Living, also an assisted living facility
for the elderly.
Romans House, LLC, and Healthcore System sought Chapter 11
protection (Bankr. N.D. Tex. Case No. 19-45023 and 19-45024) on
Dec. 9, 2019.
Romans House was estimated to have $1 million to $10 million in
assets and liabilities while Healthcore was estimated to have $1
million to $10 million in assets and $10 million to $50 million in
liabilities.
The Hon. Edward L. Morris is the case judge.
Demarco Mitchell, PLLC, is the Debtors legal counsel. Levene,
Neale, Bender, Yoo & Brill L.L.P., serves as their co-bankruptcy
counsel. Susan N. Goodman is appointed as the Debtors Patient Care
Ombudsman. Michael A. McConnell is the Debtors' Chapter 11
Trustee. He is represented by KELLY HART & HALLMAN LLP.
Pender Capital Asset Based Lending Fund I, LP, as lender is
represented by ROSS AND SMITH, P.C., and BENESCH, FRIEDLANDER,
COPLAN & ARONOFF LLP.
Attorneys for Pender Capital Asset Based Lending Fund I, LP:
Frances A. Smith, Esq.
ROSS AND SMITH, P.C.
Plaza of the Americas
700 N. Pearl Street, Suite 1610
Dallas, TX 75201
Telephone: (214) 377-7879
Email: frances.smith@judithwross.com
- and -
Michael J. Barrie, Esq.
Gregory Werkheiser, Esq.
Kevin M. Capuzzi, Esq.
BENESCH, FRIEDLANDER, COPLAN & ARONOFF LLP
1313 North Market Street, Suite 1201
Wilmington, DE 19801
Telephone: (302) 442-7010
Email: mbarrie@beneschlaw.com
gwerkheiser@beneschlaw.com
kcapuzzi@beneschlaw.com
SAHAR P. MONTALVO: $1.35M Sale of Fishers Property to Snyders OK'd
------------------------------------------------------------------
Judge Jeffrey J. Graham of the U.S. Bankruptcy Court for the
Southern District of Indiana issued an amended order authorizing
the private sale proposed by Sahar P. Montalvo and Lacy J. Montalvo
of the residential real estate located at 12925 Water Ridge Dr., in
Fishers, Indiana, to Karina A. Snyder and Mark A. Snyder for $1.35
million.
The closing agent will deliver to the Debtors' counsel at the
closing of the sale the amount of Fulcrum's claim of $56,723 to be
held in trust pending resolution of the Fulcrum Objection. Until
such resolution, Fulcrum's and Lender's liens will attach to the
proceeds of the sale held in such escrow to the same extent the
liens encumber the Assets.
Fulcrum will have 30 days from the date of the Order to file a
brief in support of the Fulcrum Objection on the issue of
Fulcrum’s priority as to the cabinetry, and Lender will have 30
days from the date of such brief to file a response. These
deadlines may be extended by the Court upon proper application by
either Fulcrum or Lender.
The Debtors' counsel will maintain the Disputed Funds in trust
pending further direction by the Court.
The sale is free and clear of all liens, claims, interests, and
encumbrances.
The proceeds of sale are to be distributed in accordance with
priority of liens, first to the estate for payment of counsel and
US Trustee fees attributable to the sale, next to Hamilton County
assessor for real estate taxes, next to brokers fees and costs to
close, next to the Debtor's counsel to establish the escrow for
Fulcrum pending resolution of its Objection pursuant to Section 3
of the Order, and the balance to Lender up to the amounts set forth
for its claim.
The 14-day waiting period under Bankruptcy Rule 6004(h) is waived.
Sahar P. Montalvo and Lacy J. Montalvo sought Chapter 11 protection
(Bankr. S.D. Ind. Case No. 21-01235) on March 29, 2021. The
Debtors taped KC Cohen, Esq., as counsel.
SCARISBRICK LAND: Gets Cash Collateral Access Until June 2
----------------------------------------------------------
Judge Paul M. Black authorized Scarisbrick Land Holdings, LLC to
use cash collateral until June 2, 2021, to pay the expenses
according to the budget, and First Bank and Trust Company for the
monthly payment of $17,348.
As additional adequate protection for the use of the cash
collateral, First Bank & Trust is granted a first position lien and
LBC1 Trust is granted a second lien position in all rents received
from the collateral of the two creditors that are generated
post-petition.
The Court directed the Debtor to continue to segregate, account,
and immediately deposit into the DIP operating account all cash
collateral that come into the Debtor's possession.
A copy of the order is available for free at https://bit.ly/3u4qB0I
from PacerMonitor.com.
A further hearing on the cash collateral motion will be held on
June 2 at 2 p.m. The hearing may be conducted via Zoom or by
telephone, at the Court's direction.
Counsel for First Bank and Trust Company:
David J. Hutton, Esq.
HUTTON & ASSOCIATES, P. C.
131 East Valley Street
Abingdon, VA 24210
Telephone: (276) 628-3133
Email: dhutton@abingdon-law.com
Counsel for LBC1 Trust:
Steven L. Higgs, Esq.
STEVEN L. HIGGS, P.C.
9 Franklin Road, S.W.
Roanoke, VA 24011-2403
Telephone: (540) 400-7990
Email: higgs@higgslawfirm.com
About Scarisbrick Land Holdings
Scarisbrick Land Holdings, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va.
Case No. 20-71134) on Dec. 18, 2020. In the petition signed by Jon
Bowerbank, sole member and manager, the Debtor disclosed $5,498,205
in assets and $2,338,323 in liabilities.
Judge Paul M. Black oversees the case.
Scot S. Farthing Attorney at Law, PC represents the Debtor as
counsel.
Paula Beran is the Subchapter V Trustee.
SEADRILL PARTNERS: Secures Four Well Contract for West Capella
--------------------------------------------------------------
Seadrill Partners LLC has secured a four well contract plus an
option for up to seven additional wells for the West Capella in
Malaysia. Total Contract Value for the firm portion of the contract
is expected to be approximately $43 million with commencement
expected in May 2021 and running to November 2021.
About Seadrill Partners
Seadrill Partners LLC (NYSE: SDLP) is a limited liability company
formed by deep-water drilling contractor Seadrill
Ltd.(OTCMKTS:SDRLF) to own, operate and acquire offshore drilling
rigs. It was founded in 2012 and is headquartered in London, the
United Kingdom. Seadrill Partners, set up as an asset-holding unit,
owns four drillships, four semi-submersible rigs and three
so-called tender rigs which are all operated by Seadrill Ltd.
Seadrill Partners and its affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 20-35740) on Dec. 1, 2020. Mohsin
Y. Meghji, managing partner at M3 Partners, acting as the Company's
Chief Restructuring Officer, signed the petitions.
Judge Marvin Isgur oversees the cases.
Seadrill Partners disclosed $4,579,300,000 in assets and
$3,122,300,000 in total debts as of June 30, 2020.
Kirkland & Ellis LLP and Kirkland & Ellis International LLP, and
Jackson Walker LLP are the Debtors' bankruptcy counsel. The Debtors
also tapped Sheppard Mullin Richter & Hampton, LLP to serve as
conflicts counsel and KPMG LLP to provide tax provision and
consulting services.
STEM HOLDINGS: Incurs $8.6 Million Net Loss in Second Quarter
-------------------------------------------------------------
Stem Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $8.63 million on $10.53 million of revenues for the three months
ended March 31, 2021, compared to a net loss of $4.78 million on
$2.30 million of revenues for the three months ended March 31,
2020.
For the six months ended March 31, 2021, the Company reported a net
loss of $11.91 million on $15.99 million of revenues compared to a
net loss of $8.09 million on $3.62 million of revenues for the same
period in 2020.
As of March 31, 2021, the Company had $111.48 million in total
assets, $35.96 million in total liabilities, and $75.52 million in
total shareholders' equity.
At March 31, 2021, the Company had approximate balances of cash and
cash equivalents of $4.6 million, negative working capital of
approximately $17 million, and an accumulated deficit of $63
million.
The Company stated, "While the recreational use of cannabis is
legal under the laws of certain States, where the Company has and
is working towards further finalizing the acquisition of entities
or investment in entities that directly produce or sell cannabis,
the use and possession of cannabis is illegal under United States
Federal Law for any purpose, by way of Title II of the
Comprehensive Drug Abuse Prevention and Control Act of 1970,
otherwise known as the Controlled Substances Act of 1970 (the
"ACT"). Cannabis is currently included under Schedule 1 of the
Act, making it illegal to cultivate, sell or otherwise possess in
the United States."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1697834/000149315221011976/form10-q.htm
About Stem Holdings
Headquartered in Boca Raton, Florida, Stem Holdings, Inc. --
http://www.stemholdings.com-- is a multi-state, vertically
integrated, cannabis company that, through its subsidiaries and its
investments, is engaged in the manufacture, possession, use, sale,
distribution or branding of cannabis, and holds licenses in the
adult use and medical cannabis marketplace in the states of Oregon,
Nevada, California, Oklahoma and Massachusetts.
Stem Holdings reported a net loss of $11.49 million for the year
ended Sept. 30, 2020, compared to a net loss of $28.98 million for
the year ended Sept. 30, 2019. As of Dec. 31, 2020, the Company
had $112.28 million in total assets, $41.11 million in total
liabilities, and $71.17 million in total shareholders' equity.
LJ Soldinger Associates, LLC, in Deer Park, IL, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated Dec. 24, 2020, citing that the Company and its
affiliates, had net losses of $11.5 million and $28.985 million,
negative working capital of $9.235 million and $2.635 million and
accumulated deficits of $51.386 million and $40.384 million as of
and for the year ended Sept. 30, 2020 and 2019, respectively. In
addition, the Company has commenced operations in the production
and sale of cannabis and related products, an activity that is
illegal under United States Federal law for any purpose, by way of
Title II of the Comprehensive Drug Abuse Prevention and Control Act
of 1970, otherwise known as the Controlled Substances Act of 1970.
These facts raises substantial doubt as to the Company's ability to
continue as a going concern.
SUN PACIFIC: Incurs $587,802 Net Loss in First Quarter
------------------------------------------------------
Sun Pacific Holding Corp filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $587,802 on $29,110 of revenues for the three months ended March
31, 2021, compared to a net loss of $376,770 on $70,690 of revenues
for the three months ended March 31, 2020.
As of March 31, 2021, the Company had $9.30 million in total
assets, $15.74 million in total liabilities, and a total deficit of
$6.44 million.
As of March 31, 2021, the Company had a working capital deficit of
approximately $4,300,620. The Company intends to seek additional
financing for its working capital, in the form of equity or debt,
to provide it with the necessary capital to accomplish its plan of
operation. The Company gives no assurance that it will be
successful in its efforts to raise additional capital.
During the three months ended March 31, 2021, the Company used
$14,002 of cash in operating activities driven materially from its
operating loss offset by non-cash expenses. During the three
months ended March 31, 2020, the Company used $426,690 in operating
activities driven materially from its operating loss offset by
non-cash expenses.
During the three months ended March 31, 2021, the Company used
$285,940 for the buildout of the new facility. During the three
months ended March 31, 2020, the Company used $658,442 for the
buildout of the new facility, including equipment deposits and
capitalized interest, and $450,909 was released from escrow to pay
accrued interest.
During the three months ended March 31, 2021, the Company received
approximately $300,000 from financing proceeds driven materially
from the proceeds of the issuance of convertible debt. During the
three months ended March 31, 2021 and March 31, 2020, respectively,
the Company received approximately $458,063 and $436,250 from
financing proceeds driven materially from the extension fee added
to the principal proceeds of the bridge financing for the Waste to
Energy project.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1343465/000149315221011932/form10-q.htm
About Sun Pacific
Headquartered in Manalapan NJ, Sun Pacific Holding Corp --
http://www.sunpacificholding.com-- offers "Next Generation" solar
panel and lighting products by working closely with design,
engineering, integration and installation firms in order to deliver
turnkey solar and other energy efficient solutions. It provides
solar bus stops, solar trashcans and "street kiosks" that utilize
advertising offerings that provide State and local municipalities
with costs efficient solutions. The Company provides general,
electrical, and plumbing contracting services to a range of both
public and commercials customers in support of its goals of
expanding its green energy market reach.
