/raid1/www/Hosts/bankrupt/TCR_Public/210629.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, June 29, 2021, Vol. 25, No. 179
Headlines
ADVAXIS INC: Fails to Regain Compliance With Nasdaq Listing Rule
AG PARENT: S&P Alters Outlook to Positive, Affirms 'B-' ICR
AGEMY FAMILY: Unsecureds to Get $12K Per Annum for 5 Years
AGILON ENERGY: Hits Chapter 11 Bankruptcy
ALAMO DRAFTHOUSE: Asks Court for More Time to File Chapter 11 Plan
ALAMO DRAFTHOUSE: Seeks September 29 Plan Exclusivity Extension
ALGITS INCORPORATED: Cash Collateral Hearing on Thursday
ALH PROPERTIES: Gets Cash Collateral Access Thru July 14
ALL SORTS OF SERVICES: Wants August 2 Plan Exclusivity Extension
AMERICAN NATIONAL CARBIDE: May Use Cash Collateral Thru Sept 1
APOLLO ENDOSURGERY: Extends Texas Office Lease for One Year
AR TEXTILES: Case Summary & 16 Unsecured Creditors
ARCHDIOCESE OF NEW ORLEANS: Committee Taps Stegall as Appraiser
ATOKA COUNTY HEALTHCARE: Missed Health Dept. Surveys, PCO Says
AVERY ASPHALT: Wins Cash Collateral Access Thru June 30
BIONIK LABORATORIES: Incurs $13.6 Million Net Loss in Fiscal 2021
BIOSTAGE INC: Asks Court to Vacate Order in Wrongful Death Lawsuit
BRAZOS ELECTRIC: Aug. 5 Tort Claims Deadline Set
CAI INTERNATIONAL: S&P Places 'BB' ICR on CreditWatch Positive
CARIBBEAN MOTEL: Creditor Seeks to Prohibit Cash Collateral Use
CASTLE ROCK HEF: Public Sale Set for July 8
CEN BIOTECH: CFO Tarrabain to Get 1-Mil. Shares Under Equity Plan
CINEMA SQUARE: Seeks to Hire Beall & Burkhardt as Legal Counsel
CINEMA SQUARE: Taps Valbridge Property Advisors as Appraiser
CLIPPER ACQUISITIONS: S&P Alters Outlook to Pos, Affirms 'BB+' ICR
CMS ENERGY: Moody's Rates $230MM Series C Preferred Stock 'Ba1'
COMMUNITY REGIONAL: Lisa Holder Named Subchapter V Trustee
COSMOS HOLDINGS: Swaps $3 Million Debt for Equity
COTTAGE CAR WASH: Taps Barnstable/Plymouth as Appraiser
CT TECHNOLOGIES: S&P Affirms 'B-' ICR, Outlook Stable
DECK SUPPLY: Wins Cash Collateral Access
DESERT VALLEY: Taps Davis Valuation Group as Appraiser
DIAMOND OFFSHORE: Plan Effective Date Occurred April 23
DIGITAL ROOM: Moody's Alters Outlook on 'B3' CFR to Stable
DIOCESE OF ROCKVILLE: Moritt Hock Represents Parish Group
DYNOTEC INDUSTRIES: Wins Interim OK to Use Cash Collateral
ELDORADO GOLD: Fitch Raises LongTerm IDR to 'B+', Outlook Stable
ENERGY ALLOYS: Unsecureds to Recover 7% in Committee-Backed Plan
EYEPOINT PHARMACEUTICALS: All Proposals Approved at Annual Meeting
FIELDWOOD ENERGY: Updates Additional Predecessor Agreement
FREDERICK LLC: Case Summary & 4 Unsecured Creditors
GATEWAY FOUR: Romspen, KPRS to Get Control in Trustee Plan
GENOCEA BIOSCIENCES: All 5 Proposals Approved at Annual Meeting
GIGA-TRONICS INC: Posts $407K Net Loss in Fiscal 2021
GUD CAFE: Gets OK to Hire Peters Firm as Bankruptcy Counsel
HEARTWISE INC: Deadline to File Claims Slated for July 31
HERTZ GLOBAL: Experiences 26% Shares Gain Prior to Bankruptcy Exit
HOSPEDERIA VILLA: Has Deal on Cash Collateral Use Thru July 31
IFRESH INC: Chief Financial Officer Steps Down
IGLESIA NUEVA: Voluntary Chapter 11 Case Summary
IMERYS TALC: Bevan & Associates Represents Talc Injury Claimants
IN-SHAPE: Court Dismisses Bankruptcy Case After Sale to Ex-CEO
ION GEOPHYSICAL: All Four Proposals Approved at Annual Meeting
JACKSONVILLE ADVANCED: Taps William G. Haeberle as Accountant
JDS FOURTH AVENUE: Seeks to Hire Cousins Law as Bankruptcy Counsel
JDS FOURTH AVENUE: Taps RSR Consulting as Financial Advisor
JMP HOSPITALITY: Wins Cash Collateral Access Thru Aug. 18
K&D MANAGEMENT: Seeks to Hire Danowitz Legal as Counsel
KLAUSNER LUMBER: Missing Taxes Spurs the Objection of IRS to Ch.11
LAUREATE EDUCATION: S&P Withdraws 'BB-' Issuer Credit Rating
LIGHTSTONE HOLDCO: S&P Lowers Senior Secured Debt Rating to 'B-'
LIMETREE BAY: Moody's Cuts Rating on $465MM Secured Loan to Caa1
LRGHEALTHCARE: Wins Cash Collateral Access Thru July 31
MAIN EVENT: S&P Upgrades ICR to 'B-' on Stronger Recovery
MANHATTAN HOSPITALITY: Wins Cash Collateral Access Thru Aug 31
MARZILLI MACHINE: Wins Cash Collateral Access Thru July 13
MEDLEY LLC: Taps Corporation Service Company as Independent Manager
MICROBILT CORP: Investment Fund Princeton Faces SEC Allegations
MYOMO INC: May Sell Up to $15 Million Worth of Common Shares
NATCHITOCHES MEDICAL: Affiliate Seeks to Hire Gold Weems as Counsel
NATCHITOCHES MEDICAL: Seeks Cash Collateral Access
NEW VISION FULL: Seeks to Hire Scrura Wigfield as Legal Counsel
NEWSTREAM HOTEL: Wins Cash Collateral Access
NINE POINT ENERGY: Chapter 11 Sale Delayed After Lien Ruling
PACIFIC PANORAMA: Case Summary & 6 Unsecured Creditors
PERINI NAVI: Shipyards in Tuscany, Italy Up for Auction
PURDUE PHARMA: Squire Patton Boggs' Stephen Lerner Named Examiner
QUANTUM CORP: To Hold Annual Meeting on Sept. 21
RECORDED BOOKS: New $150MM Loan Add-on No Impact on Moody's B3 CFR
RECYCLING REVOLUTION: Wins Cash Collateral Access
REDWOOD EMPIRE: Seeks to Retain Wyatt Whitchurch & Anderson
RENOVATE AMERICA: Creditors Will Recover Up to 5% in Plan
ROCKY MOUNTAIN: Invests in Private Branded, NBE Consumer Products
ROOSEVELT INN: Gets OK to Hire Asterion Inc. as Financial Advisor
ROOSEVELT INN: Gets OK to Hire Karalis PC as Bankruptcy Counsel
ROOSEVELT INN: Seeks to Hire A. Uzzo & Company as Bookkeeper
ROOSEVELT INN: Taps Blank Rome as Special Litigation Counsel
SABRE CORP: S&P Rates New $1.04BB Senior Secured Term Loan 'B'
SABRE GLBL: Moody's Rates New $1.04BB Term Loan B Facilities 'Ba3'
SAFEPOINT INSURANCE: A.M. Best Cuts Fin. Strength Rating to C++
SANTA CLARITA: Taps Michael O'Connor as Real Estate Broker
SEMILEDS CORP: Regains Compliance With Nasdaq Listing Rule
SPANISH HEIGHTS: Creditor Wants Trustee Appointed or Case Dismissed
SPI ENERGY: Appoints Finance Veteran Janet Jie Chen as CFO
TIDEWATER REALTY: Offit Kurman's Stephen Metz Named Trustee
TRANQUILITY GROUP: Unsecureds to Recover 100% in 5 Years
U.S. GLOVE: Seeks Cash Collateral Access
VAUGHAN HOME CARE: Michael G. Wolff Named Subchapter V Trustee
VERANO RECOVERY: Taps Armory Consulting as Financial Advisor
VICTORIA CITY: Voluntary Chapter 11 Case Summary
VILLAGIO CARLSBAD: Secured Creditor to Be Paid from Sale
VISTA CHARTER MIDDLE SCHOOL: S&P Withdraws 'BB+' Lease Bond Rating
VIVINT SMART: Moody's Assigns B2 CFR, Outlook Stable
VTV THERAPEUTICS: Increases Equity Offering by $50 Million
YC ATLANTA: Examiner Taps Moore Colson & Co. as Forensic Accountant
[] New York Court Okays Structured Dismissals Post-Jevic
[^] Large Companies with Insolvent Balance Sheet
*********
ADVAXIS INC: Fails to Regain Compliance With Nasdaq Listing Rule
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Advaxis, Inc. received notification from Nasdaq that the Company
had not regained compliance with the minimum $1.00 bid price
requirement for continued listing set forth in Nasdaq Listing Rule
5550(a)(2).
The notification indicated that the Company's common stock would be
subject to delisting unless the Company timely requests a hearing
before a Nasdaq Hearing Panel. Accordingly, the Company intends to
timely request a hearing before the Panel. The hearing request
will stay any suspension or delisting action pending the hearing
and the expiration of any additional extension period granted by
the Panel following the hearing. In that regard, the listing rules
permit the Panel to grant a further extension, which will not
extend beyond Dec. 20, 2021.
Advaxis previously received written notice from the staff of the
Listing Qualifications Department of The Nasdaq Stock Market LLC
indicating that the Company was not in compliance with the Listing
Rule. Following the Company's transfer from The Nasdaq Global
Market to The Nasdaq Capital Market on Dec. 24, 2020, the Company
was afforded until June 21, 2021, to regain compliance with the
Listing Rule.
About Advaxis Inc.
Advaxis, Inc. -- http://www.advaxis.com-- is a clinical-stage
biotechnology company focused on the development and
commercialization of proprietary Lm-based antigen delivery
products. These immunotherapies are based on a platform technology
that utilizes live attenuated Listeria monocytogenes (Lm)
bioengineered to secrete antigen/adjuvant fusion proteins. These
Lm-based strains are believed to be a significant advancement in
immunotherapy as they integrate multiple functions into a single
immunotherapy and are designed to access and direct antigen
presenting cells to stimulate anti-tumor T cell immunity, activate
the immune system with the equivalent of multiple adjuvants, and
simultaneously reduce tumor protection in the tumor
microenvironment to enable T cells to eliminate tumors.
Advaxis reported a net loss of $26.47 million for the year ended
Oct. 31, 2020, a net loss of $16.61 million for the year ended Oct.
31, 2019, and a net loss of $66.51 million for the year ended Oct.
31, 2018. As of April 30, 2021, the Company had $55.77 million in
total assets, $8.22 million in total liabilities, and $47.55
million in total stockholders' equity.
AG PARENT: S&P Alters Outlook to Positive, Affirms 'B-' ICR
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S&P Global Ratings affirmed its 'B-' issuer credit rating on AG
Parent Holdings LLC, the parent company of ArisGlobal Holdings LLC
and revised its outlook to positive from stable. At the same time,
S&P affirmed its 'B-' issue-level rating on the company's
first-lien term loan and revolver and its 'CCC' issue-level rating
on its second-lien term loan.
The positive outlook reflects the stability and robust
profitability of the business and the potential that S&P's will
raise its rating in the next 12 months if it achieves and maintains
adjusted leverage of less then 7x while sustaining annual FOCF
generation (excluding gains from net working capital inflows) in
excess of 3% of its debt.
Despite its limited size and high leverage, ArisGlobal -- which
specializes in pharmacovigilance reporting services -- generates
robust profitability and substantial cash flows supported by its
significant level of prepaid revenue, which has led it to report
negative working capital. Notwithstanding the headwinds stemming
from the COVID-19 pandemic, which slowed the expansion of the
company's revenue in 2020, ArisGlobal generated annual FOCF in
excess of 13% of its debt supported by robust EBITDA margins of
above 30% and limited capital expenditure requirements (about $3.5
million for 2021 not including capitalized software development
costs, which S&P treats as an operating expense). Excluding
substantial changes in net working capital, FOCF was still strong
for the rating at about 5% of debt.
Given its strong competitive position offering pharmacovigilance
reporting services (about 81% of revenue), clear trend of market
share gains, and strong bookings, we expect ArisGlobal to improve
its financial performance over the next two years. S&P said, "We
expect ArisGlobal will gradually improve its leverage and cash flow
metrics as it increases its revenue. We also see some upside
potential from the cross-selling of its regulatory, clinical, and
medical affairs products."
ArisGlobal remains vulnerable to intensifying competition and
changes to the regulatory environment. While S&P believes
ArisGlobal's revenue and expanding customer base reflect the
superiority of its product offerings, both measures are far smaller
than those of the company's primary competitor in the
pharmacovigilance business. High switching costs constrain
ArisGlobal's expansion but also protect the market share gains it
has already secured. S&P said, "We view an intensification of
competition in the safety segment as the greatest risk to the
company's performance. In addition, changes in the regulatory
environment that simplify safety reporting requirements (e.g. the
international harmonization of data requirements) could potentially
elevate the insourcing of these services or otherwise increase the
pricing pressure on the company's services. We view ArisGlobal's
regulatory, clinical, and medical affairs segments as more
vulnerable to competition given the more competitive landscapes in
those industries."
Over the last several quarters the company prepaid $24 million of
its second-lien term loan, which suggests that its financial
sponsors may be targeting leverage of less than 7x. That said, S&P
sees some risk that its sponsors may prioritize debt-financed
acquisitions or distributions to its shareholders over further
deleveraging and would need to see it achieve and sustain improved
credit measures before raising the rating.
S&P said, "The positive outlook on ArisGlobal reflects the
stability and robust profitability of its business and the
potential that we will raise our rating in the next 12 months if it
achieves and maintains adjusted leverage of less than 7x while
sustaining annual FOCF generation (excluding gains from net working
capital inflows) in excess of 3% of its debt.
"We could raise our rating on ArisGlobal in the next 12 months if
we expect it to achieve and maintain adjusted leverage of below 7x
and sustain annual FOCF generation (excluding net working capital
sources of cash) in excess of 3% of its debt.
"We could revise our outlook on ArisGlobal to stable if we expect
its FOCF to debt to be below 3% (excluding net working capital
sources of cash) or anticipate its leverage will generally remain
above 7x. This could occur due to a more aggressive financial
policy involving debt-financed acquisitions or dividends.
Alternatively, it could occur due to operational headwinds, such as
those stemming from intensified competition, an unexpected loss of
clients, operational disruptions that undermine the company's
reputation, and/or changes to regulatory requirements that simplify
the safety reporting process (e.g., the international harmonization
of data requirements)."
AGEMY FAMILY: Unsecureds to Get $12K Per Annum for 5 Years
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Agemy Family Corporation, d/b/a Quality Plus Dry Cleaners, and
Agemy Family Dry Cleaners, LLC, submitted an Amended Plan of
Reorganization and a corresponding Disclosure Statement on June 24,
2021.
Administrative claims approved by the Bankruptcy Judge shall be
paid in full on the Confirmation Date. It is estimated that the
Debtor will owe approximately $2,200 in quarterly fees to the U. S.
Trustee. It is estimated that Debtor's counsel will seek fees in
the estimated amount of $45,000. The debtor qualifies for and has
applied for an Employee Tax Retention Credit. The tax credits shall
be used to pay the Debtor's pre-petition IRS claim in full and
provide an additional $190,000 to be used to fund the Amended
Plan.
Treatment of Classified Claims Under the Amended Plan:
* Class Two consists of the unsecured claim of Publix Super
Markets Inc. with a Lease on business premises for which the Debtor
will assume the Lease. Publix Super Markets, Inc. shall be paid the
Cure Amount in six equal installments of $4,374.48 with each of the
Cure Payments due on the 15th day of each month, commencing on the
first occurrence of the 15th of a month immediately following the
confirmation of the Plan. The Monthly Lease rent shall continue to
be due on the 1st day of every month. This Class is Impaired.
* Class Four consists of the secured claim of Ford Motor
Credit Company, LLC with a security interest in 10 Ford trucks.
Creditor and Debtor agree that the Debtor will not value the
Collateral and agree that Claim Nos. 30 thru 39 will be paid in
full at the contractual interest rate through the terms of the
Chapter 11 Plan. Debtor shall pay $350.00 per vehicle per month for
48 months with any remaining balance due under the contract to be
paid in full in month 48. Creditor shall retain its lien on the
Collateral until such time as the entire debt is paid in full.
Apart from the terms contained in this paragraph, the contractual
terms control, including default provisions. Creditor agrees to
vote in favor of the Plan conditioned on the Plan terms being
consistent with the agreement between the parties as outlined
herein. This class is Impaired.
* Class Six consists of the secured claim of Eastern Funding
and shall have a fully allowed secured claim of $13,110.59, as
reflected in its proof of claim. Accordingly, Debtor shall pay
Eastern Funding monthly payments of $785.27 for 18 consecutive
months, commencing 30 days from a final order confirming the Plan.
* Class Nine consists of the unsecured claims of landlords
holding leases on business premises of the Debtor for which the
Debtor will assume the Lease. (i)Unless other payment dates have
been arranged between a Landlord and the Debtor, the Debtor shall
pay its regular contractual monthly rent and related charges; (ii)
as adequate assurance of prompt cure, Debtor shall pay a separate
cure payment in the same amount as the regular contractual rent and
related charges due for that month, until the Total Cure Amount is
paid in full; and (iii) Debtor shall go back to paying its regular
contractual monthly rent and related charges due on or before the
1st day of each month starting with the month immediately following
the last Cure Payment.
* Class Eleven consists of the claims of allowed general
unsecured creditors. Each creditor shall be paid their pro rata
share of $12,000.00 per annum for 5 years. The first payment will
be made 1 year after the Confirmation Order becomes final. If there
are any funds available from the Employee Retention Tax Credit
after paying the claim of the IRAS in full, such funds can be used
to pay unsecured creditors. However, no unsecured creditor shall
receive more than 100% of its claim. The Debtors reserve their
right to object to any unsecured claim. This Class is Impaired.
* Class 12 consists of the secured claim of Hillsborough
County Tax Collector and will be paid in full in equal monthly
payments within 60 months from the Petition date, together with
interest at 18.0% per annum, or as ordered by this Court,
commencing 30 days from entry of an order confirming this Plan.
This Class is Unimpaired.
The Amended Plan will be funded from future income derived from the
operation of the Debtor's dry cleaning business as well as from
Employee Tax Retention Credits. The tax credits are anticipated to
pay the Debtor's pre-petition IRS claim in full and also provide an
additional $190,000.00 to be used to fund the Amended Plan. Allie
Hassan Agemy will continue as President of the Debtor and continue
to manage the operations of the business.
A full-text copy of the Amended Disclosure Statement dated June 24,
2021, is available at https://bit.ly/3qJYiFb from PacerMonitor.com
at no charge.
Attorney for the Debtors:
David W. Steen, Esq.
David W. Steen, P.A.
Tampa, FL 33688-0394
Tel.: (813) 251-3000
Fax: (866) 230-8268
Email: dwsteen@dsteenpa.com
About Agemy Family Corporation
Agemy Family Corporation d/b/a Quality Plus Dry Cleaners, a company
that operates in the laundry facilities and dry cleaning services
industry, sought Chapter 11 protection (Bankr. M.D. Fla. Case No.
20-08608) on Nov. 22, 2020, estimating at least $100,000 to
$500,000 in assets and less than $1 million to $10 million in
liabilities. Agemy Family President Allie Hassan Agemy signed the
petition. Judge Roberta A. Colton oversees the case. David W.
Steen, P.A. is the Debtor's legal counsel.
AGILON ENERGY: Hits Chapter 11 Bankruptcy
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Agilon Energy Holdings II LLC has filed for Chapter 11 bankruptcy.
The Company said it has commenced negotiations with creditors
concerning its balance sheet and its obligations. The Company
added that it has identified potential financial and strategic
partners that have expressed interest in entering into arrangements
with the Company.
Various creditors have asserted claims against the Company,
including breach of
potential termination of various contracts.
About Agilon Energy Holdings
Agilon Energy Holdings II LLC was formed in 2016 as an independent
power producer in Texas. Agilon Energy Holdings sought Chapter 11
protection (Bankr. S.D. Tex. Case No. 21-32156) on June 27, 2021.
In its petition, Agilon Energy estimated liabilities of between
$100 million and $500 million and estimated assets of between $100
million and $500 million. Elizabeth M Guffy of Locke Lord LLP is
the Debtor's counsel.
ALAMO DRAFTHOUSE: Asks Court for More Time to File Chapter 11 Plan
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Law360 reports that bankrupt dine-in movie theater chain Alamo
Drafthouse Cinemas asked a Delaware judge Friday, June 25, 2021, to
give it more time to file a Chapter 11 plan following its asset
sale last May 2021, seeking to extend the period during which it
has the exclusive right to propose a plan.
In its motion, Alamo Drafthouse said its employees and managers
have been working hard through the first four months of the case to
obtain post-petition financing, negotiate and close on an asset
sale, and to reject or renegotiate burdensome lease obligations,
leaving it little time to prepare a Chapter 11 plan.
About Alamo Drafthouse
The Alamo Drafthouse Cinema -- https://drafthouse.com/ -- is an
American cinema chain founded in 1997 in Austin, Texas that is
famous for its strict policy of requiring its audiences to maintain
proper cinemagoing etiquette. Known for offering full meal and
alcohol service at its theaters, the company also operates a movie
merchandise store and an annual genre film festival, Fantastic
Fest. Alamo Drafthouse had 41 locations as of March 31, 2021, with
23 of those locations ran by franchisees.
On March 3, 2021, Alamo Drafthouse Cinemas Holdings, LLC and 33
affiliated companies filed Chapter 11 petitions (Bankr. D. Del.
Lead Case No. 21-10474).
Alamo Drafthouse was estimated to have $100 million to $500 million
in assets and liabilities as of the bankruptcy filing.
The Hon. Mary F. Walrath is the case judge.
The Company tapped Young Conaway Stargatt & Taylor LLP as
bankruptcy counsel, Portage Point Partners as its financial
adviser, and Houlihan Lokey Capital as its investment banker. Epiq
Corporate Restructuring, LLC, is the claims agent.
ALAMO DRAFTHOUSE: Seeks September 29 Plan Exclusivity Extension
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Alamo Drafthouse Cinemas Holdings, LLC and its affiliates request
the U.S. Bankruptcy Court for the District of Delaware to extend
the exclusive periods during which the Debtors may file a Plan
through and including September 29, 2021, and to solicit
acceptances of the Plan through and including November 29, 2021.
The Debtors and their professionals have focused much of their
time, energy, and resources on transitioning into Chapter 11 and
conducting a court-supervised marketing and sale process since the
Petition Date. Throughout the Chapter 11 Cases, the Debtors have
cooperated and communicated with their lenders, the Committee, and
other key constituencies.
Despite the attendant complexity, the Debtors have managed to
address critical case-management issues while simultaneously
engaging in negotiations with key constituents. Further, the
Debtors were able to consummate the Sale and are now shifting their
attention to a wind-down of the Debtors' affairs.
Given the complexity associated with simultaneously administering
the Chapter 11 Cases, marketing their assets, and continuing to
operate the Debtors' business in the ordinary course, the Debtors
have had insufficient time, thus far, to negotiate, prepare and
pursue confirmation of a chapter 11 plan.
The requested extension of the Exclusivity Periods will not
prejudice the legitimate interests of post-petition creditors
because the Debtors have made and will continue to make timely
payments on their undisputed post-petition obligations to the
extent any come due.
The Debtors believe that, in light of the Debtors' progress in
these Chapter 11 Cases to maximize value for the benefit of
stakeholders, it is reasonable and appropriate that the Debtors be
granted additional time to analyze and negotiate a potential plan.
A copy of the Debtor's Motion to extend is available at
https://bit.ly/3quFcTb from Epiq11.com.
About Alamo Drafthouse
The Alamo Drafthouse Cinema -- https://drafthouse.com/ -- is an
American cinema chain founded in 1997 in Austin, Texas, that is
famous for its strict policy of requiring its audiences to maintain
proper cinema-going etiquette. Known for offering full meal and
alcohol service at its theaters, the company also operates a movie
merchandise store and an annual genre film festival, Fantastic
Fest. Alamo Drafthouse had 41 locations as of March 31, 2021, with
23 of those locations ran by franchisees.
Alamo Drafthouse Cinemas Holdings, LLC and 33 affiliated companies
filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 21-10474)
on March 3, 2021. Alamo Drafthouse was estimated to have $100
million to $500 million in assets and liabilities as of the
bankruptcy filing.
The Honorable Mary F. Walrath is the case judge.
The Company tapped Young Conaway Stargatt & Taylor LLP as
bankruptcy counsel, Portage Point Partners as its financial
adviser, and Houlihan Lokey Capital as its investment banker. Epiq
Corporate Restructuring, LLC, is the claims agent.
ALGITS INCORPORATED: Cash Collateral Hearing on Thursday
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The U.S. Bankruptcy Court for the District of Maryland has
authorized Algits Incorporated dba NinjaBe to use cash collateral
on an interim basis through June 30, 2021.
The Court permitted the Debtor to use Cash Collateral to pay
payroll in the amount of $6,673 on June 25, 2021, which represents
the payment of payroll for the period June 4, 2021 through June 17,
2021.
The Court also authorized the Debtor to pay the wages earned during
the pre-petition payroll period running from June 4, 2021 through
June 11, 2021.
A hearing on the continued use of Cash Collateral is scheduled for
July 1 at 10 a.m.
A copy of the order is available at https://bit.ly/3gYpwEM from
PacerMonitor.com.
About Algits Incorporated
Algits Incorporated, which operates an amusement/recreational
facility at 9301-9315 Snowden River Parkway, in Columbia, Maryland,
filed a Chapter 11 petition (Bankr. D. Md. Case No. 21-13888) on
June 11, 2021. In the petition signed by Dawn Alexander,
president, the Debtor estimated up to $50,000 in assets and between
$1,000,000 and $10,000,000 in liabilities. Kline Law Group LLC is
the Debtor's counsel.
ALH PROPERTIES: Gets Cash Collateral Access Thru July 14
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The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, has authorized ALH Properties No. Fourteen, LP to
use cash collateral on an interim basis through July 14, 2021 in
accordance with the budget, with a 10% variance and provide
adequate relief.
The court says that the Debtor and Massachusetts Mutual Life
Insurance Company, as lender, have engaged in good-faith
discussions with respect to resetting the Final Hearing and
extending the term of the Interim Cash Collateral Order.
The final hearing on the matter is scheduled for July 6 at 9 a.m.
Objections are due June 30.
A copy of the order and the Debtor's budget through the week ending
July 10, 2021 is available for free at https://bit.ly/3gWJQGn from
PacerMonitor.com.
The Debtor projects $1,033,149 in total cash receipts and $624,858
in total cash disbursements.
About ALH Properties No. Fourteen, LP
ALH Properties No. Fourteen, LP is the owner and operator of the
Embassy Suites Discovery Green hotel in downtown Houston, Tex. The
Debtor is a full service hotel with 262 guest suites, 3,600 square
feet of meeting space, and a number of services and amenities.
Those services include a restaurant, room service, a bar, gift
shop, and parking.
It sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Tex. Case. No. 21-31797) on May 31, 2021. In the
petition signed by Nick Massad, Jr., president and general partner,
the Debtor disclosed up to $50 million in both assets and
liabilities.
Porter Hedges LLP is the Debtor's counsel.
Massachusetts Mutual Life Insurance Company, as Lender, is
represented by Charles A. Beckham, Jr., Esq. at Haynes and Boone,
LLP.
ALL SORTS OF SERVICES: Wants August 2 Plan Exclusivity Extension
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All Sorts of Services of America Inc. asks the U.S. Bankruptcy
Court for the Middle District of Florida, Tampa Division to extend
the Debtor's exclusive period to file a Disclosure Statement and
Plan of Reorganization through and including August 2, 2021. This
is the Debtor's fifth request for an extension of the Exclusivity
Period.
The Debtor and its Attorney, Richard John Cole, III of Cole & Cole
Law, P.A., despite their best efforts, are unable to complete the
Disclosure Statement and Plan of Reorganization within the time
periods directed by the Court. Although the Attorney has gathered
significant information from the Debtor to begin preparing the
Disclosure Statement and Plan of Reorganization, significant issues
have arisen in the case that needs to be resolved before filing the
documents.
The primary creditor, in this case, is the IRS and the IRS' proof
of claim has been objected to by the Debtor. A trial on the IRS
claim was held on February 11, 2021. A status conference is set for
June 30, 2021. It is not certain when the Court will enter judgment
since the Debtor must know the trial outcome to submit a plan.
Post-trial proposed findings of fact and conclusions of law have
been solicited from the IRS and the Debtor by the Court.
A copy of the Debtor's Motion to extend is available at
https://bit.ly/3h2s8kE from PacerMonitor.com.
About All Sorts of Services of America
Headquartered in Plymouth, Mich., -- https://www.chimneycricket.com
-- All Sorts of Services of America, Inc. provides masonry work,
fireplace, and chimney services, serving the entire Cleveland-Metro
and Toledo, Ohio areas. It conducts business under the name
Chimney Cricket.
All Sorts of Services of America Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
20-01953) on March 5, 2020. At the time of the filing, the Debtor
had estimated assets of between $100,000 and $500,000 and
liabilities of between $1 million and $10 million.
Judge Michael G. Williamson oversees the cases. The Debtor is
represented by Cole & Cole Law, P.A., and Brian Palmer, CPA and
Palmer Accounting Group, PA as its accountant.
AMERICAN NATIONAL CARBIDE: May Use Cash Collateral Thru Sept 1
--------------------------------------------------------------
Judge David R. Jones of the U.S. Bankruptcy Court for Southern the
District of Texas authorized American National Carbide Co. to use
cash collateral, including but not limited to revenue collected in
its ordinary course of business, pursuant to the budget on an
interim basis through September 1, 2021
The Court says any and all revenues received on a post-petition
basis by the Debtor will be collected, received and maintained by
Debtor in its DIP account to be established forthwith at Chase Bank
and will not be used except in accordance with the terms of the
Order.
Holders of allowed secured claims with a security interest in cash
collateral will be entitled to a replacement lien in all property
of the estate, and a continuing security interest to the same
extent, validity, and priority as of the Petition date.
Judge Jones ruled that the liens by Harris County will neither be
primed by nor subordinated to any liens granted pursuant to
applicable non-bankruptcy law or pursuant to the order.
The next hearing on the motion is set for August 24, 2021 at 2:30
p.m.
A copy of the order is available at from PacerMonitor.com at no
charge.
About American National Carbide
American National Carbide Co. -- http://anconline.com/-- is a
vertically integrated manufacturer of cemented tungsten carbide
products for a wide range of industries, including metalworking,
oil and gas, and wood processing, as well as zinc reclaim powders
and ready-to-press grade powders.
American National Carbide filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
21-31050) on March 26, 2021. Greg Stroud, president, signed the
petition. At the time of filing, the Debtor disclosed $1,492,225
in assets and $3,969,983 in liabilities.
Judge David R. Jones oversees the case.
Attorney Donald Wyatt PC represents the Debtor as legal counsel.
APOLLO ENDOSURGERY: Extends Texas Office Lease for One Year
-----------------------------------------------------------
Apollo Endosurgery, Inc. entered into a second amendment to its
office lease agreement dated July 16, 2012, with Aslan IV Austin,
LLC for the company's principal executive offices located in an
18,234-square-foot facility in Austin, Texas.
The second amendment extends the term of the lease for an
additional 12 months and surrenders a space containing
approximately 7,209 square feet. Pursuant to the second amendment,
the lease will expire on Sept. 30, 2022. Total base rent payments
owed during the extension term is $286,650, plus Apollo
Endosurgery's share of certain variable and administrative costs
under the lease.
About Apollo Endosurgery
Apollo Endosurgery, Inc. -- http://www.apolloendo.com-- is a
medical technology company focused on less invasive therapies to
treat various gastrointestinal conditions, ranging from
gastrointestinal complications to the treatment of obesity.
Apollo's device-based therapies are an alternative to invasive
surgical procedures, thus lowering complication rates and reducing
total healthcare costs. Apollo's products are offered in over 75
countries and include the OverStitch Endoscopic Suturing System,
the OverStitch Sx Endoscopic Suturing System, and the ORBERA
Intragastric Balloon.
Apollo Endosurgery reported a net loss of $22.61 million for the
year ended Dec. 31, 2020, compared to a net loss of $27.43 million
for the year ended Dec. 31, 2019. As of March 31, 2021, the
Company had $73.98 million in total assets, $71.29 million in total
liabilities, and $2.69 million in total stockholders' equity.
AR TEXTILES: Case Summary & 16 Unsecured Creditors
--------------------------------------------------
Debtor: AR Textiles Ltd
8902 US Highway 64 West
Robersonville, NC 27871
Chapter 11 Petition Date: June 28, 2021
Court: United States Bankruptcy Court
Eastern District of North Carolina
Case No.: 21-01441
Judge: Hon. David M. Warren
Debtor's Counsel: Joseph Z. Frost, Esq.
BUCKMILLER, BOYETTE & FROST, PLLC
4700 Six Forks Road, Suite 150
Raleigh, NC 27609
Tel: 919-296-5040
Fax: 919-890-0356
E-mail: jfrost@bbflawfirm.com
Total Assets: $5,744,986
Total Liabilities: $22,227,509
The petition was signed by Pasqual Alles, vice president.
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/X7RFWTI/AR_Textiles_Ltd__ncebke-21-01441__0001.0.pdf?mcid=tGE4TAMA
ARCHDIOCESE OF NEW ORLEANS: Committee Taps Stegall as Appraiser
---------------------------------------------------------------
The official committee of unsecured creditors of The Roman Catholic
Church of the Archdiocese of New Orleans seeks approval from the
U.S. Bankruptcy Court for the Eastern District of Louisiana to
employ Stegall Benton Melancon & Associates, LLC as real estate
appraiser and valuation expert.
The firm's services include the preparation of appraisals of the
Debtor's real properties in Louisiana; advice concerning valuation;
expert opinions and reports; and deposition and trial testimony.
Stegall will be paid $225 per hour for its advisory services and a
flat fee of $2,000 to $6,250 per property for the appraisals or
opinions of value for the Louisiana properties. The firm will also
receive reimbursement for out-of-pocket expenses incurred.
Bush Benton, a partner at Stegall, disclosed in a court filing that
his firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Bush Benton
Stegall Benton Melancon & Associates, LLC
4403 Zenith Street
Metairie, LA 70001
Tel: (504) 888-8161
Fax: (504) 888-8683
Email: bbenton@stegallbenton.com
About The Roman Catholic Church
of the 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/
Created as a diocese in 1793, and 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. 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.
Jones Walker, LLP and Blank Rome, LLP serve as the archdiocese's
bankruptcy counsel and special counsel, respectively. Donlin,
Recano & Company, Inc. is the claims agent.
The U.S. Trustee for Region 5 appointed an official committee of
unsecured creditors on May 20, 2020. The committee is represented
by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke
Lord, LLP. Berkeley Research Group, LLC is the committee's
financial advisor.
ATOKA COUNTY HEALTHCARE: Missed Health Dept. Surveys, PCO Says
--------------------------------------------------------------
Deborah Burian, Patient Care Ombudsman for Atoka County Healthcare
Authority, filed with the Bankruptcy Court a twenty-fifth report
covering the period from January 6 to March 6, 2021.
Ms. Burian reported that the Debtor's facility, being a member of
Oklahoma's COVID-19 Region 5, continues to cooperate within the
region to ensure that patients requiring specialty care have access
to treatment locally and regionally as needed. She said Atoka
Hospital remains in compliance with the Condition of Participation
for Infection Control. The hospital has taken active steps to
manage the increase of COVID-19 cases in the community, including
acquiring necessary equipment, creating separate units for the care
of COVID-19 patients, controlling vendor access to the facility,
and appropriately limiting visitation.
The PCO found no issues with the delivery of therapeutic menus and
compliance in following those menus during the review period. No
complaints or concerns have been received regarding dietary
services. General food service standards, including sanitation,
are usually monitored by local city or county health departments.
According to the PCO, Atoka has not had a City/County Health
Department survey in the last four monitoring periods. She has
reached out to the Atoka County Health Department but it is unknown
when regular survey practices will resume, she said.
Moreover, there has been no concerns reported by patients,
families, or staff members during the current period. As the
COVID-19 crisis continues to ease, it is anticipated that the PCO
will resume regular monitoring visits.
A copy of the 25th Report is available for free at
https://bit.ly/3A1tNyH from PacerMonitor.com.
About Atoka
Based in Atoka, Oklahoma, Atoka County Healthcare Authority
provides health care services. The Healthcare Authority filed for
Chapter 9 bankruptcy protection on Jan. 10, 2017 (Bankr. E.D. Okla.
Case No. 17-80016). The Debtor was estimated to have assets of
less than $50,000, and debt of between $10 million and $50 million.
Jeffrey E. Tate, Esq., at Christensen Law Group PLLC, represents
the Debtor. Deborah Burian is the Debtor's Patient Care Ombudsman
and is represented by The Gooding Law Firm, P.C. Judge Tom R.
Cornish is assigned to the case.
AVERY ASPHALT: Wins Cash Collateral Access Thru June 30
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado has
authorized Avery Asphalt, Inc. and affiliates to use cash
collateral in accordance with the budget from June 1, 2021, through
June 30, 2021 pursuant to the Budget with a line-item variance of
no more than 15% per month and an overall budget variance of no
more than 15% in the aggregate per month. The estimated expenses
may exceed these limits with prior written approval from Sunflower.
The Debtor will pay the June swap payment to Sunflower within two
business days after the entry of the Order. In addition, the Debtor
can pay any budgeted but not paid expenses contained in the May
budget and any U.S. Trustee quarterly fees.
Each of the Secured Parties are granted replacement liens and
security interest upon the Debtor's post-petition assets with the
same priority and validity as Sunflower's, Greenline's, CODOR's and
Nationwide's pre-petition liens and security interests to the
extent of the Debtor's post-petition use of cash on hand and the
proceeds of Pre-Petition Personal Property, if any.
Each of the Secured Party's Adequate Protection Liens will be
limited to the extent of value of such Secured Party's, interest,
if any, in the estate's interest in the Pre-Petition Personal
Property as set forth under Section 506(a) of the Bankruptcy Code.
To the extent that the Adequate Protection Liens prove to be
insufficient, each of the Secured Parties, as may be applicable,
will be granted superpriority administrative expense claims under
section 507(b) of the Bankruptcy Code but only to the extent that
such Secured Party has a valid allowed secured claim under section
506(a) in the Cash Collateral used.
The Debtors are also directed to pay all Post-Petition federal and
state payroll, withholding, sales, use, personal property, real
property, and other taxes and assessments of any kind when due and
owing under applicable law in the amounts as set forth in the
Budget, if any. Secured Parties shall not be responsible for the
payment of such taxes and assessments under any conditions.
A copy of the order is available at https://bit.ly/3A2S5YO from
PacerMonitor.com.
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.
Avery Asphalt and its affiliates 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.
BIONIK LABORATORIES: Incurs $13.6 Million Net Loss in Fiscal 2021
-----------------------------------------------------------------
Bionik Laboratories Corp. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss and
comprehensive loss of $13.62 million on $1.19 million of net
revenues for the year ended March 31, 2021, compared to a net loss
and comprehensive loss of $25.02 million on $2.15 million of net
revenues for the year ended March 31, 2020.
As of March 31, 2021, the Company had $8.79 million in total
assets, $5.51 million in total liabilities, and $3.28 million in
total stockholders' equity.
"We are starting to see an uptick in commercial sales as we put
fiscal 2021 behind us. The fourth quarter was our strongest
quarter for fiscal 2021 as we are starting to see less impact from
the COVID-19 pandemic with our clients. This growth is driven by
our InMotion robot sales in the U.S. as well as our InMotion
Connect digital solutions sales from one of our strategic partners.
Also, BIONIK is continuing to pursue its solutions development by
building a machine learning prototyping model, a first step to a
machine learning platform, which leverages big data collected in
real-time in the rehabilitation facilities using our products,"
said Dr. Eric Dusseux, chief executive officer, BIONIK.
Toronto, Canada-based MNP LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated June 24,
2021, citing that he Company has experienced losses and has a
working capital deficiency and an accumulated deficit. These
conditions, along with other matters, raise substantial doubt about
Company's ability to continue as a going concern.
Fourth Quarter Financial Results
Fourth quarter total revenues decreased 50% to $0.5 million,
compared with $0.9 million for the quarter ended March 31, 2020,
driven by a reduction in the units sold in the fourth quarter ended
March 31, 2021 as compared to the quarter ended March 31, 2020.
Fourth quarter gross profit decreased to $0.3 million, compared to
$0.6 million for the quarter ended March 31, 2020. The decrease is
due to the reduced number of units sold from the quarter ended
March 31, 2021 as compared to the quarter ended March 31, 2020.
The overall gross margin was up from 64.2% for the quarter ended
March 31, 2020 to 72.5% for the quarter ended March 31, 2021.
