/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/210824.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, August 24, 2021, Vol. 25, No. 235 Headlines 1 BIG RED: Sale of Leawood Property to Nathan Ferree Approved 132 30TH STREET: Gets OK to Hire RE/MAX as Real Estate Broker 7FOUR ON STONE: May Use Cash Collateral Through October 20 ACCO BRANDS: Egan-Jones Keeps B+ Senior Unsecured Ratings ACCURIDE CORP: Moody's Alters Outlook on Caa2 CFR to Positive ALAMO DRAFTHOUSE: $2M Sale of San Antonio Asset to La Cantera OK'd ALARMAS COMPUTARIZADAS: Seeks to Hire Roberto Mateo as Counsel ALEX AND ANI: Gets Court Approval to Seek Bankruptcy Plan Votes ALEX AND ANI: Unsecureds to Get 0%, Waiver Under Plan ALEX AND ANI: Unsecureds to Get 0%; Confirmation Hearing Sept. 22 ALLIED EQUIPMENT: Taps Columbia Consulting Group as Sales Agent ALLIED FINANCIAL: Court Confirms Amended Plan ALUMINUM SHAPES: Wins Interim Nod on $15.5MM DIP Financing ANDREW YOUNG: Spasov LLC Buying Gary Property for $3.81 Million ANNALY CAPITAL: Egan-Jones Hikes Senior Unsecured Ratings to B+ APSTEAD MORTGAGE: Egan-Jones Keeps B Senior Unsecured Ratings ASHLAND LLC: Egan-Jones Lowers Senior Unsecured Ratings to BB AUTOMOTIVE PARTS: Seeks to Hire Ice Miller as Co-Counsel AUTOMOTIVE PARTS: Seeks to Hire Winstead PC as Co-Counsel AVIANCA HOLDINGS: Posts $653 Mil. Net Loss for First Half of 2021 BASIC ENERGY: Wins Interim Nod on $35MM DIP Financing BEAR COMMUNICATIONS: May Use Cash Collateral Through October 29 BENCHMARK ELECTRONICS: Egan-Jones Keeps BB Senior Unsecured Ratings BGT INTERIOR: Seeks to Hire Brown & Camp as Litigation Counsel BGT INTERIOR: Seeks to Tap Givens & Johnston as Litigation Counsel BGT INTERIOR: Taps Pannell Kerr Forster as Auditor BGT INTERIOR: Taps Paxson & Associates as Construction Counsel BOUCHARD TRANSPORTATION: Harris Wants Specific Treatment of Claims BOUCHARD TRANSPORTATION: Wells Fargo Says Plan Unconfirmable BOY SCOUTS: Chapter 11 Hearing Delayed After Adverse Ruling BRICK HOUSE: Court Extends Solicitation Exclusivity Until Oct. 18 BRINK'S COMPANY: Egan-Jones Keeps B+ Senior Unsecured Ratings BUNGE LIMITED: Egan-Jones Retains BB Sr. Unsecured Debt Ratings C&C CONSTRUCTION: May Use SBA's Cash Collateral Until Sept. 30 CARE SHARE: Seeks to Hire the Ballstaedt Law Firm as Counsel CCMW LLC: May Use Cash Collateral Through Sept. 30 CERTA DOSE: May Use SBA, Inventor's Cash Collateral CHESAPEAKE ENERGY: Egan-Jones Hikes Sr. Unsecured Ratings to CCC CMG CAPITAL: Taps Edelboim Lieberman Revah as Litigation Counsel COMMUNITY HEALTH: Egan-Jones Keeps CCC+ Senior Unsecured Ratings CRUSADER INSURANCE: A.M. Best Cuts Fin. Strength Rating to B(Fair) CRYSTALLEX INT'L: Stockholders Fight for Chapter 15 Examiner DAVEY KENT: Seeks to Hire AWS Commercial as Real Estate Broker DAVEY KENT: Seeks to Hire Escott & Company as Accountant DEMO REALTY: Wins Cash Collateral Access Thru Sept 14 DEYO TRANSPORTATION: Seeks Emergency Access to Cash Collateral DEYO TRANSPORTATION: Seeks to Extend Prepetition Factoring Deal DIOCESE OF NORWICH: Wins Continued Access to Cash Collateral ELDERHOME LAND: Sept. 28 Disclosure Statement Hearing Set ELI & ALI: Wins Cash Collateral Access Thru Sept 24 ENDO INT'L: Hires Alvarez & Marshal as Restructuring Advisors ENERGY ENTERPRISES: Seeks to Use Cash Collateral EQUINIX INC: Egan-Jones Keeps BB- Senior Unsecured Ratings FLIX BREWHOUSE: Seeks Approval to Hire Ferguson as Co-Counsel FLIX BREWHOUSE: Seeks to Hire Sugar Felsenthal Grais as Counsel FRONTIER COMMUNICATIONS: Workers