Sun Pacific reported a net loss of $1.86 million in 2020, a net
loss of $1.78 million in 2019, and a net loss of $1.77 million in
2018.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated April 15, 2021, citing that the Company has suffered
recurring losses from operations since inception and has a
significant working capital deficiency, both of which raise
substantial doubt about its ability to continue as a going concern.
TOUCHPOINT GROUP: Incurs $1.2 Million Net Loss in First Quarter
---------------------------------------------------------------
Touchpoint Group Holdings, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $1.18 million on $32,000 of revenue for the three
months ended March 31, 2021, compared to a net loss of $38,000 on
$40,000 of revenue for the three months ended March 31, 2020.
As of March 31, 2021, the Company had $2.71 million in total
assets, $3.01 million in total liabilities, $605,000 in temporary
equity, and a total stockholders' deficit of $904,000.
"Historically, the Company has incurred net losses and negative
cash flows from operations which raise substantial doubt about the
Company's ability to continue as a going concern. The Company has
principally financed these losses from the sale of equity
securities and the issuance of debt instruments," Touchpoint Group
said.
"The Company may be required to raise additional funds through
various sources, such as equity and debt financings. While the
Company believes it is probable that such financings could be
secured, there can be no assurance the Company will be able to
secure additional sources of funds to support its operations or, if
such funds are available, that such additional financing will be
sufficient to meet the Company's needs or on terms acceptable to
us," Touchpoint Group further said.
At March 31, 2021, the Company had cash of $318,000. Together with
the Company's new Equity Line with MacRab LLC, and current
operational plan and budget, the Company believes that it has the
potential to generate positive cash flows in the second half of
2021. However, the Company said, actual results could differ
materially from the Company's projections.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/225211/000175392621000154/g082201_10q.htm
About Touchpoint Group
Headquartered in Miami, Florida, Touchpoint Group Holdings Inc. --
http://touchpointgh.com-- is a media and digital technology
acquisition and software company.
Touchpoint Group reported a net loss of $3.54 million for the year
ended Dec. 31, 2020, compared to a net loss of $6.63 million for
the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had
$2.74 million in total assets, $2.53 million in total liabilities,
$605,000 in temporary equity, and a total stockholders' deficit of
$397,000.
Tampa, Florida-based Cherry Bekaert, LLP, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 9, 2021, citing that the Company has recurring losses
and negative cash flows from operations that raise substantial
doubt about its ability to continue as a going concern.
TWO GUNS CONSULTING: Obtains Cash Collateral Access Until June 7
----------------------------------------------------------------
Judge David R. Jones authorized Two Guns Consulting & Construction,
LLC to use cash collateral on an interim basis until June 7, 2021,
pursuant to the budget to pay for necessary expenses in the
reorganization process and in the preservation of the bankruptcy
estate.
The budget provided for weekly cash requirement, as follows:
$16,700 for the week ending May 23, 2021;
$11,708 for the week ending May 30, 2021;
$31,185 for the week ending June 6, 2021;
$16,500 for the week ending June 20, 2021;
$28,745 for the week ending July 4, 2021; and
$16,500 for the week ending July 18, 2021.
The Court directed the Debtor to pay Prosperity Bank $2,000 monthly
for adequate protection. The Court, however, has not yet made a
ruling whether or not Prosperity Bank does or does not have a
security interest in the Debtor's cash collateral.
A copy of the order is available for free at https://bit.ly/3wqsSVX
from PacerMonitor.com.
A further hearing on the motion is set for June 7, 2021 at 9:30
a.m., by telephone and video conference.
About Two Guns Consulting & Construction
Two Guns Consulting & Construction, LLC is a company in the heavy
and civil engineering construction industry. The company is based
in Odem, Texas.
Two Guns Consulting & Construction sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-21061) on
March 9, 2021. Charles Luke Duncan, sole managing member, signed
the petition. In the petition, the Debtor disclosed total assets of
$1,313,914 and total liabilities of $5,038,064. Judge David R.
Jones oversees the case.
Jordan Holzer & Ortiz, P.C. and Wickens Herzer Panza serve as the
Debtors bankruptcy counsel and special counsel, respectively.
US CONCRETE: S&P Assigns 'BB+' Rating on New $300MM Term Loan B
---------------------------------------------------------------
S&P Global Ratings affirmed the 'BB-' issuer credit rating and at
the same time S&P assigned its 'BB+' issue-level rating to the
proposed term loan B.
S&P also lowered the rating on U.S. Concrete Inc.'s senior
unsecured notes due 2029 to 'B' from 'BB-' on diminished recovery
prospects due to higher levels of priority secured debt.
S&P's stable outlook reflects its expectations for adjusted debt to
EBITDA to be in the 4-4.5x range over the next twelve months.
Adjusted debt to EBITDA has hovered in the 4-4.5x range for the
past four fiscal years, and we expect leverage to remain in that
range for the 12-24 months. Pandemic pressures pushed revenues in
2020, with the top line falling about 7.5% to $1.4 billion. The
company was able to boost its EBITDA margin by a solid 100 basis
points, so adjusted EBITDA was essentially flat at $198 million.
Adjusted debt was also steady, so leverage was 4.2x for the second
year in a row. S&P said, "Looking forward, we are forecasting
revenue growth to be in the low single digit range as relatively
flat non-residential construction spending in the U.S. dilutes good
growth in residential end markets. In this environment we expect
margin improvement to continue but slow, and for leverage to remain
in the 4.0x-4.5x EBITDA range in 2021."
S&P said, "We expect U.S. Concrete to continue to grow its more
stable aggregates segment, which could keep leverage at or above 4x
in 2022 and possibly beyond. U.S. Concrete has grown its
higher-margin aggregates segment to about 35% of adjusted EBITDA as
of the quarter ended March 31, 2021. We expect the company will
expand its presence in aggregates through acquisitions, increasing
its vertical integration with its ready-mix concrete business as
well as sell aggregates to third parties." Aggregates produce
greater margins and have better price stability than ready-mix
concrete, as demonstrated by pure-play aggregates producers such as
Vulcan Materials Co. As a result, U.S. Concrete's total margins
will likely improve over time. However, multiples for aggregates
assets are high, and potential acquisition financing in the future
could result in elevated leverage depending on the pace and size of
the transactions.
U.S. Concrete focuses on urban markets with high barriers to entry,
as well as selling value-added concrete mixes for commercial
construction. Based in Euless, Texas, U.S. Concrete has top-three
positions in the Northeast, Southern, and Western markets in the
U.S. It has a large presence in urban markets such as New York,
Dallas/Fort Worth, and San Francisco. Its ability to provide
specialized concrete in more challenging locations provides
competitive advantages over smaller operators. These strengths
helped boost profit margins to solid levels and support our view
that USCR's business is somewhat stronger compared to similarly
rated peers. Still, ready-mix concrete demand is tied to
construction cycles and pricing can be volatile. To that point, it
is our expectation that urban commercial construction end market
will be challenging in the near term, and that is incorporated into
our base case forecast 2021.
The stable outlook reflects S&P Global Ratings' expectation that
U.S. Concrete's steady shift towards higher margin aggregates sales
will support continued gradual margin improvement and help the
company manage through a period of slower growing commercial
construction. S&P said, "In this environment, we also expect U.S.
Concrete will continue to improve credit measures by using free
cash flow over the next several quarters to reduce debt levels. We
expect leverage will maintain at 4x-4.5x over the next 12 months."
S&P could raise the rating if:
-- U.S. Concrete continues to successfully execute its
acquisition-driven growth strategy, further improves its vertical
integration, expands its presence in additional markets.
-- S&P could also consider an upgrade if the company reduces debt
to EBITDA such that it reaches 3x and increases funds from
operations (FFO) to debt to above 30%.
S&P could lower the rating on U.S. Concrete if:
-- Cash flow declines significantly, which could occur due to a
prolonged contraction in commercial construction activity.
-- S&P could also lower the rating if the company took on
increased debt to fun acquisitions or share repurchases, such that
its adjusted debt-to-EBITDA leverage increased toward 5x with
little prospect for deleveraging.
VENUS CONCEPT: Incurs $9.4 Million Net Loss in First Quarter
------------------------------------------------------------
Venus Concept Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $9.44 million on $22.60 million of revenue for the three months
ended March 31, 2021, compared to a net loss of $50.70 million on
$14.51 million of revenue for the three months ended March 31,
2020.
As of March 31, 2021, the Company had $148.76 million in total
assets, $112.81 million in total liabilities, and $35.95 million in
stockholders' equity.
The Company had $27.1 million and $34.4 million of cash and cash
equivalents as of March 31, 2021, and Dec. 31, 2020, respectively.
The Company has funded its operations with cash generated from
operating activities, through the sale of equity securities and
through debt financing. The Company had total debt obligations of
approximately $80.1 million as of March 31, 2021, including the
MSLP Loan of $49.2 million, convertible notes of $26.7 million
including closing fees of $1.6 million, and government assistance
loans of $4.2 million, compared to total debt obligations of
approximately $79.6 million as of Dec. 31, 2020.
Management Commentary:
"We delivered Q1 revenue growth of 56% year-over-year, ahead of
expectations and reflecting our team's strong execution of our
focused commercial strategy amidst the continued challenging
operating environment," said Domenic Serafino, chief executive
officer of Venus Concept. "First quarter sales growth was driven
by 93% growth in sales to U.S. customers and 32% growth in sales to
International customers. First quarter sales benefitted from
strong procedure-related activity in both our aesthetics and hair
restoration businesses, and strong system sales results of our
ARTAS iX, Venus Versa and Venus Bliss compared to the prior year
period."
Mr. Serafino continued: "First quarter financial results reflect
improvements in our gross margin and significant reduction in our
operating loss and adjusted EBITDA compared to the prior year
period. Based on our current assessment and strong pipeline
activity, we believe that we will continue to see an improvement in
capital equipment demand in the aesthetics and hair restoration
markets as we move through 2021. We remain confident in our ability
to deliver strong, above-market, growth in 2021 and we have
increased our expectations for revenue growth of 28% to 35%
year-over-year in fiscal year 2021. We continue to expect to drive
strong operating leverage in 2021, as well. Importantly, the
longer-term outlook for the Company is compelling as we continue to
make progress in the area of product development; specifically, our
efforts to develop the next generation robotic technology for
medical aesthetic applications."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1409269/000156459021028408/vero-10q_20210331.htm
About Venus Concept
Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related practice enhancement
services. The Company's aesthetic systems have been designed on a
cost-effective, proprietary and flexible platform that enables the
Company to expand beyond the aesthetic industry's traditional
markets of dermatology and plastic surgery, and into
non-traditional markets, including family and general practitioners
and aesthetic medical spas.
Venus Concept reported a net loss of $82.82 million for the year
ended Dec. 31, 2020, compared to a net loss of $42.29 million for
the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had
$160.52 million in total assets, $116.76 million in total
liabilities, and $43.76 million in stockholders' equity.
Toronto, Canada-based MNP LLP issued a "going concern"
qualification in its report dated March 29, 2021, citing that the
Company has reported recurring net losses and negative cash flows
from operations that raises substantial doubt about its ability to
continue as a going concern.
VYANT BIO: Incurs $7.4 Million Net Loss in First Quarter
--------------------------------------------------------
Vyant Bio, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $7.37
million on $222,000 of total revenues for the three months ended
March 31, 2021, compared to a net loss of $1.97 million on $168,000
of total revenues for the three months ended March 31, 2020.
As of March 31, 2021, the Company had $72.36 million in total
assets, $8.47 million in total liabilities, and $63.89 million in
total stockholders' equity.
Vyant Bio said, "The Company expects to continue to incur operating
losses in the future, as the costs of being public have significant
effect on losses that keep the Company from being profitable and as
the Company furthers its drug discovery efforts. The Company
expects losses to continue, only to the extent that the business
does not outpace the public company-related expenses, such as legal
and audit fees and director's and officer's liability insurance,
and drug discovery costs are not offset by non-dilutive funding
such as revenues from licensing or other collaborations. These
losses have had, and will continue to have, an adverse effect on
the Company's working capital, total assets and stockholders'
equity. Because of the numerous risks and uncertainties associated
with its revenue growth and costs associated with being a public
company and drug discovery company, the Company is unable to
predict when it will become profitable, and it may never become
profitable. Even if the Company does achieve profitability, it may
not be able to sustain or increase profitability on a quarterly or
annual basis. The Company's inability to achieve and then maintain
profitability would negatively affect its business, financial
condition, results of operations and cash flows."