Total operating expenses were $1.3 million in the fourth quarter of
fiscal 2021 compared to $17.2 million in the prior year fourth
quarter, a decrease of $15.9 million, or 92%. This decrease was
primarily driven by the impairment charge to the Company's
intangible assets associated with a decrease in the fair value that
occurred in the quarter ended March 31, 2020. On a non-GAAP basis,
excluding the impairment and amortization of the Company's
intangibles, its operating expenses decreased $1.9 million, or 60%,
primarily due to a reduction in personnel costs associated with
reduced headcount due to the global pandemic as well as lower
share-based compensation expense.
BIONIK recorded a net loss of $1.0 million, or ($0.20) per diluted
share, compared to a net loss of $16.5 million, or ($3.23) per
diluted share, in the same period for fiscal 2020. On a non-GAAP
basis, excluding non-cash unrealized foreign exchange measurement
gains and losses and impairment and amortization of intangibles,
fourth quarter net loss was $1.0 million, or a loss of ($0.19) per
diluted share, compared with a loss of $2.6 million, or a loss of
($0.51) per diluted share, in the same period for fiscal 2020.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/Archives/edgar/data/1508381/000110465921084897/tm2118492d1_10k.htm
About BIONIK Laboratories
BIONIK Laboratories -- http://www.BIONIKlabs.com-- is a robotics
company focused on providing rehabilitation and mobility solutions
to individuals with neurological and mobility challenges from
hospital to home. The Company has a portfolio of products focused
on upper and lower extremity rehabilitation for stroke and other
mobility-impaired patients, including three products on the market
and three products in varying stages of development.
BIOSTAGE INC: Asks Court to Vacate Order in Wrongful Death Lawsuit
------------------------------------------------------------------
Biostage, Inc. asked the Suffolk Superior Court to vacate its order
that allowed a motion for sanctions lodged by representatives for
the estate of an individual plaintiff in a wrongful death lawsuit
filed against the company.
On April 14, 2017, representatives for the estate of an individual
plaintiff filed a wrongful death complaint with the Suffolk
Superior Court, in the County of Suffolk, Massachusetts, against
the Company and other defendants, including Harvard Bioscience,
Inc., the Company's former parent entity prior to the spin-off of
the Company in 2013, as well as another third party.
The complaint seeks payment for an unspecified amount of damages
and alleges that the plaintiff sustained terminal injuries
allegedly caused by products, including one synthetic trachea
scaffold and two bioreactors, provided by certain of the named
defendants and utilized in connection with surgeries performed by
third parties in Europe in 2012 and 2013. This lawsuit relates to
the Company's first-generation trachea scaffold technology for
which the Company discontinued development in 2014, and not to the
Company's current CellframeTM technology nor to its lead
development CellspanTM Esophageal Implant product candidate.
On Oct. 1, 2019, the Court entered an order granting plaintiffs'
motion to compel the defendants to produce discovery.
Subsequently, the plaintiff filed a motion for sanctions against
the Company on Jan. 6, 2020 claiming failure to produce.
Biostage said, "Our counsel at the time, which had been selected
for the case by our liability insurance carrier, never notified us
of plaintiffs' motion and never responded to plaintiff' motion. As
a result of the failure of our former counsel to respond, on
January 29, 2020, the Court entered an order allowing plaintiffs'
sanctions against us and the other defendants, which establishes a
sanction of admitted liability. In June 2021, we were informed of
these 2019 and 2020 court actions by new defense counsel appointed
by our liability insurance carrier. On June 9, 2021, we, together
with the other defendants, filed a motion to vacate the Court's
order allowing plaintiff's motion for sanctions. We are also
actively fighting the damages in the case."
"While we believe that claims made in this lawsuit are without
merit and that there are strong grounds to vacate the sanctions,
unless the sanctions award is vacated we could face a trial on
damages. If the sanctions award is vacated, we will have the
opportunity to contest the underlying claims at trial and, while
there can be no assurance of prevailing, we believe those claims
lack merit. If we face a trial on damages, whether as a result of
the sanctions or following a loss on the merits, we do not know the
exact amount of compensatory and, potentially, punitive damages
that could be awarded. In all events, we believe that available
product liability insurance coverage will reimburse us for all or a
significant portion of such damages, although there can be no
assurance that the damages awarded will be within the limits of our
insurance. The Company is also evaluating possible malpractice
claims as an additional source of recovery. We cannot provide
assurance that our losses will not exceed such recoveries.
Further, in accordance with a separation and distribution agreement
between Harvard Bioscience and the Company relating to the
spin-off, the Company would be required to indemnify Harvard
Bioscience against losses that Harvard Bioscience may suffer as a
result of this litigation."
About Biostage
Holliston, Massachusetts-based Biostage, Inc. -- www.biostage.com
-- is a biotechnology company developing bioengineered organ
implants based on the Company's novel Cellframe and Cellspan
technology. The Company's technology is comprised of a
biocompatible scaffold that is seeded with the recipient's own
cells. The Company believes that this technology may prove to be
effective for treating patients across a number of life-threatening
medical indications who currently have unmet medical needs. The
Company is currently developing its technology to treat
life-threatening conditions of the esophagus, bronchus or trachea
with the objective of dramatically improving the treatment paradigm
for those patients. Since inception, the Company has devoted
substantially all of its efforts to business planning, research and
development, recruiting management and technical staff, and
acquiring operating assets.
Biostage reported a net loss of $4.86 million for the year ended
Dec. 31, 2020, compared to a net loss of $8.33 million for the year
ended Dec. 31, 2019. As of March 31, 2021, the Company had $1.25
million in total assets, $875,000 in total liabilities, and
$381,000 in total stockholders' equity.
Boston, Massachusetts-based RSM US LLP, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
April 13, 2021, citing that the Company has suffered recurring
losses from operations, has an accumulated deficit, uses cash flows
in operations, and will require additional financing to continue to
fund operations. This raises substantial doubt about the Company's
ability to continue as a going concern.
BRAZOS ELECTRIC: Aug. 5 Tort Claims Deadline Set
------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas set
Aug. 5, 2021, as the last date for persons and entities to file
proofs of tort claim against Brazos Electric Power Cooperative Inc.
The deadline to file general claims against the debtor was on June
15, 2021.
The Court also set Sept. 3, 2021, as the deadline for governmental
units to file their claims against the Debtors.
Each proof of claim must be filed, including supporting
documentation, by either (i) electronic submission through Public
Access to Court Electronic Records at http://ecf.txsb.uscourts.gov,
(ii) electronic submission using the interface available on the
claims agent's website at https://cases.stretto.com/brazos, or
(iii) if submitted through non-electronic means, by U.S. Mail or
other hand delivery systems, at:
Brazos Electric Power Cooperative Inc. Claims Processing
c/o Stretto
410 Exchange, Suite 100
Irvine, CA 92602
For further information regarding the filing of proofs of claim,
contact the Debtor's restructuring hotline at 855-529-1663
(toll-free) or 949-771-2210 (international).
About Brazos Electric Power Cooperative
Brazos Electric Power Cooperative Inc. is a 3,994-megawatt
transmission and generation cooperative which members' service
territory covers 68 counties from the Texas Panhandle to Houston.
It was organized in 1941 and the first cooperative formed in the
Lone Star state with the primary intent of generating and supplying
electrical power. At present, Brazos Electric is the largest
generation and transmission cooperative in the state and is the
wholesale power supplier for its 16 member-owner distribution
cooperatives and one municipal system.
Brazos Electric filed a voluntary petition for relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-0725)
on March 1, 2021. At the time of the filing, the Debtor disclosed
assets of between $1 billion and $10 billion and liabilities of the
same range.
Judge David R. Jones oversees the case.
The Debtor tapped Norton Rose Fulbright US, LLP as bankruptcy
counsel, Foley & Lardner LLP and Eversheds Sutherland US LLP as
special counsel, Collet & Associates LLC as investment banker, and
Berkeley Research Group, LLC, as financial advisor. Stretto is the
claims and noticing agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtor's case on March 15, 2021. The
committee is represented by the law firms of Porter Hedges, LLP and
Kramer, Levin, Naftalis & Frankel, LLP. FTI Consulting, Inc. is the
committee's financial advisor.
CAI INTERNATIONAL: S&P Places 'BB' ICR on CreditWatch Positive
--------------------------------------------------------------
S&P Global Ratings placed all of its ratings on marine cargo
container lessor CAI International Inc., including its 'BB' issuer
credit rating, on CreditWatch with positive implications.
S&P SAID, "We expect to resolve the CreditWatch after we assess
CAI's strategic importance to MHC. At that time, we anticipate
raising our rating on the company by at least one notch."
The CreditWatch placement follows CAI's announcement that it has
entered into a definitive agreement to be acquired by Japanese
finance company MHC for approximately $1.1 billion. S&P said,
"Following the acquisition, we expect CAI will continue to operate
as a separate entity. We anticipate the transaction will close in
the third or fourth quarter of 2021 subject to customary closing
conditions, including the receipt of shareholder and regulatory
approval."
Upon the close of the transaction, the holders of the company's
rated secured notes due Sept. 13, 2022 ($37.5 million outstanding
as of March 31, 2021), will have the option to request the
prepayment of the notes under the change-of-control clause in the
indenture. The coupon on the notes is 4.9%, thus S&P believes it is
likely that there will be little if any prepayment given the
relatively high coupon and the stronger credit quality of the new
parent.
S&P said, "The CreditWatch placement indicates that we will likely
raise our rating on CAI by at least one notch at the time of its
acquisition by MHC based on our assessment of its strategic
importance to its new parent. MHC is a large Japanese leasing
company with a portfolio that includes aircraft and aircraft
engines, railcars, and marine cargo containers.
"We expect to resolve the CreditWatch after we assess CAI's
strategic importance to MHC. At that time, we anticipate raising
our rating on the company by at least one notch. Specifically, we
intend to resolve the CreditWatch by the close of the transaction,
which we expect will occur in the third or fourth quarter of
2021."
CARIBBEAN MOTEL: Creditor Seeks to Prohibit Cash Collateral Use
---------------------------------------------------------------
OSP Consortium, LLC, successor in interest of Westernbank, Banco
Popular de Puerto Rico and Condado 2, LLC, asks the US Bankruptcy
Court for the District of Puerto Rico to prohibit Caribbean Motel
Corp. d/b/a/ Motel Caribbean from using cash collateral.
OSP moves the Court to prohibit the use of its Cash Collateral and
to allow it to seek and collect the related proceeds.
On April 25, 2008, Westerbank extended to Caribbean Motel Corp. a
$2,415,700 credit facility. The Loan was due and payable on April
25, 2013. The Loan is secured, inter alia, by the Debtor's real
estate property.
The Property was mortgaged through Mortgage Deed No. 1,182 executed
on December 3, 2003, and secures a $2,415,700 Mortgage Note. The
rents and proceeds generated from the Property secure the Loan and
constitute OSP's cash collateral.
Because the Debtor defaulted on the Loan, on May 20, 2014, BPPR, as
Westernbank's successor in interest and OSP's predecessor, obtained
a Judgment against the Debtor from the PR Court of First Instance,
Superior Court of Mayaguez.
On January 31, 2017, upon negotiations between the Debtor and
Condado, BPPR's successor in interest, the parties and the
co-debtors executed a Stipulation for the Payment of Judgment.
On October 30, 2017, upon the impact of hurricane Maria on the
Debtor's finances, Condado agreed to modify certain terms of the
Stipulation for the Payment of Judgment, and the parties and the
co-debtors executed an Amendment to Stipulation for the Payment of
Judgment.
OSP asserts that the Debtor also defaulted with the terms of both
of these Stipulations, which had the stipulated effect of setting
aside the terms of the Stipulations and reverting back to the terms
of the Loan and the Judgment.
A copy of the motion is available for free at
https://bit.ly/3wVivK9 from PacerMonitor.com.
About Carribean Motel Corporation
Caribbean Motel Corp. d/b/a/ Motel Caribbean operates in the
traveler accommodation industry. The Debtor is the owner of fee
simple title to a land located at Guanajibo Ward, Cabo Rojo, PR
with real properties used as motel. The Debtor sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case
No. 21-01831) on June 15, 2021. In the petition signed by Margaro
Rivera Guzman, president, the Debtor disclosed $683,781 in assets
and $2,399,246 in liabilities.
Wigberto Lugo Mender, Esq. at Lugo Mender Group, LLC is the
Debtor's counsel.
CASTLE ROCK HEF: Public Sale Set for July 8
-------------------------------------------
A sale of certain equipment, commercial claims, and equity of
assets of Castle Rock HEF LLC dba White Buffalo Hemp Company
("Debtor") will take place virtually via zoom meetings on July 8,
2021, at 1:00 p.m. (Central Time).
The public sale may be cancelled, postponed or continued at any
tie, without further notice, at the discretion of the secured
creditor of the Debtor, Endeavor Companies LLC.
The link and access information for the meetings may be obtained by
contacting the counsel for the secured creditor at:
Scott Josephson
DLA Piper LLP
444 West Lake Street
Suite 900
Chicago, IL 60606- 0089
Tel: (312) 368-2129
Email: scott.josephson@us.dlapiper.com
Castle Rock HEF LLC -- https://whitebuffalocorp.com/ -- engages in
the business of hemp and plant bases research, cultivation,
processing and distribution.
CEN BIOTECH: CFO Tarrabain to Get 1-Mil. Shares Under Equity Plan
-----------------------------------------------------------------
CEN Biotech entered into a Restricted Stock Agreement under the
Company's 2021 Equity Compensation Plan with Alex Tarrabain, the
Company's chief financial officer and a member of its board of
directors.
Pursuant to the RSA, the Company granted Mr. Tarrabain 1,000,000
shares of the Company's common stock under the Plan to vest
immediately on the grant date.
Additionally, CEN Biotech issued 1,441,073 shares of its common
stock pursuant to the conversion of certain convertible promissory
notes, between May 12, 2021 and June 25, 2021.
The Company also issued 30,000 shares of its common stock as
consideration for extending the maturity date of certain short term
notes, between May 12, 2021 and June 25, 2021.
About CEN Biotech
CEN Biotech, Inc. -- tp://www.cenbiotechinc.com -- is focused on
the manufacturing, production and development of Light Emitting
Diode lighting technology and hemp products. The Company intends
to explore the usage of hemp, which it intends to cultivate for
usage in industrial, medical and food products. Its principal
office is located at 300-3295 Quality Way, Windsor, Ontario,
Canada.
CEN Biotech reported net income of $14.25 million for the year
ended Dec. 31, 2020, compared to a net loss of $5.65 million for
the year ended Dec. 31, 2019. As of March 31, 2021, the Company
had $6.21 million in total assets, $16.68 million in total
liabilities, and a total shareholders' deficit of $10.46 million.
Mazars USA LLP, in New York, New York, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
March 12, 2021, citing that the Company has incurred significant
operating losses and negative cash flows from operations since
inception. The Company also had an accumulated deficit of
$27,060,527 at Dec. 31, 2020. The Company is dependent on
obtaining necessary funding from outside sources, including
obtaining additional funding from the sale of securities in order
to continue their operations. The COVID-19 pandemic has hindered
the Company's ability to raise capital. These conditions raise
substantial doubt about its ability to continue as a going concern.
CINEMA SQUARE: Seeks to Hire Beall & Burkhardt as Legal Counsel
---------------------------------------------------------------
Cinema Square, LLC, seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Beall & Burkhardt,
APC to serve as legal counsel in its Chapter 11 case.
The firm's services include:
(a) advising the Debtor generally concerning its rights, duties
and obligations under the Bankruptcy Code, the Federal Rules of
Bankruptcy Procedure, and the requirements of the Office of the
U.S. Trustee;
(b) representing the Debtor in all hearings and meetings before
the bankruptcy court;
(c) prosecuting and defending appropriate adversary proceedings
in the bankruptcy court;
(d) prosecuting any claim objections;
(e) preparing a disclosure statement and plan of reorganization;
and
(g) other necessary legal services.
The hourly rates of the firm's attorneys are as follows:
William C. Beall $525 per hour
Eric W. Burkhardt $450 per hour
Carissa Horowitz $350 per hour
The Debtor paid the firm a retainer in the amount of $50,000. The
firm will also be reimbursed for out-of-pocket expenses incurred.
William Beall, Esq., a partner at Beall & Burkhardt, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
William C. Beall, Esq.
Eric W. Burkhardt, Esq.
Carissa Horowitz, Esq.
Beall & Burkhardt, APC
1114 State Street
La Arcada Building, Suite 200
Santa Barbara, CA 93101
Telephone: (805) 966-6774
Facsimile: (805) 963-5988
Email: will@beallandburkhardt.com
About Cinema Square LLC
Santa Barbara, Calif.-based Cinema Square, LLC is the owner of a
small shopping center located at 6917 El Camino Real, Atascadero,
Calif.
Cinema Square sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Calif. Case No. 21-10634) on June 14, 2021. In
the petition signed by Jeffrey C. Nelson, president, the Debtor
disclosed up to $50 million in assets and up to $10 million in
liabilities. Judge Deborah J. Saltzman oversees the case.
Beall & Burkhardt, APC and Damitz, Brooks, Nightingale, Turner &
Morrisset serve as the Debtor's legal counsel and accountant,
respectively.
CINEMA SQUARE: Taps Valbridge Property Advisors as Appraiser
------------------------------------------------------------
Cinema Square, LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Valbridge Property
Advisors to conduct an appraisal of its real property.
The firm's hourly rates are as follows:
Deposition $400 per hour
Testimony $400 per hour
Travel Time $200 per hour
Staff $75 per hour
The Debtor paid the firm a retainer in the amount of $23,000.
Michael Burger, a senior managing director at Valbridge Property
Advisors, disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Michael C. Burger
Valbridge Property Advisors
4915 Calloway Drive, Suite 101
Bakersfield, CA 93312
Tel: (661) 587-1010
Fax: (661) 834-0748
Email: mburger@valbridge.com
About Cinema Square LLC
Santa Barbara, Calif.-based Cinema Square, LLC is the owner of a
small shopping center located at 6917 El Camino Real, Atascadero,
Calif.
Cinema Square sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Calif. Case No. 21-10634) on June 14, 2021. In
the petition signed by Jeffrey C. Nelson, president, the Debtor
disclosed up to $50 million in assets and up to $10 million in
liabilities. Judge Deborah J. Saltzman oversees the case.
Beall & Burkhardt, APC and Damitz, Brooks, Nightingale, Turner &
Morrisset serve as the Debtor's legal counsel and accountant,
respectively.
CLIPPER ACQUISITIONS: S&P Alters Outlook to Pos, Affirms 'BB+' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Clipper Acquisitions
Corp. to positive from stable. At the same time, S&P affirmed its
'BB+' issuer credit and secured debt ratings. S&P revised its
recovery rating on the company's debt to '3', indicating its
expectation for a meaningful (50%) recovery in the event of
default, from '4'.
Clipper maintains strong business momentum, as its positive net
flow track record indicates. The company had net inflows of $11
billion in 2020, following $7 billion in 2019, and reached $12
billion during the first quarter of 2021, bringing AUM to $253
billion.
Good investment performance supports strong organic growth. At the
end of first-quarter 2021, approximately 98%, 99%, 98%, and 99% of
the company's fixed-income strategies (which represent 85% of total
assets under management) were above the benchmark on one-, three-,
five-, and 10-year bases.
Leverage remains below 2.0xClipper's debt-to-adjusted EBITDA ratio
remained modestly below 2.0x for the second consecutive year
supported by strong cash flow generation and a meaningful cash
balance (which S&P nets against debt in our leverage calculation).
The recent refinancing and maturity extension of the term loan
combined with a sizable cash balance support liquidity. During the
first quarter of 2021, Clipper refinanced and extended the maturity
of the secured term loan to 2028 while keeping a sizable cash
balance, further strengthening its liquidity for the upcoming
years.
Upside scenario
S&P said, "The positive outlook reflects our expectation that we
could upgrade the company in the next 12 months if leverage is
sustained close to 1.5x to offset the concentration risk that we
see in the business and if investment performance and net flows
remain strong.
"We could revise the outlook to stable during the next 12 months if
leverage increases above 2.0x or if the company's investment
performance or net flows weaken."
CMS ENERGY: Moody's Rates $230MM Series C Preferred Stock 'Ba1'
---------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to CMS Energy
Corporation's (CMS, Baa2 stable) $230 million Series C
Fixed-to-Fixed Reset Rate Cumulative Perpetual Preferred Stock.
RATINGS RATIONALE
The Ba1 rating assigned to CMS' Preferred Stock reflects the
security's relative position in the company's capital structure
compared to its senior unsecured rating, which represents CMS's
ability to honor senior unsecured debt and other unsecured
obligations. The Preferred Stock is subordinated, and junior in
right of payment, to roughly $15 billion of CMS's outstanding
long-term debt.
The two notch differential between the Ba1 assigned to the Series C
Preferred Stock and CMS' Baa2 senior unsecured rating is consistent
with Moody's methodology guidance for notching corporate instrument
ratings based on differences in security and priority of claim.
CMS intends to use the net proceeds from the Preferred Stock
issuance for general corporate purposes, including working capital
and debt repayment.
The Preferred Stock contains equity like features including no
stated maturity and the option to skip coupon payments. Upon
issuance, the Preferred Stock will receive basket "C" treatment
(i.e. 50% equity and 50% debt) for the purpose of adjusting
financial statements. Please refer to Moody's cross-sector rating
methodology "Hybrid Equity Credit" (September 2018) for further
details.
CMS' senior unsecured credit rating primarily reflects the credit
profile of its utility subsidiary Consumers Energy Company
(Consumers Energy, A1 senior secured, stable). After the sale of
EnerBank, Moody's expect over 95% of CMS to be supported by the
regulated utility operation. Its credit profile also incorporates
higher percentage of parent debt level. Approximately $4.2 billion
is issued at the CMS level, which represents about 34% of the total
debt excluding EnerBank deposits.
Rating Outlook
The stable outlook reflects Moody's expectation that financial
metrics will remain around 14%-15% over the next 2-3 years and that
the utility will continue to benefit from a consistent and
generally credit supportive regulatory environment. The stable
outlook also incorporates Moody's view that CMS will maintain
prudent financial policies while managing through its robust
investment cycle and that debt levels at either the parent or
utility will not increase materially.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Factors That Could Lead to an Upgrade
A rating upgrade could be considered if credit metrics improve such
that CFO pre-WC to debt ratio is above 17% on a sustained basis. In
addition, if the Michigan regulatory framework becomes even more
formulaic, transparent or timely with its suite of recovery
mechanisms for Consumers Energy, a rating upgrade could be
possible.
Factors That Could Lead to a Downgrade
A rating downgrade could be considered if there is a material
deterioration in the credit supportiveness of the Michigan
regulatory environment; or if the CFO pre-WC to debt ratio declines
below 14% on a sustained basis. Also, there could be downward
pressure on the rating of CMS if Consumers Energy's ability to
upstream dividends to CMS becomes constrained or the parent debt
level at CMS increases materially.
Assignments:
Issuer: CMS Energy Corporation
Pref. Stock Preferred Stock, Assigned Ba1
The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in June 2017.
CMS Energy Corporation (CMS) is an energy holding company whose
principal subsidiary, Consumers Energy Company (Consumers Energy),
is a Michigan regulated electric and gas utility representing over
95% of CMS' earnings and cash flow. Consumers Energy serves
approximately 6.8 million customers in the state of Michigan, with
a rate base of about $20 billion. In addition to Consumers Energy,
CMS has ownership interests in about 1,838 gross MW of unregulated,
primarily natural gas-fired, generation located mostly within
Michigan. CMS announced an agreement to sell its wholly owned
lending subsidiary, EnerBank, which is expected to close by
year-end 2021.
COMMUNITY REGIONAL: Lisa Holder Named Subchapter V Trustee
----------------------------------------------------------
Tracy Hope Davis, United States Trustee for Region 17, appointed
Lisa Holder as Subchapter V Trustee of Community Regional
Anesthesia Medical Group, Inc.
Ms. Holder agrees to be compensated for her services as Trustee at
an hourly rate of $300, in addition to seeking reimbursement for
actual and necessary expenses incurred.
Ms. Holder's contact details:
Lisa Holder
3710 Earnhardt Drive
Bakersfield, CA 93306
Telephone: (661) 205-2385
Email: lholder@lnhpc.com
About Community Regional
Anesthesia Medical Group, Inc.
Community Regional Anesthesia Medical Group, Inc. provides
anesthesia services for Community Medical Centers (CMC) at its
three major hospitals, Community Regional Medical Center, Clovis
Community Medical Center, and Fresno Heart and Surgical Hospital.
The Debtor filed a Chapter 11 petition (Bankr. E.D. Cal. Case No.
21-11542) on June 15, 2021.
On the Petition Date, the Debtor disclosed $7,412,863 in total
assets and $8,891,012 in total liabilities. The petition was
signed by Carolyn Larsen, executive director.
Judge Rene Lastreto II presides over the case. Lisa Holder is
appointed as the Debtor's Subchapter V Trustee. Wanger Jones
Helsley serves as the Debtor's counsel.
COSMOS HOLDINGS: Swaps $3 Million Debt for Equity
-------------------------------------------------
Cosmos Holdings Inc. entered into a Debt Exchange Agreement with
Grigorios Siokas, the Company's chief executive officer. The
Agreement provided for the issuance by the Company of 500,000
shares of common stock, at the rate of $6.00 per share, or an
aggregate of $3,000,000, in exchange for $3,000,000 of existing
loans by Mr. Siokas to the Company.
About Cosmos Holdings
Cosmos Holdings Inc. is a multinational pharmaceutical wholesaler.
The Company imports, exports and distributes pharmaceutical
products of brand-name and generic pharmaceuticals,
over-the-counter (OTC) medicines, and a variety of dietary and
vitamin supplements. Currently, the Company distributes products
mainly in the EU countries via its two wholly owned subsidiaries
SkyPharm SA and Decahedron Ltd.
Cosmos Holdings reported net income of $820,786 for the year ended
Dec. 31, 2020, compared to a net loss of $3.30 million for the year
ended Dec. 31, 2019. As of March 31, 2021, the Company had $41.69
million in total assets, $44.50 million in total liabilities, and a
total stockholders' deficit of $2.80 million.
San Francisco, California-based Armanino LLP, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated April 15, 2021, citing that the Company has suffered
recurring losses from operations and has a net accumulated deficit
that raises substantial doubt about its ability to continue as a
going concern.
COTTAGE CAR WASH: Taps Barnstable/Plymouth as Appraiser
-------------------------------------------------------
Cottage Car Wash, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Massachusetts to employ Barnstable/Plymouth
Appraisal Services to conduct an appraisal of its real property
located at 36 Pine St., Norfolk, Mass.
Barnstable/Plymouth will be paid a flat fee of $3,000.
Wayne Valliere, a partner at Barnstable/Plymouth, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Wayne J. Valliere
Barnstable/Plymouth Appraisal Services
PO Box 697
Buzzards Bay, MA 02532
Tel: (508) 737-0655
About Cottage Car Wash
Cottage Car Wash, LLC, a Norfolk, Mass.-based company in the car
wash business, filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 21-10596) on
April 26, 2021. Michael Brabants, manager, signed the petition. In
the petition, the Debtor disclosed total assets of $916,000 and
total liabilities of $1,481,676. Judge Janet E. Bostwick oversees
the case. Madoff & Khoury LLP serves as the Debtor's legal
counsel.
CT TECHNOLOGIES: S&P Affirms 'B-' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Georgia-based CT Technologies Intermediate Holdings Inc. (doing
business as Ciox Health; Ciox) and revised its outlook to stable
from positive. S&P's outlook change reflects our revised forecast
that adjusted leverage will not fall below our previous upgrade
threshold of 5x over the next 12-24 months.
S&P raised its rating on Ciox's senior secured credit facility to
'B' from 'B-' and the recovery rating to '2' from '3'. The '2'
recovery rating reflects the improved business value of the
combined company and our expectation that Datavant will become a
guarantor under the existing credit facilities.
S&P said, "Our stable outlook on Ciox reflects our expectation that
the company will grow annual revenues in the high-single-digit to
low-double-digit range in 2021 and 2022 while maintaining stable
EBITDA margins of 21%-22%. Additionally, we anticipate that the
company will grow free operating cash flow (FOCF)-to-debt in the
low to mid-single-digit percent range over the next two years."
The preferred equity-financed dividend increases adjusted debt and
will likely slow the pace of leverage reduction.
S&P said, "The addition of $1.08 billion preferred equity
securities, which we treat as debt because it lacks permanence
according to our criteria, combined with limited near-term EBITDA
contribution from Datavant, increases adjusted leverage to well
over 10x in 2021, from our previous expectation of 4.7x. However,
we expect cash flow generation to remain healthy, given the PIK
interest feature of the preferred equity. The preferred equity,
which consists of Series A and Series B securities, has a perpetual
maturity date, ranks junior to the existing credit facilities, and
excludes cash interest toggles. Nevertheless, high PIK interest
rates and step-up starting in the third year, optional issuer call
provisions, and business sale demand options, among others, may
encourage redemption. Pro forma for the transaction, financial
sponsor New Mountain Capital will retain control of the company.
"Although the merger strengths Ciox's business prospects, we do not
anticipate any material EBITDA contribution from Datavant for
several years. The acquisition provides Ciox the ability to harness
consumer health information retained in siloed databases across
various institutions and quickly and securely exchange data to
support improved patient outcomes--a market opportunity that could
have numerous use cases and value creation opportunities. We
believe there is a good chance for the company to make steady
headway in expanding its scale and revenue mix, but we do not
expect a substantial effect for a couple years. In the meantime,
development and commercialization expenses could temper EBITDA or
cash flow growth. However, Ciox has not communicated a step-up in
its investment budget."
First-quarter 2021 operating performance was slightly better than
expected. Revenue exceeded expectations at $144.3 million,
reflecting momentum in the Payer segment and pricing increases from
the patient pricing directive resolution in the Payor segment.
EBITDA and gross margins benefited from the realization of
productivity improvements, as well as lower technology deployment
and litigation costs. S&P expects the business momentum to continue
over the next 12-18 months. Nevertheless, cash balances declined to
$44.9 million from $81.2 million because of the cash payment of
management bonuses and customer deposit true-ups.
S&P said, "We believe the health industry benefits from favorable
tailwinds. Strong momentum in the life sciences segment supports a
potential upside to our base-case projections. Ciox's Real World
Data segment (Life Sciences) currently accounts for a modest
portion of its total revenue. However, increasing demand for these
services may lead to better than expected operating performance.
"Our stable outlook on Ciox reflects our expectation that the
company will grow annual revenues in the high-single-digit to
low-double-digit range in 2021 and 2022 while maintaining stable
EBITDA margins of 21%-22%. Additionally, we anticipate Ciox will
grow free operating cash flow (FOCF) to debt in the low to
mid-single-digit percent range over the next two years."
S&P could lower its rating on Ciox if:
-- Top-line growth lags our base case or high investment needs
lead to ongoing FOCF deficits;
-- The company's liquidity weakens such that it fully draws its
revolving line of credit; or
-- S&P believes the company's capital structure is unsustainable.
S&P said, "We could raise our rating if Ciox makes substantial
progress realizing the benefits of the Datavant merger and Real
World Data business initiatives while growing revenue 10%-12%,
expands its EBITDA margins by 300-400 basis points, and maintains
adequate liquidity. In this scenario, we would expect adjusted
leverage at or below 7.5x or FOCF to debt sustained in the
mid-to-high single-digit range with minimal risk of
re-leveraging."
DECK SUPPLY: Wins Cash Collateral Access
----------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
has approved the Stipulation for Use of Cash Collateral filed by
Deck Supply Warehouse, LLC, and Janet Alexander.
The Debtor seeks to use Alexander's cash collateral to pay the
necessary expenses for the Debtor's business, including but not
limited to wages, insurance, taxes, utilities, and other essential
expenses for the Debtor's operations.
The parties agree and stipulate that before the filing of the
petition, the Debtor obtained financing from Alexander, who holds
promissory notes, loan agreements, security agreements and other
documents related to the Debtor's obligations. The Debtor admits it
owes Alexander $521,982.83 and that the obligation is secured by
the Debtor's Inventory and Accounts Receivable. The Debtor says the
Inventory has a value of $462,616 at cost and the Receivables are
"approximately" $147,959 bringing the total value of the security
to $610,575 as of the May 17, 2021, the Petition Date.
Alexander asserts that the obligations owing to her by the Debtor
are greater than the $521,982.83 conceded by the Debtor and that
those obligations are secured by, among other things, continuing
security interests in all rents or profits associated with and
arising from the Debtor's Inventory including Accounts Receivable.
The Debtor says it is not presently aware of the existence of any
liens or encumbrances senior to those of Janet Alexander on the
Pre-Petition Collateral or the Post-Petition Collateral and has
not, to the best of its knowledge, voluntarily granted any senior
encumbrance.
The Debtor is authorized to use the Post-Petition Collateral to pay
the same, and other operating expenses, up to the amount of $32,000
per month; provided, however, that in no event will any such
expenses excuse the Debtor from its obligation to make monthly
$5,540 payments to Janet Alexander beginning on July 15, 2021.
The Debtor will make adequate protection payments of at least
$5,540 per month to Alexander -- payable on the 15th of each month,
beginning on July 15, 2021. The adequate protection payments will
continue for the same duration of time as the use of cash
collateral is allowed.
As additional adequate protection for the use of cash collateral,
Alexander is granted, effective as of the Petition Date, a
post-petition replacement lien on all presently-owned or
hereafter-acquired assets of the Debtor, to the same extent as she
had a valid and perfected security interest in the (i) Pre-Petition
Collateral, including all Cash Collateral, and (ii) all proceeds
therefrom. The Post-Petition Replacement Lien will be secured in
accordance with the provisions of Bankruptcy Code sections 361 and
363(e).) and, to the extent that the Post-Petition Replacement Lien
together with any other lien granted by the Debtor coupled with the
adequate protection payments made by the Debtor for the benefit of
Janet Alexander is insufficient to adequately protect her, then
Alexander will also be allowed an administrative priority claim in
accordance with the provisions of Bankruptcy Code section 507(b)
for any deficiency.
A copy of the order is available for free at https://bit.ly/35QThkv
from PacerMonitor.com.
About Deck Supply Warehouse, LLC
Deck Supply Warehouse, LLC is wholesaler of premium decking
materials. Deck Supply filed a Chapter 11 petition (Bankr. N.D.
Cal. Case No. 21-10266) on May 27, 2021.
In the petition signed by Jeanette Leavens, managing member, the
Debtor disclosed $569,116 in total assets and $1,518,068 in total
liabilities as of May 26, 2021.
Judge Charles Novack presides over the case.
The Law Offices of Brian A. Barboza represents the Debtor as
counsel.
DESERT VALLEY: Taps Davis Valuation Group as Appraiser
------------------------------------------------------
Desert Valley Steam Carpet Cleaning, LLC seeks approval from the
U.S. Bankruptcy Court for the District of Arizona to employ Davis
Valuation Group, LLC.
The Debtor needs the firm's real estate appraisal and expert
witness services related to its real property located at 603 North
D St., Eloy, Ariz.
The firm will be paid $3,400 for its appraisal services and $250
per hour for expert witness services.
Vincent Davis, a partner at Davis Valuation Group, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Vincent Davis
Davis Valuation Group, LLC
430 E Southern Ave.
Tempe, AZ 85282
Tel: (480) 237-0459
Email: vince@dvgappraisal.com
About Desert Valley Steam Carpet Cleaning
Desert Valley Steam Carpet Cleaning, LLC was formed on Aug. 12,
2005, for the purpose of owning and operating a multi-family
housing property located at 603 and 607 North D. St., Eloy, Ariz.
Desert Valley Steam Carpet Cleaning sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-00570) on
Jan. 16, 2020. Judge Brenda K. Martin oversees the case. Wright Law
Offices, led by Benjamin Wright and Shawn A. McCabe, serves as the
Debtor's legal counsel.
DIAMOND OFFSHORE: Plan Effective Date Occurred April 23
-------------------------------------------------------
The second amended joint Chapter 11 plan of reorganization of
Diamond Offshore Drilling Inc. and its debtor-affiliates become
effective on April 23, 2021, after the U.S. Bankruptcy Court for
the Southern District of Texas confirmed the Debtors' Chapter 11
Plan on April 8, 2021.
All final requests for payment of accrued professional compensation
claims incurred from the Debtors' Chapter 11 filing through the
effective date must be filed no later than 45 calendar days after
the effective date.
About Diamond Offshore
Diamond Offshore Drilling, Inc., provides contract drilling
services to the energy industry worldwide. The company operates a
fleet of 15 offshore drilling rigs, including 4 drillships and 11
semi-submersible rigs. It serves independent oil and gas companies,
and government-owned oil companies. The company was founded in 1953
and is headquartered in Houston, Texas. Diamond Offshore Drilling
is a subsidiary of Loews Corporation. The company has major offices
in Australia, Brazil, Mexico, Scotland, Singapore, and Norway.
Diamond Offshore Drilling, Inc., along with its affiliates, filed a
voluntary petition for reorganization under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-32307) on April
26, 2020. The petitions were signed by David L. Roland, senior vice
president, general counsel, and secretary.
As of Dec. 31, 2019, the Debtors disclosed $5,834,044,000 in total
assets and $2,601,834,000 in total liabilities.
The case is assigned to Judge David R. Jones.
Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP
are acting as the Company's legal counsel and Alvarez & Marsal is
serving as the Company's restructuring advisor. Lazard Freres &
Co. LLC is serving as financial advisor to the Company. Prime Clerk
LLC is the claims and noticing agent.
DIGITAL ROOM: Moody's Alters Outlook on 'B3' CFR to Stable
----------------------------------------------------------
Moody's Investors Service affirmed Digital Room Holdings, Inc.'s
("DRI") ratings including the issuer's B3 corporate family rating,
B3-PD probability of default rating, the B2 rating on DRI's senior
secured first lien credit facilities, and the Caa2 rating on the
company's second lien term loan. The ratings outlook was revised to
stable from negative given the sequential recovery in the company's
operating performance in recent quarters and Moody's expectation of
continued improvement in demand from DRI's customer base over the
coming 12 months.
Affirmations:
Issuer: Digital Room Holdings, Inc.
Probability of Default Rating, Affirmed B3-PD
Corporate Family Rating, Affirmed B3
Senior Secured First Lien Bank Credit Facility, Affirmed B2
(LGD3)
Senior Secured Second Lien Bank Credit Facility, Affirmed Caa2
(LGD5)
Outlook Actions:
Issuer: Digital Room Holdings, Inc.
Outlook, Changed To Stable From Negative
RATINGS RATIONALE
DRI's B3 CFR is constrained by the company's high adjusted
debt/EBITDA of approximately 7x (Moody's adjusted for operating
leases) as of March 31, 2021 as well as DRI's small size, potential
competitive pressures from larger commercial printers and web based
rivals, and exposure to macroeconomic cyclicality in the print
advertising market. Additionally, the company's ownership by H.I.G.
Capital ("HIG") presents corporate governance concerns with respect
to DRI's financial strategies, particularly given the potential for
additional debt-funded acquisitions and equity distributions. The
risks associated with DRI's credit profile are partially offset by
the company's strong presence in the online short-run print market
as well as its solid customer relationships and historically strong
retention rates which contribute to revenue predictability.
Additionally, the company's modest capital budget should support
improving free cash flow ("FCF") generation as demand conditions
continue to recover.
DRI's adequate liquidity is supported by a cash balance of $2.1
million as of March 31, 2021 and Moody's expectation of FCF as a
percentage of debt in the mid-single digit range over the coming 12
months. Liquidity is also bolstered by DRI's $30 million revolving
credit facility maturing in 2024 ($11 million drawn). The company's
bank loans are subject to financial maintenance covenants based on
a maximum net leverage ratio (8.5x first lien net leverage, 10x
total net leverage). Moody's believes the company will remain
comfortably below the maximum levels allowed by this limitation
over the balance of 2021.
The stable ratings outlook reflects Moody's expectation that DRI's
revenues and EBITDA will recover at a healthy pace in 2021 from
coronavirus related softness in 2020, resulting in debt-to-EBITDA
(Moody's adjusted) contracting towards the mid 6x level by the end
of 2021.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The rating could be upgraded if DRI profitably expands its scale
and continues to generate healthy FCF while adhering to a
conservative financial policy, resulting in debt to EBITDA
sustained (Moody's adjusted) below 6.5x.
The rating could be downgraded if DRI were to incur FCF deficits on
a sustained basis, liquidity deteriorates, the company experiences
a weakening competitive position, or maintains aggressive financial
policies that prevent meaningful deleveraging.
DRI, owned by HIG, is a leading e-commerce provider of custom
branded consumable marketing products for SMBs. Moody's forecasts
DRI to generate revenues exceeding $270 million in 2021.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
DIOCESE OF ROCKVILLE: Moritt Hock Represents Parish Group
---------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Moritt Hock & Hamroff LLP submitted a verified
statement to disclose that it is representing certain Diocesan
Parishes in the Chapter 11 cases of The Roman Catholic Diocese of
Rockville Centre, New York.
As of June 25, 2021, the Parishes listed are:
Our Lady of the Assumption
1 Molloy Street
Copiague, NY 11726
St. Thomas the Apostle Church
24 Westminster Road
West Hempstead, NY 11552
Sacred Heart Church
282 Long Beach Road
Island Park, NY 11558
Saint Anne's R.C. Church
88 Second Street
Brentwood, NY 11717
Church of Saint Anne
35 Dartmouth Street
Garden City, NY 11530
Roman Catholic Church of S.S. Cyril and Methodius
125 Half Hollow Road
Deer Park, NY 11729
St. Rosalie Roman Catholic Church
31 E. Montauk Highway
Hampton Bays, NY 11946
St. Isidore Roman Catholic Church
622 Pulaski Street
Riverhead, NY 11901
Sts. Peter and Paul Roman Catholic Church
81 Wading River Road
Manorville, NY 11949
St. Pius X RC Church
1 St. Pius X Court
Plainview, NY 11803
St. Joseph the Worker
510 Narragansett Ave
East Patchogue, NY 11772
The Parishes, including as set forth in the Debtor's schedules and
statement of financial affairs, may (a) have claims against the
Debtor as such term is defined in title 11 of the United States
Code, which claims may not yet be known or determined, and may be
unmatured, unliquidated and/or contingent, (b) be a party to
certain agreements with the Debtor, (c) be a defendant in
litigation in which the Debtor is a defendant, and (d) have or
share an interest in property of the Debtor, such as insurance
policies and proceeds, or property held by the Debtor for them or
have claims relating to such property.
