/raid1/www/Hosts/bankrupt/TCR_Public/210706.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, July 6, 2021, Vol. 25, No. 186
Headlines
801 ASBURY AVENUE: Seeks to Hire Wealthcare Financial as Accountant
ADVAXIS INC: Stockholders Reject Stock Split Proposal
AIKIDO PHARMA: Extends CEO's Employment Until 2024
AMERICAN AXLE: Moody's Affirms B1 CFR & Alters Outlook to Positive
AT HOME GROUP: CAS Asks Board to Waive Nominations Deadline
AVID BIOSERVICES: Appoints Dr. Esther Alegria to Board of Directors
AYTU BIOSCIENCE: Signs $466K Asset Purchase Agreement With UAB
BGS WORKS: Unsecured Creditors to Be Paid in Full With Interest
BSK HOSPITALITY: Seeks to Hire Wolf Rifkin as Legal Counsel
BUCKINGHAM SENIOR LIVING: Chapter 11 Plan to Reduce Debt by $16.2M
BUCKINGHAM SENIOR LIVING: Gets $1.5M Interim DIP Loan from UMB
BYRNA TECHNOLOGIES: Posts $2 Million Net Income in Second Quarter
C2R GLOBAL: Unsecureds Under $10K to Be Paid in Full w/o Interest
CARLYLE GLOBAL 2016-3: Moody's Assigns B3 Rating to Cl. F-RR Notes
CAST & CREW: Moody's Hikes CFR to B3 on Solid Profitability
CEL-SCI CORP: Shareholders Approve All Proposals at Annual Meeting
CENTER CITY: Hospital Owner Fires Administrators
CLARIOS GLOBAL: Fitch Affirms 'B' LT IDR & Alters Outlook to Stable
CONNOR FOREST: Seeks Approval to Tap George B. Goyke as Counsel
CONTINENTAL COUNTRY: Has Continued Access to Sunwest Bank's Cash
CORP GROUP: July 12 Deadline Set for Panel Questionnaires
CRAVE BRANDS: Gets Court Nod to Use Cash Collateral Thru July 14
CRESTVIEW RETIREMENT: Fitch Rates $46MM 2016 Revenue Bonds 'BB+'
CYPRUS MINES: FCR Seeks Approval to Tap Berkeley Research Group
CYPRUS MINES: FCR Seeks to Hire Province as Financial Advisor
CYPRUS MINES: FCR Seeks to Tap Anderson Kill as Insurance Counsel
DEARBORN REAL: All Classes Unimpaired Under Plan
DECO ENTERPRISES: Court Confirms Amended Chapter 11 Plan
DOOR STYLES: Unsecureds Will Get 5% of Claims Over 36 Months
DULUTH ISD 709: Moody's Assigns Ba1 Rating to $31.5MM GO Bonds
ECOARK HOLDINGS: Posts $20.9 Million Net Loss in Fiscal 2021
EVERYTHING BLOCKCHAIN: Completes Acquisition of 832 Energy
FAMILY FRIENDLY: Seeks to Tap George S. Magas CPA PC as Accountant
FL SUNSHINE SERVICES: Obtains Continued Access to Cash Collateral
FORMETAL COMPANY: Case Summary & 20 Largest Unsecured Creditors
FREDERICK LLC: Seeks to Tap Fitzgerald Attorneys at Law as Counsel
FRONTIER COMMUNICATIONS: Copyright Case Pursued in District Court
FTE NETWORKS: Receives Notice of Default From Lender
FUTURUM COMMUNICATIONS: Wins Final Cash Access Thru August 31
GB SCIENCES: Delays Filing of Fiscal 2021 Annual Report
GIRARDI & KEESE: Erika Objects Transfer of Tom's $20 Mil. NFL Cases
GREATER HOUSTON POOL: Gets 60-Day Access to Cash Collateral
GTT COMMUNICATIONS: Common Stock to be Delisted From NYSE
GUNSMOKE LLC: Hires Rubin Brown as Tax Service Provider
GVS TEXAS: Wins Cash Collateral Access Thru Aug. 1
GYPSUM RESOURCES: Unsecureds to Get Proceeds from Sale & Litigation
HASTINGS AND HOLLOWELL: Has OK to Use Southern Bank, et al.'s Cash
HENRY A. RODRIGUEZ: May Use Cash Collateral Thru July 15
HILLTOP AT DIA: Seeks to Hire Onsager Fletcher Johnson as Counsel
HOTEL OXYGEN: Creditors to Get Proceeds From Liquidation
ICONIX BRAND: Unit to Sell IP Property in India for US$22 Million
IFRESH INC: Delays Filing of Fiscal 2021 Annual Report
ION GEOPHYSICAL: Two New Directors Appointed to Board
ISIS MEDICAL: Seeks to Hire Delk Rutherford as Accountant
J.J.W. METAL: Taps Intelligence & Investigations as Consultant
JACOBS TOWING: Bankr. Administrator Unable to Appoint Committee
KESSER ABRAHAM: U.S. Trustee Unable to Appoint Committee
KNOTEL INC: Second Amended Liquidating Plan Confirmed by Judge
KORNBLUTH TEXAS: Voluntary Chapter 11 Case Summary
LEXARIA BIOSCIENCE: All Four Proposals Approved at Annual Meeting
LUCKY BUCKS: Moody's Assigns B2 CFR & Rates New $500MM Term Loan B2
METROPOLITAN PIER: Fitch Rates $835MM 2022A Bond 'BB+'
MIDTOWN DEVELOPMENT: Taps Moglia Advisors as Financial Advisor
MT QUEENS: Gets Approval to Hire Del Prete and Cheng as Accountant
MVK INTERMEDIATE: S&P Affirms 'CCC+' ICR, Outlook Negative
NATURALSHRIMP INC: Investor Buys Additional 7.5M Common Shares
NEELKANTH HOTELS: May Use Cash Collateral Thru September 30
NFP CORP: Moody's Alters Outlook on B3 CFR to Negative
OCEANVIEW MOTEL: Unsecureds to Get 100% Via Quarterly Payments
OFS INTERNATIONAL: OFS Int'l. Appointed as New Committee Member
ONDAS HOLDINGS: Pays in Full $7.6M Loan Under Steward Capital Pact
ORIGINAL RIVERFRONT: Wins Cash Access Until Plan Confirmation
PANBELA THERAPEUTICS: Closes $10M Bought Deal Stock Offering
PIKES PEAK 8: Moody's Assigns Ba3 Rating to $18MM Class E Notes
POGO ENERGY: Seeks Interim Cash Collateral Access Thru July 30
POLYMER INSTRUMENTATION: U.S. Trustee Unable to Appoint Committee
PROVIDENT GROUP: Moody's Puts Ba3 Rating on Review for Downgrade
QUOTIENT LIMITED: Peter Buhler to Step Down as CFO
RENNOVA HEALTH: Gets 14K Series B Preferred Shares From VisualMED
RIDGETOP AG: Seeks to Hire Krekeler Strother as Legal Counsel
RIGHT ON BRANDS: Delays Filing of Annual Report Due to Pandemic
RIVERSTREET VENTURES: Seeks to Tap Simon Peragine Smith as Counsel
RND PROPERTIES: U.S. Trustee Unable to Appoint Committee
ROYAL BLUE: Seeks Approval to Hire ADG Architecture & Design
ROYAL BLUE: Seeks to Tap Lester Bleckner & Shaw as Special Counsel
SANUWAVE HEALTH: Maj-Britt Kaltoft Quits as Director
SEANERGY MARITIME: Board Declares Dividend, Adopts Rights Plan
SHILO INN: Plan Exclusivity Extended Until August 11
SLIDEBELTS INC: May Use Cash Collateral Thru Oct. 3
SPARTAN BIOSCIENCE: Gets CCAA Initial Stay; E&Y Named Trustee
TALK OF THE TOWN: Seeks to Hire Brian K. McMahon as Counsel
TD HOLDINGS: Regains Compliance With Nasdaq's Listing Requirements
TIMBER PHARMACEUTICALS: All 4 Proposals Approved at Annual Meeting
U.S. SILICA: To Receive $128 Million as Fees Dispute Settlement
VANTAGE DRILLING: Names Linda Ibrahim as Chief Accounting Officer
VERANO RECOVERY: Seeks to Hire Cline Carroll as Accountant
WALTER ENERGY: Creditors Can Argue Unfair Enrichment Claim
WASHINGTON PRIME: Moody's Affirms Ca CFR Amid Bankruptcy Filing
WASHINGTON PRIME: Olshan Frome Represents Shareholders
WESTERN URANIUM: All Proposals Passed at Annual Meeting
WOK HOLDINGS: Fitch Affirms 'CCC+' LongTerm IDR, Outlook Positive
[*] Commercial Bankruptcy Filings Up 11% in June 2021
[*] Demetra Liggins Joins McGuireWoods' Insolvency Department
[*] Mina Mar Exits from Chapter 11 Financing for OTC Issuers
[^] Large Companies with Insolvent Balance Sheet
*********
801 ASBURY AVENUE: Seeks to Hire Wealthcare Financial as Accountant
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801 Asbury Avenue, LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to employ Wealthcare Financial
Group, LLC as accountant.
The firm will provide these services:
a. assist the Debtor with the maintenance of books and records;
b. complete the monthly operating reports required by the Office
of the U.S. Trustee;
c. prepare cash collateral budgets and reconciliations; and
d. prepare tax returns and financial statements.
The firm's hourly rates are as follows:
Timothy Sundstrom $325 per hour
Staffs $125 per hour
Bookkeeping services $75 per hour
Wealthcare will be reimbursed for out-of-pocket expenses incurred.
Timothy Sundstrom, a partner at Wealthcare, 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:
Timothy J. Sundstrom
Wealthcare Financial Group, LLC
500d Abbott Drive
Broomall, PA 19008
Tel: (610) 544-6100
About 801 Asbury Avenue
801 Asbury Avenue, LLC is a New Jersey limited liability
corporation which owns and operates commercial real property in
Ocean City.
801 Asbury Avenue sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 21-14401) on May 26, 2021.
In the petition signed by James McCallion, sole member, the Debtor
disclosed up to $10 million in both assets and liabilities. Judge
Andrew B. Altenburg, Jr. oversees the case. Smith Kane Holman, LLC
and Wealthcare Financial Group, LLC serve as the Debtor's legal
counsel and accountant, respectively.
ADVAXIS INC: Stockholders Reject Stock Split Proposal
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At the Reconvened 2021 Annual Meeting of Stockholders of Advaxis,
Inc. on July 1, 2021, the stockholders did not approve an amendment
to the Amended and Restated Certificate of Incorporation to effect
a reverse stock split of the Company's common stock at a ratio
determined by the Board of Directors within a range of one-for-five
to one-for-fifteen, without reducing the authorized number of
shares of our common stock, to be effected in the sole discretion
of the Board of Directors at any time within one year of the date
of the 2021 Annual Meeting of Stockholders without further approval
or authorization of stockholders.
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.
AIKIDO PHARMA: Extends CEO's Employment Until 2024
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The Compensation Committee of the Board of Directors of Aikido
Pharma, Inc. entered into an amendment to the employment agreement
between the Company and its chief executive officer, Anthony Hayes,
dated Sept. 6, 2013, as amended on April 1, 2016 and Oct. 9, 2017,
which became effective on July 1, 2021.
The Amendment provides that the term of the Employment Agreement
shall be extended to June 28, 2024 and that Mr. Hayes' executive
compensation will be increased to $500,000 annually. Mr. Hayes
will also be entitled to certain additional milestone and
performance based fees, as described in the Amendment.
All other terms of the Employment Agreement shall remain in full
force and effect.
About Aikido Pharma
Headquartered in New York, NY, Aikido Pharma Inc. fka Spherix
Incorporated -- http://www.spherix.com-- was initially formed in
1967 and is currently a biotechnology company seeking to develop
small-molecule anti-cancer therapeutics. The Company's activities
generally include the acquisition and development of technology
through internal or external research and development. In
addition, the Company seeks to acquire existing rights to
intellectual property through the acquisition of already issued
patents and pending patent applications, both in the United States
and abroad. The Company may alone, or in conjunction with others,
develop products and processes associated with technology
development. Recently, the Company has invested in and helped
develop technology with Hoth Therapeutics, Inc., DatChat, Inc. and
with its recent asset acquisition with CBM BioPharma, Inc. in
December 2019.
Aikido Pharma reported a net loss of $12.34 million for the year
ended Dec. 31, 2020, compared to a net loss of $4.18 million for
the year ended Dec. 31, 2019. As of March 31, 2021, the Company
had $104.93 million in total assets, $559,000 in total liabilities,
and $104.37 million in total stockholders' equity.
AMERICAN AXLE: Moody's Affirms B1 CFR & Alters Outlook to Positive
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Moody's Investors Service affirmed the ratings of American Axle &
Manufacturing, Inc. - corporate family rating at B1, Probability of
Default Rating at B1-PD, senior secured rating at Ba2 and senior
unsecured rating at B2. The Speculative Grade Liquidity Rating
remains SGL-2. The outlook was changed to positive from negative.
The rating action reflects Moody's expectation for a sustained
rebound in operating results as global light vehicle volumes
continue to recover though likely not approaching prior peak
production levels until mid-decade. American Axle is benefiting
from consumers' preference for light trucks and SUVs, especially in
North America where the company has heavy concentration. Margins
and free cash flow will benefit from improving operating leverage,
prior cost-saving restructurings and a sharply reduced new product
launch schedule following a 3+ year period of higher investment.
RATINGS RATIONALE
American Axle's ratings reflect a strong competitive position as a
supplier of driveline and metal forming products that skew towards
higher margin light trucks and SUVs/CUVs which continue to increase
as a percentage of global vehicle production. While revenues are
still heavily reliant on internal combustion engine platforms, the
company's products correlate with increasing demand for fuel
efficiency and emissions reductions with focus on axle efficiency,
vehicle light weighting and all-wheel drive applications.
Additionally, American Axle is gradually aligning itself with the
auto industry's transition to alternative propulsion with
development of hybrid and electric driveline systems and
components. Electrification/e-Drive wins represent roughly 15% of
the company's three-year new business backlog, with increasing
quoted and emerging opportunities.
The ratings also consider reliance on one region (North America
represents approximately 80% of revenues) and a limited number of
customers with nearly 40% of revenues generated from General Motors
Company (GM), 20% from Stellantis N.V. (Stellantis, formerly FCA)
and 12% from Ford Motor Company (Ford). However, customer
concentration is partially mitigated by American Axle's meaningful
driveline content on top-selling light truck and SUV platforms such
as the GM Silverado and Sierra, the Stellantis HD Ram truck series,
and the Nissan Titan, and additional content on the Ford F-Series
and the Ford Explorer.
Debt-to-EBITDA is currently above 5x (inclusive of Moody's standard
adjustments) but expected to fall towards the mid-4x range by
year-end 2021 boosted by stronger earnings and additional debt
repayment in the second half of this year likely from what is now a
large cash position of over $600 million. Free cash flow, recently
elevated due to the unwind of working capital and cash preservation
moves in 2020, is expected to moderate in the $150 million - $200
million range with the return of growth and a more normalized cash
generation cycle.
The positive outlook reflects Moody's expectation that the recovery
of automotive vehicle volumes will continue in North America
through 2022, supporting improvement in operating results. The
positive outlook also anticipates that solid free cash flow
generation will be largely utilized for debt repayment, with the
possibility of smaller tuck-in acquisitions to supplement increased
penetration of electric driveline markets.
The SGL-2 Speculative Grade Liquidity Rating reflects good
liquidity supported by cash of over $600 million at March 31, 2021
and nearly $900 million of availability under the $925 million
revolving credit facility set to expire July 2024. Moody's
estimates that the company's run-rate cash position is in the $400
million range but is currently elevated to provide enhanced
financial flexibility due to lingering post-pandemic uncertainty
and the uneven recovery in vehicle production levels. Following an
amendment in April 2020, the financial covenants under the secured
credit facilities were adjusted to provide additional cushion
through March 2022. Moody's anticipates annual free cash flow to
exceed $150 million over the next couple of years even with
increased investment in working capital and capital expenditures as
well as restructuring payments.
Moody's took the following actions on American Axle &
Manufacturing, Inc.:
Corporate Family Rating, affirmed at B1
Probability of Default Rating, affirmed at B1-PD
Senior Secured Bank Credit Facility, affirmed at Ba2 (LGD2)
Senior Unsecured Regular Bond/Debenture, affirmed at B2 (LGD5)
Outlook, changed to Positive from Negative
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded with expectations for continued
revenue and earnings growth, with an EBITA Margin in the
high-single digit range and free cash flow-to-debt sustained above
10%. Expectations for EBITA-to-interest to be maintained above 3x
and debt-to-EBITDA below 3.5x, while maintaining a good liquidity
profile, could also result in positive rating actions. Progress in
improving diversification as well as a strategy that will enable
increased participation in the OEMs' move to alternative propulsion
drivetrains, primarily through the new business backlog, would also
be viewed favorably. Ratings could be downgraded if
EBITA-to-interest is expected to remain below 1.5x or
debt-to-EBITDA remains above 4.5x into the first half of 2022. A
deteriorating liquidity position or sharply lower free cash flow
could also pressure ratings.
American Axle's role in the automotive and automotive manufacturing
industries exposes the company to material environmental risks
arising from increasing regulations on carbon emissions. Automotive
manufacturers continue to introduce electrified products to meet
increasingly stringent regulatory requirements. To help meet these
requirements, American Axle provides products that improve fuel
efficiency and reduce CO2 emissions for internal combustion
engines. Additionally, the company has begun production of hybrid
and electric driveline systems which will grow with increased
production of electrified vehicles.
The company has demonstrated a commitment to debt reduction with
nearly $900 million of senior debt repayments since the Metaldyne
Performance Group Inc. acquisition in April 2017. Moody's
anticipates additional debt repayment as free cash flow strengthens
and the balance sheet cash position normalizes. In addition, there
is currently no dividend program or share buyback authorization in
place, highlighting management's emphasis on strengthening the
balance sheet.
The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.
American Axle & Manufacturing Holdings, Inc. is a global Tier 1
supplier to the automotive industry that provides driveline and
metal forming products designed to make the next generation of
vehicles lighter, safer and more efficient. Revenues for the latest
twelve months ended March 31, 2021 were approximately $4.8
billion.
American Axle & Manufacturing, Inc., is the US debt issuer
supporting the global operations of American Axle & Manufacturing
Holdings, Inc.
AT HOME GROUP: CAS Asks Board to Waive Nominations Deadline
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CAS Investment Partners LLC wrote a letter to the Board of
Directors of At Home Group Inc. requesting that the Board waive the
deadline for CAS to submit nominations in connection with the
company's rescheduled 2021 annual meeting of stockholders.
As At Home Group previously announced, the annual meeting will only
be held if the acquisition of the company by affiliates of Hellman
& Friedman is not completed. In the event that the annual meeting
is held, At Home Group will permit stockholders to submit
nominations within a window that the company will announce at the
time the rescheduled annual meeting is announced.
About At Home Group Inc.
At Home Group Inc. (NYSE: HOME) is a home decor retailer offering
more than 50,000 on-trend home products to fit any budget or style,
from furniture, mirrors, rugs, art and housewares to tabletop,
patio and seasonal decor. At Home is headquartered in Plano,
Texas, and currently operates 219 stores in 40 states.
At Home Group reported a net loss of $149.73 for the fiscal year
ended Jan. 30, 2021, compared to a net loss of $214.43 for the
fiscal year ended Jan. 25, 2020. As of May 1, 2021, the Company
had $2.59 billion in total assets, $2.04 billion in total
liabilities, and $546.20 million in total stockholders' equity.
AVID BIOSERVICES: Appoints Dr. Esther Alegria to Board of Directors
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Avid Bioservices, Inc. has appointed Esther M. Alegria, Ph.D., as
an independent member of the Company's board of directors.
Dr. Alegria has nearly 30 years of biopharmaceutical industry
experience spanning research and development, manufacturing,
quality control, assurance and compliance, technology transfer and
regulatory submissions supporting the development and
commercialization of small and large molecule therapeutics and
vaccines.
"I am happy to express the board's excitement in welcoming Dr.
Alegria as a new director," said Joseph Carleone, Ph.D., Avid's
chairman of the board. "We are all looking forward to working
alongside Dr. Alegria and tapping into her vast biopharma industry
expertise."
"Dr. Alegria has a broad and impressive professional background
with experience that spans every aspect of the biopharmaceutical
industry that is relevant to Avid's CDMO business. This includes a
tour as the senior vice president of global manufacturing at
Biogen, a role in which she oversaw the manufacturing of a wide
range of products including large-scale drug substances, as well as
small molecule therapeutics, in world-class facilities around the
globe," said Nicholas Green, president and chief executive officer
of Avid Bioservices. "The array of insight and guidance that she
will be able to impart on our team based on her track record of
success will be invaluable as we continue to execute against our
growth strategy for the business."
Dr. Alegria said, "I am thrilled to have the opportunity to join
the Avid board, which I believe is one of the most accomplished
collection of directors within the CDMO industry. Avid has made
great strides over the past few years in establishing itself as a
leader in this space and I am excited to offer the team my
experience to support the company's continued growth."
Dr. Alegria currently serves as the chief executive officer of APIE
Therapeutics, leading a team of seasoned industry experts focused
on advancing novel treatments for idiopathic pulmonary fibrosis and
heart failure toward clinical development. Prior to joining APIE,
she was president and senior executive biopharmaceutical advisor at
Catalyst Excel & Advance, an advisory firm providing operational
guidance to senior executives working to launch new pharmaceutical
and biopharmaceutical companies. In this role, Dr. Alegria
leveraged her nearly 30 years of experience in research and
development through commercialization to offer counsel to
executives on topics including manufacturing, quality and process
development.
She previously served as senior vice president of global
manufacturing at Biogen, where she was responsible for the
company's successful manufacturing operations in Denmark,
Massachusetts and North Carolina. These facilities covered the
production of large-scale drug substances, medical device
assemblies, finished goods, and small-molecule manufacturing
operations. Dr. Alegria has also held positions of increasing
responsibility in the R&D Wyeth Organization (now Pfizer), where
she earned the company award for analytical technology in the
development and launch of Prevnar. She holds a Ph.D. in chemistry
from the University of Hawaii and an executive business management
certification from Harvard Business School.
Dr. Alegria will receive compensation for her service as a
non-employee director in accordance with the Company's director
compensation program, comprised of an annual board retainer of
$55,000 and an initial equity under the Company's 2018 Omnibus
Incentive Plan comprised of (i) a restricted stock unit under the
Plan and (ii) non-qualified option to purchase common stock of the
Company under the Plan, having a total grant date fair value equal
to $170,000 and each of which shall vest in three equal annual
installments on the anniversary of Dr. Alegria's appointment to the
Board, subject to continued service as a director of the Company.
About Avid Bioservices
Avid Bioservices -- http://www.avidbio.com-- is a dedicated
contract development and manufacturing organization (CDMO) focused
on development and CGMP manufacturing of biopharmaceutical drug
substances derived from mammalian cell culture. The company
provides a comprehensive range of process development, CGMP
clinical and commercial manufacturing services for the
biotechnology and biopharmaceutical industries. With over 28 years
of experience producing monoclonal antibodies and recombinant
proteins, Avid's services include CGMP clinical and commercial drug
substance manufacturing, bulk packaging, release and stability
testing and regulatory submissions support. For early-stage
programs, the company provides a variety of process development
activities, including upstream and downstream development and
optimization, analytical methods development, testing and
characterization. The scope of its services ranges from standalone
process development projects to full development and manufacturing
programs through commercialization.
Avid Bioservices reported net income of $11.21 million for the year
ended April 30, 2021, a net loss of $10.47 million for the year
ended April 30, 2020, a net loss of $4.21 million for the year
ended April 30, 2019, and a net loss of $21.81 million for the year
ended April 30, 2018. As of April 30, 2021, the Company had
$265.51 million in total assets, $187.77 million in total
liabilities, and $77.74 million in total stockholders' equity.
AYTU BIOSCIENCE: Signs $466K Asset Purchase Agreement With UAB
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Aytu BioPharma, Inc. has signed an asset purchase agreement with
UAB "Caerus Biotechnologies" pursuant to which UAB will acquire all
existing intellectual property rights, technical information and
know-how related to the MiOXSYS Analyzer and MiOXSYS Sensors as
well as all existing inventory of the products and all rights
attached and related to the products and manufacturing thereof.
As consideration, UAB agreed to pay Aytu BioPharma $466,001 and
make royalty payments to the company of five percent of net global
revenue of the products for five years from the closing date of the
transactions contemplated in the asset purchase agreement.
Termination of Avrio License Agreement
On July 1, 2021, Aytu BioPharma and Avrio Genetics, LLC mutually
agreed to terminate, effective as of June 29, 2021, that certain
exclusive license agreement entered into by the parties on Jan. 20,
2021, as amended on Feb. 4, 2021 and March 4, 2021. Pursuant to
the terms of the termination agreement, the license agreement is
terminated in its entirety except for certain provisions.
About Aytu BioScience
Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) --
http://www.aytubio.com-- is a commercial-stage specialty
pharmaceutical company focused on commercializing novel products
that address significant patient needs. The company currently
markets a portfolio of prescription products addressing large
primary care and pediatric markets. The primary care portfolio
includes (i) Natesto, an FDA-approved nasal formulation of
testosterone for men with hypogonadism, (ii) ZolpiMist, an
FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra
XR, an FDA-approved 12-hour codeine-based antitussive syrup.
Aytu Bioscience reported a net loss of $13.62 million for the year
ended June 30, 2020, compared to a net loss of $27.13 million for
the year ended June 30, 2019. As of Dec. 31, 2020, the Company had
$166.74 million in total assets, $54.05 million in total
liabilities, and $112.69 million in total stockholders' equity.
BGS WORKS: Unsecured Creditors to Be Paid in Full With Interest
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BGS Works, Inc., filed with the U.S. Bankruptcy Court for the
Central District of California a Disclosure Statement describing
Chapter 11 Plan of Reorganization dated July 1, 2021.
This case was filed in order to stop a foreclosure sale of the
Debtor's real property by Danmor and for the Debtor to secure DIP
financing in order to complete the project - which will benefit the
estate and inure to the benefit of the estate creditors. The sale
proceeds will enable the DIP to reorganize its financial affairs
and result in payment of all debts in full.
Prior to the instant filing, the Debtor expected Danmor to provide
the additional funds to complete the construction, however Danmor
inevitably refused to commit to the additional financing. The home
is approx. 70% complete. Like many construction projects, the
project was ultimately delayed and slightly over budget due to a
conflict with the Los Angeles City inspector assigned to the
project. The inspection initially forced the Debtor to make further
alleged "mandatory building requirements" that were not part of the
original City approved plans.
Class 1 consists of the Secured Claim of Danmor Investments, Inc.
Claimant asserts that it holds the first deed of trust on the
Property in the amount of approximately $625,000. Claimant is
providing additional postpetition financing of $760,000. Class 1
will be paid in full from the sale of the Property and pursuant to
the pending financing agreement.
Class 2 consists of the Secured Claim of USTDS, Inc. Claimant
asserts that it holds the second deed of trust on the Property in
the amount of approximately $725,000. Class 2 will be paid in full
from the sale of the Property.
Class 3 consists of the Secured Claim of Rivera Hauling, Inc.
Claimant asserts that it holds a mechanics lien as the third lien
on the Property in the amount of approximately $71,525. Class 3
will be paid in full from the sale of the Property.
Class 4 consists of the Secured Claim of Sunbelt Rental, Inc.
Claimant asserts that it holds mechanics lien as the fourth lien on
the Property in the amount of approximately $62,176.27. Class 4
will be paid in full from the sale of the Property.
Class 6 consists of the General Unsecured Claims. In the present
case, the Debtor estimates that Class 6 general unsecured claims
total approximately $127,123.69. Class 6 will be paid in full with
1.5% interest (est. $128,159) amortized over 12-months from the
sale of the Property.
The Debtor's owner will retain his ownership interest in the
Debtor.
The Debtor will fund the Plan from the proceeds from the sale of
the Property, its business operations, and the funds it has/will
have accumulated in its Debtor-in-Possession bank accounts.
The Debtor believes that with the additional financing of $760,000
available to it, it will be able to complete the construction. The
Budget estimates that the Debtor will use $603,850 to finish
construction. The revised Budget takes into account the increased
cost of materials and labor due to the Covid-19 pandemic and
overestimates the costs to ensure that the Debtor stays within
budget.
A full-text copy of the Disclosure Statement dated July 1, 2021, is
available at https://bit.ly/3hH4TMu from PacerMonitor.com at no
charge.
Attorneys for debtor BGS Works, Inc.:
Matthew D. Resnik
W. Sloan Youkstetter
RESNIK HAYES MORADI LLP
17609 Ventura Blvd., Suite 314
Encino, CA 91316
Telephone: (818) 285-0100
Facsimile: (818) 855-7013
E-mail: matt@RHMFirm.com
sloan@RHMFirm.com
About BGS Works
BGS Works, Inc., based in Woodland Hills, CA, filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 20-11237) on July 15, 2020. The
petition was signed by Joseph Sternlib, owner. In its petition,
the Debtor was estimated to have $1 million to $10 million in both
assets and liabilities. The Hon. Victoria S. Kaufman presides over
the case. RESNIK HAYES MORADI, LLP, serves as bankruptcy counsel to
the Debtor.
BSK HOSPITALITY: Seeks to Hire Wolf Rifkin as Legal Counsel
-----------------------------------------------------------
BSK Hospitality Group, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the Northern District of California
to employ Wolf Rifkin Shapiro Schulman & Rabkin, LLP to serve as
legal counsel in their Chapter 11 cases.
The firm's services include:
a. advising the Debtors with regard to the requirements of the
bankruptcy court, Bankruptcy Code, Bankruptcy Rules and the Office
of the U.S. Trustee;
b. advising the Debtors with regard to certain rights and
remedies of their bankruptcy estate and the rights, claims and
interests of creditors;
c. representing the Debtors in any proceeding or hearing in the
bankruptcy court involving the estate unless they are represented
by special counsel;
d. conducting examinations of witnesses, claimants or adverse
parties and representing the Debtors in adversary proceedings;
e. preparing legal papers;
f. assisting in obtaining debtor-in-possession financing and
seeking court approval of financing pleading or stipulation;
g. assisting the Debtors in the negotiation, formulation,
preparation and confirmation of a plan of reorganization; and
h. performing other services which may be appropriate in the
firm's representation of the Debtors during their bankruptcy
cases.
The firm will be paid at hourly rates ranging from $550 to $595 and
reimbursed for out-of-pocket expenses incurred. It received a
retainer from the Debtor in the amount of $63,000.
Simon Aron, Esq., a partner at Wolf Rifkin, 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:
Simon Aron, Esq.
Johnny White, Esq.
Wolf Rifkin Shapiro Schulman & Rabkin, LLP
11400 West Olympic Blvd., 9th Floor
Los Angeles, CA 90064
Tel: (310) 478-4100
Fax: (310) 479-1422
Email: saron@wrslawyers.com
jwhite@wrslawyers.com
About BSK Hospitality Group
BSK Hospitality Group, LLC is the hospitality group behind the
Brown Sugar Kitchen owned by Tanya Holland.
BSK Hospitality Group and its affiliates sought Chapter 11
protection (Bankr. N.D. Calif. Lead Case No. 21-40686) on May 19,
2021. In the petition signed by owner Tanya Holland, BSK
Hospitality Group disclosed total assets of up to $50,000 and total
liabilities of $938,314. The case is handled by Judge Charles
Novack.
Wolf, Rifkin, Shapiro, Schulman, Rabkin, led by Simon Aron, Esq.,
serves as the Debtor's legal counsel.
BUCKINGHAM SENIOR LIVING: Chapter 11 Plan to Reduce Debt by $16.2M
------------------------------------------------------------------
Buckingham Senior Living Community, Inc., filed with the Bankruptcy
Court a Chapter 11 Plan.
The Debtor commenced its Chapter 11 case to consummate a debt
restructuring of its long-term obligations while also providing for
continued and uninterrupted care of the Residents, with the
additional oversight and recommendations of Solutions Advisors
Group, a nationally-recognized senior living consultant.
The Reorganized Debtors shall fund distributions under the Plan
with (a) Available Cash, including Cash from operations and the DIP
Facility; and (b) proceeds from the issuance of the Series 2021A
Bonds. The Debtor will receive new funding of $28.5 million
represented by the Series 2021A Bonds to improve The Buckingham
Facility, address immediate deferred capital needs and to provide
additional working capital to allow The Buckingham to operate in
the ordinary course.
-- The Proposed Secured Bond Restructuring
A brief summary of the proposed restructured Secured Bond Claims
under the Plan -- as negotiated with the Bond Trustee and the
holders of at least 69% of outstanding aggregate principal amount
of all Secured Bonds issued -- is as follows:
1. Tax-exempt Series 2021A-1 Bonds and Taxable Series 2021A-2
Bonds in the aggregate of $28.5 million at a 7.5% interest rate and
maturing in 2037; the Series 2021A Bonds will be secured by a first
priority lien on substantially all of the Reorganized Debtor's
Assets.
2. Exchange of $159.2 million (plus interest that accrues after
April 2021 and the DIP financing obligations) in Secured Bond
obligations for Tax-exempt Series 2021B Bonds of $140.34 million
accreting interest at the minimum long-term applicable federal rate
in effect on the Effective Date until the earlier of (a) 5 years
from the Effective Date and (b) the Pre-Petition Refund Queue
Claims being paid in full (the Trigger Date). Beginning on the
Trigger Date, the accreted principal amount will pay current
interest at 5%
until the Par Call Date and 5.625% thereafter and will mature in
2061. The Series 2021B Bonds will be secured by a lien on all
substantially all Assets of the Reorganized Debtor, but will be
subordinate, as to lien and payment, to the Series 2021A Bonds;
and
3. Cancellation and discharge of approximately $16,276,745 of the
Secured Bonds obligations (plus interest that accrues after April
2021 and the DIP financing obligations).
The Series 2021A Bonds totaling $28.5 million will be paid based on
a defined payment schedule, including interest only payments for
the first four years from the Effective Date, with transfer to the
Bond Fund beginning the 1st day of the calendar month after the
Effective Date pursuant to the "Distribution Waterfall" set forth
in the Restructuring Term Sheet. The Series 2021A Bonds will be
subject to mandatory redemption from Excess Cash after the
Pre-Petition Refund Queue Claims are paid in full.
The Series 2021B Bonds totaling $140.34 million will be paid based
on a defined payment schedule pursuant to the "Distribution
Waterfall" set forth in the Restructuring Term Sheet attached to
the Plan. Starting with the Trigger Date, the accreted principal
amount will pay current interest at 5.0% until year 10 and 5.625%
thereafter. The Series 2021B Bonds will be interest only until year
17 and shall amortize from years 17 to 40. The Series 2021B Bonds
will be subject to mandatory redemption from Excess Cash after the
Series 2021A Bonds are paid in full.
The Plan reduces the total debt on the Buckingham's books by making
the following significant financial adjustments:
* eliminating approximately $16,276,746 of the Secured Bond
Claims (including interest that accrues after April 2021 as well as
the DIP financing obligations), and
* projected payment in full of the greater than $33 million in
refunds owed to Former Residents over a period of time for those
Holders of Claims entitled to receive a distribution under the
Plan.
Under the Plan, so long as the Operating Cash exceeds 150 Days Cash
on Hand, 100% of the Reorganized Debtor's Excess Cash (as defined
in the Restructuring Term Sheet) shall be distributed to Former
Residents until their Pre-Petition Refund Queue Claims are paid in
full, which is anticipated to be 5 years from the Effective Date.
Trade Creditors will be paid in full, in Cash, on or as soon as
reasonably practicable after the latest to occur of (a) the
Effective Date; and (b) the date on which such Trade Creditor's
Trade Claim becomes an Allowed Claim.
General Unsecured Creditors will receive a pro rata distribution.
Secured Bonds Deficiency Claim and any claim of a Resident, except
for a Refund Claim, are classified as General Unsecured claims.
Holders of Secured Bond Claims, however, will receive no
distribution on account of their Secured Bonds Deficiency Claim but
shall have the right to vote such claims.
A copy of the Plan is available for free at https://bit.ly/364RbO1
from PacerMonitor.com.
About the Buckingham Senior Living
The Buckingham Senior Living Community is a Houston-based
continuing care retirement community (CCRC).
The Buckingham sought Chapter 11 protection (Bankr. S.D. Tex. Lead
Case No. 21-32155) on June 25, 2021. In its petition, The
Buckingham estimated assets of between $100 million and $500
million and liabilities of the same range. The case is handled by
Honorable Judge Marvin Isgur. Christopher Andrew Bailey, and
Demetra Liggins of Thompson & Knight LLP serve as the Debtor's
counsel.
BUCKINGHAM SENIOR LIVING: Gets $1.5M Interim DIP Loan from UMB
--------------------------------------------------------------
Judge Marvin Isgur authorized The Buckingham Senior Living
Community to obtain up to $1,500,000 of Initial DIP loans from UMB
Bank, N.A. (in its capacity as Bond Trustee) as DIP Lender. The
Debtor shall use the proceeds of the Initial DIP Loans according to
the approved budget.
The Debtor has requested that the DIP Lender provide the Initial
DIP Loans up to an aggregate amount of $1,500,000. At the
expiration of the Interim Order, the DIP Lender, subject to entry
of the Final Order, shall continue to advance funds through
additional DIP loans up to an aggregate amount of $3,400,000.
Terms of the DIP Financing
a. The Initial DIP Loans shall accrue interest at 5.625% per
annum;
b. Upon the occurrence of an Event of Default, the Initial DIP
Loans shall accrue interest at a default rate of interest equal to
2% over the Applicable Rate and such interest will be payable on
demand;
c. The principal, interest and any other obligations owed with
respect to the Initial DIP Loans shall be due upon the earlier of
(i)the occurrence of an Event of Default; and (ii) no later than
October 12, 2021;
d. Upon the Maturity Date and subject to confirmation of the Plan
of Reorganization, the DIP Obligations shall be satisfied in
connection with the issuance of the Series 2021 B Bonds.
Judge Isgur ruled that all payments or proceeds remitted to the DIP
Lender and/or the Trustee pursuant to the provisions of the Interim
Order or otherwise shall be received by the DIP Lender and/or the
Trustee, free and clear of any claim, charge, assessment or other
liability.
As security for the repayment of the Initial DIP Loans and the
obligations under the DIP Loan Documents, the DIP Lender is granted
valid, binding, enforceable and perfected first priority mortgages,
pledges, liens and security interests in all property and assets of
the Debtor, provided, however, that the Post-Petition Collateral
under the Interim Order shall not include any cash or other
property received by Debtor in the form of gifts, charitable
donations, bequests or grants.
The Post-Petition Liens are in addition to the superpriority
administrative expense claim, and shall be valid, binding,
continuing, enforceable, fully-perfected, senior and priming on all
Post-Petition Collateral that (a) will be and remain senior to the
Pre-Petition Liens, Rollover Liens and Supplemental Liens granted
to the Trustee as adequate protection for its Pre-Petition Liens;
and (b) will constitute a first priority lien on all other assets
of the Debtor, subject only to (i) Permitted Liens, if any, and
(ii) the Carve-Out.
The Initial DIP Loans shall have the status of a superpriority
administrative expense claim pursuant to section 364(c)(1) of the
Bankruptcy Code.
Use of Cash Collateral
The Trustee/DIP Lender has agreed to the Debtor's use of the cash
collateral, in addition to availing of the Initial DIP Loans.
Accordingly, Judge Isgur authorized the Debtor to use cash
collateral constituting of proceeds of accounts and revenues from
operations of the Community for (a) the necessary ordinary course
operation and maintenance costs associated with the Community, and
(b) other costs and expenses of administration of the Chapter 11
case, pursuant to the approved budget.
As of the Petition Date, the Debtor owed the Trustee, with respect
to the Bonds:
* $140,340,000 in unpaid principal;
* $16,276,746 in accrued but unpaid interest, as of June 25,
2021; and
* unliquidated, accrued and unpaid fees and expenses of the
Trustee and its professionals incurred through the Petition Date,
which amounts, when liquidated, shall be added to the aggregate
amount of the Bond Claim.
The Trustee is granted Rollover Liens; Supplemental Liens, and
Pre-Petition Super priority Claim as adequate protection for its
interests in the Pre-Petition Collateral, including Cash
Collateral, and the Trustee's consent to the priming of its liens
and claims pursuant to the Post-Petition Liens and the Super
priority Claim provided to the DIP Lender.
Bankruptcy Milestones
The Debtor agrees to comply with certain milestones and that
failure to materially comply with the milestone covenants shall
constitute an Event of Default:
* On or before August 9, 2021, the Bankruptcy Court shall have
approved the Disclosure Statement and Solicitation Procedures;
* On or before August 13, 2021, the Debtor shall have begun
solicitation of the Plan of Reorganization;
* On or before September 22, 2021, the Bankruptcy Court shall
have confirmed the Plan of Reorganization; and
* On or before October 12, 2021, the effective date of the Plan
of Reorganization shall have occurred.
A copy of the interim DIP order is available for free at
https://bit.ly/2TysyXf from Stretto, claims and noticing agent.
A final hearing on the DIP financing request is scheduled for July
19, 2021 at 9 a.m. (Central Time). Objections must be filed no
later than 5 p.m. (Central Time) on July 15.
Counsel for UMB Bank, N.A., in its capacity as Bond Trustee, as DIP
Lender:
Daniel S. Bleck, Esq.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
One Financial Center
Boston, MA 02111
Telephone: (617) 542-6000
Facsimile: (617) 542-2241
Email: DSBleck@mintz.com
About the Buckingham Senior Living
The Buckingham Senior Living Community is a Houston-based
continuing care retirement community (CCRC).