Management Commentary
Jay Roberts, chief executive officer of Vyant Bio stated, "in Q1
2021, we reached an important milestone with the closing of the
merger with StemoniX, uniquely positioning the combined company to
focus our business on discovering applications for novel and
repurposed therapeutics. We believe that drug discovery needs to
progressively evolve as we know the traditional methods and models
for predicting safe and effective drugs have under-performed, as
evidenced by the billions of dollars and years of time it takes to
bring novel drugs to market. With this as a backdrop, we are
focusing our business on converging an impactful approach to drug
discovery with data science and biology-driven technologies at the
core with engineering disciplines and regulatory expertise."
"Vyant Bio has commercialized the development, engineering and
manufacturing of disease models, built on its induced pluripotent
stem cell ("iPSC") technology, and has developed neural and cardiac
screening platforms, which are used to screen novel and repurposed
compound targets," stated Ping Yeh, Vyant Bio's chief innovation
officer.
"The most mature disease models are being used to find therapeutic
candidates in the central nervous system with its microBrain,
driven by a focus on Rett Syndrome and CDKL5 neurological
disorders. With the addition of the vivoPharm cancer cell-line
assets and scientific expertise in oncology, the Company believes
it can also advance models targeting Glioblastoma and Parkinson's
disease. The team has also made progress with our microHeart
platform, so we believe there will be continued interest from
partners with an interest in Cardiac Fibrosis and Rett Syndrome,"
Mr. Yeh continued.
"Our human-derived models, combined with the latest data science
and software techniques, can identify and rank order repurposed and
novel compounds by target. In our current drug discovery efforts,
we aim to leverage our iPSC technology to identify drug candidates
for licensure or clinical development. We are in active
discussions with prospective pharma partners to offer exclusive
licenses to certain disease models, and expect to enter into
similar license agreements for access to both novel and repurposed
therapies. The Company is striving to receive a mix of upfront
payments, licensing fees, milestone-based fees and ongoing royalty
payments," Mr. Yeh concluded.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1349929/000149315221011952/form10q.htm
About Vyant Bio
Vyant Bio, Inc. (formerly known as Cancer Genetics, Inc.) is
emerging as an advanced biotechnology drug discovery company. With
capabilities in data, science (both biology and chemistry),
engineering and regulatory, the Company is rapidly identifying
small and large molecule therapeutics and derisking decision making
through multiple in silico, in vitro and in vivo modalities.
Vyant Bio reported a net loss of $8 million for the year ended Dec.
31, 2020, compared to a net loss of $6.71 million for the year
ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $8.35
million in total assets, $4.37 million in total liabilities, and
$3.98 million in total stockholders' equity.
WB SUPPLY: $9-Mil DIP Financing Wins Final Court OK
---------------------------------------------------
Judge Brendan L. Shannon authorized WB Supply LLC to obtain, on a
final basis, up to $9,000,000 in senior secured post-petition
financing from Wells Fargo Bank, National Association, in its
individual capacity as administrative agent for itself and for the
lenders party to the Post-petition Credit Agreement. The Court
authorized the Debtor on April 22, 2021, to borrow up to $1,500,000
on an interim basis.
Before the Petition Date, Wells Fargo, as administrative agent for
itself and the Pre-petition Senior Lenders and the other lenders
party thereto have agreed to provide services and other credit
accommodations to the Debtor, pursuant to a Prepetition Senior
Credit Agreement dated December 20, 2013, pursuant to which the
Debtor granted the Pre-petition Senior Agent, for the benefit of
itself and the Pre-petition Senior Lenders a first priority
security interest in and continuing lien on substantially all of
Debtor's assets to secure the Pre-petition Senior Obligations.
As of the Petition Date, the Debtor owes the Prepetition Senior
Agent and Prepetition Senior Lenders at least $10,145,245 in the
aggregate principal amount, plus all accrued and hereafter accruing
and unpaid interest and any additional fees and expenses.
Judge Shannon authorized the Debtor to use the cash collateral and
proceeds of the Post-petition Facility and pay Post-petition
Obligations pursuant to the Post-petition Loan Documents, the final
DIP order, the approved budget only until the earliest of:
* July 21, 2021;
* the closing of any refinancing of the Pre-petition Senior
Obligations and Post-petition Obligations;
* confirmation of any Chapter 11 plan in the Debtor's case;
* the conversion or dismissal of the Chapter 11 case;
* the appointment of a trustee or examiner in the Chapter 11
case; and
* at the option of the Post-petition Agent in its sole
discretion, the occurrence of any event of default under the final
DIP order and/or the Post-petition Credit Agreement.
Uses of Cash Collateral and DIP Financing Proceeds
The Debtor may use the proceeds of the Post-petition Facility and
the cash collateral solely to:
-- pay outstanding Post-petition Obligations;
-- make the adequate protection payments required under this
Order, and
-- fund general corporate and working capital requirements of the
Debtor constituting administrative expenses in the Chapter 11 Case
according to the Approved Budget and the terms of the Post-petition
Loan Documents.
No proceeds of the Post-petition Facility or the Cash Collateral,
however, may be used to fund any employee retention programs unless
the Post-petition Agent has given its prior written consent for
said use.
The 13-week budget provided for total weekly cash disbursements, as
follow:
$245,496 for the week ending May 23, 2021;
$334,283 for the week ending May 30, 2021;
$260,262 for the week ending June 3, 2021;
$892,592 for the week ending June 13, 2021;
$175,072 for the week ending June 20, 2021;
$658,881 for the week ending June 27, 2021;
$1,069,676 for the week ending July 11, 2021.
The Debtor projected $0 expenses for the week ending July 4, 2021,
but projected $336,570 in cash receipts from trade accounts
receivable for that week.
Carve-Out
The liens and claims granted to the Post-petition Agent,
Post-petition Lenders, Pre-petition Senior Agent or Pre-petition
Senior Lenders shall be subject to the payment of the following
fees and claims, to the extent that there are not sufficient
unencumbered funds in the Debtor's estate to pay said amounts at
the time payment is required to be made:
a. for claims allowed on a final basis, which were incurred prior
to the Carve-Out Trigger Date, with respect to:
* the claims of duly employed professionals of the Debtor
during the Chapter 11 case and solely with respect to the Chief
Restructuring Officer of the Debtor, for unpaid fees and expenses;
and
* the claims of duly approved professionals of any statutory
committees appointed in the Chapter 11 case, for unpaid fees;
provided that said fees and expenses are ultimately allowed on a
final basis in amounts not exceeding the approved budget without
variance, and are not excluded from the Carve-Out;
b. for claims allowed on a final basis, which were incurred on or
after the Carve-Out Trigger Date, with respect to the claims of
Retained Professionals for unpaid fees and expenses; provided that
said fees and expenses are not excluded from the Carve-Out and do
not exceed $75,000 in the aggregate for all of the Retained
Professionals;
c. for unpaid fees payable to the United States Trustee and Clerk
of the Bankruptcy Court.
The budget provided for $494,667 (for the week ending June 13,
2021) and $805,333 (for week ending July 11, 2021) in professional
fees payable to the creditor committee, the Chief Restructuring
Officer, the claims agent, and the Debtor's counsel.
Intercreditor Agreement
Basin Holdings LLC, the parent entity, has agreed to subordinate
its liens in the Pre-petition Senior Collateral to the
Post-petition Liens, Adequate Protection Senior Liens, and the
Carve-Out, pursuant to the terms of the Intercreditor Agreement,
dated September 11, 2020, among the Parent, the Debtor, and the
Pre-petition Senior Agent on behalf of itself and the Pre-petition
Senior Lenders. The Parent has also agreed not to request adequate
protection in connection with the Debtor's entry into the
Post-petition Facility or its use of cash collateral.
Adequate Protection to Pre-petition Senior Secured
Parties
Until the indefeasible repayment in full in cash of the
Pre-petition Senior Obligations and the expiration of the Complaint
Filing Deadline (slated for July 6, 2021), or resolution of any
complaint or adversary proceeding, as adequate protection for the
Pre-petition Senior Agent's interest in the Pre-petition Senior
Collateral, the Pre-petition Senior Agent and Pre-petition Senior
Lenders are granted:
a. Replacement Liens. The Pre-petition Senior Lenders are
granted by the Debtor continuing valid, binding, enforceable and
perfected, liens and security interests in and on all of the
Post-petition Collateral, which replacement liens shall be
subordinate only to the Carve-Out, the Post-petition Liens, and the
Prior Liens;
b. Adequate Protection Senior Claim. The Pre-petition Senior
Agent and the Pre-petition Senior Lenders shall have an allowed
super-priority administrative expense claim against Debtor and its
estate, subordinate only to the Carve-Out, the Super-Priority
Claim;
c. Adequate Protection Payments. As further adequate protection:
* the proceeds of any Pre-petition Senior Collateral and any
Post-petition Collateral shall be applied to the Pre-petition
Senior Obligations until those obligations are paid in full;
* the Debtor shall make all payments of interest when due
under the Pre-petition Senior Credit Agreement; and
* the Debtor shall, on the closing date and on a monthly basis
thereafter, pay or reimburse the Pre-petition Senior Agent and
Pre-petition Senior Lenders for all accruing, accrued and past-due,
fees, costs, expenses and charges payable under the Pre-petition
Senior Loan Documents, including the reasonable attorney's fees and
other fees and expenses of the Pre-petition Senior Agent and
Pre-petition Senior Lenders.
Judge Shannon further ruled that:
-- all landlord agreements to which either the Pre-petition
Agent is a party shall be deemed amended to include the
Post-petition Agent as a beneficiary thereunder;
-- the Post-petition Agent, Post-petition Lenders, Pre-petition
Senior Agent and Pre-petition Senior Lenders reserve the right to
credit bid, through the closing of the proposed sale or other asset
disposition, all or any portion of the Post-petition Obligations
and Pre-petition Senior Obligations under Section 363(k) of the
Bankruptcy Code or any other applicable law in connection with any
proposed sale of Pre-petition Senior Collateral or Post-petition
Collateral (other than the sale of Inventory in the ordinary course
of the Debtor's business), or to object to such proposed sale or
other asset disposition.
-- the Specified Cash Sweep and the Pre-petition Senior Agent's
and Pre-petition Senior Lenders' application of the proceeds
thereof to the Pre-petition Senior Obligations, is approved,
subject to the rights of the Creditors' Committee and other
parties-in-interest.
Due to the late-night timing of the bankruptcy filing, the
automatic sweep of the Debtor's collection account would not be
suspended until the next business day so that proceeds of the
Pre-petition Senior Collateral $169,552 were swept from the
Debtor's collection account on the morning of April 21, 2021 and
applied to the Pre-petition Senior Obligations. The Debtor filed
its bankruptcy petition on April 20, 2021.
A copy of the final DIP order, along with the budget, is available
for free at https://bit.ly/3v8d0XU from Stretto, claims agent.
About WB Supply
WB Supply LLC is a privately held pipe and supply company based in
Pampa, Texas. Founded in 1971, WB Supply has grown to more than a
dozen locations in multiple states, including Texas, Oklahoma and
New Mexico.
WB Supply sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Case No. 21-10729) on April 20, 2021. At the time
of the filing, the Debtor had between $10 million and $50 million
in both assets and liabilities.
Judge Brendan Linehan Shannon oversees the case.
The Debtor tapped Chipman Brown Cicero & Cole, LLP as its legal
counsel, Great American Global Partners, LLC as liquidation agent,
and EHI, LLC, a division of KBF CPAS LLP, as restructuring advisor.
EHI President Edward Hostmann serves as the Debtors chief
restructuring officer. Stretto is the claims and noticing agent
and administrative advisor.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors case on April 29, 2021. The
committee is represented by William A. Hazeltine, Esq.
WESTMORELAND: S.C. Won't Tackle Retired Miner's Health Benefits
---------------------------------------------------------------
Law360 reports that the U.S. Supreme Court won't disturb a Fifth
Circuit ruling that allowed Westmoreland Coal Co. to stop paying
for retired miners' health benefits, declining Monday, May 24,
2021, a petition by the miners' benefit plans to review the
bankrupt coal company's win in the case.
The high court's decision not to intervene leaves intact an August
2020 ruling that a 1988 amendment to the U. S. Bankruptcy Code
overrides a 1992 federal law designed to protect retired miners'
benefits, allowing Westmoreland to use the bankruptcy process to
push responsibility for funding its retirees' health care onto the
federal government.