Moritt Hock filed certain proofs of claim for the Parishes, copies
of which are available on the Epiq website for the Debtor, which
may be accessed through the following link:
https://dm.epiq11.com/case/rdrockville/claims.
The Parishes do not own any equity securities of the Debtor.
Moritt Hock was engaged by each of the Parishes to represent their
respective individual interests in connection with the commencement
of the Debtor's case at the instance of each of the Parishes.
Nothing contained in this Verified Statement should be construed as
a limitation upon, or waiver of, any rights of any Parish to, among
other things, assert, file and/or amend its claim(s) in accordance
with applicable law and/or any orders entered in this Case,
including, without limitation, in respect of filing any proofs of
claim.
Moritt Hock reserves the right to amend and/or supplement this
Verified Statement.
Counsel for Certain Diocesan Parishes can be reached at:
MORITT HOCK & HAMROFF LLP
Theresa A. Driscoll, Esq.
400 Garden City Plaza
Garden City, NY 11530
Tel: (516) 880-7243
E-mail: tdriscoll@moritthock.com
A copy of the Rule 2019 filing is available at
https://bit.ly/35VVFGm at no extra charge.
About The Diocese of Rockville Centre
The Roman Catholic Diocese of Rockville Centre, New York is the
seat of the Roman Catholic Church on Long Island. The Diocese has
been under the leadership of Bishop John O. Barres since February
2017. The State of New York established the Diocese as a religious
corporation in 1958. The Diocese is one of eight Catholic dioceses
in New York, including the Archdiocese of New York. The Diocese's
total Catholic population is approximately 1.4 million, roughly
half of Long Island's total population of 3.0 million. The Diocese
is the eighth largest diocese in the United States when measured by
the number of baptized catholics.
The Roman Catholic Diocese of Rockville Centre, New York, filed a
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept.
30, 2020.
The Diocese was estimated to have $100 million to $500 million in
assets and liabilities as of the filing.
The Hon. Shelley C. Chapman is the case judge.
The Diocese tapped JONES DAY as counsel; ALVAREZ & MARSAL NORTH
AMERICA, LLC, as restructuring advisor; and SITRICK AND COMPANY,
INC. as communications consultant. EPIQ CORPORATE RESTRUCTURING,
LLC, is the claims agent.
DYNOTEC INDUSTRIES: Wins Interim OK to Use Cash Collateral
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Minnesota has
authorized DynoTec Industries, Inc. to use $806,319 in cash
collateral on an interim basis to pay expenses as budgeted through
August 14, 2021.
The Debtor is also authorized and directed to grant adequate
protection to Funding Circle and its affiliates, the United States
Small Business Administration and the Internal Revenue Service
during the period of the cash collateral order in the form of: (i)
replacement liens in the cash collateral; (ii) reporting and
accounting for the use of any cash proceeds by the Debtor on a
monthly basis; (iii) keeping the cash collateral insured; and (iv)
providing payments to Funding Circle and their affiliates and the
Small Business Administration for their loan where payments are
currently due on a monthly basis in an amount equal to the interest
on the loans.
The replacement liens of Funding Circle and its affiliates, the
Small Business Administration and the Internal Revenue Service will
have the same dignity, priority and effect as their respective
prepetition interests, if any.
A copy of the motion is available for free at
https://bit.ly/3diZ0n0 from PacerMonitor.com.
About DynoTec Industries, Inc.
DynoTec Industries, Inc. was founded in 2007 as a transmission
repair and refurbishing shop in Shakopee, Minnesota. DynoTec's 100%
owner is Timothy Lundquist. Typically, the business does from
between $2,000,000 and $3,000,000 in sales per year. The business
has grown and changed over the years and now primarily caters to
commercial clients.
DynoTec sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Minn. Case No. 21-30803) on May 14, 2021. In the
petition signed by Timothy Lundquist, president, the Debtor
disclosed $1,285,850 in assets and $4,398,498 in liabilities.
Judge Kathleen H. Sanberg oversees the case.
SAPIENTIA LAW GROUP is the Debtor's counsel.
ELDORADO GOLD: Fitch Raises LongTerm IDR to 'B+', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has upgraded Eldorado Gold Corporation's Long-Term
Issuer Default Rating (IDR) to 'B+' from 'B' with a Stable Rating
Outlook. Fitch also upgraded the rating on the second-lien secured
notes to 'BB-'/'RR3' from 'B'/'RR4' as a result of the upgrade in
the IDR and repayment of $78 million and $66 million of the term
loans and second lien notes, respectively. Fitch has upgraded the
company's first-lien revolver and term loan to 'BB+'/'RR1' from
'BB'/'RR1'.
The upgrade reflects deleveraging from debt repayment as well as
prospects for strong cash generation. Additionally, the ratings
reflect Eldorado's small size and concentration, average cost
position, stable production, average mine life and execution and
regulatory risks in Greece.
The Stable Outlook reflects Fitch's expectations that Eldorado will
maintain sufficient liquidity and achieve annual gold production at
an average of over 450,000 ounces through 2023 while total
debt/EBITDA is sustained below 2.5x at Fitch's gold price
assumptions.
KEY RATING DRIVERS
Cost Position: Eldorado Gold reported gold cash costs of $649/oz.
and all-in sustaining costs of $921/oz. in 2020, reflecting a
weighted average position in the second-quartile of CRU's 2020
global cost curves. The company's key Kisladag mine is in the first
quartile of CRU's 2020 gold all-in sustaining costs, Lamaque and
Efemcukuru mines are second-quartile and Olympias is in the
fourth-quartile. Kisladag (Turkey) accounted for 43%, Lamaque
(Canada) accounted for 27%, Efemcukuru (Turkey) accounted for 19%
and Olympias (Greece) accounted for 11% of 2020 gold production.
Fitch expects Eldorado to maintain an average cost position in the
second-quartile of the cost curve through the forecast period.
Fitch notes that near-term, all-in costs will increase modestly
given royalties on sales from operations in Greece will increase by
10% of the amount payable under the existing royalty and that the
corporate income tax rate in Turkey will increase to 25% for 2021
and 23% for 2022 before returning to 20% in 2023. Longer term,
successful completion of the Skouries gold-copper and Perama Hill
gold-silver projects in Greece could improve Eldorado Gold's cost
position since pre-feasibility studies indicate first-quartile cost
positions.
Elevated Growth Spending: Fitch expects sustaining capital to
remain at or under $150 million per year over the rating horizon.
Growth spending at existing operations of $135 million-$150 million
in 2021 includes spending to complete the high-pressure grinding
roll and construction of phase one of the North Leach Pad at
Kisladag, continued development of the Triangle decline as well as
additional mining equipment purchases and modest mill upgrades
toward achieving 2,200 tonnes-per-day capacity at Lamaque, and
process plant expansion and contractor development to support a
planned ramp-up to 650,000/tonnes per year at Olympias. Fitch
expects growth capital and exploration spending at existing
operations to be elevated as long as gold prices and cash flow are
supportive.
Project Pipeline: Fitch's rating case does include 2021
pre-construction capex of $30 million for Skouries and $10 million
for Perama Hill, but has not included construction spending since
construction has not been approved. At Skouries, the company
received an updated investment agreement and permits for dry stack
tailings. In 2019, the company resumed construction on the mill
building, pebble crusher and the flotation building.
Pre-construction spending in 2021 includes further remedial and
design works as well as additional engineering and
feasibility-level updates to the capital cost estimate.
The company expects construction at Skouries to cost about $700
million and to take about 30 months. The prior technical report
(March 29, 2018) indicates an initial 23-year mine life producing
140,000 ounces of gold per year at cash costs in the low
first-quartile. The Perama Hill project is further back in
potential sequencing given that it is awaiting an environmental
impact assessment approval. According to the January 2010 technical
report, Perama Hill will have an initial eight-year mine life,
average annual production of 100,000 ounces and average cash costs
in the upper first-quartile.
Gold Price Sensitivity: In 2020, roughly 91% of revenue was derived
from gold sales. Fitch estimates a 10% drop in the price of gold
would reduce EBITDA by roughly $70 million in 2021. Under Fitch's
rating case, the agency assumes gold prices at $1,700/oz in 2021,
$1,500/oz in 2022 and $1,200/oz thereafter compared with average
realized gold prices of $1,783/oz in 2020 and $1,723/oz in 1Q21.
Fitch expects average annual EBITDA to be around $300 million in
2021 and 2022, at Fitch's gold price assumptions and near-term
lower grades at Kisladag, and to be at least $200 million per year
thereafter.
Leverage Expectations: Fitch expects total debt/EBITDA to range
between 1.0x and 2.0x at its price assumptions and assuming debt
levels at about $500 million. Fitch also expects growth capex to
result in limited FCF and that development capex will require
external financing. Additionally, Fitch expects Eldorado Gold to
finance the projects in a credit conscious manner so that total
debt/EBITDA is sustained at or below 3.0x.
DERIVATION SUMMARY
Eldorado Gold is smaller and less diversified than copper, zinc and
precious metals producer Hudbay Minerals Inc. (B+/Positive) and
larger and more diversified than gold producer Gran Colombia Gold
Corp. (B+/Stable). Eldorado has some operations in higher
regulatory risk jurisdictions compared with Hudbay, but is in line
with Gran Colombia.
Mine life based on reserves and 2020 production for Eldorado Gold
is greater than 16 years, which compares favorably with most
investment-grade (IG) rated gold mining peers. Eldorado Gold's cost
position is similar to most IG gold mining peers.
Eldorado Gold's total debt/EBITDA was 1.0x compared with Hudbay's
total debt/EBITDA at 3.1x and Gran Colombia's at 0.3x at March 31,
2021. Current leverage for gold producers is low relative to
ratings sensitivities given cycle high gold prices.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:
-- Gold sales at 425,000 ounces in 2021; 430,000 ounces in 2022;
480,000 ounces in 2023; and 480,000 ounces in 2024;
-- Gold prices at $1,700/oz. in 2021, $1,500/oz. in 2022 and
$1,200/oz., thereafter;
-- EBITDA margins at about 39% in 2021 declining to 38% in 2022
and 33% in 2023;
-- Capex averages between 35% to 45% of revenue annually;
-- Skouries construction capital and production is excluded;
-- The term loan is amortized and other debt is refinanced.
KEY RECOVERY RATING ASSUMPTIONS
-- The recovery analysis assumes that Eldorado Gold. would be
reorganized as a going-concern in bankruptcy rather than
liquidated.
-- Fitch has assumed a 10% administrative claim.
Going-Concern (GC) Approach
-- The delta between PF LTM EBITDA and the GC EBITDA assumption
is an output of the analysis, not a starting point or input
that drives the GC assumption.
-- The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
enterprise valuation.
-- The GC EBITDA assumption for this gold producer reflects the
industry's move from top of the cycle gold prices to
$1,000/oz. which would stress the capital structure.
An EV multiple of 5x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value. The choice of
this multiple considered the following factors:
-- The historical bankruptcy case study exit multiples for peer
companies averaged 5.5x.
-- Fitch uses a multiple of 5.0x, to estimate a value for
Eldorado Gold because of its relatively small size and average
cost but higher country risk.
-- The $250 million revolver is assumed to be fully drawn upon
default. The first lien revolver and term loans are senior to
the second lien secured notes.
-- The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' recovery for the first lien
revolver and term loan (together $372 million) and a recovery
corresponding to 'RR3' for the second lien notes ($234
million). The 'RR3' for the second lien considers the
potential for additional first lien borrowings running up to
default.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Improved size and scale;
-- Visibility in to the spending, completion risk and financing
on the Skouries project;
-- Expectations for total debt/EBITDA to be sustained below 2.3x
or FFO net leverage to be sustained below 1.8x at Fitch's
price assumptions;
-- Average cost position maintained in second quartile of global
cost curve;
-- Visibility into maintaining low risk mines with an average
operating mine life greater than 10 years.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Expectations for total debt/EBITDA sustained above 3.3x;
-- Deviation from financial policy without a clear path towards
de-leveraging during periods of heavy investment spending.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Solid Liquidity: Cash on hand was $531 million and $100 million was
available under a $250 million revolving credit facility, as of
March 31, 2021. The revolver was drawn by $150 million in 1Q20 to
support ready liquidity during the pandemic. The revolver matures
on June 5, 2023. The facility has a net debt/EBITDA covenant
maximum of 3.5x and an interest coverage covenant of no less than
3.0x. Fitch expects Eldorado Gold to continue to be in compliance
with these covenants.
Fitch expects Eldorado Gold to be roughly cash flow neutral on
growth spending and to repay term loan maturities as they come due.
The 9.5% notes are due in 2024 and are callable at 107.125%
beginning Dec.1, 2021 and at par beginning Dec. 31, 2022.
ISSUER PROFILE
Eldorado Gold Corp. is a small, average cost, Canadian domiciled
gold and base metals producer operating five mines: Kisladag (43%
of 2020 gold production) and Efemcukuru (19%) located in western
Turkey, Lamaque (27%) in Canada, and Olympias (11%) and Stratoni
(silver, lead, zinc) located in northern Greece. Eldorado has an
advanced stage development gold-copper project, Skouries, in
northern Greece. Skouries has been on care and maintenance since
2018.
ENERGY ALLOYS: Unsecureds to Recover 7% in Committee-Backed Plan
----------------------------------------------------------------
Energy Alloys Holdings, LLC (n/k/a MEA RemainCo Holdings, LLC) and
its affiliated debtor entities, with the support of the Creditors'
Committee, and BXC propose the Debtors' Combined Plan and
Disclosure Statement dated June 24, 2021.
The Combined Plan and Disclosure Statement constitutes a joint
liquidating chapter 11 plan for the Debtors and provides for the
Distribution of the Debtors' assets already liquidated or to be
liquidated over time to the Holders of Allowed Claims in accordance
with the terms of the Combined Plan and Disclosure Statement and
the priority of claims provisions of the Bankruptcy Code.
Following the closing of the Asset Sales and entry of the Cash
Collateral Order, the Debtors, Creditors' Committee and BXC
(collectively, the "Global Settlement Parties") engaged in
discussions regarding a potential exit path for the Debtors from
chapter 11. As a result of these discussions, the Global Settlement
Parties reached a settlement regarding the resolution of the
Chapter 11 Cases (the "Global Settlement"). On April 23, 2021, the
Global Settlement Parties memorialized the Global Settlement by
entering into the Plan Support Agreement, which upon the Effective
Date shall supersede and replace the terms of the Cash Collateral
Resolution.
The Debtors believe that the Global Settlement represents a fair
and reasonable settlement of all issues relating to the Chapter 11
Cases. The Global Settlement resolves potential ligation among the
Global Settlement Parties, provides for the orderly wind down of
the Debtors and their Estates, and provides a recovery to Class 4
General Unsecured Creditors. Absent the Global Settlement and the
agreement by BXC to fund the Confirmation Amount and GUC Reserve
out of the Wingfoot/Prepetition Second Lien Collateral and accept
the treatment of Allowed Wingfoot/Second Lien Claims under the
Combined Plan and Disclosure Statement, there is substantial risk
that Class 4 General Unsecured Creditors would be entitled to no
recovery on account of their Claims.
Class 1 consists of Other Priority Claims. Class 1 is Unimpaired by
the Combined Plan and Disclosure Statement. Each Holder of an
Allowed Other Priority Claim shall receive payment in full in Cash
of the Allowed amount of such Claim or such other treatment as may
be agreed upon by such Holder and the Debtors.
Class 2 consists of all Other Secured Claims. Class 2 is
Unimpaired by the Combined Plan and Disclosure Statement. Each
Holder of an Allowed Other Secured Claim shall receive either (a)
such treatment as such Holder agrees, or (b) at the Debtors' option
(i) payment in full in Cash of the Allowed Amount of such Other
Secured Claim, or (ii) treatment consistent with the provisions of
Section 1129(a)(9) of the Bankruptcy Code.
Class 3 consists of the Wingfoot/Second Lien Claims with a 2%
estimated recovery. Class 3 is Impaired. Each Holder of an Allowed
Wingfoot/Second Lien Claim shall receive on the Effective Date: i.
75% of each of the following: (i) the Debtors' Cash on hand, after
the payment or reservation of the Cash necessary to fund the
Confirmation Amount, as of the Effective; (ii) the Wingfoot/Second
Lien Secured Parties Collateral Proceeds; (iii) the Remaining
Claims Reserve; and (iv) the Remaining Fee Escrow Amount; and ii.
100% of the recoveries from causes of action: (i) against the
Wingfoot/Second Lien Secured Parties and their Related Parties;
(ii) against the Debtors' present or former employees with respect
to wage and severance payments; (iii) related to the severance and
retention bonuses paid to Kevin Burnett, Doris Stuart, and Neil
Thomas; and (iv) related to board of director fees.
Class 4 consists of General Unsecured Claims. Class 4 is Impaired.
Each Holder of an Allowed General Unsecured Claim shall receive one
or more Distributions equal to its Pro Rata share of the GUC
Recovery Pool, as such Distributions become available as is
reasonably practicable in the reasonable discretion of the
Liquidation Trustee. The GUC Recovery Pool is estimated to be
approximately $600,000 and 7% estimated recovery to holders of
allowed claims.
On the Effective Date, all Equity Interests in each of the Debtors
shall be cancelled and released without any distribution or
retention of any property on account of such Equity Interests.
The Liquidation Trust shall be funded with the Liquidation Trust
Assets. Notwithstanding any prohibition of assignability under
non-bankruptcy law, on the Effective Date and periodically
thereafter if additional Liquidation Trust Assets become available,
the Debtors shall be deemed, subject to the terms of the Combined
Plan and Disclosure Statement and the Liquidation Trust Agreement,
to have automatically transferred to the Liquidation Trust all of
their right, title, and interest in and to all of the Liquidation
Trust Assets in accordance with section 1141 of the Bankruptcy
Code.
Counsel to the Debtors:
Daniel J. DeFranceschi, Esq.
Paul N. Heath, Esq.
Zachary I. Shapiro, Esq.
David T. Queroli, Esq.
Richards, Layton & Finger, P.A.
920 N. King Street
Wilmington, DE 19801
Tel: (302) 651-7700
Fax: (302) 651-7701
Email: queroli@rlf.com
About MEA RemainCo Holdings
MEA RemainCo Holdings, LLC, f/k/a Energy Alloys Holdings, LLC when
founded in 1995 together with its affiliates, are privately-owned
distributors and resellers of tube and bar products sold into the
oil and gas industry for the exploration of hydrocarbons. Visit
https://www.ealloys.com for more information.
On May 5, 2021, the Court entered an Order authorizing the Debtors
to change the case caption to reflect the corporate name changes
pursuant to the BioUrja Purchase Agreement governing the sale of
substantially all of the Debtors' assets to BioUrja. The BioUrja
Purchase Agreement required, among others, that the Debtors cease
using the name "Energy Alloys" and any derivations thereof.
On Sept. 9, 2020, then Energy Alloys Holdings LLC and seven of its
affiliates filed for bankruptcy protection (Bankr. D. Del. Lead
Case No. 20-12088). Bryan Gaston, chief restructuring officer,
signed the petitions. Judge Mary Walrath presides over the cases.
The Debtors were estimated to have consolidated assets of $10
million to $50 million, and consolidated liabilities of $100
million to $500 million.
The Debtors tapped Richards, Layton & Finger, P.A., as bankruptcy
counsel, Akin Gump Strauss Hauer & Feld LLP as corporate counsel,
Moelis & Company as investment banker, and Epiq Corporate
Restructuring LLC as claims and noticing agent. Ankura Consulting
Group, LLC provides interim management services.
The U.S. Trustee appointed a committee of unsecured creditors on
Sept. 23, 2020. The committee is represented by McDermott Will &
Emery, LLP.
EYEPOINT PHARMACEUTICALS: All Proposals Approved at Annual Meeting
------------------------------------------------------------------
EyePoint Pharmaceuticals, Inc. held its 2021 Annual Meeting of
Stockholders via live webcast at which the stockholders:
(1) elected Goran Ando, M.D., Nancy Lurker, Ronald W. Eastman,
John B. Landis, Ph.D., David Guyer, M.D., Wendy F. DiCicco,
and Ye Liu as directors, each to serve until the Company's
2022 Annual Meeting or until such person's successor is
duly
elected and qualified;
(2) approved an amendment to the 2016 Long-Term Incentive Plan
to
increase the number of shares of Common Stock authorized
for
issuance thereunder by 2,500,000 shares;
(3) approved an amendment to the 2019 Employee Stock Purchase
Plan to increase the number of shares of Common Stock
authorized for issuance thereunder by 250,000 shares;
(4) approved, on a non-binding advisory basis, the compensation
of the Company's named executive officers as disclosed in
the
Proxy Statement; and
(5) ratified the appointment of Deloitte & Touche LLP as the
Company's independent registered public accounting firm for
the fiscal year ending Dec. 31, 2021.
About EyePoint Pharmaceuticals
EyePoint Pharmaceuticals, formerly pSivida Corp. --
http://www.eyepointpharma.com-- headquartered in Watertown, MA, is
a specialty biopharmaceutical company committed to developing and
commercializing innovative ophthalmic products in indications with
high unmet medical need to help improve the lives of patients with
serious eye disorders. The Company currently has two commercial
products: DEXYCU, the first approved intraocular product for the
treatment of postoperative inflammation, and YUTIQ, a three-year
treatment of chronic non-infectious uveitis affecting the posterior
segment of the eye.
EyePoint reported a net loss of $45.39 million for the year ended
Dec. 31, 2020, compared to a net loss of $56.79 million for the
year ended Dec. 31, 2019. As of March 31, 2021, the Company had
$187.14 million in total assets, $71.43 million in total
liabilities, and $115.71 million in total stockholders' equity.
FIELDWOOD ENERGY: Updates Additional Predecessor Agreement
----------------------------------------------------------
Fieldwood Energy, et al., submitted a Disclosure Statement for the
Seventh Amended Joint Chapter 11 Plan dated June 24, 2021.
The Amended Plan discusses the minor changes made to the Additional
Predecessor Agreement which means any postpetition, consensual
agreement included in the Plan Supplement that the Debtors may
enter into prior to or on the Confirmation Date with any entity or
entities in the chain of title, co-working interest owner(s), or
other related party for decommissioning of or transition services
for any of the Abandoned Properties.
Additional Predecessor Agreement Document means any agreement or
document entered into after the Petition Date as contemplated by
and necessary to the consummation of an Additional Predecessor
Agreement.
The Seventh Amended Plan also added this paragraph: "The
Exculpation set forth in Section 10.8 will be effective with
respect to each of Exculpated Parties, with the scope of such
Exculpation, in respect of the time period or actions covered,
construed in accordance with In Re Pacific Lumber Co., 584 F.3D 229
(5th Cir. 2009). The Court shall retain exclusive jurisdiction to
determine the scope of the exculpation."
The Amended Plan does not alter the proposed treatment for
creditors and the equity holder:
* Class 3 consists of FLFO Claims. Each holder of an Allowed
FLFO Claim shall receive its Pro Rata Share of the FLFO
Distribution Amount and (b) all remaining Allowed FLFO Claims shall
be assumed by the NewCo Entities as modified to the extent set
forth in the First Lien Exit Facility Documents. The Liens securing
the FLFO Claims that attach to the Credit Bid Acquired Interests
shall be retained and deemed assigned to the First Lien Exit
Facility Agent upon the Effective Date to secure the obligations
under the First Lien Exit Facility.
* Class 4 consists of FLTL Claims. Each holder of an Allowed
FLTL Claim shall receive its Pro Rata Share of: (i) 100% of the New
Equity Interests, subject to dilution by (w) the Backstop
Commitment Equity Premium Interests, (x) the New Equity Interests
issued upon exercise of the Subscription Rights, (y) any New Equity
Interests issued upon the exercise of the New Money Warrants, SLTL
Warrants, or the GUC Warrants, and (z) any New Equity Interests
issued pursuant to the Management Incentive Plan; and (ii) the FLTL
Subscription Rights.
* Class 5 consists of SLTL Claims. Each holder of an Allowed
SLTL Claim shall receive its Pro Rata Share of (iii) the SLTL
Warrants; and (iv) the SLTL Subscription Rights.
* Class 6A consists of Unsecured Trade Claims. Each holder of
an Allowed Unsecured Trade Claim that has executed a Trade
Agreement shall receive: (i) if 14% of the aggregate amount of all
Allowed Unsecured Trade Claims is less than or equal to $8,000,000,
Cash in an amount equal to 14% of the Allowed amount of such
holder's Allowed Unsecured Trade Claim; or (ii) if 14% of the
aggregate amount of Allowed Unsecured Trade Claims is greater than
$8,000,000, its Pro Rata share of $8,000,000.
* Class 6B consists of General Unsecured Claims. Each holder
of an Allowed General Unsecured Claim shall receive, up to the full
amount of such holder's Allowed General Unsecured Claim, its Pro
Rata Share of: (i) the GUC Warrants; and (ii) any Residual
Distributable Value.
* On the Effective Date, all Existing Equity Interests shall
be canceled, released, and extinguished, and will be of no further
force or effect.
Plan Distributions of Cash shall be funded from, among other
things, the Debtors' Cash on hand (including the proceeds of the
DIP Facility), the New Money Consideration, and the proceeds of the
Equity Rights Offerings.
Attorneys for the Debtors:
WEIL, GOTSHAL & MANGES LLP
Alfredo R. Perez
Clifford Carlson
700 Louisiana Street, Suite 1700
Houston, Texas 77002
Telephone: (713) 546-5000
Facsimile: (713) 224-9511
- and -
WEIL, GOTSHAL & MANGES LLP
Matthew S. Barr
Jessica Liou
767 Fifth Avenue
New York, New York 10153
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
About Fieldwood Energy
Fieldwood Energy -- https://www.fieldwoodenergy.com/ -- is a
portfolio company of Riverstone Holdings focused on acquiring and
developing conventional assets, primarily in the Gulf of Mexico
region. It is the largest operator in the Gulf of Mexico owning an
interest in approximately 500 leases covering over two million
gross acres with 1,000 wells and 750 employees.
Fieldwood Energy and its 13 affiliates previously sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 18-30648) on Feb. 15,
2018, with a prepackaged plan that would deleverage $3.286 billion
of funded by $1.626 billion.
On Aug. 3, 2020, Fieldwood Energy and its 13 affiliates again file
voluntary Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No. 20
33948). Mike Dane, senior vice president and chief financial
officer, signed the petitions.
At the time of the filing, the Debtors disclosed $1 billion to $10
billion in both assets and liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Weil, Gotshal & Manges LLP as their legal
counsel, Houlihan Lokey Capital, Inc. as investment banker, and
AlixPartners, LLP as financial advisor. Prime Clerk LLC is the
claims, noticing, and solicitation agent.
The first-lien group employed O'Melveny & Myers LLP as its legal
counsel and Houlihan Lokey Capital, Inc. as its financial advisor.
The RBL lenders employed Willkie Farr & Gallagher LLP as their
legal counsel and RPA Advisors, LLC as their financial advisor.
Meanwhile, the cross-holder group tapped Davis Polk & Wardwell LLP
and PJT Partners LP as its legal counsel and financial advisor,
respectively.
On Aug. 18, 2020, the Office of the U.S. Trustee appointed a
committee of unsecured creditors. Stroock & Stroock & Lavan, LLP
and Conway MacKenzie, LLC serve as the committee's legal counsel
and financial advisor, respectively.
FREDERICK LLC: Case Summary & 4 Unsecured Creditors
---------------------------------------------------
Debtor: The Frederick, LLC
d/b/a Kemble Inn
2 Kemble Street
Lenox, MA 01240
Chapter 11 Petition Date: June 28, 2021
Court: United States Bankruptcy Court
District of Massachusetts
Case No.: 21-30240
Judge: Hon. Elizabeth D. Katz
Debtor's Counsel: Andrea M. O'Connor, Esq.
FITZGERALD ATTORNEYS AT LAW, P.C.
46 Center Square
East Longmeadow, MA 01028
Tel: 413-486-1110
E-mail: amo@fitzgeraldatlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Scott M. Shortt, manager.
A copy of the Debtor's list of four unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/JFVCVXQ/The_Frederick_LLC__mabke-21-30240__0001.2.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/I6YTOOY/The_Frederick_LLC__mabke-21-30240__0001.0.pdf?mcid=tGE4TAMA
GATEWAY FOUR: Romspen, KPRS to Get Control in Trustee Plan
----------------------------------------------------------
David K. Gottlieb, Chapter 11 Trustee for Debtor Gateway Four, LP,
submitted a Plan of Reorganization and a Disclosure Statement for
Gateway Four.
The primary asset of the Gateway Four bankruptcy estate is certain
real property and improvements located thereon in the City of El
Monte, California comprising a partially constructed apartment
building with retail space on the street level (the "Gateway Four
Property"). The fundamental purpose of the Plan is for Romspen to
provide the funding needed to complete the construction of the
Gateway Four Property so that the completed Gateway Four Property
can ultimately be sold for the benefit of the creditors of the
Gateway Four bankruptcy estate.
The basic structure by which this will all occur will involve the
transfer of the Gateway Four Property to a newly formed limited
liability company defined as the "New LLC", which will be jointly
owned and managed by Romspen and general contractor KPRS
Construction Services, Inc., which served as the general contractor
for the Gateway Four project before construction ceased in early
2020. Romspen and KPRS are collectively referred to as the "New LLC
Owners"). Romspen will file a supplemental pleading with the Court
identifying the New LLC Manager. The financing to be provided by
Romspen to the New LLC to be used to complete the Gateway Four
Property Construction and to enable the New LLC Manager to make the
payments required to be made by the New LLC under the Plan is
referred to as the "New LLC Financing".
The Gateway Two and the Gateway Five chapter 11 bankruptcy cases
have been dismissed in accordance with orders of the Court, leaving
the Gateway Four Debtor as the only remaining chapter 11 bankruptcy
case of the three that were originally filed by the Debtors. Based
on the Trustee's initial discussions and impressions, the filing of
the Gateway Four Debtor's bankruptcy case was in response to
attempted foreclosures on the Gateway Four Property.
Class 1 consists of the pre-petition secured claim of lender
Romspen Mortgage Limited Partnership in the approximate outstanding
amount of $60,369,072.19. The class 1 claim of Romspen will be paid
out of the Remaining Net Property Sale Proceeds in the manner
consensually agreed to between Romspen and KPRS or in accordance
with the amounts and lien priorities as determined by the State
Court in the Pending State Court Litigation or the Bankruptcy
Court.
Class 2 consists of the secured claim of KPRS in the approximate
outstanding amount of $6,393,845.41. The class 2 claim of KPRS will
be paid out of the Remaining Net Property Sale Proceeds in the
manner consensually agreed to between Romspen and KPRS or in
accordance with the amounts and lien priorities as determined by
the State Court in the Pending State Court Litigation or the
Bankruptcy Court.
Class 3 to 28 consists of the secured claims of subcontractors.
Classes 3 to 28 will be paid out of the Remaining Net Sale Proceeds
in the manner consensually agreed to between the New LLC Owners and
creditors or in accordance with the amount and lien priority as
determined by the State Court in the Pending State Court Litigation
or the Bankruptcy Court. Classes 3 to 28 are impaired.
All priority claims, to the extent any exist, are all being
collectively placed into class 30 under the Plan. All class 30
allowed priority claims will be paid in full by the Trustee out of
the Initial Estate Funding within the earlier to occur of (i)
thirty days following the Initial Funding Date and (ii) thirty days
following the entry of a Court order allowing such class 30 claim.
Class 31 consists of all non-priority general unsecured claims that
are not included in any of classes 1-30. Each holder of a class 31
allowed claim will be paid by the New LLC Manager a pro rata
distribution out of any Remaining Net Sale Proceeds that are
remaining, if any, after the allowed claims of all creditors in
classes 1-30 have been paid in full.
Class 32 consists of all equity interests in the Gateway Four
Debtor. The class 32 interests will receive all of the Remaining
Net Sale Proceeds, if any, that are remaining after all allowed
claims of all creditors in classes 1-31 have been paid in full,
which the Trustee does not believe is likely to occur.
Romspen has agreed to provide the New LLC with the New LLC
Financing which is intended to (i) enable the New LLC to complete
the Gateway Four Property Construction and to fund the Budget, (ii)
pay all of the allowed claims in classes 3-28 who have satisfied
the conditions in order to be entitled to be paid the full amounts
of their allowed claims, and (iii) pay all other expenses of the
New LLC as agreed to by the New LLC Owners.
Romspen has further agreed to provide the Trustee with a sufficient
amount of money on the Effective Date to enable the Trustee to (i)
pay all allowed administrative claims in full, (ii) pay all class
30 allowed claims in full, and (iii) $100,000 as an estimate of the
amount necessary to enable the Trustee to pay all post-Effective
Date fees and expenses of the Trustee, the Trustee's professionals
and the quarterly fees to the United States Trustee pending the
entry of a final decree closing the Gateway Four bankruptcy case
(collectively, the "Initial Estate Funding").
The remaining balance of the Gateway Four Property sale proceeds
(the "Remaining Net Sale Proceeds") will be distributed first to
Romspen, KPRS and all other creditors who held a valid and
perfected lien against the Gateway Four Property at the time of the
Gateway Four Debtor's bankruptcy filing. Any Remaining Net Sale
Proceeds after payment in full of all such valid and perfected
secured claims, if any, will be distributed by the New LLC Manager
to all holders of class 31 allowed claims.
The hearing where the Bankruptcy Court will determine whether or
not to confirm the Plan will take place on Sept. 1, 2021, at 1:30
p.m. before the Honorable Martin R. Barash, United States
Bankruptcy Judge for the Central District of California, San
Fernando Valley Division.
Ballots must be properly completed and executed and submitted to
counsel for the Trustee on July 23, 2021. Objection to confirmation
of the Plan must be filed by no later than July 23, 2021.
A full-text copy of the Disclosure Statement dated June 24, 2021,
is available at https://bit.ly/35ZrRZw from PacerMonitor.com at no
charge.
Attorneys for David K. Gottlieb in his capacity as Chapter 11
Trustee:
RON BENDER
KRIKOR J. MESHEFEJIAN
LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
10250 Constellation Boulevard, Suite 1700
Los Angeles, California 90067
Telephone: (310) 229-1234
Facsimile: (310) 229-1244
E-mail: RB@LNBYB.COM
KJM@LNBYB.COM
About Gateway Four LP
Gateway Four LP and its affiliates Gateway Two LP and Gateway Five
LLC sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. C.D. Cal. Lead Case No. 20-11581) on Aug. 31, 2020. In the
petition signed by its president, James Acevedo, Gateway Four
disclosed assets ranging between $50 million to $100 million and
liabilities ranging between $10 million to $50 million.
Judge Martin R. Barash oversees the case.
Daniel M. Shapiro, Attorney at Law serves as the Debtors' counsel,
and the Law Office of Sevan Gorginian as co-counsel.
GENOCEA BIOSCIENCES: All 5 Proposals Approved at Annual Meeting
---------------------------------------------------------------
Genocea Biosciences, Inc. held its Annual Meeting of Stockholders
on June 24, 2021, at which the stockholders:
(i) elected Kenneth Bate and Ali Behbahani as Class I
directors,
each for a three-year term;
(ii) approved, on an advisory basis, the compensation paid to
the Company's named executive officers;
(iii) approved an amendment to the Company's restated certificate
of incorporation to provide that the courts located within
the state of Delaware will serve as the exclusive forum for
the adjudication of certain legal disputes;
(iv) approved an amendment to the Company's restated certificate
of incorporation to increase the total number of shares of
common stock that the Company is authorized to issue from
170,000,000 shares to 225,000,000 shares; and
(v) ratified the appointment of Ernst & Young LLP as the
independent registered public accounting firm for the
Company
for the fiscal year ending Dec. 31, 2021
About Genocea Biosciences
Headquartered in Cambridge, Massachusetts, Genocea --
http://www.genocea.com-- is a biopharmaceutical company developing
personalized cancer immunotherapies. The Company uses its
proprietary discovery platform, ATLAS, to profile CD4+ and CD8+T
cell (or cellular) immune responses to tumor antigens.
Genocea reported a net loss of $43.71 million for the year ended
Dec. 31, 2020, compared to a net loss of $38.95 million for the
year ended Dec. 31, 2019. As of March 31, 2021, the Company had
$83.94 million in total assets, $82.18 million in total
liabilities, and $1.76 million in total stockholders' equity.
GIGA-TRONICS INC: Posts $407K Net Loss in Fiscal 2021
-----------------------------------------------------
Giga-Tronics Incorporated filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss
attributable to common shareholders of $407,000 on $13.05 million
of total revenue for the year ended March 27, 2021, compared to a
net loss attributable to common shareholders of $2.03 million on
$11.77 million of total revenue for the year ended March 28, 2020.
As of March 27, 2021, the Company had $7.85 million in total
assets, $3.60 million in total liabilities, and $4.25 million in
total shareholders' equity.
The Company's primary sources of liquidity come from its financing
agreement with Western Alliance Bank, and its ability to raise
capital from investors and lenders. The Company's near term fixed
commitments for cash expenditures are primarily for payments of
operating leases and inventory purchase commitments. The Company
has incurred losses in the past several years and as a result has
had to raise capital in fiscal 2020 as shown below. Also, on April
27, 2021, the Company completed a private placement of 461,538
prefunded warrants for $3.25 per warrant for gross proceeds of $1.5
million.
The Company said, "Based on our current plans, business conditions,
including the COVID-19 pandemic, and essential business status of
our Microsource subsidiary, we believe that existing cash, our
accounts receivable financing agreement with Western Alliance Bank
... and our debt and equity financing capabilities will be
sufficient to satisfy our anticipated cash requirements for at
least the next twelve months."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/Archives/edgar/data/719274/000143774921015674/giga20210327_10k.htm
About Giga-tronics Inc.
Headquartered in Dublin, California, Giga-tronics is a publicly
held company, traded on the OTCQB Capital Market under the symbol
"GIGA". Giga-tronics -- http://www.gigatronics.com-- produces
RADAR filters and Microwave Integrated Components for use in
military defense applications as well as sophisticated RADAR and
Electronic Warfare (RADAR/EW) test products primarily used in
electronic warfare test & emulation applications.
GUD CAFE: Gets OK to Hire Peters Firm as Bankruptcy Counsel
-----------------------------------------------------------
GUD Cafe, LLC received approval from the U.S. Bankruptcy Code for
the Eastern District of Pennsylvania to hire The Peters Firm, PLLC
to serve as legal counsel in its Chapter 11 case.
The firm's services include:
a. preparing all required and necessary filings;
b. providing legal advice and guidance to the Debtor;
c. engaging other professionals necessary for the
administration and the success of the Debtor's bankruptcy; and
d. all other legal services.
The firm's hourly rate is $275. Before filing its case, the Debtor
paid the firm the sum of $9,238 for attorney's fees and court
costs.
Paul Peters III, Esq., owner and managing member of The Peters
Firm, disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Paul S. Peters III, Esq.
The Peters Firm, PLLC
P.O. Box 11227
Elkins Park, PA 19027
Office: 215-291-2944
Cell: 215-696-1509
Email: ppeters@thepetersfirm.com
About GUD Cafe LLC
GUD Cafe, LLC owns and operates restaurants under the name Tropical
Smoothie Cafe.
GUD Cafe sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Pa. Case No. 21-10747) on March 24,
2021, disclosing total assets of up to $50,000 and total
liabilities of $100,000. Judge Eric L. Frank oversees the case.
Paul S. Peters III, Esq., at The Peters Firm, PLLC, represents the
Debtor as legal counsel.
HEARTWISE INC: Deadline to File Claims Slated for July 31
---------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
set July 31, 2021, as the deadline for persons and entities to file
proofs of claim against Heartwise Inc. d/b/a NatureWise and
Heartwise Wonder Inc.
Proofs of claim may be filed electronically at
https://cacb.uscourts.gov/epoc-electronic-proof-claim, or by mail
by completing a proof of claim form, which can be found at
https://www.cacb.uscourts.gov/forms/proof-claim, and sending the
completed form to the Court's clerk at:
Central District of California
Attn: Clerk of Court
411 Fourth Street
Santa Ana, California 92701
About Heartwise Inc.
Heartwise Incorporation -- https://www.naturewise.com/ -- is a
retail store that sells wellness and health-related supplements.
Heartwise filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-13335) on Dec.
4, 2020. Tuong V. Nguyen, chief executive officer, signed the
petition. In its petition, the Debtor disclosed $7,653,717 in
assets and $12,030,563 in liabilities.
Judge Mark S. Wallace oversees the case.
The Law Offices of Michael Jay Berger and Trojan Law Offices serve
as the Debtor's bankruptcy counsel and special counsel,
respectively.
HERTZ GLOBAL: Experiences 26% Shares Gain Prior to Bankruptcy Exit
------------------------------------------------------------------
Carly Wanna of Blommberg Law reports that Hertz Global Holdings
shares gained as much as 26% on Monday morning ahead of its
expected emergence from bankruptcy on Wednesday, June 30, 2021.
The car rental company saw its highest intraday trading increase in
more than a month. Shares are expected to climb later in the last
week of June 2021, especially as travel increases, Barron's says.