The Buckingham sought Chapter 11 protection (Bankr. S.D. Tex. Lead
Case No. 21-32155) on June 25, 2021. In its petition, The
Buckingham estimated assets of between $100 million and $500
million and liabilities of the same range. The case is handled by
Honorable Judge Marvin Isgur.
Christopher Andrew Bailey, and Demetra Liggins of Thompson & Knight
LLP serve as the Debtor's counsel. Bankruptcy Management
Solutions, Inc., d/b/a Stretto, is the Debtor's claims and noticing
agent.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. represents UMB
Bank, N.A., in its capacity as Bond Trustee, as DIP Lender.
BYRNA TECHNOLOGIES: Posts $2 Million Net Income in Second Quarter
-----------------------------------------------------------------
Byrna Technologies Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $2.04 million on $13.40 million of net revenue for the three
months ended May 31, 2021, compared to a net loss of $8.06 million
on $1.19 million of net revenue for the three months ended May 31,
2020.
For the six months ended May 31, 2021, the Company reported net
income of $1.77 million on $22.29 million of net revenue compared
to a net loss of $10.35 million on $1.34 million of net revenue for
the same period in 2020.
As of May 31, 2021, the Company had $22.03 million in total assets,
$8.88 million in total liabilities, and $13.15 million in total
stockholders' equity.
Cash used in operating activities was $2.9 million during the first
half of 2021 compared to $1.6 million during the prior year period.
Cash used in investing activities was $3.9 million in the first
half of 2021 compared to $0.7 for the first half of 2020. For the
six months ended May 31, 2021, $3.7 million was attributable to the
acquisition of assets from Kore. For the six months ended May 31,
2020, $0.5 million was in connection with Roboro acquisition, and
approximately $0.2 million for purchases of property and
equipment.
Cash provided by financing activities was $2.7 million during the
six months ended May 31, 2021. This amount was comprised primarily
of the $1.5 million drawn on the revolving line of credit as well
as $1.2 million in proceeds from warrant exercises. Cash provided
by financing activities was $3.9 million during the six months
ended May 31, 2020, and included $3.2 million proceeds from warrant
exercises, $0.5 million from Roboro's sellers and $0.2 million from
the Paycheck Protection Program.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1354866/000138713121007079/byrn-10q_053121.htm
About Byrna Technologies
Headquartered in Byrna Technologies Inc. -- www.byrna.com -- is a
less-lethal defense technology company, specializing in innovative
next generation solutions for security situations that do not
require the use of lethal force. Its primary focus is its Byrna
line of products, launched in 2019, which the Company sells
directly to U.S. consumers through its Byrna e-commerce site, as
well as to dealers and distributors primarily in the United States
and South Africa.
Byrna Technologies reported a net loss of $12.55 million for the
year ended Nov. 30, 2020, a net loss of $4.41 million for the
fiscal year ended Nov. 30, 2019, a net loss of $2.15 million for
the fiscal year ended Nov. 30, 2018, and a net loss of $2.8 million
for the fiscal year ended Nov. 30, 2017. As of Nov. 30, 2020, the
Company had $21.22 million in total assets, $12.81 million in total
liabilities, and $8.41 million in total stockholders' equity.
C2R GLOBAL: Unsecureds Under $10K to Be Paid in Full w/o Interest
-----------------------------------------------------------------
C2R Global Manufacturing, Inc., proposes the plan of reorganization
with adequate information included in it in lieu of a separate
disclosure statement dated July 1, 2021.
The Allowed Priority Claims in Class 1 are impaired under the Plan.
Allowed Priority Claims shall be paid (i) in full in Cash without
interest within 30 days of the Effective Date, or (ii) upon such
other terms as may be agreed to in writing by the holder of an
Allowed Priority Claim and the Debtor.
Class 2 consists of Allowed Unsecured Claims that are less than
$10,000. The Allowed Unsecured Claims in Class 2 are impaired under
the Plan. Allowed General Unsecured Claims shall be paid in full in
Cash without interest within 7 days of the Effective Date.
Class 3 consists of Allowed Unsecured Claims that are more than
$10,000. The Allowed Unsecured Claims in Class 3 are impaired under
the Plan. Allowed Unsecured Claims (and the unpaid Administrative
Expense of Quarles) shall be paid as follows:
* They shall share $150,000 on a Pro-Rata Basis on the
Effective Date;
* The balance shall be paid in 60 equal monthly installments
of principal and interest at the rate of 4.75% commencing on the
first day of the second full calendar month after the Effective
Date; and
* They may be pre-paid in full or in part without penalty,
provided that all Claims and the Administrative Expense in Class 3
are pre-paid in the same percentage.
Class 4 consists of Equity Interests in the Debtor. The Equity
Interests in the Debtor in Class 4 are unimpaired and unaffected
under the Plan. They shall retain their Equity Interests.
"Change of control" is defined to mean that Russ Robers and/or
Milton Dallas do not collectively own more than 50% of the Equity
Interests. If the Debtor has a "change of control," the following
terms shall apply:
* At the closing of the change of control, all unpaid Allowed
Claims and Administrative Expenses, together with interest accrued
under the terms of the Plan, shall be paid on a Pro-Rata Basis,
until they are paid in full, from the proceeds received by the
Debtor or Equity Interests due to the change of control, net of
transactional costs. No Allowed Claim or Administrative Expense
shall be paid more than the unpaid amount together with accrued
interest. If Allowed Claims or Administrative Expenses are not paid
in full, then no consideration for the change of control shall be
paid to Russ Robers and/or Milton Dallas.
Future payments on Allowed Claims and Administrative Expenses in
Class 3 will be from the Debtor's business operations. The total
monthly payments are $55,816 per month. Debtor's monthly operating
reports show an average monthly cash flow of $29,000. However, if
attorney fees are eliminated due to the confirmation of the Plan
and settlement with Verde, the average monthly cash flow would
increase to $93,000. The Debtor has received notice of price
increases for materials, including bottles, cardboard and wood. The
Debtor will also have marketing expenses as competition in the
industry increases. Therefore, the Debtor anticipates that $55,816
is a realistic monthly amount that can be paid without jeopardizing
business operations.
A full-text copy of the Plan of Reorganization dated July 1, 2021,
is available at https://bit.ly/3xjIGdR from PacerMonitor.com at no
charge.
Attorneys for the Debtor:
Jerome R. Kerkman
Kerkman & Dunn
839 N. Jefferson St., Suite 400
Milwaukee, WI 53202-3744
Phone: 414.277.8200
Facsimile: 414.277.0100
Email: jkerkman@kerkmandunn.com
About C2R Global Manufacturing
Headquartered in Burlington, Wisconsin, C2R Global Manufacturing,
Inc. -- http://www.c2r-globalmfg.com/-- specializes in developing,
manufacturing, and marketing products for small to medium-sized
customers. Its products include tooling and electronics (software
and circuit design), metal castings, sheet metal fabrications, and
molding all forms of plastics and rubbers. C2R currently services
customers in virtually every market.
C2R Global Manufacturing, Inc. sought protection under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 18-30182) on Oct.
29, 2018. At the time of the filing, the Debtor disclosed assets
of $1 million to $10 million and liabilities of $1 million to $10
million. Judge Beth E. Hanan oversees the case.
The Debtor tapped Kerkman & Dunn as its bankruptcy counsel, Quarles
& Brady LLP as special counsel, and Premier Accounting Services,
LLC as accountant.
CARLYLE GLOBAL 2016-3: Moody's Assigns B3 Rating to Cl. F-RR Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
CLO refinancing notes issued by Carlyle Global Market Strategies
CLO 2016-3, Ltd. (the "Issuer").
Moody's rating action is as follows:
US$5,800,000 Class X-RR Senior Secured Floating Rate Notes Due 2034
(the "Class X-RR Notes"), Assigned Aaa (sf)
US$311,050,000 Class A-RR Senior Secured Floating Rate Notes Due
2034 (the "Class A-RR Notes"), Assigned Aaa (sf)
US$49,800,000 Class B-RR Senior Secured Floating Rate Notes Due
2034 (the "Class B-RR Notes"), Assigned Aa2 (sf)
US$25,500,000 Class C-RR Senior Secured Deferrable Floating Rate
Notes Due 2034 (the "Class C-RR Notes"), Assigned A2 (sf)
US$31,600,000 Class D-RR Mezzanine Secured Deferrable Floating Rate
Notes Due 2034 (the "Class D-RR Notes"), Assigned Baa3 (sf)
US$29,150,000 Class E-RR Mezzanine Secured Deferrable Floating Rate
Notes Due 2034 (the "Class E-RR Notes"), Assigned Ba3 (sf)
US$6,100,000 Class F-RR Junior Secured Deferrable Floating Rate
Notes Due 2034 (the "Class F-RR Notes"), Assigned B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on Moody's methodology and
considers all relevant risks particularly those associated with the
CLO's portfolio and structure.
The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans. At least 90%
of the portfolio must consist of senior secured loans, and eligible
investments, and up to 10% of the portfolio may consist of second
lien loans and unsecured loans.
Carlyle CLO Management L.L.C. (the "Manager") will direct the
selection, acquisition and disposition of the assets on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's five-year
reinvestment period. Thereafter, subject to certain restrictions,
the Manager may reinvest unscheduled principal payments and
proceeds from sales of credit risk assets.
In addition to the issuance of the Refinancing Notes and additional
subordinated notes, a variety of other changes to transaction
features will occur in connection with the refinancing. These
include: extension of the reinvestment period; extensions of the
stated maturity and non-call period; changes to certain collateral
quality tests; and changes to the overcollateralization test
levels; the inclusion of Libor replacement provisions; additions to
the CLO's ability to restructured assets; changes to the definition
of "Adjusted Weighted Average Rating Factor" and changes to the
base matrix and modifiers.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.
The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modeling
purposes, Moody's used the following base-case assumptions:
Performing par and principal proceeds balance: $486,000,000
Diversity Score: 75
Weighted Average Rating Factor (WARF): 2908
Weighted Average Spread (WAS): 3.3%
Weighted Average Coupon (WAC): 5.0%
Weighted Average Recovery Rate (WARR): 47.0%
Weighted Average Life (WAL): 9 years
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.
Factors That Would Lead to an Upgrade or Downgrade of the Ratings:
The performance of the Refinancing Notes is subject to uncertainty.
The performance of the Refinancing Notes is sensitive to the
performance of the underlying portfolio, which in turn depends on
economic and credit conditions that may change. The Manager's
investment decisions and management of the transaction will also
affect the performance of the Refinancing Notes.
CAST & CREW: Moody's Hikes CFR to B3 on Solid Profitability
-----------------------------------------------------------
Moody's Investors Service upgraded Cast & Crew Payroll, LLC's
corporate family rating to B3 from Caa1 and its probability of
default rating to B3-PD from Caa1-PD. Concurrently, Moody's
upgraded the rating on the issuer's senior secured first lien
credit facility to B2 from B3. The outlook is stable.
The upgrade was driven by Moody's expectation of continued
sequential recovery in Cast & Crew's operating performance over the
coming 12 months as growing television and film content production
and anticipated near term reopenings of theatre and other live
entertainment venues fuel increased demand for the company's
services.
Upgrades:
Issuer: Cast & Crew Payroll, LLC
Corporate Family Rating, Upgraded to B3 from Caa1
Probability of Default Rating, Upgraded to B3-PD from Caa1-PD
Gtd Senior Secured First Lien Bank Credit Facility, Upgraded to B2
(LGD3) from B3 (LGD3)
Outlook Actions:
Issuer: Cast & Crew Payroll, LLC
Outlook, Remains Stable
RATINGS RATIONALE
Cast & Crew's B3 CFR is principally constrained by the company's
still elevated debt leverage which Moody's expects to moderate, but
remain high over the coming 12 months. Cast & Crew's credit quality
is also negatively impacted by its relatively small revenue base
and the company's concentrated exposure to the somewhat cyclical
media and entertainment sector which also remains vulnerable to
considerable operational disruption related to the coronavirus
pandemic. Risks related to the company's ability to effectively
manage workers' compensation insurance claims as well as corporate
governance concerns related to Cast & Crew's concentrated private
equity ownership by affiliates of EQT ("EQT") also negatively
impact the company's credit profile. These uncertainties are
somewhat mitigated by Cast & Crew's entrenched position within its
niche market, long term customer relationships, and specialized
industry expertise as a provider of payroll processing, production
accounting, and related services for media and entertainment
companies. The company's credit profile is also bolstered by
historically strong top-line growth trends and Cast & Crew's solid
profitability which collectively should fuel deleveraging efforts.
Despite Moody's concern that Cast & Crew may be unable to generate
free cash flow over the coming year (due to a sizeable deferred
Social Security payment scheduled for early FY22), the company's
good liquidity position reflects an unrestricted cash balance of
$207 million as of March 31, 2021. Liquidity is also bolstered by
the company's undrawn $90 million revolving credit facility
maturing in 2024. The company's first lien term loan is not subject
to a financial maintenance covenant while the revolving credit
facility has a springing covenant that is not expected to be in
effect over the next 12-18 months as excess availability should
remain comfortably above minimum levels.
The stable ratings outlook reflects Moody's expectation that Cast &
Crew's revenues and EBITDA will recover at a healthy pace in the
coming 12 months from coronavirus related softness in the early
part of FY21. Based on this projection, Moody's expects
debt-to-EBITDA (Moody's adjusted) to moderate from elevated levels
during this period while the company sustains healthy cash flow
trends (exclusive of unusual working capital fluctuations).
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Cast & Crew expands revenues and
EBITDA to sustain meaningful deleveraging and increases free cash
flow to debt above 5%.
The ratings could be downgraded if revenue or EBITDA contracts
materially from current levels, the company begins to generate weak
or negative free cash flow, or liquidity deteriorates.
Cast & Crew, owned by affiliates of EQT, is a leading provider of
technology-enabled payroll processing, production accounting
software, workers' compensation coverage, and related value-added
services to clients across the entertainment industry.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
CEL-SCI CORP: Shareholders Approve All Proposals at Annual Meeting
------------------------------------------------------------------
The annual meeting of CEL-SCI Corporation's shareholders was held
at which the shareholders:
(1) elected Geert Kersten, Peter Young, Bruno Baillavoine, and
Robert Watson as directors for the upcoming year;
(2) approved the adoption of CEL-SCI's 2021 Non-Qualified Stock
Option Plan which provides that up to 1,800,000 shares of
common stock may be issued upon the exercise of options
granted pursuant to the Plan; and
(3) ratified the appointment of BDO USA, LLP as CEL-SCI's
independent registered public accounting firm for the fiscal
year ending Sept. 30, 2021.
About CEL-SCI Corporation
CEL-SCI -- http://www.cel-sci.com-- is a clinical-stage
biotechnology company focused on finding the best way to activate
the immune system to fight cancer and infectious diseases. The
Company's lead investigational therapy Multikine is currently in a
pivotal Phase 3 clinical trial involving head and neck cancer, for
which the Company has received Orphan Drug Status from the FDA. The
Company has operations in Vienna, Virginia, and near Baltimore,
Maryland.
CEL-SCI reported a net loss of $30.25 million for the year ended
Sept. 30, 2020, compared to a net loss of $22.13 million for the
year ended Sept. 30, 2019. As of March 31, 2021, the Company had
$48.37 million in total assets, $19.03 million in total
liabilities, and $29.33 million in total stockholders' equity.
BDO USA, LLP, in Potomac, Maryland, the Company's auditor since
2005, issued a "going concern" qualification in its report dated
Dec. 29, 2020, citing that since inception the Company has suffered
recurring losses from operations and expects to continue incurring
losses. In addition, the Company is dependent on raising
additional capital to continue to fund its operations. These
factors raise substantial doubt about the Company's ability to
continue as a going concern.
CENTER CITY: Hospital Owner Fires Administrators
------------------------------------------------
Andrew Scurria of The Wall Street Journal reports that the investor
who bought Philadelphia's Hahnemann University Hospital has fired
the bankruptcy administrators who sued him over its collapse,
throwing negotiations with the defunct facility's creditors into
disarray. Joel Freedman, who led the 2018 buyout of Hahnemann and
its sister institution St. Christopher’s Hospital for Children,
on Wednesday, June 30, 2021, fired the independent managers and
chief restructuring officer who had been overseeing their chapter
11 cases.
About Center City Healthcare
d/b/a Hahnemann University Hospital
Center City Healthcare, LLC, is a Delaware limited liability
company that operates Hahnemann University Hospital. Its parent
company is Philadelphia Academic Health System, LLC, which is also
the parent company of St. hristopher's Healthcare, LLC and its
affiliated physician groups.
Center City Healthcare and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
19-11466) on June 30, 2019. At the time of the filing, the Debtors
were estimated to have assets of between $100 million and $500
million and liabilities of the same range. The cases are assigned
to Judge Kevin Gross.
The Debtors tapped Saul Ewing Arnstein & Lehr LLP as legal counsel;
EisnerAmper LLP as restructuring advisor; SSG Advisors, LLC as
investment banker; and Omni Management Group, Inc., as claims and
noticing agent.
Andrew Vara, acting U.S. trustee for Region 3, appointed a
committee of unsecured creditors on July 15, 2019. The committee
tapped Fox Rothschild LLP as legal counsel; Sills Cummis & Gross
P.C. as co-counsel; and Berkeley Research Group, LLC as financial
advisor.
Suzanne Koenig was appointed as the patient care ombudsman.
CLARIOS GLOBAL: Fitch Affirms 'B' LT IDR & Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Clarios Global LP's (Clarios) Long-Term
Issuer Default Rating (IDR) at 'B'. In addition, Fitch has affirmed
Clarios' secured asset-based lending (ABL) revolving credit
facility at 'BB'/'RR1' and its first lien secured revolving credit
facility, first lien secured term loans and first lien secured
notes at 'B+'/'RR3'. Fitch has affirmed Clarios' senior unsecured
notes at 'CCC+'/'RR6'.
Fitch's ratings apply to a $750 million ABL revolver, a $750
million first lien revolver, $8.3 billion in first lien secured
debt and $1.95 billion in senior unsecured debt. The Rating Outlook
has been revised to Stable from Negative.
KEY RATING DRIVERS
Outlook Revision: The revision of Clarios' Outlook to Stable
reflects improving conditions in both the original equipment (OE)
and replacement global end-markets as the effects of the
coronavirus pandemic wane. Clarios' revenue declined by about 11%
in fiscal 2020 after several years of solid growth, but sales
rebounded solidly in the first half of fiscal 2021, with revenue up
about 15% from the comparable period of the prior year.
Fitch expects revenue in fiscal 2021 could exceed the $8.5 billion
level seen in fiscal 2019, and beyond fiscal 2021, Fitch expects
continued growth in the number of global vehicles in operation, as
well as increasing demand for higher-margin absorbent glass mat
(AGM) and enhanced flooded (EFB) batteries, to drive further
revenue and margin growth over the intermediate term.
The Stable Outlook also reflects Fitch's expectation that Clarios'
leverage will decline over the next several years as the company
focuses on discretionary debt reduction. After issuing $500 million
in senior secured notes in May 2020, Clarios' debt (including
estimated off-balance sheet factoring) at fiscal YE 2020 stood at
nearly $12 billion.
During fiscal 1H21, the company voluntarily prepaid $250 million on
its term loans. Subsequently, during fiscal 3Q21, Clarios repaid a
further $50 million on its term loans and also redeemed $50 million
and $100 million of the outstanding principal on its secured notes
due 2025 and 2026, respectively. As such, the company has used
available cash to voluntarily reduce debt by $450 million so far in
fiscal 2021.
Potential Initial Public Offering (IPO): In May 2021, Clarios
announced that it had submitted a confidential draft registration
statement with the U.S. Securities and Exchange Commission (SEC)
related to a potential IPO of its common stock. The potential
timing is unclear, as is the amount of proceeds, if any, that the
company might receive from an IPO. As such, Fitch's forecasts do
not consider the effect that an IPO could have on Clarios' credit
profile. If Clarios were to receive substantial proceeds from an
IPO and apply them to further debt reduction, Fitch could consider
a positive rating action.
Progress on Cost Savings: Clarios previously identified about $400
million in cost savings opportunities that it planned to achieve
over a three- to four-year period. Through fiscal 2Q21, the company
had achieved about $175 million in run-rate cost savings, and it
appears to be on track to achieve the remaining $225 million. Cost
savings achieved so far have included facility closures and
organizational changes to improve efficiency and profitability.
Fitch expects achievement of these cost savings to drive improved
margin performance over the next several years, although there
could also be some temporary costs or operational inefficiencies
necessary to complete the initiatives.
High Leverage: As a result of its substantial debt load, Fitch
expects Clarios' gross EBITDA leverage (debt, including off-balance
sheet factoring/Fitch-calculated EBITDA) to remain high for at
least the next several years, but to decline from the peak level
seen in fiscal 2020. Fitch expects lower leverage to be driven by a
combination of higher EBITDA and discretionary debt repayments.
Fitch expects EBITDA leverage to decline to the upper-7x range by
fiscal YE 2021, down from 10.0x at fiscal YE 2020, and to decline
toward the low- to mid-6x range by fiscal YE 2023. Fitch expects
Clarios' FFO leverage to also be relatively high, but to decline
over the intermediate term as well. Fitch expects FFO leverage to
decline to the low-9x range by fiscal YE 2021, down from 12.7x at
fiscal YE 2020, and to decline further to the mid-7x range over the
subsequent two years.
Solid FCF: Fitch expects Clarios to generate solid FCF over the
next several years on stronger global end-market conditions in both
the OE and aftermarket channels, as well as lower capex. FCF will
also be supported by benefits from the cost savings initiatives.
Fitch expects Clarios to generate an FCF margin of around 3% in
fiscal 2021, rising toward 5% or higher over the next couple of
years.
Clarios' FCF margin (as calculated by Fitch) was 0.9% in fiscal
2020 and was weighed down by various pandemic-related business
challenges and timing issues in the latter half of the fiscal year.
Fitch expects capex as a percentage of revenue to run around 3%
over the next several years, lower than pre-pandemic levels, as the
company's capex needs have moderated.
DERIVATION SUMMARY
Clarios has a very strong competitive position as the largest
low-voltage vehicle battery manufacturer in the world, with the
company responsible for about one-third of the industry's total
production. Although the company counts many of the global OE
manufacturers as its customers, roughly three-quarters of its sales
are typically derived from the global vehicle aftermarket.
As vehicle batteries are a non-discretionary replacement item,
Clarios' strong aftermarket presence provides it with a more stable
revenue stream through the cycle than auto suppliers that are
predominantly tied to new vehicle production, such as BorgWarner
Inc. (BBB+/Stable) or Aptiv PLC (BBB/Stable). The company's heavy
aftermarket weighting makes it more comparable to global tire
manufacturers, such as Compagnie Generale des Etablissements
Michelin (A-/Stable) and The Goodyear Tire & Rubber Company
(BB-/Negative) or other suppliers with a significant aftermarket
concentration, such as Tenneco Inc. (B+/Stable).
Clarios' margins are strong for an auto supplier, with forecasted
EBITDA margins (according to Fitch's methodology) running in the
mid to high teens over the next several years, which is in line
with some investment-grade auto suppliers, such as BorgWarner or
Aptiv, while forecasted FCF margins in the low- to mid-single-digit
range are also consistent with investment-grade auto suppliers.
However, leverage is very high relative to other Fitch-rated auto
suppliers.
Over the longer term, Fitch expects Clarios' leverage will decline
due to increased EBITDA and FFO resulting from sales growth tied to
the rising global vehicle population and a richer mix of advanced
AGM and EFB batteries, as well as debt reduction. In 2021, Clarios
began the process for a potential IPO, and the pace of leverage
reduction could accelerate if the company applies any potential IPO
proceeds to further debt reduction.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Global automotive battery demand rises more than 10% in 2021,
due to a combination of higher global vehicle production and
stronger global replacement demand following the pandemic
induced decline seen in 2020. After 2021, global demand rises
in the low- to mid-single-digit range annually;
-- Revenue is further supported over the next several years by
mix shifting to higher-priced AGM and EFB batteries, as well
as modest price increases on traditional batteries;
-- Margins improve through the forecast as a result of operating
leverage on higher production levels, positive pricing and
mix, and savings associated with the cost reduction
initiatives;
-- Capex over the next several years is lower than recent
historical levels following completion several significant
projects;
-- Excess cash over the next several years is primarily used to
reduce debt;
-- Fitch has not incorporated the effect of a potential IPO in
its forecasts.
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes Clarios would be considered a going
concern in bankruptcy and would be reorganized rather than
liquidated. Fitch has assumed a 10% administrative claim in the
recovery analysis.
Clarios' recovery analysis reflects a potential severe downturn in
vehicle battery demand and estimates the going-concern EBITDA at
$1.4 billion, which reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which the valuation of the
company would be based following a hypothetical default. The
sustainable, post-reorganization EBITDA is for analytical valuation
purposes only and does not reflect a level of EBITDA at which Fitch
believes the company would fall into distress.
The going-concern EBITDA considers Clarios' stable operations, high
operating margins, significant percentage of aftermarket revenue
and the non-discretionary nature of its products. The $1.4 billion
ongoing EBITDA assumption is higher than Fitch's calculated actual
EBITDA for LTM period ended March 31, 2021, which was depressed due
to the effects of the pandemic.
Fitch utilizes a 6.0x enterprise value (EV) multiple based on
Claros' strong global market position and the non-discretionary
nature of the company's batteries. In addition, Brookfield's
acquisition of Clarios valued the company at an EV over 8.0x
(excluding expected post-acquisition cost savings). All of Clarios'
rated debt is guaranteed by certain foreign and domestic
subsidiaries.
According to the "Automotive Bankruptcy Enterprise Values and
Creditor Recoveries" report published by Fitch in January 2021,
about 48% of auto-related defaulters had exit multiples above 5.0x,
with about 24% in the 5.0x to 7.0x range. However, the median
multiple observed across 21 issuers was only 5.0x.
Within the report, Fitch observed that 87% of the bankruptcy cases
analyzed were resolved as a going concern. Automotive defaulters
were typically weighed down by capital structures that became
untenable during a period of severe demand weakness, due either to
economic cyclicality or the loss of a significant customer, or they
were subject to significant operational issues. While Clarios has a
highly leveraged capital structure, Fitch believes the company's
business profile is stronger than most of the issuers included in
the automotive bankruptcy observations.
Consistent with Fitch's criteria, the recovery analysis assumes
that an estimated $1.2 billion in off-balance-sheet factoring is
replaced with a super-senior facility that has the highest priority
in the distribution of value. Fitch also assumes a $671 million
draw on the $750 million ABL, which assumes a full draw up to the
borrowing base limit as of March 31, 2021. The ABL receives second
priority in the distribution of value after the factoring. Due to
the ABL's first-lien claim on ring-fenced collateral, the facility
receives a Recovery Rating of 'RR1' with a waterfall generated
recovery computation (WGRC) in the 91%-100% range.
The analysis also assumes a full draw on the $750 million cash flow
revolver. Including this, the first lien secured debt totals about
$9.1 billion outstanding and receives a lower priority than the ABL
in the distribution of value hierarchy, in part due to its second
lien claim on the ABL's collateral. This results in a Recovery
Rating of 'RR3' with a WGRC in the 51%-70% range.
The $1.95 billion of senior unsecured notes has the lowest priority
in the distribution of value. This results in a Recovery Rating of
'RR6' with a WGRC in the 0%-10% range, owing to the significant
amount of secured debt positioned above it in the distribution
waterfall.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Maintaining Fitch-calculated EBITDA margins in the low-teens;
-- Reducing gross EBITDA leverage to 5.5x;
-- Reducing gross FFO leverage to 6.5x;
-- Increasing the FCF margin to 2.5%.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A decline in the Fitch-calculated EBITDA margin to the high
single digits for a prolonged period;
-- Gross EBITDA leverage remaining above 7.0x without a clear
path to de-levering;
-- Gross FFO leverage remaining above 8.0x without a clear path
to de-levering;
-- FCF margins remaining near 1.0% for a multiyear period.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Solid Liquidity: Fitch expects Clarios' liquidity to remain
sufficient for its operating and investing needs over the
intermediate term. Liquidity at March 31, 2021 included $550
million in cash and cash equivalents, augmented by significant
revolver capacity. Revolver capacity includes both a $750 million
ABL facility and a $750 million first lien secured cash flow
revolver. As of March 31, 2021, a total of $1.35 billion was
available on the two revolvers, with full availability on the cash
flow revolver and $598 million available on the ABL, after
accounting for its borrowing base and $73 million in letters of
credit backed by the facility.
Debt obligations (excluding Fitch's factoring adjustments) will be
light over the next several years, consisting primarily of term
loan amortization payments of about $40 million per year, not
including any required excess cash flow sweep payments. The next
significant debt obligation is not until 2025, when the remaining
$450 million of the company's 6.75% senior secured notes matures.
Fitch expects Clarios' FCF to generally be sufficient to cover its
seasonal cash needs. As a result, based on its criteria, Fitch has
treated all of Clarios' cash as readily available.
Debt Structure: As of March 31, 2021, Clarios had about $11.6
billion in debt outstanding, including Fitch's estimate for
off-balance-sheet factoring. This consisted of $8.5 billion in
first lien secured debt, comprising U.S. dollar- and
euro-denominated term loans and secured notes, as well as $1.95
billion in senior unsecured notes. The remaining debt largely
consisted of $12 million of debt related to the acquisition of a
variable interest entity and the estimated off-balance sheet
factoring. Fitch excludes finance leases from its debt
calculations.
A portion of the term loan debt amortizes over the next few years,
which, along with prepayment flexibility, could allow the company
to reduce debt more substantially over the next few years if it
chooses to do so. However, the company also has a significant
amount of non-amortizing debt that could lead to refinancing risk
over the longer term. In the first six months of fiscal 2021,
Clarios made $250 million of optional prepayments on its term
loans. In fiscal 3Q21, it repaid another $200 million, comprised of
$50 million on its term loan, $100 million of its 2026 secured
notes and $50 million of its 2025 secured notes.
ISSUER PROFILE
Clarios is the largest manufacturer and distributor of low voltage,
advanced automotive batteries in the world. The company provides
one in every three automotive lead-acid batteries globally,
servicing cars, heavy duty trucks, motorcycles, marine and power
sports vehicles. Clarios' battery volumes are typically split
roughly 75% and 25% between the aftermarket and OE sales channels,
respectively.
Clarios is a privately held limited partnership that is organized
under the laws of Canada. It is majority owned by investment funds
controlled by Brookfield Asset Management Inc. and Caisse de depot
et placement du Quebec. In May 2021, Clarios announced that it had
filed confidential documents with the U.S. SEC related to a
potential IPO of its common stock.
ESG CONSIDERATIONS
The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity, either due to their nature or
to the way in which they are being managed by the entity.
CONNOR FOREST: Seeks Approval to Tap George B. Goyke as Counsel
---------------------------------------------------------------
Connor Forest Management LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Wisconsin to employ
George Goyke, Esq., an attorney at Goyke & Tillisch, LLP, to handle
its Chapter 11 case.
The attorney will render general representation of the Debtor in
this case and will perform all legal services for the Debtor, which
may be necessary.
Mr. Goyke will be compensated at his hourly rate of $250.
As disclosed in court filings, Mr. Goyke has no interest adverse to
the Debtor or its estate.
The attorney can be reached at:
George B. Goyke, Esq.
Goyke & Tillisch, LLP
2100 Stewart Avenue, Suite 140
Wausau, WI 54401
Telephone: (715) 849-8100
Email: GoykeTillisch@gmail.com
About Connor Forest Management
Laona, Wisc.-based Connor Forest Management LLC is a privately held
company in the timber business. It also offers other services such
as trucking, land clearing, logging services, excavation and
firewood delivery.
Connor Forest Management filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wis. Case No.
21-23637) on June 25, 2021. Robert Connor, owner, signed the
petition. In the petition, the Debtor disclosed total assets of
$2,212,324 and total liabilities of $4,373,227. Judge Katherine M.
Perhach oversees the case. George B. Goyke, Esq., at Goyke &
Tillisch, LLP, serves as the Debtor's legal counsel.
CONTINENTAL COUNTRY: Has Continued Access to Sunwest Bank's Cash
----------------------------------------------------------------
Judge Eddward P. Ballinger, Jr. authorized Continental Country
Club, Inc., an Arizona non-profit corporation, to use cash
collateral to pay the ordinary, necessary, and essential
post-petition operating expenses, through September 30, 2021,
pursuant to the budget, subject to a 10% variance. The budget
provided for total cash disbursed, on a monthly basis: (i) $334,800
for July; (ii) $329,500 for August; and (iii) $310,100 for
September 2021.
Sunwest Bank, lender, agreed to the Debtor's use of the cash
collateral.
A copy of the order is available for free at https://bit.ly/3hCxlyO
from PacerMonitor.com.
About Continental Country Club, Inc.
Continental Country Club, Inc., an Arizona non-profit corporation,
owns and operates the Continental Country Club in Flagstaff,
Arizona, for the use and enjoyment of its homeowner members and the
broader general public. The Continental Country Club operates as
full-service country club with golf, tennis, paddleball, swimming,
fitness, clubhouse, and dining amenities for the benefit of its
members, who are primarily comprised of homeowners in the
Association's associated residential developments.
The Association was first developed by the late Charles Keating and
his affiliated development companies in the early 1970s as part of
the broader Continental development in Flagstaff, Arizona. Over the
course of the past 50 years, the Association has been operated as a
non-profit corporation supported by annual assessments paid by its
homeowner members and the business revenues generated through the
ongoing operation of the Club facilities. Under the currently
applicable Amended and Unified Declaration of Restrictions, each
member is required to pay the Association regular annual
assessments and special assessments as authorized under the CC&Rs
and approved by the members.
The Association sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 21-00956) on February 9,
2021. In the petition signed by Jon Held, designated
representative, the Debtor disclosed up to $10 million in both
assets and liabilities.
Judge Eddward P. Ballinger Jr. oversees the case. Engelman Berger,
P.C. is the Debtor's counsel.
Sunwest Bank, as the lender, is represented by Alissa Brice
Castaneda, Esq. -- Alissa.Castaneda@quarles.com -- at Quarles &
Brady.
CORP GROUP: July 12 Deadline Set for Panel Questionnaires
---------------------------------------------------------
The United States Trustee is soliciting members for an unsecured
creditors committee in the bankruptcy case of Corp Group Banking
SA.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://bit.ly/3whfjHC and return it to
Timothy.Fox@usdoj.gov at the Office of the United States Trustee so
that it is received no later than 4:00 p.m., on July 12, 2021.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About Corp Group Banking SA
Corp Group Banking SA is a Chile-based financial holding firm
controlled by billionaire Alvaro Saieh.
Corp Group Banking SA sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 21-10969) on June 25, 2021. The company estimated at
least $500 million in assets and debt in excess of $1 billion as of
the bankruptcy filing.
Pauline K. Morgan, of Young Conaway Stargatt & Taylor, LLP, is the
Debtor's counsel.
CRAVE BRANDS: Gets Court Nod to Use Cash Collateral Thru July 14
----------------------------------------------------------------
Judge Timothy A. Barnes authorized Crave Brands LLC and Meathead
Restaurants LLC to use cash collateral in which LQD Financial Corp.
claims an interest. The Debtor may use the cash collateral through
and including July 14, 2021, to pay actual, ordinary, and necessary
expenses, in accordance with the approved budget. As of the
Petition Date, the Debtor owed LQD, under certain loan agreements,
not less than $6,550,000 in principal, plus accrued interest at 17%
per annum. The loans have matured on March 31, 2021.
LQD is granted replacement liens and security interests on the
Debtor's property and assets, including all proceeds, products,
rents and/or profits thereof, to the same extent, validity and
priority as LQD's pre-petition liens and security interests. The
replacement liens shall be in an amount equal to the aggregate
post-petition cash collateral used. Moreover, the Debtor shall pay
to LQD the Employee Retention Credit for application to the
principal amount of the LQD Indebtedness. LQD is also granted a
super-priority administrative claim under Sections 503(b)(1),
507(a), and 507(b) of the Bankruptcy Code for the amount by which
the replacement lien proves to be inadequate, in addition to the
replacement liens.
A copy of the order is available for free at https://bit.ly/3yi2PRw
from PacerMonitor.com.
A further hearing on the Debtors' use of cash collateral is set for
July 12, 2021 at 2 p.m.
Counsel for LQD Financial Corp.:
William J. Factor, Esq.,
Law Office of William J. Factor, Ltd.
105 W. Madison Street, Suite 1500
Chicago, IL 60602
Telephone: (312) 878-6976
Email: wfactor@wfactorlaw.com
About Crave Brands
Crave Brands LLC, a company based in Chicago, Ill., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D. Ill. Case No. 21-04729) on April 9, 2021. In the petition
signed by Steve Karfaridis, manager, the Debtor disclosed total
assets of up to $50,000 and liabilities of up to $10 million.
Judge Timothy A. Barnes oversees the case. Matthew Brash is the
Subchapter V trustee appointed in the Debtor's bankruptcy case.
David A. Warfield, Esq., at Thompson Coburn LLP, represents the
Debtor as bankruptcy counsel.
LQD Financial Corp., a creditor, is represented by William J.
Factor, Esq., of the Law Office of William J. Factor, Ltd.
CRESTVIEW RETIREMENT: Fitch Rates $46MM 2016 Revenue Bonds 'BB+'
----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on $46 million
outstanding series 2016 revenue bonds issued by New Hope Cultural
Education Facilities Finance Corporation Retirement Facility on
behalf of Crestview Retirement Community. Fitch has also assigned
Crestview a 'BB+' Issuer Default Rating (IDR).
The Rating Outlook is Negative.
SECURITY
The bonds are secured by a lien on, and security interest in
certain mortgaged properties, a gross revenue pledge, and a debt
service reserve fund.
ANALYTICAL CONCLUSION
Crestview's 'BB+' rating reflects continued stability in
unrestricted liquidity balanced against its vulnerabilities in an
uncertain market. Crestview's Rating Outlook was revised to
Negative in July 2020 to reflect Fitch's expectation for thin
operations due to pandemic-related effects, which slowed external
skilled nursing facility admissions and independent living unit
(ILU) move-ins in 2020. Operations weakened in 2020. Crestview
violated its DSCR covenant with .7x coverage versus the 1.2x
required, and is seeking a waiver from its bondholders.
However, Fitch does not believe a rating downgrade is warranted at
this time. Crestview has sustained its liquidity levels throughout
the recent stress; unrestricted liquidity was 46% cash to adjusted
debt as of March 31, 2021, well above the 30% rating sensitivity
threshold provided in Fitch's last publication. Furthermore, ILU
occupancy remained above 90% throughout the pandemic.
Nevertheless, the maintenance of the Negative Outlook reflects the
significant labor and operating challenges Crestview continues to
face, and Fitch's view that if operating deficits persist
throughout 2021 and liquidity softens, a downgrade is likely at
Fitch's next review.
KEY RATING DRIVERS
Revenue Defensibility: 'bbb'
Good IL Demand in Solid Service Area
The midrange revenue defensibility assessment reflects Crestview's
strong IL demand and pricing that is consistent with the local
market and manageable direct competition.
Operating Risk: 'bbb'
Midrange Operating Performance; Good Age of Plant
The midrange assessment is supported by midrange historical
operating metrics, with the operating ratio averaging 90% and the
net operating margin-adjusted (NOMA) averaging 26% in the past five
audited years. Capital spending over this time has remained
significantly below depreciation; however, the average age of plant
is good. Crestview's ability to return to historical profitability
ratios will be a key consideration in how its negative outlook is
resolved. While many operating pressures from the coronavirus
pandemic have dissipated, labor pressures remain.
Financial Profile: 'bb'
Stable Financial Profile Over Next Few Years
At YE 2020, Crestview had unrestricted cash-to-adjusted debt of
about 40% and MADS coverage of .7x. Given Crestview's midrange
revenue defensibility, and midrange operating risk assessments, and
Fitch's forward-looking scenario analysis, Crestview's key leverage
metrics are consistent with the 'BB+' rating.
The continued Negative Outlook reflects Crestview's vulnerability
to turnover entrance fee receipts, as residents progress through
the continuum. Taking into consideration increased expenses due to
labor pressures, and decreased turnover net entrance fees,
Crestview's liquidity could deteriorate below 30% over the Outlook
period, potentially triggering a downgrade.
ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS
No asymmetric risk considerations were relevant to the rating
determination
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- The Outlook may be revised to Stable if operations stabilize,
resulting in profitability ratios nearer historical levels
(Operating Ratio (OR) below 93%, net operating margin adjusted
(NOM-A) above 28%).
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Balance sheet weakening that results in cash/debt falling to
below 30%;
-- Deterioration in demand such that occupancy in IL falls below
93%;
-- A second consecutive DSCR covenant violation.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.
Crestview is a Type A life care community located in Bryan, TX,
about 100 miles equidistant from Houston and Austin. Crestview's
fiscal 2020 operating revenues totaled $14.3 million. Crestview's
sole corporate member and manager is Methodist Retirement
Communities (MRC). In addition to Crestview, the MRC affiliated
ministries include seven life plan communities and several
affordable senior housing communities. The MRC affiliation provides
Crestview with resources and expertise that are not typically
available to single-site communities. MRC is not obligated on any
of Crestview's debt. However, management has publicly reported
discussions to bring Crestview into the MRC obligated group.
Current operations include 91 ILUs, 48 ALUs, 18 Memory Care units,
and 48 SNF beds. The vast majority of ILUs are contracts with a 90%
refundable contract, under which 90% of the total entrance fee,
without interest, is refundable upon termination of the life care
agreement and after receipt of proceeds to fully fund the refund
from the next resale and occupancy of any like-kind ILU.