About Westmoreland Coal
Based in Englewood, Colorado, Westmoreland Coal Company
(otcmkts:WLBA) -- http://www.westmoreland.com/-- is an independent
coal company based in the United States. The Company produces and
sells thermal coal primarily to investment-grade utility customers
under long-term, cost-protected contracts. Its focus is primarily
on mine locations which allow it to employ dragline surface mining
methods and take advantage of close customer proximity through
mine-mouth power plants and strategically located rail
transportation. At Dec. 31, 2017, the Company's U.S. coal
operations were located in Montana, Wyoming, North Dakota, Texas,
New Mexico and Ohio, and its Canadian coal operations were located
in Alberta and Saskatchewan. The Company sold 49.7 million tons of
coal in 2017.
As of June 30, 2018, the Company had $1.45 billion in total assets,
$2.14 billion in total liabilities and a total deficit of $686.2
million.
Westmoreland Coal Company and 36 affiliates filed voluntary Chapter
11 petitions (Bankr. S.D. Tex. Case No. 18-35672) on Oct. 9, 2018.
The Debtors tapped Jackson Walker LLP and Kirkland & Ellis LLP and
Kirkland & Ellis International LLP as their legal counsel;
Centerview Partners LLC as financial advisor; Alvarez & Marsal
North America, LLC as restructuring advisor; PricewaterhouseCoopers
LLP as consultant; and Donlin, Recano & Company, Inc. as notice and
claims agent.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Oct. 19, 2018. The Committee tapped Morrison
& Foerster LLP and Cole Schotz P.C. as its legal counsel.
Judge David Jones of the Bankruptcy Court for the Southern District
of Texas on March 2, 2019, confirmed the Amended Joint Chapter 11
Plan. Pursuant to the Confirmation Order, debtor Westmoreland
Mining LLC was renamed to Old Westmoreland Mining LLC effective as
of March 8, 2019.
WORK CAT: Seeks Court Permission to Use Cash Collateral
-------------------------------------------------------
Work Cat Florida LLC sought the Bankruptcy Court's permission the
use cash collateral and provide adequate protection to Creditors
Vetting, LLC and NowAccount Network Corporation for their interest
in the cash collateral. These creditors may assert a lien based on
certain UCC-1 Financial Statements.
The cash collateral is comprised of $15,531 in funds on deposit in
the bank and accounts receivable at approximately $24,750, as of
the Petition Date. The Debtor will use the cash collateral to make
payroll, pay utilities, pay suppliers and vendors, and pay other
ordinary course expenses to maintain its business. The Debtor's
one-month budget for the period ending June 19, 2021 provided for
$910,119 in total collections and $843,289 in total outflow.
As adequate protection for the use of cash collateral, the Debtor
proposes to grant the Creditors a replacement lien on the Debtor's
post-petition cash collateral with the same extent, priority, and
validity as their pre-petition liens.
A copy of the motion, along with the budget, is available for free
at https://bit.ly/2QBe1IU from PacerMonitor.com.
About Work Cat Florida LLC
Work Cat Florida LLC, f/k/a Work Cat Trans Gulf, LLC, has been in
business since August 2020 as a short sea shipping operation that
provides trans-Gulf of Mexico container and roll on/roll off
freight transportation services utilizing its own proprietary
vessel design known as the "Work Cat." Specifically, the Work Cat
is a modern 400 foot catamaran capable of transporting 300
truckload equivalent shipments between the ports of Tampa, Florida
and Brownsville, Texas.
The Debtor filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
21-02588) on May 18, 2021, listing $696,377 in total assets and
$6,940,094 in total liabilities. The petition was signed by Chris
Raley, CEO.
GENOVESE JOBLOVE & BATTISTA, P.A., is the Debtor's counsel.
XENIA HOTELS: S&P Rates New $400MM Senior Secured Notes 'B'
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level and '2' recovery
ratings to Xenia Hotels & Resorts Inc.'s proposed $400 million
senior secured notes due 2029, to be issued by subsidiary XHR LP.
S&P said, "We also lowered our issue-level rating on XHR LP's
existing senior secured debt to 'B' from 'B+' and revised its
recovery rating to '2' from '1', in line with the proposed debt
rating. The '2' recovery rating indicates our expectation for
substantial (70%-90%; rounded estimate: 75%) recovery for senior
secured lenders in the event of a default." The company will use
proceeds from the proposed notes to fully repay outstanding
revolver balances, repay $150 million of the term loan due 2023,
add cash to the balance sheet, and cover transaction fees and
expenses.
S&P said, "Despite the proposed transaction being approximately
leverage neutral, we lowered our issue-level rating on the existing
senior secured debt because our recovery analysis makes a standard
assumption that 85% of the revolver would be drawn at the time of
hypothetical default. This standard assumption leads to more
assumed senior secured debt under our hypothetical default scenario
as a result of the proposed notes issuance and lowers recovery
prospects for senior secured lenders.
"Our 'B-' issuer credit rating and negative outlook on Xenia are
unchanged because we expect the company to have very high leverage
through 2022 even under our lodging recovery assumptions (see base
case below). However, we believe Xenia's liquidity and business
strengths warrant looking to 2022 for the company to restore credit
measures to align with the current 'B-' issuer credit rating,
particularly if the pace of COVID-19 vaccinations and the current
travel recovery continue. We estimate Xenia's current monthly total
cash usage is about $13 million, consisting of about $10 million in
cash usage from operations based on year-end 2020 results and about
$3 million of capital expenditures. We estimate Xenia would have
about $957 million of pro forma liquidity after accounting for the
proposed issuance, debt repayment, and anticipated reduction of
revolver commitments in February 2022. As a result, the liquidity
runway is more than 73 months and could plausibly enable Xenia to
sustain operations until travel and hotel demand gain further
momentum."
S&P believes looking to 2022 for Xenia to restore credit measures
is further supported by:
-- S&P's expectation that the company's adjusted net debt to
EBITDA could improve to the 6.5x-8x range in 2022;
-- S&P's belief that Xenia's portfolio of hotels will eventually
recover along with leisure, business transient, and group demand
because of its exposure to Sunbelt states and the geographic
diversity of the EBITDA base, based on 2019 results;
-- The company's high-quality, geographically diverse asset base,
which enables it to command premium pricing in stable economic
conditions;
-- The bulk of debt maturities pro forma for the proposed issuance
will be extended to 2024 and later; and
-- The company's unencumbered asset base that provides the
flexibility to monetize individual hotels to reduce debt if needed,
even if the timing may be disadvantageous in a recession scenario.
S&P updated its base-case forecast to incorporate the following
assumptions:
-- In the U.S., the economy, midscale, and extended-stay hotel
segments have outperformed the industry, and the upper-upscale and
luxury full-service segments have underperformed the industry since
the pandemic began. This divergence has remained in recent months
and could persist until there is widespread immunization to
COVID-19 that improves consumers' confidence about traveling. S&P
assumes this divergence will continue into at least the third
quarter of 2021.
-- Leisure travel continues to lead hotel demand through 2021,
with business transient and group business starting to recover once
widespread immunization occurs by mid-2021. Later in 2021 and in
2022, the business and group travel recovery leads to higher
revenue per available room (RevPAR) room nights (even with average
daily rates still below 2019 levels) and causes U.S. industry
RevPAR in 2022 to grow at a faster rate than it did in 2021.
-- EBITDA generated by a hotel owner will be more sensitive than
that generated by a manager and franchisor to changes in RevPAR.
-- Xenia manages its cost base in a manner that achieves breakeven
at lower occupancy rates than previously estimated because guests
may demand lower service levels, particularly food and beverage or
any high-touch-point service, for a prolonged period. Xenia
recently generated positive hotel-level EBITDA in the first quarter
of 2021 with 35% occupancy, whereas Xenia previously indicated 40%
occupancy would be necessary to break even at the hotel level.
-- U.S. industry RevPAR could increase 20%-30% in 2021 from 2020
but remain 30%-40% below 2019 levels. S&P assumes Xenia's RevPAR
will increase by more than the high end of its industry range in
2021 from very depressed levels in 2020, but remain about 40%-45%
below 2019 levels.
-- U.S. RevPAR could increase 30%-40% in 2022 from 2021 but remain
10%-20% below 2019 levels. S&P assumes Xenia's RevPAR will increase
by the high end of its industry range in 2022, but remain around
20%-25% below 2019 levels.
-- Given Xenia's exposure to owned hotels and significant
operating leverage in the business model, adjusted EBITDA could be
weak in 2021, and improve substantially in 2022 but still be
40%-50% below 2019 levels.
-- No dividends or share repurchases through 2022.
-- No acquisitions or asset sales in 2021 or 2022.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Adjusted net debt to EBITDA of 10x-15x in 2021, improving to
6.5x-8x in 2022.
-- Very low EBITDA coverage of interest expense of about 1x in
2021, improving to about 2x in 2022.
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
-- S&P assigned its 'B' issue-level and '2' recovery ratings to
the proposed senior secured notes due in 2029. S&P also lowered its
issue-level rating on XHR LP's existing senior secured debt to 'B'
from 'B+' and revised the recovery rating to '2' from '1'.
-- S&P's recovery analysis assumes the proposed issuance raises
$400 million of senior secured notes due 2029.
-- S&P's waterfall also incorporates the $450 million revolver
(unrated; incorporates $73 million reduction in revolver
commitments by February 2022), $125 million term loan due 2024
(unrated), and $500 million senior secured notes due 2025.
-- The '2' recovery rating indicates S&P's expectation of
substantial (70%-90%; rounded estimate: 75%) recovery for lenders
in the event of a default.
-- The proposed notes are pari passu with the existing credit
facilities, $125 million term loan, and $500 million senior secured
notes. Collectively, they have guarantees and are secured by a
first-priority lien on the equity interests of 18 property-owning
subsidiaries, and have guarantees without equity pledges from 11
other unencumbered properties. In addition, S&P assumes the pro
rata share of residual value (if there is any) from six encumbered
hotels would benefit lenders of the notes, credit facilities, and
the term loan in the event of a default.
-- The covenant waiver period will be extended through the quarter
ending March 2022, with the first quarter for delivery of a
compliance certificate being June 2022. Collateral securing the
notes and credit facilities would be released subsequent to the
covenant waiver period if Xenia is able to comply with certain
covenant thresholds as defined in the amended credit agreements for
two consecutive quarters. Together and pari passu with the existing
revolver and term lenders, the senior secured notes benefit from
guarantees from subsidiaries that own 29 properties, of which 18
properties also provide security through first-priority liens on
their equity interests (the 11 others provide guarantees without
equity pledges). In addition, the senior secured debt benefit from
the residual value, if any, from six encumbered properties. If the
collateral is released, we would reassess the revolver, term loans,
and proposed notes as unsecured debt.
-- The company is required to maintain a minimum liquidity
covenant of varying amounts that step down through June 2022. Under
this covenant, liquidity consists of unrestricted cash and the
availability under its revolver.
-- Subsequent to the covenant waiver period through the quarter
ending March 2022, the covenants would contain permitted variations
until the quarter ending June 2023, after which they will revert
back to the terms and conditions of the existing credit
agreements.
Simulated default scenario
-- S&P's simulated default scenario contemplates a payment default
in 2023 and assumes a severe economic downturn that reduces hotel
demand, increased competition, external shocks that discourage
travel, cyclical overbuilding in the hotel industry, and an 85%
drawn revolving credit facility at default.
-- S&P assumes Xenia would reorganize as a stand-alone going
concern, or its assets could be sold in parts or in whole. S&P
uses an income capitalization valuation approach to estimate the
recovery value of the company's assets.
-- S&P applies 35% stress to net operating income (NOI) and use a
9.63% capitalization rate to arrive at the gross recovery value.
-- S&P believes there would be substantial (70%-90%, rounded
estimate: 75%) recovery prospects for the credit facilities,
delayed-draw term loan, and notes, all of which we understand to be
pari passu. The '2' recovery rating reflects that even with 35%
stress on NOI, there would be substantial recovery value for
lenders. Most of the value comes from the unencumbered pool of
assets consisting of the 18 properties with their respective direct
parent's equity pledged to the lenders as collateral, 11 other
properties providing guarantees with no equity pledges, and some
residual value from six encumbered properties after their
respective nonrecourse mortgage debt obligations are satisfied. In
addition, S&P believes the subsidiary guarantees, maintenance
financial covenants, and the negative pledge on assets provide
lenders with protections from loss of asset coverage.