As reported in the TCR, Hertz Global on June 10, 2021, won
confirmation from the Bankruptcy Court of its Plan of
Reorganization. The Plan unimpairs all classes of creditors and
was approved by more than 97% of voting shareholders. The Plan
provides for the payment in cash in full to all creditors and for
existing shareholders to receive more than $1 billion of value.
The Court's approval clears the way for Hertz to emerge from
Chapter 11 by the end of June 2021.
About Hertz Global Holdings
Hertz Corp. and its subsidiaries -- http://www.hertz.com/--
operate a worldwide vehicle rental business under the Hertz,
Dollar, and Thrifty brands, with car rental locations in North
America, Europe, Latin America, Africa, Asia, Australia, the
Caribbean, the Middle East, and New Zealand. The Company also
operates a vehicle leasing and fleet management solutions
business.
On May 22, 2020, The Hertz Corporation and certain of its U.S. and
Canadian subsidiaries and affiliates filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court
(Bankr. D. Del. Case No. 20-11218).
The Hon. Mary F. Walrath is the presiding judge.
White & Case LLP is serving as legal advisor, Moelis & Co. is
serving as investment banker, and FTI Consulting is serving as
financial advisor. Richards, Layton & Finger, P.A., is the local
counsel.
Prime Clerk LLC is the claims agent, maintaining the page
https://restructuring.primeclerk.com/hertz
HOSPEDERIA VILLA: Has Deal on Cash Collateral Use Thru July 31
--------------------------------------------------------------
HOSPEDERIA VILLA: Has Deal on Cash Collateral Use Thru July 31
Hospederia Villa Verde, Inc. and secured creditor YAJAD 77, LLC
advised the Bankruptcy Court that they have reached an agreement
regarding Hospederia Villa Verde's use of cash collateral and now
desire to memorialize the terms of this agreement into an agreed
order. The parties agree that the Debtor may continue using cash
collateral on an interim basis through July 31, 2021, in accordance
with the budget.
On June 30, 2010, the Debtor and Banco Santander Puerto Rico –
YAJAD 77's predecessor in interest -- entered into a Loan
Agreement, whereby BSPR extended a $950,000 credit facility to
Delmarie Fe Adelaida Rivera Santiago. The principal amount due to
BSPR under the Loan Agreement is further evidenced by a $950,000
promissory note dated June 30, 2010, also executed by the Debtor,
as joint and several guarantor, in favor of BSPR.
To secure the prompt payment of the obligations in the Loan
Agreement, on June 30, 2010, the Debtor and the Secured Creditor
executed a Pledge Agreement -- Demand Mortgage Note in favor Banco
Santander Puerto Rico, or to its order, in the principal amount of
$300,000, accruing 8.75% in annual interests, due on demand,
executed on June 30, 2010 -- pursuant to which the Debtor pledged
and granted to the Secured Creditor a first priority security
interest over the mortgage note. The Mortgage Note pledged in
favor of BSPR encumbers Property No. 16,158.
On June 30, 2010, the Debtor entered into a General Assignment of
Rents with BSPR pursuant to which the Debtor, as a joint and
several guarantor under the Loan Agreement, granted BSPR a first
priority security interest in all of the Debtor's rights, titles,
and interests in relation to the rents to be generated by Property
No. 16,158.
On February 6, 2012, due to the Debtor and co-debtor Delmarie
Rivera Fernandez's failure to tender payments to BSPR, the bank
filed a Complaint in the Superior Court of Puerto Rico, San Juan
section against, among others, the Debtor, for collection of monies
and foreclosure, under Case No. KCD2012-0276. On September 20,
2012, the State Court issued a default judgment against, among
others, the Debtor, finding that the principal amount of
$929,652.64 was outstanding and due to BSPR, plus $20,354.93 in
interests up to the date of the filing of the complaint, $95,000 in
legal costs and fees and attorneys' fees, and $2,518.56 in late
fees.
Co-debtor, Delmarie Rivera Fernandez, filed for bankruptcy on April
20, 2018, staying the State Court case. The reorganization plan in
Bankruptcy Case 18-02153, covering partially BSPR's claim, was
confirmed on October 11, 2019.
After the plan confirmation on Bankruptcy Case 18-02153, the State
Court Case continued and on August 4, 2020, YAJAD filed a Motion
for Substitution of Parties before the State Court, whereby it
requested to substitute BSPR after it had acquired all rights and
interests in the State Court Judgment from BSPR.
Upon the Secured Creditor's request to continue foreclosure
proceedings in the State Court Case, on December 4, 2020, the State
Court issued an Order of Execution of Judgment and Writ of
Execution of Judgment, ordering the State Court Marshalls to sell,
at a public auction, the Mortgage Note pledged in favor of the
Secured Creditor and Property No. 16,158, to satisfy the State
Court Judgment. The first auction for the public sale of the
Mortgage Note and Property 16,158 was scheduled to take place April
5, 2021.
In exchange for the interim use of YAJAD’s Cash Collateral, the
Debtor will provide the Secured Creditor with an initial adequate
protection payment in the amount of $15,000 in immediately
available funds within two business days after the Bankruptcy Court
approves the parties' Stipulation. The Initial Adequate Protection
Payment will only cover the adequate protection payments for the
months of April, May and June 2021. Commencing in July 2021 and on
the 1st day of each consecutive calendar month, the Debtor will
make consecutive monthly payments of $5,000 directly to the Secured
Creditor as adequate protection.
The Debtor will, at all times, continue to insure Property No.
16,158, from which the rent receivables that comprise the Secured
Creditor's cash collateral are derived, with a loss payee
endorsement in favor of the Secured Creditor as mortgage creditor.
Furthermore, the Debtor will timely pay all post-petition real
property taxes of Property NO. 16,158. If the Debtor fails to pay
any amounts due for postpetition taxes on Villa Verde Inn, fails to
pay any consecutive adequate protection installment under the
stipulation, or to pay the balance of the $15,000 in adequate
protection arrears up to date as provided, the stay under 11 U.S.C.
section 362 will also be automatically and immediately lifted, if
the Debtor fails to cure the amount owed to YAJAD within seven days
of YAJAD filing a notice of default of any such payment due under
the agreement with the Bankruptcy Court.
The Secured Creditor will have a perfected postpetition senior
security interest in and against all the same categories of
existing prepetition collateral. The Replacement Liens will be
deemed effective and perfected as of the Petition Date without the
necessity of a court order and/or the execution or filing by the
Debtor or the Secured Creditor of any additional security
agreements, pledge agreements, financing statements or any other
agreements.
The Secured Creditor will have superpriority administrative expense
claim for an amount equal to any diminution in the value of its
Collateral as of the Petition Date.
A copy of the stipulation is available for free at
https://bit.ly/3qnMYOC from PacerMonitor.com.
About Hospederia Villa Verde
Hospederia Villa Verde, Inc., owner and operator of the Villa Verde
Inn, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D.P.R. Case No. 21-01015) on March 31, 2021, listing
$500,001 to $1 million in both assets and liabilities.
Harold A. Frye Maldonado, Esq., at Frye Maldonado Law Office,
serves as the Debtor's legal counsel.
YAJAD 77, LLC, as secured creditor, is represented by:
Hermann D. Bauer, Esq.
Gabriel A. Miranda Rivera, Esq.
O'NEILL AND BORGES LLC
250 Muñoz Rivera Avenue, Suite 800
San Juan, PR 00918-1813
Tel: (787) 764-8181
Fax: (787) 753-8944
E-mail: hermann.bauer@oneillborges.com
gabriel.miranda@oneillborges.com
IFRESH INC: Chief Financial Officer Steps Down
----------------------------------------------
iFresh Inc. received a letter from Amy Xue pursuant to which Ms.
Xue resigned from her position as chief financial officer of the
Company, effective June 21, 2021. The Company is working to find a
suitable replacement for Ms. Xue.
About iFresh Inc.
Headquartered in Long Island City, New York, iFresh Inc. --
http://www.ifreshmarket.com-- is an Asian American grocery
supermarket chain and online grocer on the east coast of U.S. With
nine retail supermarkets along the US eastern seaboard (with
additional stores in Glen Cove, Miami and Connecticut opening
soon), and two in-house wholesale businesses strategically located
in cities with a highly concentrated Asian population, iFresh aims
to satisfy the increasing demands of Asian Americans (whose
purchasing power has been growing rapidly) for fresh and culturally
unique produce, seafood and other groceries that are not found in
mainstream supermarkets. With an in-house proprietary delivery
network, online sales channel and strong relations with farms that
produce Chinese specialty vegetables and fruits, iFresh is able to
offer fresh, high-quality specialty produce at competitive prices
to a growing base of customers.
iFresh Inc. reported a net loss of $8.29 million for the year ended
March 31, 2020, compared to a net loss of $12 million for the year
ended March 31, 2019. As of Dec. 31, 2020, the Company had $131.62
million in total assets, $110.33 million in total liabilities, and
$21.29 million in ttoal shareholders' equity.
Friedman LLP, in New York, the Company's auditor since 2016, issued
a "going concern" qualification in its report dated Aug. 13, 2020,
citing that the Company has incurred significant operating losses,
has negative working capital of $28.6 million and is not in
compliance with its credit agreement. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
IGLESIA NUEVA: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Iglesia Nueva Vision, Inc.
2936 Woodcrest Lane
Lakeland, FL 33805
Chapter 11 Petition Date: June 28, 2021
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 21-03366
Debtor's Counsel: David W. Steen, Esq.
DAVID W. STEEN, P.A.
PO Box 270394
Tampa, FL 33688-0394
Tel: (813) 251-3000
E-mail: dwsteen@dsteenpa.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $100,000 to $500,000
The petition was signed by Abner Alicea, president.
The Debtor stated it has no creditors holding unsecured claims.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/AZFNI3A/Iglesia_Nueva_Vision_Inc__flmbke-21-03366__0001.0.pdf?mcid=tGE4TAMA
IMERYS TALC: Bevan & Associates Represents Talc Injury Claimants
----------------------------------------------------------------
In the Chapter 11 cases of Imerys Talc America, Inc., et al., the
law firm of Bevan & Associates, LPA, Inc. submitted a verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to disclose that it is representing the Talc Injury
Claimants.
A blank redacted exemplar copy of an Employment Contract and
Limited Power of Attorney authorizing Bevan & Associates to act on
behalf of the Creditors is referenced and attached herein as
Exhibit "A".
An excel spreadsheet outlining the full first and last name of each
Creditor client of Bevan & Associates, an indication that the claim
is unliquidated, and the nature of the claim is referenced and
attached herein as Exhibit "B".
As of June 25, 2021, each Creditor and their disclosable economic
interests are:
Claude Aaron
* Amount of Claim: Unliquidated
* Nature of Claim: Talc Personal Injury Claim
Brunell Aaron
* Amount of Claim: Unliquidated
* Nature of Claim: Talc Personal Injury Claim
William Aaron
* Amount of Claim: Unliquidated
* Nature of Claim: Talc Personal Injury Claim
Robert Aaron
* Amount of Claim: Unliquidated
* Nature of Claim: Talc Personal Injury Claim
Michael Abar
* Amount of Claim: Unliquidated
* Nature of Claim: Talc Personal Injury Claim
Dorman Abbott
* Amount of Claim: Unliquidated
* Nature of Claim: Talc Personal Injury Claim
Mark Aber
* Amount of Claim: Unliquidated
* Nature of Claim: Talc Personal Injury Claim
John Abernathy
* Amount of Claim: Unliquidated
* Nature of Claim: Talc Personal Injury Claim
Paul Abernathy
* Amount of Claim: Unliquidated
* Nature of Claim: Talc Personal Injury Claim
Bernard Ables
* Amount of Claim: Unliquidated
* Nature of Claim: Talc Personal Injury Claim
Harold Abner
* Amount of Claim: Unliquidated
* Nature of Claim: Talc Personal Injury Claim
Abe Abraham
* Amount of Claim: Unliquidated
* Nature of Claim: Talc Personal Injury Claim
Bevan & Associates files this Verified Statement pursuant to Rule
2019 of the Federal Rules of Bankruptcy Procedure.
The Firm can be reached at:
Bevan & Associates, LPA, Inc.
Thomas W. Bevan, Esq.
6555 Dean Memorial Parkway
Boston Hts., OH 44236
Tel: (330) 650-0088
Fax: (330) 467-4493
A copy of the Rule 2019 filing is available at
https://bit.ly/3w2cqdy at no extra charge.
About Imerys Talc America
Imerys Talc America, Inc. and its subsidiaries --
https://www.imerys-performance-additives.com/ -- are in the
business of mining, processing, selling and distributing talc. Its
talc operations include talc mines, plants and distribution
facilities located in Montana (Yellowstone, Sappington, and Three
Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and
Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also
utilizes offices located in San Jose, Calif., and Roswell, Ga.
Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc.
and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. The Debtors were
estimated to have $100 million to $500 million in assets and $50
million to $100 million in liabilities as of the bankruptcy
filing.
Judge Laurie Selber Silverstein oversees the cases.
The Debtors tapped Richards, Layton & Finger, P.A., and Latham &
Watkins LLP as their legal counsel, Alvarez & Marsal North America,
LLC as financial advisor, and CohnReznick LLP as restructuring
advisor. Prime Clerk, LLC is the claims agent.
The U.S. Trustee for Region 3 appointed an official committee of
tort claimants in the Debtors' Chapter 11 cases. The tort
claimants' committee is represented by Robinson & Cole, LLP.
IN-SHAPE: Court Dismisses Bankruptcy Case After Sale to Ex-CEO
--------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that In-Shape Holdings LLC will
end its bankruptcy after the sale of the company's California
fitness centers generated insufficient funds to pursue a creditor
repayment plan.
A committee of general unsecured creditors would've liked to see
the company sold for greater value, committee attorney James Carr
of Kelley Drye & Warren LLP, said at a virtual hearing Monday, June
28, 2021.
But the group is relieved that the sale held onto a majority of the
gym's leases and preserved jobs and ongoing business relationships
with vendors, he told the U.S. Bankruptcy Court for the District of
Delaware.
About In-Shape Health
In-Shape is a regional health club operator. Before the outbreak
of COVID-19, In-Shape operated 65 clubs with over 470,000 members.
Its clubs offer premium amenities and member-focused community club
experiences at tiered pricing levels in secondary markets around
California. Visit https://www.inshape.com/ for more information.
In 2012, Fremont Group purchased 78% of the Company from the
Rothbards and their co-investors.
Fremont Group remains the majority equity owner of ISHC.
In-Shape Holdings, LLC, and two affiliates, including In-Shape
Health Clubs, LLC, sought Chapter 11 protection (Bankr. D. Del.
Case No. 20-13130) on Dec. 16, 2020.
In-Shape Holdings was estimated to have $50 million to $100 million
in assets and $100 million to $500 million in liabilities as of the
bankruptcy filing.
The Hon. Laurie Selber Silverstein oversees the cases.
The Debtors tapped KELLER BENVENUTTI KIM LLP as bankruptcy counsel;
TROUTMAN PEPPER HAMILTON SANDERS LLP as local bankruptcy
co-counsel; and CHILMARK PARTNERS, LLC as investment banker. B.
RILEY FINANCIAL, INC., is the real estate advisor. Stretto is the
claims agent.
ION GEOPHYSICAL: All Four Proposals Approved at Annual Meeting
--------------------------------------------------------------
ION Geophysical Corporation held its Annual Meeting of Shareholders
in Houston, Texas, on June 23, 2021, at which the stockholders:
(1) elected James M. Lapeyre, Jr., Christopher T. Usher, and
Zhang ShaoHua as directors for a three-year term expiring
in
2024;
(2) approved, on a advisory basis, the compensation of the
Company's executive officers;
(3) ratified Grant Thornton LLP as Independent Registered
Public
Accountants; and
(4) approved the amendment of the Company's Restated Certificate
of
Incorporation to declassify the Board beginning with the
election of Class II directors in 2022.
In addition, the terms of the following directors continued after
the Meeting:
* Michael Y. McGovern
* S. James Nelson, Jr.
* John N. Seitz
About ION
Headquartered in Houston, Texas, ION -- http://www.iongeo.com-- is
an innovative, asset light global technology company that delivers
powerful data-driven decision-making offerings to offshore energy,
ports and defense industries. The Company is entering a fourth
industrial revolution where technology is fundamentally changing
how decisions are made. The Company provides its services and
products through two business segments -- E&P Technology & Services
and Operations Optimization.
ION Geophysical reported a net loss of $37.11 million for the year
ended Dec. 31, 2020, compared to a net loss of $47.21 million on
$174.68 million for the year ended Dec. 31, 2019. As of March 31,
2021, the Company had $189.65 million in total assets, $258.02
million in total liabilities, and a total deficit of $68.37
million.
Houston, Texas-based Grant Thornton LLP, the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated Feb. 11, 2021, citing that as of Dec. 31, 2020, the Company
had outstanding $120.6 million aggregate principal amount of its
9.125% Senior Secured Second Priority Notes, which mature on Dec.
15, 2021. The Notes, classified as current liabilities, caused the
Company's current liabilities to exceed its current assets by
$150.9 million and its total liabilities exceeds its total assets
by $71.1 million. These conditions, along with other matters,
raise substantial doubt about the Company's ability to continue as
a going concern.
* * *
As reported by the TCR on June 7, 2021, S&P Global Ratings raised
its issuer credit rating on U.S.-based marine seismic data company
ION Geophysical Corp. to 'CCC' from 'SD' (selective default). S&P
said, "Our 'CCC' rating reflects the company's unsustainable
leverage and the potential for a liquidity shortfall over the next
12 months. After a 30% year-over-year decline in its revenue in
2020 and a 49% sequential decline in the first quarter of 2021, ION
is highly dependent on an improvement in demand for offshore
seismic data to survive."
JACKSONVILLE ADVANCED: Taps William G. Haeberle as Accountant
-------------------------------------------------------------
Jacksonville Advanced Machining, LLC received approval from the
U.S. Bankruptcy Court for the Middle District of Florida to employ
William G. Haeberle, CPA, LLC as its accountant.
The firm will be paid at the rate of $200 per hour and reimbursed
for out-of-pocket expenses incurred.
Thomas Murphy, a partner at William G. Haeberle, CPA, disclosed in
a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Thomas Murphy
William G. Haeberle, CPA, LLC
1440 Peachtree St.
Jacksonville, FL 32207
Tel: (904) 245-1304
About Jacksonville Advanced Machining
Jacksonville Advanced Machining, LLC, a Jacksonville, Fla.-based
manufacturer of metal parts, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:21-bk-01149) on
May 7, 2021. In the petition signed by Ramkumar Devarajan,
president, the Debtor disclosed up to $500,000 in assets and up to
$10 million in liabilities. Judge Roberta A. Colton oversees the
case. Parker & DuFresne, P.A and William G. Haeberle, CPA, LLC
serve as the Debtor's legal counsel and accountant, respectively.
JDS FOURTH AVENUE: Seeks to Hire Cousins Law as Bankruptcy Counsel
------------------------------------------------------------------
JDS Fourth Avenue, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to hire Cousins Law, LLC to
serve as legal counsel in its Chapter 11 case.
The firm's services include:
a. assisting the Debtor in the preparation of legal papers;
b. advising the Debtor of its rights, powers and duties in the
continued operation of its business and management of its
property;
c. taking all necessary actions to protect and preserve the
estate of the Debtor, including the prosecution of actions on the
Debtor's behalf, the defense of any actions commenced against the
Debtor, the negotiation of disputes in which the Debtor is
involved, and the preparation of objections to claims filed against
the estate;
d. assisting in negotiations;
e. appearing in court;
f. assisting in the disposition of the Debtor's assets by sale
or otherwise;
g. assisting in preparing a disclosure statement and any
related documents and pleadings necessary to solicit votes on any
plan of reorganization proposed by the Debtor;
h. negotiating and taking all necessary actions in connection
with a plan of reorganization and all transactions contemplated
therein;
i. attending meetings and negotiating with representatives of
creditors, the U.S. trustee and other parties-in-interest; and
j. other necessary legal services.
The hourly rates charged by the firm's attorneys and staff are as
follows:
Scott D. Cousins $750 per hour
Scott D. Jones $350 per hour
Aran D. Heining $150 per hour
The Debtor provided the firm with a retainer in the amount of
$51,738.
As disclosed in court filings, Cousins Law is a "disinterested
person" under Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Scott D. Cousins, Esq.
Cousins Law LLC
1521 Concord Pike, Suite 301
Wilmington, DE 19803
Phone: 302-824-7081
Email: scott.cousin@cousins-law.com
About JDS Fourth Avenue
JDS Fourth Avenue, LLC, a condominium project owned by real estate
developer Michael Stern, sought Chapter 11 protection (Bankr. D.
Del. Case No. 21-10888) on June 1, 2021. At the time of the
filing, the Debtor had between $1 million and $10 million in both
assets and liabilities. The cases are handled by Judge Karen B.
Owens. Cousins Law, LLC and RSR Consulting, LLC serve as the
Debtor's legal counsel and financial advisor, respectively.
JDS FOURTH AVENUE: Taps RSR Consulting as Financial Advisor
-----------------------------------------------------------
JDS Fourth Avenue, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to hire RSR Consulting, LLC as
its financial advisor.
The firm's services include:
-- analyzing the business, operations, properties, financial
condition and prospects of the Debtor, including the evaluation of
its current short-term cash flow projections;
-- evaluating strategic alternatives and asset disposition
options for the Debtor or its assets, and develop and present to
its management a plan of action;
-- participating in meetings with the management, the Debtor's
legal counsel, creditors and other parties, as necessary;
-- assisting the Debtor in fulfilling the related
responsibilities and financial reporting requirements in the
Debtor's Chapter 11 case and other documents required under the
Bankruptcy Code;
-- assisting the management in the coordination and production of
information required by various constituents and their legal and
financial advisors, including the U.S. trustee, claims agent, and
other bankruptcy professionals;
-- attending court proceedings and Section 341 meetings as well
as additional meetings with creditors and stakeholders;
-- assisting the management and the Debtor's legal counsel in the
development, negotiation and implementation of a plan of
reorganization;
-- assisting in the review, evaluation, classification,
negotiation of claims and coordination of distributions under any
court-approved Chapter 11 plan to holders of allowed claims;
-- performing such other services as requested or directed by the
management.
The firm's hourly rates are as follows:
Managing Directors $450 per hour
Senior Vice Presidents and Directors $385 to $400 per hour
Vice Presidents and Associates $300 to $375 per hour
Analysts $200 to $275 per hour
Paraprofessionals $175 per hour
As disclosed in court filings, RSR Consulting neither holds nor
represents any interest adverse to the Debtors' estate.
The firm can be reached through:
Robert S. Rosenfeld
RSR Consulting, LLC
1330 Avenue of the Americas, Suite 23A
New York, NY 10019
Telephone: 212-658-0300
Fax: 212-658-0347
Email: rsrosenfeld@rsrconsultingllc.com
About JDS Fourth Avenue
JDS Fourth Avenue, LLC, a condominium project owned by real estate
developer Michael Stern, sought Chapter 11 protection (Bankr. D.
Del. Case No. 21-10888) on June 1, 2021. At the time of the
filing, the Debtor had between $1 million and $10 million in both
assets and liabilities. The cases are handled by Judge Karen B.
Owens. Cousins Law, LLC and RSR Consulting, LLC serve as the
Debtor's legal counsel and financial advisor, respectively.
JMP HOSPITALITY: Wins Cash Collateral Access Thru Aug. 18
---------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Louisiana,
Lake Charles Division, has approved the agreement between JMP
Hospitality, Inc. dba Holiday Inn Express and Wilmington Trust,
National Association, extending the order authorizing interim use
of cash collateral.
The parties entered into the deal on May 20, 2021.
The Debtor is authorized to continue using cash collateral as
provided in the Interim Order through August 18, 2021. A final
hearing on the matter is scheduled for August 18 at 10:30 a.m.
The Debtor is also directed to notice the agreed order to the
matrix and file a certificate of service within two business days
of the entry of the order.
A copy of the order is available at https://bit.ly/3wXvyuR from
PacerMonitor.com.
About JMP Hospitality, Inc.
JMP Hospitality, Inc., is the fee simple owner of a Holiday Inn
Express hotel valued at $5 million and situated at 402 North MLK
Blvd, in Lake Charles, Louisiana. JMP Hospitality filed a Chapter
11 petition (Bankr. W.D. La. Case No. 21-20122) on April 29, 2021.
In the petition signed by Jyotsna Bhakta, president, the Debtor
disclosed $6,225,452 in total assets and $4,466,198 in total
liabilities.
Wade N. Kelley, LLC is the Debtor's counsel.
Judge Robert R. Summerhays is assigned to the case.
Wilmington Trust, National Association, as lender, is represented
by:
David J. Gold, Esq,
PERKINS COIE LLP
131 S. Dearborn Street, Suite 1700
Chicago, IL 60603
Tel: (312) 324-8540
Fax: (312) 324-9540
E-mail: dgold@perkinscoie.com
K&D MANAGEMENT: Seeks to Hire Danowitz Legal as Counsel
-------------------------------------------------------
K&D Management, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to employ Danowitz Legal, P.C.
to serve as legal counsel in its Chapter 11 case.
The firm's services include the preparation or amendment of
bankruptcy schedules, representation in contested matters and
adversary proceedings, and the preparation of a plan of
reorganization.
The hourly rates charged by the firm's attorneys and staff are as
follows:
Edward F. Danowitz, Partner $375 per hour
Associates $250 per hour
Paralegals $125 per hour
The firm will receive reimbursement for out-of-pocket expenses
incurred.
The Debtor paid the firm a retainer of $10,000.
Edward Danowitz, Esq., a partner at Danowitz Legal, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Edward F. Danowitz, Esq.
Danowitz Legal, P.C.
1640 Powers Ferry Road
Building 24, Suite 350
Marietta, GA 30067
Tel: 770-933-0960
Email: Edanowitz@DanowitzLegal.com
About K&D Management
Athens, Ga.-based K&D Management, LLC filed a Chapter 11 petition
(Bankr. N.D. Ga. Case No. 21-54486) on June 11, 2021. In the
petition signed by Dhansukh Patel, managing member, the Debtor
disclosed total assets of up to $50,000 and total liabilities of up
to $10 million. Danowitz Legal, P.C. is the Debtor's legal
counsel.
Utrecht Assets, LLC is represented by G. Frank Nason, IV, Esq. at
Lamberth, Cifelli, Ellis and Nason, PA.
KLAUSNER LUMBER: Missing Taxes Spurs the Objection of IRS to Ch.11
------------------------------------------------------------------
Leslie A. Pappas of Bloomberg Law reports that the Internal Revenue
Service (IRS) balked at Klausner Lumber One LLC's proposed Chapter
11 liquidation plan, saying the bankrupt company owes at least
$60,600 in taxes and hasn't filed all of its federal returns.
The government cannot determine exactly how much the Live Oak,
Fla.-based lumber company still owes in taxes because Klausner
didn't file several withholding forms in 2012, U.S. Attorney David
C. Weiss, representing the Internal Revenue Service, said in a
court filing Thursday, June 24, 2021.
The IRS also objected to a settlement in the proposed plan, saying
Klausner is "attempting to settle the unknown claims of unknown
creditors without providing adequate notice."
About Klausner Lumber One
Klausner Lumber One, LLC, is a privately-held company in the lumber
and plywood products manufacturing industry. It is 100% owned by
non-debtor Klausner Holding USA, Inc.
Klausner Lumber One sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 20-11033) on April 30,
2020. At the time of the filing, Debtor disclosed assets of
between $100 million and $500 million and liabilities of the same
range.
Judge Karen B. Owens oversees the case.
The Debtor has tapped Westerman Ball Ederer Miller Zucker &
Sharfstein, LLP as its bankruptcy counsel; Morris, Nichols, Arsht &
Tunnell, LLP as local counsel; Asgaard Capital, LLC as
restructuring advisor; and Cypress Holdings, LLC, as investment
banker.
The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in the Debtor's Chapter 11 case. The committee
tapped Foley & Lardner LLP and Faegre Drinker Biddle & Reath LLP as
its counsel.
LAUREATE EDUCATION: S&P Withdraws 'BB-' Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings has withdrawn its 'BB-' issuer credit rating on
Laureate Education Inc. at the company's request. The 'BB+' rating
on the company's revolving credit facility was also withdrawn. This
follows the full repayment and rating withdrawal of the company's
$800 million 8.25% senior notes due 2025. At the time of the
withdrawal, S&P's outlook on the company was stable.
LIGHTSTONE HOLDCO: S&P Lowers Senior Secured Debt Rating to 'B-'
----------------------------------------------------------------
S&P Global Ratings lowered the rating on Lightstone HoldCo LLC's
senior secured debt to 'B-' from 'B+'. S&P's recovery rating on
this debt remains '3 (55% rounded estimate).
S&P said, "The negative outlook reflects the possibility that we
could lower the rating on Lightstone in the near term if we believe
its capital structure is unsustainable. This would likely occur if
the project does not sweep cash on the term loan in 2021 and we
continue to see tepid recovery of weak market conditions that leads
to debt outstanding at maturity greater than $1.48 billion."
Lightstone is a merchant power portfolio consisting of four assets
in the Pennsylvania-Jersey-Maryland (PJM) Interconnection American
Electric Power (AEP) region with a combined capacity of about 5.24
gigawatts (GW). There are three gas assets (Lawrenceburg,
Waterford, and Darby) and one supercritical coal asset (Gavin)
included in the portfolio. Lawrenceburg and Waterford are baseload
combined cycle gas turbines (CCGTs), while Darby is a combustion
turbine (CT) peaker (a type of power plant that generally runs only
when there is high demand for electricity). The breakdown of
capacity by asset is:
-- S&P said, "The recent PJM auction cleared significantly below
our expectations and we have revised our expectations for future
clearing prices downward since our last review of Lightstone. Based
on current and forward power prices in the PJM region, we expect
Lightstone's energy margins and spark spreads to be slightly
stronger on a forward-looking basis than we previously forecast;
however, lower capacity prices combined with project's
underperformance in 2019 and 2020, leads us to expect Lightstone
will have a higher outstanding debt balance at the maturity of its
term loan B in January 2024 and weaker coverage ratios during the
life of the assets."
S&P said, "The negative outlook reflects the possibility that we
could lower the rating on Lightstone in the near term if the
project does not sweep cash on the term loan in 2021 and we
continue to see tepid recovery of weak market conditions that leads
to debt outstanding at maturity greater than $1.48 billion. At
present, we expect robust DSCRs during most years prior to
maturity, and power and capacity prices that do not decline
materially from our current base-case assumptions. We expect the
project to pay down at least $250 million on its term loan prior to
maturity and a minimum DSCR of around 1.0x during the refinancing
period."
"We could lower our rating if we view the project's capital
structure as unsustainable. This would likely occur if the project
fails to sweep material cash prior to maturity such that its
expected DSCRs fall below 1.0x on a sustained basis over the
assumed refinance tenor or if we expect debt outstanding at
maturity to be higher than $1.48 billion. This would likely be
caused by continued demand and price impacts and or further mild
weather or unplanned operational outages. We could also lower the
rating if the project executes a distressed exchange, per our
definition.
"While unlikely in the near term, we could revise the outlook to
stable if the project's minimum DSCR increases to above 1.1x on a
sustained basis and we expect the project to have less than $1.48
billion outstanding on the term loan at maturity. This could occur
due to higher-than-expected capacity payments in uncleared periods
or higher spark spreads."
LIMETREE BAY: Moody's Cuts Rating on $465MM Secured Loan to Caa1
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating on Limetree Bay
Terminals, LLC's $465 million senior secured term loan to Caa1 from
B2. The rating outlook is negative. This concludes the rating
review for downgrade that was initiated on May 20, 2021.
Downgrades:
Issuer: Limetree Bay Terminals, LLC
Senior Secured Bank Credit Facility, Downgraded to Caa1 from B2
Outlook Actions:
Issuer: Limetree Bay Terminals, LLC
Outlook, Changed To Negative From Rating Under Review
RATINGS RATIONALE
The downgrade to Caa1 follows the announcement by Limetree Bay
Terminals' parent company Limetree Bay Energy, LLC to halt
indefinitely any restart efforts at the adjacent refinery due to
financial constraints.[1] This announcement follows the United
States Environmental Protection Agency's (EPA) decision on May 14,
2021 to pause all operations at the adjacent refinery for a period
of up to 60 days. As a result, Limetree Bay Terminals will lose its
largest customer representing approximately $52 million of expected
operating revenue in fiscal 2021. Moody's views the halt of restart
efforts at the refinery as an environmental risk under its ESG
framework.
Limetree Bay Terminals had a long-term terminal services agreement
with the adjacent refinery and its sister company for approximately
11.9 million barrels of capacity and a shared service agreement for
power, water and wastewater services as well as certain insurance
policies. Without the refinery as a customer the expected
turnaround in credit metrics and material excess cash flow
generation in 2021 becomes unlikely.
Also, liquidity will likely be tight in 2021 until additional
external customers have been found. As of March 31, 2021, Limetree
Bay Terminals had around $12 million of unrestricted and restricted
cash on balance sheet.
Moody's projects that Limetree Bay Terminals will need to reduce
operating expenditures and tap in its cash on balance sheet or
additional support from its parent to make its debt service in 2021
and maintain its debt service coverage ratio (DSCR) financial
covenant above 1.1x. While Limetree Bay Terminals has historically
benefitted from substantial sponsor support, uncertainty is high at
this juncture whether sponsors are willing to provide additional
liquidity support for the terminal. Moody's views the uncertainty
around future sponsor support for the terminal during the
transition period as a governance risk under its ESG framework.
Moody's believes that Limetree Bay Terminals' oil storage
operations have market value despite the halting of operations at
the refinery and that management will successfully replace at least
a portion of the refinery capacity with contracts with external
customers. However, there may be a transition period of months and
execution risk is high particularly as it relates securing
reasonable contract terms.
Limetree Bay Terminals has only marginally reduced its debt load
since the 2017 issuance of the seven-year senior secured term loan,
having paid only mandatory amortization.
Other factors considered in the rating are (1) high customer
concentration and an ongoing dispute with a material customer; (2)
more favorable business conditions for storage terminals in 2020
and 2021; (3) the historical support from its sponsors which have
supported the project with substantial equity injections since
rating assignment; (4) low operating complexity of storage
terminals; (5) standard project finance features and (6) no direct
exposure to commodity risks.
RATING OUTLOOK
The negative outlook reflects the execution risk of the transition
period to replace the refinery contracted tanks with external
customers in the next few months, the project's limited liquidity
to absorb the loss of the refinery as a customer and the related
uncertainty around any future liquidity support from the sponsor
group.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
WHAT COULD CHANGE THE RATING UP
The refinery is successfully replaced by contracts with external
customers
FFO/debt around 7.5-10% and DSCR comfortably above 1.1x
Positive excess cash flow generation applied to debt reduction
WHAT COULD CHANGE THE RATING DOWN
Inability to replace refinery with external customers
Inability to maintain DSCR above 1.1x and FFO/debt above 5%
Weakening liquidity profile or reduced sponsor support
PROFILE
Limetree Bay Terminals, LLC is a wholly-owned subsidiary of
Limetree Bay Energy, LLC which is owned by an affiliate of private
equity sponsors EIG and a syndicate of other investors.
The project is a storage terminal and marine facility on around
1,500 acres of land on the south shore St. Croix, US Virgin
Islands.
METHODOLOGY
The principal methodology used in this rating was Generic Project
Finance Methodology published in June 2021.
LRGHEALTHCARE: Wins Cash Collateral Access Thru July 31
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire has
authorized HGRL, f/k/a LRGHealthcare to use cash collateral on an
interim basis through July 31, 2021, in accordance with the budget,
with a variance of 20%.
As of the Petition Date, the Debtor is party to a Security
Agreement dated as of December 9, 2009 by and among the Debtor,
KeyBank National Association as lender, and U.S. Department of
Housing and Urban Development Federal Housing Administration,
pursuant to which (a) the Debtor was indebted to Lender in the
aggregate principal amount of $110,761,260 as of the Petition Date,
plus pre-petition interest, fees, expenses, and other amounts
arising in respect of such obligations existing immediately prior
to the Petition Date, and (b) the Obligations are secured by valid,
enforceable, properly perfected, first priority, and unavoidable
liens on and security interests encumbering substantially all
pre-petition assets of the Debtor, as set forth in the Loan
Documents.
As of May 1, 2021, the Debtor maintained five bank accounts with
Bank of New Hampshire, a New Hampshire Mutual Savings Bank. The
Debtor, KeyBank and BONH are parties to a Control Agreement for
Deposit Account dated as of September 30, 2015. Pursuant to the
DACA and Interim Cash Collateral Orders, the Lender is properly
perfected in the BONH Accounts subject to certain provisions.
The Debtor filed an emergency motion seeking entry of an interim
order approving, among other things, a loan in a principal amount
equal to $6,000,000 pursuant to an agreement between the Debtor, as
borrower, and Concord Hospital as lender.
The Final DIP Order was entered by the Court on April 7, 2021. As
of the Closing Date, the DIP Loan was repaid and the DIP Lender has
released the DIP Liens.
As adequate protection for the Debtor's use of cash collateral, the
Lender is granted, on behalf of itself and for the benefit of the
Lender and HUD, a continuing replacement security interest in, and
lien, effective as of the Petition Date without the necessity of
the Lender taking any further action, upon the right, title and
interest in the following property of the Debtor, subject in all
respects to the Carve-Out.
The Replacement Liens will have the same extent, priority and
validity as the Pre-Petition Liens.
The Replacement Liens will be deemed automatically valid and
perfected to the same extent as the Pre-Petition Liens with such
priority as provided in the Ninth Interim Order, without any
further notice or act by any party that may otherwise be required
under any other law.
As additional adequate protection, in the event that the adequate
protection provided in this Ninth Interim Order is insufficient to
protect the security interests of the Lender, the Lender's claim
with respect to any such Diminution in Value as a result of the
Debtor's use of Cash Collateral or the imposition of the automatic
stay will have priority.
The final hearing on the matter is scheduled for July 20 at 10
a.m.
A copy of the order and the Debtor's budget for the period covering
June 27 to July 13, 2021 is available for free at
https://bit.ly/3vZpCAb from PacerMonitor.com.
The Debtor projects $12,165,392 in total cash available and
$1,892,947 in total cash disbursements.
About LRGHealthcare
HGRL, f/k/a LRGHealthcare -- http://www.lrgh.org/-- is a
not-for-profit healthcare charitable trust operating Lakes Region
General Hospital, Franklin Regional Hospital, and numerous other
affiliated medical practices and service programs.
LRGH is a community-based acute care facility with a licensed bed
capacity of 137 beds, and FRH is a 25-bed critical access hospital
with an additional 10-bed inpatient psychiatric unit. In 2002,
Lakes Region Hospital Association and Franklin Regional Hospital
Association merged, with the merged entity renamed LRGHealthcare.
LRGHealthcare offers a wide range of medical, surgical, specialty,
diagnostic, and therapeutic services, wellness education, support
groups, and other community outreach services.
LRGHealthcare filed a Chapter 11 petition (Bankr. D.N.H. Case No.
20-10892) on Oct. 19, 2020. The petition was signed by Kevin W.
Donovan, president and chief executive officer. At the time of
filing, the Debtor disclosed up to $500 million in both assets and
liabilities.
On May 5, 2021, the U.S. Bankruptcy Court for the District of New
Hampshire entered an order directing that the caption of the
Debtor's case be changed from LRGHealthcare to HRGL, in accordance
with the corporate name change.
Judge Bruce A. Harwood oversees the case.
The Debtor tapped Nixon Peabody LLP as counsel; Deloitte
Transactions and Business Analytics LLP and Kaufman, Hall &
Associates, LLC as financial advisors; and Epiq Corporate
Restructuring, LLC as claims, noticing, solicitation, and
administrative agent.
The U.S. Trustee for Region 1 appointed a committee of unsecured
creditors on Oct. 23, 2020. The committee is represented by the
law firms of Sills Cummis & Gross P.C. and Drummond Woodsum. CBIZ
Accounting, Tax and Advisory of New York, LLC serves as the
committee's financial advisor.
In December 2020, the U.S. Bankruptcy Court, District of New
Hampshire issued a final order approving Concord Hospital's
acquisition of Lakes Region General Hospital, Franklin Hospital and
their ambulatory sites from LRGHealthcare. The healthcare system
and its two hospitals were sold to Concord Hospital for $30
million.
MAIN EVENT: S&P Upgrades ICR to 'B-' on Stronger Recovery
---------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on dining and
entertainment center operator Main Event Entertainment Inc. to 'B-'
from 'CCC+' to reflect its view that short-term liquidity and
covenant risks have abated.
At the same time, S&P raised its issue-level rating on the
company's senior secured credit facilities to 'B-' from 'CCC+'. The
'3' recovery rating is unchanged.
The stable outlook reflects S&P's expectation for improved free
operating cash flow (FOCF) generation as revenue and store
productivity outpace those of 2019.
S&P said, "Main Event's entertainment centers have now fully
reopened, and demand exceeds our prior expectation. Following
temporary store closures last year and a slow cadence of reopening
amid the coronavirus pandemic, the company reached a turning point
in the second half of its fiscal 2021 (ending June 29). It reported
comparable store revenue growth in March and April well over 20%
relative to pre-pandemic. We believe much of this growth is driven
by pent-up demand that will likely fade over the next several
months. However, there are longer-term positive trends such as
somewhat eased competitive pressures due to some smaller rivals'
permanent closures. We now expect better than pre-pandemic revenues
in fiscal 2022.