to Picket on Eroding Benefits, Pay FUTURUM COMMUNICATIONS: May Borrow $460,000 in Construction Loan GATA III: Seeks to Tap Harper Appraisal as Real Estate Appraiser GBG USA: Seeks to Hire Ducera Partners as Investment Banker GENERAL ELECTRIC: Egan-Jones Keeps BB+ Senior Unsecured Ratings GIBSON FARMS: Court Approves Sale of Farm Machinery and Equipment GO WIRELESS: S&P Alters Outlook to Stable, Affirms 'B' ICR GREAT AMERICAN: October 6 Plan Confirmation Hearing Set GS MORTGAGE 2021-INV1: Moody's Gives (P)B3 Rating to Cl. B-5 Certs GUARDION HEALTH: Incurs $4.5 Million Net Loss in Second Quarter HARBOUR COMMUNITY: Taps Goodman Law Offices as Legal Counsel HELMERICH & PAYNE: Egan-Jones Keeps BB Senior Unsecured Ratings HEXION INC: Improved Profitability No Impact on Moody's B1 Rating HI TORK POWER: Wins Cash Collateral Access HOUSEHOLD OF FAITH: Seeks to Use Tithes & Offerings to Pay Staff HWY 24 LUMBER: Amends Plan to Resolve NG Solutions Claim Issues IMAX CORPORATION: Egan-Jones Keeps BB- Senior Unsecured Ratings INTEGRATED GLOBAL: Seeks to Hire Haberbush as Bankruptcy Counsel JACKSONVILLE ADVANCED: To Pay IRS Adequate Protection for Cash Use JETBLUE AIRWAYS: Egan-Jones Keeps B- Senior Unsecured Ratings JIM'S DISPOSAL: September 23 Plan & Disclosure Hearing Set JOYFUL CARE: Seeks Court Nod on Cash Deal with SBA KC PANORAMA: Taps Commonwealth Commercial Advisors as Broker KINSER GROUP II: Gets Cash Collateral Access Thru Oct 11 KOSSOFF PLLC: Mitchell Kossoff to Challenge Ch. 7 Discovery Order LIMETREE BAY: Committee Taps Pachulski as Bankruptcy Counsel LIMETREE BAY: Seeks Approval to Hire GlassRatner, Appoint CRO LIMETREE BAY: Seeks to Hire Baker & Hostetler as Bankruptcy Counsel LITTLE DRUG CO: Unsecured Creditors to Get 100% in Liquidating Plan LIVEXLIVE MEDIA: Incurs $8.1 Million Net Loss in First Quarter MAPLE LEAF: Creditors to Get Paid from Liquidation Proceeds MARQUIS ENTERPRISES: $63K Sale of Buffalo Property to Nubad Okayed MARQUIS ENTERPRISES: $68K Sale of Buffalo Property to Nubad Okayed MCAFEE CORP: S&P Upgrades ICR to 'BB' on $1BB Debt Paydown MECHANICAL EQUIPMENT: Wins Cash Collateral Access Thru Oct 31 MECHANICAL TECHNOLOGIES: Unsecureds Owed $318K to Recover 75% METHANEX CORP: Egan-Jones Keeps B+ Senior Unsecured Ratings MIDTOWN CAMPUS: Seeks to Use Lenders' Cash Collateral Thru Nov. 30 MOON GROUP: Obtains Interim Approval to Use Cash Collateral MR. CAMPER LLC: Taps Gerdes Law Firm as Co-Counsel MTE HOLDINGS: US Trustee Objects to Chapter 11 Fees MULATO GREEN: Seeks to Hire Edwin Breyfogle as Bankruptcy Attorney NATIONAL TRACTOR: Wins Cash Collateral Access Thru Sept 17 NATURALSHRIMP INC: Incurs $2.6 Million Net Loss in First Quarter NET ELEMENT: Inks First Amendment to Mullen Merger Agreement NET ELEMENT: Posts $1.4 Million Comprehensive Income in 2nd Quarter NORTONLIFELOCK INC: Egan-Jones Keeps BB- Senior Unsecured Ratings NORWICH ROMAN: Committee Seeks to Tap Zeisler & Zeisler as Counsel NOV INC: Egan-Jones Keeps B+ Senior Unsecured Ratings OCEANEERING INTERNATIONAL: Egan-Jones Keeps B- Sr. Unsec. Ratings OIL STATES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings PALACE THEATER: Seeks to Hire Martin Cowie as Accountant PALACE THEATER: Seeks to Tap Steinhilber Swanson as Legal Counsel PARK 4 LESS: Unsecured Creditors to Get $40K in Plan PARKLAND CORP: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable PATRICIAN HOTEL: Oct. 4 Plan Confirmation Hearing Set PEABODY ENERGY: S&P Raises ICR to 'CCC+', Outlook Negative PELICAN FAMILY: Wins Continued