Simplified waterfall
-- Net enterprise value available to lenders after 5% bankruptcy
administrative costs and 5% property-level sales and marketing
expenses: $1.145 billion
-- Total secured debt (senior secured notes, credit facilities,
and term loan): $1.45 billion
--Recovery expectations: 70%-90% (rounded estimate: 75%)
All debt amounts include six months of prepetition interest.
[*] Adam Chonich Joins Portage Point Partners as Managing Director
------------------------------------------------------------------
Portage Point Partners, LLC, a business advisory and interim
management firm that partners with stakeholders during periods of
transition, underperformance and distress, disclosed that Adam
Chonich has joined the firm as a Managing Director.
Mr. Chonich has well over a decade of turnaround and restructuring
experience having advised companies across industries including
automotive, retail, aviation and aerospace, distribution and
logistics, energy and utilities, and travel and leisure. "Adam's
expertise bridges the chasm between core restructuring advisor and
operational improvement tactician that our clients value," said
Matthew Ray, Founder & Managing Partner of Portage Point. "His
experience across industries, geographies and business models has
allowed Adam to identify innovative value maximizing solutions in
both healthy and distressed companies."
Mr. Chonich joins Portage Point after previously holding senior
roles in EY's Restructuring & Turnaround group and BRG. Adam
received both his undergraduate and graduate degrees from Michigan
State University and is a Certified Insolvency & Restructuring
Advisor (CIRA).
"Joining Portage Point affords me the opportunity to execute
alongside the highest level performance improvement and
restructuring talent. We are focused on providing underperforming
and distressed companies the advisory services needed to achieve
profitable recovery or successfully explore and execute strategic
alternatives that maximize value," Mr. Chonich said. "I look
forward to helping the firm further entrench itself as a world
class restructuring practice while supporting continued growth in
the performance improvement and private equity services practice
lines."
About Portage Point Partners
Portage Point -- http://portagepointpartners.com-- is a business
advisory and interim management firm that partners with companies
and their stakeholders navigating complexity, transition, and
underperformance. The firm is comprised of an operationally
oriented team encompassing a broad range of expertise built to
maximize value and align stakeholder interests while guiding
businesses through the most urgent and complex challenges ranging
from performance improvement to accelerated transformation to
complex financial restructuring.
Since its founding in 2016, industry-leading organizations have
honored Portage Point with numerous transaction and individual
awards.
[*] April 2021 New Bankruptcy Filings Continue Steady Increase
--------------------------------------------------------------
Epiq, a global technology-enabled services leader to the legal
services industry and corporations, released its April 2021
bankruptcy filing statistics from its AACER bankruptcy information
services business. Total April new filings exceeded the forty
thousand threshold for the second straight month with 40,886 across
all chapters. The new filings were driven by 38,813 new
non-commercial or individual filings, down from March's 41,156, but
up 16% over the average in the prior 7-month period.
"Bankruptcy filings in April extended the spike we saw in March,"
said Chris Kruse, senior vice president of Epiq AACER. "This is an
additional indicator that new non-commercial bankruptcy filings may
be returning to pre-pandemic levels. We have seen some seasonality
over past years in Q2 filings, but we are in unchartered territory
with the pandemic and therefore remain cautious."
There were 147,868 total new bankruptcy filings across all chapters
for the first four months of 2021, down from 215,704 for the same
period in 2020. The two largest categories in April were in
non-commercial filings, with 29,777 new Chapter 7 cases and 8,957
new Chapter 13 cases. Commercial Chapter 11 filings were down 26%
over March with 287 new filings in April.
Commercial filings across all chapters were down 10% over March's
2,293, with a total of 2,073 new filings. "The continued decline in
commercial filings demonstrates the ability for companies to access
needed capital as an alternative to seeking bankruptcy," said
Deirdre O'Connor, senior managing director of corporate
restructuring at Epiq.
About Epiq AACER
Epiq AACER is your partner for bankruptcy information and
compliance. Its AACER bankruptcy information services platform is
built with superior data, technology, and expertise to create
insight and mitigate risk for businesses impacted by bankruptcies.
The firm offers free bankruptcy statistics and monthly email
updates for both commercial and non-commercial consumer bankruptcy
filings for Chapter 7, Chapter 11, and Chapter 13 cases.
About Epiq
Epiq, a global technology-enabled services leader to the legal
services industry and corporations, takes on large-scale,
increasingly complex tasks for corporate counsel, law firms, and
business professionals with efficiency, clarity, and confidence.
Clients rely on Epiq to streamline the administration of business
operations, class action and mass tort, court reporting,
eDiscovery, regulatory, compliance, restructuring, and bankruptcy
matters. Epiq subject-matter experts and technologies create
efficiency through expertise and deliver confidence to
high-performing clients around the world. Learn more at
https://www.epiqglobal.com.
[*] Bankruptcy Filings Remain Steady in Q1 2021, Report Shows
-------------------------------------------------------------
For the first time in a year, Chapter 11 and real estate bankruptcy
filings remained steady in the first quarter of 2021, buoyed by
COVID-19-related federal aid packages, eviction moratoriums and the
vaccine rollout, as seen in the newest Polsinelli-TrBK Distress
Indices Report.
In real estate, filings dropped by only five points, a side effect
of the many federal aid and nationwide orders regarding rent
freezes/forgiveness, eviction moratoriums and landlord/tenant
relations. The report, released today by Am Law 100 firm
Polsinelli, also highlights economic distress in the health care
industry. In the first quarter, health care distress remained high
due to past filings, but the overall number of filings has been
very low the last few quarters.
"The number of bankruptcy filings in the health care industry is
now lower than we've seen in years," said Polsinelli Shareholder
Jeremy Johnson, a bankruptcy and restructuring attorney and
co-author of the report. "I expect a precipitous drop in the
distressed health care index over the next few quarters unless
there is very significant activity this quarter."
The Polsinelli-TrBK Distress Indices are the backbone of a
quarterly research report series that uses Chapter 11 filing data
-- bankruptcies with more than $1 million in assets -- as a proxy
for measuring financial distress in the overall U.S. economy and
breakdowns of distress specifically in the real estate and health
care services sectors. It is the only current measurement that
tracks both Main Street and Wall Street statistics.
Other significant updates in the report include:
The Chapter 11 Distress Research Index was 83.60 for the first
quarter of 2021. The Chapter 11 Index decreased three points since
the last quarter. Compared with the same period one year ago, the
Index has increased more than 29 points and compared with the
benchmark period of the fourth quarter of 2010, it is down just
over 16 points. This is the second highest the Chapter 11 Index has
registered since the first quarter of 2011.
The Real Estate Distress Research Index was 23.47 for the first
quarter of 2021. The Real Estate Index has decreased nearly five
points since the last quarter. Compared with the same period one
year ago, the Index decreased seven points and compared with the
benchmark period of the fourth quarter of 2010, it is down just
over 76%. This is the first decrease after several stable
quarters.
The Health Care Services Distress Research Index was 396.67 for the
first quarter of 2021. The Health Care Index was down 20 points
since the last quarter. Compared with the same period one year ago,
the Index has increased more than 163 points and compared with the
benchmark period of the fourth quarter of 2010, it is up 296
points. The index has exceeded the benchmark every quarter since
the third quarter of 2015, often by significant margins, and has
continued to track significantly higher than the other indices.
The Polsinelli-TrBK Distress Indices track the increase or decrease
in all Chapter 11 filings with more than $1 million in assets since
the fourth quarter of 2010. Unlike the public markets, the
Polsinelli-TrBK Distress Indices include both public and private
companies, creating a broader economic view and one that may show
developing trends on Main Street before they appear on Wall
Street.
To access the full report, graphs and all past analyses, visit
www.distressindex.com.
About Polsinelli
Polsinelli is an Am Law 100 firm with 900 attorneys in 21 offices
nationwide. Recognized by legal research firm BTI Consulting as one
of the top firms for excellent client service and client
relationships, the firm's attorneys provide value through practical
legal counsel infused with business insight, and focus on health
care, financial services, real estate, intellectual property,
middle-market corporate, labor and employment and business
litigation. Polsinelli PC, Polsinelli LLP in California.
[*] Greenberg Traurig's David Guess Elected LA Bankruptcy Forum VP
------------------------------------------------------------------
David M. Guess, a shareholder in global law firm Greenberg Traurig,
LLP's Restructuring & Bankruptcy Practice, has been elected vice
president of the Los Angeles Bankruptcy Forum for the 2021-2022
term. He was the program chair for the 2020-2021 term and has
served in various board positions within the organization since
2015.
The Los Angeles Bankruptcy Forum is an educational and networking
resource for bankruptcy and insolvency professionals serving the
Central District of California. The forum's objectives are to
provide educational programs; provide a forum for collaborative
development of bankruptcy practices regarding law, proposed
legislation, rules, and regulations; and to promote high standards
and practices in the field overall.
"I'm honored to be elected the new forum vice president," Guess
said. "Our mission of collaboration and education in the service of
excellence in bankruptcy law is very important to me and I look
forward to furthering these efforts."
Guess, who is based in Greenberg Traurig's Orange County office,
focuses his practice on business bankruptcy cases and out-of-court
workouts. He represents debtors, secured and unsecured creditors,
asset purchasers, trustees, fraudulent transfer defendants,
landlords, and others. Guess has particular experience in retail,
restaurant, hospital, skilled nursing facility, and real estate
related bankruptcies, bankruptcy appeals, and fraudulent transfer
litigation.
About Greenberg Traurig
Greenberg Traurig, LLP (GT) -- http://www.gtlaw.com/-- has
approximately 2200 attorneys 40 locations in the United States,
Latin America, Europe, Asia, and the Middle East. GT has been
recognized for its philanthropic giving, diversity, and innovation,
and is consistently among the largest firms in the U.S. on the
Law360 400 and among the Top 20 on the Am Law Global 100. The firm
is net carbon neutral with respect to its office energy usage and
Mansfield Rule 3.0 Certified.
[*] Houbeck & Associates Introduces Bankruptcy Case Legal Services
------------------------------------------------------------------
Thanks to Houbeck & Associates, individuals and businesses in San
Diego can now get access to excellent consultation for bankruptcy
cases. The firm specializes in bankruptcy cases and provides expert
services in chapters 7, 13, and 11 proceedings. The firm represents
both debtors and creditors in bankruptcy, offering expertise in
insolvency cases from both sides.
Mr. Steven Houbeck, an attorney with 25+ years of experience and
unsurpassed qualification in bankruptcy cases, he is one of the
best attorneys one can find in the San Diego area. Mr. Steven has a
specialized degree in Bankruptcy Litigation from National Institute
for Trial Advocacy.
At Houbeck & Associates, Mr. Steven focuses on being "as efficient
and cost-effective as possible so that each person can have as
positive an experience as possible. The goal is to fight in favour
for the party that he is representing so that there is fairness in
the eyes of the law as well as what is right in a moral sense for
each situation".
Mr. Steven deals in chapter 7, 11 and 13 bankruptcy cases, he also
takes up adversary proceedings, real estate, debt relief and
reorganization, and foreclosure disputes. His clients range from
individuals, small businesses, private firms to companies.
Mr. Steven is an attorney who likes to work with a sense of
responsibility towards society and so he makes sure he is
cost-effective for his clients and secondly, his goal is to 'to
fight in favor for the party that he is representing so that there
is fairness in the eyes of the law as well as what is right in a
moral sense'.
The answer to why should a party involved in a bankruptcy or
financial litigation case choose Mr. Steven Houbeck is that 'he has
earned the Martindale-Hubbell’s AV rating which is the absolute
highest rating available to offer attorneys, and it speaks to their
professional knowledge as well as the superior standards for
practicing law.'
For more information on Houbeck & Associates, visit their website:
https://houbecklaw.com/
[*] Timothy Hoffmann Joins King & Spalding's Chicago Office
-----------------------------------------------------------
King & Spalding on May 20, 2021, disclosed that Timothy Hoffmann
has joined the firm as a partner in the Chicago office. Hoffmann's
practice focuses on bankruptcy and insolvency-related matters. He
joins the firm from Jones Day, where he represented lenders,
strategic investors, debtors and various other parties in
financially-distressed situations, including both in-court and
out-of-court restructurings.