"Main Event's liquidity position is adequate, and we believe
additional covenant waivers will not be needed as the company
deleverages its capital structure. The surge in demand following
aggressive expense reductions enabled benefits of scale, resulting
in greater profitability in recent months relative to 2019, before
the pandemic. The improved top- and bottom-line performance bodes
well for its ability to meet covenant requirements, which become
effective again as of June 29 following waivers granted by lenders
last year. The improved performance will likely lead to some
deleveraging over the next 12-24 months as EBITDA expands beyond
pre-pandemic levels. We assess Main Event's financial risk profile
as highly leveraged.
"We view Main Event as a smaller operator that remains regionally
concentrated with limited brand awareness, potentially exposing it
to higher performance volatility. The company operates 44
entertainment centers across 16 U.S. states, with about 40% in
Texas and no more than a few in any other state. We believe
operating performance highly depends on a favorable local economy
in any given core market based on the regional concentration and
the highly discretionary nature of its services. While we believe
high exposure to southern states enabled recent good performance,
we do not view this as a long-term trend. Performance over the next
12 months is highly uncertain, as consumer behavior continues to
evolve emerging from the pandemic.
"Additionally, we believe the company's brand awareness is weaker
than that of peers such as Bowlero Corp., CEC Entertainment Inc.,
and Dave & Buster's Entertainment Inc. While its service model is
somewhat differentiated in the dining and entertainment space from
its larger peers, we believe competitive pressures will pose a
persistent threat and can intensify as there are very few barriers
to entry while the model provides enticing investment potential. As
a result, we assign a negative comparable rating analysis modifier
to reflect that we view the business at the lower end of the range
within the weak category.
"The stable outlook reflects our expectation that Main Event will
maintain a highly leveraged capital structure over the next 12-24
months and generate about flat FOCF as it pursues growth
investments. We expect profit margins about in line with 2019 over
the next 12-24 months, while EBITDA expands on an increasing unit
count and positive comparable sales."
S&P could lower the rating if it believes Main Event's capital
structure is unsustainable. For example, this could occur if:
-- Operating performance deteriorates below S&P's expectations and
it expects consistent FOCF deficits;
-- S&P believes the company's liquidity position has deteriorated,
pressuring its ability to meet its obligations; or
-- S&P anticipates a covenant violation without a timely waiver.
S&P could raise its rating on Main Event if:
-- It sustains profitable growth through continued successful new
unit development;
-- It reduces leverage below 6x and S&P does not anticipate new
leveraging transactions; and
-- It generates consistently positive FOCF, including growth
spending.
MANHATTAN HOSPITALITY: Wins Cash Collateral Access Thru Aug 31
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Kansas, Topeka
Division, has authorized Manhattan Hospitality, Inc. to use cash
collateral on a temporary basis through August 31, 2021 in
accordance with the Budget.
The Debtor requires the use of cash collateral to continue the
operation of its business and avoid immediate and irreparable harm
to its estate, maintain needed goods and services and pay other
necessary and ordinary business expenses, and provide for necessary
adequate protection during the Interim Period for Central National
Bank.
The Bank and the Debtor are parties to two Promissory Notes, a
Leasehold Mortgage, Security Agreement and Collateral Assignment of
Lease.
As security for repayment of the Pre-Petition Loan Indebtedness,
the Debtor granted the Bank a security interest in, and liens upon,
certain personal property, income, room revenues and accounts
receivables as evidenced by the security instruments filed by the
Bank.
As adequate protection for the Debtor's use of cash collateral, the
Bank is granted replacement liens and security interest in the DIP
Accounts and the Cash Collateral including rents, income, profits,
accounts receivable and accounts which replacement lien and
security interest as to existing Cash Collateral categories will
have the same priority, extent and validity as the Bank's security
interests or other interests in the Cash Collateral used by the
Debtor. The replacement lien and security interest granted are
valid, enforceable and fully perfected. If notwithstanding the
foregoing replacement liens, the Bank has a claim arising from the
Debtor's use of the Cash Collateral, the Bank will have a claim
having priority over all other administrative expenses except
post-petition ad valorem taxes and U.S. Trustee fees, claims by the
Clerk of the Bankruptcy Court and unpaid fees and expenses of
counsel for the debtor up to $3,000.
As further adequate protection, the Bank will be paid $15,000 on a
monthly basis on or before the 15th day of each month while the
Interim Order is in force.
The Debtor is also directed to maintain the types and amounts of
insurance on all its property and assets as required by the Loan
Documents.
A final hearing on the Debtor's Cash Collateral Motion is scheduled
for September 22 at 2:30 p.m.
A copy of the Interim Order and the Debtor's July-August 2021
budget is available at https://bit.ly/3wZSfP1 from
PacerMonitor.com.
The Debtor projects $130,224 in gross operating income and $117,467
in total operating expenses for July.
About Manhattan Hospitality, Inc.
Manhattan Hospitality, Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Kan. Case No. 20-41003) on Dec. 17,
2020. At the time of filing, the Debtor disclosed up to
$10,000,000 in assets and up to $50,000,000 in liabilities.
Judge Dale L. Somers oversees the case.
Sader Law Firm represents the Debtor as counsel.
Central National Bank, as lender, is represented by Michael R.
Munson, Esq., its senior vice president and general counsel.
MARZILLI MACHINE: Wins Cash Collateral Access Thru July 13
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts has
authorized Marzilli Machine Co. to continue using cash collateral
through July 13, 2021, the date of the continued hearing.
The court says the continued use of cash collateral is approved on
the same terms and conditions as set forth in the Further Order
Authorizing Use of Cash Collateral and For Adequate Protection
dated March 26, 2021.
A copy of the order is available for free at https://bit.ly/35T9cP7
from PacerMonitor.com.
About Marzilli Machine Co.
Marzilli Machine Co. -- https://marzmachine.com -- is a
manufacturer of military, aerospace, medical and firearms
components.
Marzilli Machine filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case no.
20-12007) on Oct. 2, 2020. Marzilli Machine's President Lee Anne
Marzilli signed the petition. At the time of filing, the Debtor
disclosed $1,155,586 in assets and $1,763,992 in liabilities.
Judge Christopher J. Panos oversees the case.
Madoff & Khoury, LLP serves as Debtor's legal counsel.
MEDLEY LLC: Taps Corporation Service Company as Independent Manager
-------------------------------------------------------------------
Medley, LLC filed an application seeking approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Corporation
Service Company to serve as its independent manager.
Medley requested for an independent manager after the bankruptcy
court and the Securities and Exchange Commission raised concerns
about its corporate governance. As of the petition date, Medley
did not have a board of members that were independent from those of
its parent Medley Management Inc. Rather, corporate issues were
addressed by a restructuring subcommittee, the majority of which
were members of Medley Management's board of directors, and all of
whom were board members of the parent company.
As compensation for its services, Corporation Service Company will
be paid at the rate of $625 per hour and reimbursed for
out-of-pocket expenses incurred. The retainer fee is $75,000.
Michelle Dreyer, a partner at Corporation Service Company,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Michelle Dreyer
Corporation Service Company
251 Little Falls Drive
Wilmington, DE 19808
Tel: (302) 636-5806
Email: michelle.dreyer@cscgfm.com
About Medley LLC
Medley LLC, through its direct and indirect subsidiaries, including
Medley Capital LLC, is an alternative asset management firm
offering yield solutions to retail and institutional investors. It
provides investment management services to a permanent capital
vehicle, long-dated private funds, and separately managed accounts,
and serves as the general partner to the private funds. Medley is
headquartered in New York City and incorporated in Delaware.
As of Sept. 30, 2020, Medley had $3.4 billion of assets under
management in two business development companies, Medley Capital
Corporation (NYSE: MCC) and Sierra Income Corporation, and several
private investment vehicles. Over the past 18 years, Medley has
provided capital to over 400 companies across 35 industries in
North America.
Medley filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case
No. 21-10526) on March 7, 2021. The Debtor disclosed $5,422,369 in
assets and $140,752,116 in liabilities as of March 2, 2021.
The Debtor tapped Lowenstein Sandler LLP and Morris James LLP as
bankruptcy counsel, Eversheds Sutherland (US) LLP as special
counsel, B. Riley Securities Inc. as investment banker, and
Andersen Tax LLC as tax accountant. Corporation Service Company
serves as the Debtor's independent manager. Kurtzman Carson
Consultants, LLC is the claims agent, maintaining the page
https://www.kccllc.net/medley
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on April 22, 2021. The committee is represented
by Potter Anderson & Corroon, LLP and Kelley Drye & Warren, LLP.
MICROBILT CORP: Investment Fund Princeton Faces SEC Allegations
---------------------------------------------------------------
Lydia Beyoud of Bloomberg Law reports that former executives of
Microbilt Corp. and its investment fund, Princeton Alternative
Funding LLC, are facing SEC allegations that they intentionally hid
the fund manager's tax fraud conviction and lied about its
consumer-borrower analysis technology.
The Securities and Exchange Commission alleged in a complaint
Thursday, June 24, 2021, that the companies and the executives --
Philip N. Burgess, Jr., Walter Wojciechowski, and John Cook Jr. --
committed securities fraud by providing materially false and
misleading information and representations.
These acts helped them raise more than $73 million from investors
before the fund was driven into bankruptcy, according to the
complaint filed.
About MicroBilt Corporation
MicroBilt Corporation in Princeton, New Jersey, and CL Verify LLC
in Tampa, Florida, offer small business owner solutions for fraud
prevention, consumer financing, debt collection, skip tracing and
background screening. MicroBilt provides access to over 3 billion
debit account records, nearly 30 billion pieces of demographic and
public record data and over 100 million unique consumer records to
prevent identity fraud, evaluate credit risk and retain customer
relationships.
MicroBilt and CL Verify filed for Chapter 11 five days apart:
MicroBilt (Bankr. D.N.J. Case No. 11-18143) on March 18, 2011, and
CL Verify (Bankr. D.N.J. Case No. 11-18715) on March 23, 2011. The
Debtors tapped Lowenstein Sandler PC as their counsel, and Maselli
Warren, PC, as their special litigation counsel.
MicroBilt estimated $10 million to $50 million in both assets and
debts. CL Verify estimated $100 million to $500 million in assets,
but under $1 million in debts. Court papers say the Debtors have
roughly $8.4 million in unsecured debt and no secured debt. The
Debtors believe they have an enterprise value of $150 million to
$180 million.
No trustee, examiner or committee has been requested or appointed
in the Chapter 11 cases.
In January 2013, the Debtors obtained confirmation of their Fourth
Amended Plan of Reorganization, as revised, which provides for
payment in full all claims, including $4.30 million of unsecured
claims. Holders of Microbilt equity interests are unimpaired.
MicroBilt, the sole holder of CL Verify equity interests, won't
recover anything on account of the interest.
MYOMO INC: May Sell Up to $15 Million Worth of Common Shares
------------------------------------------------------------
Myomo, Inc. entered into an At Market Issuance Sales Agreement with
A.G.P./Alliance Global Partners, with respect to an at-the-market
offering program under which the Company may offer and sell, from
time to time at its sole discretion, up to $15,000,000 of shares of
Company's common stock, $0.0001 par value per share. Under the
Sales Agreement, the Agent is entitled to be compensated in an
amount of 3.0% of the gross proceeds from sales of the Common
Stock.
About Myomo
Headquartered in Cambridge, Massachusetts, Myomo, Inc.
--http://www.myomo.com-- is a wearable medical robotics company
that offers expanded mobility for those suffering from
neurologicaldisorders and upper limb paralysis. Myomo develops and
markets the MyoPro product line. MyoPro is a powered upper limb
orthosis designed to support the arm and restore function to the
weakened or paralyzed arms of patients suffering from CVA stroke,
brachial plexus injury, traumatic brain or spinal cord injury, ALS
or other neuromuscular disease or injury.
Myomo reported a net loss of $11.56 million for the year ended Dec.
31, 2020, compared to a net loss of $10.71 million for the year
ended Dec. 31, 2019. As of March 31, 2021, the Company had $20.92
million in total assets, $4.86 million in total liabilities, and
$16.07 million in total stockholders' equity.
NATCHITOCHES MEDICAL: Affiliate Seeks to Hire Gold Weems as Counsel
-------------------------------------------------------------------
Keyser Avenue Medical Park, LLC, an affiliate of Natchitoches
Medical Specialists, LLC, seeks approval from the U.S. Bankruptcy
Court for the Western District of Louisiana to employ Gold Weems
Bruser Sues & Rundell, APLC to serve as legal counsel in its
Chapter 11 case.
The firm will be paid for its services based upon its normal and
usual hourly billing rates and reimbursed for out-of-pocket
expenses incurred. It received the amount of $18,554.24 from the
Debtor.
Bradley Drell, Esq., a partner at Gold Weems Bruser Sues & Rundell,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Bradley L. Drell, Esq.
Gold Weems Bruser Sues & Rundell, APLC
P. O. Box 6118
Alexandria, LA 71307-6118
Tel: (318) 445-6471
Fax: (318) 445-6476
Email: bdrell@goldweems.com
About Natchitoches Medical Specialist
Natchitoches Medical Specialists, LLC, a Natchitoches, La.-based
company that operates in the healthcare industry, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No.
21-80137) on April 11, 2021. Its affiliate, Keyser Avenue Medical
Park, LLC, filed its Chapter 11 petition (Bankr. W.D. La. Case No.
21-80221) on June 11, 2021. The cases are jointly administered
under Case No. 21-80137. Judge Stephen D. Wheelis oversees the
cases.
At the time of the filing, Natchitoches disclosed total assets of
$8,009,156 and total liabilities of $286,300.
Keyser had between $1 million and $10 million in both assets and
liabilities as of the petition date.
Natchitoches and Keyser are represented by Diment & Associates, LLC
and Gold Weems Bruser Sues & Rundell, APLC, respectively.
NATCHITOCHES MEDICAL: Seeks Cash Collateral Access
--------------------------------------------------
Natchitoches Medical Specialists, LLC and Keyser Avenue Medical
Park, LLC ask the U.S. Bankruptcy Court for the Western District of
Louisiana, Alexandria Division, for entry of a final order
authorizing the transfer and use of insurance proceeds, some of
which may be cash collateral, and providing adequate protection.
KAMP requests that NMS and BOM Bank f/k/a Bank of Montgomery as
respondent be authorized to transfer funds received for a building
damage to an escrow account to be opened at BOM Bank on behalf of
KAMP. The account will be used solely for the deposit and
disbursement of insurance proceeds to satisfy repair expenses.
KAMP requests that all insurance proceeds later received by NMS
and/or BOM which are identified as related to so-called Hanover
claim ending in 01, or otherwise identified as related to the
building damage claim, would also be transferred to the KAMP Escrow
Account.
NMS seeks to apply funds received for the damaged business personal
property -- which are not the collateral of BOM -- to repair or
replace the damaged personal property.
BOM is the lender on a Multiple Obligations Mortgage made unto KAMP
with a maximum amount of indebtedness of $10,000,000, secured by,
among other things, a collateral assignment and pledge of rights by
KAMP of "the right to receive proceeds attributable to the insured
loss of the Property." The Property includes the building and
improvements located at 1029 Keyser Avenue, Natchitoches, LA.
KAMP also executed an "Assignment of Leases and Rents" which
secures a maximum amount of $5,000,000, and which provides BOM all
of KAMP's right, title and interest in current and future leases
and rents, including receipts, income, royalties, profits,
revenues, proceeds, and bonuses. KAMP did execute a UCC financing
statement to perfect, protect and continue BOM's security interest
in the mortgaged property and rights under the mortgage, which also
qualifies as a security agreement under Louisiana's version of
UCC-9.7.
The building located on the Property is rented to NMS, and is used
as a medical clinic by NMS and its affiliated physicians, as well
as by physicians who were formerly affiliated with NMS.
In connection with the Property, KAMP pays the insurance premiums
for various coverages, including coverage on the building and on
business personal property. The aforementioned coverages are
provided by The Hanover Insurance Group through The Hanover
American Insurance Company.
As reflected on the Businessowners Declaration provided to NMS by
The Hanover Insurance Group, coverage is provided in The Hanover
American Insurance Company for Policy Number OZO A281998-06, with
policy period 04/15/2020 - 04/15/2021, for the 'Described Premises"
of 1029 Keyser Avenue, Natchitoches, LA, 71457. NMS is the named
insured on the Policy. Bank of Montgomery is included as Mortgagee
on the Policy's Additional Interest Schedule.
The building owned by KAMP located on the Property sustained damage
pre-petition due to an extreme freeze in February 2021. This
building contains personal property which is not owned by KAMP, but
is owned by NMS and certain individuals who work in the building,
and which personal property was also damaged.
The actual cash value of the building damage claim is $400,920.69,
and the actual cash value of the business personal property claim
is $4,959.66.
The damaged personal property is not the collateral of BOM, which
the bank does not dispute. However, the damaged personal property
is covered by the Policy, either as property owned by NMS and used
in its business, or property of others under the care, custody, or
control of NMS.
KAMP proposes that in addition to all existing security interests
and liens granted to or for BOM's benefit in and upon the
pre-petition property, as adequate protection for the use of the
cash collateral, BOM is granted a post-petition lien on the
post-petition properties of the kind and nature that it holds in
pre-petition property, to the extent it does not already have the
same, in the same priority as it held in pre-petition property.
A copy of the motion is available for free at
https://bit.ly/3zZ6TYI from PacerMonitor.com.
About Natchitoches Medical Specialists
Natchitoches Medical Specialists, LLC, a Natchitoches, La.-based
company that operates in the healthcare industry, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No.
21-80137) on April 11, 2021. At the time of the filing, the Debtor
disclosed total assets of $8,009,156 and total liabilities of
$286,300.
Affiliate, Keyser Avenue Medical Park, LLC, filed for Chapter 11
protection (Bankr. W.D. La. Case No. 21-80221) on June 11, 2021.
The two cases are jointly administered under Natchitoches' case.
Judge Stephen D. Wheelis oversees the case.
Diment & Associates, LLC is the Debtor's legal counsel.
NEW VISION FULL: Seeks to Hire Scrura Wigfield as Legal Counsel
---------------------------------------------------------------
New Vision Full Gospel Baptist Church seeks approval from the U.S.
Bankruptcy Court for the District of New Jersey to employ employ
Scrura Wigfield Heyer Stevens & Cammarota, LLP to serve as legal
counsel in its Chapter 11 case.
The firm's hourly rates are as follows:
Partners $425 per hour
Associates $375 per hour
Law Clerks $200 per hour
Paralegals $175 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred. It received payment of $2,500 from the Debtor for its
services.
David Stevens, Esq., a partner at Scrura, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
David L. Stevens, Esq.
Scura Wigfield Heyer Stevens & Cammarota, LLP
1599 Hamburg Turnpike
Wayne, NJ 07470
Tel: (973) 696-8391
Email: ecfbkfilings@scuramealey.com
About New Vision Full Gospel Baptist Church
East Orange, N.J.-based New Vision Full Gospel Baptist Church
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D.N.J. Case No. 21-14903) on June 15, 2021. Victor Agee, senior
pastor and superintendent, signed the petition. In the petition,
the Debtor disclosed assets of between $1 million and $10 million
and liabilities of the same range. Scura Wigfield Heyer Stevens &
Cammarota, LLP is the Debtor's legal counsel.
NEWSTREAM HOTEL: Wins Cash Collateral Access
--------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Texas
authorized Newstream Hotel Partners-Lit LLC to use the cash
collateral of UC Four Points Little Rock Holder, LLC for working
capital purposes, general corporate purposes, and the satisfaction
of costs and expenses in administering the Debtor's Chapter 11
case. UC Four Points Little Rock Holder, LLC is
successor-in-interest to UC Funding LLC, with respect to a loan
agreement granted to the Debtor before the Petition Date.
As adequate protection for the use of cash collateral, UC Four
Points is granted continuing, valid, binding, enforceable, fully
perfected, replacement liens and first priority security interests
in the Debtor's presently owned or hereafter acquired property and
assets. The Adequate Protection Liens will be granted only to the
extent the prepetition liens of UC Four Points are valid,
enforceable, non-avoidable liens and security interests that were
perfected prior to the Petition Date (or perfected after the
Petition Date to the extent permitted by section 546(b) of the
Bankruptcy Code), which are not subject to avoidance, reduction,
disallowance, impairment, or subordination pursuant to the
Bankruptcy Code or applicable non-bankruptcy law.
The Debtor will ensure that the Prepetition Secured Lender is named
as a loss payee on property casualty insurance covering the
Property. The Prepetition Secured Lender will also be entitled to
receive any notice of intended cancellation, or notice of
cancellation, received by the Debtor from the insurer.
UC Four Points's Adequate Protection Liens shall be deemed duly and
automatically perfected under all applicable laws, and no further
notice, filing, recordation or order will be required to effectuate
such perfection.
The use of Cash Collateral and replacement liens will be subject to
right of payment of unpaid post-petition fees and expenses of the
Clerk of the Court and statutory fees payable to the U.S. Trustee
and unpaid post-petition fees and expenses of Professionals of the
Debtor and any Statutory Committee (if appointed) but only to the
extent such fees and expenses are within the amounts set forth in
the Budget approved by UC Four Points.
These events constitute a "Termination Event:"
a. The Debtor violates any term of the Interim Order;
b. The Debtor's actual expenditures exceed the amounts set
forth in the line items to an Approved Budget by more than the
Permitted Variance, and the Prepetition Secured Lender did not
previously consent in writing to such variation from such Approved
Budget, or did not subsequently waive such unauthorized use of Cash
Collateral;
c. The consummation of the sale or other disposition of all or
substantially all of the assets of the Debtor; and
d. The entry of an order converting the Chapter 11 Case to a
case under Chapter 7 of the Bankruptcy Code, or dismissing the
Chapter 11 Case.
The Final Telephonic Hearing on the matter is scheduled for July
13, 2021 at 1:30 p.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/2U2Tnmr from PacerMonitor.com.
The Debtor projects $73,815 in total receipts and $126,163 in total
expenditures for the week starting July 5.
About Newstream Hotel Partners-Lit LLC
Newstream Hotel Partners-LIT, LLC filed a Chapter 11 petition
(Bankr. E.D. Tex. Case No. 21-40561) on April 16, 2021 with the
U.S. Bankruptcy Court for the Eastern District of Texas.
In the petition signed by Timothy Nystrom, manager, the Debtor
estimated assets between $1 million and $10 million, and
liabilities between $10 million and $50 million.
Judge Brenda T. Rhoades oversees the case.
SPENCER FANE represents the Debtor as counsel.
UC Four Points Little Rock Holder, LLC, as secured creditor, is
represented by:
Mark Stromberg, Esq.
Stromberg Stock, PLLC
8350 N Central Expy, Ste 1225
Dallas, TX 75206
Tel: (972) 458-5353
Fax: (972) 861-5339
E-mail: mark@stromberstock.com
NINE POINT ENERGY: Chapter 11 Sale Delayed After Lien Ruling
------------------------------------------------------------
Law360 reports that a Delaware bankruptcy judge rejected the bulk
of the $157 million in liens asserted by midstream services
provider Caliber Midstream Monday, finding the company had valid
claims worth about $7 million against oil and gas driller Nine
Point Energy and putting on hold a $250 million sale of the
debtor's assets.
During a virtual hearing, U.S. Bankruptcy Judge Mary F. Walrath
said Caliber's lien claims for services and material provided to
support Nine Point'' drilling activities in North Dakota were
largely unsupported by evidence, but said Caliber had performed a
critical role in the development and production of the wells.
About Nine Point Energy
Nine Point Energy Holdings, Inc. -- https://ninepointenergy.com/ --
is a private exploration and production company focused on value
creation through the safe, efficient development of oil and gas
assets within the Williston Basin.
Nine Point Energy Holdings, Inc. sought Chapter 11 protection
(Bankr. D. Del. Case No. 21-10570) as the Lead Case, on March 15,
2021. The three affiliates that concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code are
Nine Point Energy, LLC (Bankr. D. Del. Case No. 21-10571), Foxtrot
Resources, LLC (Bankr. D. Del. Case No. 21-10572), and Leaf
Minerals, LLC (Bankr. D. Del. Case No. 21-10573). The cases are
assigned to Judge Mary F. Walrath.
The Debtors estimated assets and liabilities (on a consolidated
basis) in the range $100 million to $500 million.
The Debtors tapped as counsel the following: Michael R. Nestor,
Esq. Kara Hammond Coyle, Esq. Ashley E. Jacobs, Esq., and Jacob D.
Morton, Esq., at Young Conaway Stargatt & Taylor, LLP; Richard A.
Levy, Esq., Caroline A. Reckler, Esq., and Jonathan Gordon, Esq.,
at Latham & Watkins LLP; and George A. Davis, Esq., Nacif Taousse,
Esq., Alistair K. Fatheazam, Esq., and Jonathan J. Weichselbaum,
Esq., at Latham & Watkins LLP.
The Debtors engaged AlixPartners LLP as their financial advisor,
Perella Weinberg Partners L.P. as their investment banker, and
Lyons, Benenson & Co., Inc. as their compensation consultant.
PACIFIC PANORAMA: Case Summary & 6 Unsecured Creditors
------------------------------------------------------
Debtor: Pacific Panorama LLC
17000 W Sunset Blvd
Pacific Palisades, CA 90272
Business Description: Pacific Panorama LLC
Chapter 11 Petition Date: June 28, 2021
Court: United States Bankruptcy Court
Central District of California
Case No.: 21-15239
Judge: Hon. Barry Russell
Debtor's Counsel: M Jonathan Hayes, Esq.
RESNIK HAYES MORADI, LLP
17609 Ventura Blvd.
Suite 314
Encino, CA 91316
Tel: 818-285-0100
Fax: 818-855-7013
E-mail: jhayes@rhmfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Shlomy Weingarten, managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/72YXLFI/Pacific_Panorama_LLC__cacbke-21-15239__0001.0.pdf?mcid=tGE4TAMA
PERINI NAVI: Shipyards in Tuscany, Italy Up for Auction
-------------------------------------------------------
Franco Della Santa, with an office in Lucca, Via Mazzini 70, in his
capacity of Official Receiver of Perini Navi S.p.A. bankruptcy
procedure, having regard to the authorization received from the
Bankruptcy Judge Carmine Capozzi, and the creditors' committee
pursuant to articles 104-ter, 105 and 107 of the Italian Bankruptcy
Law, hereby informs that:
1) Offered for sale, in a unitary and inseparable form, its he
business complex of the Viareggio and La Spezia shipyards owned by
Perini Navi, consisting of tangible assets, intangible assets and
legal relationship;
2) The base auction price is et at GBP62.5 million all net of
taxes and duties, which shall be borne in full by the final
adjudicator;
3) Each bidder shall pay a fixed security deposit of GBP10
million by irrevocable bank transfer to the current account held in
the name "Fallimento Perini Navi S.p.A." and bound the order of the
Court of Lucca to b definitively credited by 5:00 p.m. C.E.T. on
July 28, 2021;
4) The offer, accompanied by a revenue stamp of GBP16, must be
submitted by 12:00 p.m. C.E.T. on July 29, 2021, to the Bankruptcy
Clerk's Office of the Court of Lucca, via Galli Tasi 61, in a
sealed envelope containing, on the outside only the words
"Fallimento Perini Navi S.p.A. - N 13/2021 R.F. Tribunale di
Lucca";
5) The opening of the envelopes is set for July 30, 2021, from
3:00 p.m. C.E.T. onwards, at the registered office of Perini Navi,
located at Via Michele Coppino 114, 55049 - Viareggio (LU), in the
presence of the Official, Mr. Franco Della Santa, of the notary
public appointed, Mr. Lameberto Giusti, and -- if necessary -- of
the Bankruptcy Judge, where the offers submitted will be examined
according to the procedures set forth in the full notice of sale.
In the presence of several valid offers submitted equal to at least
the base price, the highest offer will be accepted, with a minimum
raise of GBP500,000;
6) The business complex will be awarded immediately of only one
valid offer is submitted. In the presence of several offers, the
award shall be provisional in favor the bidder who has made the
best offer and shall be conditional on the possible submission,
within 10 days, of the higher offers for an amount not less than
10% of the price reached.
For any further information, including information on the rules of
the bidder procedure, it will be possible to consult the complete
notice of the sale contained, together with the expert reports
prepared by the appointed experts and used as a basis for the
determination of the base price, as well as other documentation, in
the virtual data room, accessible through the link
https://onboarding.drooms.com/sign-in, subject to acceptance of the
rules of the virtual data room and of the relevant confidentiality
agreement, with appropriate identification name and access codes
that will be provided upon request to be sent to the addresses
marco.urciullo@pwc.com or alessandra.fatone@pwc.com.
The official receiver, Mr. Della Santa, can be contacted at +39
0584 494949 or by email at fdsanata@studioassoc.it.
Perini Navi -- https://www.perininavi.it/ -- is an Italian shipyard
based in Viareggio, Tuscany, Italy.
PURDUE PHARMA: Squire Patton Boggs' Stephen Lerner Named Examiner
-----------------------------------------------------------------
William K. Harrington, United States Trustee for Region 2,
appointed Stephen D. Lerner as examiner for Purdue Pharma L.P. and
its debtor-subsidiaries. Mr. Lerner is a partner and the global
chair for Restructuring and Insolvency Practice Group at Squire
Patton Boggs. He practices law at the firm's Cincinnati, Ohio and
New York, New York offices.
Mr. Lerner declared that he is a disinterested person as that term
is defined in Section 101(14) of the Bankruptcy Code. He further
declared that no arrangement is proposed between the Debtors and
himself or his firm for compensation to be paid in the Debtors'
Chapter 11 cases other than in accordance with the provisions of
the Bankruptcy Code and the Examiner Order.
A copy of the notice of appointment at https://bit.ly/2T81HRD and
of the application at https://bit.ly/3x0HUSJ are available for free
from Prime Clerk, claims agent.
Mr. Lerner's contact details:
Stephen D. Lerner, Esq.
SQUIRE PATTON BOGGS LLP
201 E. Fourth Street, Suite 1900
Cincinnati, OH 45202
Telephone: 513-361-1220
Email: stephen.lerner@squirepb.com
About Purdue Pharma LP
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.
Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.
Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation facing the Company.
The Company's consolidated balance sheet at Aug. 31, 2019, showed
$1.972 billion in assets and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain, in White Plains, New York, has
been assigned to oversee Purdue's Chapter 11 case.
Davis Polk & Wardwell LLP and Dechert LLP are serving as legal
counsel to Purdue. PJT Partners is serving as investment banker,
and AlixPartners is serving as financial advisor. Prime Clerk LLC
is the claims agent.
QUANTUM CORP: To Hold Annual Meeting on Sept. 21
------------------------------------------------
The Board of Directors of Quantum Corporation has established Sept.
21, 2021 as the date of the Company's 2021 Annual Meeting of
Stockholders. Because the date of the 2021 Annual Meeting has been
changed by more than 30 days from the anniversary date of the
Company's 2020 Annual Meeting of Stockholders, in accordance with
Rule 14a-5(f) under the Securities Exchange Act of 1934, as
amended, the Company is informing stockholders of such change.
Stockholders of record at the close of business on July 26, 2021
will be entitled to vote at the 2021 Annual Meeting. The time and
location of the 2021 Annual Meeting will be as set forth in the
Company's proxy statement for the 2021 Annual Meeting. Because the
date of the 2021 Annual Meeting has been changed by more than 30
days from the anniversary of the 2020 Annual Meeting, a new
deadline has been set for submission of proposals by stockholders
for the 2021 Annual Meeting.
Stockholders of the Company who wish to have a proposal considered
for inclusion in the Company's proxy materials for the 2021 Annual
Meeting pursuant to Rule 14a-8 under the Exchange Act, must ensure
that such proposal is submitted in writing by July 9, 2021, which
the Company has determined to be a reasonable time before it
expects to begin to print and send its proxy materials, to the
attention of the Corporate Secretary, Quantum Corporation, 224
Airport Parkway, Suite 550, San Jose, California, 95110. Any such
proposal must also meet the requirements of Delaware law as well as
those requirements set forth in the rules and regulations of the
Securities and Exchange Commission in order to be eligible for
inclusion in the proxy materials for the 2021 Annual Meeting. The
July 9, 2021 deadline will also apply in determining whether notice
of a stockholder proposal is timely for purposes of exercising
discretionary voting authority with respect to proxies under Rule
14a-4(c) of the Exchange Act.
In addition, in accordance with the requirements contained in the
Company's Bylaws, stockholders of the Company who wish to bring
business before the 2021 Annual Meeting outside of Rule 14a-8 of
the Exchange Act or to nominate a person for election as a
director, must ensure that written notice of such proposal
(including all of the information specified in the Company's
Bylaws) is received by the Company's Secretary at the address
specified above no later than the close of business on July 9,
2021. Any such proposal must meet the requirements set forth in
the Company's Bylaws, applicable Delaware law and the rules and
regulations promulgated by the Securities and Exchange Commission
in order to be brought before the 2021 Annual Meeting.
About Quantum Corp.
Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com-- provides technology and services that
stores and manages video and video-like data delivering the
industry's top streaming performance for video and rich media
applications, along with low cost, high density massive-scale data
protection and archive systems. The Company helps customers
capture, create and share digital data and preserve and protect it
for decades.
Quantum reported a net loss of $35.46 million for the year ended
March 31, 2021, compared to a net loss of $5.21 million for the
year ended March 31, 2020. As of March 31, 2021, the Company had
$194.92 million in total assets, $307.17 million in total
liabilities, and a total stockholders' deficit of $112.25 million.
RECORDED BOOKS: New $150MM Loan Add-on No Impact on Moody's B3 CFR
------------------------------------------------------------------
Moody's Investors Service stated that Recorded Books, Inc's
("RBMedia") proposed $150 million upsize to its term loan does not
impact the company's B3 Corporate Family Rating, the B3 rating on
the upsized first lien senior secured term loan or the stable
outlook.
The proceeds from the $150 million term loan add-on together with
cash on hand will fund the acquisition of Kanopy. "The proposed
tuck-in acquisition is strategically accretive because it
diversifies the company's revenue stream into the video category
and offers additional growth opportunities," said Dilara Sukhov,
Moody's lead analyst on RBMedia. "While gross leverage is expected
to increase to roughly 6.1x proforma for the acquisition from 5.6x
as of LTM 3/2021 based on Moody's adjusted leverage calculation,
the company's improving earnings and cash flows will allow it to
delever to pre-acquisition levels over the next 12 months." Moody's
expects RBMedia to maintain good liquidity, supported by
approximately $45 million cash on hand proforma for the
acquisition, a fully available $70 million revolver maturing in
August 2023 and Moody's expectation of free cash flow in the
$50-$60 million range over the next 12 months.
On May 21, 2021, OverDrive Holdings, Inc. ("OverDrive"), an
indirect subsidiary of a co-borrower on RBMedia's credit facility,
entered into a definitive agreement to acquire Kanopy, Inc.
("Kanopy").
OverDrive is the company's digital content distribution platform
primarily used by libraries, schools and corporations. OverDrive's
platform enables customers to provide ebooks, audiobooks, magazines
and other digital content to their patrons and employees via the
company's applications, including Libby and Sora. OverDrive obtains
distribution rights from a broad variety of publishers and
generates revenue from selling publisher content to libraries
through its digital marketplace. The proposed acquisition will
combine OverDrive's consumer-facing reading and listening platform
with Kanopy's streaming video platform, bringing together a content
catalog of over 3 million book titles and a video catalog of over
28,000 titles in film and television. OverDrive has a customer
network of over 60,000 libraries (largely public) and schools while
Kanopy has a footprint of both academic and public libraries. The
combined company will have the ability to cross-sell Kanopy and
OverDrive's content to an expanded customer base.
RBMedia' B3 CFR continues to reflect its small revenue scale
relative to rated peers, high financial leverage, governance risks
and an aggressive financial strategy under private equity
ownership. Uncertainty around public libraries' funding levels and
their ability to continue spending on digital or audio content
could weigh on the performance of the company's Library business
over the next 12-18 months. The company's credit rating is also
tempered by high customer concentration in its audiobook segment
and narrow product focus. Nevertheless, the company's rating is
supported by contractually guaranteed revenue for a substantial
portion of its audiobooks distribution channel and strong secular
trends supporting digital content consumption that was further
accelerated by the shift to digital during the pandemic. The
recently completed acquisition of OverDrive by KKR has added
diversity to the revenue stream and provides increasing scale to
the business, with stronger cash flow contribution and additional
growth opportunities.
Recorded Books, Inc ("RBMedia") is a digital audiobook and related
spoken word content producer and a provider of digital content
distribution through its recently acquired OverDrive business. The
company generated approximately $628 million revenue for LTM 3/2021
proforma for a full year of OverDrive revenue.
Kanopy is a streaming video platform for premium content suppliers
to sell to the academic and public library markets, serving 3,000
institutions in over 45 countries. The company generated
approximately $40 million revenue in 2020.
RECYCLING REVOLUTION: Wins Cash Collateral Access
-------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida has
authorized Recycling Revolution, LLC to use, on an interim basis,
the cash generated by the operation of its business in the ordinary
course consistent with the budget, with a 10% variance.
The secured creditors, Gabrielle/MHT Limited Dividend Housing
Partnership and Benjamin Manor MHT Dividend Housing Associates,
LLC, are granted, to the extent that the Secured Creditors' cash
collateral is used by the Debtor, a first priority postpetition
security interest and lien in, to and against all of the Debtor's
assets, to the same extent that the Secured Creditors held a
properly perfected prepetition security interest in such assets,
which are or have been acquired, generated or received by the
Debtor subsequent to the Petition Date.
The Debtor is also directed to make monthly adequate protection
payments to Newtek Small Business Finance LLC of $2,924 for every
month during its Chapter 11 case, due on the 1st day of each and
every month, unless otherwise altered or discontinued by Court
order or by agreement of the parties. The Debtor will also file an
amended budget, reflecting the payments to Newtek, as well as
United States Trustee Quarterly Fees, within seven days from the
date of the Interim Order.
A full-text copy of the Interim Order and the Debtor's budget for
June 11 to September 10, 2021 is available for free at
https://bit.ly/3zXecjw from PacerMonitor.com.
The Debtor projects $537,498 in gross profit and $519,155 in total
expenses.
About Recycling Revolution
Recycling Revolution, LLC -- http://www.RecyclingRevolution.net/--
is a recycling company specializing in low end, contaminated and
hard-to-handle materials. It purchases all types of plastic, metal
and electronic waste.
Recycling Revolution and its affiliate RR3 Resources, LLC sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Lead Case No. 19-25063) on Nov. 7, 2019. Recycling Revolution
disclosed $365,896 in assets and $9,318,956 in debt, while RR3
Resources disclosed under $1 million in both assets and
liabilities.
Judge Mindy A. Mora oversees the cases.
The Debtors tapped Marshall Grant, PLLC as their legal counsel and
Daszkal Bolton, LLP as their accountant.
REDWOOD EMPIRE: Seeks to Retain Wyatt Whitchurch & Anderson
-----------------------------------------------------------
Redwood Empire Lodging, LP seeks approval from the U.S. Bankruptcy
Court for the District of Arizona to continue to employ Wyatt
Whitchurch & Anderson.
Wyatt has been involved in the Debtor's "ordinary course" business
operations since the Debtor's acquisition of its hotels in 2019.
The firm's services include the preparation of tax returns, payroll
processing services, issuance of payments to vendors, and general
accounting services.
Wyatt's employment will be subject to the procedures governing the
employment of "ordinary course" professionals.
As compensation for its services, Wyatt will be paid 100 percent of
its fees and costs incurred on a monthly basis for post-petition
services without further approval of the court, subject to the
$6,000 cap. In the event that the firm's fees and expenses exceed
$6,000 for any given month, the Debtor will seek the court's
approval prior to making payment to the firm.
Gary Wyatt, a partner at Wyatt Whitchurch & Anderson, disclosed in
a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Gary Wyatt
Wyatt Whitchurch & Anderson
804 12th St.
Fortuna, CA 95540
Tel: (707) 725-5109
About Redwood Empire Lodging
Redwood Empire Lodging, LP owns and operates two hotels -- the Best
Western Plus located at 208 N. Lake Powell Boulevard, Page, Ariz.,
and the Best Western Sonoma Winegrower's Inn located at 6500
Redwood Drive Rohnert Park, Calif.
Redwood Empire Lodging sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 21-04678) on June 16,
2021. In the petition signed by Debra Heckert, member, the Debtor
disclosed $10 million to $50 million in both assets and
liabilities. Isaac M. Gabriel, Esq., at Quarles & Brady, LLP is
the Debtor's legal counsel.
RENOVATE AMERICA: Creditors Will Recover Up to 5% in Plan
---------------------------------------------------------
Renovate America, Inc., et al., submitted an Amended Combined
Disclosure Statement and Joint Chapter 11 Plan.
The Debtors propose this combined Plan and Disclosure Statement for
the resolution of outstanding Claims against, and Interests in, the
Debtors; the reorganization of the Reorganized Debtor and provision
for the issuance and sale of the New Common Stock in the
Reorganized Debtor; the liquidation of the Debtors' remaining
assets; and the distribution of the proceeds of the assets to the
holders of Allowed Claims against the Debtors.
On March 10, 2021, the Court entered the order approving the sale
of the Debtors' "Benji" assets to Finance of America Mortgage LLC.
The sale closed on March 26, 2021.
The Plan proposes to treat claims and interests as follows:
* Classes 4A and 4B – Homeowner Claims. Each holder of an
Allowed Class 4A or 4B Claim shall be entitled, notwithstanding any
stay, injunction or similar prohibition in this Plan or under the
Bankruptcy Code, to pursue such Claims in any forum solely for the
purpose of recovering insurance proceeds, if any, available to
satisfy such Claims. Creditors will recover 0% to 3%, plus
additional consideration of their claims. Classes 4A and 4B are
impaired.
