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/raid1/www/Hosts/bankrupt/TCR_Public/210626.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, June 26, 2021, Vol. 25, No. 176 Headlines FRANCESCA'S HOLDINGS: Incurs $2.87 Million Net Loss at April 3 FRANCESCA'S HOLDINGS: Reports $1.38 Million Net Loss at May 1 YOUFIT HEALTH: Lacks Cash for Plan Approval, Case Dismissed ********* FRANCESCA'S HOLDINGS: Incurs $2.87 Million Net Loss at April 3 -------------------------------------------------------------- Francesca's Holdings Corporation, et al., filed a monthly operating report with the U.S. Securities and Exchange Commission for the period from February 28, 2021 to April 3, 2021. The Debtors' consolidated statement of operations showed a net loss of $2.87 million for the reporting period. As of April 3, 2021, the Debtors listed $55.15 million in consolidated total assets, $78.53 million in consolidated total liabilities, and -$23.38 million in total shareholders' equity. The Debtors had $8.63 million in beginning cash balance at February 28, 2021. For the current reporting period, they listed total receipts of $1,320; total operating disbursements of $632,596; total non-operating disbursements of $18,528; and total restructuring-related disbursements of $289,092. Thus, the Debtors had an ending cash balance of $7.73 million at April 3, 2021. A copy of the monthly operating report is available at the SEC at: https://bit.ly/3q0A6Ok About Francesca's Holdings Francesca's Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-13076) on Dec. 3, 2020. Francesca's Holdings had total assets of $264.7 million and total liabilities of $290.5 million as of Nov. 1, 2020. Judge Brendan Linehan Shannon oversees the cases. The Debtors tapped O'Melveny & Myers LLP and Richards, Layton & Finger P.A. as legal counsel; FTI Capital Advisors LLC as financial advisor and investment banker; A&G Realty Partners as real estate advisor; and KPMG LLP as tax and accounting advisor. Bankruptcy Management Solutions Inc. is the notice, claims and balloting agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' cases. Cole Schotz P.C. and Province, LLC serve as the committee's legal counsel and financial advisor, respectively. FRANCESCA'S HOLDINGS: Reports $1.38 Million Net Loss at May 1 ------------------------------------------------------------- Francesca's Holdings Corporation, now known as FHC Holdings Corporation, et al., filed a monthly operating report with the U.S. Securities and Exchange Commission for the period from April 4, 2021 to May 1, 2021. The Debtors' consolidated statement of operations showed a net loss of $1.38 million for the period. As of May 1, 2021, the Debtors listed $54.29 million in consolidated total assets, $79.04 million in consolidated total liabilities, and -$24.76 million in total shareholders' equity. The Debtors had $7.73 million in beginning cash balance at April 4, 2021. For the current reporting period, they listed total receipts of $2.26 million; total operating disbursements of $293,717; and total restructuring-related disbursements of $151,951. At May 1, 2021, the Debtors had an ending cash balance of $9.54 million. A copy of the monthly operating report is available at the SEC at: https://bit.ly/3cRwsAO About FHC Holdings Francesca's Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-13076) on Dec. 3, 2020. Francesca's Holdings had total assets of $264.7 million and total liabilities of $290.5 million as of Nov. 1, 2020. Judge Brendan Linehan Shannon oversees the cases. On May 17, 2021, the Bankruptcy Court authorized the Debtors to change their corporate names to: Old Company Name Case No. New Company Name ---------------- -------- ---------------- Francesca's Holdings Corporation 20-13076 FHC Holdings Corp. Francesca's LLC 20-13077 FHC LLC Francesca's Collections, Inc. 20-13078 FHC Collections Inc. Francesca's Services Corporation 20-13079 FHC Services Corp. The Debtors tapped O'Melveny & Myers LLP and Richards, Layton & Finger P.A. as legal counsel; FTI Capital Advisors LLC as financial advisor and investment banker; A&G Realty Partners as real estate advisor; and KPMG LLP as tax and accounting advisor. Bankruptcy Management Solutions Inc. is the notice, claims and balloting agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' cases. Cole Schotz P.C. and Province, LLC serve as the committee's legal counsel and financial advisor, respectively. YOUFIT HEALTH: Lacks Cash for Plan Approval, Case Dismissed ----------------------------------------------------------- Alex Wolf of Bloomberg Law reports that YouFit Health Clubs LLC, lacking the cash to get a creditor repayment plan approved, will wrap up its affairs outside of bankruptcy after a judge granted the gym chain's bid to dismiss its Chapter 11 case. Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware granted YouFit's largely consensual request at a hearing Wednesday, June 23, 2021. A lender group that includes Birch Grove Capital LP and Goldman Sachs Bank USA purchased YouFit's business out of bankruptcy by forgiving $85 million in debt. But the deal left the estate without sufficient funds to cover the expenses. About YouFit Health Clubs YouFit Health Clubs, LLC, and its affiliates -- https://www.youfit.com/ -- own and operate 85 fitness clubs in the states of Alabama, Arizona, Florida, Georgia, Louisiana, Maryland, Pennsylvania, Rhode Island, Texas, and Virginia. On November 9, 2020, YouFit Health Clubs and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-12841). YouFit was estimated to have $50 million to $100 million in assets and $100 million to $500 million in liabilities as of the filing. The Honorable Mary F. Walrath is the case judge. The Debtors tapped Greenberg Traurig LLP as its bankruptcy counsel, FocalPoint Securities LLC as an investment banker, Red Banyan Group LLC as a communications consultant, and Hilco Real Estate LLC as a real estate advisor. Donlin Recano & Company Inc. is the claims agent. On November 18, 2020, the U.S. Trustee for Region 3 appointed a committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Berger Singerman LLP and Pachulski Stang Ziehl & Jones LLP as its legal counsel, and Dundon Advisers LLC as its financial advisor. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2021. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***