REVENUE DEFENSIBILITY
Crestview's occupancy across the continuum of care remained
resilient through the coronavirus pandemic. IL occupancy remained
was 93% as of March. 31, 2021. IL occupancy averaged 97% over the
last five audited years, and Fitch expects IL occupancy to return
to close to those levels over the next year. Occupancy levels
across assisted living, and skilled nursing were also solid over
the last five years, generally ranging from 77% to 98%. SNF
occupancy fell to 77% as of March 31. The Negative Outlook reflects
Fitch's uncertainty around Crestview's ability to improve SNF
occupancy while managing operating costs over the Outlook period.
The majority of Crestview's residents come from a 10-mile radius
that surrounds the campus in Bryan, TX. The service area is sound,
with population growth above the national average. The surrounding
area has many competitors for senior living, but there are no new
developments in the immediate service area. Additionally,
competition from full continuum of care Type A providers is
limited. Most of the area competitors offer a different type of
contract and/or don't offer the full continuum of care. Management
does not consider its affiliate, the Langford in College Station,
an affiliated community, a competitor.
The good service area demographics has enabled Crestview to
regularly increase fees, both for monthly service fees and on
entrance fees. According to Zillow data, entrance fees are in line
with prevailing housing prices in the local market.
OPERATING RISK
Crestview is a Type A lifecare community, which is the least
favorable contract type for operating cost flexibility. It limits
management's ability to absorb operating expense volatility, given
residents pay the same monthly service fee as they age through the
continuum.
Crestview has a history of sound operating metrics, though these
were pressured in fiscal 2020 during the coronavirus pandemic. Over
the last five years, the operating ratio averaged 90% with net
operating margin (NOM) and NOM-Adjusted averaging nearly 22% and
26%, respectively. In fiscal 2020, the operating ratio, NOM and
NOM-adjusted measured approximately 95%, negative 17% and negative
13% respectively. While historical operatic metrics have been
strong for the midrange assessment, labor and wage pressures are
likely to soften future results. Crestview did not qualify for a
PPP loan due to its affiliation with MRC. However, the community
qualified for $432,000 in CARES Act relief funds.
Crestview's capital expenditures have averaged about 11% of
depreciation over the last five years and management expects
capital expenditures to remain near this level over the next few
years, limited primarily to routine maintenance and renovation of
existing turned over units. Despite the lower capital spending, the
average age of plant is good at 9.6 years as of 2020.
Over the last five years, Crestview has had relatively good revenue
only coverage, averaging approximately 1.3x, which is especially
strong for a below investment grade, Type 'A' contract facility.
Conversely, MADS as a percentage of revenue was elevated at 22% in
2020. Debt-to-net-available was also weak and in line with the
below investment grade rating at 13x.
FINANCIAL PROFILE
As of YE 2020, Crestview had unrestricted cash of approximately
$19.8 million, representing about 46% of total adjusted debt.
Fitch's baseline scenario, which is a reasonable forward look of
financial performance over the next five years given current
economic expectations, shows Crestview maintaining operating and
financial metrics that are largely consistent with the current
rating and with historical levels of performance. Capital spending
is expected to remain below depreciation. Fitch's baseline scenario
assumes an economic stress (to reflect equity volatility), which is
specific to Crestview's asset allocation. Despite the stress, days
cash on Hand is expected to remain above 300 days in the
forward-looking scenario, indicating a liquidity profile assessment
that is neutral to the rating outcome.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
CYPRUS MINES: FCR Seeks Approval to Tap Berkeley Research Group
---------------------------------------------------------------
Roger Frankel, the future claimants' representative in the Chapter
11 case of Cyprus Mines Corporation, seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ economic
expert, Berkeley Research Group, LLC.
Berkeley Research will render these services:
(a) estimate the number and value of present and future talc
personal injury claims;
(b) develop claims procedures to be used in the development of
financial models of payments and assets of a claims resolution
trust;
(c) analyze and respond to issues relating to draft trust
distribution procedures and those relating to providing notice to
personal injury claimants, and review such notice procedures;
(d) analyze and advise on financial matters;
(e) provide expert testimony and reports and assist the future
claimants' representative in preparing and evaluating reports and
testimony by other experts and consultants; and
(f) provide such other consulting services as may be requested
by the future claimants' representative.
The hourly rates of Berkeley Research's professionals are as
follows:
Managing Director $500 - $1,000 per hour
Director $450 - $700 per hour
Associate Director $400 - $600 per hour
Senior Managing Consultant/Economist $350 - $575 per hour
Managing Consultant/Economist $300 - $550 per hour
Consultant $275 - $450 per hour
Senior Associate $205 - $375 per hour
Associate $175 - $325 per hour
Support Staff $100 - $230 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Robin Cantor, a managing director at Berkeley Research Group,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Robin Cantor
Berkeley Research Group, LLC
1800 M. Street NW, Suite 200
Washington, DC 20036
Telephone: (202) 448-6729
Email: rcantor@thinkbrg.com
About Cyprus Mines Corporation
Cyprus Mines Corporation is a Delaware corporation and a
wholly-owned subsidiary of Cyprus Amax Minerals Co., which is an
indirect subsidiary of Freeport-McMoRan Inc. It currently has
relatively limited business operations, which include the ownership
of various parcels of real property, certain royalty interests that
generate de minimis revenue (e.g., less than $1,500 in each of the
past two calendar years), and the ownership of an operating
subsidiary that conducts marketing activities.
Cyprus Mines is a predecessor in the interest of Imerys Talc
America, Inc. In June 1992, Cyprus Mines sold its talc-related
assets to RTZ America Inc. (later known as Rio Tinto America, Inc.)
through a two-step process. First, Cyprus Mines transferred its
talc-related assets and liabilities (subject to minor exceptions)
to Cyprus Talc Corporation, a newly formed subsidiary of Cyprus
Mines, according to an Agreement of Transfer and Assumption, dated
June 5, 1992.
Second, Cyprus Mines sold the stock of Cyprus Talc Corporation to
RTZ according to a Stock Purchase Agreement, also dated June 5,
1992 (as amended, the "1992 SPA"). The purchase price was
approximately $79.5 million. Cyprus Talc Corporation was later
renamed Imerys Talc America, Inc. Under the 1992 ATA, the entity
now named Imerys expressly and broadly assumed the talc liabilities
of Cyprus Mines and its former subsidiaries that were in the talc
business.
Cyprus Mines filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 21-10398) on Feb. 11, 2021, listing between $10
million and $50 million in assets, and between $1 million and $10
million in liabilities.
The Honorable Laurie Selber Silverstein is the case judge.
The Debtor tapped Reed Smith LLP as bankruptcy counsel, Kasowitz
Benson Torres LLP as special conflicts counsel, and Prime Clerk LLC
as claims agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of tort claimants on March 4, 2021. The tort committee is
represented by Caplin & Drysdale, Chartered, and Campbell & Levine,
LLC. Province, LLC, and Axlor Consulting, LLC serve as the tort
committee's financial advisor and consultant, respectively.
Roger Frankel serves as the legal representative for future
personal injury claimants. The FCR tapped Togut, Segal & Segal LLP
and Burr & Forman LLP as bankruptcy counsel, Anderson Kill PC as
special insurance counsel, and Province LLC as financial advisor.
The FCR also tapped the services of economic expert, Berkeley
Research Group, LLC.
CYPRUS MINES: FCR Seeks to Hire Province as Financial Advisor
-------------------------------------------------------------
Roger Frankel, the future claimants' representative in the Chapter
11 case of Cyprus Mines Corporation, seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Province,
LLC as his financial advisor.
Province will render these services:
(a) analyze and provide advice regarding settlement
negotiations and any potential plan of reorganization;
(b) review the Debtor's financial affairs and those of the
Debtor's affiliates in order to assist and advise the future
claimants' representative in the discharge of his duties;
(c) evaluate any pre-bankruptcy transactions of interest to
the future claimants' representative;
(d) provide analysis and advice regarding accounting,
financial, valuation and related issues that may arise in the
course of the Debtor's Chapter 11 case;
(e) if necessary, participate as a witness in hearings before
the bankruptcy court with respect to matters upon which Province
has provided advice; and
(f) other activities approved by the future claimants'
representative and his legal counsel, and agreed to by Province.
The hourly rates of Province's professionals are as follows:
Principal $900 - $1,050 per hour
Managing Director $740 - $850 per hour
Senior Director $650 - $740 per hour
Director $590 - $680 per hour
Vice President $520 - $590 per hour
Senior Associate $450 - $520 per hour
Associate $380 - $450 per hour
Analyst $250 - $380 per hour
Paraprofessional $185 - $225 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Province provided the following information in compliance with
Paragraph D, Section 1 of the Revised U.S. Trustee Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Response: Province did not represent the client prepetition.
Question: Has your client approved your prospective budget and
staffing plan, and if so, for what budget period?
Response: Province expects to develop a budget and staffing plan
for the future claimants' representative for the period from June
10, 2021 through the remainder of 2021.
Michael Atkinson, a principal at Province, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael Atkinson
Province, LLC
2360 Corporate Circle, Suite 330
Henderson, NV 89074
Telephone: (702) 685-5555
Facsimile: (702) 685-5556
Email: matkinson@provincefirm.com
About Cyprus Mines Corporation
Cyprus Mines Corporation is a Delaware corporation and a
wholly-owned subsidiary of Cyprus Amax Minerals Co., which is an
indirect subsidiary of Freeport-McMoRan Inc. It currently has
relatively limited business operations, which include the ownership
of various parcels of real property, certain royalty interests that
generate de minimis revenue (e.g., less than $1,500 in each of the
past two calendar years), and the ownership of an operating
subsidiary that conducts marketing activities.
Cyprus Mines is a predecessor in the interest of Imerys Talc
America, Inc. In June 1992, Cyprus Mines sold its talc-related
assets to RTZ America Inc. (later known as Rio Tinto America, Inc.)
through a two-step process. First, Cyprus Mines transferred its
talc-related assets and liabilities (subject to minor exceptions)
to Cyprus Talc Corporation, a newly formed subsidiary of Cyprus
Mines, according to an Agreement of Transfer and Assumption, dated
June 5, 1992.
Second, Cyprus Mines sold the stock of Cyprus Talc Corporation to
RTZ according to a Stock Purchase Agreement, also dated June 5,
1992 (as amended, the "1992 SPA"). The purchase price was
approximately $79.5 million. Cyprus Talc Corporation was later
renamed Imerys Talc America, Inc. Under the 1992 ATA, the entity
now named Imerys expressly and broadly assumed the talc liabilities
of Cyprus Mines and its former subsidiaries that were in the talc
business.
Cyprus Mines filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 21-10398) on Feb. 11, 2021, listing between $10
million and $50 million in assets, and between $1 million and $10
million in liabilities.
The Honorable Laurie Selber Silverstein is the case judge.
The Debtor tapped Reed Smith LLP as bankruptcy counsel, Kasowitz
Benson Torres LLP as special conflicts counsel, and Prime Clerk LLC
as claims agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of tort claimants on March 4, 2021. The tort committee is
represented by Caplin & Drysdale, Chartered, and Campbell & Levine,
LLC. Province, LLC, and Axlor Consulting, LLC serve as the tort
committee's financial advisor and consultant, respectively.
Roger Frankel serves as the legal representative for future
personal injury claimants. The FCR tapped Togut, Segal & Segal LLP
and Burr & Forman LLP as bankruptcy counsel, Anderson Kill PC as
special insurance counsel, and Province LLC as financial advisor.
The FCR also tapped the services of economic expert, Berkeley
Research Group, LLC.
CYPRUS MINES: FCR Seeks to Tap Anderson Kill as Insurance Counsel
-----------------------------------------------------------------
Roger Frankel, the future claimants' representative in the Chapter
11 case of Cyprus Mines Corporation, seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Anderson
Kill PC as his special insurance counsel.
Anderson Kill will render these services:
(a) analyze the insurance coverage potentially available to
the Debtor;
(b) advise the future claimants' representative regarding
matters of the Debtor's insurance coverage available for payment of
talc-related claims;
(c) attend meetings and negotiate with representatives of the
Debtor, non-bankrupt affiliates, insurance companies, and other
parties-in-interest in this Chapter 11 case related to the
preservation of insurance coverage;
(d) review, analyze, and advise the future claimants'
representative regarding potential settlements between the Debtor
and its insurance companies; and
(e) assist the future claimants' representative with any
insurance-related matters arising in connection with the
formulation of a plan of reorganization and funding any trust for
the payment of the claims established under a plan.
The hourly rates of Anderson Kill's professionals are as follows:
Robert M. Horkovich, Managing Partner $1,080 per hour
Mark Garbowski, Shareholder $840 per hour
Mark Silverschotz, Of Counsel $840 per hour
Harris Gershman, Insurance Policy Analyst $375 per hour
Arline Pelton, Paralegal $285 per hour
Shareholders $465 – $1,080 per hour
Associates $295 – $530 per hour
Paralegals $160 – $375 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Anderson Kill provided the following information in compliance with
Paragraph D, Section 1 of the Revised U.S. Trustee Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Response: Anderson Kill did not represent the client
prepetition.
Question: Has your client approved your prospective budget and
staffing plan, and if so, for what budget period?
Response: Anderson Kill expects to develop a budget and staffing
plan for the future claimants' representative for the period from
June 10, 2021 through the remainder of 2021.
Robert Horkovich, a managing partner at Anderson Kill, disclosed in
a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Robert M. Horkovich
Anderson Kill, PC
1251 Avenue of the Americas
New York, NY 10020
Telephone: (212) 278-1000
Email: rhorkovich@andersonkill.com
About Cyprus Mines Corporation
Cyprus Mines Corporation is a Delaware corporation and a
wholly-owned subsidiary of Cyprus Amax Minerals Co., which is an
indirect subsidiary of Freeport-McMoRan Inc. It currently has
relatively limited business operations, which include the ownership
of various parcels of real property, certain royalty interests that
generate de minimis revenue (e.g., less than $1,500 in each of the
past two calendar years), and the ownership of an operating
subsidiary that conducts marketing activities.
Cyprus Mines is a predecessor in the interest of Imerys Talc
America, Inc. In June 1992, Cyprus Mines sold its talc-related
assets to RTZ America Inc. (later known as Rio Tinto America, Inc.)
through a two-step process. First, Cyprus Mines transferred its
talc-related assets and liabilities (subject to minor exceptions)
to Cyprus Talc Corporation, a newly formed subsidiary of Cyprus
Mines, according to an Agreement of Transfer and Assumption, dated
June 5, 1992.
Second, Cyprus Mines sold the stock of Cyprus Talc Corporation to
RTZ according to a Stock Purchase Agreement, also dated June 5,
1992 (as amended, the "1992 SPA"). The purchase price was
approximately $79.5 million. Cyprus Talc Corporation was later
renamed Imerys Talc America, Inc. Under the 1992 ATA, the entity
now named Imerys expressly and broadly assumed the talc liabilities
of Cyprus Mines and its former subsidiaries that were in the talc
business.
Cyprus Mines filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 21-10398) on Feb. 11, 2021, listing between $10
million and $50 million in assets, and between $1 million and $10
million in liabilities.
The Honorable Laurie Selber Silverstein is the case judge.
The Debtor tapped Reed Smith LLP as bankruptcy counsel, Kasowitz
Benson Torres LLP as special conflicts counsel, and Prime Clerk LLC
as claims agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of tort claimants on March 4, 2021. The tort committee is
represented by Caplin & Drysdale, Chartered, and Campbell & Levine,
LLC. Province, LLC, and Axlor Consulting, LLC serve as the tort
committee's financial advisor and consultant, respectively.
Roger Frankel serves as the legal representative for future
personal injury claimants. The FCR tapped Togut, Segal & Segal LLP
and Burr & Forman LLP as bankruptcy counsel, Anderson Kill PC as
special insurance counsel, and Province LLC as financial advisor.
The FCR also tapped the services of economic expert, Berkeley
Research Group, LLC.
DEARBORN REAL: All Classes Unimpaired Under Plan
------------------------------------------------
Dearborn Real Estate Associates, L.L.C., filed with the U.S.
Bankruptcy Court for the Eastern District of Michigan a Combined
Plan of Reorganization and Disclosure Statement dated July 1,
2021.
The Plan divides Claims and Interests of DREA into 5 Classes and
treats them as follows:
* Class I consists of the Holders of the Wayne County
Treasurer Claims on the properties located at 8550-8668 Silvery
Lane, Dearborn Heights, Michigan, 48127, being parcel
identification numbers 33-003-99-0002-000 and 33-003-99-0006-000 as
well as the properties located at 24987, 24991, and 24997 Joy Road,
Dearborn Heights, Michigan, 48127, being parcel identification
numbers 33- 003-99-0004-000, 33-003-99-0005-001, and
33-003-99-0005-002, respectively. Class I shall be paid in full
within 90 days after the Effective Date. It is intended that this
class be paid through financing to be obtained by the Debtor. This
Class is unimpaired.
* Class II consists of the Holder of the Claim of Alliance
Catholic Credit Union in the amount of $1,388,105.51. The credit
union has a security interest on that real property of DREA
consisting of 8550, 8560, and 8668 Silvery Lane, Dearborn Heights,
Michigan, 48127, identified by parcel numbers 33-003-99-0002- 000
and 33-003-99-0006-000. The Claim of Alliance Catholic Credit Union
is also protected by an assignment of rents. The Debtor had
defaulted on the obligations to Alliance Catholic Credit Union and
so the assignment of rents was perfected prior to filing. Debtor
proposes to pay the credit union in full by way of loan financing
through a suitable lender. This Class is unimpaired.
* Class III consists of the Holders of Claims as to unexpired
leases and executory contracts. The leases identified are tenants
of the Debtor's properties. Debtor shall continue to perform its
obligations and make payments as scheduled under the Class III
executory contracts and unexpired leases in accordance with the
terms of each executory contract and unexpired lease. This Class is
unimpaired.
* Class IV consists of the Holders of Allowed Unsecured Claims
against DREA, including those Claims that may be unsecured by
virtue of 11 U.S.C. § 506(a) and the undersecured value of
collateral potentially securing a Claim. The total estimated amount
of the non-Priority Unsecured Claims is $293,327.43 exclusive of
Deficiency Claims. Class IV Claims shall be paid in full within 90
days of the Effective Date including all interest and other charges
that have accrued at that point on the date of payment. This Class
is unimpaired.
* Class V consists of the Interest Holders of DREA. Class V
Interest Holders shall retain their Interests in the Reorganized
Debtor and their rights shall remain the same. This Class is
unimpaired.
The Debtor is working on financing to provide the funding of the
plan. The Debtor is seeking to convert the property located at 8668
Silvery Lane in Dearborn Heights and is expected to receive
permission from the City of Dearborn Heights on July 8, 2021. When
the approval is granted, Debtor is expect to be able to secure the
financing for construction and financing of the property which will
enable the Debtor to fully pay off the lien of Alliance Catholic
Credit Union. This will allow ownership over the rents to be
returned to the Debtor.
The Debtor anticipates reorganizing its business and assets and
paying its creditors according to their priority. Past performance
is not indicative of future performance since the Debtor's changed
circumstances immediately prior to the filing of the case will give
the Debtor the ability to make plan payments.
After the Effective Date of the Plan, the Reorganized Debtor will,
pursuant to the Plan, continue to operate consistent with its
operations prior to and after the Petition Date. It is anticipated
that Dr. David Jankowski, the principal of MDS I, will operate and
manage the Debtor. Because the plan proposes payment in full at or
shortly after the Effective Date, it is not intended that
compensation will be paid during the course of the Plan.
A full-text copy of the Combined Plan and Disclosure Statement
dated July 1, 2021, is available at https://bit.ly/3xisAkx from
PacerMonitor.com at no charge.
Attorneys for Debtor:
GUDEMAN & ASSOCIATES
Edward Gudeman (P-14451)
Brian A. Rookard (P-69836)
1026 W. Eleven Mile Rd.
Royal Oak, MI 48067
(248) 546-2800
About Dearborn Real Estate
Dearborn Real Estate Associates, L.L.C. is primarily engaged in
renting and leasing real estate properties. Dearborn Real Estate
filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 21-41804)
on March 3, 2021. At the time of filing, the Debtor has $500,000
to $1 million estimated assets and $1 million to $10 million
estimated liabilities. The Hon. Maria L. Oxholm oversees the case.
Edward J. Gudeman, Esq., of GUDEMAN & ASSOCIATES, PC, is the
Debtor's counsel.
DECO ENTERPRISES: Court Confirms Amended Chapter 11 Plan
--------------------------------------------------------
Deco Enterprises, Inc., filed an Amended Chapter 11 Plan dated June
25, 2021.
The Plan is a reorganization plan pursuant to which the Debtor
proposed to restructure its debts. The Debtor aims to accomplish
payments under the Plan with cash on hand in the DIP account, new
financing for working capital, a new value contribution, and income
generated through its business operations.
The amendments to the Plan relate to, among others, the Debtor's
contracts with secured creditors, Paragon Financial Group, Inc. and
Crossroads Financing, LLC. The Amended Plan provided that all
existing and arising rights and interest granted to Paragon, as
well as all monetary and non-monetary obligations owed and
thereafter owing to Paragon by the Debtor under the Factoring and
Security Agreement and Postpetition Rider to Factoring and Security
Agreement and the DIP Financing Order, and those of Crossroads
Financing, LLC with respect to the Loan and Security Agreement,
shall be ratified and approved without any modification and shall
remain in full force post confirmation and fully binding on the
Debtor and all parties in interest to the Debtor and the
Reorganized Debtor.
In the event that the Debtor and/or the Reorganized Debtor defaults
under the Postpetition Agreements and /or the Plan, Paragon and/or
Crossroads shall be entitled to exercise all rights and remedies
under the Postpetition Paragon Agreements/Loan and Security
Agreement, the Plan and state law, free of any automatic stay way.
Paragon's claims in Class 1 from the factoring agreement with the
Debtor is impaired under the Plan. Class 1 Claims are secured by a
first priority lien on all Purchased Accounts, together with a
senior lien against the Debtor's property and assets.
Crossroad's secured Claim for an Allowed Amount of 813,392 in Class
2 is impaired under the Plan. It is secured by a first priority
lien on the Debtor's inventory, with a senior lien in the Debtor's
property and assets, subject to Paragon's first priority lien in
the Purchased Accounts and Paragon's senior lien in the Debtor's
assets under the terms of the Intercreditor Agreement.
General Unsecured Claims in Class 7 aggregating $9,466,322 will
receive a dividend of 5% of their claims paid in 60 equal monthly
installments of $7,889 each, beginning on the first day of the
sixth full month after the Effective Date, and will receive 100% of
the net recovery realized by the Debtor's estate from the Pouladian
litigation, after all fees and costs.
The Plan will be funded by (a) cash on hand; (b) $3 million to $4.5
million in new working capital financing; (c) new value equity
contribution of $950,000 from a newly formed company that will own
100% of Reorganized Debtor, and whose shareholders will include
Babak Sinai and Siamak Sinai; (d) working capital availability
under the Paragon and Crossroads agreements; and (e) net monthy
income from operation of the Debtor's business averaging $293,299
during the term of the Plan.
--Post-Confirmation Management
The Amended Plan also provided for a Post-Confirmation Oversight
Board. The Post-Confirmation Oversight Board is an entity
established to oversee, review and guide the activities and
performance of Management in connection with the duties under the
Plan to maximize distributions to holders of claims in Class 7.
The holder of the largest Allowed Claim in Class 7, Arrow
Electronics, Inc., shall serve as the sole member of the Oversight
Board.
The Amended Plan provided that there shall be no change in
management. Babak Sinai, Saman Sinai and Craig Allen will continue
to manage Reorganized Debtor's financial affairs after confirmation
and consummation of the Plan, provided, however, that (i) the
prosecution, compromise or settlement of the Pouladian Claim or the
Pouladian Action, (ii) the review and objection to any claims in
Class 7, and (iii) distributions to holders of claims in Class 7,
will be subject to the rights of the Post Confirmation Oversight
Board.
An adversary proceeding styled Pouladian v. Deco Enterprises, Inc.
et al., filed by Creditor Benjamin Pouladian, who seeks to recover
money/property from the Debtor, is pending in the Debtor's Chapter
11 case.
Craig Allen shall act as disbursing agent in making all
distributions under the Plan.
A copy of the black line of the Amended Disclosure Statement is
available for free at https://bit.ly/3hyExft from PacerMonitor.com.
* * * *
The Court confirmed the Debtor's Amended Plan on June 29, 2021. A
status conference is set for October 13, 2021.
About Deco Enterprises
Deco Enterprises, Inc., manufactures lighting fixtures and
systems.
Deco Enterprises filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11846) on Feb. 20,
2020. In the petition signed by Babak Sinai, president/chief
executive officer, the Debtor was estimated to have $1 million to
$10 million in assets and $10 million to $50 million in
liabilities.
The Honorable Sheri Bluebond oversees the case.
Raymond H. Aver, Esq., at the Law Offices of Raymond H. Aver, APC,
is the Debtor's counsel. Mousavi & Lee, LLP, is the special
corporate and litigation counsel.
DOOR STYLES: Unsecureds Will Get 5% of Claims Over 36 Months
------------------------------------------------------------
Door Styles, Inc. filed with the U.S. Bankruptcy Court for the
Southern District of Florida a Plan of Reorganization for Small
Business dated July 1, 2021.
Class 1 consists of Priority claims. Class 1 is unimpaired by this
Plan, and the Florida Department of Revenue each holder of a Class
1 Priority Claim will be paid in regular monthly installments
commencing on the Effective Date over a period ending not later
than five years after the Petition Date.
Class 2 consists of Non-priority unsecured creditors. This was a
payroll protection loan and Debtor is applying for forgiveness of
this debt. Any debt that is not forgiven will become an unsecured
Class 3 clam and be treated in the same manner as all members of
Class 3.
Class 3 consists of Non-priority unsecured creditors. Debtor will
pay Class 3 creditors a total of 5% of their claims make in 12
equal quarterly payments commencing on the Effective Date.
Class 4 consists of Equity security holders of the Debtor. Class 4
will not receive any distribution under the plan distribution, if
any.
The plan will be funded with Debtor's operating revenues. Mr. Ed
Zegarra will continue as the Debtor's sole officer director and
shareholder.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $1,66.67 a month which is
sufficient to pay the Department of Revenue within sixty months of
the Petition date and to provide a 5% distribution to general
unsecured creditor within 36 months or less.
Debtor's projections were based on the Debtor's annualized income
and expense generated from January 1, 2021 to May 31, 2021 with
some adjustments to nonfixed expenses which are not recurring.
Debtor has been operating at a profit in the absence of the
recurring withdrawals from its accounts from high interest rate
lenders. The final Plan payment is expected to be made within 36
months from the Effective Date.
A full-text copy of the Plan of Reorganization dated July 1, 2021,
is available at https://bit.ly/3ytTwxQ from PacerMonitor.com at no
charge.
The Debtor is represented by:
Susan D Lasky, Esq.
320 S.E. 18 St.
Ft. Lauderdale, Fl 33316
Tel: (954) 400-7474
Fax: (954) 206-0628
Email: Sue@SueLasky.com
About Door Styles Inc.
Door Styles, Inc., has been in the business of installing doors and
windows primarily for residential or condominium customers since
July 1997.
Door Styles sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 21-13321) on April 7, 2021, listing
under $1 million in both assets and liabilities. Judge Robert A.
Mark presides over the case. Susan D. Lasky, Esq., at Sue Lasky,
PA, is the Debtor's legal counsel.
DULUTH ISD 709: Moody's Assigns Ba1 Rating to $31.5MM GO Bonds
--------------------------------------------------------------
Moody's Investors Service has assigned underlying Ba1 and enhanced
Aa2 ratings to Duluth Independent School District (ISD) 709, MN's
$31.5 million General Obligation Bonds, Series 2021C (Capital
Appreciation Bonds). Moody's maintains the district's Ba1 issuer
rating, Ba1 rating on general obligation unlimited tax (GOULT)
bonds, Ba1 rating on full term certificates of participation (COP)
and Ba2 rating on annual appropriation COPs. The issuer rating
reflects the district's ability to repay debt and debt-like
obligations without consideration of any pledge, security, or
structural features. Following the sale, the district will have
about $65 million in general obligation unlimited tax (GOULT)
bonds, $111 million in full term COPs, and $27 million in annual
appropriation COPs. The outlook is positive.
RATINGS RATIONALE
The Ba1 issuer rating reflects the district's history of volatile
financial operations that led to an extended period of chronically
narrow reserves. The financial profile is improving though reserves
remain somewhat limited. The rating also incorporates the
district's strong tax base that serves as a regional economic
center, a long-term trend of declining enrollment that will remain
a credit challenge and the district's above average leverage
related to long-term debt and pension burdens. The coronavirus
pandemic drove a larger than usual enrollment decline during fiscal
2021 though management notes that a combination of lower than
budgeted expenditures and a substantial infusion state and federal
funding related to the pandemic will be more than sufficient to
offset the negative variance and result in at least balanced
operations.
The Ba1 GOULT rating is equivalent to the Ba1 issuer rating because
of the district's full faith and credit pledge with authority to
raise ad valorem property taxes unlimited as to rate or amount.
The enhanced rating on the Series 2021C GOULT bonds reflects the
additional security provided by the State of Minnesota's School
District Credit Enhancement Program. The Aa2 enhanced programmatic
rating is notched once from the State of Minnesota's Aa1 general
obligation unlimited tax (GOULT) rating and the enhancement program
carries a stable outlook, reflecting the stable outlook on the
State of Minnesota. The enhanced rating reflects sound program
mechanics and the State of Minnesota's pledge of an unlimited
appropriation from its General Fund should the district be unable
to meet debt service requirements. The program's mechanics include
a provision for third party notification of pending deficiency. If
the school district does not transfer funds necessary to pay debt
to the paying agent at least three days prior to the payment due
date, the state will appropriate the payment to the paying agent
directly. Moody's expects to receive a copy of the signed program
applications.
RATING OUTLOOK
The positive outlook reflects the district's improving financial
position. If the district is able to sustain its recent progress,
the rating is likely to move upward.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS
Established track record of stable financial performance
Upward movement in State of Minnesota's underlying GOULT rating
(enhanced)
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
Inability to maintain a stable financial profile
Substantial enrollment declines that further pressure operating
revenue
Downward movement in the State of Minnesota's underlying GOULT
rating (enhanced)
Weakening of the credit enhancement program mechanics (enhanced)
LEGAL SECURITY
The GOULT bonds are supported by the district's pledge to levy a
dedicated property tax unlimited as to rate and amount. The GOULT
Bonds are additionally secured by statute. The school district
received special authorization from the Minnesota legislature to
issue the Series 2021C GOULT bonds as a part of the district's
larger plan to achieve school district efficiencies and sell the
Historic Old Central High School.
The full-term COPs do not carry the district's full faith and
credit pledge but are supported by a separate, dedicated levy. The
obligation of the district to make rental payments is absolute and
unconditional and it is not subject to annual appropriation.
The annual appropriation COPs are supported by lease payments which
are subject to annual appropriation. The pledged assets are school
facilities, which Moody's deem to be a more essential asset.
The district's GOULT bonds and Full-Term COPs are additionally
supported by the State of Minnesota's School District Credit
Enhancement Program which provides for an unlimited advance from
the state's General Fund should the district be unable to meet debt
service requirements.
USE OF PROCEEDS
Proceeds will finance the construction and equipping the district's
service center and transportation facility, renovations to the
existing facilities building, site development and off-site
improvements, de-commission of existing facilities as well as the
furniture, fixtures, equipment and technology for the facilities.
PROFILE
Duluth ISD 709 is located along the Lake Superior shoreline about
150 miles north of the Twin Cities (Minneapolis, Aa1 stable; St.
Paul, Aa1 stable) metropolitan area and has a population of about
94,000 residents. The district provides prekindergarten through
twelfth grade education to residents of the City of Duluth as well
as all or portions of five surrounding townships. Duluth ISD 709
operates nine elementary schools, two middle schools and two high
schools with a current enrollment of about 8,300 students.
METHODOLOGY
The principal methodology used in the underlying rating was US K-12
Public School Districts Methodology published in January 2021.
ECOARK HOLDINGS: Posts $20.9 Million Net Loss in Fiscal 2021
------------------------------------------------------------
Ecoark Holdings, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$20.89 million on $15.56 million of revenues for the year ended
March 31, 2021, compared to a net loss of $12.14 million on
$581,000 of revenues for the year ended March 31, 2020.
As of March 31, 2021, the Company had $36.59 million in total
assets, $19.56 million in total liabilities, and $17.03 million in
total stockholders' equity.
The Company has a working capital deficit of $11,845,000 and
$16,689,000 as of March 31, 2021 and 2020, and has an accumulated
deficit as of March 31, 2021 of $148,911,000. As of March 31,
2021, the Company has $1,316,000 in cash and cash equivalents. The
Company alleviated the substantial doubt regarding this uncertainty
as of March 31, 2020 which continues to be alleviated at March 31,
2021 as a result of the Company's acquisition of Banner Midstream
on March 27, 2020 which bring revenue generating subsidiaries with
reserves of oil properties over $6,000,000 and existing customer
relationships over $2,000,000 coupled with the raising of
$16,119,000 in the exercise of warrants, $502,000 in the exercise
of options and $7,666,000 in a registered direct offering, net of
fees of $334,000 in the year ended March 31, 2021.
Ecoark said, "If the Company raises additional funds by issuing
equity securities, its stockholders would experience dilution.
Additional debt financing, if available, may involve covenants
restricting its operations or its ability to incur additional debt.
Any additional debt financing or additional equity that the
Company raises may contain terms that are not favorable to it or
its stockholders and require significant debt service payments,
which diverts resources from other activities. If the Company is
unable to obtain additional financing, it may be required to
significantly scale back its business and operations. The
Company's ability to raise additional capital will be impacted by
the heightened societal and regulatory focus on climate change and
may also be impacted by the COVID-19 pandemic.
"The Company believes that the current cash on hand and anticipated
cash from operations is sufficient to conduct planned operations
for one year from the issuance of the consolidated financial
statements."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/Archives/edgar/data/1437491/000121390021034916/f10k2021_ecoarkhold.htm
About Ecoark Holdings
Rogers, Arkansas-based Ecoark Holdings, Inc., founded in 2011, is a
diversified holding company. Ecoark Holdings has four wholly-owned
subsidiaries: Ecoark, Inc., a Delaware corporation which is the
parent of Zest Labs, Inc., 440IoT Inc., Banner Midstream Corp., and
Trend Discovery Holdings Inc. Through its subsidiaries, the
Company is engaged in three separate and distinct business
segments: (i) technology; (ii) commodities; and (iii) financial.
EVERYTHING BLOCKCHAIN: Completes Acquisition of 832 Energy
----------------------------------------------------------
Everything Blockchain, Inc. has completed the acquisition of 832
Energy Technology Consultants, LLC.
The company acquired 100% of the outstanding stock of 832 Energy
Technology Consultants, a Texas company, for $1,575,000, which
consisted of 300,000 shares of common stock. As a condition to the
acquisition, the company entered into a consulting agreement with
Cedric Harris, founder and chief executive officer of 832 Energy
Technology Consultants, to the position of chief research officer.
Under the terms of the consultant agreement, Mr. Harris is to
receive $10,000 per year base salary with bonus incentives that
consist of stock bonuses based upon profitability of the business
and expansion of intellectual properties.
Mr. Harris is 51 years old and brings nearly 40 years of industry
experience in the areas of Computer Science and Mathematics. Prior
to his role as CRO at Everything Blockchain, Inc., Mr. Harris has
worked as the senior solution architect for more than seven Fortune
500 companies operating in the Oil and Gas, Airline, Logistics,
Semiconductor and Retail Energy industries. Mr. Harris has worked
to develop many innovations in the areas of distributed computing,
artificial intelligence and blockchain. In April, 2021, Mr. Harris
was granted a full patent by the US Patent Office for his
innovations in blockchain.
About Everything Blockchain
Headquartered in Fleming Island, Florida, Everything Blockchain,
Inc. (fka OBITX, Inc.) is a developer, engineer, and consultant in
the industry of blockchain technologies.
OBITX reported net loss of $49.30 million for the year ended Jan.
31, 2021, compared to a net loss of $188,192 for the ear ended Jan.
31, 2020. As of Jan. 31, 2021, the Company had $1.71 million in
total assets, $172,819 in total liabilities, and $1.54 million in
total stockholders' equity.
Tel Aviv, Israel-based Weinstein International CPA, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated May 13, 2021, citing that as of Jan. 31, 2021, the
Company suffered losses from operations in all years since
inception and has a nominal working capital deficit. These and
other factors raise substantial doubt about the Company's ability
to continue as a going concern.
FAMILY FRIENDLY: Seeks to Tap George S. Magas CPA PC as Accountant
------------------------------------------------------------------
Family Friendly Contracting, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Maryland to employ George S.
Magas CPA, PC as accountant.
The Debtor needs an accountant to:
(a) render tax compliance and tax consulting services;
(b) consult with the Debtor and its legal counsel in
connection with other business matters relating to its financial
activities;
(c) provide expert testimony as required;
(d) work with financial consultants and other accountants, if
any;
(e) assist with such other tax and financial matters as the
Debtor may request from time to time; and
(f) provide accounting advice when needed in order to assume
the continued accuracy of the Debtor's internal accounting
records.
George Magas, the accountant who will primarily work in this case,
will be billed at his hourly rate of $250.
Mr. Magas disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
George S. Magas
George S. Magas CPA PC
9422 Damascus Rd
Damascus, MD 20872
Telephone: (301) 253-0013
Facsimile: (301) 370-7167
Email: George@magascpa.com
About Family Friendly Contracting
Family Friendly Contracting LLC, a Frederick, Md.-based company
that operates in the residential building construction industry,
sought protection for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Md. Case No. 21-14213) on June 27, 2021. Adam
Borcz, chief financial officer, signed the petition. In the
petition, the Debtor disclosed total assets of $5,314,121 and total
liabilities of $5,913,886.
Judge Thomas J. Catliota oversees the case.
The Debtor tapped Yumkas, Vidmar, Sweeney & Mulrenin, LLC as legal
counsel and George S. Magas CPA PC as accountant.
FL SUNSHINE SERVICES: Obtains Continued Access to Cash Collateral
-----------------------------------------------------------------
Judge Caryl E. Delano authorized FL Sunshine Services of Tampa, LLC
to use cash collateral on an interim basis to pay (a) amounts
expressly authorized by the Court, including payments to the US
Trustee for quarterly fees; (b) the current and necessary expenses
set forth in the budget, plus an amount not be exceed 10% for each
line item; and (c) additional amounts as may be expressly approved
in writing by the Debtor's secured creditors -- Commercial Credit
Group Inc., South State Bank, N.A. f/k/a CenterState Bank, N.A.,
Fundbox and U.S. Small Business Administration.
The budget provided for monthly cost of $12,663 for July and
$17,527 for August 2021.
The Court ruled that each secured creditor with a security interest
in cash collateral shall have a perfected post-petition lien
against cash collateral to the same extent and with the same
validity and priority as the prepetition lien. The Debtor has
stipulated that its debt to Commercial Credit Group Inc. is fully
secured by its equipment and the cash collateral as of the Petition
Date.
A copy of the sixth interim order is available for free at
https://bit.ly/2VaCDdz from PacerMonitor.com.
The telephonic hearing on the motion and on Commercial Credit
Group's objection to the Debtor's use of cash collateral is
rescheduled to August 9, 2021 at 1:30 p.m.
About FL Sunshine Services of Tampa, LLC
FL Sunshine Services of Tampa, LLC, a Port Richey, Fla.-based
limited liability company, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-08148) on October
30, 2020. The petition was signed by Dan K. Wilson, manager.
At the time of filing, the Debtor disclosed assets of less than
$50,000 and liabilities of up to $10 million.
Judge Caryl E. Delano oversees the case.
Johnson, Pope, Bokor, Ruppell & Burns, LLP is Debtor's legal
counsel.
FORMETAL COMPANY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: The Formetal Company, LLC
239 Third Street
Forest Park, GA 30297
Chapter 11 Petition Date: July 3, 2021
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 21-55029
Debtor's Counsel: Leslie Pineyro, Esq.
JONES & WALDEN, LLC
699 Piedmont Avenue NE
Atlanta, GA 30308
Tel: 404-564-9300
Fax: 404-564-9301
Email: info@joneswalden.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Robert H. Boyd, manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/X7GN4RI/The_Formetal_Company_LLC__ganbke-21-55029__0001.0.pdf?mcid=tGE4TAMA
FREDERICK LLC: Seeks to Tap Fitzgerald Attorneys at Law as Counsel
------------------------------------------------------------------
The Frederick, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Massachusetts to employ Fitzgerald Attorneys at
Law, PC to serve as legal counsel in its Chapter 11 case.
The firm's services include:
(a) advising the Debtor with respect to its powers, rights and
duties in the continued management and operation of its business;
(b) providing legal advice and consultation related to the
legal and administrative requirements of operating the Chapter 11
case;
(c) taking all necessary actions to protect and preserve the
Debtor's estate;
(d) preparing legal papers;
(e) representing the Debtor's interests at the meeting of
creditors and at any other hearing scheduled before the court
related to the Debtor;
(f) assisting the Debtor in the formulation, negotiation and
implementation of a Chapter 11 plan and all documents related
thereto;
(g) assisting the Debtor with respect to negotiation,
documentation, implementation, consummation, and closing of
corporate transactions;
(h) advising the Debtor with respect to the use of cash
collateral and exit financing and negotiating, drafting, and
seeking approval of any documents related thereto;
(i) reviewing and analyzing all claims filed against the
Debtor's bankruptcy estate, and representing the Debtor in
connection with the possible prosecution of objections to claims;
(j) advising the Debtor concerning any executory contract and
unexpired leases;
(k) coordinating with other professionals employed in the case
to rehabilitate the Debtor's affairs; and
(l) performing all other necessary bankruptcy-related legal
services for the Debtor.