"In addition to his extensive work with lenders, Tim has an
impressive resume representing companies in financial distress,"
said Todd Holleman, head of King & Spalding's Corporate, Finance
and Investment practice. "His addition adds significant depth and
power to our transactions practice in Chicago, as well as our
Financial Restructuring team nationally."
Mr. Hoffmann received his undergraduate degree from Miami
University and his JD from the University of Dayton, cum laude,
where he was the articles editor for the Law Review. From 2003 to
2006, he clerked for the Honorable Burton Perlman of the U.S.
Bankruptcy Court for the Southern District of Ohio. Global
Restructuring Review named him to its 40 Under 40 list.
"Tim is well known in the Chicago market, and his entrepreneurial
attitude is a perfect match for our office," said Zach Fardon,
managing partner of King & Spalding's Chicago office. "Success
requires not only excellent legal skills, but also a credible
portfolio of prior deals, relationships with lenders, noteholders,
investors and advisors, as well as a collegial spirit. Tim checks
all these boxes."
"I've been impressed by King & Spalding's ability to grow its bench
and brand with significant talent since its opening in Chicago,"
Mr. Hoffmann said. "I'm excited to hit the ground running with this
highly-motivated team."
King & Spalding's Chicago office opened in 2017 and has expanded to
more than 35 lawyers, advising clients on government investigations
and regulatory advice, white-collar defense, complex commercial
litigation, and a wide range of corporate, finance and
restructuring transactions. It recently relocated to the new Bank
of America Tower in the heart of the Chicago Loop. Earlier this
month, James McMullin joined the Chicago office as counsel.
McMullin joined the firm from Wells Fargo & Company and advises
public and private companies on corporate transactions and
securities law matters.
About King & Spalding
Celebrating more than 130 years of service, King & Spalding --
http://www.kslaw.com-- is an international law firm that
represents a broad array of clients, including half of the Fortune
Global 100, with over 1,200 lawyers in 22 offices in the United
States, Europe, the Middle East and Asia. The firm has handled
matters in over 160 countries on six continents and is consistently
recognized for the results it obtains, uncompromising commitment to
quality, and dedication to understanding the business and culture
of its clients.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ACCELERATE DIAGN 1A8 GR 92.7 (66.4) 74.4
ACCELERATE DIAGN AXDX US 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
AEMETIS INC DW51 GR 143.7 (138.4) (42.2)
AEMETIS INC AMTX US 143.7 (138.4) (42.2)
AEMETIS INC AMTXGEUR EU 143.7 (138.4) (42.2)
AEMETIS INC DW51 GZ 143.7 (138.4) (42.2)
AEMETIS INC DW51 TH 143.7 (138.4) (42.2)
AERIE PHARMACEUT AERIEUR EU 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 GR 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 GZ 362.7 (10.4) 200.2
AERIE PHARMACEUT AERI US 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 QT 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 TH 362.7 (10.4) 200.2
AGENUS INC AJ81 GZ 234.9 (175.4) (2.7)
AGENUS INC AJ81 GR 234.9 (175.4) (2.7)
AGENUS INC AGEN US 234.9 (175.4) (2.7)
AGENUS INC AJ81 QT 234.9 (175.4) (2.7)
AGENUS INC AJ81 TH 234.9 (175.4) (2.7)
AGENUS INC AGENEUR EU 234.9 (175.4) (2.7)
AGILITI INC AGTI US 2,195.8 466.1 42.5
AGRIFY CORP AGFY US 161.5 146.1 144.0
ALPHA CAPITAL -A ASPC US 0.2 (0.0) (0.2)
ALPHA CAPITAL AC ASPCU US 0.2 (0.0) (0.2)
ALTICE USA INC-A ATUS* MM 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 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 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)
AMC ENTERTAINMEN AMC US 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AH9 GR 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 AMC4EUR EU 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 A1G QT 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL US 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 A1G TH 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 AAL11EUR EU 68,649.0 (7,945.0) 756.0
AMERISOURCEB-BDR A1MB34 BZ 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG QT 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG TH 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG GR 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABC US 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABC2EUR EU 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG GZ 47,003.3 (102.8) 2,472.7
AMYRIS INC 3A01 GR 326.6 (310.1) 105.1
AMYRIS INC 3A01 TH 326.6 (310.1) 105.1
AMYRIS INC 3A01 SW 326.6 (310.1) 105.1
AMYRIS INC 3A01 QT 326.6 (310.1) 105.1
AMYRIS INC AMRSEUR EU 326.6 (310.1) 105.1
AMYRIS INC 3A01 GZ 326.6 (310.1) 105.1
AMYRIS INC AMRS US 326.6 (310.1) 105.1
APPLOVIN CO-CL A APP US 2,621.4 (129.7) 698.2
APPLOVIN CO-CL A 6RV GR 2,621.4 (129.7) 698.2
APPLOVIN CO-CL A APP2EUR EU 2,621.4 (129.7) 698.2
APPLOVIN CO-CL A 6RV GZ 2,621.4 (129.7) 698.2
APPLOVIN CO-CL A 6RV QT 2,621.4 (129.7) 698.2
APPLOVIN CO-CL A 6RV TH 2,621.4 (129.7) 698.2
APRIA INC APR US 684.4 (19.0) 32.2
ARCHIMEDES TECH ATSPU US - - -
ARCHIMEDES- SUB ATSPT US - - -
ARRAY TECHNOLOGI ARRY US 583.3 (70.1) 53.2
ARYA SCIENCES-A ARYD US 0.0 (0.0) (0.1)
ASANA INC- CL A ASAN US 731.1 (12.8) 282.3
ASHFORD HOSPITAL AHT US 3,816.8 (317.2) -
ATLAS TECHNICAL ATCX US 362.3 (154.4) 113.0
AUSTERLITZ ACQ-A AUS US 691.6 618.5 0.8
AUSTERLITZ ACQUI AUS/U US 691.6 618.5 0.8
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 AZOEUR EU 14,160.0 (1,523.6) (477.4)
AUTOZONE INC AZ5 QT 14,160.0 (1,523.6) (477.4)
AUTOZONE INC AZ5 GZ 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-BDR AZOI34 BZ 14,160.0 (1,523.6) (477.4)
AVID TECHNOLOGY AVID US 263.0 (134.6) (1.7)
AVID TECHNOLOGY AVD GR 263.0 (134.6) (1.7)
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 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 CAR* MM 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA GZ 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA GR 18,609.0 (316.0) (322.0)
BABCOCK & WILCOX BW US 582.4 (195.4) 123.7
BABCOCK & WILCOX BWEUR EU 582.4 (195.4) 123.7
BABCOCK & WILCOX UBW1 GR 582.4 (195.4) 123.7
BANXA HOLDINGS I BNXA CN 0.1 (0.1) (0.1)
BANXA HOLDINGS I BNXAF US 0.1 (0.1) (0.1)
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 BHCN MM 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO VRX SW 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF GZ 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO VRX1EUR EU 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF QT 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF TH 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF GR 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 BRBR1EUR EU 639.3 (133.8) 108.7
BELLRING BRAND-A BR6 GZ 639.3 (133.8) 108.7
BIOCRYST PHARM BO1 GR 284.4 (75.0) 172.6
BIOCRYST PHARM BCRX US 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 SW 284.4 (75.0) 172.6
BIOCRYST PHARM BCRX* MM 284.4 (75.0) 172.6
BIOCRYST PHARM BCRXEUR EU 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 QT 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 TH 284.4 (75.0) 172.6
BIOHAVEN PHARMAC BHVNEUR EU 1,003.2 (218.2) 504.9
BIOHAVEN PHARMAC 2VN GR 1,003.2 (218.2) 504.9
BIOHAVEN PHARMAC 2VN TH 1,003.2 (218.2) 504.9
BIOHAVEN PHARMAC BHVN US 1,003.2 (218.2) 504.9
BIONOVATE TECHNO BIIO US - (0.5) (0.5)
BLUE BIRD CORP BLBD US 326.0 (52.6) (11.5)
BLUE BIRD CORP 4RB GR 326.0 (52.6) (11.5)
BLUE BIRD CORP 4RB GZ 326.0 (52.6) (11.5)
BLUE BIRD CORP BLBDEUR EU 326.0 (52.6) (11.5)
BLUE BIRD CORP 4RB TH 326.0 (52.6) (11.5)
BLUE BIRD CORP 4RB QT 326.0 (52.6) (11.5)
BOEING CO-BDR BOEI34 BZ 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-CED BA AR 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 BCO TH 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 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 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 BCO QT 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 BACL CI 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 BCO GR 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
BRIDGEBIO PHARMA 2CL GZ 1,093.3 (388.1) 850.4
BRIDGEBIO PHARMA BBIOEUR EU 1,093.3 (388.1) 850.4
BRIDGEBIO PHARMA 2CL TH 1,093.3 (388.1) 850.4
BRIDGEBIO PHARMA BBIO US 1,093.3 (388.1) 850.4
BRIDGEBIO PHARMA 2CL GR 1,093.3 (388.1) 850.4
BRIDGEMARQ REAL BRE CN 88.3 (54.2) 10.0
BRINKER INTL BKJ GR 2,309.0 (390.6) (325.4)
BRINKER INTL EAT US 2,309.0 (390.6) (325.4)
BRINKER INTL BKJ TH 2,309.0 (390.6) (325.4)
BRINKER INTL BKJ QT 2,309.0 (390.6) (325.4)
BRINKER INTL EAT2EUR EU 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)
BROOKLYN IMMUNOT BTX US 20.7 (4.4) 4.8
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 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 TH 4,885.9 (474.9) 669.8
CADIZ INC CDZI US 89.5 (13.1) 17.2
CADIZ INC 2ZC GR 89.5 (13.1) 17.2
CADIZ INC CDZIEUR EU 89.5 (13.1) 17.2
CALUMET SPECIALT CLMT US 1,868.0 (273.5) (229.1)
CAP SENIOR LIVIN CSU2EUR EU 686.9 (240.3) (285.5)
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 483.7 (284.8) 67.2
CENTRUS ENERGY-A LEUEUR EU 483.7 (284.8) 67.2
CENTRUS ENERGY-A LEU US 483.7 (284.8) 67.2
CENTRUS ENERGY-A 4CU TH 483.7 (284.8) 67.2
CEREVEL THERAPEU CERE US 408.1 340.0 315.7
CHARGEPOINT HOLD CHPT US 290.1 (0.8) 108.5
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)
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 CX0 GR 2,246.7 (65.3) (269.2)
CINEPLEX INC CPXGF US 2,246.7 (65.3) (269.2)
CINEPLEX INC CGX CN 2,246.7 (65.3) (269.2)
CINEPLEX INC CX0 TH 2,246.7 (65.3) (269.2)
CINEPLEX INC CGXEUR EU 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 CLVSEUR EU 548.8 (221.0) 79.3
CLOVIS ONCOLOGY C6O QT 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 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)
COGENT COMMUNICA CCOI US 853.0 (307.6) (106.4)
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
COMMUNITY HEALTH CYH US 15,592.0 (1,114.0) 1,394.0
CPI CARD GROUP I PMTS US 246.3 (135.6) 87.5
CPI CARD GROUP I PMTS CN 246.3 (135.6) 87.5
CUSTOM TRUCK ONE CTOS US 750.2 (68.7) 39.3
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 DE8 TH 422.9 (102.1) (22.1)
DENNY'S CORP DE8 GR 422.9 (102.1) (22.1)
DENNY'S CORP DENNEUR EU 422.9 (102.1) (22.1)
DIALOGUE HEALTH CARE CN - - -