* Classes 5A and 5B – General Unsecured Claims. Each holder of
an Allowed Class 5A Claim shall receive a Pro Rata beneficial
interest in the RAI Liquidating Trust Assets, and each holder of an
Allowed Class 5B Claim shall receive a Pro Rata beneficial interest
in the PEFI Liquidating Trust Assets. Creditors will recover 0% to
5% of their claims. Classes 5A and 5B are impaired.
* Class 6 - Issuer Claims. Each holder of an Allowed Class 6
Claim shall receive a Pro Rata beneficial interest in the RAI
Liquidating Trust Assets. Creditors will recover 0-5% of their
claims. Class 6 is impaired.
* Classes 7A and 7B – Thrivepoint Claims. Each holder of an
Allowed Class 7A Claim shall receive a Pro Rata beneficial interest
in the RAI Liquidating Trust Assets, and each holder of an Allowed
Class 7B Claim shall receive a Pro Rata beneficial interest in the
PEFI Liquidating Trust Assets. Creditors will recover 0-5% of their
claims. Classes 7A and 7B are impaired.
* Class 8 - Loya Class Action Claims. The Claims asserted in the
Loya Class Action Proof of Claim shall be deemed Allowed in the
amount of $1,100,000 and shall receive the same treatment as
Allowed Claims in Class 5A. Creditors will recover 0% to 5% of
their claims. Class 8 is impaired.
* Class 9 - Other Class Action Claims. Each holder of an Allowed
Class 9 Claim shall be entitled, notwithstanding any stay,
injunction or similar prohibition in this Plan or under the
Bankruptcy Code, to pursue such Claims in any forum solely for the
purpose of recovering insurance proceeds, if any, available to
satisfy such Claims. Creditors will recover 0% to 5% of their
claims. Class 9 is impaired.
* Classes 10A and 10B – Intercompany Claims. Class 10A and 10B
Claims will be canceled as of the Effective Date. Classes 10A and
10B are impaired.
* Classes 11A and 11B – Section 510(b) Claims. Class 11A and
11B Claims will be canceled as of the Effective Date. Classes 11A
and 11B are impaired.
* Classes 12A and 12B – Interests. Class 12A and 12B Interests
will be canceled as of the Effective Date. Classes 12A and 12B are
impaired.
A copy of the Disclosure Statement is available at
https://bit.ly/3j4LS91 from Stretto, the claims agent.
About Renovate America
Renovate America is one of the nation's preeminent providers of
home improvement financing through its industry-leading home
financing product, Benji. The Company offers a proprietary
technology platform that helps Americans improve their homes while
giving contractors the tools they need to grow their business. In
addition to offering intuitive financing options, Renovate America
offers industry-leading education, training and mentoring to
contractor teams in the field. On the Web:
http://www.renovateamerica.com/
Renovate America, Inc. and two affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-13173) on Dec. 21,
2020.
Renovate America was estimated to have $50 million to $100 million
in assets and $100 million to $500 million in liabilities as of the
bankruptcy filing.
Bryan Cave Leighton Paisner LLP is acting as the Company's legal
counsel. Stretto is the claims agent. Culhane Meadows, PLLC, is
the bankruptcy co-counsel. Armanino LLP is the financial advisor.
GlassRatner Advisory & Capital Group, LLC, is the restructuring
advisor. Stretto is the claims agent.
ROCKY MOUNTAIN: Invests in Private Branded, NBE Consumer Products
-----------------------------------------------------------------
Rocky Mountain High Brands, Inc. has entered into a trademark
license agreement with AGS Labs, Inc. to produce certain AGS Great
Choice products. Great Choice is a trademarked name owned by AGS.
The products include the Great Choice Pediatric Electrolyte
Solution, Great Choice Medicated Chest Rub, and Great Choice Infant
Rub. These products are National Brand Equivalent (NBE) products
and compare with national brands, such as Pedialyte beverages. The
NBE market is a rapidly growing market, and the Company is
exploring adding additional NBE product and business lines. The
Agreement also grants to the Company a binding option to purchase
the above mentioned Great Choice national brand equivalents and the
"Great Choice" trademark.
The Company said, "Great Choice is a control brand that augments
AGS Labs' customer base, which creates trust and credibility,
leading to brand loyalty - all of which gave the Company a
competitive edge in the market and a bigger bottom line. For
consumers, Great Choice products offer the highest quality product
and significant savings to advertised brands. Brands are one of
the most important and valuable assets that a company owns.
Successful branding can help the company attract and retain a
customer base, which can lead to brand loyalty while giving it an
advantage on the competition.
"The Agreement continues the Company's emphasis on growing the
production capacity of its wholly owned subsidiary, Rocky Mountain
Production, Inc., by strategically investing in select assets with
the highest potential future value to increase earnings potential
while maintaining flexibility to further adjust priorities as the
market evolves."
About Rocky Mountain
Rocky Mountain High Brands, Inc. is a consumer goods company that
specializes in developing, manufacturing, marketing, and
distributing health conscious, hemp oil and hemp extract-infused
products that span various categories including beverage, food,
fitness, skin care, and more. RMHB also markets a naturally high
alkaline spring water as part of its brand portfolio.
Rocky Mountain reported a net loss of $5.27 million for the year
ended Dec. 31, 2019, compared to a net loss of $3.35 million for
the year ended Dec. 31, 2018.
Prager Metis CPAs, LLC, in Basking Ridge, New Jersey, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated July 8, 2020, citing that the Company has a
shareholders' deficit of $2,622,351 and an accumulated deficit of
$40,285,145 as of Dec. 31, 2019 and has generated operating losses
since inception. These factors among others, raise substantial
doubt regarding the Company's ability to continue as a going
concern.
ROOSEVELT INN: Gets OK to Hire Asterion Inc. as Financial Advisor
-----------------------------------------------------------------
Roosevelt Inn, LLC and Roosevelt Motor Inn, Inc. received approval
from the U.S. Bankruptcy Court for the Eastern District of
Pennsylvania to employ Asterion, Inc. as financial advisor.
The firm will provide these services:
a. assist the Debtors' management in preparing short-term cash
flow projections and in modifying and updating such projections, as
required;
b. assist the management in assessing the Debtors' strategic
options and developing the related financial projections;
c. assist the management in the development and preparation of
an operating plan and longer-term cash flow projections as well as
the presentation of such plans as required;
d. assist the management and the Debtors' legal counsel with the
Chapter 11 filing, including assistance in various motions;
e. assist the management in the development of the financial
aspects of restructuring plan, including the preparation of
financial projections, liquidation analysis and other schedules in
support of the plan of reorganization process;
f. assist the management with requests for due diligence
support;
g. assist the Debtors in the preparation of reports and
communications with creditor constituencies;
h. assist the Debtors in the preparation and review of the
various reporting requirements of the court during the Chapter 11
proceedings;
i. assist in the development, evaluation, negotiation and
execution of any potential plan of reorganization or restructuring
transaction;
j. assist the Debtors in the negotiations with lenders,
creditors, and other parties in interest regarding any potential
plan of reorganization or restructuring transaction;
k. assist the management in preparing the Debtors to present
themselves to sources of equity, financing, and potential acquirers
and advise management throughout the attendant discussions and
negotiations;
l. assist in the analysis and reconciliation of claims against
the Debtors;
m. provide testimony at any hearings that constitute part of the
Chapter 11 process, including financial matters relating to a plan
of reorganization, the feasibility of such reorganization plans and
the valuation attributed to the entities;
n. assist the Debtors' legal counsel in the preparation of any
disclosure statements to be filed by the Debtors as part of the
Chapter 11 reorganization;
o. interact with other retained professionals and other parties
in interest;
p. provide expert testimony; and
q. perform such other tasks as appropriate and as may be
requested by the Debtors' management or their legal counsel.
The firm's hourly rates are as follows:
Principals/Managing Directors $275 to $550 per hour
Consultants $225 to $350 per hour
Associates/Staffs $100 to $220 per hour
The firm will receive reimbursement for out-of-pocket expenses
incurred.
Gregory Harris, a partner at Asterion, disclosed in a court filing
that his firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Gregory Harris
Asterion, Inc.
1617 JFK Boulevard, Suite 1040
Philadelphia, PA 19103
Tel: (215) 893-9901
Fax: (215) 893-9903
Email: gharris@asterion-consulting.com
About Roosevelt Inn and Roosevelt Motor Inn
Roosevelt Inn, LLC is a Philadelphia, Pa.-based company that
operates in the traveler accommodation industry.
Roosevelt Inn and its affiliate, Roosevelt Motor Inn, Inc., filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Penn. Lead Case No. 21-11697) on June 16, 2021.
Anthony Uzzo, manager, signed the petitions. At the time of the
filing, the Debtors had between $1 million and $10 million in both
assets and liabilities.
Judge Ashely M. Chan presides over the cases.
The Debtors tapped Karalis PC as bankruptcy counsel, Blank Rome LLP
as special litigation counsel, Asterion, Inc. as financial advisor,
and A. Uzzo & Company, CPA's PC as bookkeeper.
ROOSEVELT INN: Gets OK to Hire Karalis PC as Bankruptcy Counsel
---------------------------------------------------------------
Roosevelt Inn, LLC and Roosevelt Motor Inn, Inc. received approval
from the U.S. Bankruptcy Court for the Eastern District of
Pennsylvania to employ Karalis, PC to serve as legal counsel in
their Chapter 11 cases.
The firm will provide these services:
(a) advise the Debtors of their rights, powers and duties in
continuing to operate and manage their assets;
(b) advise the Debtors concerning, and assisting in the
negotiation and documentation of the use of cash collateral and
debtor-in-possession financing, debt restructuring and related
transactions;
(c) review the nature and validity of agreements relating to the
Debtors' businesses and advise the Debtors in connection
therewith;
(d) review the nature and validity of liens, if any, asserted
against the Debtors and advise as to the enforceability of such
liens;
(e) advise the Debtors concerning the actions they might take to
collect and recover property for the benefit of their estates;
(f) prepare legal documents and review all financial reports to
be filed in the Debtors' Chapter 11 cases;
(g) preparing responses to legal papers which may be filed in
the Debtors' Chapter 11 cases;
(h) advise the Debtors in connection with the formulation,
negotiation and promulgation of a plan of reorganization and
related documents; and
(i) perform all other legal services, which may be necessary in
the administration of the cases.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Shareholders $530 per hour
Associates $315 to $445 per hour
Paralegals $130 per hour
The firm will receive reimbursement for out-of-pocket expenses
incurred.
Aris Karalis, Esq., a partner at Karalis PC, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Aris J. Karalis, Esq.
Karalis PC
1900 Spruce Street
Philadelphia, PA 19103
Tel: (215) 546-4500
Email: akaralis@karalislaw.com
About Roosevelt Inn and Roosevelt Motor Inn
Roosevelt Inn, LLC is a Philadelphia, Pa.-based company that
operates in the traveler accommodation industry.
Roosevelt Inn and its affiliate, Roosevelt Motor Inn, Inc., filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Penn. Lead Case No. 21-11697) on June 16, 2021.
Anthony Uzzo, manager, signed the petitions. At the time of the
filing, the Debtors had between $1 million and $10 million in both
assets and liabilities.
Judge Ashely M. Chan presides over the cases.
The Debtors tapped Karalis PC as bankruptcy counsel, Blank Rome LLP
as special litigation counsel, Asterion, Inc. as financial advisor,
and A. Uzzo & Company, CPA's PC as bookkeeper.
ROOSEVELT INN: Seeks to Hire A. Uzzo & Company as Bookkeeper
------------------------------------------------------------
Roosevelt Inn, LLC and Roosevelt Motor Inn, Inc. seek approval from
the U.S. Bankruptcy Court for the Eastern District of Pennsylvania
to employ A. Uzzo & Company, CPA's PC as bookkeeper.
The firm's services include:
a. data input of the Debtors' financial transactions into
Quickbooks software including sales, expenses, wages and payroll
taxes from the payroll journals provided by the third-party payroll
company;
b. reconciliation of bank statements each month;
c. preparation of checks to pay post-petition bills of the
Debtors; and
d. provide other bookkeeping task that is needed to record and
maintain the Debtors' revenue and expenses.
The firm will be paid a fixed fee of $1,500 and reimbursed for
out-of-pocket expenses incurred.
Anthony Uzzo, a partner at A. Uzzo & Company, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Anthony Uzzo
A. Uzzo & Company, CPA's PC
287 Bowman Ave.
Purchase, NY 10577
Tel: (914) 694-8800
Fax: (914) 694-9017
Email: auzzocpas@auzzo.com
About Roosevelt Inn and Roosevelt Motor Inn
Roosevelt Inn, LLC is a Philadelphia, Pa.-based company that
operates in the traveler accommodation industry.
Roosevelt Inn and its affiliate, Roosevelt Motor Inn, Inc., filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Penn. Lead Case No. 21-11697) on June 16, 2021.
Anthony Uzzo, manager, signed the petitions. At the time of the
filing, the Debtors had between $1 million and $10 million in both
assets and liabilities.
Judge Ashely M. Chan presides over the cases.
The Debtors tapped Karalis PC as bankruptcy counsel, Blank Rome LLP
as special litigation counsel, Asterion, Inc. as financial advisor,
and A. Uzzo & Company, CPA's PC as bookkeeper.
ROOSEVELT INN: Taps Blank Rome as Special Litigation Counsel
------------------------------------------------------------
Roosevelt Inn, LLC and Roosevelt Motor Inn, Inc. seek approval from
the U.S. Bankruptcy Court for the Eastern District of Pennsylvania
to hire Blank Rome, LLP as their special litigation counsel.
The Debtors require a litigation counsel to represent them in the
following lawsuits:
a. a negligence lawsuit filed by Plaintiff M.B., minor by her
Guardian, William A Calandra, Esq. Case No. 00712;
b. a negligence lawsuit filed by Plaintiff C.A., Case No.
03355;
c. a negligence lawsuit filed by Plaintiff B.H., Case No.
03356;
d. a negligence lawsuit filed by Plaintiff K.R., Case No.
00552; and
e. a negligence lawsuit filed by Plaintiff A.H., Case No.
02954.
The firm's hourly rates are as follows:
Justina L. Byers $390 per hour
Kevin M. Eddy $620 per hour
Charles S. Marion $770 per hour
Joel C. Shapiro $985 per hour
Joel Shapiro, Esq., a partner at Blank Rome, disclosed in court
filings that his firm does not represent a creditor, equity
interest holder or any person adverse or potentially adverse to the
Debtor and its bankruptcy estate.
Blank Rome can be reached through:
Joel Charles Shapiro
Blank Rome LLP
One Logan Square
130 North 18th Street
Philadelphia, PA 19103
Phone: +1 215-569-5500
Fax: +1 215-569-5555
Email: shapiro-jc@blankrome.com
About Roosevelt Inn and Roosevelt Motor Inn
Roosevelt Inn, LLC is a Philadelphia, Pa.-based company that
operates in the traveler accommodation industry.
Roosevelt Inn and its affiliate, Roosevelt Motor Inn, Inc., filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Penn. Lead Case No. 21-11697) on June 16, 2021.
Anthony Uzzo, manager, signed the petitions. At the time of the
filing, the Debtors had between $1 million and $10 million in both
assets and liabilities.
Judge Ashely M. Chan presides over the cases.
The Debtors tapped Karalis PC as bankruptcy counsel, Blank Rome LLP
as special litigation counsel, Asterion, Inc. as financial advisor,
and A. Uzzo & Company, CPA's PC as bookkeeper.
SABRE CORP: S&P Rates New $1.04BB Senior Secured Term Loan 'B'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating to Sabre Corp.'s proposed $1.04 billion senior
secured term loan facility. The '3' recovery rating indicates S&P's
expectation for meaningful recovery (50%-70%; rounded estimate:
60%) of principle in the event of a payment default.
Subsidiary Sabre GLBL Inc. is the borrower of the proposed term
loan, which is pari passu with Sabre GLBL's existing $1.8 billion
secured term loan due 2024. The company will use the proceeds to
retire its outstanding $635 million term loan B due in 2027 and
$400 million on its revolving credit facility. Subsequently, the
company will terminate its revolving credit facility, and as a
result, the minimum liquidity covenant imposed by the revolving
credit facility will no longer be applicable. S&P expects the
transaction to be largely leverage and cash flow neutral and that
the company will continue to have adequate liquidity with almost
pro forma $1.3 billion of cash as of March 31, 2021, to manage its
operations.
S&P said, "Our 'B' issuer credit rating and negative outlook on
Sabre reflect that air traffic volumes remain depressed due to the
COVID-19 pandemic, though we expect that air travel volume recovery
to gain momentum over the next 12 months . We could lower our
rating on Sabre to 'B-' if air traffic volume recovery is slower
than our expectations, causing the company to burn cash and erode
its liquidity. In this scenario, we would expect leverage to remain
elevated above 8x for a prolonged period and its cash balance to
fall below $750 million. We could revise our outlook on Sabre to
stable if our forecast for global air travel improves, likely
following widespread distribution of COVID-19 vaccines, and if we
expect the company to consistently generate positive free operating
cash flow (FOCF), with FOCF to debt approaching 5% by the end of
2022."
ISSUE RATINGS - RECOVERY ANALYSIS
Key analytical factors
-- S&P's simulated default scenario considers a default in 2024,
likely due to the combination of a significant disruption in the
global travel industry and an economic recession.
-- Sabre's capital structure comprises senior secured debt and
unsecured convertible notes (unrated). Sabre GLBL is the borrower
under its senior secured credit facility and the issuer of the
secured notes and unsecured exchangeable notes. The company's
secured debt is unconditionally guaranteed by Sabre Holdings Corp.,
in addition to the borrower's other material domestic U.S.
subsidiaries.
-- The collateral for the company's secured debt comprises a
first-priority security interest in substantially all the assets of
the borrowers and guarantors.
-- Sabre GLBL is the borrower of the proposed senior secured term
loan facility, which is pari passu with the senior secured notes.
Simulated default assumptions
-- Simulated year of default: 2024
-- Emergence EBITDA: About $460 million
-- EBITDA multiple: 6.5x
Simplified waterfall
-- Gross enterprise value: About $3 billion
-- Net enterprise value (after administrative costs and priority
claims): About $2.8 billion
-- Senior secured debt: $4.5 billion
--Recovery expectations: 50%-70% (rounded estimate: 60%)
-- Unsecured convertible note claims: About $350 million
--Recovery expectations: Not applicable
All debt amounts include six months of prepetition interest.
SABRE GLBL: Moody's Rates New $1.04BB Term Loan B Facilities 'Ba3'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the proposed
$1.04 billion of senior secured term loan B facilities to be issued
by Sabre GLBL Inc., a wholly-owned subsidiary of Sabre Holdings
Corporation (Sabre). All other ratings, including Sabre's Ba3
corporate family rating, and the negative outlook are unchanged.
RATINGS RATIONALE
Net proceeds from the new $1.04 billion of term loan B facilities
due 2027 will be used to refinance the company's existing term loan
B due 2027 (roughly $635 million) and fully repay and terminate
commitments (advances plus letters of credit) under the existing
drawn revolving credit facility due 2024. The transaction is
opportunistic and provides Sabre with greater flexibility. By
refinancing the existing revolver, Sabre extends the maturity of
$375 million of outstanding advances under the current $400 million
revolver and eliminates the leverage covenant under the revolver
agreement. The transaction is largely leverage neutral, however, an
incremental $30 million of debt is being funded which will provide
excess cash, most of which will be used to pay transaction expenses
and provide collateral for up to $20 million of letters of credit
under the revolver.
Assignments:
Issuer: Sabre GLBL Inc.
$400 million Senior Secured Term Loan B1, Assigned Ba3 (LGD3)
$640 million Senior Secured Term Loan B2, Assigned Ba3 (LGD3)
Sabre's Ba3 CFR is supported by the company's asset-lite business
model and good operating scale as the #2 provider of Global
Distribution System (GDS) services globally with a preponderance of
transaction-based revenue. Moody's believes Sabre will be able to
navigate through the remaining challenges of the pandemic despite
pressure on revenues and profit margins caused by ongoing
government travel restrictions. Consistent with Sabre's recently
disclosed outlook for 2Q21, higher travel volumes will increase
revenues from bookings, passengers boarded, and central reservation
system transactions, but the overall revenue mix remains skewed
towards US domestic leisure bookings which generate lower than
average unit revenue and profit compared to non-domestic or
business travel. Moody's expects revenues will gradually increase
over the next couple of years as impact of the pandemic abates
globally. Although Sabre's topline will remain below 2019 levels
through 2022, significant cost reductions and tempering growth
investments and IT spend will help preserve liquidity. Sabre
entered 2021 with a monthly cash burn rate in the low $60 million
range, and Moody's believes the burn rate has improved to the mid
$50 million range with further reductions expected over the next
year.
As evidenced by the new term loan B issuance as well as prior debt
and equity raises, Sabre remains committed to disciplined financial
policies, and Moody's expects Sabre will reduce debt balances when
travel demand eventually rebounds. In May 2021, Moody's revised its
outlook on the Global Airlines sector to positive from negative
reflecting Moody's expectation of widespread increases in air
travel starting in the second half of 2021 and accelerating through
2022. Moody's also expects this positive demand trend will continue
into 2023 as increasing coronavirus vaccinations around the globe
will allow governments to lower barriers to entry for visitors.
Despite the increase in leverage arising from cloud migration and
growth investments leading up to 2020, Sabre had demonstrated a
track record for maintaining adjusted debt to EBITDA at 4.0x or
better since 2015 with adjusted free cash flow to debt in the
mid-single digit percentage range. The company has been prudent and
suspended quarterly dividends and share repurchases since the
beginning of 2020 to preserve liquidity. Sabre also raised just
under $600 million of cash proceeds from the issuances of mandatory
convertible preferred stock and common stock in August 2020 to
enhance liquidity. Sabre is publicly traded with its three largest
shareholders, Vanguard, Blackrock, and Invesco each owning 6% - 9%
of common shares followed by other investment management companies
holding 5% of less. Good governance is supported by a board of
directors with 10 of the company's 11 board seats being held by
independent directors.
Moody's expects Sabre will maintain at least adequate liquidity
over the next year despite the remaining impact of COVID-19 on
travel global demand. Moody's estimates Sabre will have roughly
$1.3 billion of balance sheet cash at closing of the refinancing.
The company has historically maintained a large share of cash at
its overseas subsidiaries to support its large geographic footprint
of operations, with roughly $150 million needed globally. Sabre
suspended common dividends which eliminates a $154 million annual
cash outflow with another $70 million preserved by suspending share
buybacks.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The negative outlook reflects remaining uncertainty regarding the
timing for the eventual recovery in global consumer and business
demand for travel related services. Until government mandated
travel restrictions on travel across global regions are lifted, air
travel will remain constrained with primary activity limited to
within country borders, such as within the U.S. and within China.
Ratings could be upgraded if Sabre returns to good earnings growth
with operating profits becoming more diversified. Debt to EBITDA
(Moody's adjusted) would need to be sustained below 4x with high
single digit percentage adjusted free cash flow to debt. Moody's
could downgrade Sabre's ratings if customer losses, pricing
erosion, or the impact of COVID-19 cause Moody's to believe that
adjusted debt to EBITDA will exceed 4.75x despite a recovery in
travel demand or adjusted free cash flow to debt will deteriorate
to the low single digit percentage range on a sustained basis.
Ratings could also come under pressure if Moody's expects that
liquidity will be strained because of a longer than expected
downturn in the travel industry, Sabre funds distributions or
acquisitions prior to Moody's being assured of a long term rebound
in travel demand, or if outcomes in prepandemic legal proceedings
have a meaningful financial impact or increase Sabre's business
risk.
Based in Southlake, TX, Sabre Holdings Corporation's business is
organized in two segments: the Travel Solutions segment includes
revenues from GDS services (a software-based passenger reservation
system) as well as from commercial and operations offerings to the
airline industry; and the Hospitality Solutions segment includes
distribution, operations and marketing offerings for the hotel
industry.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
SAFEPOINT INSURANCE: A.M. Best Cuts Fin. Strength Rating to C++
---------------------------------------------------------------
AM Best has removed from under review with negative implications
and downgraded the Financial Strength Rating to C++ (Marginal) from
B- (Fair) and the Long-Term Issuer Credit Rating to "b" (Marginal)
from "bb-" (Fair) of Safepoint Insurance Company (Safepoint)
(Temple Terrace, FL). The outlook assigned to these Credit Ratings
(ratings) is negative. Concurrently, AM Best has withdrawn these
ratings as the company has requested to no longer participate in AM
Best's interactive rating process.
The ratings reflect Safepoint's balance sheet strength, which AM
Best assesses as weak, as well as its marginal operating
performance, limited business profile, and appropriate enterprise
risk management (ERM).
The rating downgrades reflect negative pressure from the holding
company, Safepoint Holdings, Inc., which is embedded within the
insurance company's overall balance sheet strength assessment. The
organization's consolidated capital has eroded, causing the
financial leverage related to outstanding debt to increase above AM
Best's guidelines. As a result, the assessment of the holding
company has been lowered to negative from neutral.
The negative outlooks reflect AM Best's concern pertaining to
Safepoint's ERM program and its ability to appropriately mitigate
current and emerging risks associated with the Florida market given
the company's observed volatility in operating performance and
surplus erosion.
SANTA CLARITA: Taps Michael O'Connor as Real Estate Broker
----------------------------------------------------------
Santa Clarita, LLC received approval from the U.S. Bankruptcy Court
for the District of Arizona to employ Michael O'Connor and Company
as real estate broker.
The Debtor needs a real estate broker to procure financing from
Prologis, L.P. or its affiliated entities for its real property
known as Porta Bella located at Soledad Canyod Road, Santa Clarita,
Calif.
The firm will be paid a financing placement fee of 2 percent of the
gross amount of each financing commitment.
Michael O'Connor, a partner at Michael O'Connor and Company,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Michael O'Connor
Michael O'Connor and Company
255 California St. Fl 13
San Francisco, CA 94111
Tel: (415) 398-4678
About Santa Clarita LLC
Santa Clarita, LLC was formed in 1998 by Remediation Financial,
Inc. for the sole purpose of acquiring a real property consisting
of approximately 972 acres of undeveloped land generally located at
22116 Soledad Canyon Road, Santa Clarita, Calif. The Debtor
purchased the property from Whittaker Corporation. Whittaker used
the property to manufacture munitions and related items for the
U.S. Department of Defense. The soil and groundwater on the
property suffered environmental contamination thus the property
required remediation before it could be developed.
In January 2019, the controlling interest in RFI was acquired by
Glask Development, LLC. Glask Development, LLC has two members, K&D
Real Estate Consulting, LLC and Gracie Gold Development, LLC. The
Debtor's sole member and manager is RFI.
Santa Clarita filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-12402) on
Nov. 12, 2020. At the time of filing, the Debtor disclosed $100
million to $500 million in assets and $500 million to $1 billion in
liabilities. Judge Madeleine C. Wanslee oversees the case. Thomas
H. Allen, Esq., at Allen Barnes & Jones, PLC, is the Debtor's legal
counsel.
SEMILEDS CORP: Regains Compliance With Nasdaq Listing Rule
----------------------------------------------------------
SemiLEDs Corporation received a notice from The Nasdaq Stock Market
LLC on June 23, 2021 stating that the Company is now in compliance
with the Minimum Equity Requirement following 20 consecutive
business days where the Company's market value of listed securities
was at least $35,000,000. Accordingly, Nasdaq considers this
matter closed.
SemiLEDs previously received a notification letter from Nasdaq
notifying the Company that it did not meet the minimum of
$2,500,000 in stockholders' equity required by Nasdaq Listing Rule
5550(b)(1) for continued listing.
About SemiLEDs
Headquartered in Miao-Li County, Taiwan, R.O.C., SemiLEDs --
http://www.semileds.com-- develops and manufactures LED chips and
LED components for general lighting applications, including street
lights and commercial, industrial, system and residential lighting,
along with specialty industrial applications such as ultraviolet
(UV) curing, medical/cosmetic, counterfeit detection, horticulture,
architectural lighting and entertainment lighting.
SemiLEDs reported a net loss of $547,000 for the year ended Aug.
31, 2020, compared to a net loss of $3.56 million for the year
ended Aug. 31, 2019. As of Feb, 28, 2021, the Company had $15.13
million in total assets, $13.51 million in total liabilities, and
$1.62 million in total equity.
KCCW Accountancy Corp., in Diamond Bar, California, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Nov. 17, 2020, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.
SPANISH HEIGHTS: Creditor Wants Trustee Appointed or Case Dismissed
-------------------------------------------------------------------
5148 Spanish Heights, LLC, successor-in-interest to CBC Partners I,
LLC, asked the Bankruptcy Court to direct the appointment of a
Chapter 11 Trustee in the bankruptcy case of Spanish Heights
Acquisition Company, LLC or in the alternative, convert the case to
a proceeding under Chapter 7, or dismiss the case.
Michael R. Mushkin, Esq., at Mushkin & Coppedge, counsel for 5148
Spanish Heights, LLC, asserted that cause exists to appoint a
Chapter 11 Trustee in the Debtor's case because:
(a) Jay Bloom, the alter ego of the manager of the Debtor, SJC
Ventures Holdings, LLC, has a pattern of breaching contracts and
his fiduciary duties as a manager;
(b) Mr. Bloom has a pattern of misrepresenting facts and law;
(c) Mr. Bloom used litigation to frustrate the expectations of
partners and creditors by disobeying and resisting lawful court
orders resulting in a judgment for contempt; and
(d) Mr. Bloom used manufactured agreements obtained under duress
as a tool of the contempt and refusing to perform the most basic of
governance obligations, such as keeping and producing accurate
books and records or filing tax returns, which pattern has
continued and will continue during these bankruptcy proceedings.
A. Breach of Fiduciary Duties
Mr. Bloom, who is also the manager of SJC Ventures, is appointed,
based on filed documents, to act as the Debtor's designated
representative in connection with the Chapter 11 filing. The
Debtor's Schedules provided that the Debtor is the equitable owner
of the residential real property commonly known as 5148 Spanish
Heights, Las Vegas, Nevada 89148, the Debtor's sole asset. The
Property is leased to SJCV at $4,375 monthly pursuant to a Lease
Agreement dated August 15, 2017. The Lease is a modified gross
lease whereby the tenant pays base rent at the lease's inception,
as well as other costs associated with the property, such as
property taxes, utilities, insurance, and maintenance. Mr. Bloom
resides in the Property premises with his wife, adult son, and two
domestic employees. In essence, Mr. Bloom on behalf of the Debtor,
leases the Property to himself, an insider of the Debtor.
The Property is encumbered by multiple deeds of trust held by 5148
Spanish Heights, City National Bank, and Northern Trust Bank. 5148
Spanish Heights holds a valid lien against the Property pursuant to
a Deed of Trust, Assignment of Rents, Security Agreement, and
Fixture Filing. 5148 Spanish Heights obtained this lien against
the Property pursuant to a Note Sale and Purchase Agreement where
it acquired the note from CBC Partners I, LLC. On May 15, 2021,
5148 Spanish Heights filed a Proof of Claim for $6,239,438, noting
that $6,200,000 of the amount is secured. The Note maturity date
that was extended to March 31, 2020, has not since been extended
nor has the Note been paid. 5148 Spanish Heights/Lender later paid
approximately $22,000 per month to the first and second mortgages
during the forbearance period. An inspection on the Property
commissioned by 5148 Spanish Heights disclosed that necessary
repairs on the Collateral is in the range of $150,000.
Jay Bloom as the tenant, according to Mr. Mushkin, is in breach of
the Lease for unpaid maintenance and other property use costs for
which 5148 Spanish Heights filed Proofs of Claim for (i) real
property taxes of $124,803; Southwest Gas for $210; and Spanish
Hills Community Association for $25,437.
Mr. Bloom, as the responsible person for the Debtor, has the duty
to preserve the Debtor's sole asset. In that regard, Jay Bloom,
separate and apart from his obligations under the Lease, has a duty
to manage the Collateral, pay applicable property taxes, keep its
books and records, maintain insurance, avoid waste, among other
fiduciary obligations.
B. Misrepresentation of Facts and Law
On September 15, 2020, CBCI commenced foreclosure under the Deed of
Trust due to defaults. The Notice of Trustee's Sale was recorded
in the Clark County Recorder's Office on December 15.
On April 9, 2020, to avoid the foreclosure noticed by CBC, the
Debtor through Jay Bloom commenced litigation in the Eighth
Judicial District Court, Clark County, Nevada, against CBCI, 5148
Spanish Heights, and other predecessors-in-interest, seeking an
injunction to prevent the foreclosure and eviction proceedings with
regard to the Property and seeking declaratory relief as to the
enforceability of the Deed of Trust and Note and the validity of
the pledge of the SJCV membership interests in the Debtor to 5148
Spanish Heights. The Honorable Elizabeth Gonzalez granted an
initial injunction which lasted until the expiry of that order.
After the issuance of the Order Granting the Preliminary
Injunction, Jay Bloom did not abide by the ruling of Judge Gonzalez
by failing to pay the first and second mortgages.
A bench trial was held on the case after which Judge Gonzalez
issued the Court's Findings of Fact and Conclusions of Law. Judge
Gonzalez found that the members of the Debtor pledged 100% of the
membership interests of the Debtor to 5148 Spanish Heights, and
that 5148 Spanish Heights, as the secured party, would have the
ability transfer to or to register in the name of the Secured Party
(or its nominee) the membership interests. The Gonzalez FFCLO also
found that in 2019, SJCV acknowledged that it pledged its
membership interest in the Debtor as collateral for the 2017
Forbearance Agreement.
On June 2, 2021, the Debtor filed its Disclosure Statement along
with its proposed Chapter 11 Plan of Reorganization. The Plan and
Disclosure Statement provide for a reorganization of the Debtor
based on new monthly lease payments to be made by Jay Bloom.
Mr. Mushkin pointed out that the Debtor's bankruptcy case filings
contain inaccuracies.
* The Documents filed under penalty of perjury estimates the
Debtor's total liabilities as between $0 and $50,000. The Gonzalez
FFCLO found, however, that the Debtor owes 5148 Spanish Heights
alone in excess of $6 million.
* The bankruptcy filings also failed to identify that the
equity/membership interest in Debtor is not owned by SJCV, SJCV
having validly pledged such membership interests to CBC.
* The Debtor's schedules fail to list the obligations to Clark
County (for real property taxes); Southwest Gas, Republic Services,
the Internal Revenue Service, or the judgment lien for $985,300
held by CT Communications, LLC.
C. Using Litigation to Frustrate Expectations of Partners and
Creditors
While the dispute with 5148 Spanish Heights was ongoing, Jay Bloom
and SCJV were litigating a similar case pending before the Eighth
Judicial District Court, Clark County, Nevada, filed by TGC/Farkas
Funding LLC (the Plaintiff LLC) which is an entity owned half by
Bloom's brother-in-law, Mr. Farkas, who contributed sweat equity,
and half by a third-party investor, TGC 100 Investor who acted
through Flatto as its manager.
The Investor Member brought suit against First 100, LLC and First
One Hundred Holdings LLC, two companies both managed by SJCV and in
turn majority owned and controlled by Jay Bloom. As background to
the Denton Contempt Litigation, in 2013, The Investor Member
contributed $1,000,000 to the Plaintiff LLC which was formed to
facilitate investments in a group of LLCs managed by Jay Bloom the
alter ego of SCJV.
The litigation began when the Investor Member, after the LLCs
business wound down, requested an accounting from the LLCs to show
what happened to the business or its assets and had related
questions and made a written demand for the books and records
pursuant to the operating agreements of the LLCs. Bloom/SJVC did
not provide any information to the Investor Member.
The Investor Member filed an arbitration demand under the operating
agreements. Three years later a three-arbitrator panel entered a
Decision and Award wholly in favor of the Investor Member,
compelling production of the Company records and ordering
reimbursement of the Plaintiff's attorney's fees and costs. Jay
Bloom, as manager of the LLCs did not comply with the Arbitration
Award and did not turn over any books and records to the Investor
Member. The Arbitration Award was entered Nov. 1, 2020, and it was
not appealed. In order to enforce the Arbitration Award, the
Investor Member filed a contempt litigation.
In response, Bloom/SJVC filed a countermotion for the modification
of the Arbitration Award and a request for expenses, contending
that the LLCs had no funds or employees, and the only way for
Defendants to obtain and furnish the records in compliance with the
Arbitration Award would be for the Court to order Plaintiff --
TGC/Farkas Funding, LLC, the Investor Member -- to first pay the
expenses. The Court denied Bloom/SJVC's countermotion and affirmed
the Arbitration Award.
On Dec. 18, 2020, the Investor Member moved for an Order to Show
Cause citing no compliance or communicated intention by Bloom to
comply with the Arb Award.
D. Using Manufactured Agreements Obtained Under Duress as Tool of
Contempt
Following the issuance of the OSC and the existence of the
post-judgment discovery, the Court found that despite Farkas no
longer being active in the Plaintiff LLC and having given full
authority to the Investor Member, Bloom convinced his
brother-in-law Farkas to sign a series of documents on behalf of
the Plaintiff LLC purporting to bind the Plaintiff LLC and the
Investor Member.
One of the Farkas Documents was a settlement agreement executed on
Jan. 6, 2021, purportedly on behalf of the Investor Member, which
Bloom then asserted mooted the OSC and the post-judgment discovery.
Bloom filed with the Court a Motion to Enforce the Settlement
Agreement, which provided for the immediate dismissal of the Order
affirming the Arbitration Award and the Arbitration Award with
prejudice. Bloom also argued that he was a non-party to the
dispute and again reiterated the need for expenses to comply.
Bloom did not disclose the existence of the Settlement Agreement to
the Investor Member. When the Investor Member found out about the
Settlement Agreement it immediately sent notice repudiating it.
The brother-in-law Farkas testified that he did not believe he had
the authority to execute the Settlement Agreement on behalf of the
Plaintiff LLC and that Bloom understood that.
Ultimately the court found that "[t]he Settlement Agreement was a
sham, never designed to result in any fair benefit to Plaintiff
[LLC], and, if effectuated with dismissal of the Order, the
underlying Arbitration Award . . . the ramifications to Plaintiff
[LLC] would have been unacceptable under law or equity." Judge
Denton found that "Bloom disobeyed and resisted the Order in
contempt of the civil Court, and further found that the Motion to
Enforce was a tool of that contempt as orchestrated by Bloom in
disregard of the Arbitration Award confirmed by the Order.
The Denton Court held that there was a lack of good faith in
Bloom's dealings with his brother-in-law in order to obtain the
signed [Farkas] Documents with haste and in an intentional
disregard of the restrictions set forth in the Arb Award. The
court found that Bloom's actions in making Farkas sign the
documents amounted to duress by threatening his brother-in-law
Farkas with civil action especially where there are circumstances
of emotional consequences, and that such threats amounted to bad
faith subject to sanctions.
Mr. Mushkin contends that the fraud, dishonesty, incompetence, and
gross mismanagement of Debtor's pre- and post-petition management,
Jay Bloom, constitutes cause for appointment of a Trustee. Cause
warranting conversion (or dismissal) is established by Bloom's
gross mismanagement of debtor assets, his failure to provide
complete and accurate schedules and statements and information in
this bankruptcy case, Mr. Mushkin averred. Section 1112(b)(1) of
the Bankruptcy Code provides that on request of a party in
interest, and after notice and a hearing, the Court shall convert a
case under Chapter 11 to a case under chapter 7 or dismiss a case
under Chapter 11, whichever is in the best interests of creditors
and the estate, for cause unless the court determines that the
appointment under section 1104(a) of a trustee or an examiner is in
the best interests of creditors and the estate. The Debtor's
failure to pay post-petition taxes also constitutes cause for
conversion or dismissal of the case, Mr. Mushkin said.
The Court will consider the matter on July 22, 2021 at 9:30 a.m.
Concurrent with the filing of the motion, 5148 Spanish Heights
filed a renewed motion for relief from the automatic stay to
proceed with the litigation pending before Judge Gonzalez in the
state court.
Counsel for Creditor 5148 Spanish Heights, LLC, as successor in
interest to CBC Partners I, LLC:
Michael R. Mushkin, Esq.
L. Joe Coppedge, Esq.
MUSHKIN & COPPEDGE
6070 South Eastern Ave., Ste. 270
Las Vegas, NV 89119
Telephone: 702-454-3333
Facsimile: 702-386-4979
Email: Michael@mccnvlaw.com
jcoppedge@mccnvlaw.com
About SHAC
Spanish Heights Acquisition Company, LLC filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Nev. Case No. 21-10501) on Feb. 3, 2021. Jay Bloom, manager and
owner of SJC Ventures Holdings, LLC, signed the petition.
At the time of the filing, the Debtor had estimated assets of
between $1 million and $10 million and liabilities of less than
$50,000.
Greene Infuso, LLP and Maier Gutierrez & Associates serve as the
Debtor's bankruptcy counsel and special counsel, respectively.
SPI ENERGY: Appoints Finance Veteran Janet Jie Chen as CFO
----------------------------------------------------------
SPI Energy Co., Ltd. has appointed Janet Jie Chen as its new chief
financial officer. Ms. Chen will oversee the company's worldwide
finance and accounting organization and will report directly to
Xiaofeng Peng, chairman and chief executive officer of SPI Energy.
"I am pleased to welcome Janet to our executive management team at
this pivotal point in our growth trajectory," said Mr. Xiaofeng
Peng. "Her experience and expertise are precisely what we need as
we move into the next phase of our growth. With Janet's
appointment, we have a strong management team in place to continue
the execution of our strategy to drive revenue growth and continued
margin expansion."
Ms. Chen has over two decades' experience in auditing, accounting,
business reorganization, merger and acquisitions, IPOs, and SEC
reporting, including 7 years at a big international audit firm.