The Debtor paid a retainer in the amount of $53,880 to Fitzgerald
Attorneys at Law.
Andrea O'Connor, Esq., a member of Fitzgerald Attorneys at Law,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Andrea M. O'Connor, Esq.
Fitzgerald Attorneys at Law, PC
46 Center Square
East Longmeadow, MA 01028
Telephone: (413) 486-1110
Email: amo@fitzgeralatlaw.com
About Frederick LLC
The Frederick, LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No.
21-30240) on June 28, 2021. Scott M. Shortt, manager, signed the
petition. At the time of the filing, the Debtor had between $1
million and $10 million in both assets and liabilities. Judge
Elizabeth D. Katz oversees the case. Fitzgerald Attorneys at Law,
PC serves as the Debtor's legal counsel.
FRONTIER COMMUNICATIONS: Copyright Case Pursued in District Court
-----------------------------------------------------------------
Leslie A. Pappas of Bloomberg Law reports that a group of movie
studios accusing Frontier Communications Corp. of turning a blind
eye to "massive piracy of motion pictures" costing them $14 million
in revenues is asking a federal district court, rather than a
bankruptcy court, to take their case.
About 50 movie producers, including Rambo V Productions Inc.,
American Cinema International, and Fallen Productions Inc., on
Thursday asked that their copyright infringement claims be
withdrawn from bankruptcy court because they involve "the
significant interpretation of non-bankruptcy issues."
The producers say they hired German copyright enforcement company
Maverickeye UG to monitor networks for unauthorized distribution of
their motion pictures.
About Frontier Communications
Frontier Communications Corporation (OTC: FTRCQ) offers a variety
of services to residential and business customers over its
fiber-optic and copper networks in 25 states, including video,
high-speed internet, advanced voice, and Frontier
Secure® digital protection solutions. Frontier
Business offers communications solutions to small, medium, and
enterprise businesses.
Frontier Communications Corporation and 103 related entities sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-22476) on
April 14, 2020.
Judge Robert D. Drain oversees the cases.
The Debtors tapped Kirkland & Ellis LLP as legal counsel; Evercore
as financial advisor; and FTI Consulting, Inc., as restructuring
advisor. Prime Clerk is the claims agent, maintaining the page
http://www.frontierrestructuring.com/and
https://cases.primeclerk.com/ftr
The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in Debtors' Chapter 11 cases. The committee
tapped Kramer Levin Naftalis & Frankel LLP as its counsel; Alvarez
& Marsal North America, LLC, as financial advisor; and UBS
Securities LLC as an investment banker.
FTE NETWORKS: Receives Notice of Default From Lender
----------------------------------------------------
FTE Networks, Inc., US Home Rentals LLC, FTE's wholly-owned
subsidiary, and certain of FTE's affiliated entities received a
notice of default and election to accelerate from DLP Lending Fund,
LLC in connection with various notes held by the lender (assumed
and refinanced as part of the Rental Home Portfolio Asset Purchase
Agreement) in the aggregate principal of approximately $25,502,394.
The Notice informs the Company that the Notes are in default
because of certain purported failures under the respective note
agreements.
The Company is attempting to reach a negotiated settlement with DLP
and hopes to continue to work with the lender to settle its
obligations under the Notes. The Company intends to vigorously
defend its position should a mutually amicable resolution prove
unattainable; however, if DLP exercises additional remedies, such
remedies may have a material adverse effect on the Company's
financial condition, cash flows and ability to continue to
operate.
About FTE Networks
Formerly known as Beacon Enterprise Solutions Group, FTE Networks,
Inc. -- http://www.ftenet.com-- together with its wholly owned
subsidiaries, is a provider of innovative, technology-oriented
solutions for smart platforms, network infrastructure and
buildings. The Company provides end-to-end design, construction
management, build and support solutions for state-of-the-art
networks, data centers, residential, and commercial properties and
services Fortune 100/500 companies. FTE has three complementary
business offerings which are predicated on smart design and
consistent standards that reduce deployment costs and accelerate
delivery of innovative projects and services.
FTE Networks reported a net loss of $15.44 million for the year
ended Dec. 31, 2019, compared to a net loss of $46.59 million for
the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had
$235.43 million in total assets, $160.81 million in total
liabilities, and $74.63 million in total stockholders' equity.
FUTURUM COMMUNICATIONS: Wins Final Cash Access Thru August 31
-------------------------------------------------------------
Judge Kimberley H. Tyson authorized Futurum Communications
Corporation to use cash collateral on a final basis through the
earliest to occur of (i) August 31, 2021, and (ii) the occurrence
of a termination event, in order to pay the expenses of the
business and the estate, pursuant to the approved budget.
The Debtor is further authorized to make the payments in the budget
upon entry of the final order. The Debtor has submitted to the
Court its proposed cash collateral budget for a 24-week period from
the week beginning March 22 through the week beginning August 30,
2021. The Debtor projects $1.8 million in revenues and $1.2
million in expenses during the period.
The Grant Funds
The Debtor operates a telecommunications company, providing
broadband internet, telephone, hosting, television, and cloud
services. The Debtor represented that it anticipates generating
accounts receivable from customers that were not customers on the
Petition Date to the extent it can complete some or all of the
existing projects, by adding customers to fiber optic and
communications projects under construction. However, the Debtor
said it does not currently have funds to complete construction.
Pursuant to agreements with the State of Colorado, 75% of the
construction costs on two partially complete projects are funded by
grants (Grant Funds) and 25% by the Debtor. The Debtor used
advances from the Drawdown Construction Loan to initially fund
these costs, and then 75% of the costs are reimbursed to the Debtor
by the State of Colorado.
Prepetition, upon receipt, the Debtor in turn deposited the
reimbursement in a "Reimbursement Account" established by
Collegiate Peaks Bank, its Prepetition Lender, with the Debtor
assigning all right, title, and interest in the Grant Funds in the
Reimbursement Account to the Lender. On or about the Petition
Date, approximately $367,000 of Grant Funds in the Reimbursement
Account were applied to the Drawdown Construction Loan by the
Lender. Debtor and Lender are working towards an agreement for
Lender to fund some or all of the remaining construction costs.
Cash Collateral Creditors
As of the Petition Date, the Debtor owed these creditors who assert
an interest in the cash collateral:
a. Collegiate Peaks Bank (the Lender) for (i) $368,580, with
respect to an operating line of credit dated November 19, 2015; and
for approximately (ii) $1,331,523 with respect to a Drawdown
Construction Loan. The Lender filed UCC financing statements for
both debts. The Lender asserts a first priority lien and security
interest in substantially all of Debtor's prepetition assets,
including the Grant Funds. The Lender, however, does not assert a
first priority perfected security interest in the Debtor's stock in
Fundamental Holdings Corp. dba Peak Internet, or in any property
which may be subject to a properly perfected purchase money
security interest.
b. Jayson Baker for approximately $4,731,000, pursuant to a
secured promissory note, backed by a certain Security Agreement,
pursuant to which Baker asserts a first priority perfected security
interest in the Debtor's stock in Peak and any dividends paid by
Peak to Debtor, among other property. Baker filed a UCC-1
financing statement on October 23, 2020 and obtained possession of
the stock certificate with a power of attorney. The Debtor asserts
that Peak has positive cash flow and prior to the Petition Date,
Peak paid Debtor a monthly dividend in an amount sufficient to make
the monthly payment on the Baker Note and for additional working
capital to Debtor.
c. Consara Financing, LLC for approximately $27,587 with respect
to a loan agreement, secured by the Debtor's agreement with Cascade
Village Community Association dated September 7, 2018, among other
collateral. Consara filed a UCC-1 financing statement for its
interest.
d. Leaf Capital Funding, LLC for $40,000 to finance the purchase
of certain equipment. The Debtor granted Leaf Capital a security
interest in the purchased equipment. The Debtor also owed Leaf
Capital $75,000 for loans it obtained in 2019 and in 2021. Both
loans are secured by accounts and general intangibles, among other
property.
e. The Colorado Department of Revenue (CDOR) for approximately
$17,801 for which CDOR asserts a first and prior statutory lien on
all of goods and business fixtures owned or used by the Debtor.
Adequate Protection
The Court ruled that the Cash Collateral Creditors are entitled to
an amount equal to the aggregate post-petition diminution in value
of respective interests in the Prepetition Collateral, including
the Grant Funds due the Lender.
The Court authorized the Debtor to make the following monthly
adequate protection payments, as provided in the budget, which
shall be applied to the respective claims of the Cash Collateral
Creditors, including any 507(b) Claim:
a. $11,550 to Lender;
b. $84,000 to Baker;
c. $6,500 to Consara (in no event, however, will Consara receive
payments in excess of the amount of its claim);
d. $5,000 to Leaf (of which $1,817 will be applied to the Leaf
Equipment Loan, $1,592 will be applied to the 2019 loan from Leaf,
and $1,592 will be applied to the 2021 loan from Leaf);
e. $500 to CDOR;
f. any Grant Funds due to the Lender, which the Debtor receives
from the State, to be deposited into the Reimbursement Account
within three days of receipt;
g. the Grant Funds (due to the Lender) in the Reimbursement
Account on the Petition Date.
As additional adequate protection, the Court grants these claims,
liens, rights and benefits:
1. Dividends from Peak
The Debtor shall not cause Peak to make any dividend or
distribution to Debtor, except the $100,000 monthly distributions
provided in the budget. The Debtor shall cause the adequate
protection payment to Baker to be made within one business day of
the Dividend from Peak. The Debtor shall hold $84,000 of each
monthly distribution from Peak in trust for the benefit of Baker
until the monthly payment is made to Baker. No other creditor or
party in interest shall have any interest in the Baker Funds.
2. Section 507(b) Claim
The Adequate Protection Obligations due to the Cash Collateral
Creditors shall constitute claims against the Debtor as provided in
Section 507(b) of the Bankruptcy Code.
3. Adequate Protection Liens consisting of:
(i) Replacement liens on, and security interests in, all
of the Debtor's rights in tangible and intangible assets that are
not subject to (x) valid, perfected, unavoidable and enforceable
liens in existence on or as of the Petition Date or (y) valid and
unavoidable liens in existence for amounts outstanding as of the
Petition Date that are perfected after the Petition Date;
(ii) Junior priority replacement lien on, and security
interest in, all of Debtor's tangible and intangible assets.
The Cash Collateral Creditors, however, shall not have a lien on
Debtor's stock in Peak or avoidance actions under chapter 5 of the
Bankruptcy Code, trust funds of CDOR, or the $84,000 payment due to
Baker from the time of the $100,000 dividend from Peak until such
payment is made to Baker, and any Court-approved retainer paid to
counsel for Debtor.
The Court further ruled that within one week after entry of the
Final Order, the Debtor shall pay to CenturyLink Communications,
LLC, Qwest Corporation, and Level 3 Communications, LLC, and their
parents, subsidiaries, and affiliates, including CenturyTel of
Eagle, Inc., -- collectively, Lumen -- all unpaid post-petition
amounts incurred by the Debtor between March 21, 2021 and June 6,
2021 and due by June 6, 2021. Lumen and Debtor assert that the
amount is approximately $111,086. Any amounts owed to Lumen during
the pendency of the Debtor's Chapter 11 case subsequent to the
Petition Date, whether prior or subsequent to the confirmation of a
chapter 11 plan, shall be afforded administrative claim status in
accordance with Sections 503 and 365 of the Bankruptcy Code.
A copy of the final order and cash collateral budget is available
for free at https://bit.ly/3ynxtZI from PacerMonitor.com.
About Futurum Communications Corporation
Futurum Communications Corporation -- https://forethought.net -- is
an independent locally owned internet, cloud and communications
service provider with offices in Denver, Grand Junction and
Durango, offering a portfolio of enterprise-level cloud hosting,
colocation, Internet, voice and data solutions.
Futurum Communications sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 21-11331) on March 21,
2021. Jawaid Bazyar, president, signed the petition. In the
petition, the Debtor disclosed assets of between $1 million and $10
million and liabilities of the same range.
Judge Kimberley H. Tyson oversees the case.
The Debtor tapped Onsager Fletcher Johnson, LLC as its legal
counsel and Cook Forensics, LLC as its accountant.
GB SCIENCES: Delays Filing of Fiscal 2021 Annual Report
-------------------------------------------------------
GB Sciences, Inc. filed a Form 12b-25 with the Securities and
Exchange Commission notifying the delay in the filing of its Annual
Report on Form 10-K for the year ended March 31, 2021.
The Company was unable to file its Annual Report by the prescribed
date of June 29, 2021, without unreasonable effort or expense,
because it needs additional time to complete certain disclosures
and analyses to be included in the Report. In accordance with Rule
12b-25 promulgated under the Securities Exchange Act of 1934, as
amended, the Company intends to file the Report on or prior to the
fifteenth calendar day following the prescribed due date.
About GB Sciences
GB Sciences, Inc. seeks to be a biopharmaceutical research and
cannabinoid-based drug development company whose goal is to create
patented formulations for safe, standardized, cannabinoid therapies
that target a variety of medical conditions in both the
pharmaceutical and wellness markets. The Company is engaged in the
research and development of cannabinoid medicines and plans to
produce cannabinoid therapies for the wellness markets based on its
portfolio of intellectual property.
GB Sciences reported a net loss of $13.11 million for the year
ended March 31, 2020, compared to a net loss of $24.68 million for
the year ended ended March 31, 2019. As of Dec. 31, 2020, the
Company had $10.25 million in total assets, $12.74 million in total
liabilities, and a total stockholders' deficit of $2.50 million.
Assurance Dimensions, in Margate, Florida, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated Aug. 27, 2020, citing that the Company has suffered recurring
losses. For the year ended March 31, 2020 the Company had a net
loss, had net cash used in operating activities of $4,479,713, and
had negative working capital of $3,884,877. These factors raise
substantial doubt about its ability to continue as a going concern.
GIRARDI & KEESE: Erika Objects Transfer of Tom's $20 Mil. NFL Cases
-------------------------------------------------------------------
Nancy Zhang of All About The Tea reports that Erika Jayne's lawyer
has filed an objection to a decision made by the trustee overseeing
Tom Girardi's bankruptcy case, the estranged husband of the Real
Housewives of Beverly Hills star.
Erika is seeking to cash in on half of Tom's estate because she
claims that the couple did not sign a prenuptial agreement. Fans
know that Erika filed for divorce from Tom in November 2020, after
a 21-year marriage.
Girardi was forced into Chapter 7 bankruptcy by multiple creditors
who claim that the attorney owes them tens of millions of dollars.
Followers of the legal drama know that the ex-couple has been
accused of embezzlement and fraud and that a court-appointed
trustee was hired to evaluate and sell off Girardi's assets in
order to pay back his creditors. Erika's assets are currently being
investigated amid allegations that Tom and his law firm, Girardi
Keese, fraudulently transferred funds to the reality star. Most
think that there will be little cash left once Tom’s debts are
settled, but Erika appears to believe otherwise.
According to legal documents obtained by All About The Tea, Erika's
lawyers claim that the attorney presiding over the case recently
proposed transferring Tom's interest in lawsuits involving NFL
player concussions to another law firm. Tom was representing
several former NFL players in over 100 lawsuits through his firm,
Girardi Keese, prior to losing his law license. Erika is objecting
to the transfer of Tom’s interest in the NFL cases to another
firm.
"Ms. Girardi has a 12th-grade education, was never a GK attorney,
and had no role in the operation or management of GK. Ms. Girardi
was, however, married for approximately 20 years to Thomas Girardi,
whom we understand is the 100% equity holder of GK. Ms. Girardi
filed a petition for divorce from Mr. Girardi on or about November
3, 2020; and there was no pre-nuptial agreement," the reality
star's legal counsel stated.
Erika is reportedly looking to "maximize" her soon-to-be ex’s
estate because, under California law, she is entitled to half of
any remaining assets after Tom's creditors are paid off.
Erika thinks that Tom's pending cases could prove to be "extremely
valuable" and could be “potentially sufficient to pay all
legitimate creditors in full, including victims of GK, leaving a
surplus of millions of dollars for equity." Erika believes that she
could be owed part of that surplus.
Erika thinks that the NFL lawsuits could be worth an estimated $20
million, and the reality star is asking a court to intervene. A
judge has not yet ruled on the case.
As previously reported—Ronald Richards, the attorney hired to
investigate Erika's assets, recently cranked up his efforts, asking
the court to allow him to question those surrounding the reality
star, including her divorce lawyer, Larry Ginsburg, from the firm
Harris Ginsburg LLP. He is asking for copies of Erika's payments to
the firm because an examination of the attorney will "also
potentially identify any aiders and abettors assisting Erika in
hiding the Debtor's assets. Payments to an attorney are not
privileged nor are Harris Ginsburg's financial records." Richards
is also looking to pin down the homeowner who rented his $1.5
million Hollywood property to the Bravo star, to determine exactly
how Erika makes her rent payments. Richards also wants to depose
Erika's business manager/accountant, Michael J. Ullman, who helped
Erika to create one of her businesses, Pretty Mess, Inc.
About Girardi & Keese
Girardi and Keese or Girardi & Keese was a Los Angeles-based law
firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It
served clients in California in a variety of legal areas. It was
known for representing plaintiffs against major corporations.
An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No.
20-21022) was filed in December 2020 against GIRARDI KEESE by
alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian,
Erika Saldana, Virginia Antonio, and Kimberly Archie.
The petitioners' attorneys:
Andrew Goodman
Goodman Law Offices, Apc
Tel: 818-802-5044
E-mail: agoodman@andyglaw.com
Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee.
The Chapter 7 trustee can be reached at:
Elissa D. Miller
333 South Grand Ave., Suite 3400
Los Angeles, California 90071-1406
Telephone: (213) 626-2311
Facsimile: (213) 629-4520
E-mail: emiller@sulmeyerlaw.com
GREATER HOUSTON POOL: Gets 60-Day Access to Cash Collateral
-----------------------------------------------------------
Judge Eduardo V. Rodriguez authorized Greater Houston Pool
Management, Inc. to use cash collateral on a continuing basis to
pay post-petition obligations in the ordinary course of business,
including payment of post-petition bills and expenses such as rent,
utilities, maintenance, payroll, taxes to operate and maintain the
property of the estate, any other disbursements authorized by the
Court and according to the approved budget.
The order shall remain in effect for 60 days and may be renewed
thereafter upon further Court order.
Judge Rodriguez ruled that holders of allowed secured claims with a
security interest in cash collateral, if any, shall be entitled to
a replacement lien in post-petition accounts receivable, contract
rights, and deposit accounts to the same extent and in the same
priority as those interests appeared on the Petition Date.
However, to the extent that professional fees are allowed, said
allowed fees shall be payable from the proceeds of cash collateral,
free and clear of the rights of secured creditors, to the extent
allowed by final non-appealable order of the Court and only to the
extent that the allowed fees exceed any amount of cash held by the
Debtor which is not the subject of a valid, perfected and
enforceable cash collateral security interest.
A copy of the order is available for free at https://bit.ly/36c0c7I
from PacerMonitor.com.
About Greater Houston Pool Management
Greater Houston Pool Management, Inc. filed its voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 21-31047) on March 21, 2021. Affiliated Debtor
Greater Houston Pool Builders, LLC and the Debtor's principals,
Daniel James McInnis and Jennifer Jo McInnis, also sought Chapter
11 protection on March 21, 2021. Their cases are jointly
administered under Greater Houston Pool Management, Inc.
At the time of filing, Greater Houston Pool Management disclosed
$878,683 in total asset and $3,026,960 in total liabilities.
Greater Houston Pool Builders estimated up to $50,000 in assets and
$1,000,000 to $10,000,000 in liabilities. Daniel McInnis,
president, signed the petitions.
Judge Eduardo V. Rodriguez oversees the case.
Donald Wyatt, PC serves as the Debtor's legal counsel.
GTT COMMUNICATIONS: Common Stock to be Delisted From NYSE
---------------------------------------------------------
GTT Communications, Inc. has informed the New York Stock Exchange
staff that it does not expect to complete and file its restated
financial statements and the delayed periodic report filings before
the end of the cure period. The NYSE staff indicated that the
exchange will immediately suspend trading of the Common Stock on
the NYSE and commence proceedings to delist the Common Stock from
the NYSE. The Company does not intend to appeal the NYSE's
delisting determination. The Company expects that the NYSE will
subsequently file a Form 25 with the Securities and Exchange
Commission, which will remove the Common Stock from listing on the
NYSE and from registration under Section 12(b) of the Exchange Act.
Since the Company's Common Stock was registered under Section
12(g) of the Exchange Act prior to its listing on NYSE MKT LLC in
2013, the registration under Section 12(g) of the Exchange Act will
again become operative upon the effectiveness of the deregistration
under Section 12(b) of the Exchange Act.
At this time, the Company does not know whether the Common Stock
will be quoted on the Pink Open Market operated by OTC Markets
Group Inc. or on any other market or quotation system following
suspension of trading on the NYSE. Any quotation of the Common
Stock on the Pink Open Market would require a market maker to
sponsor the security and comply with Rule 15c2-11 under the
Securities Exchange Act of 1934 before it can initiate such
quotation. To the extent the Common Stock is quoted on the Pink
Open Market or another market, the Company expects such market may
provide significantly less liquidity than the NYSE, and trading
prices of the Common Stock may decline.
The Company has been and intends to continue working diligently to
file the Restated Financial Statements, the Delayed Filings and any
subsequent delayed periodic filings with the SEC as soon as
possible.
As reported by GTT in its prior filings with the SEC, the Company
has been unable to file on a timely basis its Quarterly Reports on
Form 10-Q for the quarters ended June 30, 2020, its Annual Report
on Form 10-K for the fiscal year ended Dec. 31, 2020 and its
Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.
In addition, in connection with the Company's previously disclosed
review of certain accounting issues, the Company's board of
directors concluded that the Company's previously issued
consolidated financial statements for the years ended Dec. 31,
2019, 2018 and 2017, each of the quarters during the years ended
Dec. 31, 2019 and 2018 and the quarter ended March 31, 2020 and
certain related disclosures should no longer be relied upon. The
Company is preparing restated financial statements relating to the
Non-Reliance Periods, which Restated Financial Statements, as well
as financial statements for periods after the Non-Reliance Periods,
will be needed to produce the Delayed Filings.
As previously disclosed, on Aug. 18, 2020 the Company received a
notice from NYSE indicating that the Company is not in compliance
with the NYSE's continued listing requirements under the timely
filing criteria set forth in Section 802.01E of the NYSE Listed
Company Manual as a result of the Company's failure to file the Q2
2020 Form 10-Q with the SEC on or before Aug. 17, 2020, the
extended period provided for the filing under Rule 12b-25(b) of the
Securities Exchange Act of 1934, as amended. The NYSE informed the
Company that, under the NYSE's rules, the Company could regain
compliance with the NYSE's continued listing requirements by filing
the Q2 2020 Form 10-Q and any subsequent delayed periodic filings
with the SEC on or before Feb. 17, 2021. On Feb. 11, 2021, the
NYSE granted the Company an additional six-month cure period
through Aug. 17, 2021 to allow the Company to complete and file the
Restated Financial Statements, the Q2 2020 Form 10-Q, the Q3 2020
Form 10-Q, and any subsequent delayed periodic filings with the SEC
and regain compliance with the NYSE's continued listing
requirements. The NYSE informed the Company that it (a) would
continue to closely monitor the Company's progress towards
returning to compliance with Section 802.01E, (b) could suspend
trading in the Company's common stock on the NYSE prior to the end
of the Additional Cure Period if the Company experienced further
delays in returning to compliance with Section 802.01E and (c)
would move forward with the initiation of suspension and delisting
procedures in the event the Company did not return to compliance
with Section 802.01E by Aug. 17, 2021.
About GTT
Headquartered in McLean, Virginia, GTT Communications, Inc. --
www.gtt.net -- owns and operates a global Tier 1 internet network
and provides a comprehensive suite of cloud networking services.
* * *
As reported by the TCR on March 1, 2021, S&P Global Ratings lowered
all of its ratings on U.S.-based internet protocol network operator
GTT Communications Inc. by one notch, including its issuer credit
rating, to 'CCC-' from 'CCC', to reflect the increased likelihood
of a default or distressed exchange over the next six months.
In December 2020, Moody's Investors Service downgraded GTT
Communications, Inc's corporate family rating to Caa2 from B3. The
downgrade reflects the continued delays in the company reaching an
agreement with its lenders over a long-term cure of its reporting
requirements which GTT is in breach of due to recently discovered
accounting issues which have led to the company being unable to
file its Q2 and Q3 financial reports.
GUNSMOKE LLC: Hires Rubin Brown as Tax Service Provider
-------------------------------------------------------
Gunsmoke LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Colorado to employ Stephanie
Drew of Rubin Brown to assist with the settlement plan documents
related to the tax treatment of the liquidating trust.
Ms. Drew will be paid at the rate of $400 per hour for her
services. She will be assisted by a tax partner and a tax manager
who will charge $450 per hour and $375 per hour, respectively.
The retainer fee is $5,000.
Ms. Drew disclosed in a court filing that her firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Stephanie Drew
Rubin Brown
1900 16th Street, Suite 300
Denver, CO 80202
Tel: (303) 952-1279
Email: Stephanie.drew@rubinbrown.com
About Gunsmoke LLC
Gunsmoke, LLC, a gun shop in Loveland, Colo., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
20-14962) on July 22, 2020. At the time of the filing, the Debtor
had estimated assets of between $100,001 and $500,000 and
liabilities of between $1 million and $10 million. Judge Joseph G.
Rosania Jr. oversees the case. The Debtor tapped Jorgensen,
Brownell & Pepin P.C. as its legal counsel and Haynie & Company,
CPAs as its accountant.
GVS TEXAS: Wins Cash Collateral Access Thru Aug. 1
--------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, has authorized GVS Texas Holdings I, LLC and
affiliates to use cash collateral on an interim basis through
August 1, 2021, and provide related relief.
The party with an interest in Cash Collateral is Wells Fargo Bank,
National Association, as Trustee, for the benefit of the Registered
Holders of UBS Commercial Mortgage Trust 2019-C16 Commercial
Mortgage Pass-Through Certificates, Series 2019-C16, in its
capacity as A-2-1 Noteholder and Lead Securitization Noteholder on
behalf of the related companion noteholders; Wells Fargo Bank,
National Association, as Trustee, for the benefit of the Registered
Holders of UBS Commercial Mortgage Trust 2018-C15; and Wilmington
Trust, National Association, as Trustee, for the benefit of Wells
Fargo Commercial Mortgage Trust 2019-C50 Commercial Mortgage
Pass-Through Certificates, Series 2019-C50, by and through Midland
Loan Services, a division of PNC Bank, N.A. as special servicer for
the Lead Securitization Noteholder. The Senior Lender is party to
a Loan Agreement, dated as of November 30, 2018, by and between UBS
AG, as original lender, and the borrower PropCos party thereto.
Propcos refer to certain Debtors, collectively, GVS Colorado
Holdings I, LLC, GVS Illinois Holdings I, LLC, GVS Indiana Holdings
I, LLC, GVS Missouri Holdings I, LLC, WC Mississippi Storage
Portfolio I, LLC, GVS Nevada Holdings I, LLC, GVS New York Holdings
I, LLC, GVS Ohio Holdings I, LLC, GVS Ohio Holdings II, LLC, GVS
Tennessee Holdings I, LLC, GVS Texas Holdings I, LLC, and GVS Texas
Holdings II, LLC.
The Debtors are permitted to use all cash collateral to (a) fund
all reserve expense accounts in the ordinary course of business and
as set forth in the Mortgage Loan; (b) make adequate protection
payments to the Senior Lender equal to the accruing interest at the
contractual, non-default rate, plus reimbursement of Senior
Lender's post-petition fees, costs, and charges due and owing
pursuant to the Mortgage Loan; (c) satisfy other post-petition
operating and reorganization expenses of the PropCos, including,
but not limited to: (i) operational costs, such as employee wages,
insurance, utilities, and tax costs; (ii) allowed fees and expenses
incurred by professionals retained under sections 327, 328, 363,
and/or 1102 of the Bankruptcy Code by the Debtors and any statutory
committees appointed in these Chapter 11 cases; and (iii)
management fees to Great Value Storage, LLC according to the terms
set forth in the Management Agreements by and between each of the
PropCos and Great Value and the Budget; and (d) reserve default
interest in an amount equal to the accruing default interest at the
default rate.
As adequate protection for the Debtor's use of cash collateral, the
Senior Lender is granted, solely to the extent of any actual
diminution in value, if any, of the Mortgage Loan Collateral,
valid, binding, continuing, enforceable, fully perfected, first
priority senior replacement security interests in liens on any and
all tangible and intangible pre- and post-petition property of the
Debtors, whether existing before, on, or after the Petition Date.
The Adequate Protection Liens will be junior only to (i) the
Interim Carve-Out, and (ii) any other valid, enforceable,
unavoidable, and properly perfected liens on the Mortgage Loan
Collateral existing on the Petition Date with priority over the
Mortgage Loan pursuant to the Mortgage Loan documents. The Adequate
Protection Liens will otherwise be senior to all other security
interests in, liens on, or claims against any of the Adequate
Protection Collateral.
The Adequate Protection Obligations due to the Senior Lender will
constitute allowed superpriority administrative expense claims
against the Debtors in the amount of any actual diminution (if any)
in value of the Mortgage Loan Collateral (including Cash
Collateral) as provided in section 507(b) of the Bankruptcy Code,
subject and subordinate only to the Interim Carve-Out.
These events constitute an "Event of Default:"
(a) the date that is 30 days after entry of the Interim Order,
unless the Final Order will have been entered on or prior to such
date;
(b) the conversion of the Debtors' cases to cases under
chapter 7 of the Bankruptcy Code;
(c) the dismissal of the Debtors' chapter 11 bankruptcy cases;
(d) the appointment of a trustee or examiner in one or more of
the Debtors' cases;
(e) the granting of any other claim superpriority status or a
lien equal or superior to Senior Lender's prepetition liens or
liens granted pursuant to the Interim Order without court order or
Senior Lender's consent;
(f) the entry of an order reversing, staying, or amending the
Interim Order; or
(g) the Debtors' failure to comply with the terms of the
Interim Order.
The prepetition liens held by the Senior Lender, the Adequate
Protection Liens, and the Superpriority Claim will be subject to
and subordinate to an Interim Carve-Out.
The "Interim Carve-Out" means an amount equal to the sum of (i)
amounts payable pursuant to 28 U.S.C. section 1930(a)(6) and any
fees payable to the clerk of the Court; (ii) the then accrued but
unreimbursed post-petition costs and expenses of administering the
Debtors' chapter 11 cases incurred prior to the occurrence of an
Event of Default under the Interim Order, including professional
fees incurred by the Debtors, in an amount not to exceed $400,000
on an interim basis, and (iii) the professional fees incurred by
the Committee, in an amount not to exceed $75,000 on an interim
basis, which Interim Carve-Out will not exceed $540,518, without
further Court order.
A copy of the order and the Debtor's July budget is available at
https://bit.ly/3yknJQ7 from Omni Agent Solutions, the claims
agent.
The Debtor projects $2,400,000 in total cash receipts and
$1,702,755 in total operating disbursements.
About GVS Texas
GVS Texas Holdings I, LLC and its affiliates are primarily engaged
in renting and leasing a wide array of properties functioning
principally as self-storage and parking facilities in 64 locations
in Texas, Colorado, Illinois, Indiana, Mississippi, Missouri,
Nevada, New York, Ohio, and Tennessee. Six of the properties are in
the Dallas-Fort Worth Metroplex, with an additional 28 located
elsewhere in the State of Texas. The properties are managed by
Great Value Storage, LLC, that maintains and manages the
facilities.
GVS Texas Holdings I and several affiliates sought Chapter 11
protection (Bankr. N. D. Texas Lead Case No. 21-31121) on June 17,
2021. In its petition, GVS Texas Holdings I listed assets and
liabilities of $100 million to $500 million each.
The parent entity, GVS Portfolio I C, LLC, filed a voluntary
Chapter 11 petition June 23, 2021.
The petitions were signed by Robert D. Albergotti, authorized
party.
Great Value Storage, LLC, is a non-Debtor operating affiliate.
Judge Michelle V. Larson oversees the case.
The Debtors tapped Thomas R. Califano, Esq., at Sidley Austin LLP
as general bankruptcy counsel.
GYPSUM RESOURCES: Unsecureds to Get Proceeds from Sale & Litigation
-------------------------------------------------------------------
Gypsum Resources Materials, LLC, and Gypsum Resources, LLC filed
with the U.S. Bankruptcy Court for the District of Nevada a Joint
Chapter 11 Plan of Reorganization and accompanying Disclosure
Statement dated July 1, 2021.
Class 2 Secured Claims:
* Class 2(a) consists of the DIP Secured Claim. On the
Effective Date, the Holder of the DIP Secured Claim shall, in full
satisfaction, settlement, release and exchange for such DIP Secured
Claim, receive 100% of the GR New Equity Interests.
* Class 2(b) consists of the Casa Lender Secured Claim. The
Holder of the Casa Lender Secured Claim shall be paid the Allowed
Amount of such Casa Lender Secured Claim in full and in Cash from
directly from the escrow for the Auction Property Sale Proceeds
upon closing of the Auction Property Sale.
* Class 2(c) consists of the Rep-Clark Secured Claim. On the
Effective Date of the Plan, the Debtors will surrender the QE
Collateral to Rep-Clark in partial satisfaction, settlement,
release and exchange for the Allowed Rep-Clark Secured Claim, and
the Allowed Rep-Clark Secured Claim will be reduced by the Value of
the QE Parcel, as determined by the Bankruptcy Court.
* Class 2(d) consists of the Alper Secured Claim. The Holder
of the Alper Secured Claim shall be paid $3,500,000.00 in Cash
directly from the escrow for the Auction Property Sale Proceeds
upon closing of the Auction Property Sale.
* Class 2(e) consists of the Consolidated Mortgage Secured
Claim. Each Consolidated Mortgage Investor shall receive a Class
2(e) Investor Secured Note in the amount of its share of the
Allowed Consolidated Mortgage Secured Claim, which will be secured
by the Consolidated Mortgage Collateral, will be executed by
Reorganized GR, and will provide that the Consolidated Mortgage
Investor shall be paid in monthly installments of principal,
together with Post Effective Date Interest, based on a 20 year
amortization schedule.
* Class 2(f) consists of the Vices Secured Claim. On the
Effective Date, the Holder of the Vices Secured Claim shall receive
the Vices Secured Note in the amount of the Vices Secured Claim,
which will be secured by the Vices Collateral, will be executed by
Reorganized GR, and will provide that the Holder of the Vices
Secured Claim shall be paid in monthly installments of principal,
together with Post Effective Date Interest, based on a 20 year
amortization schedule.
* Class 2(g) consists of the Big Tates Secured Claim. On the
Effective Date, the Holders of the Big Tates Secured Claim shall
receive the Big Tates Secured Note in the amount of the Big Tates
Secured Claim, which will be secured by the Big Tates Collateral,
will be executed by Reorganized GR, and will provide that the
Holders of the Big Tates Secured Claim shall be paid in monthly
installments of principal, together with Post Effective Date
Interest, based on a 20 year amortization schedule.
* Class 2(h) consists of the GCJ Secured Claim. On the
Effective Date, the Holder of the GCJ Secured Claim shall receive
the GCJ Secured Note in the amount of the GCJ Secured Claim, which
will be secured by the GCJ Collateral, will be executed by
Reorganized GR, and will provide that the Holder of the GCJ Secured
Claim shall be paid in monthly installments of principal, together
with Post Effective Date Interest, based on a 20 year amortization
schedule.
* Class 2(i) consists of the Equipment Lenders' Secured
Claims. Either (A) In the event that the Debtors prevail in the
Rep-Clark Adversary, then each Holder of a Class 2(i) Equipment
Lender's Secured Claim shall retain its interest in its Equipment
Lender's Collateral and be paid under the terms of its Equipment
Lender's Documentation; or (B) In the event that the Debtors do not
prevail in the Rep-Clark Adversary, then, on the Effective Date,
Debtors shall surrender the Equipment Lender's Collateral to each
Holder of a Class 2(a) Allowed Equipment Lender's Secured Claim in
full satisfaction, settlement, release and exchange for such
Equipment Lender's Secured Claim.
Class 4 consists of Allowed General Unsecured Claims. The Debtors
shall transfer the Litigation Trust Assets to the Litigation Trust
on the Effective Date and each Holder of Class 4 Allowed General
Unsecured Claim shall be paid, Pro Rata: (a) on the Effective Date,
from the lesser of (i) $1,000,000.00 of the Auction Sale Proceeds
or (ii) the amount that the Auction Sale Proceeds exceeds the
aggregate amount necessary to pay the Casa Lender Secured Claim,
the Alper Secured Claim, Allowed Administrative Claims, Allowed
Priority Tax Claims, Allowed Priority Claims, and Allowed Secured
Property Tax Claims under this Plan; (b) from the amount, if any,
in excess of $150,000,000.00 that the Debtors receive in Cash as
the prevailing party in the Clark County Litigation (the "Clark
County Proceeds") within 14 days after the Debtors receive such
Clark County Proceeds; and (c) by the Litigation Trustee from the
Litigation Trust Proceeds as they are collected.
In addition, each Holder of a Class 4 Allowed General Unsecured
Claim shall receive a Class 4 Unsecured Note in the amount of its
Class 4 Allowed General Unsecured Claim which shall be paid to the
extent such Holder has not already received such amount from the
Auction Property Sale Proceeds, the Clark County Proceeds and the
Litigation Trust Proceeds, with any remaining principal and
interest due on the tenth anniversary of the Effective Date. For
avoidance of doubt, any Auction Property Sale Proceeds, Clark
County Proceeds and/or Litigation Trust Proceeds received by
Holders of Class 4 Allowed General Unsecured Claims shall be
applied to and credited against Reorganized Debtors' obligations
under the Class 4 Unsecured Notes.
Class 6 Old Equity Interests:
* Class 6(a) consists of GR Old Equity Interests. All GR Old
Equity Interests shall be extinguished on the Effective Date.
* Class 6(b) consists of GRM Old Equity Interests. Reorganized
GR shall retain the GRM Old Equity Interests under this Plan.
The Plan will be implemented as follows:
* On the Effective Date, the Debtors' Estates shall be
substantively consolidated.
* On the Effective Date, the Debtors shall make a draw on the
Spanish Heights DIP Loan in the amount necessary to provide all
Confirmation Funds for Distribution pursuant to this Plan.
* On the Effective Date, the Litigation Trust Assets and the
Litigation Trust Seed Fund will be transferred to the Litigation
Trust.
A full-text copy of the Disclosure Statement dated July 1, 2021, is
available at https://bit.ly/3wlaPQv from PacerMonitor.com at no
charge.
Counsel for Debtors:
Brett A. Axelrod, Esq.
FOX ROTHSCHILD LLP
1980 Festival Plaza Drive Ste 700
Las Vegas, NV 89135
Tel: (702) 262-6899
Fax: (702) 597-5503
E-mail: baxelrod@foxrothschild.com
About Gypsum Resources Materials
Based in Las Vegas, Gypsum Resources Materials, LLC, a privately
held company in the gypsum mining business, and its affiliate
Gypsum Resources, LLC filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Lead Case No.
19-14799) on July 26, 2019. The petitions were signed by James M.
Rhodes, president of Truckee Springs Holdings, LLC, manager of
Gypsum Resources, LLC.
At the time of the filing, Gypsum Resources Materials was estimated
to have $10 million to $50 million in both assets and liabilities.
Gypsum Resources, LLC was estimated to have $50 million to $100
million in both assets and liabilities.
The Debtors tapped Fox Rothschild LLP as bankruptcy counsel; Hill
Farrer & Burrill LLP as special counsel; and Conway MacKenzie, Inc.
and Sonoran Capital Advisors, LLC as financial advisor.
The U.S. Trustee for Region 17 appointed creditors to serve on the
official committee of unsecured creditors on Aug. 30, 2019. The
committee is represented by Goldstein & McClintoc, LLLP.
HASTINGS AND HOLLOWELL: Has OK to Use Southern Bank, et al.'s Cash
------------------------------------------------------------------
Judge David M. Warren authorized Hastings and Hollowell, Inc. to
use cash collateral as set forth in the approved budget.
The Debtor acknowledged that certain creditors may have a lien on
cash collateral:
* Southern Bank and Trust Company may assert a security interest
in the Debtor's future accounts receivable related to the Debtor's
lease of its real property commonly known as 102 Caratoke Highway,
Moyock, North Carolina and 4732 Battlefield Boulevard, Chesapeake,
Virginia, pursuant to a Deed of Trust and Hypothecation agreement;
and
* Old Dominion Tobacco Co., LLC, d/b/a Atlantic Dominion
Distributors, may also assert a security interest in the Collateral
pursuant to a Deed of Trust.
Judge Warren ruled that the Secured Creditors' liens on the
collateral securing the Debtor's obligations shall extend to the
Debtor's post-petition assets to the same extent that they existed
as of the Petition Date, provided that nothing in the order shall
be deemed to grant the Secured Creditors a post-petition lien on
the types of assets, if any, in which the Secured Creditors did not
possess a valid, perfected, enforceable, and otherwise
non-avoidable pre-petition lien(s).
A copy of the order is available for free at https://bit.ly/3wjGyRQ
from PacerMonitor.com.