DIEBOLD NIXDORF DBD QT 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD GR 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD US 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD SW 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBDEUR EU 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD TH 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD GZ 3,515.6 (840.0) 164.0
DIGITAL MEDIA-A DMS US 220.0 (79.5) 18.7
DIGITAL TRANSFOR DTOCU US 0.0 (0.0) (0.0)
DIGITAL TRANSFOR DTOC US 0.0 (0.0) (0.0)
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 DIN US 1,856.3 (317.4) 50.6
DINE BRANDS GLOB IHP GZ 1,856.3 (317.4) 50.6
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
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 DPZ US 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA EZV TH 1,662.8 (3,236.1) 424.0
DOMO INC- CL B 1ON GR 216.4 (83.5) (20.7)
DOMO INC- CL B 1ON GZ 216.4 (83.5) (20.7)
DOMO INC- CL B DOMOEUR EU 216.4 (83.5) (20.7)
DOMO INC- CL B 1ON TH 216.4 (83.5) (20.7)
DOMO INC- CL B DOMO US 216.4 (83.5) (20.7)
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 1Q5 QT 3,307.3 (83.0) 959.1
DROPBOX INC-A DBXEUR EU 3,307.3 (83.0) 959.1
DROPBOX INC-A DBX AV 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 1,523.4 743.6 499.8
DYE & DURHAM LTD DYNDF US 1,523.4 743.6 499.8
ESPERION THERAPE 0ET GR 278.6 (269.4) 174.7
ESPERION THERAPE ESPR US 278.6 (269.4) 174.7
ESPERION THERAPE 0ET TH 278.6 (269.4) 174.7
ESPERION THERAPE ESPREUR EU 278.6 (269.4) 174.7
ESPERION THERAPE 0ET QT 278.6 (269.4) 174.7
ESPERION THERAPE 0ET GZ 278.6 (269.4) 174.7
EXTRACTION OIL & XOG US 2,025.2 (847.3) (369.4)
EXTRACTION OIL & EH40 GR 2,025.2 (847.3) (369.4)
EXTRACTION OIL & XOG1EUR EU 2,025.2 (847.3) (369.4)
FLEXION THERAPEU FLXN US 230.4 (38.9) 146.6
FLEXION THERAPEU F02 GR 230.4 (38.9) 146.6
FLEXION THERAPEU F02 TH 230.4 (38.9) 146.6
FLEXION THERAPEU FLXNEUR EU 230.4 (38.9) 146.6
FLEXION THERAPEU F02 QT 230.4 (38.9) 146.6
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
GALERA THERAPEUT GRTX US 70.5 (10.6) 48.4
GLOBAL CLEAN ENE GCEH US 234.4 (36.4) (13.8)
GLOBAL SYNERGY GSAQU US 0.6 (0.0) (0.5)
GLOBAL SYNERGY-A GSAQ US 0.6 (0.0) (0.5)
GODADDY INC-A GDDY US 7,259.3 (71.0) (503.3)
GODADDY INC-A 38D TH 7,259.3 (71.0) (503.3)
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 GZ 7,259.3 (71.0) (503.3)
GOGO INC G0G QT 687.7 (631.5) 420.4
GOGO INC G0G TH 687.7 (631.5) 420.4
GOGO INC G0G GR 687.7 (631.5) 420.4
GOGO INC GOGOEUR EU 687.7 (631.5) 420.4
GOGO INC G0G GZ 687.7 (631.5) 420.4
GOGO INC GOGO US 687.7 (631.5) 420.4
GOLDEN NUGGET ON GNOG US 281.6 (21.1) 131.6
GOLDEN NUGGET ON 5ZU GR 281.6 (21.1) 131.6
GOLDEN NUGGET ON LCA2EUR EU 281.6 (21.1) 131.6
GOLDEN NUGGET ON 5ZU TH 281.6 (21.1) 131.6
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 GUGGENHE-A GGPI US - (0.0) (0.0)
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 GTPAU US 0.0 (0.0) (0.0)
GORES TECHNOLOGY GTPBU US - (0.0) (0.0)
GRAFTECH INTERNA G6G GZ 1,378.1 (233.8) 380.2
GRAFTECH INTERNA EAF US 1,378.1 (233.8) 380.2
GRAFTECH INTERNA G6G TH 1,378.1 (233.8) 380.2
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 QT 1,378.1 (233.8) 380.2
GREEN PLAINS PAR GPP US 104.6 (11.5) (65.7)
GREENBROOK TMS GTMS CN 56.1 (2.1) (2.2)
GREENSKY INC-A GSKY US 1,354.4 (162.2) 637.2
GULFPORT ENERGY GPOR US 2,627.6 (287.7) (137.1)
H&R BLOCK - BDR H1RB34 BZ 3,168.4 (534.6) 529.2
H&R BLOCK INC HRB TH 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 QT 3,168.4 (534.6) 529.2
H&R BLOCK INC HRB GZ 3,168.4 (534.6) 529.2
H&R BLOCK INC HRB GR 3,168.4 (534.6) 529.2
H&R BLOCK INC HRB US 3,168.4 (534.6) 529.2
HERBALIFE NUTRIT HLF US 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
HERBALIFE NUTRIT HOO TH 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HLFUSD EU 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HOO GZ 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HOO GR 2,666.8 (1,362.3) 319.7
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)
HEWLETT-CEDEAR HPQ 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 HI91 QT 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 HLTW AV 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 GZ 15,974.0 (1,620.0) 992.0
HORIZON GLOBAL HZN1EUR EU 468.2 (24.3) 89.0
HORIZON GLOBAL HZN US 468.2 (24.3) 89.0
HORIZON GLOBAL 2H6 GR 468.2 (24.3) 89.0
HOVNANIAN ENT-A HO3A GR 1,850.7 (416.3) 870.0
HOVNANIAN ENT-A HOVEUR EU 1,850.7 (416.3) 870.0
HOVNANIAN ENT-A HOV US 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 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 7HP QT 34,737.0 (3,235.0) (7,442.0)
HP INC HPQ US 34,737.0 (3,235.0) (7,442.0)
HP INC HPQ* MM 34,737.0 (3,235.0) (7,442.0)
HP INC HPQ SW 34,737.0 (3,235.0) (7,442.0)
HP INC HPQ CI 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)
HYRECAR INC 8HY GR 28.8 19.7 19.8
HYRECAR INC HYRE US 28.8 19.7 19.8
HYRECAR INC 8HY TH 28.8 19.7 19.8
HYRECAR INC 8HY QT 28.8 19.7 19.8
HYRECAR INC 8HY GZ 28.8 19.7 19.8
IMMUNITYBIO INC NK1EUR EU 209.4 (185.3) 19.7
IMMUNITYBIO INC 26CA TH 209.4 (185.3) 19.7
IMMUNITYBIO INC IBRX US 209.4 (185.3) 19.7
IMMUNITYBIO INC 26CA GR 209.4 (185.3) 19.7
IMMUNITYBIO INC 26CA QT 209.4 (185.3) 19.7
INFRASTRUCTURE A IEA US 692.7 (96.0) 78.9
INFRASTRUCTURE A IEAEUR EU 692.7 (96.0) 78.9
INFRASTRUCTURE A 5YF GR 692.7 (96.0) 78.9
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 INSGEUR EU 251.4 (1.5) 77.7
INSEEGO CORP INO GR 251.4 (1.5) 77.7
INSPIRED ENTERTA INSE US 301.0 (112.4) 1.4
INSPIRED ENTERTA 4U8 GR 301.0 (112.4) 1.4
INSPIRED ENTERTA INSEEUR EU 301.0 (112.4) 1.4
INTERCEPT PHARMA I4P TH 520.1 (200.0) 341.3
INTERCEPT PHARMA ICPT* MM 520.1 (200.0) 341.3
INTERCEPT PHARMA ICPT US 520.1 (200.0) 341.3
INTERCEPT PHARMA I4P GR 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)
J. JILL INC JILL US 497.2 (96.9) (38.8)
JACK IN THE BOX JACK US 1,790.8 (780.6) (90.4)
JACK IN THE BOX JACK1EUR EU 1,790.8 (780.6) (90.4)
JACK IN THE BOX JBX GZ 1,790.8 (780.6) (90.4)
JACK IN THE BOX JBX QT 1,790.8 (780.6) (90.4)
JACK IN THE BOX JBX GR 1,790.8 (780.6) (90.4)
JOSEMARIA RESOUR JOSE SS 15.0 (18.6) (31.2)
JOSEMARIA RESOUR NGQSEK EU 15.0 (18.6) (31.2)
JOSEMARIA RESOUR JOSES EB 15.0 (18.6) (31.2)
JOSEMARIA RESOUR JOSES IX 15.0 (18.6) (31.2)
JOSEMARIA RESOUR JOSES I2 15.0 (18.6) (31.2)
KARYOPHARM THERA 25K GR 274.9 (39.6) 193.5
KARYOPHARM THERA KPTIEUR EU 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 KPTI US 274.9 (39.6) 193.5
KARYOPHARM THERA 25K TH 274.9 (39.6) 193.5
KL ACQUISI-CLS A KLAQ US 0.4 (0.0) (0.5)
KL ACQUISITION C KLAQU US 0.4 (0.0) (0.5)
KNOWBE4 INC-A KNBE US 268.6 24.7 (0.1)
L BRANDS INC LB US 10,545.5 (532.9) 1,932.2
L BRANDS INC LTD TH 10,545.5 (532.9) 1,932.2
L BRANDS INC LBEUR EU 10,545.5 (532.9) 1,932.2
L BRANDS INC LB* MM 10,545.5 (532.9) 1,932.2
L BRANDS INC LTD SW 10,545.5 (532.9) 1,932.2
L BRANDS INC LBRA AV 10,545.5 (532.9) 1,932.2
L BRANDS INC LTD QT 10,545.5 (532.9) 1,932.2
L BRANDS INC LTD GZ 10,545.5 (532.9) 1,932.2
L BRANDS INC LTD GR 10,545.5 (532.9) 1,932.2
L BRANDS INC-BDR LBRN34 BZ 10,545.5 (532.9) 1,932.2
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 C-A LDHA US - - -
LDH GROWTH CORP LDHAU US - - -
LEE ENTERPRISES LEE US 835.1 (12.8) (39.5)
LENNOX INTL INC LII US 2,075.0 (160.7) 289.1
LENNOX INTL INC LXI GR 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
LIVE NATION ENTE LYV US 10,919.6 (129.7) 280.4
LIVE NATION ENTE 3LN GR 10,919.6 (129.7) 280.4
LIVE NATION ENTE LYV* MM 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 3LN GZ 10,919.6 (129.7) 280.4
LIVE NATION-BDR L1YV34 BZ 10,919.6 (129.7) 280.4
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 GR 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)
MAGNET FORENSICS MAGT CN 51.8 (8.6) (6.6)
MANNKIND CORP NNFN TH 319.4 (173.6) 215.2
MANNKIND CORP MNKD US 319.4 (173.6) 215.2
MANNKIND CORP NNFN GR 319.4 (173.6) 215.2
MANNKIND CORP NNFN SW 319.4 (173.6) 215.2
MANNKIND CORP MNKDEUR EU 319.4 (173.6) 215.2
MANNKIND CORP NNFN QT 319.4 (173.6) 215.2
MANNKIND CORP NNFN GZ 319.4 (173.6) 215.2
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 MTC2 AV 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN GZ 3,214.7 (1,212.5) 734.3
MBIA INC MBJ TH 5,375.0 (28.0) -
MBIA INC MBI US 5,375.0 (28.0) -
MBIA INC MBJ GR 5,375.0 (28.0) -
MBIA INC MBJ QT 5,375.0 (28.0) -
MBIA INC MBI1EUR EU 5,375.0 (28.0) -
MBIA INC MBJ GZ 5,375.0 (28.0) -
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 MCD SW 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD US 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD* MM 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO GR 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD TE 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 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 MCD PE 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCDCL CI 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO TH 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 241.7 (89.4) 30.4
MONEYGRAM INTERN 9M1N GR 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN 9M1N QT 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN MGI US 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN MGIEUR EU 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN 9M1N TH 4,587.6 (259.2) (35.2)
MONGODB INC 526 GZ 1,407.5 (0.3) 787.3
MONGODB INC MDB* MM 1,407.5 (0.3) 787.3
MONGODB INC MDB US 1,407.5 (0.3) 787.3
MONGODB INC 526 GR 1,407.5 (0.3) 787.3
MONGODB INC 526 QT 1,407.5 (0.3) 787.3
MONGODB INC MDBEUR EU 1,407.5 (0.3) 787.3
MONGODB INC 526 TH 1,407.5 (0.3) 787.3
MONGODB INC- BDR M1DB34 BZ 1,407.5 (0.3) 787.3
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 GR 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MTLA QT 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MTLA TH 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MOSI AV 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MTLA GZ 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MSI1EUR EU 10,423.0 (478.0) 847.0
MSCI INC MSCI US 4,565.5 (481.6) 881.3
MSCI INC 3HM GZ 4,565.5 (481.6) 881.3
MSCI INC 3HM SW 4,565.5 (481.6) 881.3
MSCI INC MSCI* MM 4,565.5 (481.6) 881.3
MSCI INC 3HM QT 4,565.5 (481.6) 881.3
MSCI INC 3HM TH 4,565.5 (481.6) 881.3
MSCI INC 3HM GR 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 GR 971.8 (418.9) 358.2
MSG NETWORKS- A 1M4 TH 971.8 (418.9) 358.2
N/A HYREEUR EU 28.8 19.7 19.8
NANTKWEST INC 26CA GZ 209.4 (185.3) 19.7
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 895.0 (299.3) 165.8
NATIONAL CINEMED XWM GR 895.0 (299.3) 165.8
NATIONAL CINEMED NCMIEUR EU 895.0 (299.3) 165.8
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
NAVISTAR INTL IHR TH 6,118.0 (3,825.0) 811.0
NEW ENG RLTY-LP NEN US 290.1 (42.9) -
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 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)