She has rich experience and expertise in providing US GAAP related
financial and internal control advisory services. She is a member
of CICPA and FCCA.
"Joining SPI Energy provides me with an exciting opportunity to
work with a highly committed and professional executive team to
deliver on an ambitious global growth strategy," said Ms. Chen.
Concurrently with Ms. Chen's appointment, Chris Wang, previously
SVP of Finance of SPI, has been appointed as CFO of the Company's
wholly owned Phoenix Motorcars subsidiary to support and lead its
planned spinoff and IPO.
"Successfully spinning off Phoenix Motorcars will enable us to
unlock significant value for our shareholders and provide the
necessary resources to fully capitalize on the opportunities
ahead," continued Mr. Xiaofeng Peng. "I am confident the addition
of Chris to Phoenix's world-class management team will help move us
forward toward our goal of making Phoenix the leader in sustainable
transportation."
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. (SPI) is a global renewable energy company and
provider of solar storage and electric vehicle (EV) solutions for
business, residential, government, logistics and utility customers
and investors. The Company provides a full spectrum of EPC
services to third-party project developers, as well as develops,
owns and operates solar projects that sell electricity to the grid
in multiple countries, including the U.S., the U.K., Greece, Japan
and Italy. The Company has its US headquarters in Santa Clara,
California and maintains global operations in Asia, Europe, North
America and Australia. SPI is also targeting strategic investment
opportunities in green industries such as battery storage and
charging stations, leveraging the Company's expertise and growing
base of cash flow from solar projects and funding development of
projects in agriculture and other markets with significant growth
potential.
SPE Energy reported a net loss attributable shareholders of $6.51
million in 2020, a net loss attributable to shareholders of $15.26
million in 2019, and a net loss attributable to shareholders of
$12.28 million in 2018. As of Dec. 31, 2020, the Company had
$217.03 million in total assets, $168.65 million in total
liabilities, and $48.38 million in total equity.
TIDEWATER REALTY: Offit Kurman's Stephen Metz Named Trustee
-----------------------------------------------------------
John P. Fitzgerald, III, Acting United States Trustee for Region 4,
has appointed Stephen Metz as Subchapter V trustee for Tidewater
Realty Investors, LLC. Mr. Metz is a principal and the chair of
the Creditors' Rights, Reorganization and Bankruptcy practice group
at Offit Kurman.
Mr. Metz's contact details:
Stephen Metz, Esq.
Offit Kurman, Attorneys At Law
7501 Wisconsin Ave., Ste. 1000W
Bethesda, MD 20814
Telephone: 240-507-1700
Facsimile: 240-507-1735
Email: smetz@offitkurman.com
About Tidewater Realty Investors
Tidewater Realty Investors, LLC, with principal place of business
at 14266 Burntwoods Road, Glenwood, Maryland, filed a Chapter 11
petition (Bankr. D. Md. Case No. 21-13991) on June 16, 2021.
On the Petition Date, the Debtor estimated $1 million to $10
million in both assets and liabilities. The petition was signed by
Brett Arnold, managing member. Judge Nancy V. Alquist oversees the
case. Stephne Metz is appointed as the Debtor's Subchapter V
Trustee. Tydings & Rosenberg LLP serves as the Debtor's counsel.
TRANQUILITY GROUP: Unsecureds to Recover 100% in 5 Years
--------------------------------------------------------
Tranquility Group, LLC, et al., submitted a Plan and a Disclosure
Statement.
In order to service debt on the outstanding loans with Guaranty
Bank and not increase the debt on the LOC, the Debtor went under
contract to sell 12 of its lots to Jim McKissack at a value of
$37,500.00 per lot for a total of $450,000. The sale of the 12
lots required the Debtor to legally parcel the lots and have a plat
map recorded in Taney County.
The proposed use of the sales proceeds dedicated $360,000 as a
principal reduction payment on the LOC, and $90,000 to be utilized
by the Debtor for other payables, including bank payments the
Debtor had on mortgages from other cabins and treehouses.
The Plan will treat claims as follows:
* Class 3 Various Loans of Guaranty Bank totaling $8,272,944.89.
Debtors will pay the claims in this class amortized over 20 years
with interest at 5%. If any of the collateral is sold, Debtors will
pay one half of the net proceeds against the principal and
recalculate the remaining balance over the remaining term of the
plan. In those instances where the sale is of an entire tract or
project, Debtors may, at its option and consistent with the plan of
development, pay more of the proceeds against the balance of a
particular loan, if the loan can be identified. Debtors may also
sell portions of the investment account if operating funds are not
sufficient to make plan payments or, if the sole discretion of the
Debtors, such an action is in the best interests of the Debtors and
consistent with the plan provisions. Class 3 is impaired.
* Class 4 Allowed Secured Claim of Kubota Credit. The amount of
the claim is $64,044 and the value of the collateral is $60,000.
The Debtors will treat the claim as fully secured and will pay the
balance of the claim in accordance with the original terms of the
sale, excepting that in the first 12 months term of the plan,
monthly interest-only payments calculated at an interest rate of 5%
annually will be made to the Class 4 Creditor. One the 13th month
following the Effective Date through the 60th month of the Plan,
the original monthly payments of $968.58 will be made to the Class
4 Claimant with a balloon payment at the end of the 60th month
following the Effective Date of the Plan, equal to $8,474.76. Class
4 is impaired.
* Class 5 Allowed Secured Claim of Simmons Bank. This Class
shall be the claim of Simmons Bank in the amount of $108,588.00
secured by an interest in improved real property commonly described
as Jiminy Cricket. The value of the collateral exceeds the claim
amount due. Debtors will pay this claim amortized over 20 years
with interest at 5%. Payment is $716.43 monthly. Class 5 is
impaired.
* Class 6 Allowed Secured Claim of Simmons Bank. This Class
shall be the claim of Simmons Bank in the amount of $137,390
secured by collateral commonly described as Dancing Bear, with a
value of $235,000. The Debtors will pay this claim amortized over
a 20-year period with interest at 6.75%. Payment is $906.71 per
month. Class 6 is impaired.
* Class 7 Allowed Unsecured Claim of SBA. This claim is an SBA
loan managed by Guaranty Bank but not owed to Guaranty Bank. The
obligation to repay only arises if Debtor Tranquility Group, LLC
does not maintain the employment levels set out in the loan
documents. Tranquility is compliant on this obligation and default
is unlikely. No payment will be due. Class 7 is impaired.
* Class 9 Allowed Unsecured Claims totaling $201,299:
-- On their respective Ballots, holders of Allowed General
Unsecured Claims less than $2,000 may elect to receive treatment as
a Class 8-A (Convenience Class Claim). Under this election, the
Allowed General Unsecured Claim shall be reduced to and shall
receive one lump sum payment equal to 80% of their Allowed Claim
amount within thirty days of the Effective Date in full
satisfaction of their Allowed Claim.
-- Creditors that do not elect treatment as a Class 8-A
Convenience Claim shall receive treatment as a Class 8-B General
Unsecured Claim. Each holder of a Class 8-B Claim shall receive
bi-annual payments each equal to 5% of the amount of the Claim,
totaling a 10% annual principal reduction payment on each Class 8-B
Claimants Claim. No interest shall accrue on the Class 8-B Claims.
The first payment shall be due on the 5th day of the first full
month that is 6 months following the Effective Date of the Plan and
shall be in an amount equal 5% of the principal balance owing each
Class 8-B Claimant. Commencing on the 5th day of each successive 6
month period thereafter, through the last day of the 60th month
following the Effective Date of the Plan, the Reorganized Debtors
shall make equal bi-annual payments equal to 5% of the principal
balance owed to each Class 8-B Claimant. At the end of the 60th
month following the Effective Date of the Plan, a balloon payment
shall be made to each Class 8-B Claimant in an amount equal to the
balance of their Claims.
The Plan will be funded through revenues created by the Debtor. The
sources of revenue are selling, developing and managing a resort
real estate project.
Attorneys for the Debtor:
Ronald S. Weiss
Joel Pelofsky
BERMAN, DeLEVE, KUCHAN & CHAPMAN, LLC
2850 City Center Square
1100 Main Street
Kansas City, Missouri 64105
Tel: (816) 471-5900
Fax: (816) 842-9955
E-mail: rweiss@bdkc.com
jpelofsky@bdkc.com
A copy of the Disclosure Statement is available at
https://bit.ly/3gKXj42 from PacerMonitor.com.
About Tranquility Group
Tranquility Group, LLC is a Ridgedale, Mo.-based company that owns
a vacation destination offering tree houses, log cabins, and
bungalows.
Tranquility Group filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No.
21-60120) on Feb. 26, 2021. Michael R. Hyams, chief operating
officer and partner, signed the petition. At the time of the
filing, the Debtor had between $1 million and $10 million in both
assets and liabilities.
Judge Cynthia A. Norton oversees the case.
The Debtor tapped Berman, DeLeve, Kuchan & Chapman, LLC as
bankruptcy counsel; G & H Tax & Accounting as accountant; and
Judson Poppen, Esq., a practicing attorney in Springfield, Mo., as
special counsel.
U.S. GLOVE: Seeks Cash Collateral Access
----------------------------------------
U.S. GLOVE: Seeks Cash Collateral Access
U.S. Glove, Inc. asks the U.S. Bankruptcy Court for the District of
New Mexico for authority to use cash collateral on an emergency
basis pending a final hearing.
The Debtor requires the use of cash collateral to make payments in
the ordinary course of business for, among other things, payroll,
payroll taxes, shipping, utilities, insurance, the purchase of
goods to continue manufacturing its products, fixed monthly bills,
and other expenses necessary to continue its normal operations.
The Debtor has suffered a severe decline in retail and online sales
due to the COV1D-19 pandemic and its impact on the industries that
utilize the Debtor's products. Gymnastic and cheerleading
competitions around the world have been delayed or outright
canceled due to the pandemic, resulting in a decline of orders
issues to the Debtor. Many of the athletes who depend on the
Debtor's products are prohibited from their usual training hours,
which has caused retail and online sales to decline. As a result of
the substantial decline in sales and uncertain future, the Debtor
has been unable to make principal and interest payments on a senior
secured note issued by company co-owner Michael J. Jacobs and other
pre-petition obligations.
The Debtor is indebted to two parties on a secured basis:
-- The U.S. Small Business Administration for an Economic
Injury Disaster Loan in the amount of $150,000. According to the
Debtor's records, the SBA may have a first position security
interest in substantially all of the Debtor's assets, including all
inventory, equipment, accounts and other depository accounts,
rights to payment, intangibles, and all products and proceeds of
the foregoing.
-- Company co-owner Michael J. Jacobs on account of a senior
secured note. As of the Petition Date, the balance owed on the
Senior Note to Jacobs is $2,279,715. Jacobs, as an equity holder
who owns 43% of the Debtor, is also an "Insider," as that term is
defined under the Bankruptcy Code.
It appears that the security interests of the SBA and Jacobs are
perfected, although the Debtor has filed an adversary proceeding
(Adv. No. 21-01009-ta) against Jacobs to avoid the perfection of
the lien and the Debtor reserves all rights.
The Debtor also has certain unsecured debts owed: (a) the SBA is
owed approximately $50,000 pursuant to an outstanding and unpaid
PPP loan, (b) Jacobs is owed approximately $1,330,547 pursuant to
an outstanding and unpaid junior unsecured note, and (c) various
trade creditors and vendors are owed amounts totaling less than
$10,000.
The Adequate Protection proposed by the Debtor are:
(i) Cash Payments. The Debtor requests authorization to
continue making cash payments to Jacobs in the amount of $5,000 per
month, payable on the first day of each month during the pendency
of these proceedings.
(ii) Replacement Liens. The Debtor will grant the SBA and
Jacobs a replacement lien in the same priority and to the same
extent and in the same collateral as the SBA and Jacobs had
pre-petition pursuant to Code sections 361 and 363, except that the
Debtor reserve all rights to contest Jacob's lien as stated in the
proposed third interim Order and the adversary proceeding.
(iii) Reporting. The Debtor will provide reports including (a)
its receipts and disbursements once a month consistent with the
Debtor’s monthly reporting requirements as required by the U.S.
Trustee, and (b) historical monthly balance sheets and income
statement on or before the 20th day of the following month. Upon
request of the SBA or Jacobs, the Debtor will also provide weekly
reports of receipts and disbursements, which will be prepared and
provided by Tuesday of each following week.
(iv) Tax Payments. The Debtor will pay immediately when due all
real and/or personal taxes that accrue post-petition.
(v) Insurance. The Debtor will maintain general property and
liability coverage and will continue to maintain and protect all
Prepetition Collateral consistent with the Prepetition Loan
Documents.
A copy of the motion and the Debtor's 13-week budget is available
for free at https://bit.ly/3jh8m6D from PacerMonitor.com.
The Debtor projects $100,001 in beginning bank balance and $70,499
in ending bank balance for the week of July 7, 2021.
About U.S. Glove, Inc.
U.S. Glove, Inc. is a New Mexico Corporation with its headquarters
located at 6801 Washington Street NE, Albuquerque, New Mexico
87109. It manufactures hand and wrist support products for
gymnastics and cheerleading, as well as a variety of other
ancillary products, including wristbands, chalk, athletic tape, and
grip brushes designed to enhance athletic performance.
U.S. Glove sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.M. Case No. 21-10172) on February 14,
2021. In the petition signed by Randolph Chalker, authorized
person, the Debtor disclosed up to $500,000 in assets and up to $10
million in liabilities.
Judge David T. Thuma oversees the case.
The Debtor tapped Michael Best & Friedrich LLP as its bankruptcy
counsel and Walker & Associates, PC as its local counsel.
VAUGHAN HOME CARE: Michael G. Wolff Named Subchapter V Trustee
--------------------------------------------------------------
John P. Fitzgerald, III, Acting United States Trustee for Region 4,
has appointed Michael G. Wolff as Subchapter V Trustee for Vaughan
Home Care Services Inc.
Mr. Wolff is a member at Wolff & Orenstein, LLC.
His contact details:
Michael G. Wolff, Esq.
Wolff & Orenstein, LLC
Shady Grove Plaza
15245 Shady Grove Road, Ste. 465 - North
Rockville, MD 20850
Telephone: (301) 250-7232
Facsimile: (301) 816-0592
About Vaughan Home Care Services Inc.
Vaughan Home Care Services Inc. operates a 24-hour home care
service in Edgewood, Maryland and provides nursing and personal
care services for the medical impaired and geriatric community,
serving the Greater Baltimore/Washington Metropolitan area.
The Debtor filed a petition under Subchapter V of Chapter 11 of the
Bankruptcy Court (Bankr. D. Md. Case No. 21-14059) on June 18,
2021. On the Petition Date, the Debtor estimated assets and
liabilities not exceeding $50,000. The petition was signed by Anne
Osei, owner. Michael J. Wolff is appointed Subchapter V Trustee
for the Debtor. Gary S. Poretsky, Esq., at The Law Offices of Gary
S. Poretsky LLC, and The Phoenix Law Group, PLC represent the
Debtor as counsel.
VERANO RECOVERY: Taps Armory Consulting as Financial Advisor
------------------------------------------------------------
Verano Recovery, LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Armory Consulting
Co. as financial advisor.
The firm will provide these services:
a. provide strategic guidance to prepare and assist the Debtor
through its bankruptcy;
b. manage reporting requirements pertaining to the bankruptcy
court and the U.S. trustee's office, including bankruptcy schedules
and statement of financial affairs, monthly operating reports, and
cash flow projections;
c. assist in negotiating and serving as a liaison between the
Debtor and its creditors or their representatives;
d. provide testimony, including deposition testimony;
e. assist in the preparation of a plan of reorganization;
f. prepare long-term projections and liquidation analysis;
g. evaluate the possible rejection of any executory contracts
and unexpired leases;
h. assist in the evaluation and analysis of avoidance actions
and causes of action;
i. oversee analysis of creditors' claims; and
j. provide additional services as may be mutually agreed upon in
writing between the Debtor and the firm.
The firm will be paid at hourly rates ranging from $375 to $475 and
reimbursed for out-of-pocket expenses incurred. The retainer fee
is $7,500.
James Wong, a partner at Armory Consulting Co., disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
James Wong
Armory Consulting Co.
3943 Irvine Blvd., #253
Irvine, CA 92602
Tel: (714) 222-5552
Email: jwong@armoryconsulting.com
About Verano Recovery
Pasadena, Calif.-based Verano Recovery, LLC filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Calif. Case No. 21-14127) on May 19, 2021. At the time of
filing, the Debtor had between $10 million and $50 million in both
assets and liabilities. Judge Sheri Bluebond presides over the
case. Goe Forsythe & Hodges, LLP and Armory Consulting Co. serve as
the Debtor's legal counsel and financial advisor, respectively.
VICTORIA CITY: Voluntary Chapter 11 Case Summary
------------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Victoria City Power LLC 21-32158
5850 San Felipe, Ste 601
Houston, TX 77057
Victoria Port Power LLC 21-32157
5850 San Felipe, Ste 601
Houston, TX 77057
Agilon Energy Holdings II LLC 21-32156
5850 San Felipe, Ste 601
Houston, TX 77057
Business Description: The Debtors are part of the electric power
generation industry.
Chapter 11 Petition Date: June 27, 2021
Court: United States Bankruptcy Court
Southern District of Texas
Judge: Hon. Marvin Isgur
Debtors' Counsel: Elizabeth M. Guffy, Esq.
Simon R. Mayer, Esq.
LOCKE LORD LLP
600 Travis Street
Suite 2800
Houston, TX 77002
Tel: 713-226-1200
Fax: 713-223-3717
E-mail: eguffy@lockelord.com
simon.mayer@lockelord.com
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $100 million to $500 million
The petitions were signed by Hugh Smith, manager of Victoria City
Power LLC.
The Debtors failed to include in the petitions lists of their 20
largest unsecured creditors.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/KF66D3Y/Victoria_City_Power_LLC__txsbke-21-32158__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/F6F6FOI/Victoria_Port_Power_LLC__txsbke-21-32157__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/KPO2ZAA/Agilon_Energy_Holdings_II_LLC__txsbke-21-32156__0001.0.pdf?mcid=tGE4TAMA
VILLAGIO CARLSBAD: Secured Creditor to Be Paid from Sale
--------------------------------------------------------
Villagio Carlsbad Cottages LLC submitted a Plan and a Disclosure
Statement.
The Debtor is a California limited liability company and a single
asset real estate (SARE) entity. The Debtor operates a rental real
estate property located at 3044 State Street, Carlsbad, California
92008 (the "Subject Property"). The fair market value of the
Subject Property is approximately $4 million dollars. The Subject
Property is encumbered by a deed of trust held by Sunwest Bank
("Sunwest" or the "Secured Creditor") in the approximate amount of
$1,827,486.66. As a result, the Subject Property holds significant
equity.
The Debtor currently has multiple offers to purchase the Subject
Property and, as a result, it anticipates a sale will resolve all
issues with its Secured Creditor. In the alternative, it has
multiple options to refinance and obtain financing in order to pay
off the Secured Creditor. The Debtor's ability to effectuate a sale
or receive financing is based upon the immense amount of equity in
the Subject Property, as well as the Debtor's history in being able
to obtain financing and offers to purchase.
Class 1 - Secured Claim of Sunwest Bank totaling $1,827,487 will be
paid its Allowed Claim in full upon closing of the sale of the
Subject Property, or upon refinance of the Subject Property,
whichever occurs, and which shall occur no later than September 20,
2021.
The Debtor has no General Unsecured Claims.
The Debtor does not intend on making monthly or other installment
payments to the Secured Creditor. Instead, the Secured Creditor
will be paid in full upon closing of the sale of the Subject
Property, or in the alternative, obtaining financing to refinance
the Subject Property.
The hearing at which the Court will determine whether to approve
the Disclosure Statement will take place on August 11, 2021 at 2:00
p.m. in Department 1, Room 218, United States Bankruptcy Court,
Southern District of California, 325 West "F" Street, San Diego,
California 92101-6991.
Objections to this Disclosure Statement must be filed and served by
July 19, 2021.
A copy of the Disclosure Statement is available at
https://bit.ly/3gLZpAy from PacerMonitor.com.
About Villagio Carlsbad Cottages LLC
As a foreclosure sale was approaching on the Subject Property, the
Debtor aggressively
attempted to obtain financing to resolve the Secured Creditor’s
claim and did in fact receive
approval for said financing. Despite the Debtor’s efforts and
successes in this regard,, the Secured Creditor would not stall the
sale and as a result, the present bankruptcy case was filed just
prior to foreclosure. VC LAW GROUP, LLP is the Debtor's counsel.
VISTA CHARTER MIDDLE SCHOOL: S&P Withdraws 'BB+' Lease Bond Rating
------------------------------------------------------------------
S&P Global Ratings withdrew its 'BB+' long-term rating on the
California Municipal Finance Authority's series 2014 (tax exempt)
charter school lease bonds, issued for Vista Charter Middle School,
due to a lack of financial and operational information necessary to
maintain surveillance of applicable ratings.
S&P said, "At the same time, we removed the rating from
CreditWatch, where it had been placed with negative implications on
May 26, 2021. This action follows our attempts to obtain timely
information of satisfactory quality to maintain our rating on the
securities in accordance with our applicable criteria and policies.
The withdrawal of the rating was preceded, in accordance with our
policies, by any change to the rating that we consider appropriate
given available information.
VIVINT SMART: Moody's Assigns B2 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service assigned ratings to residential alarm
monitoring company Vivint Smart Home, Inc. (dba "Vivint"),
including a B2 corporate family rating and a B2-PD probability of
default rating. The outlook is stable. Moody's also assigned B1
instrument ratings to Vivint's direct wholly owned subsidiary APX
Group, Inc.'s new first-lien senior secured debt, which includes a
$350 million, five-year revolving credit facility and a $1,250
million, seven-year term loan. Proceeds from the new term loan and
nearly $150 million of balance sheet cash, as well from an
anticipated incremental subordinated debt issuance, will be used to
refinance $1,843 million of existing first-lien term loan and notes
debt plus, it is expected, existing unsecured notes, and to satisfy
call premiums and transaction fees.
The transaction's resultant net increase in unsecured debt relative
to a net decrease in secured debt (and a moderate, nearly $100
million net decrease in overall debt) implies, via Moody's LGD
methodology, instrument ratings support from the unsecured debt to
the secured debt. The B1 assignment to the new term loan and
revolver, then, represents effectively a one-notch upgrade to
Vivint's first-lien debt from its current rating. Accordingly,
Moody's has upgraded the instrument ratings on APX's remaining $600
million senior secured notes of 2027 to B1, from B2. As part of the
transaction, Moody's also withdrew APX's B2 CFR and its B2-PD PDR.
The ratings are based on the proposed capital structure and the
expectation for a comprehensive refinancing.
Moody's has assigned Vivint an SGL-2 speculative grade liquidity
rating, reflecting the company's continued good liquidity. Based on
Moody's expectations for healthy revenue growth and moderating
leverage, the outlook is stable. The SGL-2 rating at APX is being
withdrawn.
For clarity of ratings reporting purposes, Moody's is assigning
ratings at Vivint Smart Home, Inc., the publicly traded company and
issuer of financial statements. The first-lien term loan and
unsecured notes borrower will continue to be APX Group, Inc., which
heretofore had been the sole rated entity.
Upgrades:
Issuer: APX Group, Inc.
Senior Secured Regular Bond/Debenture, Upgraded to B1 (LGD3) from
B2 (LGD3)
Assignments:
Issuer: APX Group, Inc.
Senior Secured 1st Lien Term Loan, Assigned B1 (LGD3)
Senior Secured Revolving Credit Facility, Assigned B1 (LGD3)
Issuer: Vivint Smart Home, Inc.
Corporate Family Rating, Assigned B2
Probability of Default Rating, Assigned B2-PD
Speculative Grade Liquidity Rating, Assigned SGL-2
Withdrawals:
Issuer: APX Group, Inc.
Corporate Family Rating, Withdrawn , previously rated B2
Probability of Default Rating, Withdrawn , previously rated B2-PD
Speculative Grade Liquidity Rating, Withdrawn , previously rated
SGL-2
Outlook Actions:
Issuer: APX Group, Inc.
Outlook, Remains Stable
Issuer: Vivint Smart Home, Inc.
Outlook, Assigned Stable
RATINGS RATIONALE
The proposed broad refinancing simplifies Vivint's debt capital
structure, pushes out debt maturities, and slightly reduces overall
debt carrying costs to rates that should provide a decrease to
overall annual interest expense of tens of millions of dollars.
Moody's expects EBITDA coverage of interest to improve to nearly
2.5 times by 2022, as compared with 1.3 times for the year 2020.
The effective affirmation of Vivint's ratings reflects operational
resilience in 2020, including solid revenue gains in the face of
the COVID-19 pandemic, that has continued into early 2021. Strongly
positive free cash flow in 2020 has led to a sharply improved
liquidity position. In contrast to Moody's early-2020 expectations
for COVID-induced difficulty in attracting new subscribers,
elevated attrition and weakened revenue, Vivint for the full year
delivered a 9% increase in both revenue and year-end subscriber
count, while attrition improved by 150 basis points, to 12.4%.
Operating momentum has continued into early 2021, with first
quarter revenue up better than 13%, and attrition having improved
an additional 60 basis points relative to year-end 2020.
Profitability improvements have been driven by customers electing
more interactive services and more connected security and smart
home devices, while Vivint's technicians made fewer service calls
during the year because homeowners either delayed service costs or
elected to solve issues over the phone because of COVID. Moody's
anticipates more normalized operating costs in 2021, and indeed
SG&A and other operating expenses rose sharply in the first quarter
(although much of the increase was compensation-related). Still,
with more white-collar workers spending more time at home and being
more "engaged" with their homes, Moody's also expects revenue
growth again in 2021, in the mid-single-digit percentages.
Governance risks that Vivint has faced in the past, primarily in
the form of Vivint's historically aggressive financial policy
marked by debt-funded growth, consistently negative free cash flow,
and tight liquidity, have eased over the past 12 to 18 months. As a
result of a January 2020 SPAC transaction that brought the company
public, Moody's expects Vivint's financial policy to become more
conservative and transparent under public company ownership.
Moody's views Vivint's liquidity as good, as reflected in Moody's
expectations for GAAP-based positive free cash flow in 2021, albeit
to a lesser degree than in 2020, which was the first time in
Moody's ratings coverage of the company that it achieved that
milestone. It had $274 million of cash on hand as of March 31,
2021, as compared with a de minimus amount in early 2020. Moody's
expects the new, $350 million liquidity facility to be undrawn over
the near term. The SGL-2 liquidity score reflects Moody's
expectations that Vivint will have more than ample liquidity in
2021 in the form of balance sheet cash and revolver availability to
support subscriber and revenue growth through 2021, even if
operating expenses rise to more normalized levels. As with alarm
monitoring companies in general, Moody's assumes that Vivint can
curtail its active subscriber acquisition programs in order to free
up liquidity. Moody's project that Vivint could generate about $500
million of free cash flow if it went into a steady state, and spent
not for revenue growth but only to maintain a level count of
subscribers (who would attrit at an assumed 12% per year). Vivint's
assumed steady state cash flow as a percentage of debt is in the
mid- to high-teens, a solid outcome for a B2-rated issuer.
Vivint is not overly constricted by debt covenants. Moody's expect
the proposed bank credit facilities will have covenants similar to
those in the existing program. The current financial covenant is a
consolidated first lien net leverage ratio set at 5.95 times. At
March 31, 2021 the actual measure was 2.60 times. All other
covenants are incurrence-based strictures.
Moody's stable outlook for Vivint reflects expectations for
continued healthy revenue growth in 2021, stable attrition rates,
and continued good liquidity from moderate free cash flow, good
cash balances, and ample revolver availability.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's would consider an upgrade if: i) revenue growth exceeds
mid-single digit percentages; ii) GAAP-based free cash flow as a
percentage of debt is sustained in the mid-single-digits, and; iii)
private equity ownership is anticipated to fall below 50%. A
downgrade may be considered if: i) positive revenue or attrition
trends reverse themselves, or; ii) free cash flow on a GAAP basis
approaches breakeven.
Vivint Smart Home, Inc. (dba "Vivint"; NYSE: VVNT) provides alarm
monitoring and home automation services to approximately 1.7
million residential subscribers in North America. With 2020 revenue
of $1.26 billion (a 9.1% gain over 2019), Vivint is the
second-largest provider of home security and automation services,
well behind The ADT Security Corporation. As the result of a late
2012 acquisition, Vivint is majority-owned by The Blackstone Group
Inc., while its management team has maintained a meaningful
ownership stake. Even after an early 2020 SPAC transaction, through
which Vivint became publicly traded, affiliates of Blackstone
continue to own nearly 58% of Vivint.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
VTV THERAPEUTICS: Increases Equity Offering by $50 Million
----------------------------------------------------------
vTv Therapeutics Inc. filed a Prospectus Supplement in connection
with its previously disclosed Controlled Equity OfferingSM Sales
Agreement with Cantor Fitzgerald & Co., to increase the size of the
at-the-market offering pursuant to which the Company may offer and
sell, from time to time, through or to Cantor Fitzgerald, as sales
agent or principal, shares of the Company's Class A common stock,
par value $0.01 per share, by an aggregate offering price of $50.0
million.
The issuance and sale, if any, of the Shares by the Company under
the Sales Agreement will be made pursuant to the Company's
effective registration statement on Form S-3 (Registration
Statement No. 333-254445), filed with the U.S. Securities and
Exchange Commission on March 18, 2021, amended on April 9, 2021 and
declared effective on April 20, 2021. The offering is described in
the Company's Prospectus dated April 20, 2021, as supplemented by a
Prospectus Supplement dated June 25, 2021, as filed with the SEC on
June 25, 2021.
About vTv Therapeutics
vTv Therapeutics Inc. is a clinical-stage biopharmaceutical company
focused on developing oral small molecule drug candidates. vTv has
a pipeline of clinical drug candidates led by programs for the
treatment of type 1 diabetes, Alzheimer's disease, and inflammatory
disorders. vTv's development partners are pursuing additional
indications in type 2 diabetes, chronic obstructive pulmonary
disease (COPD), and genetic mitochondrial diseases.
vTv Therapeutics reported a net loss attributable to common
shareholders of $8.50 million for the year ended Dec. 31, 2020,
compared to a net loss attributable to common shareholders of
$17.91 million for the year ended Dec. 31, 2019. As of March 31,
2021, the Company had $16.75 million in total assets, $10.38
million in total liabilities, $62.65 million in redeemable
noncontrolling interest, and a total stockholders' deficit
attributable to the company of $56.28 million.
YC ATLANTA: Examiner Taps Moore Colson & Co. as Forensic Accountant
-------------------------------------------------------------------
Christopher Tierney, the court-appointed examiner in the Chapter 11
case of YC Atlanta Hotel, LLC, seeks approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to tap his
own firm, Moore Colson & Company, P.C., as forensic accountant.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. investigate the day-to-day operations of the Debtor's
accounting and administrative functions;
b. supervise and oversee the accounting treatment of all
receipts and expenditures in the Debtor's books and records;
c. supervise and oversee the preparation of budgets and reports,
including monthly operating reports;
d. investigate the recording of transactions in the Debtor's
books from Nov. 15, 2019 forward;
e. identify any potential avoidance actions evident from the
investigation of the Debtor's books and records;
f. provide testimony in court if necessary; or
g. provide such other services as may be reasonably requested by
the examiner or his legal counsel within the firm's expertise,
experience and capabilities that are mutually agreeable.
The firm's hourly rates are as follows:
Tyler Wright, Partner $400 per hour
Staffs $125 to $375 per hour
The firm will receive reimbursement for out-of-pocket expenses
incurred.
As disclosed in court filings, Moore Colson & Company is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Christopher Tierney
Moore Colson & Company, P.C.
600 Galleria Parkway, SE Suite 600
Atlanta, GA 30339
Tel: (770) 989-0028
Email: ctierney@moorecolson.com
About YC Atlanta Hotel LLC
YC Atlanta Hotel, LLC, a hotel owner and operator in College Park,
Ga., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga. Case No. 21-50964) on February 3, 2021. Baldev
Johal, the managing 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 $50 million. Judge Barbara
Ellis-Monro oversees the case.
The Debtor tapped Stone & Baxer LLP as legal counsel and GGG
Partners LLC as financial advisor.
Christopher Tierney is the examiner appointed in the Debtor's
Chapter 11 case. The examiner tapped Eric J. Breithaupt, Esq., at
Stites & Harbison, PLLC and Moore Colson & Company, P.C. as legal
counsel and forensic accountant, respectively.
[] New York Court Okays Structured Dismissals Post-Jevic
--------------------------------------------------------
Paul, Weiss, Rifkind, Wharton & Garrison LLP wrote an article on
Lexology titled "New York Bankruptcy Court Approves Two Structured
Dismissals Post-Jevic."
In two recent rulings, the Bankruptcy Court for the Southern
District of New York confirmed that structured dismissals are
viable options for debtors to exit bankruptcy notwithstanding the
Supreme Court's Jevic decision. In Jevic, the Supreme Court held
that structured dismissals cannot be approved over the dissent of
affected creditors if distributions are made to junior creditors in
violation of the Bankruptcy Code']][[s absolute priority rule.[1]
The Supreme Court, however, stopped short of prohibiting structured
dismissals outright or expressing a broader view about their
legality.[2] The two recent New York bankruptcy court rulings
confirm that structured dismissals are feasible options for debtors
to exit bankruptcy so long as they do not violate the absolute
priority rule and otherwise comply with applicable Bankruptcy Code
provisions.
Background: Jevic
A chapter 11 debtor that pursues a sale of substantially all of its
assets is often left with no meaningful estate value after
consummation of the sale and application of the sale proceeds in
satisfaction of its secured debt. Traditionally, a debtor in these
circumstances has three options to emerge from bankruptcy: confirm
a liquidating chapter 11 plan; convert to chapter 7; or simply
dismiss its bankruptcy case. Structured dismissals—which enjoyed
some popularity prior to the Supreme Court's 2017 Jevic
ruling—present a fourth option. In a structured dismissal, the
debtor obtains an order that dismisses its chapter 11 case and also
provides for the administration of its remaining assets.[3]
Structured dismissal orders often included claim reconciliation and
noticing procedures, as well as distribution mechanics, that
mimicked similar provisions typically reserved for confirmed
chapter 11 liquidating plans. Some chapter 11 debtors preferred
structured dismissals to plan confirmation or conversion because,
among other things, structured dismissal orders were seen as
generally less costly, time consuming and uncertain than those
alternatives. Importantly, structured dismissal orders also could
provide releases and exculpations for the debtors' insiders and
others, and sometimes included settlements that distributed estate
assets to otherwise out-of-the-money stakeholders (with the consent
of affected senior creditors), all without satisfying the
requirements for confirming a chapter 11 plan.
The Supreme Court's decision in Jevic, however, put an end to one
feature of structured dismissals—distributions that do not follow
ordinary priority rules without the affected creditors’ consent.
In Jevic, the debtors had liquidated substantially all of their
assets for the benefit of their secured lenders, leaving the
estates with only $1.7 million in cash and certain fraudulent
conveyance actions. Instead of converting to chapter 7 or trying to
confirm a liquidating chapter 11 plan, the debtors pursued a
structured dismissal of their cases in accordance with a settlement
that, among other things, created a trust for distributing their
remaining assets to administrative creditors, and any remaining
cash to general unsecured creditors on a pro rata basis. The U.S.
Trustee and certain holders of priority employee-related claims
objected to the structured dismissal arguing that the proposed
class-skipping distributions to general unsecured creditors before
payment of the senior employee claims violated the absolute
priority rule. The bankruptcy court overruled the objection. It
recognized that the settlement agreement violated the Bankruptcy
Code's priority rules, but held that this did not bar approval
because the proposed payouts occurred pursuant to a structured
dismissal, not a chapter 11 plan.[4] The Third Circuit affirmed on
appeal. The Supreme Court reversed, holding that structured
dismissals cannot be approved over the dissent of affected
creditors if distributions are made to junior claimants (the
general unsecured creditors) before payment of senior claimants
(the priority wage-related creditors) in violation of the
Bankruptcy Code's absolute priority rule, even if such
distributions derived from senior creditor recoveries pursuant to a
settlement.[5]
A&P's Structured Dismissal
The grocery store chain Great Atlantic & Pacific Tea Co. (together
with its co-debtor affiliates, better known as "A&P")[6] sought
structured dismissal of its cases after liquidating substantially
all of its assets, leaving it with insufficient funds to confirm a
plan.[7] A&P argued that converting its chapter 11 cases to chapter
7 would do nothing more than create substantial additional
administrative expenses and delay as a result of the appointment of
a chapter 7 trustee, without any corresponding benefit to A&P's
creditors.[8]
A&P's proposed structured dismissal provided, among other things,
for: (a) the dismissal of all of the A&P debtors' chapter 11 cases
other than that of the lead debtor; (b) preserving the lead debtor
as a wind-down company tasked with administering A&P's remaining
assets and reconciling disputed administrative expense claims; and
(c) exculpation of A&P and its sole secured creditor and unions,
the statutory committee for unsecured creditors appointed in the
cases (the "UCC") and each of the aforementioned parties" related
parties, in each case with respect to claims related to A&P"s
chapter 11 cases. Importantly, the structured dismissal order
distributed A&P's assets in accordance with the Bankruptcy Code's
priority provisions: first, to its remaining secured creditors;
second, to creditors holding administrative expense claims; and
only thereafter, third, to junior claimants such as general
unsecured creditors. A&P expected that its dismissal order would,
after distribution of its collateral to its secured creditors,
result in an approximately 20% recovery for administrative claims,
and no recovery for any junior creditors.[9]
The U.S. Trustee and McKesson Corp. (a dissenting member of the
UCC) objected to A&P's efforts to dismiss its cases in this way,
arguing that A&P's chapter 11 cases should instead be liquidated in
chapter 7.[10] The objectors argued that the proposed structured
dismissal was a veiled attempt to implement a plan of liquidation
without adhering to the Bankruptcy Code's confirmation
requirements. They acknowledged that the proposed structured
dismissal did not run afoul of the central holding in Jevic—that
a structured dismissal must not deviate from the Bankruptcy Code's
priority rules without the affected creditors' consent.[11]
However, the objectors maintained that Jevic should be interpreted
broadly as holding that any proposed plan-like relief that
circumvents the Bankruptcy Code's procedural safeguards was
improper.[12] The U.S. Trustee's objection emphasized that A&P was
obtaining relief usually reserved for chapter 11 plans, such as
exculpation provisions and the creation of a wind-down company,
which it argued should not be available absent the satisfaction of
the procedural safeguards embedded in the confirmation requirements
of section 1129 of the Bankruptcy Code.[13] McKesson's objection
emphasized, among other things, that there was no clear statutory
basis for such relief in the context of a structured
dismissal.[14]
The bankruptcy court overruled the objections and entered A&P's
structured dismissal order. The bankruptcy court found that the
provisions governing the wind-down of the estates’ remaining
assets did not constitute "plan relief" nor an end-run around the
Bankruptcy Code's creditor protections.[15] Rather, the bankruptcy
court viewed such provisions as ones that were generally available
to all debtors in chapter 11.[16] The bankruptcy court also found
that exculpation was proper and rejected the notion that it could
only be allowed through a confirmed chapter 11 plan. The bankruptcy
court found that exculpation was a permissible form of protection
available for court-supervised fiduciaries and court-supervised and
approved transactions.[17] The court explained that "[i]n the
absence of gross negligence or intentional wrongdoing, parties
should not be liable for doing things that the Court authorized
them to do."[18] The bankruptcy court observed that the lead
debtor's chapter 11 case would remain open, permitting the
continuation of the automatic stay for the duration of the
wind-down of the estates, and that this feature of the order did
not evidence an "end run" around plan confirmation.[19] The
bankruptcy court similarly rejected any notion that A&P's changes
to its management were improper or warranted denying dismissal. It
found that chapter 11 debtors often change the nature of their
employment and managerial structure during chapter 11, and that
doing so was especially prudent for A&P given that it had sold
substantially all of its businesses.[20] The bankruptcy court said
it would be "simply irresponsible" to contend that such actions
somehow contravened the Bankruptcy Code.[21]
Il Mulino's Structured Dismissal
The Il Mulino debtors, an Italian family of luxury dining
restaurants, also obtained structured dismissal of their cases
following the sale of substantially all of their assets.[22] Left
with insufficient resources to fund a plan, and with no further
operations, the debtors sought entry of a dismissal order that,
among other things: (a) created a two-step procedure for first,
administering claims and second, closing and dismissing cases on
negative notice; (b) authorized the payment of administrative
claims and allowed professional fees in accordance with the
Bankruptcy Code's priority scheme; and (c) provided that all prior
orders of the bankruptcy court entered in the debtors’ chapter 11
cases remained in full force and effect and survived dismissal,
including a sale order that exculpated key participants in the
chapter 11 cases.[23] The U.S. Trustee objected, arguing that the
proposed sequenced dismissal procedures were premature and
dismissal should not be authorized until the cases were fully
administered. The U.S. Trustee also argued that the proposed
distribution scheme should not be approved by the court because it
complied with the Bankruptcy Code's statutory requirements, and
thus, no court approval was needed.