Counsel for Southern Bank and Trust Company:
W. Brock Mitchell, Esq.
Hornthal, Riley, Ellis and Maland, LLP
301 East Main Street
Elizabeth City, NC 27909
Telephone: 252-335-0871
Facsimile: 252-335-4223
Email: bmitchell@hrem.com
Counsel for Old Dominion Tobacco Company, Inc. d/b/a Atlantic
Dominion Distributors:
Brian D. Darer, Esq.
Patricia M. Adcroft, Esq.
Parker Poe Adams & Bernstein, LLP
301 Fayetteville Street, Suite 1400
Raleigh, NC 27602
Telephone: 919-828-0564
Email: briandarer@parkerpoe.com
pattyadcroft@parkerpoe.com
About Hastings and Hollowell
Hastings and Hollowell, Inc. is a Moyock, North Carolina-based
single asset real estate corporation engaged in the business of
leasing its real property. Hastings and Hollowell filed a Chapter
11 petition (Bankr. E.D. N.C. Case No. 21-00806) on April 8, 2021.
At the time of the filing, the Debtor had between $1 million and
$10 million in both assets and liabilities. Judge David M. Warren
presides over the case. The Law Offices of Oliver & PLLC, led by
Clayton W. Cheek, Esq., and Tadlock & Associates, Inc. serve as the
Debtor's legal counsel and accountant, respectively.
HENRY A. RODRIGUEZ: May Use Cash Collateral Thru July 15
--------------------------------------------------------
Judge Peter D. Russin authorized Henry A. Rodriguez-Martin DMD PA
to use cash collateral on an interim basis through July 15, 2021,
pursuant to the budget. The budget provided for $103,369 in total
expenses against total gross income of $110,000 for the month of
July 2021. The Debtor is authorized to make monthly adequate
protection payments, on an interim basis, to (i) Wells Fargo Bank,
N.A. for $1,500 and (ii) the U.S. Small Business Administration for
$731.
A final hearing on the cash collateral motion is set for July 15,
2021 at 1:30 p.m. via Zoom. Parties may also attend in-person.
A copy of the order is available for free at https://bit.ly/3hftsAQ
from PacerMonitor.com.
About Henry A. Rodriguez-Martin DMD PA
Henry A. Rodriguez-Martin DMD PA, d/b/a The Dental Group, offers
general, restorative and cosmetic dental services in Fort
Lauderdale, Florida. The Debtor filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 21-15849) on June 16, 2021. On the
Petition Date, the Debtor disclosed $295,508 in total assets and
$1,463,528 in total liabilities. The petition was signed by Henry
Rodriguez-Martin, DMD, president.
Judge Peter D. Russin oversees the case. Van Horn Law Group, P.A.
is the Debtor's counsel.
HILLTOP AT DIA: Seeks to Hire Onsager Fletcher Johnson as Counsel
-----------------------------------------------------------------
Hilltop at DIA, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Colorado to employ Onsager Fletcher Johnson,
LLC to serve as legal counsel in its Chapter 11 case.
The firm's services include:
(a) legal advice with respect to the Debtor's rights and
duties and the continued operation of its business;
(b) representation of the Debtor in any manner relevant to
preserving and protecting the Debtor's estate;
(c) preparation of legal papers;
(d) court appearance;
(e) assistance in the winding up and dismissal of the
bankruptcy proceedings of the Debtor following confirmation of its
Chapter 11 plan;
(f) assistance in administrative matters; and
(g) other legal services, which may be necessary and proper in
the Debtor's bankruptcy proceedings.
The firm's hourly rates are as follows:
Attorneys $175 to $450 per hour
Paralegals $100 per hour
Onsager Fletcher Johnson will receive reimbursement for
out-of-pocket expenses incurred. It received a retainer from the
Debtor in the amount of $50,000.
Christian Onsager, Esq. a partner at Onsager Fletcher Johnson,
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:
Christian C. Onsager, Esq.
J. Brian Feltcher, Esq.
Alice A. White, Esq.
Onsager Fletcher Johnson, LLC
600 17th Street, Suite 425N
Denver, CO 80202
Tel: (303) 512-1123
Email: consager@OFJlaw.com
jbfletcher @OFJlaw.com
awhite@OFJlaw.com
About Hilltop at DIA
Englewood, Colo.-based Hilltop at DIA, LLC sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
21-13309) on June 23, 2021. The petition was signed by Michael D.
Graham of Sebastian
Partners, LLC, manager of the Debtor. At the time of the filing,
the Debtor disclosed assets of between $10 million and $50 million
and liabilities of the same range. Judge Thomas B. Mcnamara
oversees the case. Onsager Fletcher Johnson, LLC is the Debtor's
legal counsel.
HOTEL OXYGEN: Creditors to Get Proceeds From Liquidation
--------------------------------------------------------
Hotel Oxygen Midtown I, LLC ("HOMS") and A Great Hotel Company
Arizona, LLC ("AGHCA"), (collectively, the "Debtors"), and the
official committee of unsecured creditors (the "Committee" and
collectively with the Debtors "Plan Proponents") submitted a Joint
Disclosure Statement for the Plan of Liquidation dated July 1,
2021.
The Debtors have not obtained recent appraisals of any of their
assets. The values ascribed to the assets are based on the Debtors'
best estimate and other factors such as the purchase price,
comparable sales and tax assessments. The Debtors include the
holding company for the Wyndham Hotel lease and the operating
company. The Wyndham Hotel was sold jointly by both of the Debtors
and the proceeds were not divided amongst the Debtors or attributed
to certain assets sold. Where possible, the Debtors have identified
the owner of certain assets.
On the Petition Date, HOMS leased the real property located at 3600
N. 2nd Avenue Phoenix, AZ 85013 where the Wyndham Hotel is located.
The Wyndham Hotel sold on August 31, 2020 for $2,300,000. After
the payment of claims, $994,735.68 was deposited in the Debtors'
counsel's trust account (the "Trust Account").
This Plan anticipates payment in full of all Allowed Administrative
Claims, Allowed Priority Claims, Allowed Secured Claims, and
pro-rata payments on Allowed Unsecured Claims. The Plan Proponents
do not anticipate sufficient funds to allow for a distribution to
holders of Interests.
Class 1 consists of Wage Claims related to the Debtors. The Allowed
Claims of Class 1 shall be paid in full, in cash, by the earlier of
the Effective Date or the date that such are allowed and ordered
paid by the Court. Any Class 1 Claim not allowed as of the
Effective Date shall be paid as soon thereafter as they are allowed
by the Court according to the terms of this Class. The Plan
Proponents do not believe any claims exist in this Class.
Class 2 consists of the Allowed Unsecured Claims of Creditors.
Allowed Claims in this Class will be paid without interest on a
pro-rata basis after all Allowed Administrative Claims, Allowed
Priority Tax Claims, and Class 1 Claims have been paid in full. An
initial distribution to Allowed Unsecured Creditors of 50% of the
funds on hand after full payment of Allowed Administrative Claims
and Allowed Priority Claims will be made on the Effective Date.
Class 2 Claims are Impaired and entitled to vote on the Plan.
Class 3 consists of the Allowed Claims of general unsecured
creditors who elect on the Ballot to have their Claim treated as an
Administrative Convenience Claim. The holders of Allowed Class 3
Claims shall be receive a one-time payment equal to the lesser of:
(1) a one-time payment of $500; or (2) 100% of the Allowed
Unsecured Claim. Payments to Allowed Class 3 Claimants shall be
made on the Effective Date or as soon thereafter as is reasonably
practical.
Class 4 consists of the Allowed Interests in the Debtors, held by
the bankruptcy estate of OHG. Class 4 will receive distributions
only after all Allowed Administrative Claims, Allowed Priority Tax
Claims, Class 1 Claims, Class 2 Claims and Class 3 Claims have been
paid in full. This Class is Impaired, deemed to reject the Plan and
is not entitled to vote on the Plan.
The total equity available for unsecured creditors is presently
$704,813.59. Creditors should note that after Administration
Claims, Priority Claims, and Secured Claims are paid, significant
Liquidation Equity would exist for the benefit of general Unsecured
Claims. Unsecured creditors should be mindful that all
administrative claims and priority claims will be paid before any
distribution to general unsecured claims is made.
The Plan Proponents current estimation is that if no objections to
any claims are filed and the funds on hand were disbursed 100%
pro-rata to all unsecured claims, unsecured creditors would receive
a 5% return. The Plan Proponents anticipate this percentage return
will improve as any recovery of other amounts are obtained by the
Liquidating Trustee and any claims objections are resolved.
On the Effective Date, all assets of the Debtors' estates,
including but not limited to: (i) cash; (ii) all Litigation and
Causes of Action; (iii) all Claims and rights of the Debtors under
any insurance policy; and (iv) any and all other assets, interests,
rights, claims, and defenses of the Debtors or of the Debtors'
estates (collectively the "Liquidating Trust Assets") will be
transferred to the Liquidating Trust and shall be vested
automatically in the Liquidating Trust.
The Liquidating Trust Assets will be used to pay Allowed Claims and
Interests after the payment or reservation for the expenses of
administering the Liquidating Trust, including the winding down and
closing of the bankruptcy cases and all necessary administrative
and professional fees and costs.
On or as soon as practicable following the Effective Date, the
Liquidating Trustee shall open the Liquidating Trust Account and
fund such account with any unencumbered cash. Thereafter, from time
to time, upon receipt of any proceeds of liquidation of the
Debtors' assets, including causes of action, the Liquidating
Trustee shall deposit funds into the Liquidating Trust Account, and
they shall become part of the Liquidating Trust Assets.
A full-text copy of the Joint Disclosure Statement dated July 1,
2021, is available at https://bit.ly/3dMXV7s from PacerMonitor.com
at no charge.
Counsel for the Debtors:
D. Lamar Hawkins, Esq.
GUIDANT LAW, PLC
402 E. Southern Ave.
Tempe, AZ 85282
Telephone: (602) 888-9229
Facsimile: (480) 725-0087
E-mail: lamar@guidant.law
Attorneys for The Joint Committee of Unsecured Creditors:
BALLARD SPAHR LLP
Craig S. Ganz
Katherine Anderson Sanchez
1 East Washington Street, Suite 2300
Phoenix, AZ 85004-2555
About Hotel Oxygen Midtown I
Hotel Oxygen Midtown, I, LLC, and Hotel Oxygen Palm Springs, LLC,
are affiliate companies which operate hotels in Phoenix, Ariz. The
companies are wholly owned subsidiaries of Oxygen Hospitality
Group, Inc., an owner-operator hospitality company that acquires,
renovates and manages a portfolio of mid-to upper scale branded and
independent hotel assets in the U.S. Founded in 2017, Oxygen
Hospitality is privately held and is headquartered in Phoenix,
Ariz.
Hotel Oxygen Midtown, I and its affiliates, Hotel Oxygen Palm
Springs, A Great Hotel Company, Arizona LLC, and A Great Hotel
Company, LLC, filed Chapter 11 petitions (Bankr. D. Ariz. Lead Case
No. 19-14399) on Nov. 12, 2019. In the petitions signed by David
Valade, chief financial officer, Hotel Oxygen Midtown was estimated
to have assets of $1 million to $10 million and liabilities of
$100,000 to $500,000. Judge Paul Sala oversees the cases. Guidant
Law, PLC, is the Debtors' legal counsel.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors. The committee is represented by Dickinson Wright PLLC.
ICONIX BRAND: Unit to Sell IP Property in India for US$22 Million
-----------------------------------------------------------------
Red Diamond Holdings S.a r.l., an indirect wholly-owned subsidiary
of Iconix Brand Group, Inc., entered into an IP assignment
agreement to sell certain intellectual property rights in the
Republic of India relating to the Lee Cooper brand to Iconix
Lifestyle India Private Limited for consideration of INR 167.5
crore (approximately US$22.0 million).
The Agreement contains representations, warranties, and covenants
of the parties that are customary for transactions of this type.
Iconix Lifestyle is a joint venture in which Iconix Brand Group
owns 50%.
In order to fund the consideration, Iconix Brand Group contributed
towards a rights issue in Iconix Lifestyle and the company
anticipates using the net proceeds to repay amounts due under its
existing financing arrangements, and otherwise for general
corporate purposes.
About Iconix Brand
Iconix Brand Group, Inc., owns, licenses and markets a portfolio of
consumer brands including: CANDIE'S, BONGO, JOE BOXER, RAMPAGE,
MUDD, MOSSIMO, LONDON FOG, OCEAN PACIFIC, DANSKIN, ROCAWEAR,
CANNON, ROYAL VELVET, FIELDCREST, CHARISMA, STARTER, WAVERLY, ZOO
YORK, UMBRO, LEE COOPER, ECKO UNLTD., MARC ECKO, ARTFUL DODGER, and
HYDRAULIC. In addition, Iconix owns interests in the MATERIAL GIRL,
ED HARDY, TRUTH OR DARE, MODERN AMUSEMENT BUFFALO and PONY brands.
The Company licenses its brands to a network of retailers and
manufacturers. Through its in-house business development,
merchandising, advertising and public relations departments, Iconix
manages its brands to drive greater consumer awareness and brand
loyalty.
Iconix Brand reported a net loss of $2.97 million for the year
ended Dec. 31, 2020, compared to a net loss of $99.92 million for
the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had
$412.74 million in total assets, $637 million in total liabilities,
$24.32 million in redeemable non-controlling interest, and a total
stockholders' deficit of $248.59 million.
IFRESH INC: Delays Filing of Fiscal 2021 Annual Report
------------------------------------------------------
iFresh Inc. filed a Form 12b-25 with the Securities and Exchange
Commission notifying the delay in the filing of its Annual Report
on Form 10-K for the year ended March 31, 2021. According to the
Company, the Annual Report could not be filed within the prescribed
time period due to the fact that it was unable to finalize its
financial results without unreasonable expense or effort. As a
result, the Company could not solicit and obtain the necessary
review of the Form 10-K in a timely fashion prior to the due date
of the report.
The Company is unable to provide a reasonable estimate of the
results at the time of this filing because it is still in the
process of receiving results of operations from its operating
subsidiaries.
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.
ION GEOPHYSICAL: Two New Directors Appointed to Board
-----------------------------------------------------
ION Geophysical Corporation announced the election of Mr. Mark
Doran and Mr. Gary Pittman to its Board of Directors, effective
June 28, 2021. Each was also appointed to the Audit Committee of
the Board.
Mr. Doran brings over 30 years of experience as a banker and
private equity executive to ION. He is the founder of Taft Point
Capital, which invests in early and growth phase private companies.
He also provides board level advice on strategic change and
organization development. Previously, as a partner at the private
equity firm Freeman Spogli & Co., he participated in fourteen
transactions, investing approximately $1 billion of equity, which
returned approximately $3 billion. He currently serves on the
Board of Directors of Premier Brands Group (formerly Nine West
Holdings) and of Surfacide, LLC, a manufacturer of UV-C hard
surface disinfection systems. Mr. Doran holds a B.A. in Economics
from Saint Michael's College in Colchester, Vermont.
Mr. Pittman has over 30 years of corporate experience, including
executive experience in the multi-client seismic data library
business, and has advised both public and private companies in the
energy and chemicals industries. Presently he is a Managing
Director in Opportune's Restructuring practice. Prior to joining
Opportune, Gary served as CFO for Geokinetics Inc. Mr. Pittman has
served as chief financial officer of several public and private
companies in various sectors, and has significant experience in
mergers and acquisitions, divestments, IPOs, lease and project
finance, and debt restructurings. Mr. Pittman earned his B.A. and
M.B.A. from the University of Oklahoma.
Each of Mr. Doran and Mr. Pittman were appointed by the holder of
the Company's Series A Preferred Stock, in accordance with the
recently completed restructuring transactions . (The holder is the
trustee under the indenture governing the Company's 8.00% Senior
Secured Second Priority Notes due 2025.)
"On behalf of ION and our Board of Directors, I would like to
extend a warm welcome to Mark and Gary," said Jay Lapeyre, Chairman
of the Board. "Both gentlemen bring investment expertise,
financial acumen and leadership experience to the team. Their
knowledge and guidance will be valuable as we continue to navigate
the current challenging macroeconomic backdrop and accelerate
diversification into new markets."
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."
ISIS MEDICAL: Seeks to Hire Delk Rutherford as Accountant
---------------------------------------------------------
ISIS Medical, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Ohio to employ Delk Rutherford &
Associates, Inc. as accountant.
The firm will provide accounting advice, consult with the Debtor
regarding financial matters, and perform all other services
necessary to administer its Chapter 11 case and manage its business
operations.
The firm will be paid at hourly rates ranging from $50 to $165 and
reimbursed for out-of-pocket expenses incurred.
Gladden Delk, a member of Delk Rutherford & Associates, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Gladden Delk
Delk Rutherford & Associates, Inc.
836 E Westbrook Rd
Dayton, OH 45415
Tel: (937) 837-0088
About ISIS Medical Inc.
ISIS Medical, Inc. filed for Chapter 11 bankruptcy protection
(Bankr. S.D. Ohio Case No. 20-32705) on Dec. 17, 2020. Colleen
Duch, vice-president and sole shareholder of the Debtor, signed the
petition. At the time of the filing, the Debtor disclosed
$13,900,974 in assets and $6,034,068 in liabilities. Judge Guy R.
Humphrey oversees the case. Shaneyfelt & Associates, LLC and Delk
Rutherford & Associates, Inc. serve as the Debtor's legal counsel
and accountant, respectively.
J.J.W. METAL: Taps Intelligence & Investigations as Consultant
--------------------------------------------------------------
J.J.W. Metal Corp. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Intelligence &
Investigations Group, Inc. as its consultant.
The Debtor needs the assistance of a consultant to testify any
hearings in which Municipio Autonomo de Carolina may be involved,
including its motion to dismiss with prejudice or to convert the
Debtor's case to Chapter 7, and the hearing on the confirmation of
the Debtor's plan of reorganization.
The Debtor has agreed to pay the firm $12,000 for its services.
Roberto Vizcarrondo, president of Intelligence & Investigations
Group, disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Roberto Vizcarrondo
Intelligence & Investigations Group, Inc.
P.O. Box 363763
San Juan, PR 00936-3763
Telephone: (787) 461-5874
Facsimile: (787) 239-9304
Email: roberto.vizcarrondo@aol.com
About J.J.W. Metal Corp.
Palmer, P.R.-based J.J.W. Metal Corp. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-04536)
on Nov. 23, 2020. In the petition signed by Jorge Rodriguez
Quinones, president, the Debtor disclosed total assets of
$1,649,341 and total liabilities of $1,750,865.
Judge Edward A. Godoy oversees the case.
The Debtor tapped Charles A. Cuprill, PSC, Law Offices as
bankruptcy counsel, and Gino Negretti Lavergne, Esq., and Frank
Inserni Milam, Esq., as special counsel. It also tapped the
consulting services of Luis R. Carrasquillo & Co. PSC, Intelligence
& Investigations Group Inc., Risk Assessment & Management (RAM)
Group Inc., Arturo Vazquez Cancel, and ISFPE LLC.
JACOBS TOWING: Bankr. Administrator Unable to Appoint Committee
---------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Middle District of
Alabama disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
Jacobs Towing, LLC.
About Jacobs Towing
Jacobs Towing, LLC, doing business as B&R Wrecker & Recovery in
Troy, Ala., filed a Chapter 11 petition (Bankr. M.D. Ala. Case No.
21-31004) on June 10, 2021. At the time of the filing, the Debtor
had between $1 million and $10 million in both assets and
liabilities. Donnie L. Jacobs, member, signed the petition. Espy
Metcalf & Espy PC represents the Debtor as legal counsel.
KESSER ABRAHAM: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Kesser Abraham, LLC.
About Kesser Abraham
Elyria, Ohio-based Kesser Abraham, LLC is a single asset real
estate debtor (as defined in 11 U.S.C. Section 101(51B)). It is
the fee simple owner of a property located at 30-36 East
Independence St., Shamokin, Northumberland County, Pa., having a
current value of $895,000.
Kesser Abraham sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Pa. Case No. 21-01084) on May 13, 2021. At the
time of the filing, the Debtor disclosed $895,000 in assets and
$2,730,983 in liabilities. Judge Henry Van W. Eck oversees the
case. Lawrence V. Young, Esq., at CGA Law Firm, is the Debtor's
legal counsel.
KNOTEL INC: Second Amended Liquidating Plan Confirmed by Judge
--------------------------------------------------------------
Judge Mary F. Walrath has entered findings of fact, conclusions of
law and order confirming the Joint Combined Second Amended Chapter
11 Plan of Liquidation and Disclosure Statement proposed by Debtors
Knotel, Inc., Knotel Canada, Inc. and 42Floors LLC, and the
Official Committee of Unsecured Creditors (the "Committee," and
along with the Liquidating Debtors, the "Plan Proponents").
The Combined Plan and Disclosure Statement complies with the
applicable provisions of the Bankruptcy Code, including, without
limitation, Bankruptcy Code sections 1122 and 1123, thereby
satisfying Bankruptcy Code section 1129(a)(l).
The Plan Proponents have proposed the Combined Plan and Disclosure
Statement in good faith and not by any means forbidden by law,
thereby satisfying Bankruptcy Code section 1129(a)(3). The Combined
Plan and Disclosure Statement is designed to allow the Liquidating
Debtors to liquidate their limited remaining assets and make
Distributions in a manner that will maximize recoveries to
Creditors.
The Combined Plan and Disclosure Statement constitutes a good
faith, arm's length compromise and settlement of all Claims or
controversies relating to the rights that a Holder of a Claim or
Interest, or any assignees thereof, may have with respect to any
Allowed Claim or Interest or any Distribution to be made or
obligation to be incurred pursuant to the Combined Plan and
Disclosure Statement, and the entry of this Confirmation Order
constitutes approval of all such compromises and settlements.
On the Effective Date, all assets of the Liquidating Debtors,
including all property of the Liquidating Debtors' Estates, will be
transferred to and vest in the Liquidating Trust and Entity
Services (SPV), LLC shall be appointed to serve as the initial
Liquidating Trustee and thereafter will serve in accordance with
the Combined Plan and Disclosure Statement and the Liquidating
Trust Agreement.
A copy of the Plan Confirmation Order dated June 29, 2021, is
available at https://bit.ly/36cw6Bk from Omniagentsolutions, the
claims agent.
Counsel for the Debtors:
LLP Robert J. Dehney
Matthew B. Harvey
Matthew O. Talmo
Eric W. Moats
MORRIS, NICHOLS, ARSHT & TUNNELL
1201 N. Market Street, 16th Floor
P.O. Box 1347
Wilmington, Delaware 19899-1347
Telephone: 302-658-9200
E-mail: rdehney@morrisnichols.com
mharvey@morrisnichols.com
mtalmo@morrisnichols.com
emoats@morrisnichols.com
- and -
Mark Shinderman, Esq.
Daniel B. Denny, Esq.
MILBANK LLP
2029 Century Park East 3
3rd Floor Los Angeles, California 90067
Telephone: 424-386-4000
E-mail: mshinderman@milbank.com
ddenny@milbank.com
Counsel for the Official Committee of Unsecured Creditors:
Michael S. Etkin, Esq.
Wojciech F. Jung, Esq.
Jennifer B. Kimble, Esq.
Colleen M. Maker, Esq.
Erica G. Mannix, Esq.
LOWENSTEIN SANDLER LLP
One Lowenstein Drive
Roseland, New Jersey 07068
Telephone: (973) 597-2500
E-mail: metkin@lowenstein.com
wjung@lowenstein.com
jkimble@lowenstein.com
cmaker@lowenstein.com
emannix@lowenstein.com
- and -
Christopher M. Samis
L. Katherine Good
D. Ryan Slaugh
POTTER ANDERSON & CORROON LLP
1313 N. Market Street, 6th Floor
Wilmington, Delaware 19801
Telephone: 302-984-6050
E-mail: csamis@potteranderson.com
kgood@potteranderson.com
rslaugh@potteranderson.com
About Knotel Inc.
Knotel -- http://www.Knotel.com/-- is a flexible workspace
platform that matches, tailors, and manages space for customers.
New York-based Knotel offers workspace properties such as desks,
open, and private spaces on rent for companies in 20 global
markets. In the U.S., Knotel primarily serves in the New York City
and San Francisco areas.
Knotel Inc., founded in 2015, raised hundreds of millions of
dollars from investors. It expanded rapidly for years and was one
of the more aggressive competitors in the co-working and flexible
office space sector, becoming one of WeWork's fiercest rival.
As the COVID-19 pandemic upended the co-working industry, Knotel,
Inc., and its U.S. subsidiaries sought Chapter 11 protection
(Bankr. D. Del. Case No. 21-10146) on Jan. 30, 2021, to pursue a
sale of the assets to Newmark Group.
Knotel estimated $1 billion to $10 billion in assets and
liabilities as of the bankruptcy filing.
Morris, Nichols, Arsht & Tunnell LLP is serving as the Company's
counsel. Moelis & Company is the investment banker. Omni Agent
Solutions is the claims agent.
KORNBLUTH TEXAS: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Kornbluth Texas, LLC
d/b/a Holiday Inn Webster
302 W. Bay Area Blvd.
Webster, TX 77598
Chapter 11 Petition Date: July 5, 2021
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 21-32261
Judge: Hon. Christopher M. Lopez
Debtor's Counsel: Margaret M. McClure, Esq.
LAW OFFICE OF MARGARET M. MCCLURE
25420 Kuykendahl Road, Suite B300-1043
The Woodlands, TX 77375
Tel: 713-659-1333
E-mail: margaret@mmmcclurelaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Cherly M. Tyler, managing member.
The Debtor listed the Texas Comptroller of Public Accounts as its
sole unsecured creditor holding a claim of $75,000.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/32S2QMA/Kornbluth_Texas_LLC__txsbke-21-32261__0001.0.pdf?mcid=tGE4TAMA
LEXARIA BIOSCIENCE: All Four Proposals Approved at Annual Meeting
-----------------------------------------------------------------
Lexaria Bioscience Corp. held its Annual Meeting of Shareholders at
which the stockholders:
(1) elected Chris Bunka, John Docherty, Nicholas Baxter, Ted
McKechnie, and Albert Reese as directors;
(2) ratified the appointment of Davidson & Company LLP as
auditors;
(3) approved an amendment to the Company's Equity Incentive Plan
for the issuance of an additional 249,143 common shares; and
(4) ratified the lawful actions of the directors for the past
year.
Brian Quigley, an independent director of Lexaria Bioscience Corp.,
advised the Board of Directors of the Company that he would not be
standing for re-election at the Company's next annual shareholder
meeting. Accordingly, at the annual meeting of shareholders, held
on June 28, 2021, Mr. Quigley was not presented as a director
nominee and was not re-elected to the Board.
About Lexaria
Lexaria Bioscience Corp. -- http://www.lexariabioscience.com-- is
a global innovator in drug delivery platforms. Its patented
DehydraTECH drug delivery technology changes the way Active
Pharmaceutical Ingredients enter the bloodstream, promoting
healthier ingestion methods, lower overall dosing, and higher
effectiveness for lipophilic active molecules. DehydraTECH
increases bio-absorption, reduces time of onset, and masks unwanted
tastes for orally administered bioactive molecules, including
cannabinoids, vitamins, non-steroidal anti-inflammatory drugs
(NSAIDs), nicotine, and other molecules. Lexaria has licensed
DehydraTECH to multiple companies in the cannabis industry for use
in cannabinoid beverages, edibles and oral products and to a
world-leading tobacco producer for the development of smokeless,
oral-based nicotine products. Lexaria operates a licensed in-house
research laboratory and holds a robust intellectual property
portfolio with 16 patents granted and over 60 patents pending
worldwide.
As of Nov. 30, 2020, the Company had $2.17 million in total assets,
$353,296 in total liabilities, and $1.82 million in total
stockholders' equity.
Davidson & Company LLP, in Vancouver, Canada, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated Oct. 14, 2020, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.
LUCKY BUCKS: Moody's Assigns B2 CFR & Rates New $500MM Term Loan B2
-------------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
B2-PD Probability of Default Rating to Lucky Bucks, LLC. A B2 was
assigned to the company's proposed $500 million 1st lien term loan
due 2027. A B2 was assigned to Lucky Bucks' proposed $50 million
5-year revolving credit facility. Moody's does not expect that the
revolver, which will be undrawn at closing, will be drawn during
the life of the loan for operating reasons. The rating outlook is
stable.
Proceeds from the proposed term loan will be used to refinance
Lucky Bucks' existing $290 million of debt, pay a $191 million
dividend to existing shareholders including Trive Capital
Management, and pay $19 million in fees and expenses. Pro forma
cash on the balance sheet is $10 million.
The following ratings/assessments are affected by the action:
New Assignments:
Issuer: Lucky Bucks, LLC
Corporate Family Rating, Assigned B2
Probability of Default Rating, Assigned B2-PD
Senior Secured 1st Lien Term Loan, Assigned B2 (LGD4)
Senior Secured 1st Lien Revolving Credit Facility, Assigned B2
(LGD4)
Outlook Actions:
Issuer: Lucky Bucks, LLC
Outlook, Assigned Stable
RATINGS RATIONALE
Lucky Bucks' B2 Corporate Family Rating considers the company's
flexible and asset light business model characterized by limited
capital expenditure requirements, a highly variable expense
structure, and the contract nature of revenues and earnings.
Additionally, there is no material customer concentration.
Combined, these factors, along with minimal working capital
requirements, result in significant and stable free cash flow
relative to EBITDA. Moody's estimates that Lucky Bucks' current
portfolio of assets can generate annual cash flow in excess of $50
million after all required debt service, cash taxes and capital
expenditures. Also considered is the favorable regulatory history
of Georgia supporting Coin Operated Amusement Machines (COAMs)
along with the unique and specific legislative and operational
features in Georgia that benefit both the State and the company.
These features include the prohibition on gaming in Georgia except
through COAMs and the state lottery, the payout from COAMs in
redeemable tickets instead of cash, the requirement to utilize the
tickets at the sponsoring retail partners (primarily convenience
stores and gas stations), and the high percentage of such tickets
redeemed for the state lottery. Such features create highly
recurring source of revenue and cash flow for the company,
sponsoring retail partners and the State of Georgia. In addition,
because the State of Georgia administers the COAM program, the
company receives its share of revenue and cash from the state and
does not have the responsibility or expense for cash collections
from COAM machines or sponsoring retail partners.
Credit concerns include Lucky Bucks' small size in terms of
revenue. For the latest 12-month period ended March 31, 2021, Lucky
Bucks had net revenue and adjusted EBITDA of $111 million and $100
million, respectively, pro forma for recently completed
acquisitions on or prior to June 28, 2021. Also considered concerns
are the company's high leverage and single product focus with all
operations located in one state. Projected debt-to-EBITDA for the
fiscal year-end Dec. 31, 2021 is 4.8x, dropping to 4.3x at fiscal
year-ended Dec. 31, 2022. Although leverage is expected to drop,
Moody's still considers debt-to-EBITDA greater than 4.0x high for a
company with Lucky Bucks' small size and single product focus.
Additionally, despite the favorable regulatory history of Georgia
supporting COAMs, the company remains inherently exposed to
unfavorable regulatory and legislative changes including higher tax
rates, shifts in the allocation of COAM revenue, or adjustments to
the type of gaming permitted in Georgia, should they occur.
The B2 assigned to the term loan and revolver considers that the
credit facilities will comprise all the debt capital structure of
Lucky Bucks, are part of the same credit agreement, and share the
same collateral package -- a first priority perfected lien on
substantially all tangible and intangible assets of the borrower
and guarantors (including capital stock).
The ratings are based upon summarized credit facility terms
provided to Moody's including the proposed priority of claim for
the debt instruments. However, the company has not provided Moody's
the detailed credit facility term sheet being distributed to
prospective lenders and the ratings are subject to review of the
final credit facility terms. In addition, the credit facilities are
expected to contain covenant flexibility for transactions not
disclosed at this time that could adversely affect creditors,
including the omission of certain material lender protections.
The coronavirus outbreak and the government measures put in place
to contain it continue to disrupt economies and credit markets
across sectors and regions. Although an economic recovery is
underway, the recovery is tenuous, and continuation will be closely
tied to containment of the virus. As a result, a degree of
uncertainty around Moody's forecasts remains. Moody's regards the
coronavirus outbreak as a social risk under Moody's ESG framework,
given the substantial implications for public health and safety.
The gaming sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, Lucky Bucks remains vulnerable to a
renewed spread of the outbreak that would reduce traffic at
sponsoring retailers such as convenience stores and gas stations.
The company also remains exposed to discretionary consumer spending
that leave it vulnerable to shifts in market sentiment in these
unprecedented operating conditions.
Moody's expects the company to operate with an aggressive financial
policy under private equity ownership and control, including the
potential for dividend distributions as is occurring with the
proposed transaction. Acquisitions are also likely to be financed
with a combination of cash and debt, but the company has a good
track record of generating high return on acquisition investments.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable rating outlook considers that despite its small size,
Lucky Bucks will generate positive free cash flow that it can use
to manage its debt levels. There is an excess cash flow sweep in
place, and the company's debt structure is 100% pre-payable without
penalty. With respect to the stable rating outlook, these factors
compliment Lucky Buck's highly variable expense structure and
demonstrated ability to minimize burn rate in a zero-revenue
environment.
Ratings could be upgraded if Lucky Bucks continues to generate
consistent and positive free cash flow and achieves and maintains
debt-to-EBITDA at or below 4.0x. Ratings could be downgraded if
there is a decline in EBITDA performance, deterioration in
liquidity, or an inability to sustain debt-to-EBITDA below 5.0x.
Changes to the legislative or regulatory environment relating to
COAMs or gaming in the State of Georgia that are adverse to Lucky
Bucks could also lead to a downgrade.
The principal methodology used in these ratings was Gaming
published in June 2021.
Lucky Bucks, LLC is the largest Coin Operated Amusement Machine
(COAM) operator by revenue in the state of Georgia. COAMs are
placed in high traffic sites, such as convenience stores and gas
stations, and provide patrons with a slot-machine type gaming
experience. In August 2020, Trive Capital Management LLC purchased
a 58.6% majority interest in Lucky Bucks, representing a 9.5x LTM
Adjusted EBITDA purchase price multiple. Pro forma revenue for the
12 months ended March 2021 was $111 million.
METROPOLITAN PIER: Fitch Rates $835MM 2022A Bond 'BB+'
------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to the Metropolitan Pier
and Exposition Authority (MPEA) (Illinois) $835,000,000 McCormick
Place expansion project bonds, series 2022A. Additionally, Fitch
has affirmed outstanding MPEA expansion project bonds at 'BB+'.
The Rating Outlook has been revised to Positive from Negative.
Bond proceeds will be used to refund certain outstanding MPEA
expansion project bonds, capitalize interest on the series 2022A
bonds and pay for issuance costs. The par amount is subject to
change dependent on market conditions.
SECURITY
MPEA expansion project bonds are special limited obligations
payable from amounts received by the trustee from the state-held
expansion project fund, including authority taxes (various leisure
and hospitality-based taxes) and state sales tax deposits (a
portion of state sales taxes) if authority taxes are insufficient.
Payments to the trustee from the expansion project fund are subject
to annual state legislative appropriation.
ANALYTICAL CONCLUSION
The rating on the MPEA expansion project bonds reflects Fitch's
view that pledged state sales tax deposits will grow with
inflation. The security structure can withstand a substantial level
of decline and still maintain sum-sufficient debt service coverage.
The transfer to the bond trustee requires annual legislative
appropriation, thereby capping the rating at one notch below the
state of Illinois' IDR. The Positive Outlook reflects the Positive
Outlook on the state's IDR.
KEY RATING DRIVERS
Appropriation Requirement Links Rating to State: Debt service
payment is contingent on the legislature's annual appropriation of
pledged revenue to the indenture trustee, capping the rating well
below Fitch's assessment of the underlying credit quality of the
debt structure. The rating does not consider MPEA's operations, as
state sales tax deposits are collected and owned entirely by the
state before being appropriated directly to the bond trustee.
Robust Coverage and Resilience: Given the legal leverage
limitations on the Build Illinois bonds and the statutory cap on
state sales tax deposits for expansion project bonds, state sales
taxes can sustain a significant level of decline and still maintain
ample debt service coverage on all obligations. This is consistent
with a 'aaa' assessment of resilience through moderate economic
declines.
Modest Revenue Growth Anticipated: Illinois' economic performance,
while positive, has lagged that of the U.S. as a whole, and Fitch
anticipates state sales taxes will grow essentially in line with
inflation. This is consistent with a 'a' assessment for pledged
revenue growth prospects.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Positive rating action on the state's IDR, given the linkage;
-- A sustained and significant improvement in the growth
prospects for sales tax revenues.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Negative rating action on the state's IDR, given the linkage.
-- Material weakening of pledged revenue coverage and structural
resilience. Fitch considers this unlikely given the
limitations on additional debt issuance.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.
CURRENT DEVELOPMENTS
Federal Relief Provides Critical Support
The influx of direct federal aid and more than $100 billion in
broader federal economic stimulus (per the Committee for a
Responsible Federal Budget) into the state played a key role in
supporting a rebound in economic activity, though Illinois
continues to lag national trends. Through May 2021, Fitch's
analysis of U.S. Bureau of Labor Statistics (BLS) data indicates
the state had recovered just under half of the 13% pandemic-driven
decline in non-farm payrolls. Consistent with pre-pandemic trends,
Illinois' performance trails the nation, which recovered nearly
two-thirds of payrolls by May. The state's official May monthly
unemployment rate of 7.1% was worse than the national 5.8% rate
that month. Illinois' Fitch-adjusted unemployment rate (which adds
back the declines in labor force since February 2020) was notably
higher at 10%, indicating the state has seen material weakening of
its labor markets, which could be a factor in Illinois' slower
employment recovery.
Strong Revenue Growth Outpacing Projections
State sales taxes totaled $9.2 billion in fiscal 2020, including
certain amounts collected in state non-general funds, covering pro
forma maximum annual debt service (MADS) on aggregate debt
(including Build Illinois senior and junior bonds and MPEA's
expansion project bonds) by approximately 18x. For current
aggregate MADS, Fitch uses fiscal 2022 debt service of $523.6
million, before the proposed 2021 restructuring, as aggregate debt
service declines steadily each year given the declining schedule
for Build Illinois bonds.
Illinois' latest forecast anticipates revenue growth well ahead of
prior expectations and in line with pre-pandemic estimates. In June
2020, the state's fiscal 2021 enacted budget anticipated $7.4
billion from sales tax. The most recently updated estimate from the
Governor's Office of Management and Budget (GOMB) in May 2021 of
$9.1 billion is $1.7 billion, or 22%, higher. Revenue improvements
largely reflect economic activity rebounding much faster than
anticipated, with the vast federal support noted above playing a
key role.
Planned Issuance and State Support Provide Budget and Debt Service
Relief
MPEA's issuance of series 2021A and 2022A bonds, combined with
other state support including two $15 million appropriations for
operations and event incentives, will provide critical budgetary
relief for the authority and financial flexibility as it works to
manage sharply reduced revenues as a result of the coronavirus
pandemic.
The Authority's operating revenues derive primarily from hosting
conventions and large events at its facilities, including the
McCormick Place convention center, Wintrust Arena and two large
hotels. This activity and related revenue have been sharply
curtailed, creating operating deficits for the authority. MPEA's
fiscal challenges do not affect Fitch's rating on the bonds which
is driven by the state's sales tax revenues and appropriation
requirement.
The series 2021A (to be privately placed) and 2022A bonds will
restructure short-term debt service, garner savings from refunding
certain outstanding series and also restore draws on the
authority's reserve balance used to offset authority tax
shortfalls. Pro forma debt service increases in out-years,
particularly in fiscals 2036-2052. The restructuring will not
change the final maturity for all outstanding debt in 2057.
MPEA pays debt service on expansion project bonds from authority
taxes that are derived from leisure and hospitality-based activity
and have seen significant declines during the pandemic. The lower
debt service resulting from the restructurings more closely aligns
with the authority's current expectation for authority taxes and
limits the authority's draw on the backstop provided by state sales
taxes. Fitch considers this proposed restructuring of debt service
a reasonable approach to managing the sharp revenue declines. The
authority undertook similar restructurings in 2020 and anticipates
another refinancing in 2022 to further reduce short-term debt
service.
Illinois' fiscal 2022 budget includes two $15 million
appropriations for MPEA. One is intended as direct operating
support for the authority. The second will fund incentive grants
MPEA will use to provide targeted rental discounts for conventions.
MPEA reports 234 events cancelled since March 2020, while 66% have
rescheduled with the authority. MPEA's facilities reopened to full
capacity on June 11 and hosted their first event, the National
Basketball Association Draft Combine, on June 21-27.
DEDICATED TAX CREDIT PROFILE
The bonds are subject to state appropriation risk given the
appropriation requirement for the authority taxes and state sales
tax deposits used to pay debt service. Bonds are not exposed to
operating risk from MPEA as the state sales tax deposits available
for debt service are solely state revenues, collected and
controlled by the state itself in a fund held within the state
treasury, until they are appropriated directly to the bond trustee
as needed for debt service. State law authorizes state sales tax
deposits solely for transfer to the expansion project fund and to
support debt service on expansion project bonds. State sales taxes
or sales tax deposits never flow to the authority and cannot be
used for authority operations.
If an appropriation is not made, the authority taxes are not able
to be transferred into the expansion project fund and instead,
state sales tax deposits equivalent to debt service are
automatically deposited into the expansion project fund. Without an
appropriation, the transferred state sales tax deposits cannot be
used for debt service, but they are also unavailable for general
state operations. The maximum statutory amount of state sales tax
deposits that could be transferred into the expansion project fund
is $300 million in fiscal 2021 (less than 1% of projected sales tax
revenues), escalating gradually to a maximum of $450 million in
fiscal 2036.