NORTHERN OIL AND 4LT1 GR 873.2 (180.7) (53.5)
NORTONLIFEL- BDR S1YM34 BZ 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYM TH 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYM GR 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYMC TE 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYM QT 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYMC AV 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I NLOK* MM 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYM GZ 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYMCEUR EU 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I NLOK US 6,361.0 (500.0) (598.0)
NUTANIX INC - A 0NU GZ 2,311.5 (758.4) 766.2
NUTANIX INC - A 0NU GR 2,311.5 (758.4) 766.2
NUTANIX INC - A NTNXEUR EU 2,311.5 (758.4) 766.2
NUTANIX INC - A 0NU TH 2,311.5 (758.4) 766.2
NUTANIX INC - A 0NU QT 2,311.5 (758.4) 766.2
NUTANIX INC - A NTNX US 2,311.5 (758.4) 766.2
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 OM6 QT 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 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)
OMEROS CORP OMER US 161.4 (222.0) 89.0
OMEROS CORP 3O8 GR 161.4 (222.0) 89.0
OMEROS CORP 3O8 QT 161.4 (222.0) 89.0
OMEROS CORP 3O8 TH 161.4 (222.0) 89.0
OMEROS CORP OMEREUR EU 161.4 (222.0) 89.0
OMEROS CORP 3O8 GZ 161.4 (222.0) 89.0
ONCOLOGY PHARMA ONPH US 0.0 (0.4) (0.4)
OPTINOSE INC OPTN US 157.9 (16.7) 105.5
OPTIVA INC OPT CN 73.1 (63.2) 5.2
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 OTISEUR EU 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI 4PG GZ 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)
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OTIS WORLDWI-BDR O1TI34 BZ 10,505.0 (3,286.0) (49.0)
PARATEK PHARMACE PRTK US 159.3 (119.0) 118.9
PARATEK PHARMACE N4CN GR 159.3 (119.0) 118.9
PARATEK PHARMACE N4CN TH 159.3 (119.0) 118.9
PARATEK PHARMACE N4CN GZ 159.3 (119.0) 118.9
PARTS ID INC ID US 66.9 (13.3) (26.4)
PHILIP MORRI-BDR PHMO34 BZ 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 4I1 GR 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 4I1 QT 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 PMI SW 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 PMIZ IX 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 PMOR AV 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
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 2,664.3 (80.8) 214.0
PLANTRONICS INC PTM GR 2,664.3 (80.8) 214.0
PLANTRONICS INC PLTEUR EU 2,664.3 (80.8) 214.0
PLANTRONICS INC PTM GZ 2,664.3 (80.8) 214.0
PLANTRONICS INC PTM QT 2,664.3 (80.8) 214.0
PLANTRONICS INC PTM TH 2,664.3 (80.8) 214.0
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 400.5 (99.8) (18.0)
PRIORITY TECHNOL PRTH US 400.5 (99.8) (18.0)
PRIORITY TECHNOL PRTHEUR EU 400.5 (99.8) (18.0)
PRIORITY TECHNOL 60W GR 400.5 (99.8) (18.0)
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 GR 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
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 2,430.9 (1,958.7) 278.3
REVLON INC-A REV US 2,430.9 (1,958.7) 278.3
REVLON INC-A REV* MM 2,430.9 (1,958.7) 278.3
REVLON INC-A RVL1 TH 2,430.9 (1,958.7) 278.3
REVLON INC-A REVEUR EU 2,430.9 (1,958.7) 278.3
RIMINI STREET IN RMNI US 311.6 (22.9) (11.4)
RR DONNELLEY & S DLLN TH 2,980.4 (254.4) 381.1
RR DONNELLEY & S DLLN GR 2,980.4 (254.4) 381.1
RR DONNELLEY & S RRD US 2,980.4 (254.4) 381.1
RR DONNELLEY & S RRDEUR EU 2,980.4 (254.4) 381.1
RUSH STREET INTE RSI US 428.8 364.8 352.4
SBA COMM CORP SBACEUR EU 9,763.5 (5,031.5) (170.8)
SBA COMM CORP 4SB QT 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 US 9,763.5 (5,031.5) (170.8)
SBA COMM CORP 4SB TH 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 COMMUN - BDR S1BA34 BZ 9,763.5 (5,031.5) (170.8)
SCIENTIFIC GAMES TJW GZ 7,856.0 (2,521.0) 1,240.0
SCIENTIFIC GAMES SGMS US 7,856.0 (2,521.0) 1,240.0
SCIENTIFIC GAMES TJW GR 7,856.0 (2,521.0) 1,240.0
SCIENTIFIC GAMES TJW TH 7,856.0 (2,521.0) 1,240.0
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
SELECTA BIOSCIEN SELB US 176.7 (19.6) 78.5
SHELL MIDSTREAM SHLX US 2,322.0 (467.0) 325.0
SHOALS TECHNOL-A SHLS US 252.3 (42.9) 45.0
SIENTRA INC SIEN US 198.4 (12.9) 89.6
SIENTRA INC S0Z GR 198.4 (12.9) 89.6
SIENTRA INC SIEN3EUR EU 198.4 (12.9) 89.6
SINCLAIR BROAD-A SBGI US 13,132.0 (998.0) 2,048.0
SINCLAIR BROAD-A SBTA GR 13,132.0 (998.0) 2,048.0
SINCLAIR BROAD-A SBTA TH 13,132.0 (998.0) 2,048.0
SINCLAIR BROAD-A SBTA QT 13,132.0 (998.0) 2,048.0
SINCLAIR BROAD-A SBTA GZ 13,132.0 (998.0) 2,048.0
SINCLAIR BROAD-A SBGIEUR EU 13,132.0 (998.0) 2,048.0
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 RDO QT 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)
SIX FLAGS ENTERT 6FE GR 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)
SIX FLAGS ENTERT SIXEUR EU 2,674.0 (713.1) (248.5)
SKYWATER TECHNOL SKYT US 252.3 (4.6) (5.3)
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)
SLEEP NUMBER COR SL2 GZ 822.2 (332.6) (585.9)
SQUARESPACE IN-A SQSP US 872.5 (45.5) (71.1)
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 SRB QT 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX US 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX SW 28,371.7 (7,648.3) 474.4
STARBUCKS CORP USSBUX KZ 28,371.7 (7,648.3) 474.4
STARBUCKS CORP 0QZH LI 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 SBUXCL CI 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX* MM 28,371.7 (7,648.3) 474.4
STARBUCKS-BDR SBUB34 BZ 28,371.7 (7,648.3) 474.4
STARBUCKS-CEDEAR SBUXD AR 28,371.7 (7,648.3) 474.4
STARBUCKS-CEDEAR SBUX AR 28,371.7 (7,648.3) 474.4
SUPERNOVA PART-A SPNV US 0.5 (0.0) -
SUPERNOVA PARTNE SPNV/U US 0.5 (0.0) -
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 3.3 (24.9) (12.8)
TAIGA MOTORS COR TAIG CN 102.3 (7.5) (109.1)
TASTEMAKER ACQ-A TMKR US 279.9 256.4 1.0
TASTEMAKER ACQUI TMKRU US 279.9 256.4 1.0
THUNDER BRIDGE C TBCPU US 415.2 392.2 (7.3)
THUNDER BRIDGE-A TBCP US 415.2 392.2 (7.3)
TORTEC GROUP COR TRTK US 0.0 (0.1) (0.1)
TRANSDIGM - BDR T1DG34 BZ 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP TDG US 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP T7D GR 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP TDG* MM 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP T7D TH 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP T7D QT 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP TDGEUR EU 18,739.0 (3,521.0) 4,778.0
TRANSPHORM INC TGAN US 22.2 (19.9) (8.5)
TRAVEL + LEISURE WD5A TH 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WYNEUR EU 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A QT 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A GR 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE 0M1K LI 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE TNL US 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A GZ 6,728.0 (976.0) 3,073.0
TRIUMPH GROUP TG7 GR 2,450.9 (818.9) 836.1
TRIUMPH GROUP TGI US 2,450.9 (818.9) 836.1
TRIUMPH GROUP TG7 TH 2,450.9 (818.9) 836.1
TRIUMPH GROUP TGIEUR EU 2,450.9 (818.9) 836.1
TRIUMPH GROUP TG7 GZ 2,450.9 (818.9) 836.1
TUPPERWARE BRAND TUP GR 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP QT 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 US 1,226.9 (153.3) (317.6)
UBIQUITI INC UI US 893.0 (60.2) 440.3
UBIQUITI INC UBNTEUR EU 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
UNISYS CORP USY1 TH 2,456.7 (285.8) 550.7
UNISYS CORP USY1 GR 2,456.7 (285.8) 550.7
UNISYS CORP UIS1 SW 2,456.7 (285.8) 550.7
UNISYS CORP UIS US 2,456.7 (285.8) 550.7
UNISYS CORP UISEUR 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
UNISYS CORP UISCHF EU 2,456.7 (285.8) 550.7
UNITI GROUP INC UNIT US 4,781.8 (2,153.7) -
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 8XC GZ 4,781.8 (2,153.7) -
VALVOLINE INC 0V4 GR 2,921.0 (56.0) 520.0
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 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 VGR QT 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR TH 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGREUR EU 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR GZ 1,403.6 (656.5) 392.3
VERA THERAPEUTIC VERA US - - -
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 VRS QT 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 TH 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 VERY1EUR EU 15.8 9.1 8.1
VERY GOOD FOOD C VERY CN 15.8 9.1 8.1
VERY GOOD FOOD C VRYYF US 15.8 9.1 8.1
VERY GOOD FOOD C 0SI GZ 15.8 9.1 8.1
VIVINT SMART HOM VVNT US 2,833.3 (1,584.0) (312.7)
W&T OFFSHORE INC UWV GR 949.7 (208.6) (26.2)
W&T OFFSHORE INC WTI US 949.7 (208.6) (26.2)
W&T OFFSHORE INC UWV SW 949.7 (208.6) (26.2)
W&T OFFSHORE INC WTI1EUR EU 949.7 (208.6) (26.2)
W&T OFFSHORE INC UWV TH 949.7 (208.6) (26.2)
W&T OFFSHORE INC UWV GZ 949.7 (208.6) (26.2)
WALDENCAST ACQ-A WALD US 0.2 (0.0) (0.2)
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 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
WAYFAIR INC- A W* MM 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 QT 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A W US 4,774.9 (1,469.7) 996.9
WIDEOPENWEST INC WU5 GR 2,505.1 (202.0) (91.3)
WIDEOPENWEST INC WU5 TH 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 WOW US 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 WW6 GR 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)
WW INTERNATIONAL WTW AV 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WW6 GZ 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WW US 1,436.4 (555.8) (76.2)
WYNN RESORTS LTD WYR TH 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYR QT 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYNN SW 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYNNEUR EU 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYR GZ 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYNN* MM 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYNN US 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYR GR 13,166.9 (202.9) 1,879.9
WYNN RESORTS-BDR W1YN34 BZ 13,166.9 (202.9) 1,879.9
YELLOW CORP YEL GR 2,354.5 (281.2) 280.3
YELLOW CORP YELL US 2,354.5 (281.2) 280.3
YELLOW CORP YEL1 TH 2,354.5 (281.2) 280.3
YELLOW CORP YEL1 SW 2,354.5 (281.2) 280.3
YELLOW CORP YEL QT 2,354.5 (281.2) 280.3
YELLOW CORP YRCWEUR EU 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 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)
YUM! BRANDS INC YUM US 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)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 2021. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***