After concluding that Jevic did not close the door on structured
dismissals, the bankruptcy court overruled the U.S. Trustee’s
objections. It observed that the debtors’ other alternatives for
emerging from chapter 11 would do nothing more than further erode
the value of their already administratively insolvent estates with
no apparent benefit to any creditors.[24] The bankruptcy court
found no concrete reason why a two-step dismissal process should
not be approved, and similarly rejected the U.S. Trustee’s
argument that the court cannot (or should not) approve a
distribution scheme simply because it complied with the Bankruptcy
Code’s priority provisions. The bankruptcy court held that while
such approval was perhaps not required, it would "precisely" serve
the purpose of structured dismissals by providing certainty to the
debtors and their creditors, as well as promoting the orderly
winding up of the estates.[25]
Conclusion
The approval of A&P's and Il Mulino's structured dismissals
confirms that at least in some jurisdictions, structured dismissals
remain viable alternatives to a liquidating chapter 11 plan or
converting to chapter 7. The rulings provide useful guidance for
debtors considering this option: (a) structured dismissals fare
best if they distribute value in accordance with the Bankruptcy
Code's absolute priority rule; (b) the dismissal orders may contain
exculpation provisions if limited to court-supervised fiduciaries
and court-supervised and approved transactions; and (c) dismissal
orders may contain other forms of relief that are generally
available to chapter 11 debtors (e.g., continuation of the
automatic stay, wind-down trusts, claim distribution procedures,
and the continued effectiveness of prior court orders).
A full-text copy of the article is available at
https://www.lexology.com/library/detail.aspx?g=86467ebf-1801-477b-a07f-cce7e9399c89
About Jevic Transportation
Based in Delanco, New Jersey, Jevic Transportation Inc. --
http://www.jevic.com/-- provided trucking services. Two affiliates
-- Jevic Holding Corp. and Creek Road Properties -- have no assets
or operations. Jevic et al. sought Chapter 11 protection (Bankr. D.
Del. Case No. 08-11008) on May 20, 2008.
Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr
Harrison Harvey Branzburg & Ellers, in Wilmington, Del.,
represented the Debtors.
The U.S. Trustee for Region 3 appointed five creditors to serve on
an Official Committee of Unsecured Creditors. Robert J. Feinstein,
Esq., Bruce Grohsgal, Esq., and Maria A. Bove, Esq., at Pachulski
Stang Ziehl & Jones LLP, in Wilmington, Del., represent the
Official Committee of Unsecured Creditors.
Before filing for bankruptcy, the Debtors initiated an orderly
wind-down process. As a part of the wind-down process, the Debtors
ceased substantially all of their business and terminated roughly
90% of their employees. The Debtors continue to manage the
wind-down process in an attempt to deliver all freight in their
system and to retrieve their assets.
When the Debtors sought protection from their creditors, they
estimated assets and debts between $50 million and $100 million.
At Oct. 31, 2010, the Debtor had total assets of $425,000, total
liabilities of $12.2 million, and a stockholders' deficit of $11.8
million.
According to a report by Bankruptcy Law360, the bankruptcy case of
Jevic Holding Corp. will convert to a Chapter 7 liquidation after a
Delaware judge denied approval Monday of the latest proposed
settlement floated by the company and its creditors to dismiss the
case. During a teleconference in Wilmington, U.S. Bankruptcy Judge
Brendan L. Shannon said all parties agree that there is no hope of
ever confirming a Chapter 11 plan and that the debtor's and
committee's joint motion for a structured dismissal of the case was
still opposed.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
1847 GOEDEKER GOED US 29.3 (15.3) (19.8)
1847 GOEDEKER 5J8 GR 29.3 (15.3) (19.8)
1847 GOEDEKER GOEDEUR EU 29.3 (15.3) (19.8)
1847 GOEDEKER 5J8 GZ 29.3 (15.3) (19.8)
1847 GOEDEKER 5J8 TH 29.3 (15.3) (19.8)
1847 GOEDEKER 5J8 QT 29.3 (15.3) (19.8)
ACCELERATE DIAGN AXDX US 92.7 (66.4) 74.4
ACCELERATE DIAGN 1A8 GR 92.7 (66.4) 74.4
ACCELERATE DIAGN AXDX* MM 92.7 (66.4) 74.4
ACCELERATE DIAGN 1A8 TH 92.7 (66.4) 74.4
ACCELERATE DIAGN 1A8 QT 92.7 (66.4) 74.4
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 0P0 GZ 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 TH 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 QT 362.7 (10.4) 200.2
AERIE PHARMACEUT AERIEUR EU 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 GR 362.7 (10.4) 200.2
AERIE PHARMACEUT AERI US 362.7 (10.4) 200.2
AGENUS INC AGEN US 234.9 (175.4) (2.7)
AGENUS INC AJ81 GR 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)
AGENUS INC AJ81 QT 234.9 (175.4) (2.7)
AGENUS INC AJ81 GZ 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 231.6 206.6 1.6
ALPHA CAPITAL AC ASPCU US 231.6 206.6 1.6
ALTICE USA INC-A ATUS* MM 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A ATUS US 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A 15PA GR 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 ATUSEUR EU 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A 15PA GZ 33,169.8 (1,384.5) (2,360.4)
AMC ENTERTAINMEN AMC US 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 GR 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AH9 GZ 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AH9 SW 10,488.7 (2,287.0) (568.5)
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMERICA'S CAR-MA CRMT US 822.2 (257.5) 534.2
AMERICA'S CAR-MA HC9 GR 822.2 (257.5) 534.2
AMERICA'S CAR-MA CRMTEUR EU 822.2 (257.5) 534.2
AMERICAN AIR-BDR AALL34 BZ 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL11EUR EU 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL AV 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL TE 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G SW 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G QT 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL US 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G GR 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL* MM 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G TH 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G GZ 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL-RM RM 68,649.0 (7,945.0) 756.0
AMERISOURCEB-BDR A1MB34 BZ 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG TH 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE 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 QT 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG GZ 47,003.3 (102.8) 2,472.7
AMPLIFY ENERGY C AMPY US 391.6 (53.3) (17.7)
AMYRIS INC AMRS US 326.6 (310.1) 105.1
AMYRIS INC 3A01 GR 326.6 (310.1) 105.1
AMYRIS INC 3A01 TH 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
ANEBULO PHARMACE ANEB US 4.3 (6.5) 3.6
APPLOVIN CO-CL A APP US 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 GR 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
AQUESTIVE THERAP AQST US 61.9 (51.8) 24.4
ARCHIMEDES TECH ATSPU US - - -
ARCHIMEDES- SUB ATSPT US - - -
ARRAY TECHNOLOGI ARRY US 583.3 (70.1) 53.2
ASANA INC- CL A ASAN US 747.6 (47.7) 264.4
ASHFORD HOSPITAL AHD1 GR 3,816.8 (317.2) -
ASHFORD HOSPITAL AHT US 3,816.8 (317.2) -
ASHFORD HOSPITAL AHT1EUR EU 3,816.8 (317.2) -
ASHFORD HOSPITAL AHD1 TH 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 AZO US 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZ5 GR 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZ5 TH 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZ5 GZ 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZO AV 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZ5 TE 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZO* MM 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZOEUR EU 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZ5 QT 14,137.9 (1,763.4) (788.9)
AUTOZONE INC-BDR AZOI34 BZ 14,137.9 (1,763.4) (788.9)
AVID TECHNOLOGY AVID US 263.0 (134.6) (1.7)
AVID TECHNOLOGY AVD GR 263.0 (134.6) (1.7)
AVID TECHNOLOGY AVD TH 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 CAR* MM 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA TH 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA GR 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA QT 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CAR2EUR EU 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA GZ 18,609.0 (316.0) (322.0)
BABCOCK & WILCOX UBW1 GR 582.4 (195.4) 123.7
BABCOCK & WILCOX BWEUR EU 582.4 (195.4) 123.7
BABCOCK & WILCOX BW US 582.4 (195.4) 123.7
BAUSCH HEALTH CO BVF GR 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BHC CN 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BHC US 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF TH 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF QT 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO VRX1EUR EU 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO VRX SW 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BHCN MM 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF GZ 30,197.0 (124.0) 494.0
BELLRING BRAND-A BRBR US 639.3 (133.8) 108.7
BELLRING BRAND-A BR6 TH 639.3 (133.8) 108.7
BELLRING BRAND-A BR6 GR 639.3 (133.8) 108.7
BELLRING BRAND-A BR6 GZ 639.3 (133.8) 108.7
BELLRING BRAND-A BRBR1EUR EU 639.3 (133.8) 108.7
BIOCRYST PHARM BO1 GR 284.4 (75.0) 172.6
BIOCRYST PHARM BCRX US 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 TH 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 QT 284.4 (75.0) 172.6
BIOCRYST PHARM BCRXEUR EU 284.4 (75.0) 172.6
BIOCRYST PHARM BCRX* MM 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 SW 284.4 (75.0) 172.6
BIOHAVEN PHARMAC BHVN US 1,003.2 (218.2) 504.9
BIOHAVEN PHARMAC 2VN GR 1,003.2 (218.2) 504.9
BIOHAVEN PHARMAC BHVNEUR EU 1,003.2 (218.2) 504.9
BIOHAVEN PHARMAC 2VN TH 1,003.2 (218.2) 504.9
BLUE BIRD CORP 4RB GR 326.0 (52.6) (11.5)
BLUE BIRD CORP BLBDEUR EU 326.0 (52.6) (11.5)
BLUE BIRD CORP 4RB GZ 326.0 (52.6) (11.5)
BLUE BIRD CORP BLBD US 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 BA AR 150,035.0 (17,841.0) 30,053.0
BOEING CO-CED BAD AR 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BCO GR 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BAEUR EU 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA EU 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE 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 BA AV 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 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 BA CI 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA-RM RM 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BACL CI 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE TR TCXBOE AU 150,035.0 (17,841.0) 30,053.0
BOMBARDIER INC-B BBDBN MM 14,940.0 (3,061.0) 1,779.0
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 EAT2EUR EU 2,309.0 (390.6) (325.4)
BRINKER INTL BKJ QT 2,309.0 (390.6) (325.4)
BROOKFIELD INF-A BIPC US 9,344.0 (572.0) (2,174.0)
BROOKFIELD INF-A BIPC CN 9,344.0 (572.0) (2,174.0)
BROOKLYN IMMUNOT BTX US 20.7 (4.4) 4.8
BRP INC/CA-SUB V B15A GZ 4,429.6 (250.5) 379.5
BRP INC/CA-SUB V DOOEUR EU 4,429.6 (250.5) 379.5
BRP INC/CA-SUB V DOO CN 4,429.6 (250.5) 379.5
BRP INC/CA-SUB V B15A GR 4,429.6 (250.5) 379.5
BRP INC/CA-SUB V DOOO US 4,429.6 (250.5) 379.5
BRP INC/CA-SUB V B15A TH 4,429.6 (250.5) 379.5
CADIZ INC CDZI US 89.5 (13.1) 17.2
CADIZ INC CDZIEUR EU 89.5 (13.1) 17.2
CADIZ INC 2ZC GR 89.5 (13.1) 17.2
CALUMET SPECIALT CLMT US 1,868.0 (273.5) (229.1)
CATALYST PARTNER CPARU US 0.6 (0.0) (0.4)
CEDAR FAIR LP FUN US 2,627.7 (780.6) 146.4
CENGAGE LEARNING CNGO US 2,704.3 (177.2) 167.1
CENTESSA PHARMAC CNTA US 5.3 (3.2) (3.5)
CENTESSA PHARMAC 260 GR 5.3 (3.2) (3.5)
CENTESSA PHARMAC CNTA1EUR EU 5.3 (3.2) (3.5)
CENTESSA PHARMAC 260 TH 5.3 (3.2) (3.5)
CENTESSA PHARMAC 260 QT 5.3 (3.2) (3.5)
CENTRUS ENERGY-A 4CU TH 483.7 (284.8) 67.2
CENTRUS ENERGY-A 4CU GR 483.7 (284.8) 67.2
CENTRUS ENERGY-A LEU US 483.7 (284.8) 67.2
CENTRUS ENERGY-A LEUEUR EU 483.7 (284.8) 67.2
CEREVEL THERAPEU CERE US 408.1 340.0 315.7
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 TH 548.8 (221.0) 79.3
CLOVIS ONCOLOGY C6O QT 548.8 (221.0) 79.3
CLOVIS ONCOLOGY C6O GZ 548.8 (221.0) 79.3
CM LIFE SCIENC-A CMLT US 0.4 (0.0) (0.4)
CM LIFE SCIENCES CMLTU US 0.4 (0.0) (0.4)
COGENT COMMUNICA CCOI US 853.0 (307.6) (106.4)
COGENT COMMUNICA OGM1 GR 853.0 (307.6) (106.4)
COGENT COMMUNICA CCOI* MM 853.0 (307.6) (106.4)
COGENT COMMUNICA CCOIEUR EU 853.0 (307.6) (106.4)
COMMUNITY HEALTH CYH US 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CG5 GR 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CG5 TH 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 GZ 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
CPI CARD GROUP I CPB1 GR 246.3 (135.6) 87.5
CPI CARD GROUP I PMTSEUR EU 246.3 (135.6) 87.5
CUSTOM TRUCK ONE CTOS US 750.2 (68.7) 39.3
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 GR 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD US 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD TH 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD QT 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBDEUR EU 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD SW 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
DINE BRANDS GLOB DIN US 1,856.3 (317.4) 50.6
DINE BRANDS GLOB IHP GR 1,856.3 (317.4) 50.6
DINE BRANDS GLOB IHP TH 1,856.3 (317.4) 50.6
DINE BRANDS GLOB IHP GZ 1,856.3 (317.4) 50.6
DOMINO'S PIZZA 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 GZ 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA EZV TH 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA DPZEUR EU 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA DPZ AV 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA DPZ* MM 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA EZV QT 1,662.8 (3,236.1) 424.0
DOMO INC- CL B DOMO US 192.4 (92.9) (30.5)
DOMO INC- CL B 1ON GR 192.4 (92.9) (30.5)
DOMO INC- CL B 1ON GZ 192.4 (92.9) (30.5)
DOMO INC- CL B DOMOEUR EU 192.4 (92.9) (30.5)
DOMO INC- CL B 1ON TH 192.4 (92.9) (30.5)
DRIVE SHACK INC DS US 449.5 (0.4) (51.4)
DRIVE SHACK INC NCI2 GR 449.5 (0.4) (51.4)
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 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 GR 278.6 (269.4) 174.7
ESPERION THERAPE ESPR US 278.6 (269.4) 174.7
ESPERION THERAPE 0ET GZ 278.6 (269.4) 174.7
EXPRESS INC EXPR US 1,406.7 (35.7) (70.1)
EXPRESS INC 02Z TH 1,406.7 (35.7) (70.1)
EXPRESS INC 02Z GR 1,406.7 (35.7) (70.1)
EXPRESS INC EXPREUR EU 1,406.7 (35.7) (70.1)
EXPRESS INC 02Z GZ 1,406.7 (35.7) (70.1)
FAT BRANDS INC FAT US 118.1 (45.6) (54.2)
FERRELLGAS PAR-B FGPRB US 1,644.7 (189.4) 276.0
FERRELLGAS-LP FGPR US 1,644.7 (189.4) 276.0
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
FLEXION THERAPEU FLXN US 230.4 (38.9) 146.6
FLEXION THERAPEU F02 GR 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
FRONTIER COMMUNI FYBR US 16,960.0 (4,830.0) (4,304.0)
GALERA THERAPEUT GRTX US 70.5 (10.6) 48.4
GLOBAL CLEAN ENE GCEH US 234.4 (36.4) (13.8)
GODADDY INC-A 38D TH 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 GDDY* MM 7,259.3 (71.0) (503.3)
GODADDY INC-A GDDY US 7,259.3 (71.0) (503.3)
GODADDY INC-A 38D GZ 7,259.3 (71.0) (503.3)
GOGO INC GOGO US 687.7 (631.5) 420.4
GOGO INC GOGOEUR EU 687.7 (631.5) 420.4
GOGO INC G0G QT 687.7 (631.5) 420.4
GOGO INC G0G GR 687.7 (631.5) 420.4
GOGO INC G0G TH 687.7 (631.5) 420.4
GOGO INC G0G GZ 687.7 (631.5) 420.4
GOLDEN NUGGET ON GNOG US 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 GSHD US 192.6 (36.3) 27.4
GOOSEHEAD INSU-A 2OX GR 192.6 (36.3) 27.4
GOOSEHEAD INSU-A GSHDEUR EU 192.6 (36.3) 27.4
GOOSEHEAD INSU-A 2OX TH 192.6 (36.3) 27.4
GOOSEHEAD INSU-A 2OX QT 192.6 (36.3) 27.4
GORES HOLD VII-A GSEV US 552.9 521.2 (9.6)
GORES HOLDINGS V GSEVU US 552.9 521.2 (9.6)
GORES METROPOU-A GMII US 452.1 (36.7) (21.0)
GORES METROPOULO GMIIU US 452.1 (36.7) (21.0)
GORES TECH-B GTPB US 461.7 431.2 (12.7)
GORES TECHNOLOGY GTPBU US 461.7 431.2 (12.7)
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 GR 1,378.1 (233.8) 380.2
GRAFTECH INTERNA G6G TH 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
GRAPHITE BIO INC GRPH US 182.9 176.5 173.9
GREEN IMPACT PAR GIP CN 0.5 (0.0) (0.1)
GREEN PLAINS PAR GPP US 104.6 (11.5) (65.7)
GREENBROOK TMS GTMS CN 56.1 (2.1) (2.2)
GREENBROOK TMS GBNH US 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)
GULFPORT ENERGY G2U0 GR 2,627.6 (287.7) (137.1)
HERBALIFE NUTRIT HOO GR 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HLF US 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HOO TH 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HLFEUR EU 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HOO QT 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HOO GZ 2,666.8 (1,362.3) 319.7
HEWLETT-CEDEAR HPQ AR 34,549.0 (3,360.0) (7,938.0)
HEWLETT-CEDEAR HPQC AR 34,549.0 (3,360.0) (7,938.0)
HEWLETT-CEDEAR HPQD AR 34,549.0 (3,360.0) (7,938.0)
HILTON WORLD-BDR H1LT34 BZ 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HLTW AV 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 HI91 QT 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 GR 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 TH 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HLTEUR EU 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HLT US 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 GZ 15,974.0 (1,620.0) 992.0
HORIZON GLOBAL HZN US 468.2 (24.3) 89.0
HORIZON GLOBAL 2H6 GR 468.2 (24.3) 89.0
HORIZON GLOBAL HZN1EUR EU 468.2 (24.3) 89.0
HORIZON GLOBAL 2H6 GZ 468.2 (24.3) 89.0
HP COMPANY-BDR HPQB34 BZ 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ TE 34,549.0 (3,360.0) (7,938.0)
HP INC 7HP TH 34,549.0 (3,360.0) (7,938.0)
HP INC 7HP GR 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ US 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ* MM 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ SW 34,549.0 (3,360.0) (7,938.0)
HP INC 7HP QT 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ AV 34,549.0 (3,360.0) (7,938.0)
HP INC HPQUSD SW 34,549.0 (3,360.0) (7,938.0)
HP INC 7HP GZ 34,549.0 (3,360.0) (7,938.0)
HP INC HPQEUR EU 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ CI 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ-RM RM 34,549.0 (3,360.0) (7,938.0)
HYRECAR INC 8HY TH 28.8 19.7 19.8
HYRECAR INC 8HY QT 28.8 19.7 19.8
HYRECAR INC HYRE US 28.8 19.7 19.8
HYRECAR INC 8HY GR 28.8 19.7 19.8
HYRECAR INC 8HY GZ 28.8 19.7 19.8
IMMUNITYBIO INC 26CA GZ 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 NK1EUR EU 209.4 (185.3) 19.7
IMMUNITYBIO INC 26CA TH 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 GZ 251.4 (1.5) 77.7
INSEEGO CORP INSG US 251.4 (1.5) 77.7
INSEEGO CORP INO GR 251.4 (1.5) 77.7
INSEEGO CORP INSGEUR EU 251.4 (1.5) 77.7
INSEEGO CORP INO TH 251.4 (1.5) 77.7
INSEEGO CORP INO QT 251.4 (1.5) 77.7
INSPIRED ENTERTA 4U8 GR 301.0 (112.4) 1.4
INSPIRED ENTERTA INSEEUR EU 301.0 (112.4) 1.4
INSPIRED ENTERTA INSE US 301.0 (112.4) 1.4
INSTADOSE PHARMA INSD US 0.0 (0.0) (0.0)
INTERCEPT PHARMA ICPT US 520.1 (200.0) 341.3
INTERCEPT PHARMA I4P GR 520.1 (200.0) 341.3
INTERCEPT PHARMA ICPT* MM 520.1 (200.0) 341.3
INTERCEPT PHARMA I4P TH 520.1 (200.0) 341.3
INTERCEPT PHARMA I4P GZ 520.1 (200.0) 341.3
J. JILL INC JILL US 489.4 (115.0) (30.0)
J. JILL INC 1MJ1 GR 489.4 (115.0) (30.0)
J. JILL INC JILLEUR EU 489.4 (115.0) (30.0)
J. JILL INC 1MJ1 GZ 489.4 (115.0) (30.0)
JACK IN THE BOX JBX GR 1,790.8 (780.6) (90.4)
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)
JAWS JUGGERNAUT JUGGU US 7.1 (0.0) 6.1
JOSEMARIA RESOUR JOSES PO 15.0 (18.6) (31.2)
JOSEMARIA RESOUR JOSES I2 15.0 (18.6) (31.2)
JOSEMARIA RESOUR JOSE SS 15.0 (18.6) (31.2)
JOSEMARIA RESOUR NGQSEK EU 15.0 (18.6) (31.2)
JOSEMARIA RESOUR JOSES IX 15.0 (18.6) (31.2)
JOSEMARIA RESOUR JOSES EB 15.0 (18.6) (31.2)
JOSEMARIA RESOUR JOSES S4 15.0 (18.6) (31.2)
KARYOPHARM THERA 25K QT 274.9 (39.6) 193.5
KARYOPHARM THERA 25K GZ 274.9 (39.6) 193.5
KARYOPHARM THERA 25K GR 274.9 (39.6) 193.5
KARYOPHARM THERA KPTIEUR EU 274.9 (39.6) 193.5
KARYOPHARM THERA KPTI US 274.9 (39.6) 193.5
KARYOPHARM THERA 25K TH 274.9 (39.6) 193.5
KARYOPHARM THERA 25K SW 274.9 (39.6) 193.5
KL ACQUISI-CLS A KLAQ US 289.1 269.2 1.3
KL ACQUISITION C KLAQU US 289.1 269.2 1.3
KNOWBE4 INC-A KNBE US 268.6 24.7 (0.1)
L BRANDS INC LB US 10,546.0 (533.0) 1,932.0
L BRANDS INC LTD TH 10,546.0 (533.0) 1,932.0
L BRANDS INC LB* MM 10,546.0 (533.0) 1,932.0
L BRANDS INC LTD QT 10,546.0 (533.0) 1,932.0
L BRANDS INC LBRA AV 10,546.0 (533.0) 1,932.0
L BRANDS INC LBEUR EU 10,546.0 (533.0) 1,932.0
L BRANDS INC LTD GR 10,546.0 (533.0) 1,932.0
L BRANDS INC LTD GZ 10,546.0 (533.0) 1,932.0
L BRANDS INC-BDR LBRN34 BZ 10,546.0 (533.0) 1,932.0
LAREDO PETROLEUM 8LP1 GR 1,474.9 (68.6) (154.2)
LAREDO PETROLEUM LPI US 1,474.9 (68.6) (154.2)
LAREDO PETROLEUM 8LP1 QT 1,474.9 (68.6) (154.2)
LAREDO PETROLEUM LPI1EUR EU 1,474.9 (68.6) (154.2)
LDH GROWTH C-A LDHA US 233.2 215.2 2.6
LDH GROWTH CORP LDHAU US 233.2 215.2 2.6
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 TH 2,075.0 (160.7) 289.1
LENNOX INTL INC LXI GR 2,075.0 (160.7) 289.1
LENNOX INTL INC LII1EUR EU 2,075.0 (160.7) 289.1
LENNOX INTL INC LII* MM 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
LION ELECTRIC CO LEV US - - -
LION ELECTRIC CO LEV CN - - -
LIVE NATION ENTE LYV US 10,919.6 (129.7) 280.4
LIVE NATION ENTE LYV* MM 10,919.6 (129.7) 280.4
LIVE NATION ENTE 3LN 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 GR 10,919.6 (129.7) 280.4
LIVE NATION ENTE 3LN GZ 10,919.6 (129.7) 280.4
LIVE NATION-BDR L1YV34 BZ 10,919.6 (129.7) 280.4
MADISON SQUARE G MS8 GR 1,304.4 (255.3) (146.2)
MADISON SQUARE G MSG1EUR EU 1,304.4 (255.3) (146.2)
MADISON SQUARE G MSGS US 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 41.2 (6.9) (5.2)
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 QT 319.4 (173.6) 215.2
MANNKIND CORP MNKDEUR EU 319.4 (173.6) 215.2
MANNKIND CORP NNFN SW 319.4 (173.6) 215.2
MANNKIND CORP NNFN GZ 319.4 (173.6) 215.2
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 MTCH1* MM 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN TH 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN GR 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN QT 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN SW 3,214.7 (1,212.5) 734.3
MATCH GROUP INC MTC2 AV 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN GZ 3,214.7 (1,212.5) 734.3
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 MBI1EUR EU 5,375.0 (28.0) -
MBIA INC MBJ QT 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)
MCAFEE CORP - A MC7 TH 5,362.0 (1,783.0) (1,457.0)
MCDONALD'S CORP TCXMCD AU 51,103.1 (7,235.5) 888.1
MCDONALDS - BDR MCDC34 BZ 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO TH 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD US 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD SW 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO GR 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD* MM 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD TE 51,103.1 (7,235.5) 888.1
MCDONALDS CORP 0R16 LN 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD AV 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO QT 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 CI 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD-RM RM 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCDCL CI 51,103.1 (7,235.5) 888.1
MCDONALDS-CEDEAR MCD AR 51,103.1 (7,235.5) 888.1
MCDONALDS-CEDEAR MCDC AR 51,103.1 (7,235.5) 888.1
MCDONALDS-CEDEAR MCDD AR 51,103.1 (7,235.5) 888.1
MDC PARTNERS-A MDCA US 1,560.7 (380.2) (170.4)
MDC PARTNERS-A MD7A GR 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
METAMATERIAL INC MMAT CN 15.0 (1.6) 2.6
METAMATERIAL INC C4A1 GR 15.0 (1.6) 2.6
METAMATERIAL INC CZQEUR EU 15.0 (1.6) 2.6
METAMATERIAL INC MMATF US 15.0 (1.6) 2.6
MIROMATRIX MEDIC MIRO US 5.4 (4.6) (3.5)
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 9M1N TH 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN MGIEUR EU 4,587.6 (259.2) (35.2)
MONGODB INC MDB* MM 1,377.6 (268.4) 767.3
MONGODB INC MDB US 1,377.6 (268.4) 767.3
MONGODB INC 526 GR 1,377.6 (268.4) 767.3
MONGODB INC MDBEUR EU 1,377.6 (268.4) 767.3
MONGODB INC 526 QT 1,377.6 (268.4) 767.3
MONGODB INC 526 TH 1,377.6 (268.4) 767.3
MONGODB INC 526 GZ 1,377.6 (268.4) 767.3
MONGODB INC- BDR M1DB34 BZ 1,377.6 (268.4) 767.3
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 TH 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MOSI AV 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 MSI1EUR EU 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MTLA GZ 10,423.0 (478.0) 847.0
MSCI INC 3HM GR 4,565.5 (481.6) 881.3
MSCI INC MSCI US 4,565.5 (481.6) 881.3
MSCI INC 3HM GZ 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 SW 4,565.5 (481.6) 881.3
MSCI INC 3HM TH 4,565.5 (481.6) 881.3
MSCI INC-BDR M1SC34 BZ 4,565.5 (481.6) 881.3
MSG NETWORKS- A MSGN US 971.8 (418.9) 358.2
MSG NETWORKS- A 1M4 TH 971.8 (418.9) 358.2
MSG NETWORKS- A 1M4 GR 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
N/A HYREEUR EU 28.8 19.7 19.8
NATHANS FAMOUS NATH US 108.8 (62.5) 80.1
NATHANS FAMOUS NFA GR 108.8 (62.5) 80.1
NATHANS FAMOUS NATHEUR EU 108.8 (62.5) 80.1
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 TH 7,084.0 (3,640.0) 762.0
NAVISTAR INTL IHR GR 7,084.0 (3,640.0) 762.0
NAVISTAR INTL NAV US 7,084.0 (3,640.0) 762.0
NAVISTAR INTL NAVEUR EU 7,084.0 (3,640.0) 762.0
NAVISTAR INTL IHR QT 7,084.0 (3,640.0) 762.0
NAVISTAR INTL IHR GZ 7,084.0 (3,640.0) 762.0
NEIGHBOURLY PHAR NBLY CN 532.3 (239.2) (359.1)
NEUROPACE INC NPCE US 50.3 (15.0) 36.3
NEW ENG RLTY-LP NEN US 290.1 (42.9) -
NOBLE CORP NE US 1,694.9 1,002.6 151.6
NOBLE ROCK ACQ-A NRAC US 243.6 218.7 1.9
NOBLE ROCK ACQUI NRACU US 243.6 218.7 1.9
NORTHERN OIL AND 4LT1 GR 873.2 (180.7) (53.5)
NORTHERN OIL AND NOG US 873.2 (180.7) (53.5)
NORTHERN OIL AND NOG1EUR EU 873.2 (180.7) (53.5)
NORTHERN OIL AND 4LT1 TH 873.2 (180.7) (53.5)
NORTHERN OIL AND 4LT1 GZ 873.2 (180.7) (53.5)
NORTONLIFEL- BDR S1YM34 BZ 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I NLOK US 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 SYMC AV 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYM QT 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I NLOK* MM 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYMCEUR EU 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYM GZ 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I NLOK-RM RM 6,361.0 (500.0) (598.0)
NUTANIX INC - A NTNX US 2,265.6 (746.8) 705.5
NUTANIX INC - A 0NU GZ 2,265.6 (746.8) 705.5
NUTANIX INC - A 0NU GR 2,265.6 (746.8) 705.5
NUTANIX INC - A NTNXEUR EU 2,265.6 (746.8) 705.5
NUTANIX INC - A 0NU TH 2,265.6 (746.8) 705.5
NUTANIX INC - A 0NU QT 2,265.6 (746.8) 705.5
O'REILLY AUT-BDR ORLY34 BZ 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT OM6 TH 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLY* MM 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT OM6 GR 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLY US 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLY AV 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT OM6 QT 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)
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 4PG GZ 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI OTISEUR EU 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI OTIS* MM 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI 4PG TH 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI 4PG QT 10,505.0 (3,286.0) (49.0)
OTIS WORLDWI-BDR O1TI34 BZ 10,505.0 (3,286.0) (49.0)
PARATEK PHARMACE PRTK US 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 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 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 QT 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN 4I1 GZ 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN 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
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 QT 1,865.0 (696.7) 441.0
PLANET FITNESS-A PLNT1EUR EU 1,865.0 (696.7) 441.0
PLANET FITNESS-A 3PL GZ 1,865.0 (696.7) 441.0
PLANTRONICS INC POLY 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 TH 2,664.3 (80.8) 214.0
PLANTRONICS INC PTM QT 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 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)
PROGENITY INC 4ZU TH 128.6 (125.5) 21.1
PROGENITY INC 4ZU GR 128.6 (125.5) 21.1
PROGENITY INC 4ZU QT 128.6 (125.5) 21.1
PROGENITY INC PROGEUR EU 128.6 (125.5) 21.1
PROGENITY INC 4ZU GZ 128.6 (125.5) 21.1
PROGENITY INC PROG US 128.6 (125.5) 21.1
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 GZ 1,389.5 (99.4) 208.1
QUALTRICS INT-A 5DX0 GR 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 194.9 (112.2) (3.0)
QUANTUM CORP QNT2 GR 194.9 (112.2) (3.0)
QUANTUM CORP QTM1EUR EU 194.9 (112.2) (3.0)
QUANTUM CORP QNT2 TH 194.9 (112.2) (3.0)
RADIUS HEALTH IN RDUS US 205.1 (216.0) 114.3
RADIUS HEALTH IN 1R8 TH 205.1 (216.0) 114.3
RADIUS HEALTH IN RDUSEUR EU 205.1 (216.0) 114.3
RADIUS HEALTH IN 1R8 QT 205.1 (216.0) 114.3
RADIUS HEALTH IN 1R8 GR 205.1 (216.0) 114.3
RAPID7 INC RPD US 1,222.7 (81.2) 390.3
RAPID7 INC R7D GR 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* MM 1,222.7 (81.2) 390.3
REVLON INC-A REV US 2,430.9 (1,958.7) 278.3
REVLON INC-A RVL1 GR 2,430.9 (1,958.7) 278.3
REVLON INC-A REV* MM 2,430.9 (1,958.7) 278.3
REVLON INC-A REVEUR EU 2,430.9 (1,958.7) 278.3
REVLON INC-A RVL1 TH 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 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 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 SBAC* MM 9,763.5 (5,031.5) (170.8)
SBA COMM CORP 4SB GZ 9,763.5 (5,031.5) (170.8)
SBA COMM CORP 4SB TH 9,763.5 (5,031.5) (170.8)
SBA COMMUN - BDR S1BA34 BZ 9,763.5 (5,031.5) (170.8)
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
SCIENTIFIC GAMES TJW GZ 7,856.0 (2,521.0) 1,240.0
SEAWORLD ENTERTA SEASEUR EU 2,573.4 (145.8) 161.0
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
SECOND SIGHT MED EYES US 4.5 (0.7) (0.9)
SECOND SIGHT MED EYESEUR EU 4.5 (0.7) (0.9)
SECOND SIGHT MED 24PA GR 4.5 (0.7) (0.9)
SELECTA BIOSCIEN SELB US 176.7 (19.6) 78.5
SELECTA BIOSCIEN 1S7 GR 176.7 (19.6) 78.5
SELECTA BIOSCIEN SELBEUR EU 176.7 (19.6) 78.5
SELECTA BIOSCIEN 1S7 TH 176.7 (19.6) 78.5
SELECTA BIOSCIEN 1S7 GZ 176.7 (19.6) 78.5
SENSEONICS HLDGS SENS US 195.9 (185.9) 175.6
SENSEONICS HLDGS 6L6 GR 195.9 (185.9) 175.6
SENSEONICS HLDGS SENS1EUR EU 195.9 (185.9) 175.6
SENSEONICS HLDGS 6L6 TH 195.9 (185.9) 175.6
SENSEONICS HLDGS 6L6 GZ 195.9 (185.9) 175.6
SHELL MIDSTREAM SHLX US 2,322.0 (467.0) 325.0
SHOALS TECHNOL-A SHLS US 252.3 (42.9) 45.0
SIENTRA INC SIEN3EUR EU 198.4 (12.9) 89.6
SIENTRA INC SIEN US 198.4 (12.9) 89.6
SIENTRA INC S0Z GR 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 SBGIEUR EU 13,132.0 (998.0) 2,048.0
SINCLAIR BROAD-A SBTA GZ 13,132.0 (998.0) 2,048.0
SINGULAR GENOMIC OMIC US 155.6 (4.2) 143.6
SIRIUS XM HO-BDR SRXM34 BZ 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN RDO GR 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN RDO TH 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN SIRI US 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN SIRI AV 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN RDO QT 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN RDO GZ 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN SIRIEUR EU 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)
SOFTCHOICE CORP SFTC CN 533.0 (31.2) (12.1)
SOFTCHOICE CORP 90Q GR 533.0 (31.2) (12.1)
SOFTCHOICE CORP SFTCEUR EU 533.0 (31.2) (12.1)
SQUARESPACE IN-A SQSP US 872.5 (45.5) (71.1)
STAR ALLIANCE IN STAL US 0.5 (0.2) (0.7)
STARBUCKS CORP SBUX* MM 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SRB GR 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SRB TH 28,371.7 (7,648.3) 474.4
STARBUCKS CORP USSBUX KZ 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX PE 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX US 28,371.7 (7,648.3) 474.4
STARBUCKS CORP 0QZH LI 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 SBUX SW 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SRB QT 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 CI 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUX-RM RM 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUXCL CI 28,371.7 (7,648.3) 474.4
STARBUCKS-BDR SBUB34 BZ 28,371.7 (7,648.3) 474.4
STARBUCKS-CEDEAR SBUX AR 28,371.7 (7,648.3) 474.4
STARBUCKS-CEDEAR SBUXD AR 28,371.7 (7,648.3) 474.4
SWITCHBACK II CO SWBK/U US 317.9 5.0 1.2
SWITCHBACK II-A SWBK US 317.9 5.0 1.2
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)
TPG PACE BENEFIC YTPG US 1.4 (0.0) (0.0)
TPG PACE SOLUTIO TPGS US 1.4 (0.0) (0.0)
TRANSAT A.T. TRZ CN 1,862.3 (66.0) (127.8)
TRANSAT A.T. TRZBF US 1,862.3 (66.0) (127.8)
TRANSAT A.T. 1TJ GR 1,862.3 (66.0) (127.8)
TRANSAT A.T. TRZEUR EU 1,862.3 (66.0) (127.8)
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 TDGEUR EU 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP T7D QT 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP T7D TH 18,739.0 (3,521.0) 4,778.0
TRANSDIGM GROUP TDG* MM 18,739.0 (3,521.0) 4,778.0
TRANSPHORM INC TGAN US 18.1 (25.1) (12.8)
TRAVEL + LEISURE TNL US 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A TH 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A QT 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WYNEUR EU 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE 0M1K LI 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A GR 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A GZ 6,728.0 (976.0) 3,073.0
TREACE MEDICAL C TMCI US 37.4 (0.7) 27.9
TREACE MEDICAL C 7DW TH 37.4 (0.7) 27.9
TREACE MEDICAL C 7DW GR 37.4 (0.7) 27.9
TREACE MEDICAL C TMCIEUR EU 37.4 (0.7) 27.9
TREATMENT.COM IN TRUE CN 1.5 1.2 1.2
TREATMENT.COM IN 939 GR 1.5 1.2 1.2
TREATMENT.COM IN TRUE2EUR EU 1.5 1.2 1.2
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 US 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP TH 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP1EUR EU 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP QT 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP GZ 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP SW 1,226.9 (153.3) (317.6)
UBIQUITI INC UI US 893.0 (60.2) 440.3
UBIQUITI INC 3UB GR 893.0 (60.2) 440.3
UBIQUITI INC 3UB GZ 893.0 (60.2) 440.3
UBIQUITI INC UBNTEUR EU 893.0 (60.2) 440.3
UBIQUITI INC 3UB TH 893.0 (60.2) 440.3
UNISYS CORP UISCHF EU 2,456.7 (285.8) 550.7
UNISYS CORP USY1 TH 2,456.7 (285.8) 550.7
UNISYS CORP USY1 GR 2,456.7 (285.8) 550.7
UNISYS CORP UIS US 2,456.7 (285.8) 550.7
UNISYS CORP UIS1 SW 2,456.7 (285.8) 550.7
UNISYS CORP UISEUR EU 2,456.7 (285.8) 550.7
UNISYS CORP USY1 GZ 2,456.7 (285.8) 550.7
UNISYS CORP USY1 QT 2,456.7 (285.8) 550.7
UNITI GROUP INC 8XC GR 4,781.8 (2,153.7) -
UNITI GROUP INC 8XC TH 4,781.8 (2,153.7) -
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 GZ 4,781.8 (2,153.7) -
VALVOLINE INC VVV US 2,921.0 (56.0) 520.0
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
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 TH 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGREUR EU 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR QT 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR GZ 1,403.6 (656.5) 392.3
VERA THERAPEUTIC VERA US 51.8 46.3 47.8
VERISIGN INC VRS TH 1,782.9 (1,403.8) 225.3
VERISIGN INC VRSN US 1,782.9 (1,403.8) 225.3
VERISIGN INC VRS GR 1,782.9 (1,403.8) 225.3
VERISIGN INC VRSN* MM 1,782.9 (1,403.8) 225.3
VERISIGN INC VRS QT 1,782.9 (1,403.8) 225.3
VERISIGN INC VRS GZ 1,782.9 (1,403.8) 225.3
VERISIGN INC VRSNEUR EU 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
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 WTI1EUR EU 949.7 (208.6) (26.2)
W&T OFFSHORE INC UWV TH 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 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 W US 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A W* MM 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF GZ 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF GR 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF TH 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A WEUR EU 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF QT 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 WING US 217.8 (331.7) 33.0
WINGSTOP INC EWG GR 217.8 (331.7) 33.0
WINGSTOP INC WING1EUR EU 217.8 (331.7) 33.0
WINGSTOP INC EWG GZ 217.8 (331.7) 33.0
WINMARK CORP WINA US 30.7 (12.8) 5.6
WINMARK CORP GBZ GR 30.7 (12.8) 5.6
WW INTERNATIONAL WW US 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WW6 GR 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WTW AV 1,436.4 (555.8) (76.2)
WW INTERNATIONAL 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 WW6 GZ 1,436.4 (555.8) (76.2)
WYNN RESORTS LTD WYR GR 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYR TH 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 QT 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-BDR W1YN34 BZ 13,166.9 (202.9) 1,879.9
YELLOW CORP YELL US 2,354.5 (281.2) 280.3
YELLOW CORP YEL GR 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 YEL1 TH 2,354.5 (281.2) 280.3
YELLOW CORP YEL GZ 2,354.5 (281.2) 280.3
YUM! BRANDS -BDR YUMR34 BZ 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR TH 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR GR 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUM US 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 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 YUMUSD SW 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR GZ 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUM* MM 5,550.0 (7,912.0) (25.0)
ZETA GLOBAL HO-A ZETA US 286.3 (85.0) 37.4
*********
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
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available at your local bookstore or through Amazon.com. Go to
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
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Point your Web browser to http://TCRresources.bankrupt.com/and use
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*********
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
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Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
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*** End of Transmission ***