The then-governor's veto of a state budget bill that included
appropriation for expansion project bonds debt service at the start
of fiscal 2016 illustrates the risk posed to bondholders. The
non-appropriation prevented the monthly transfer of funds from the
expansion project fund to the trustee by the July 20 date outlined
in the indenture. Fitch notes the state enacted an appropriation
for transfers to the bond trustee on Aug. 20, thereby preventing an
event of default under the indenture. Illinois also enacted a
timely appropriation in fiscal 2017 despite the ongoing state
budget impasse. In Fitch's view, these actions reflect the state's
strong incentive to ensure timely debt service payments on the
expansion project bonds and support close linkage to the state's
IDR.
In some instances, Fitch will rate appropriation or lease-backed
debt equivalent to a government's IDR if Fitch judges the already
strong incentive for appropriation to be significantly enhanced.
Fitch does not consider the trapping of a modest share of general
fund revenues as described above to be enough of an incentive to
warrant a rating for the expansion project bonds equivalent to the
state's IDR.
MPEA Project Revenue Bonds Leave Expansion Project Bond Rating
Unaffected
In 2019, MPEA issued $36.865 million in project revenue bonds via
private placement (series 2019A, not rated by Fitch), secured by a
pledge of various authority revenues including savings from
financed energy projects, net revenues of certain parking
facilities, and net revenues of the authority's energy center.
There is no linkage with the authority taxes or state sales tax
deposits used for expansion project bonds.
Overview of Dedicated Tax Bonds
The bonds are special limited obligations of MPEA secured by a
pledge of revenues, including amounts received by the trustee from
the expansion project fund, bond proceeds and other moneys and
funds held under the indenture. Deposits to the expansion project
fund are from authority taxes and state sales tax deposits.
Payments to the trustee from the expansion project fund are based
on an annual certification by MPEA to the state comptroller and
treasurer. The authority is a municipal corporation of the state
and would be eligible to file for bankruptcy if the state
legislature authorized such filings for local governments.
Authority taxes, which consist of restaurant, hotel and car rental
and airport departure taxes, as well as part of the Illinois Sports
Facility Authority surplus, are the intended source of expansion
project fund deposits. Authority taxes are subject to state
appropriation both to the expansion project fund and subsequently
to the bond trustee.
If authority taxes are insufficient to make any monthly deposit to
the expansion project fund (as was the case in fiscal 2021), a
portion of the state share of state sales taxes (the state sales
tax deposits) is automatically deposited into the expansion project
fund in amounts sufficient to address the shortfall. This
commitment is subordinate to outstanding Build Illinois sales tax
revenue bonds (senior and junior lien bonds rated 'BBB+'/Positive)
that are issued directly by the state and not subject to annual
state appropriation.
The state sales tax deposits for the expansion project bonds must
be appropriated from the expansion project fund to the trustee in
order to be used for debt service. Under a non-impairment covenant
in the indenture, the state pledges that it will not limit or alter
the basis on which the state sales taxes are collected.
Sales Tax Growth Prospects are Modest
Sales taxes are imposed at a unified state and local rate of 6.25%,
with 80% of collections representing the state's share. With a
relatively slow-growing state economy, Fitch considers growth
prospects for state sales taxes essentially in line with inflation.
State sales taxes are economically sensitive, as illustrated by the
cumulative 12% decline during the Great Recession. Revenues
recovered since then, growing regularly, though with some
volatility that could be attributed to gasoline prices as the state
taxes gasoline sales as a percentage of the per gallon price.
Fiscal 2019 exhibited very strong growth of nearly 8%, and likely
benefitted from the state's implementation of new regulations
following the U.S. Supreme Court's June 2018 Wayfair decision
expanding states' ability to directly tax remote sellers. Fiscal
2020 revenues declined 2%, reflecting initial effects of the
coronavirus pandemic. The state's May 2021 estimate for fiscal 2021
is a robust 10.5% yoy increase.
Over the long-term, Fitch anticipates sales tax growth will
moderate and generally revert to pre-pandemic historical
performance. Between 2007 and 2017, compound average annual growth
in state sales taxes was 1.2%, just below inflation.
High Level of Structural Resilience
Fitch considers the security provided by the pledged revenues very
resilient to economic volatility. To evaluate the sensitivity of
the dedicated revenue stream to cyclical decline, Fitch considers
maximum allowable leverage, revenue sensitivity results from
Fitch's FAST model (using a 1% decline in national GDP scenario)
and the largest decline in revenues over the period covered by the
revenue sensitivity analysis. The FAST model output indicates a
2.8% drop in revenue in a moderate recession scenario, while the
largest cumulative historical decline was 12% between fiscals 2008
to 2010.
Fitch assesses resilience of the structure based on a conservative
assumption that the Build Illinois liens would be fully leveraged
to their maximum additional bonds test and that MADS would occur
the same year that the proposed statutory maximum state sales tax
deposit for expansion project bonds of $450 million is reached -
Fitch considers this a de facto cap on debt service. This scenario
is unlikely as current Build Illinois debt service is on a
declining schedule while the maximum state sales tax deposits are
on an ascending schedule.
Nevertheless, in this scenario, the state sales taxes could
withstand an 85% decline, equivalent to nearly 30x the decline
projected by FAST in a moderate economic downturn and more than 7x
the largest historical peak-to-trough decline, and still cover
MADS. Given this exceptional level of resilience and the growth
prospects assessment noted above, Fitch's rating on the bonds is
tied to the state's IDR rather than the underlying dedicated tax
bond analysis which would support a much higher rating.
MIDTOWN DEVELOPMENT: Taps Moglia Advisors as Financial Advisor
--------------------------------------------------------------
Midtown Development, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Iowa to employ Moglia Advisors
as financial advisor.
Moglia Advisors will advise the Debtor on financial matters to best
minimize its operational cashflow. The firm will also provide
expert advice and testimony.
The firm will be paid at hourly rates ranging from $175 to $430 and
reimbursed for out-of-pocket expenses incurred. The retainer fee
is $15,000.
Alex Moglia, president of Moglia Advisors, 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.
Moglia Advisors can be reached at:
Alex D. Moglia
Moglia Advisors
1325 Remington Road, Suite H
Schaumburg, IL 60173
Tel: (847) 884-8282
Email: amoglia@mogliaadvisors.com
About Midtown Development
Midtown Development, LLC, a real estate developer in Iowa, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Iowa Case No. 21-00478) on May 25, 2021. In the petition signed by
Donna L. Nelson, managing member, the Debtor disclosed $1 million
to $10 million in both assets and liabilities. Judge Thad J.
Collins oversees the case.
The Debtor tapped Day Rettig Martin, PC as legal counsel, BerganKDV
as accountant, and Moglia Advisors as financial advisor.
MT QUEENS: Gets Approval to Hire Del Prete and Cheng as Accountant
------------------------------------------------------------------
MT Queens Property Corp. received approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Del Prete and
Cheng, LLP as its accountant.
The firm's services include:
(a) reviewing the filed claims for reasonableness against the
Debtor's records and filing schedules;
(b) interacting with the creditors' committee and its retained
professionals, should one be appointed;
(c) as required, attending meetings with the Debtor and its
legal counsel, meetings with any creditors' committee and attending
court hearings as necessary; and
(d) other services requested by the Debtor.
Del Prete estimates that its charges will not exceed $5,000 based
upon the nature of this case. Del Prete will provide statements to
the Debtor on a regular basis and make periodic applications for
allowance.
Joseph Del Prete, a member at Del Prete and Cheng, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Joseph Del Prete
Del Prete and Cheng LLP
111 Atlantic Ave.
Brooklyn, NY 11201
Telephone: (718) 875-3535
About MT Queens Property Corp.
MT Queens Property Corp. is engaged in a business that generally
involves purchasing real properties, satisfying mortgages and notes
with respect to those properties, and developing the properties to
obtain the projected future value. It owns real property located
at 106-35 96th St., Queens N.Y.
MT Queens filed a voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20-43551) on Oct. 1,
2020, disclosing under $1 million in both assets and liabilities.
Arsen Yakubov, managing member, signed the petition. Judge
Elizabeth S. Stong oversees the case. The Debtor tapped Jacobs, PC
as legal counsel and Del Prete and Cheng, LLP as accountant.
MVK INTERMEDIATE: S&P Affirms 'CCC+' ICR, Outlook Negative
----------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issuer credit rating on
U.S.-based peach and other stone-fruit grower and marketer MVK
Intermediate Holdings LLC. At the same time, S&P removed all
ratings from CreditWatch, where they were placed with negative
implications on March 19, 2021.
S&P said, "We also lowered the issue-level ratings on the company's
senior secured revolving credit facility maturing in 2024 and
senior secured first-lien term loan maturing in 2026 to 'CCC+' from
'B-'. We revised the recovery rating to '3' from '2' because of
lower estimated enterprise value after asset sales.
"The negative outlook reflects that we could lower the rating by
the end of 2021 if operating performance does not improve and the
capital structure remains unsustainable, with increased risk that
liquidity being insufficient to fund very high seasonal working
capital requirements and execute a business turnaround.
"We affirmed the ratings on MVK to reflect that imminent liquidity
risk has eased. In 2020, operating performance was significantly
below our expectations because of several factors. Those included
worse than expected performance because of the COVID-19 pandemic,
weak financial reporting/management that led to the hiring of a new
CFO, a voluntary product recall, and significant manufacturing
underutilization. Harvest volumes were lower amid extreme August
2020 heat, as was yield with aged orchards and lost
contract-farming volumes. This resulted in an adjusted fiscal 2020
EBITDA margin of about 2.3% (excluding one-time add-backs permitted
under MVK's loan agreement) compared to our expectation for mid- to
high-teen percentages."
However, MVK has taken measures to strengthen its liquidity
position, including selling noncore citrus and almond orchards. It
used proceeds to repay over $45 million of debt, including
borrowings on its revolving credit facility and to fund about $20
million in working capital in the first quarter. The restored
availability on its $61 million revolving credit facility maturing
in 2024 should fund its remaining seasonal working capital, which
can be as high as $80 million in the coming months. MVK also plans
to reduce debt by at least an additional $45 million in 2021.
S&P said, "We expect MVK to continue to face downside risks in the
next 12 months amid our expectation of a lengthy business recovery.
We believe it remains exposed to several external risks that could
undermine operating and financial performance beyond our
expectation. This is key because MVK's liquidity remains tight
considering its significant seasonal working capital needs and
required investment in its orchards. These risks include another
year of low harvest yields and volume due to sustained high
temperatures in July and August or another recall.
"We expect leverage to remain elevated until run-rate EBITDA
normalizes, which is not expected until the end of fiscal 2022.
Leverage for the trailing 12 months ended in March 2021 is
unbalanced because MVK incurred significant one-time costs of about
$70 million, including insurance claims, adverse weather/lower
utilization, COVID-19 expenses, recall costs, and severance costs.
The company took several steps to turn around the business
including asset sales, a mix shift toward the retail and club
channel, and maintaining favorable pricing in stone fruits. Still,
because of the orchard reinvestments required to increase yields we
expect negative free operating cash flow (FOCF) over the next 12
months. The timing for yield increases is also unknown and weather
dependent. It could increase costs as MVK manages through its
turnaround. Therefore, leverage may remain elevated until volumes
and utilization rates improve."
The negative outlook reflects a potential lower rating by the end
of 2021 if operating performance does not improve such that MVK's
capital structure is more sustainable, it maintains sufficient
liquidity to fund its very high seasonal working capital
requirements, and executes a business turnaround.
S&P could lower the ratings if:
-- After the third quarter, MVK has not demonstrated a sufficient
operating performance rebound such that leverage remains
unsustainably high; and
-- The risk of repurchasing debt at distressed levels is
heightened.
S&P could revise the outlook to positive if:
-- MVK executes its turnaround strategy, improving profitability
with expanded S&P Global Ratings-adjusted EBITDA margins at least
500 basis points higher than our base-case projection; and
-- S&P expects EBITDA interest coverage sustained above 1.5x
because of better than expected performance and lower interest
expense as the company repays debt.
NATURALSHRIMP INC: Investor Buys Additional 7.5M Common Shares
--------------------------------------------------------------
NaturalShrimp Incorporated entered into a securities purchase
agreement with an accredited investor on June 28, 2021, pursuant to
which the investor purchased (i) an additional 7,500,000 shares of
Common Stock at a per share purchase price of $0.40 per share and
(ii) $11,000 worth of prefunded warrants to purchase up to an
aggregate of 1,100,000 shares of Common Stock, at an exercise price
of $0.01 per share.
The Prefunded Warrants are exercisable upon issuance and shall not
expire prior to exercise, and are subject to certain adjustments,
as provided in the Prefunded Warrants.
Lake Street acted as a financial advisor to the Company in
connection with the June 28th Closing and received a fee equal to
3% of the gross proceeds raised in the June 28th Closing, or an
aggregate of $90,330.
The number of shares of common stock outstanding immediately after
the June 28th Closing was 603,019,728 shares (assuming full
exercise of the Prefunded Warrants). The Company received
approximately $2,909,670 in net proceeds from the June 28th Closing
after deducting the fees and estimated offering expenses payable by
the Company. The Company expects to use the net proceeds from the
June 28th Closing for working capital and for general corporate
purposes.
As previously disclosed in the Current Report on Form 8-K filed
with the SEC by NaturalShrimp on April 15, 2021, the Company
entered into a securities purchase agreement with the investor on
April 14, 2021, for the offering of (i) $5,000,000 worth of common
stock, par value $0.0001 per share, of the Company, at a per share
purchase price of $0.55 per share; (ii) common stock purchase
warrants to purchase up to an aggregate of 10,000,000 shares of
Common Stock, which are exercisable for a period of five years
after issuance at an initial exercise price of $0.75 per share,
subject to certain adjustments, as provided in the warrants; and
(iii) 1,000,000 shares of Common Stock, as commitment shares.
Second Closing
As previously disclosed in the Current Report on Form 8-K filed by
the Company with the SEC on May 11, 2021 (as amended on July 2,
2021), pursuant to the Purchase Agreement, on May 5, 2021, the
investor purchased an additional 15,454,546 shares of Common Stock
at a per share purchase price of $0.55 per share for gross proceeds
of $8.5 million.
Third Closing
Pursuant to the Purchase Agreement, on May 20, 2021, the investor
purchased an additional 2,727,272 shares of Common Stock at a per
share purchase price of $0.55 per share. Lake Street Capital
Markets, LLC acted as a financial advisor to the Company in
connection with the Third Closing and received a fee equal to 3% of
the gross proceeds raised in the Third Closing, or an aggregate of
$45,000.
The number of shares of common stock outstanding immediately after
the Third Closing was 594,419,727 shares. The Company received
approximately $1,455,000 in net proceeds from the Third Closing
after deducting the fees and other estimated offering expenses
payable by the Company. The Company expects to use the net
proceeds from the Third Closing for working capital and for general
corporate purposes.
The Third Closing Shares were issued to the investor in a
registered direct offering pursuant to which the Third Closing
Shares were registered under the Securities Act of 1933, as
amended, pursuant to a prospectus supplement to the Company's
currently effective registration statement on Form S-3 (File No.
333-253953), which was initially filed with the SEC on March 5,
2021, and was declared effective on March 22, 2021. A prospectus
supplement for the Third Closing was filed with the SEC on June 28,
2021 and is available on the SEC's website at http://www.sec.gov.
About Natural Shrimp
NaturalShrimp, Inc. is a publicly traded aqua-tech Company,
headquartered in Dallas, with production facilities located near
San Antonio, Texas. The Company has developed a commercially
viable system for growing shrimp in enclosed, salt-water systems,
using patented technology to produce fresh, never frozen,
naturally
grown shrimp, without the use of antibiotics or toxic chemicals.
NaturalShrimp systems can be located anywhere in the world to
produce gourmet-grade Pacific white shrimp.
Naturalshrimp reported a net loss of $3.59 million for the year
ended March 31, 2021, compared to a net loss of $4.81 million for
the year ended March 31, 2020. As of March 31, 2021, the Company
had $15.22 million in total assets, $10.12 million in total
liabilities, $2.02 million in series D redeemable convertible
preferred stock, and $3.07 million in total stockholders' equity.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2015, issued a "going concern" qualification in its
report dated June 29, 2021, citing that the Company has suffered
significant losses from inception and has a significant working
capital deficit. These conditions raise substantial doubt about
its ability to continue as a going concern.
NEELKANTH HOTELS: May Use Cash Collateral Thru September 30
-----------------------------------------------------------
Judge Jeffery W. Cavender authorized Neelkanth Hotels, LLC to
continue using cash collateral through and including September 30,
2021, in accordance with the budget, subject to the terms and
conditions of the Order Allowing Continued Interim Use of Cash
Collateral with respect to the Debtor, through December 31, 2020,
as amended by subsequent interim cash collateral orders.
A copy of the current order is available for free at
https://bit.ly/3hgMx5J from PacerMonitor.com.
About Neelkanth Hotels
Neelkanth Hotels, LLC is a privately held company in the traveler
accommodation industry. It is a single asset real estate (as
defined in 11 U.S.C. Section 101(51B)).
Neelkanth Hotels filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
20-69501) on Aug. 31, 2020. In the petition signed by Hemant
Thaker, member and manager, the Debtor estimated $1 million to $10
million in both assets and liabilities.
Judge Jeffery W. Cavender oversees the case.
Schreeder, Wheeler & Flint, LLP is the Debtor's legal counsel.
NFP CORP: Moody's Alters Outlook on B3 CFR to Negative
------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and B3-PD probability of default rating of NFP Corp.
following the company's announcement of a $400 million distribution
to shareholders funded by cash on hand. Moody's has also affirmed
the B1 ratings on NFP's first-lien term loan and revolving credit
facility and on its senior secured notes as well as the Caa2 rating
on its senior unsecured notes. The rating agency has changed the
rating outlook for NFP to negative from stable based on its
aggressive pro forma financial leverage following the shareholder
distribution.
RATINGS RATIONALE
NFP's ratings reflect its expertise and solid market position in
insurance brokerage, particularly providing employee benefits and
property & casualty products and services to mid-sized firms. The
company also offers insurance and wealth management services to
high net worth individuals. NFP ranks among the 15 largest US
insurance brokers, and its business is well diversified across
products, clients and regions, primarily in the US. Offsetting
these strengths are NFP's persistently high financial leverage and
limited interest coverage, leaving the company little room for
error in managing its existing and acquired operations. Given its
acquisition strategy, NFP also has contingent earnout liabilities
that consume a significant portion of its free cash flow.
Moody's said the use of cash to pay a large distribution to
shareholders could signal an increased appetite for leverage on the
part of NFP management and its private equity sponsors relative to
rating expectations. Partly offsetting this risk, NFP still has
good liquidity, including cash on hand and revolving credit
capacity, to fund its acquisition pipeline and support organic
growth.
Giving effect to the shareholder distribution, NFP has pro forma
debt-to-EBITDA of about 8x per Moody's calculations, with (EBITDA -
capex) interest coverage in the low single digits, and a
free-cash-flow-to-debt ratio in the low single digits. These
metrics incorporate Moody's adjustments for operating leases,
contingent earnout obligations, certain unusual/non-recurring
items, excess cash on hand and run-rate EBITDA from acquisitions.
The rating agency expects NFP to reduce its financial leverage
toward its historical levels by year-end 2021.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to a stable rating outlook include: (i)
debt-to-EBITDA ratio at or below 7.5x, (ii) (EBITDA - capex)
coverage of interest above 1.2x, and (iii) free-cash-flow-debt
ratio above 2%.
Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA ratio remaining above 7.5x, (ii) (EBITDA - capex)
coverage of interest below 1.2x, or (iii) free-cash-flow-to-debt
ratio below 2%.
Moody's has affirmed the following ratings:
Corporate family rating at B3;
Probability of default rating at B3-PD;
$400 million backed 1st lien senior secured revolving credit
facility maturing in February 2025 at B1 (LGD2);
$1,832 million backed senior secured 1st lien term loan maturing in
February 2027 at B1 (LGD2);
$325 million backed senior secured notes maturing in August 2028 at
B1 (LGD2);
$1,775 million senior unsecured notes maturing in August 2028 at
Caa2 (LGD5).
The rating outlook for NFP has been changed to negative from
stable.
The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.
Based in New York City, NFP provides a range of insurance
brokerage, consulting and advisory services, including corporate
benefits, retirement, property & casualty and individual solutions,
largely in the US. The company generated revenue of $1.6 billion
for the 12 months through March 2021.
OCEANVIEW MOTEL: Unsecureds to Get 100% Via Quarterly Payments
--------------------------------------------------------------
Oceaview Motel, LLC, filed with the U.S. Bankruptcy Court for the
District of New Jersey a Disclosure Statement describing Chapter 11
Plan dated July 1, 2021.
Prior to purchasing the Debtor from Mr. Falterbauer, Mark Jones
operated the Motel in partnership with Harry Falterbauer. As
payment of the purchase price, Jones and the Debtor signed
Promissory Notes in the amount of $612,640.16 and $200,000.
Falterbauer filed a foreclosure action in February of 2019.
A lengthy period of litigation between Falterbauer and Oceanview
ensued. At one point a receiver was appointed for the Motel, and
the receiver brokered a settlement between the parties that
involved the Debtor signing a Promissory Note in favor of
Falterbauer in the principal amount of $1.5 million. After the
parties agreed to discharge the receiver, however, new
disagreements arose and Falterbauer eventually sought to enforce
his rights under the settlement agreement. Falterbauer's aggressive
efforts to foreclose the Debtor's interest in the Motel led to this
bankruptcy filing.
In an effort to remedy the problems that led to the bankruptcy
filing, Debtor has implemented the following procedures: increased
revenue by raising room rates and increased the desirability of the
Motel by updating the rooms and other facilities.
Class 1 consists of the claim of Harry Falterbauer. Claim amount of
$1,642,250 amortized over 20 years at 6% interest; annual payment
of $141,188 paid per as follows: $35,297 due and payable on the
15th day of July, August, September and October of 2022, 2023,
2024, 2025 and July through August of 2026; balloon payment of
$1,570,594 due on September 1, 2026.
Class 2 consists of general unsecured claims in the amount of $91,
276. Claims in this class are entitled to vote on the Plan. This
Class shall be paid quarterly from October 1, 2021 to July 1, 2025.
This Class has an estimated recovery of 100%.
Class 3 consists of Equity Interests and shall retain interest.
The Plan will be funded by post-confirmation revenue of the Debtor
as well as cash on hand. Oceanview Motel, LLC will continue to
manage its property and assets following the Confirmation of the
Plan.
The Plan proposes to pay $141,188 each year to the holder of the
mortgage against the Property for five years with a balloon payment
on September 1, 2026 and $10,000 to $30,000 each year on an
escalating basis to unsecured creditors for four years for a total
of $91,276 over the life of the Plan. As Debtor's financial
projections demonstrate, Debtor will have an average cash flow,
after paying operating expenses and postconfirmation taxes, of
$20,490 each month for the four years of the Plan. The final Plan
payment is expected to be paid on September 1, 2026.
A full-text copy of the Disclosure Statement dated July 1, 2021, is
available at https://bit.ly/3wd3OkJ from PacerMonitor.com at no
charge.
About Ocean View Motel
Ocean View Motel, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D.N.J. Case No. 20-21165) on Sept. 30, 2020, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by McDowell Law, PC.
OFS INTERNATIONAL: OFS Int'l. Appointed as New Committee Member
---------------------------------------------------------------
The U.S. Trustee for Region 6 appointed Franklin Mountain Energy
LLC as new member of the official committee of unsecured creditors
in the Chapter 11 case of OFS International, LLC.
As of July 1, the members of the committee are:
1. Schouest Bamdas Soshea & BenMaier PLLC
1001 McKinney, Suite 1400
Houston, TX 77002
Attention: M. Lane Lowrey
Phone: 713-295-1654
E-mail: llowrey@sbsblaw.com
2. The Hammond Law Firm
550 Post Oak Blvd., Suite 580
Houston, TX 77027
Attention: William D. Hammond
Phone: 713-253-9969
E-mail: dhammond@hlftx.com
3. Franklin Mountain Energy LLC
44 Cook Street, Suite 1000
Denver, CO
Attention: Blake Pickett
Phone: 720-414-7868
E-mail: General.counsel@fmell.com
About OFS International
OFS International is a provider of oil and gas production and
processing equipment and services, with its headquarters in
Houston, Texas, and operations in the Permian, Barnett and
Marcellus regions. It provides field services, inspections,
couplings, threading and accessories to the oil and gas industry.
OFS International and affiliates, OFSI Holding LLC and Threading
and Precision Manufacturing LLC, sought Chapter 11 protection
(Bankr. S.D. Texas Lead Case No. 21-31784) on May 31, 2021. In the
petition signed by chief financial officer Alexey Ratnikov, OFS
International estimated assets of between $10 million and $50
million and estimated liabilities of between $50 million and $100
million.
The cases are handled by Judge David R. Jones.
The Debtors' attorneys are Joshua W. Wolfshohl, Aaron J. Power, and
Megan Young-John of Porter Hedges LLP. BMC Group, Inc., is the
Debtors' claims agent.
Sandton Capital Solutions Master Fund V, LP, the Debtors' DIP
lender, is represented by McGuirewoods, LLP.
ONDAS HOLDINGS: Pays in Full $7.6M Loan Under Steward Capital Pact
------------------------------------------------------------------
Ondas Holdings Inc. terminated the Loan and Security Agreement,
dated as of March 9, 2018, by and between Ondas Networks, Inc.
(formerly known as Full Spectrum Inc.), and Steward Capital
Holdings, LP., as amended). In connection with the termination,
the Company pre-paid in full its entire outstanding debt under the
Agreement plus accrued interests and fees in the aggregate amount
of $7,594,750.28.
About Ondas Holdings Inc.
Ondas Holdings Inc., through its wholly owned subsidiary, Ondas
Networks Inc., is a developer of proprietary, software-based
wireless broadband technology for large established and emerging
industrial markets. The Company's standards-based, multi-patented,
software-defined radio FullMAX platform enables Mission-Critical
IoT (MC-IoT) applications by overcoming the bandwidth limitations
of today's legacy private licensed wireless networks. Ondas
Networks' customer end markets include railroads, utilities, oil
and gas, transportation, aviation (including drone operators) and
government entities whose demands span a wide range of mission
critical applications. These markets require reliable, secure
broadband communications over large and diverse geographical areas,
many of which are within challenging radio frequency environments.
Customers use the Company's FullMAX technology to deploy their own
private licensed broadband wireless networks. The Company also
offers mission-critical entities the option of a managed network
service. Ondas Networks' FullMAX technology supports IEEE 802.16s,
the new worldwide standard for private licensed wide area
industrial networks. For additional information, visit
www.ondas.com.
Ondas Holdings reported a net loss of $13.48 million for the year
ended Dec. 31, 2020, compared to a net loss of $19.39 million for
the year ended Dec. 31, 2019. As of March 31, 2021, the Company
had $26.95 million in total assets, $12.24 million in total
liabilities, and $14.71 million in total stockholders' equity.
ORIGINAL RIVERFRONT: Wins Cash Access Until Plan Confirmation
-------------------------------------------------------------
Judge Christopher Lopez approved the stipulation between Original
Riverfront RV Park, LLC and Royal Holdings Group, LLC pursuant to
which, effective July 1, 2021, the Debtor may continue using the
cash collateral through the confirmation of its Plan.
The parties further stipulate that:
* Royal Holdings' consent is conditioned upon the Debtor's
ongoing payments to Royal Holdings in accordance with the terms of
the loan documents;
* the Debtor shall be permitted to use Cash Collateral solely to
pay the expenses set forth in the budget;
* the Debtor shall not, without prior written consent of Royal
Holdings Group, use cash collateral with respect to any month in
the budget in an amount in excess of the aggregate amount budgeted
for that month, provided, that there shall be a permitted variance
of 15% in the aggregate for any amounts listed in the budget for a
particular month;
* any amounts listed in the budget that are unused in any month
may be carried over and used by the Debtor in any subsequent month
and any unused amounts may be utilized for any other line item
within the week or subsequent month;
* Royal Holdings is entitled to adequate protection of its
interests in the cash collateral on account of the totality of the
diminution in value of the cash collateral, if any, from and after
the Petition Date arising from the imposition and enforcement of
the automatic stay and the Debtor's use of the cash collateral, as
the case may be a diminution; and
* all other rights and provisions in the Interim Order as to
Adequate Protection and Carve-Out shall remain in full effect.
A copy of the stipulation is available for free at
https://bit.ly/3jN8HhF from PacerMonitor.com.
The Debtor's budget provided for $15,347 in total expenses for
July, and $12,847 in total expense for each of August and September
2021.
Counsel for Royal Holdings Group, LLC:
Jacob M. Stephens, Esq.
Irelan McDaniel, PLLC
2520 Caroline St, 2nd Floor
Houston, TX 77004
Telephone: (713) 222-7666
Facsimile: (713) 222-7669
About Original Riverfront RV Park, LLC
Original Riverfront RV Park, LLC is a manager-managed Texas limited
liability company incorporated on September 18, 2017. Riverfront
owns a 3.5-acre riverfront lot, commonly known as 1204 S Main St,
Highlands, Texas 77562 on the San Jacinto river. Riverfront
operates a recreational vehicle park on the Riverfront Lot and
provides nightly and monthly rentals to its customers. Riverfront
provides water, electricity, trash pickup, and wifi for its
customers. Riverfront owns another 10,010-square foot lot with a
small building located at 1906 N Main St, Highlands, Texas 77562
that it utilizes as an office and storage facility.
Riverfront sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-60054) on May 31,
2021. In the petition signed by Jeffrey J. Lacombe, manager, the
Debtor disclosed up to $1million in assets and up to $500,000 in
liabilities.
Judge Christopher Lopez oversees the case.
Tran Singh, LLP is the Debtor's counsel.
PANBELA THERAPEUTICS: Closes $10M Bought Deal Stock Offering
------------------------------------------------------------
Panbela Therapeutics, Inc. has closed its previously announced
public offering of 3,333,334 shares of common stock of the Company
at a price to the public of $3.00 per share, less underwriting
discounts and commissions.
H.C. Wainwright & Co. acted as the sole book-running manager for
the offering.
The gross proceeds of the offering were approximately $10.0
million, before deducting underwriting discounts and commissions
and offering expenses payable by Panbela. The Company intends to
use the net proceeds of the offering for the continued clinical
development of its initial product candidate SBP-101 and for
working capital and other general corporate purposes.
About Panbela
Headquartered in Waconia, Minnesota, Panbela Therapeutics, Inc. --
www.Panbela.com -- is a clinical stage biopharmaceutical company
developing disruptive therapeutics for the treatment of patients
with cancer. Its product candidate, SBP-101, is a proprietary
polyamine analogue designed to induce polyamine metabolic
inhibition, a metabolic pathway of critical importance in multiple
tumor types.
Panbela Therapeutics reported a net loss of $4.77 million for the
year ended Dec. 31, 2020, compared to a net loss of $6.20 million
for the year ended Dec. 31, 2019. As of March 31, 2021, the
Company had $8.89 million in total assets, $1.31 million in total
current liabilities, and $7.58 million in total stockholders'
equity.
Tampa, Florida-based Cherry Bekaert, the Company's auditor since
2014, issued a "going concern" qualification in its report dated
March 25, 2021, citing that the Company has recurring losses and
negative cash flows from operations that raise substantial doubt
about its ability to continue as a going concern.
PIKES PEAK 8: Moody's Assigns Ba3 Rating to $18MM Class E Notes
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued and one class of loans incurred by Pikes Peak CLO 8
(the "Issuer" or "Pikes Peak 8").
Moody's rating action is as follows:
US$201,750,000 Class A Senior Secured Floating Rate Notes due 2034,
Assigned Aaa (sf)
US$75,000,000 Class A Loans due 2034, Assigned Aaa (sf)
US$65,250,000 Class B Senior Secured Floating Rate Notes due 2034,
Assigned Aa2 (sf)
US$24,750,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned A2 (sf)
US$27,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned Baa3 (sf)
US$18,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2034, Assigned Ba3 (sf)
The notes and loans listed are referred to herein, collectively, as
the "Rated Debt." The Class A Loans may not be exchanged or
converted into notes at any time.
RATINGS RATIONALE
The rationale for the ratings is based on Moody's methodology and
considers all relevant risks, particularly those associated with
the CLO's portfolio and structure.
Pikes Peak 8 is a managed cash flow CLO. The issued debt will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 92.5% of the portfolio must consist of
first lien senior secured loans, cash, and eligible investments,
and up to 7.5% of the portfolio may consist of second lien loans,
unsecured loans and up to 5% of permitted securities (senior
secured bonds, senior unsecured bonds and senior secured notes).
The portfolio is approximately 90% ramped as of the closing date.
Partners Group US Management CLO LLC (the "Manager") will direct
the selection, acquisition and disposition of the assets on behalf
of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's five year
reinvestment period. Thereafter, subject to certain restrictions,
the Manager may reinvest unscheduled principal payments and
proceeds from sales of credit risk assets.
In addition to the Rated Debt, the Issuer issued subordinated
notes.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the debt in order of seniority.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.
For modeling purposes, Moody's used the following base-case
assumptions:
Par amount: $450,000,000
Diversity Score: 70
Weighted Average Rating Factor (WARF): 2860
Weighted Average Spread (WAS): 3.40%
Weighted Average Coupon (WAC): 5.00%
Weighted Average Recovery Rate (WARR): 47.0%
Weighted Average Life (WAL): 9.0 years
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.
Factors That Would Lead to an Upgrade or Downgrade of the Ratings:
The performance of the Rated Debt is subject to uncertainty. The
performance of the Rated Debt is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the Rated Debt.
POGO ENERGY: Seeks Interim Cash Collateral Access Thru July 30
--------------------------------------------------------------
Pogo Energy, LLC asked the Bankruptcy Court to authorize the use of
cash collateral on an interim basis from the Petition Date through
July 30, 2021, or entry of a final order following a final hearing,
whichever is earlier.
As of the Petition Date, the Debtor has approximately $853,000 in
cash on hand, almost all of which is purportedly subject to a lien
in favor of Luminant Energy Company, LLC. The Debtor's business
requires access to the income that the Debtor generates from the
retail sale of prepaid electricity service inasmuch as the Debtor
will be unable to operate generally, even for a limited period,
without use of such Cash Collateral. The Debtor disclosed that
Prosperity Bank is in possession of the cash collateral.
Luminant is considered the Debtor's credit facility to the ERCOT
market for all energy purchase transactions. Luminant is also the
Debtor's designated Qualified Serving Entity settling all
transactions with the energy market for Debtor, after which the
Debtor remits subsequent payment to Luminant. All of the Debtor's
market transactions are executed through Luminant whether the
energy comes directly from Luminant or from a Luminant competitor.
In consideration for the QSE services provided by Luminant, the
Debtor and Luminant are parties to a Master Power Purchase and Sale
Agreement dated September 25, 2017; an Energy Marketing Support
Agreement dated September 25, 2017; and a Deposit Account Control
Agreement, dated October 26, 2017. Luminant contends that its debt
is secured by liens on substantially all of the Debtor's assets
existing as of the Petition Date.
The Debtor filed a budget that sets forth the expenses that need to
be paid from July 1, 2021 through September 24, 2021. The Budget
includes a carve out for (i) all fees payable to the Clerk of the
Court and to the Office of the United States Trustee; and (ii) all
unpaid fees and expenses incurred by persons or firms retained by
the Debtors or by a Committee, if any, in an aggregate amount of up
to $150,000.
A copy of the budget, filed in Court together with the proposed
interim order, is available at https://bit.ly/3hBPfld from
PacerMonitor.com.
Based on recent performance, the Debtor anticipated that it will
generate approximately $445,000 of cash receipts each month, while
the budget estimates that the Debtor will use only $250,000 per
month of the Cash Collateral excluding energy charges paid to
Luminant. The Debtor submits that, under the circumstances, the
terms and conditions are fair and reasonable, and adequately
protect Luminant from any diminution of their interests in the Cash
Collateral resulting from use.
Moreover, the Debtor proposed to grant Luminant a replacement lien
in property acquired after the Petition Date, which is of the same
nature, kind and character as the Prepetition Collateral, and all
proceeds and products thereof to secure any diminution in the
interest of Luminant resulting from the use of the Cash
Collateral.
The Debtor asserted that payment of the expenses identified on the
Budget is necessary to avoid immediate and irreparable harm to the
estate pending opportunity for a final hearing, which the Debtor
requested to be convened for the week of of July 19, 2021. The
limited interim use of the cash collateral is vital to maintaining
the value of the assets and the going-concern value of the
business, the averred.
A copy of the motion is available for free at
https://bit.ly/3hy11x4 from PacerMonitor.com.
Proposed counsel for the Debtor:
Rachael L. Smiley, Esq.
Alex Campbell, Esq.
Ferguson Braswell Fraser Kubasta PC
2500 Dallas Parkway, Suite 600
Plano, TX 75093
Telephone: 972-378-9111
Facsimile: 972-378-9115
Email: rsmiley@fbfk.law
acampbell@fbfk.law
Counsel for Luminant Energy Company, LLC, prepetition lender:
Eric T. Haitz, Esq.
Gibson, Dunn & Crutcher LLP
811 Main Street, Suite 3000s
Houston, TX 77002-6117
Telephone: 346.718.6648
Facsimile: 346.718.6916
Email: EHaitz@gibsondunn.com
About Pogo Energy, LLC
Pogo Energy, LLC, d/b/a Plug Energy, LLC, is a certified retail
electricity provider located in Dallas, Texas, that filed a Chapter
11 petition (Bankr. N.D. Tex. Case No. 21-31224) on July 1, 2021.
In the petition signed by Phillip Terry, CEO and managing member,
the Debtor estimated $1,000,000 to $10,000,000 in assets and
$10,000,000 to $50,000,000 in liabilities.
Ferguson Braswell Fraser Kubasta PC serves as the Debtor's counsel.
Gibson, Dunn & Crutcher LLP serves as counsel for Luminant Energy
Company, LLC, prepetition lender.
POLYMER INSTRUMENTATION: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Polymer Instrumentation & Consulting Services,
Ltd.
About Polymer Instrumentation &
Consulting Services
Polymer Instrumentation & Consulting Services, Ltd., a State
College, Pa.-based firm that conducts business under the name
Polymics, filed a Chapter 11 petition (Bankr. M.D. Pa. Case No.
21-01056) on May 10, 2021. Tim T. Hsu, president of Polymer
Instrumentation, signed the petition. In its petition, the Debtor
disclosed between $1 million and $10 million in both assets and
liabilities.
Judge Henry W. Van Eck oversees the case.
Cunningham Chernicoff & Warshawsky, P.C. and Beard Law Company
serve as the Debtor's bankruptcy counsel and special counsel,
respectively.
PROVIDENT GROUP: Moody's Puts Ba3 Rating on Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed the Ba3 rating of Provident
Group - Rowan Properties LLC (NJ) (the "Project") issued through
New Jersey Economic Development Authority under review for possible
downgrade. The affected bonds are the $121,925,000 outstanding
Revenue Bonds (Provident Group - Rowan Properties LLC - Rowan
University Student Housing Project), Series 2015A.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATING
The placement of the rating under review for possible downgrade
reflects continued financial strain due to COVID-19, evidenced by
thinning liquidity position and projected delay in the
replenishment of the reserves to their required level. The
Project's debt service reserve fund (DSRF) was tapped on January 1,
2021 and is expected to be tapped again on July 1, 2021 to meet
debt service obligations due to impaired net rental revenue.
Additionally, projections provided by management show near full
draw down of the Replacement Fund to make January 1, 2022 debt
service payment. Despite historically high demand for the Project
and projected occupancy of 95% for the Fall, Moody's do not expect
the Project to restore the reserves to their required level within
the next two years. The review will focus on pre-leasing data for
the Fall, any budgetary actions taken by management to address this
evolving challenge and direct and indirect university support, if
any.
Moody's regard the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects continued impact of the crisis on
the project and subsequently the bonds rating.
LEGAL SECURITY
The bonds are special limited obligations payable solely from the
revenues of the Project and other funds held with Trustee and do
not constitute obligations for the Issuer or University. The
obligations are secured by payments made under the Loan Agreement,
a leasehold mortgage, and amounts held by the Trustee under the
Indenture.
PROFILE
The Obligor and Owner, Provident Group - Rowan Properties LLC, is a
single member limited liability company organized and existing
under the laws of New Jersey for the purpose of developing and
financing certain facilities for the benefit of the University. The
sole member of the Obligor is Provident Resources Group, Inc., a
501(c)(3) Georgia non-profit corporation with a national presence.
METHODOLOGY
The principal methodology used in this rating was Global Housing
Projects published in June 2017.
QUOTIENT LIMITED: Peter Buhler to Step Down as CFO
--------------------------------------------------
Peter Buhler is resigning from his position as chief financial
officer of Quotient Limited to take a position with another
company.
"I would like to thank Peter for his dedicated support over the
last year and a half, and his contribution to the success of
Quotient. He has played an important role in supporting the
execution of our company's strategic vision. On behalf of the
Board and the Company, I wish him success in his new endeavor,"
said Manuel O. Mendez, chief executive officer of Quotient.
In accordance with Mr. Buhler's employment agreement, unless the
Company elects otherwise, his resignation will take effect on Dec.
31, 2021. The Company has initiated a search for a replacement
chief financial officer with the credibility, capability, and
qualifications to continue effective execution of its financial and
business strategies. The Company expects to have the new chief
financial officer in place before the Dec. 31, 2021 effective date
of Mr. Buhler's resignation.
About Quotient Limited
Penicuik, United Kingdom-based Quotient Limited is a
commercial-stage diagnostics company committed to reducing
healthcare costs and improving patient care through the provision
of innovative tests within established markets. With an initial
focus on blood grouping and serological disease screening, Quotient
is developing its proprietary MosaiQTM technology platform to offer
a breadth of tests that is unmatched by existing commercially
available transfusion diagnostic instrument platforms. The
Company's operations are based in Edinburgh, Scotland; Eysins,
Switzerland and Newtown, Pennsylvania.
Quotient Limited reported a net loss of $108.47 million for the
year ended March 31, 2021, compared to a net loss of $102.77
million for the year ended March 31, 2020. As of March 31, 2021,
the Company had $219.27 million in total assets, $248.31 million in
total liabilities, and a total shareholders' deficit of $29.04
million.
RENNOVA HEALTH: Gets 14K Series B Preferred Shares From VisualMED
-----------------------------------------------------------------
Rennova Health, Inc. previously sold the shares of stock of its
subsidiaries, Health Technology Solutions, Inc. and Advanced
Molecular Services, Inc. to VisualMED Clinical Solutions Corp. HTS
and AMSG held Rennova's software and genetic testing interpretation
divisions and were reflected as discontinued operations on the
Company's consolidated financial statements.
In consideration for the shares of HTS and AMSG and the elimination
of inter-company debt between the Company and HTS and AMSG,
VisualMED issued the Company 14,000 shares of its Series B
Non-Voting Convertible Preferred Stock. The number of shares of
Series B Preferred Stock will be subject to a post-closing
adjustment. Each share of Series B Preferred Stock has a stated
value of $1,000 and is convertible into that number of shares of
VisualMED common stock equal to the product of the stated value
divided by 90% of the average closing price of the VisualMED common
stock during the 10 trading days immediately prior to the
conversion date. Conversion of the Series B Preferred Stock,
however, is subject to the limitation that no conversion can be
made to the extent the Company's beneficial interest (as defined
pursuant to the terms of the Series B Preferred Stock) in the
common stock of VisualMED would exceed 4.99%. The shares of Series
B Preferred Stock may be redeemed by VisualMED upon payment of the
stated value of the shares plus any accrued declared and unpaid
dividends.
About Rennova Health
Rennova Health, Inc. -- http://www.rennovahealth.com/-- operates
three rural hospitals and a physician's office in Tennessee and a
physician's office in Kentucky and provides diagnostics and
supportive software solutions to healthcare providers.
Rennova Health reported a net loss of $18.34 million for the year
ended Dec. 31, 2020, compared to a net loss of $48.03 million for
the year ended Dec. 31, 2019. As of March 31, 2021, the Company had
$11.21 million in total assets, $64.12 million in total
liabilities, and a total stockholders' deficit of $52.91 million.
Salt Lake City, Utah-based Haynie & Company, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated April 15, 2021, citing that the Company has recognized
recurring losses and negative cash flows from operations, and
currently has minimal revenue producing activities. This raises
substantial doubt about the Company's ability to continue as a
going concern.
RIDGETOP AG: Seeks to Hire Krekeler Strother as Legal Counsel
-------------------------------------------------------------
Ridgetop Ag LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Wisconsin to employ Krekeler Strother, SC
to serve as legal counsel in its Chapter 11 case.
The firm's services include:
(a) preparing bankruptcy schedules and statements of financial
affairs;
(b) consulting with the Debtor's professionals or
representatives concerning the administration of the Chapter 11
case;
(c) preparing and reviewing pleadings, motions and
correspondence;
(d) advising the Debtor in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtor, the operation of its business, and any other matters
relevant to the case;
(e) analyzing the Debtor's proposed use of cash collateral and
financing;
(f) advising the Debtor of its rights, powers and duties;
(g) advising the Debtor concerning the negotiation and
documentation of financing agreements and related transactions;
(h) reviewing and advising the Debtor regarding the nature and
validity of liens asserted against its property;
(i) advising the Debtor concerning the actions that it might
take to collect and recover property for the benefit of its
estate;
(j) preparing all necessary legal papers and other reports to
be filed in this case;
(k) advising the Debtor in connection with any rentals outside
the ordinary course of its business;
(l) assisting in the preparation of the disclosure statement
and plan of reorganization and attending negotiations and hearings;
and
(m) performing all other necessary legal services.
The hourly rates of Krekeler Strother's attorneys and staff are as
follows:
J. David Krekeler, Shareholder $396 per hour
Carrie S. Werle, Associate $250 per hour
Associate Attorneys $225 - $280 per hour
Cheryl Watson, Paralegal $115 per hour
Other Paralegals $115 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
As of the petition date, the firm holds a retainer of $6,698.35.
Carrie Werle, an associate at Krekeler Strother, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Carrie S. Werle, Esq.
Krekeler Strother, SC
2901 West Beltline Hwy., Suite 301
Madison, WI 53713
Telephone: (608) 258-8555
Facsimile: (608) 258-8299
Email: cwerle@ks-lawfirm.com
About Ridgetop Ag
Ridgetop Ag LLC filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 21-11388) on
June 28, 2021, listing under $1 million in both assets and
liabilities. Alan S. Bark, an authorized member, signed the
petition. Judge Catherine J. Furay oversees the case. Krekeler
Strother, SC serves as the Debtor's legal counsel.
RIGHT ON BRANDS: Delays Filing of Annual Report Due to Pandemic
---------------------------------------------------------------
Right On Brands, Inc. filed a Form 12b-25 with the Securities and
Exchange Commission notifying the delay in the filing of its Annual
Report on Form 10-K for the year ended March 31, 2021.
Due to the Covid-19 pandemic, Right On Brands was unable to compile
the necessary financial information required to prepare a complete
filing. Thus, the company would be unable to file the periodic
report in a timely manner without unreasonable effort or expense.
The company expects to file within the extension period.
About Right on Brands, Inc.
Right on Brands, Inc.'s business is conducted through its
wholly-owned subsidiaries, Humbly Hemp, Endo Brands, and Humble
Water Company. Humbly Hemp sells and markets a line of hemp
enhanced snack foods. Humble Water Company is in a partnership
with Springhill Water Co. to develop a line of High Alkaline,
Natural Mineral Water, and a bottling and packaging facility. Endo
Brands creates and markets a line of CBD consumer products and
through ENDO Labs, a joint venture with Centre Manufacturing,
creates white label products and formulations for CBD brands.
Right On Brands is at the focus of health and wellness.
Right on Brands reported a net loss attributable to stockholders of
the company of $3.47 million for the year ended March 31, 2020, a
net loss attributable to stockholders of the company of $6.08
million for the year ended March 31, 2019, and a net loss
attributable shareholders of the company of $804,146 for the year
ended March 31, 2018. As of Sept. 30, 2020, the Company had
$41,165 in total assets, $2.34 million in total liabilities, and
$2.30 million in total stockholders' deficit.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated March 31, 2021, citing that the Company has suffered
recurring losses since inception and has a significant working
capital deficiency both of which raise substantial doubt about its
ability to continue as a going concern.
RIVERSTREET VENTURES: Seeks to Tap Simon Peragine Smith as Counsel
------------------------------------------------------------------
Riverstreet Ventures, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Louisiana to employ Simon,
Peragine, Smith & Redfearn, LLP to serve as legal counsel in its
Chapter 11 case.
The firm's services include:
(a) advising the Debtor with respect to its rights, powers and
duties in the continued operation and management of its business
and property;
(b) preparing and pursuing confirmation of a plan of
reorganization and approval of a disclosure statement;
(c) preparing legal papers;
(d) advising the Debtor concerning applications, motions,
pleadings, notices and other documents which may be filed by other
parties;
(e) appearing in bankruptcy court;
(f) representing the Debtor in connection with the use of cash
collateral or post-petition financing;
(g) assisting in the negotiation and documentation of
financing agreements, cash collateral orders and related
transactions;
(h) investigating the nature and validity of liens asserted
against the property of the Debtor, and advising the Debtor
concerning the enforceability of said liens;
(i) taking such action as may be necessary to collect income
and assets in accordance with applicable law, and the recovery of
property for the benefit of the Debtor's estate;
(j) advising and assisting the Debtor in connection with any
potential property dispositions;
(k) advising the Debtor concerning executory contract and
unexpired lease assumption, assignment and rejection, lease
restructuring and recharacterization;
(l) assisting the Debtor in reviewing, estimating and
resolving claims asserted against its estate;
(m) commencing and conducting litigation necessary and
appropriate to assert rights held by the Debtor, protect assets of
the estate or otherwise further the goal of completing the Debtor's
successful reorganization; and
(n) performing all other legal services for the Debtor which
may be necessary and proper in this case.
The hourly rates of the firm's attorneys and staff are as follows:
Patrick S. Garrity $350 per hour
Steven A. Jacobson $300 per hour
Robert J. Redfearn, Jr. $300 per hour
Other Attorneys $250 - $350 per hour
Paralegals $90 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
On June 10, 2021, the firm received a $11,738 retainer from the
Debtor's sole member, Monogram Marketing, LLC.
Patrick Garrity, Esq., a partner at Simon, Peragine, Smith &
Redfearn, disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Patrick S. Garrity, Esq.
Simon Peragine Smith & Redfearn, LLP
Energy Centre
1100 Poydras Street, 30th Floor
New Orleans, LA 70163
Telephone: (504) 569-2030
Facsimile: (504) 569-2999
Email: patrickg@spsr-law.com
About Riverstreet Ventures
Riverstreet Ventures, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. La. Case No. 21-10818) on June 23,
2021. Philip J. Spiegelman, president, 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 Meredith
S. Grabill oversees the case. Simon Peragine Smith & Redfearn, LLP
serves as the Debtor's legal counsel.
RND PROPERTIES: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The U.S. Trustee for Region 21 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of RND Properties, Inc.
About RND Properties
RND Properties, Inc. sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-15570) on June
7, 2021, disclosing total assets of up to $500,000 and total
liabilities of up to $1 million. Judge Laurel M. Isicoff oversees
the case. Adam I. Skolnik, P.A. represents the Debtor as legal
counsel.
ROYAL BLUE: Seeks Approval to Hire ADG Architecture & Design
------------------------------------------------------------
Royal Blue Realty Holdings, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
New York-based architecture and design firm, ADG Architecture &
Design, PC.
The Debtor, a condominium unit owner, needs the firm's services to
modify its residential units to comply with approved plans and
obtain the required tax lot numbers. These services include:
(a) reviewing the current conditions of the ground floor unit
located at 162 Christopher St. against the available approved
plans;
(b) prepare plans of the existing conditions; and
(c) provide report of what must be done to modify the units to
comply with the approved plans.
ADG will charge the Debtor $6,500 for the services above.
Additionally, ADG will perform the following services:
(a) provide the small-scale plans and architects report
required for the offering plan;
(b) obtain tentative tax lot numbers from the City Surveyors
office for the new condominium units;
(c) file an application at the Department of Buildings for the
condominium lot number subdivision;
(d) prepare plans to submit to the Department of Finance for
the condominium tax lots; and
(e) submit the condominium plans with the Department of
Finance for review and approval.
ADG will bill the Debtor $16,000 for these services.
Christopher Carrano, a member of ADG, disclosed in a court filing
that his firm is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Christopher Carrano
ADG Architecture & Design, PC
13 W. 36th St., 7th Floor
New York, NY 10018
Telephone: (212) 777-6880
About Royal Blue Realty Holdings
Royal Blue Realty Holdings, Inc. is primarily engaged in renting
and leasing real estate properties. It holds business at 162-174
Christopher St., N.Y.
Royal Blue Realty Holdings filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
21-10802) on April 26, 2021. In the petition signed by Andrew
Nichols, chief restructuring officer, the Debtor disclosed total
assets of up to $10 million and total liabilities of up to $50
million. Judge Lisa G. Beckerman oversees the Debtor's case.
The Debtor tapped Davidoff Hutcher & Citron LLP as bankruptcy
counsel and Lester, Bleckner & Shaw as special litigation counsel.
Elaine Shay was appointed as temporary receiver with respect to the
Debtor by order of the Supreme Court of New York on March 9, 2021.
ROYAL BLUE: Seeks to Tap Lester Bleckner & Shaw as Special Counsel
------------------------------------------------------------------
Royal Blue Realty Holdings, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Lester, Bleckner & Shaw as its special litigation counsel.
The Debtor needs the firm's legal assistance in connection with the
claims asserted in nine pending foreclosure actions.
The hourly rates of the firm's attorneys and staff are as follows:
Martin Shaw $700 per hour
Kayla Laskin $450 per hour
Other Attorneys $400 - $650 per hour
Paralegal Assistants $225 per hour
In addition, the firm will seek reimbursement of expenses
incurred.
Martin Shaw, Esq., an attorney at Lester, Bleckner & Shaw,
disclosed in a court filing that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Martin Shaw, Esq.
Lester, Bleckner & Shaw
350 Fifth Avenue
New York, NY 10158
Telephone: (212) 279-4490
Facsimile: (212) 279-4495
Email: contact@lesterblecknershaw.com
info@lesterblecknershaw.com
About Royal Blue Realty Holdings
Royal Blue Realty Holdings, Inc. is primarily engaged in renting
and leasing real estate properties. It holds business at 162-174
Christopher St., N.Y.
Royal Blue Realty Holdings filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
21-10802) on April 26, 2021. In the petition signed by Andrew
Nichols, chief restructuring officer, the Debtor disclosed total
assets of up to $10 million and total liabilities of up to $50
million. Judge Lisa G. Beckerman oversees the Debtor's case.
The Debtor tapped Davidoff Hutcher & Citron LLP as bankruptcy
counsel and Lester, Bleckner & Shaw as special litigation counsel.
Elaine Shay was appointed as temporary receiver with respect to the
Debtor by order of the Supreme Court of New York on March 9, 2021.
SANUWAVE HEALTH: Maj-Britt Kaltoft Quits as Director
----------------------------------------------------
Maj-Britt Kaltoft resigned as a member of the board of directors of
Sanuwave Health, Inc. effective June 28, 2021. Dr. Kaltoft's
resignation was not the result of any disagreement with the
company.
About SANUWAVE Health
Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc.
(OTCQB:SNWV) -- http://www.SANUWAVE.com-- is focused on the
research, development, and commercialization of its patented,
non-invasive and biological response-activating medical systems for
the repair and regeneration of skin, musculoskeletal tissue, and
vascular structures.
SANUWAVE reported a net loss of $10.43 million for the year ended
Dec. 31, 2019, compared to a net loss of $11.63 million for the
year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had
$32.87 million in total assets, $33.74 million in total
liabilities, and a total stockholders' deficit of $873,002.
Marcum LLP, in New York, NY, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
30, 2020 citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
SEANERGY MARITIME: Board Declares Dividend, Adopts Rights Plan
--------------------------------------------------------------
Seanergy Maritime Holdings Corp.'s board of directors declared a
dividend of one preferred share purchase right for each of the
Company's outstanding common shares and adopted a shareholder
rights plan, as set forth in the Shareholders Rights Agreement
dated as of July 2, 2021, by and between the Company and
Continental Stock Transfer & Trust Company, as rights agent. The
dividend is payable on July 19, 2021 to the shareholders of record
on July 19, 2021.
The board of directors has adopted the Rights Agreement to protect
shareholders from coercive or otherwise unfair takeover tactics. In
general terms, it works by imposing a significant penalty upon any
person or group that acquires 10% (15% in the case of a passive
institutional investor) or more of the outstanding common shares
without the approval of the board of directors. If a shareholder's
beneficial ownership of the Company's common shares as of the time
of the public announcement of the rights plan and associated
dividend declaration is at or above the applicable threshold, that
shareholder's then-existing ownership percentage would be
grandfathered, but the rights would become exercisable if at any
time after such announcement, the shareholder increases its
ownership percentage. The Rights Agreement should not interfere
with any merger or other business combination approved by the board
of directors.
About Seanergy Maritime
Greece-based Seanergy Maritime Holdings Corp. --
http://www.seanergymaritime.com-- is the only pure-play Capesize
ship-owner publicly listed in the US. Seanergy provides marine dry
bulk transportation services through a modern fleet of Capesize
vessels. On a 'fully-delivered' basis, the Company's fleet will
consist of 16 Capesize vessels with average age of 11.8 years and
aggregate cargo carrying capacity of above 2,800,000 dwt.
Seanergy Maritime reported a net loss of $18.35 million for the
year ended Dec. 31, 2020, compared to a net loss of $11.70 million
for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company
had $295.24 million in total assets, $199.55 million in total
liabilities, and $95.69 million in total stockholders' equity.
SHILO INN: Plan Exclusivity Extended Until August 11
----------------------------------------------------
Judge Brian D. Lynch of the U.S. Bankruptcy Court for the Western
District of Washington, Tacoma Division extended the periods within
which Shilo Inn, Ocean Shores, LLC, and its affiliates have the
exclusive right to file a Plan to August 11, 2021, and to solicit
acceptances of the plan to October 10, 2021. This is the Debtors'
second extension of their exclusivity periods.
The Debtors have filed their bankruptcy schedules, statements of
financial affairs, are current in filing their monthly operating
reports, and attended the meeting of creditors conducted by the
United States Trustee under Section 341 of the Bankruptcy Code.
Good cause exists to warrant the extended extension, among other
reasons:
(i) a claims bar date has not yet been set, thus creditors still
have time to file claims, and the Debtors require time to carefully
analyze the amount, validity, and extent of the claims asserted for
treatment in the Plan;
(ii) the Debtors require more time for meaningful discussions with
certain key creditors, including RSS WFCM2016NXSS-WA SIOSN, LLC, a
Washington limited liability Company ("the Lender"), about their
chapter 11 goals and exit plan and are not yet ready to propose a
Plan;
(iii) the Debtors are current on all material reporting
requirements under the Bankruptcy Code, Bankruptcy Rules, and
Guidelines of the United States Trustee. Further, the form and
terms of the Debtors' eventual Plan will likely be influenced by
ongoing discussions with Lender.
The extensions will not pressure creditors according to certain
Plan terms. The Debtors are motivated by their desire to pursue a
consensual Plan, for the benefit of all of their creditors, in an
orderly fashion and with minimal expense to the estates.
A copy of the Debtors' Motion to extend is available at
https://bit.ly/3hpHley from PacerMonitor.com.
A copy of the Court's Extension Order is available at
https://bit.ly/3hqbCKv from PacerMonitor.com.
About Shilo Inn
Hospitality companies Shilo Inn, Ocean Shores, LLC, and Shilo Inn,
Nampa Suites, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash. Lead Case No. 20-42348) on
October 15, 2020.
At the time of filing, Shilo Inn, Ocean Shores disclosed up to $50
million in both assets and liabilities of the same range. Shilo
Inn, Nampa Suites disclosed $1 million to $10 million in both
assets and liabilities.
Judge Brian D. Lynch oversees the cases.
The Debtors tapped Levene, Neale, Bender, Yoo & Brill L.L.P. as
their bankruptcy counsel and Stoel Rives LLP as their local
counsel.
SLIDEBELTS INC: May Use Cash Collateral Thru Oct. 3
---------------------------------------------------
Judge Frederick E. Clement authorized SlideBelts, Inc. to use cash
collateral on a final basis until the effective date of the
Debtor's Plan of Reorganization, or October 3, 2021, whichever
occurs first. The Debtor will be deemed to be in compliance with
the Court order so long as it does not exceed the budget by up to
15% on average across all expenditures during any four-week
period.
Judge Clement directed the Debtor to make adequate protection
payments in the amount of interest accruing on the Secured Claims
held by the Debtor's Secured Creditors, First U.S. Community Credit
Union and Amazon Lending or Amazon Capital Services, Inc., in the
following amounts:
a. $2,180 per month to First U.S. Community Credit Union,
payable in the first week of every month; and
b. $1,673 per month to Amazon Lending.
The Secured Creditors are granted replacement liens in the same
priority, with respect to the same collateral, and to the same
extent, as the Secured Creditor's security interests attached
before the Petition Date.
A copy of the order is available for free at https://bit.ly/3wmodnb
from PacerMonitor.com.
Absent plan confirmation, a further hearing on the use of cash
collateral is scheduled for September 20, 2021, at 9 a.m.
About SlideBelts Inc.
SlideBelts, Inc. -- https://slidebelts.com -- is an El Dorado
Hills, Calif.-based belt company founded in 2004.
SlideBelts sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Calif. Case No. 20-24098) on Aug. 25, 2020. Brig
Taylor, president and chief executive officer, signed the petition.
At the time of the filing, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range.
Judge Fredrick E. Clement oversees the case.
The Debtor tapped Reynolds Law Corporation as bankruptcy counsel,
Goel & Anderson, LLC as special counsel, and Michael Nord of Nord &
Associates CPAs and Frances Hernandez as accountant.
SPARTAN BIOSCIENCE: Gets CCAA Initial Stay; E&Y Named Trustee
-------------------------------------------------------------
The Ontario Superior Court of Justice granted an initial order
continuing the Notice of Intention to make Proposal ("NOI")
proceedings filed by Spartan Bioscience Inc. under the Companies'
Creditors Arrangement Act. Ernst & Young Inc. was appointed as
trustee under the NOI.
On April 23, 2021, the Court granted an order approving the interim
financing term sheet between the Company and Casa-Dea Finance
Limited ("CDFL") to provide a secured superior-priority
debtor-in-possession loan up to a maximum principal amount of
$600,000. Also, the Court granted an order, among other things,
approving certain priority charges on the assets of the Company,
approving a sale and investment solicitation process ("SISP") for
the business and property of Spartan.
The Company had obtained an extension of time to make a proposal to
Aug. 3, 2021. By continuing the NOI proceedings under the CCAA,
the Company received the statutory initial stay of proceedings to
June 30, 2021. The Company is requesting that the stay of
proceedings be extended to Aug. 13, 2021.
The Company said it is working to advance its restructuring in good
faith and with due diligence. Completing the restructuring offers
the greatest prospect of maximizing value for its stakeholders.
Ernst & Young can be reached at:
Ernst & Young Inc.
Attn: Gregory Adams
99 Bank Street, Suite 1200
Ottawa, ON K1P 6B9
Tel: (613) 232-1511
Fax: (613) 232-5324
Email: Greg.J.Adams@parthenon.ey.com
Lawyers for Ernst & Young:
Norton Rose Fulbright Canada LLP
45 O'Connor Street, Suite 1500
Ottawa, ON K1P 1A4
Matthew J. Halpin
Tel: +1 (613) 780-8654
Email: matthew.halpin@nortonrosefulbright.com
Evan Cobb
Tel: +1 (416) 216-2419
Email: evan.cobb@nortonrosefulbright.com
Alexander Schmitt
Tel: +1 (416) 216-2419
Fax: +1 (613) 230-5459
Email: alexander.schmitt@nortonrosefulbright.com
Lawyers for the Company:
Denton Canada LLP
1420 - 99 Bank Street
Ottawa, ON K1P 1H4
Fax: (613) 783-9690
Kenneth Kraft
Tel: (416) 863-4374
Fax: (416) 863-4592
Email: kenneth.kraft@dentons.com
Robert Kennedy
Tel: (416) 367-6756
Email: robert.kennedy@dentons.com
Fraser Mackinnon Blair
Tel: (416) 783-9647
Email: fraser.mackinnon.blair@dentons.com
Lawyers for Casa-Dea Finance:
Chaitons LLP
Attn: Harvey Chaiton
5000 Yonge Street, 10th Floor
Toronto, ON M2N 7E9
Tel: (416) 218-1129
Fax: (416) 222-8402
Email: harvery@chaitons.com
All court documents and material related to the CCAA proceeding is
available at https://www.ey.com/ca/spartan
Spartan Bioscience Inc. -- https://www.spartanbio.com/ --
manufactures and distributes DNA testing systems. The Company's
products provide DNA collection, extraction, and analysis services.
Spartan Bioscience serves customers in Canada.
TALK OF THE TOWN: Seeks to Hire Brian K. McMahon as Counsel
-----------------------------------------------------------
Talk of the Town Banquet & Catering, Inc. seeks approval from the
U.S. Bankruptcy Court for the Southern District of Florida to
employ Brian McMahon, Esq., an attorney at Brian K. McMahon, PA, to
handle its Chapter 11 case.
The attorney will render these legal services:
(a) advise the Debtor with respect to its powers and duties;
(b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare legal papers;
(d) protect the interest of the Debtor in all matters pending
before the court; and
(e) represent the Debtor in negotiation with its creditors in
the preparation of a Chapter 11 plan.
The Debtor will pay Mr. McMahon $500 per month.
Mr. McMahon disclosed in a court filing that he is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Brian K. McMahon, Esq.
Brian K. McMahon, PA
1401 Forum Way, 6th Floor
West Palm Beach, FL 33401
Telephone: (561) 478-2500
Facsimile: (561) 478-3111
Email: brian@bkmbankruptcy.com
About Talk of the Town Banquet & Catering
Talk of the Town Banquet & Catering, Inc. filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Fla. Case No. 21-16200) on June 24, 2021, listing under $1
million in both assets and liabilities. Judge Mindy A. Mora
oversees the case. Brian K. McMahon, Esq., at Brian K. McMahon, PA
serves as the Debtor's legal counsel.
TD HOLDINGS: Regains Compliance With Nasdaq's Listing Requirements
------------------------------------------------------------------
TD Holdings, Inc. has received a notification letter from the
Listing Qualifications Department of the Nasdaq Stock Market on
June 29, 2021 notifying that the Company has regained compliance
with the periodic filing requirements for The Nasdaq Stock Market
under Listing Rule 5250(c)(1).
As previously disclosed, Nasdaq notified the Company on April 5 and
May 18, 2021 that it was not in compliance with the Rule. Upon
filing the Form 10-K for the year ended Dec. 31, 2020 on June 4,
2021 and the Form 10-Q for the period ended March 31, 2021 on June
25, 2021, the Company regained compliance with the Rule.
About TD Holdings
TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China. Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers. Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading. For more
information, please visit http://ir.tdglg.com.
TD Holdings reported a net loss of $5.95 million for the year ended
Dec. 31, 2020, compared to a net loss of $6.94 million for the year
ended Dec. 31, 2019. As of March 31, 2021, the Company had $205.14
million in total assets, $58.95 million in total liabilities, and
$146.19 million in total equity.
TIMBER PHARMACEUTICALS: All 4 Proposals Approved at Annual Meeting
------------------------------------------------------------------
Timber Pharmaceuticals, Inc. held its Annual Meeting of
Stockholders at which the stockholders:
(1) elected each of John Koconis, Zachary Rome, David Cohen,
M.D.,
Lubor Gaal, Ph. D., Gianluca Pirozzi, M.D., Ph.D., and
Edward J. Sitar as a director to hold office for a term of
one year, until his successor is duly elected and
qualified
or he is otherwise unable to complete his term;
(2) approved an amendment to the Company's 2020 Omnibus Equity
Incentive Plan increasing the number of shares of the
Company's common stock authorized for issuance thereunder
from 2,056,130 to 4,668,319;
(3) approved, on an advisory basis, the compensation of the
Company's named executive officers; and
(4) ratified the appointment of KPMG LLP as the Company's
independent registered public accounting firm for the year
ending Dec. 31, 2021.
About Timber Pharmaceuticals
Timber Pharmaceuticals, Inc. f/k/a BioPharmX Corporation --
http://www.timberpharma.com-- is a biopharmaceutical company
focused on the development and commercialization of treatments for
orphan dermatologic diseases. The Company's investigational
therapies have proven mechanisms-of-action backed by decades of
clinical experience and well-established CMC (chemistry,
manufacturing and control) and safety profiles. The Company is
initially focused on developing non-systemic treatments for rare
dermatologic diseases including congenital ichthyosis (CI), facial
angiofibromas (FAs) in tuberous sclerosis complex (TSC), and
localized scleroderma.
Timber reported a net loss of $15.12 million for the year ended
Dec. 31, 2020. For the period from Feb. 26, 2019, through Dec. 31,
2019, the Company reported a net loss of $3.04 million. As of March
31, 2021, the Company had $9.77 million in total assets, $2.07
million in total liabilities, $1.94 million in redeemable series A
convertible preferred stock, and $5.75 million in total
stockholders' equity.
Short Hills, New Jersey-based KPMG LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 23, 2021, citing that the Company has suffered recurring
losses from operations that raise substantial doubt about its
ability to continue as a going concern.
U.S. SILICA: To Receive $128 Million as Fees Dispute Settlement
---------------------------------------------------------------
U.S. Silica Holdings, Inc. entered into an agreement to settle a
customer dispute regarding fees related to minimum purchase
commitments from 2014-2020. As a result of this resolution, the
Company will receive approximately $128 million of consideration
including $90 million in cash. Some of the amounts will be
received in 2nd quarter 2021 and some in 3rd quarter 2021.
About U.S. Silica
Headquartered in Katy, Texas, U.S. Silica Holdings, Inc. --
http://www.ussilica.com-- is a global performance materials
company and a producer of commercial silica used in a wide range of
industrial applications and in the oil and gas industry. In
addition, through its subsidiary EP Minerals, LLC, the Company
produces products derived from diatomaceous earth, perlite,
engineered clays, and non-activated clays.
U.S. Silica reported a net loss of $115.12 million in 2020, a net
loss of $329.75 million in 2019, and a net loss of $220.82 million
in 2018. As of March 31, 2021, the Company had $2.21 billion in
total assets, $1.59 billion in total liabilities, and $618.27
million in total stockholders' equity.
VANTAGE DRILLING: Names Linda Ibrahim as Chief Accounting Officer
-----------------------------------------------------------------
The Board of Directors of Vantage Drilling International has
appointed Linda J. Ibrahim to the role of chief accounting officer
of the Company, effective as of July 1, 2021. Along with this
role, Ms. Ibrahim will continue to serve as the Company's vice
president of tax, a role she has held since February 2015, and she
has served the Company in various tax and compliance roles since
2010.
Prior to joining the Company, Ms. Ibrahim was employed by Pride
International, Inc., a former publicly traded offshore drilling
company, from 2006 to 2010, and PricewaterhouseCoopers LLP from
1999 to 2006, serving clients in the energy industry. Ms. Ibrahim
holds a Bachelor of Business Administration - Accounting from the
University of Houston and is a certified public accountant licensed
in the state of Texas.
Mr. Ibrahim's employment agreement with the Company remains
unchanged other than to acknowledge the increase in her duties and
responsibilities.
About Vantage
Vantage, a Cayman Islands exempted company, is an offshore drilling
contractor, with a fleet of two ultra-deepwater drillships, and
five premium jackup drilling rigs. Vantage's primary business is
to contract drilling units, related equipment and work crews
primarily on a dayrate basis to drill oil and natural gas wells
globally for major, national and independent oil and natural gas
companies. Vantage also provides construction supervision services
and preservation management services for, and will operate and
manage, drilling units owned by others.
Vantage Drilling reported a net loss of $276.76 million for the
year ended Dec. 31, 2020. As of Dec. 31, 2020, the Company had
$784.34 million in total assets, $48.37 million in total current
liabilities, $345.22 million in long-term debt, $15.01 million in
other long-term liabilities, and $375.74 million in total equity.
* * *
As reported by the TCR on April 19, 2021, S&P Global Ratings
affirmed its 'CCC' issuer credit rating on Vantage Drilling
International. The outlook is negative. S&P said, "The negative
outlook reflects the company's unsustainable leverage and increased
risk it could engage in a transaction that we would view as
distressed given low debt trading levels.
VERANO RECOVERY: Seeks to Hire Cline Carroll as Accountant
----------------------------------------------------------
Verano Recovery, LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Cline Carroll &
Bartell, LLP as accountant.
The firm will provide these services:
a. compile an annual statement of assets, liabilities and
equity;
b. compile an annual statement of revenue and expenses; and
c. prepare federal and state income tax returns for each tax
year.
The firm's hourly rates are as follows:
Certified Public Accountant $375 per hour
Accounting Staff $100 per hour
Renee Bartell a partner at Cline Carroll & Bartell, 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:
Renee M. Bartell
Cline Carroll & Bartell LLP
9190 Irvine Center Drive
Irvine, CA 92618
Tel: (949) 450-0555
Fax: (949) 450-0655
Email: cpas@ccbcpas.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.
The Debtor tapped Goe Forsythe & Hodges, LLP as legal counsel,
Armory Consulting Co. as financial advisor, and Cline Carroll &
Bartell, LLP as accountant.
WALTER ENERGY: Creditors Can Argue Unfair Enrichment Claim
----------------------------------------------------------
Law360 reports that a bankrupt coal company creditor and lawyer
whose alleged missteps led to denial of a court-approved right to
buy equity in the company's Chapter 11 successor will get a chance
to argue unjust enrichment in Delaware Chancery Court, while having
four other claims dismissed.
Vice Chancellor Sam Glasscock III's ruling on Wednesday, June 30,
2021, saved investor and bankruptcy lawyer Joshua J. Angel's
proposed class complaint from a complete rout in a lawsuit naming
Warrior Met Coal Inc. and seven first-lien-debt holders of Walter
Energy Inc. Walter reorganized and morphed into Warrior Met in 2017
after filing for protection in the U. S. Bankruptcy Court.
About Walter Energy Inc.
Walter Energy, Inc. -- http://www.walterenergy.com/-- is a
metallurgical coal producer for the global steel industry with
strategic access to steel producers in Europe, Asia and South
America. The Company also produces thermal coal, anthracite,
metallurgical coke and coal bed methane gas, with operations in the
United States, Canada and the United Kingdom.
For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.
Walter Energy and its affiliates sought Chapter 11 protection
(Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham, Alabama on
July 15, 2015, after signing a restructuring support agreement with
first-lien lenders.
Walter Energy disclosed total assets of $5.2 billion and total debt
of $5 billion as of March 31, 2015.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as
counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree
Deakins LLP, as labor and employment counsel; Maynard, Cooper &
Gale, P.C., as special counsel; PJT Partners LP serves as
investment banker, replacing Blackstone Advisory Services, L.P.;
AlixPartners, LLP, as financial advisor, and Kurtzman Carson
Consultants LLC, as claims and noticing agent.
The Bankruptcy Administrator for the Northern District of Alabama
appointed an Official Committee of Unsecured Creditors and an
Official Committee of Retirees. The Creditors Committee tapped
Morrison & Foerster LLP and Christian & Small LLP as attorneys.
The Retiree Committee retained Adams & Reese LLP and Jenner & Block
LLP as attorneys.
The informal group of certain unaffiliated First Lien Lenders and
First Lien Noteholders -- Steering Committee -- retained Akin,
Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard
Freres & Co. LLC as financial advisor.
WASHINGTON PRIME: Moody's Affirms Ca CFR Amid Bankruptcy Filing
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Washington
Prime Group Inc., including the Ca corporate family rating and C
senior unsecured debt rating of its main operating subsidiary,
Washington Prime Group, L.P. The speculative grade liquidity rating
remains unchanged at SGL-4. The rating outlook was changed to
stable from negative. The ratings affirmation and stable outlook
reflect the REIT's announcement that it has entered into voluntary
Chapter 11 bankruptcy proceedings in pursuit of a financial
restructuring.
The following ratings were affirmed:
Issuer: Washington Prime Group, L.P.
Senior unsecured debt at C
Corporate Family Rating at Ca
Issuer: Washington Prime Group Inc.
Preferred stock at C
Outlook Actions:
Issuer: Washington Prime Group, L.P.
Rating outlook changed to stable from negative
Issuer: Washington Prime Group Inc.
Rating outlook changed to stable from negative
RATINGS RATIONALE
On June 13, 2021, Washington Prime Group Inc. announced that it and
certain of its subsidiaries had filed voluntary petitions for
relief under Chapter 11 of the United States Bankruptcy Code in the
United States Bankruptcy Court for the Southern District of Texas
in order to implement a comprehensive financial restructuring. The
REIT entered Chapter 11 after having executed a restructuring
support agreement with the majority of its creditors.
Subsequent to the rating action, Moody's will withdraw all of
Washington Prime Group's ratings.
Washington Prime Group Inc. [NYSE: WPG] is a retail REIT that owns
a mix of enclosed malls and open air community centers across the
United States.
The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2018.
WASHINGTON PRIME: Olshan Frome Represents Shareholders
------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Olshan Frome Wolosky LLP submitted a verified
statement to disclose that it is representing the Ad Hoc Preferred
Shareholders Committee in the Chapter 11 cases of Washington Prime
Group Inc., et al.
As of June 30, 2021, members of the Ad Hoc Preferred Shareholder
Committee Group and their disclosable economic interests are:
Cygnus Capital, Inc.
3060 Peachtree Road
NW, Suite 1080
Atlanta, GA 30305
* Unsecured Notes Due 2024: $18.162 million
* Series H Preferred Shared: 320,000
* Series I Preferred Shares: 304,000
* Common Stock: 250,000
Union Square Park Capital Management, LLC
1251 Avenue of the Americas 34th Floor
New York, NY 10020
* Unsecured Notes Due 2024: $6.045 million
* Series H Preferred Shared: 175,715
* Series I Preferred Shares: 326,006
* Common Stock: 50,000
Daniel Lewis
99 Fairfield Pond Lane
Sagaponack, NY 11962
* Unsecured Notes Due 2024: $700,000
* Series H Preferred Shared: 84,820
* Series I Preferred Shares: 115,475
No member of the Ad Hoc Preferred Shareholder Committee represents
or purports to represent any other member in connection with these
chapter 11 cases. In addition, each member of the Ad Hoc Preferred
Shareholder Committee (a) does not assume any fiduciary or other
duties to any other member of the Ad Hoc Preferred Shareholder
Committee and (b) does not purport to act or speak on behalf of any
other member of the Ad Hoc Preferred Shareholder Committee in
connection with these chapter 11 cases.
Counsel to the Ad Hoc Committee of Preferred Shareholders can be
reached at:
OLSHAN FROME WOLOSKY, LLP
Adam H. Friedman, Esq.
Jonathan T. Koevary, Esq.
1325 Avenue of the Americas
New York, NY 10019
Tel: (212) 451-2300
Office: (212) 451-2300
Fax: (212) 451-2222
E-mail: afriedman@olshanlaw.com
jkoevary@olshanlaw.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3jAztJX and https://bit.ly/3AkOG83
About Washington Prime Group
Washington Prime Group Inc. (NYSE: WPG) --
http://www.washingtonprime.com/-- is a retail REIT and a
recognized leader in the ownership, management, acquisition and
development of retail properties. It combines a national real
estate portfolio with its expertise across the entire shopping
center sector to increase cash flow through rigorous management of
assets and provide new opportunities to retailers looking for
growth throughout the U.S.
Washington Prime Group and its affiliates sought Chapter 11
protection (Bankr. S.D. Texas Lead Case No. 21-31948) on June 13,
2021. At the time of the filing, Washington Prime Group's property
portfolio consists of material interests in 102 shopping centers
in
the United States totaling approximately 52 million square feet of
gross leasable area. The company operates 97 of the 102
properties.
As of March 31, 2021, Washington Prime Group had total assets of
$4.029 billion against total liabilities of $3.471 billion.
The Debtors tapped Kirkland & Ellis LLP as lead bankruptcy counsel,
Jackson Walker LLP as local bankruptcy counsel, Alvarez & Marsal
North America LLC as restructuring advisor, and Guggenheim
Securities, LLC, as investment banker. Prime Clerk LLC is the
claims agent, maintaining the page
http://cases.primeclerk.com/washingtonprime
SVPGlobal, the Debtors' lender, tapped Davis Polk & Wardwell, LLP
and Evercore Group, LLC as its legal counsel and investment banker,
respectively.
WESTERN URANIUM: All Proposals Passed at Annual Meeting
-------------------------------------------------------
Western Uranium & Vanadium Corp. announced the results of its
Annual General and Special Meeting of shareholders held in Nucla,
Colorado on June 28, 2021.
Proxy votes were cast for common shares representing approximately
42.3% of the issued and outstanding common shares of the company as
at the record date for the meeting. The shareholders approved all
resolutions submitted for their consideration at the meeting, each
such resolution being approved by a margin significantly in excess
of a two-thirds of the votes cast for the meeting.
At the meeting, the shareholders elected all of the directors
proposed by management of the company, namely, George Glasier,
Bryan Murphy, and Andrew Wilder. They also re-appointed MNP LLP as
auditor of the company for the ensuing year, and authorized the
Board to fix the auditor's remuneration.
Board Meeting
At a meeting of the newly-elected Board immediately following the
shareholders' Meeting, the Board re-appointed Bryan Murphy as
Chairman of the Board and re-appointed Andrew Wilder as Chairman of
the Audit Committee.
At the same meeting of the Board, the following management
appointments were confirmed for the ensuing year: George Glasier,
president and chief executive officer; Robert Klein, chief
financial officer; and Denis Frawley, corporate secretary.
About Western Uranium & Vanadium
Western Uranium & Vanadium Corp. is a Colorado based uranium and
vanadium conventional mining company focused on low cost near-term
production of uranium and vanadium in the western United States,
and development and application of kinetic separation.
The Company reported a net loss of $2.39 million in 2020 following
a net loss of $2.11 million in 2019. As of March 31, 2021, the
Company had $26.45 million in total assets, $4.05 million in total
liabilities, and $22.40 million in total shareholders' equity.
Mississauga, Canada-based MNP LLP, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
April 15, 2021, citing that the Company has incurred continuing
losses and negative cash flows from operations and is dependent
upon future sources of equity or debt financing in order to fund
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
WOK HOLDINGS: Fitch Affirms 'CCC+' LongTerm IDR, Outlook Positive
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Wok Holdings, Inc., operator of the P.F. Chang's (PFC)
restaurant chain, at 'CCC+'. The Outlook is Positive.
PFC's rating reflects the company's good niche positioning and
leading market position in the full-service Asian category as well
as its high financial leverage, small scale relative to other large
casual chain dining concepts, and the secular challenges within the
casual dining segment. Fitch has assigned a Positive Outlook to
reflect the company's improved margin performance despite the
negative topline impact from the pandemic, driven by cost cuts and
operational improvements. Fitch would upgrade PFC to 'B-' if the
company hits Fitch's projections of around $80 million of EBITDA,
resulting in adjusted gross leverage (capitalizing leases at 8x) in
the mid-to-high 6x range while maintaining sufficient liquidity to
support the company's growth plans.
KEY RATING DRIVERS
Leading Asian Market Share: PFC generated pre-pandemic revenue of
approximately $900 million in 2019 across 200 company-operated
stores in 38 states across the United States and 93 franchise
locations in more than 25 countries. The company's menu offering
has evolved to increase the consumer appeal to a broader
demographic by expanding menu options from Chinese into other Asian
cuisines with brand messaging focused on fresh ingredients that are
"made from scratch." PFC has relatively good system health
supported by average unit volumes that are on par or higher than
peers and same-store sales performance that is in line with the
casual dining segment which, in the years heading into the
pandemic, has experienced low-single-digit secular declines related
to guest traffic volumes.
Pivot to Off-Premise Mitigates Pandemic Impact: PFC's operations
were severely impacted by the pandemic as shelter-in-place
mandates, restrictions on on-premise dining capacity, and consumer
fear of the virus sharply curtailed dine-in traffic to the
company's restaurants. Revenue declined 24% to $688 million in
2020, with same-restaurant sales (SRS) improving to negative 20% in
the second half versus negative 35% in 2Q20 as restrictions on
on-premise dining eased and consumer mobility increased.
Initiatives introduced before the pandemic to improve the company's
off-premise capabilities proved timely, contributing to a 78%
increase in off-premise sales in 2020, partially offsetting a 52%
decline in on-premise dining and increasing off-premise sales as a
percent of total revenue to over 50% from around 23% in 2019.
1Q21 SRS compared to 2019 levels declined 9% with progress on the
U.S. vaccine rollout enabling the company to exit the quarter with
March SRS flat to 2019 levels. Fitch expects SRS comps to meet or
exceed 2019 levels over the near term as the U.S. emerges from the
pandemic and the closure of thousands of casual dining restaurants
over the past year results in a more benign competitive
environment.
Leverage Elevated, Liquidity Improved: Fitch calculates adjusted
leverage (capitalizing rents at 8x) of 10.4x for 2020 due to EBITDA
declining to $34 million from $58 million in 2019 and an increase
in borrowings including $10 million from the government in the form
of a Paycheck Protection Program (PPP) loan and $30 million of
incremental term loan issued to the company's sponsors. Fitch
expects adjusted leverage to decline to under 7x in 2021 as
restrictions ease and on-premise diners return, and move to the mid
6x area thereafter due largely to EBITDA growth.
PFC ended 1Q21 with liquidity of nearly $80 million including
nearly $52 million of cash and nearly $30 million of availability
on its $55 million revolver (with the balance committed to letters
of credit). Liquidity improved significantly from under $20 million
a year ago, given $30 million of incremental debt as well as a
nearly $35 million equity contribution from the sponsors. Fitch
expects the company's liquidity position to decline through 2022 as
the company spends heavily on brand remodels and new to-go units.
Brand Relaunch Shows Promise: Company data suggests PFC's SRS and
traffic had been lagging the industry heading into 1Q19, the
quarter in which the new sponsors took control of the company.
Adjustments to the marketing strategy and a focus on delivery
helped flip relative performance to positive in 2Q19 while the
initiation of a brand relaunch focused on enhancing the dine-in
experience accelerated performance relative to the industry in 2H19
and in early 2020. As the industry recovers from the pandemic,
Fitch expects these measures to provide further support to PFC's
SRS over the medium term.
Focus on Costs and Pricing Should Benefit Margins: Fitch-calculated
EBITDA margins of 6.4% for 2019 were well below casual dining peer
Darden Restaurants, Inc. (BBB-/Positive) at 14.7% for the year
ended May 2019. Under new management, PFC has reduced costs such as
optimizing its menu and implementing new systems and processes to
manage inventory, waste and labor while simultaneously cutting back
on discounting. Fitch expects EBITDA margins to stabilize in the
mid-to-high 8% area as sales return to 2019 levels and the
company's cost cutting efforts and operational improvements bear
fruit.
DERIVATION SUMMARY
PFC's rating is lower than that of casual dining peer Darden
Restaurants, Inc. (BBB-/Positive) due to PFC's considerably smaller
scale and significantly higher leverage (total adjusted
debt-to-EBITDAR on a rent-adjusted basis). Fitch expects Darden's
revenue and EBITDA for fiscal 2022 (ending May) to be $8.3 billion
and $975 million, respectively, with adjusted debt/EBITDAR below
3x. The rating differential also considers PFC's lack of
brand-level diversification and weaker comparable sales trends
compared with Darden. Despite secular headwinds in the industry,
Darden's SRS has outperformed the broader casual segment,
particularly with its Olive Garden and Longhorn Steakhouse
concepts.
PFC's rating is below Sizzling Platter, LLC (B-/Stable). While both
companies have limited scale, a lack of FCF, high adjusted leverage
in the 7x area and are highly tied to a single brand (Sizzling
Platter derives over 75% of cash flow from the Little Caesars
brand), Sizzling Platter benefits from slightly better
diversification with 25% of sales coming from Dunkin', Wingstop and
other brands. Sizzling Platter largely operates within the
quick-serve dining segment, which has proven to be more resilient
than the casual dining segment through economic cycles as well as
during the pandemic.
KEY ASSUMPTIONS
-- Fitch expects 2021 revenue around $870 million, up from around
$690 million in 2020 as operations rebound post-pandemic.
Fitch expects midsingle-digit unit growth and low single-digit
SRS comps to result in low-to-midsingle digit revenue growth
in 2022 and beyond.
-- EBITDA margins improve to the high 8% area in 2021, up from
around 6.5% in 2019 as benefits from cost cuts and operational
improvements are offset by inflation and incremental costs as
dining rooms continue to reopen, resulting in EBITDA around
$80 million, up from around $35 million in 2020. Fitch expects
margins to stabilize in the mid-8% area.
-- Capex peaks at around $80 million in 2021 driven by robust
spending on remodels and to-go location development, declining
to more normalized levels in the low $40 million range over
time.
-- Adjusted leverage, which reached over 10x in 2020 due to
pandemic impacts on EBITDA, returns below 7x in 2021 as EBITDA
normalizes. Adjusted leverage improves modestly to the mid-to-
high 6x range driven largely by EBITDA growth with debt
reduction limited to TL amortization.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Consistently positive SRS comps with EBITDA exceeding $80
million resulting in total adjusted debt/EBITDAR expected to
sustain below 7.0x.
-- Sufficient liquidity to fund the company's growth plans.
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- A negative rating action could occur if operating trends are
worse than expected, resulting in continued cash burn with
fixed charge coverage ratio (operating EBITDAR/gross interest
paid plus rents) trending below 1.0x and the need for further
liquidity injection. Capital structure changes that results in
any form of distressed debt exchange or restructuring would
also lead to downward rating actions.
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
PFC's capital structure includes a $55 million revolving credit
facility due March 1, 2024 and a $440 million term loan due March
1, 2026. Both the term loan and the revolver currently bear
interest at LIBOR plus 6.50%. The term loan amortizes at a rate of
1% per year or approximately $1.1 million per quarter and provides
a cash flow sweep of up to 50% depending on leverage. In addition
to the company's credit facility, PFC's debt structure includes a
$10 million PPP loan due 2022 received pursuant to the Coronavirus
Aid, Relief and Economic Security (CARES) Act. While the company
expects this loan to be forgiven, Fitch currently treats the PPP
loan as debt and assumes the company will need to repay the loan
with cash on hand or additional borrowings. The credit agreement
has a maximum leverage ratio of 6.5x.
With no drawings on the revolver and $25.6 million in letters of
credit, liquidity at the end of 1Q21 totaled nearly $80 million
including $51.6 million of cash. PFC's sponsors, TriArtisan Capital
Advisors and Paulson and Co., provided considerable support to the
company over the past year including a $30 million incremental term
loan (included in the $440 million total mentioned above) and $35
million in equity to support the company's growth agenda. Fitch
expects the sponsor contributions to be used to fund cash burn as
the company executes its remodel program and grows its store base
with combined FCF expected in the negative $50 million range for
2020 and 2021.
ISSUER PROFILE
Wok Holdings, Inc. is the operator of P.F. Chang's China Bistro,
the leading pan-Asian themed full-service casual dining operator
with over 200 company-operated stores in the U.S. and over 90
franchised locations around the world.
SUMMARY OF FINANCIAL ADJUSTMENTS
Rent expense capitalized by 8.0x to calculate historical and
projected adjusted debt.
ESG Considerations
The highest level of ESG credit relevance, if present, is a score
of '3'. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity, either due to their nature or
to the way in which they are being managed by the entity.
[*] Commercial Bankruptcy Filings Up 11% in June 2021
-----------------------------------------------------
Epiq, a global technology-enabled services leader to the legal
services industry and corporations, released its June 2021
bankruptcy filing statistics from its AACER bankruptcy information
services business.
New filings in June were flat with 34,248 across all chapters, a 1%
drop from the May count of 34,767. Non-commercial consumer filings
across all chapters totaled 32,267, down 2% from 32,976 in May.
This month is the lowest June filings since 2006 for the
following:
All bankruptcy filings
Commercial 7's
Non-commercial 7's
Commercial 13's
Non-commercial 13's
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3ab38c72-6afc-4f91-b748-2759a6170408
Commercial filings across all chapters were up 11% in June with a
total of 1,981 new filings, from 1,791 in May.
"New commercial filings increased from May to June, however,
commercial filings overall remain down more than 30 percent
year-over-year," said Brad Tuttle, managing director of Epiq
Corporate Restructuring.
There were 216,910 total new bankruptcy filings across all chapters
for the first half of 2021, down 27% from 298,121 in the same
period in 2020.
About Epiq AACER
Epiq AACER is your partner for bankruptcy information and
compliance. Its AACER bankruptcy information services platform is
built with superior data, technology, and expertise to create
insight and mitigate risk for businesses impacted by bankruptcies.
It offers free bankruptcy statistics and monthly email updates for
both commercial and non-commercial consumer bankruptcy filings for
Chapter 7, Chapter 11, and Chapter 13 cases.
About Epiq
Epiq, a global technology-enabled services leader to the legal
services industry and corporations, takes on large-scale,
increasingly complex tasks for corporate counsel, law firms, and
business professionals with efficiency, clarity, and confidence.
Clients rely on Epiq to streamline the administration of business
operations, class action and mass tort, court reporting,
eDiscovery, regulatory, compliance, restructuring, and bankruptcy
matters. Epiq subject-matter experts and technologies create
efficiency through expertise and deliver confidence to
high-performing clients around the world. Learn more at
https://www.epiqglobal.com.
[*] Demetra Liggins Joins McGuireWoods' Insolvency Department
-------------------------------------------------------------
Demetra Liggins has joined McGuireWoods' Restructuring & Insolvency
Department as a partner in Houston, bringing more than two decades
of experience in business finance and restructuring for public and
private companies.
Ms. Liggins works on in-court and out-of-court restructurings. Her
clients include healthcare systems, oil and gas companies, retail
corporations, financial institutions, partnerships and private
equity funds.
"Demetra brings a wealth of experience and strong relationships
with companies in several major industries," said Dion Hayes,
McGuireWoods' deputy managing partner for litigation. "She is a
talented and creative problem-solver whose insight will provide
immense benefits for our clients."
Ms. Liggins, who comes to McGuireWoods after 13 years at
Thompson & Knight, joins a practice with experience in some of the
most significant restructurings and Chapter 11 cases in recent
years. McGuireWoods earned Tier 1 national practice rankings for
insolvency and reorganization law and bankruptcy litigation in the
2021 edition of U.S. News-Best Lawyers' "Best Law Firms."
"Demetra is highly respected for her ability to guide clients
through complex reorganizations and distressed acquisitions," said
Scott Vaughn, chair of the firm's Restructuring & Insolvency
Department. "She is an important addition who enhances our national
restructuring capabilities at a time of growing demand."
Ms. Liggins is a fellow in the American College of Bankruptcy and a
sought-after speaker on bankruptcy and finance issues, as well as
diversity and inclusion in the legal profession and the wider
business community. She co-founded Corporate Homie, an organization
dedicated to helping women and minorities advance in corporate
America. She also speaks at conferences and events around the
country and hosts the Corporate Homie podcast. Last month, the
Leadership Council on Legal Diversity awarded
Ms. Liggins a Rick Palmore LCLD Alumni Award and she has been
recognized as a Law Firm Rainmaker by Diversity & the Bar magazine,
a Minority Corporate Counsel Association publication.
"Demetra is a dynamic lawyer whose track record of excellence and
leadership on diversity and inclusion fits perfectly with our
culture," said Yasser Madriz, managing partner of the Houston
office.
Ms. Liggins is the sixth partner to join McGuireWoods' Houston
office this year. Her arrival follows the additions of M&A partner
Edmund Daniels, private equity partner Garrett Johnston, labor and
employment partner Jason Huebinger, and healthcare partners Janice
Suchyta and Jonathan Ishee.
"McGuireWoods' restructuring and insolvency team excels in handling
complex national matters across industries," Ms. Liggins said. "I
am excited to join this powerhouse practice and to be part of the
firm's continued growth in Texas."
McGuireWoods LLP -- http://www.mcguirewoods.com/-- is a leading
international law firm with 1,100 lawyers in 21 offices worldwide.
It continuously ranks among the top firms in Financial Times'
prestigious North America Innovative Lawyers report. The firm has
been recognized 14 times on BTI Consulting's Client Service A-Team
-- elite firms singled out for client service excellence based on
unprompted feedback from clients in major companies. Its
full-service public affairs arm, McGuireWoods Consulting LLC,
offers infrastructure and economic development, strategic
communications and grassroots advocacy, and government relations
solutions.
[*] Mina Mar Exits from Chapter 11 Financing for OTC Issuers
------------------------------------------------------------
Mina Mar Group, a mergers and acquisitions firm (M&A) who amongst
other things provides financing and corporate relations to OTC
Markets issuers, has announced an exit from Chapter 11 financing
for OTC Issuers. A company spokesman said "Our intention was to
breathe new life into these handicapped companies crippled with
toxic financing. The idea was to create a win-win scenario for all
shareholders stake holders and all concerned.
Our understanding of Chapter 11 was as such (Source uscourts.gov) A
case filed under chapter 11 of the United States Bankruptcy Code is
frequently referred to as a "reorganization" bankruptcy. Usually,
the debtor remains “in possession," has the powers and duties of
a trustee, may continue to operate its business, and may, with
court approval, borrow new money. A plan of reorganization is
proposed, creditors whose rights are affected may vote on the plan,
and the plan may be confirmed by the court if it gets the required
votes and satisfies certain legal requirements.
In theory this as aforementioned described generally works however
when it comes to toxic financing their claim falls "outside of the
estate" and is immune from any creditor relief. The law of relief
for toxic financiers rests in a gray area. We have spoken to
several different lawyers and we typically receive several
different responses or opinions on this matter. The regulators
(SEC) has taken notice of this abuse in the marketplace and our
understanding is that new rules are being drafted and considered to
stop the abuse and exploitation of the retail common shareholder.
On Dec. 22, 2020, the U.S. Securities and Exchange Commission (SEC)
proposed rule changes that would require the mandatory six-month
holding period under Rule 144 to begin at the time of conversion or
exchange of a security rather than at the time the convertible or
exchangeable security was originally acquired. We have witnessed
many cases the toxic creditor has clearly abused and continues to
abuse the legal loopholes.
MMG spokesperson added, "We believe that the issuers (our clients)
currently in Chapter 11 received very little benefit from
Chapter11. Other than speculation and huge 1500% to 3,000% share
price increase which translated in “theoretically" the company
having to issue “less shares". We do remain committed to these
issuers and their followers. We welcome the new SEC rules and we
already have several viable merger candidates who may be willing to
assume the toxic overhang with the new SEC rules soon to be
implemented. With the new SEC rules we can see an orderly
transformation of these companies that will return the maximum
growth for its shareholders.
About Mina Mar Group
Mina Mar Marketing Group Inc. (MMMG) --
http://www.minamargroup.net/-- is a privately held company
offering Investor Relations (IR) services and a full-service media
solution marketing group with strategy and in advertising,
broadcasting and financial industries while delivering everyday
values via creative and targeted solutions through many aspects of
the industry. Mina Mar Group (MMG) http://www.minamargroup.com/a
full range of Mergers and Acquisitions (M&A) and Investor Relations
(IR) services for companies quoted on OTC Markets, NASDAQ and NYSE.
Mina Mar Group’s services range from full service Investor
Communication, Investor Relations, Awareness, Strategic Consulting,
Performance Improvement’s and more.
[^] 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 GOEDEUR EZ 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 1A8 GR 92.7 (66.4) 74.4
ACCELERATE DIAGN AXDX US 92.7 (66.4) 74.4
ACCELERATE DIAGN AXDX* MM 92.7 (66.4) 74.4
ACCELERATE DIAGN 1A8 TH 92.7 (66.4) 74.4
ACCELERATE DIAGN 1A8 QT 92.7 (66.4) 74.4
AEMETIS INC DW51 GR 143.7 (138.4) (42.2)
AEMETIS INC AMTX US 143.7 (138.4) (42.2)
AEMETIS INC AMTXGEUR EZ 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)
AEMETIS INC DW51 QT 143.7 (138.4) (42.2)
AERIE PHARMACEUT 0P0 TH 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 QT 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 GZ 362.7 (10.4) 200.2
AERIE PHARMACEUT AERI US 362.7 (10.4) 200.2
AERIE PHARMACEUT AERIEUR EU 362.7 (10.4) 200.2
AERIE PHARMACEUT 0P0 GR 362.7 (10.4) 200.2
AGENUS INC AJ81 GR 234.9 (175.4) (2.7)
AGENUS INC AGEN US 234.9 (175.4) (2.7)
AGENUS INC AJ81 QT 234.9 (175.4) (2.7)
AGENUS INC AJ81 TH 234.9 (175.4) (2.7)
AGENUS INC AGENEUR EU 234.9 (175.4) (2.7)
AGENUS INC AGENEUR EZ 234.9 (175.4) (2.7)
AGENUS INC AJ81 GZ 234.9 (175.4) (2.7)
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 15PA TH 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A 15PA GR 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A ATUSEUR EU 33,169.8 (1,384.5) (2,360.4)
ALTICE USA INC-A 15PA GZ 33,169.8 (1,384.5) (2,360.4)
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)
AMC ENTERTAINMEN AMC US 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AMC4EUR EU 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AMC* MM 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AH9 QT 10,488.7 (2,287.0) (568.5)
AMC ENTERTAINMEN AH9 TH 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 GZ 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL11EUR EZ 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G QT 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL US 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL* MM 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G GR 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE A1G TH 68,649.0 (7,945.0) 756.0
AMERICAN AIRLINE AAL-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 ABC2EUR EU 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABC US 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABG GR 47,003.3 (102.8) 2,472.7
AMERISOURCEBERGE ABC2EUR EZ 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 AMRSEUR EZ 326.6 (310.1) 105.1
AMYRIS INC 3A01 GZ 326.6 (310.1) 105.1
AMYRIS INC AMRS* MM 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 6RV GZ 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 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
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 AHT US 3,816.8 (317.2) -
ASHFORD HOSPITAL AHD1 GR 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
AUGMEDIX INC AUGX US 25.4 (1.0) 14.3
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 AZOEUR EZ 14,137.9 (1,763.4) (788.9)
AUTOZONE INC AZ5 GZ 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 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-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 CUCA GR 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 CAR2EUR EZ 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA TH 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CAR2EUR EU 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA QT 18,609.0 (316.0) (322.0)
AVIS BUDGET GROU CUCA GZ 18,609.0 (316.0) (322.0)
BABCOCK & WILCOX BWEUR EU 582.4 (195.4) 123.7
BABCOCK & WILCOX UBW1 GR 582.4 (195.4) 123.7
BABCOCK & WILCOX BW US 582.4 (195.4) 123.7
BAUSCH HEALTH CO BHC CN 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF GR 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BHC US 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF TH 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF GZ 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO VRX1EUR EU 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BVF QT 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO VRX1EUR EZ 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO VRX SW 30,197.0 (124.0) 494.0
BAUSCH HEALTH CO BHCN MM 30,197.0 (124.0) 494.0
BELLRING BRAND-A BRBR US 639.3 (133.8) 108.7
BELLRING BRAND-A BR6 TH 639.3 (133.8) 108.7
BELLRING BRAND-A BR6 GR 639.3 (133.8) 108.7
BELLRING BRAND-A BRBR1EUR EU 639.3 (133.8) 108.7
BELLRING BRAND-A BR6 GZ 639.3 (133.8) 108.7
BIOCRYST PHARM BCRX US 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 GR 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 TH 284.4 (75.0) 172.6
BIOCRYST PHARM BCRXEUR EU 284.4 (75.0) 172.6
BIOCRYST PHARM BO1 QT 284.4 (75.0) 172.6
BIOCRYST PHARM BCRXEUR EZ 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 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
BIOHAVEN PHARMAC BHVN US 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 TH 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 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 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 BAEUR EZ 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA EZ 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BCO QT 150,035.0 (17,841.0) 30,053.0
BOEING CO/THE BA-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)
BRINKER INTL EAT2EUR EZ 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 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 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 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 2,743.4 (212.3) 117.2
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 CBBEUR EU 2,603.2 (189.6) (87.2)
CINCINNATI BELL CBB US 2,603.2 (189.6) (87.2)
CINCINNATI BELL CIB1 GR 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 C6O QT 548.8 (221.0) 79.3
CLOVIS ONCOLOGY C6O TH 548.8 (221.0) 79.3
CLOVIS ONCOLOGY CLVSEUR EZ 548.8 (221.0) 79.3
CLOVIS ONCOLOGY CLVSEUR EU 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 CCOIEUR EU 853.0 (307.6) (106.4)
COGENT COMMUNICA CCOI* MM 853.0 (307.6) (106.4)
COMMUNITY HEALTH CYH US 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CG5 GR 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CG5 QT 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CYH1EUR EU 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CG5 TH 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CYH1EUR EZ 15,592.0 (1,114.0) 1,394.0
COMMUNITY HEALTH CG5 GZ 15,592.0 (1,114.0) 1,394.0
CPI CARD GROUP I PMTSEUR EU 246.3 (135.6) 87.5
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
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 DENNEUR EU 422.9 (102.1) (22.1)
DENNY'S CORP DE8 GR 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 DBDEUR EU 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD TH 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBDEUR EZ 3,515.6 (840.0) 164.0
DIEBOLD NIXDORF DBD QT 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 IHP TH 1,856.3 (317.4) 50.6
DINE BRANDS GLOB DIN US 1,856.3 (317.4) 50.6
DINE BRANDS GLOB IHP GR 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 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 EZV GZ 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA DPZEUR EZ 1,662.8 (3,236.1) 424.0
DOMINO'S PIZZA EZV QT 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
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)
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 DBXEUR EZ 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 ESPR US 278.6 (269.4) 174.7
ESPERION THERAPE 0ET TH 278.6 (269.4) 174.7
ESPERION THERAPE ESPREUR EU 278.6 (269.4) 174.7
ESPERION THERAPE 0ET QT 278.6 (269.4) 174.7
ESPERION THERAPE ESPREUR EZ 278.6 (269.4) 174.7
ESPERION THERAPE 0ET GR 278.6 (269.4) 174.7
ESPERION THERAPE 0ET GZ 278.6 (269.4) 174.7
EXPRESS INC 02Z TH 1,406.7 (35.7) (70.1)
EXPRESS INC EXPR US 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 QT 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 FLXNEUR EU 230.4 (38.9) 146.6
FLEXION THERAPEU F02 TH 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 GDDYEUR EZ 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 GR 687.7 (631.5) 420.4
GOGO INC GOGOEUR EZ 687.7 (631.5) 420.4
GOGO INC G0G QT 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 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
GRAFTECH INTERNA EAFEUR EZ 1,378.1 (233.8) 380.2
GRAFTECH INTERNA G6G GZ 1,378.1 (233.8) 380.2
GRAFTECH INTERNA EAF* MM 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 HOO GZ 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HLFEUR EZ 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HLFEUR EU 2,666.8 (1,362.3) 319.7
HERBALIFE NUTRIT HOO QT 2,666.8 (1,362.3) 319.7
HEWLETT-CEDEAR HPQ AR 34,549.0 (3,360.0) (7,938.0)
HEWLETT-CEDEAR HPQD AR 34,549.0 (3,360.0) (7,938.0)
HEWLETT-CEDEAR HPQC 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 HLT* MM 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 HLTEUR EZ 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HLTW AV 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 QT 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 TE 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 TH 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 GR 15,974.0 (1,620.0) 992.0
HILTON WORLDWIDE HI91 GZ 15,974.0 (1,620.0) 992.0
HORIZON GLOBAL HZN US 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 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 7HP TH 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ* MM 34,549.0 (3,360.0) (7,938.0)
HP INC HPQUSD SW 34,549.0 (3,360.0) (7,938.0)
HP INC HPQEUR EU 34,549.0 (3,360.0) (7,938.0)
HP INC 7HP GZ 34,549.0 (3,360.0) (7,938.0)
HP INC HPQ CI 34,549.0 (3,360.0) (7,938.0)
HP INC HPQEUR EZ 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 HPQ-RM RM 34,549.0 (3,360.0) (7,938.0)
HYRECAR INC HYRE US 28.8 19.7 19.8
HYRECAR INC HYREEUR EZ 28.8 19.7 19.8
HYRECAR INC 8HY TH 28.8 19.7 19.8
HYRECAR INC 8HY QT 28.8 19.7 19.8
HYRECAR INC 8HY GR 28.8 19.7 19.8
HYRECAR INC 8HY GZ 28.8 19.7 19.8
IMMUNITYBIO INC NK1EUR EU 209.4 (185.3) 19.7
IMMUNITYBIO INC NK1EUR EZ 209.4 (185.3) 19.7
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 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
INFRASTRUCTURE A 5YF TH 692.7 (96.0) 78.9
INFRASTRUCTURE A 5YF QT 692.7 (96.0) 78.9
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 INSGEUR EZ 251.4 (1.5) 77.7
INSEEGO CORP INO GZ 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 JBX GZ 1,790.8 (780.6) (90.4)
JACK IN THE BOX JBX QT 1,790.8 (780.6) (90.4)
JACK IN THE BOX JACK1EUR EZ 1,790.8 (780.6) (90.4)
JACK IN THE BOX JACK1EUR EU 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 NGQSEK EZ 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 TH 274.9 (39.6) 193.5
KARYOPHARM THERA 25K QT 274.9 (39.6) 193.5
KARYOPHARM THERA KPTI US 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 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 LTD GR 10,546.0 (533.0) 1,932.0
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 LTD QT 10,546.0 (533.0) 1,932.0
L BRANDS INC LBEUR EZ 10,546.0 (533.0) 1,932.0
L BRANDS INC LBEUR EU 10,546.0 (533.0) 1,932.0
L BRANDS INC LB* MM 10,546.0 (533.0) 1,932.0
L BRANDS INC LBRA AV 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 LPI1EUR EU 1,474.9 (68.6) (154.2)
LAREDO PETROLEUM 8LP1 QT 1,474.9 (68.6) (154.2)
LAREDO PETROLEUM LPI1EUR EZ 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 LII1EUR EU 2,075.0 (160.7) 289.1
LENNOX INTL INC LXI GR 2,075.0 (160.7) 289.1
LENNOX INTL INC LII* MM 2,075.0 (160.7) 289.1
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 3LN GR 10,919.6 (129.7) 280.4
LIVE NATION ENTE LYVEUR EU 10,919.6 (129.7) 280.4
LIVE NATION ENTE 3LN QT 10,919.6 (129.7) 280.4
LIVE NATION ENTE 3LN TH 10,919.6 (129.7) 280.4
LIVE NATION ENTE LYV US 10,919.6 (129.7) 280.4
LIVE NATION ENTE LYV* MM 10,919.6 (129.7) 280.4
LIVE NATION ENTE LYVEUR EZ 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 NNFN GR 319.4 (173.6) 215.2
MANNKIND CORP MNKD US 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 MNKDEUR EZ 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 4MGN TH 3,214.7 (1,212.5) 734.3
MATCH GROUP INC MTCH1* MM 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN 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 MTC2 AV 3,214.7 (1,212.5) 734.3
MATCH GROUP INC 4MGN SW 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 MBJ GR 5,375.0 (28.0) -
MBIA INC MBI US 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 MCD AV 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCDUSD SW 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCDEUR EU 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO GZ 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCD CI 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MCDEUR EZ 51,103.1 (7,235.5) 888.1
MCDONALDS CORP 0R16 LN 51,103.1 (7,235.5) 888.1
MCDONALDS CORP MDO QT 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 EXC C4A GR 15.0 (1.6) 2.6
METAMATERIAL EXC MMAX CN 15.0 (1.6) 2.6
METAMATERIAL EXC 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 TH 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN MGIEUR EU 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN MGI US 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN MGIEUR EZ 4,587.6 (259.2) (35.2)
MONEYGRAM INTERN 9M1N QT 4,587.6 (259.2) (35.2)
MONGODB INC MDB US 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 GR 1,377.6 (268.4) 767.3
MONGODB INC 526 TH 1,377.6 (268.4) 767.3
MONGODB INC MDBEUR EZ 1,377.6 (268.4) 767.3
MONGODB INC MDB* MM 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 MTLA GR 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MSI1EUR EU 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MTLA GZ 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MSI1EUR EZ 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MOSI AV 10,423.0 (478.0) 847.0
MOTOROLA SOLUTIO MTLA QT 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 3HM QT 4,565.5 (481.6) 881.3
MSCI INC MSCIEUR EZ 4,565.5 (481.6) 881.3
MSCI INC MSCI* MM 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 QT 971.8 (418.9) 358.2
MSG NETWORKS- A MSGNEUR EU 971.8 (418.9) 358.2
MSG NETWORKS- A 1M4 TH 971.8 (418.9) 358.2
MSG NETWORKS- A 1M4 GR 971.8 (418.9) 358.2
N/A HYREEUR EU 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 NAVEUR EU 7,084.0 (3,640.0) 762.0
NAVISTAR INTL NAV US 7,084.0 (3,640.0) 762.0
NAVISTAR INTL IHR GR 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
NAVISTAR INTL NAVEUR EZ 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 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 SYMCEUR EZ 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I SYM QT 6,361.0 (500.0) (598.0)
NORTONLIFELOCK I NLOK-RM RM 6,361.0 (500.0) (598.0)
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
NUTANIX INC - A NTNX US 2,265.6 (746.8) 705.5
NUTANIX INC - A NTNXEUR EZ 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 AV 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLYEUR EU 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT OM6 GZ 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLY* MM 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLYEUR EZ 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT OM6 QT 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT OM6 GR 11,850.9 (7.0) (1,215.4)
O'REILLY AUTOMOT ORLY US 11,850.9 (7.0) (1,215.4)
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)
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 OTISEUR EZ 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)
PET VALU HOLDING PET CN 515.5 (471.5) 26.1
PHILIP MORRI-BDR PHMO34 BZ 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN 4I1 GR 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PM US 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PM1CHF EU 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN 4I1 TH 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 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 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
PHILIP MORRIS IN PM1EUR EZ 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PM1CHF EZ 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 PM* MM 39,804.0 (9,574.0) 2,695.0
PHILIP MORRIS IN PM-RM RM 39,804.0 (9,574.0) 2,695.0
PLANET FITNESS-A PLNT1EUR EU 1,865.0 (696.7) 441.0
PLANET FITNESS-A 3PL QT 1,865.0 (696.7) 441.0
PLANET FITNESS-A PLNT US 1,865.0 (696.7) 441.0
PLANET FITNESS-A 3PL TH 1,865.0 (696.7) 441.0
PLANET FITNESS-A 3PL GR 1,865.0 (696.7) 441.0
PLANET FITNESS-A PLNT1EUR EZ 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 QT 2,664.3 (80.8) 214.0
PLANTRONICS INC PTM TH 2,664.3 (80.8) 214.0
PONTEM CORP PNTM/U US 0.6 (0.0) (0.5)
PONTEM CORP-CL A PNTM US 0.6 (0.0) (0.5)
PPD INC PPD US 6,468.0 (605.7) 386.7
PRIORITY TECHNOL 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 PROG US 128.6 (125.5) 21.1
PSOMAGEN INC-KDR 950200 KS 46.4 32.7 20.5
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 1R8 QT 205.1 (216.0) 114.3
RADIUS HEALTH IN RDUSEUR EU 205.1 (216.0) 114.3
RADIUS HEALTH IN 1R8 GR 205.1 (216.0) 114.3
RAPID7 INC RPDEUR EU 1,222.7 (81.2) 390.3
RAPID7 INC RPD US 1,222.7 (81.2) 390.3
RAPID7 INC R7D GR 1,222.7 (81.2) 390.3
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 RVL1 GR 2,430.9 (1,958.7) 278.3
REVLON INC-A RVL1 TH 2,430.9 (1,958.7) 278.3
REVLON INC-A REVEUR EU 2,430.9 (1,958.7) 278.3
REVLON INC-A REV US 2,430.9 (1,958.7) 278.3
REVLON INC-A REV* MM 2,430.9 (1,958.7) 278.3
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 RRDEUR EU 2,980.4 (254.4) 381.1
RR DONNELLEY & S RRD US 2,980.4 (254.4) 381.1
RR DONNELLEY & S DLLN GR 2,980.4 (254.4) 381.1
RUSH STREET INTE RSI US 428.8 364.8 352.4
SBA COMM CORP 4SB GZ 9,763.5 (5,031.5) (170.8)
SBA COMM CORP 4SB GR 9,763.5 (5,031.5) (170.8)
SBA COMM CORP SBAC US 9,763.5 (5,031.5) (170.8)
SBA COMM CORP 4SB TH 9,763.5 (5,031.5) (170.8)
SBA COMM CORP 4SB QT 9,763.5 (5,031.5) (170.8)
SBA COMM CORP SBACEUR EU 9,763.5 (5,031.5) (170.8)
SBA COMM CORP SBAC* MM 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 SEAS US 2,573.4 (145.8) 161.0
SEAWORLD ENTERTA W2L GR 2,573.4 (145.8) 161.0
SEAWORLD ENTERTA W2L TH 2,573.4 (145.8) 161.0
SEAWORLD ENTERTA SEASEUR EU 2,573.4 (145.8) 161.0
SECOND SIGHT MED EYES US 4.5 (0.7) (0.9)
SELECTA BIOSCIEN SELB US 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
SHELL MIDSTREAM SHLX US 2,322.0 (467.0) 325.0
SHOALS TECHNOL-A SHLS US 252.3 (42.9) 45.0
SIENTRA INC SIEN US 198.4 (12.9) 89.6
SIENTRA INC S0Z GR 198.4 (12.9) 89.6
SIENTRA INC SIEN3EUR EU 198.4 (12.9) 89.6
SINCLAIR BROAD-A SBGIEUR EU 13,132.0 (998.0) 2,048.0
SINCLAIR BROAD-A SBTA GZ 13,132.0 (998.0) 2,048.0
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
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 SIRIEUR EU 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN RDO GZ 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN SIRIEUR EZ 9,988.0 (2,603.0) (1,945.0)
SIRIUS XM HOLDIN RDO QT 9,988.0 (2,603.0) (1,945.0)
SIX FLAGS ENTERT 6FE GR 2,674.0 (713.1) (248.5)
SIX FLAGS ENTERT SIXEUR EU 2,674.0 (713.1) (248.5)
SIX FLAGS ENTERT 6FE QT 2,674.0 (713.1) (248.5)
SIX FLAGS ENTERT SIX US 2,674.0 (713.1) (248.5)
SIX FLAGS ENTERT 6FE TH 2,674.0 (713.1) (248.5)
SKYWATER TECHNOL SKYT US 252.3 (4.6) (5.3)
SLEEP NUMBER COR SL2 GR 822.2 (332.6) (585.9)
SLEEP NUMBER COR SNBR US 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)
SQUARESPACE IN-A 8DT GR 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 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 USSBUX KZ 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 PE 28,371.7 (7,648.3) 474.4
STARBUCKS CORP SBUXEUR EZ 28,371.7 (7,648.3) 474.4
STARBUCKS CORP 0QZH LI 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 SBUX US 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)
TORRID HOLDINGS CURV US - - -
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. TRZBF US 1,862.3 (66.0) (127.8)
TRANSAT A.T. TRZ CN 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 T7D TH 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 TDGEUR EZ 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 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 QT 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WYNEUR EU 6,728.0 (976.0) 3,073.0
TRAVEL + LEISURE WD5A GZ 6,728.0 (976.0) 3,073.0
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 TGI US 2,450.9 (818.9) 836.1
TRIUMPH GROUP TG7 GR 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 GZ 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP1EUR EZ 1,226.9 (153.3) (317.6)
TUPPERWARE BRAND TUP QT 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 UBNTEUR EU 893.0 (60.2) 440.3
UBIQUITI INC 3UB GZ 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
UNISYS CORP UISEUR EZ 2,456.7 (285.8) 550.7
UNISYS CORP UISCHF EZ 2,456.7 (285.8) 550.7
UNITI GROUP INC 8XC GR 4,781.8 (2,153.7) -
UNITI GROUP INC UNIT US 4,781.8 (2,153.7) -
UNITI GROUP INC 8XC TH 4,781.8 (2,153.7) -
UNITI GROUP INC 8XC GZ 4,781.8 (2,153.7) -
VALVOLINE INC VVVEUR EU 2,921.0 (56.0) 520.0
VALVOLINE INC 0V4 GR 2,921.0 (56.0) 520.0
VALVOLINE INC 0V4 TH 2,921.0 (56.0) 520.0
VALVOLINE INC 0V4 QT 2,921.0 (56.0) 520.0
VALVOLINE INC VVV US 2,921.0 (56.0) 520.0
VALVOLINE INC VVVEUR EZ 2,921.0 (56.0) 520.0
VECTOR GROUP LTD VGR US 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR GR 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGREUR EU 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGREUR EZ 1,403.6 (656.5) 392.3
VECTOR GROUP LTD VGR TH 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 VRS GR 1,782.9 (1,403.8) 225.3
VERISIGN INC VRSN US 1,782.9 (1,403.8) 225.3
VERISIGN INC VRSN* MM 1,782.9 (1,403.8) 225.3
VERISIGN INC VRSNEUR EU 1,782.9 (1,403.8) 225.3
VERISIGN INC VRS GZ 1,782.9 (1,403.8) 225.3
VERISIGN INC VRSNEUR EZ 1,782.9 (1,403.8) 225.3
VERISIGN INC VRS QT 1,782.9 (1,403.8) 225.3
VERISIGN INC-BDR VRSN34 BZ 1,782.9 (1,403.8) 225.3
VERISIGN-CEDEAR VRSN AR 1,782.9 (1,403.8) 225.3
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 WTI US 949.7 (208.6) (26.2)
W&T OFFSHORE INC UWV TH 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 QT 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF GZ 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF GR 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A 1WF TH 4,774.9 (1,469.7) 996.9
WAYFAIR INC- A WEUR EU 4,774.9 (1,469.7) 996.9
WIDEOPENWEST INC WOW1EUR EU 2,505.1 (202.0) (91.3)
WIDEOPENWEST INC WU5 QT 2,505.1 (202.0) (91.3)
WIDEOPENWEST INC WU5 TH 2,505.1 (202.0) (91.3)
WIDEOPENWEST INC WU5 GR 2,505.1 (202.0) (91.3)
WIDEOPENWEST INC WOW US 2,505.1 (202.0) (91.3)
WIDEOPENWEST INC WOW1EUR EZ 2,505.1 (202.0) (91.3)
WINGSTOP INC WING1EUR EU 217.8 (331.7) 33.0
WINGSTOP INC WING US 217.8 (331.7) 33.0
WINGSTOP INC EWG GR 217.8 (331.7) 33.0
WINGSTOP INC EWG GZ 217.8 (331.7) 33.0
WINMARK CORP WINA US 30.7 (12.8) 5.6
WINMARK CORP GBZ GR 30.7 (12.8) 5.6
WW INTERNATIONAL WW US 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WW6 GR 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WW6 GZ 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WTWEUR EZ 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 WTW AV 1,436.4 (555.8) (76.2)
WW INTERNATIONAL WW6 TH 1,436.4 (555.8) (76.2)
WYNN RESORTS LTD WYNN* MM 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYNN US 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYR GR 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYR TH 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYNNEUR EU 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYR GZ 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYNNEUR EZ 13,166.9 (202.9) 1,879.9
WYNN RESORTS LTD WYR QT 13,166.9 (202.9) 1,879.9
WYNN RESORTS-BDR W1YN34 BZ 13,166.9 (202.9) 1,879.9
YELLOW CORP YEL GR 2,354.5 (281.2) 280.3
YELLOW CORP YELL US 2,354.5 (281.2) 280.3
YELLOW CORP YEL QT 2,354.5 (281.2) 280.3
YELLOW CORP YRCWEUR EU 2,354.5 (281.2) 280.3
YELLOW CORP YRCWEUR EZ 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 YUMUSD SW 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR GZ 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUM US 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUMEUR EZ 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUMEUR EU 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC TGR QT 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUM SW 5,550.0 (7,912.0) (25.0)
YUM! BRANDS INC YUM 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 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
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.
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