Access to Cash Collateral PG&E CORP: Shares Slump After California Wildfires Probe Escalates PIER 1 IMPORTS: Egan-Jones Keeps B+ Senior Unsecured Ratings PRESSURE BIOSCIENCES: Incurs $4.8-Mil. Net Loss in Second Quarter PRIME ECO: Obtains Court Approval to Borrow $400,000 from AFS PRIME ECO: Obtains Final OK to Use Cash Collateral PURDUE PHARMA: Family Not Blame for Crisis, Says Richard Sackler PURDUE PHARMA: Judge Urges Attention to Victims' Stories in Ch. 11 QUEST PATENT: Incurs $692,634 Net Loss in Second Quarter R. INVESTMENTS: October 12 Disclosure Statement Hearing Set RANGE RESOURCES: Egan-Jones Keeps CCC- Senior Unsecured Ratings RENNOVA HEALTH: Reports $90.2 Million Net Loss in Second Quarter RESHAPE LIFESCIENCES: Incurs $3.9-Mil. Net Loss in Second Quarter RICHARD W TRACHUK: Combined Disclosure & Plan Confirmed by Judge RIVERROCK RECYCLING: Has OK to Use People's United Cash Collateral RIVERSTREET VENTURES: Taps Middleburg Riddle as Special Counsel ROYALE ENERGY: Incurs $1 Million Net Loss in Second Quarter RYDER SYSTEM: Egan-Jones Keeps BB- Senior Unsecured Ratings S & N PROPERTY: Seeks to Hire Berken Cloyes as Legal Counsel SAMM SOLUTIONS: Wins Cash Collateral Access Thru Nov 11 SCOTT C. GRAY: Geir Trust Buying Incline Village Property for $1.5M SCOTT C. GRAY: Seeks Shortened Time for Hearing on Property Sale SEADRILL LTD: Dolphin Drilling and Transocean Submit New Bids SHARITY MINISTRIES: U.S. Trustee Appoints Members' Committee SIRIUS XM: Egan-Jones Keeps BB+ Senior Unsecured Ratings SIX FLAGS: Egan-Jones Keeps CCC- Senior Unsecured Ratings SKW LOGISTICS: Seeks Cash Collateral Access SOMETHING SWEET: Auction of Substantially All Assets on Sept. 20 SPECTRUM LINK: Wins Cash Collateral Access Thru Aug 31 SPRUILL'S PROPERTIES: Files for Chapter 11 Bankruptcy Protection TD HOLDINGS: Incurs $358K Net Loss in Second Quarter TEMPUR SEALY: Fitch Raises LT IDRs to 'BB+', Outlook Stable TITLE QUEST: Seeks to Use First Home Bank's Cash Collateral TNS INC: Moody's Withdraws B2 CFR Following Debt Repayment TRIBUNE CO: Second Circuit Partly Revives 2007 LBO Litigation TRONOX LIMITED: Egan-Jones Hikes Senior Unsecured Ratings to CCC+ TTK INVESTMENTS: Unsecureds to Recover 22.43% in Liquidating Plan TTM TECHNOLOGIES: Egan-Jones Keeps B Senior Unsecured Ratings TWITTER INC: Egan-Jones Keeps B+ Senior Unsecured Ratings U.S. TOBACCO: Judge Denies Committee Formation VALUE VILLAGE: Seeks to Use IRS & AZDOR Cash Collateral VERTIV GROUP: S&P Ups ICR to 'BB-' on Strong Demand & Performance VILLAGIO CARLSBAD: Sunwest Bank Says Plan Provisions Misleading WADE PARK: Seeks December 21 Plan Exclusivity Extension WADSWORTH ESTATES: Sept. 17 Disclosure Statement Hearing Set WASHINGTON PRIME: Equity Committee Taps Newmark as Appraiser WASHINGTON PRIME: Equity Committee Taps Porter Hedges as Counsel WC THOUSAND: Sonora Bank Says Reorganizing Plan Not Feasible WEST COAST AGRICULTURAL: Wins Cash Collateral Access WILLIAM THOMAS JR: Elvis Presley Buying Memphis Property for $352K [^] Large Companies with Insolvent Balance Sheet ********* 1 BIG RED: Sale of Leawood Property to Nathan Ferree Approved ------------------------------------------------------------- Judge Robert D. Berger of the U.S. Bankruptcy Court for the District of Kansas authorized 1 Big Red, LLC's sale of the real property commonly known as 2944 W. 118 Terrace, in Leawood, Kansas, legally described as Lot 36 Block 1, Hallbrook Farms First Plat, a Subvision in the City of Leawood, Johnson County, Kansas, according to the recorded plat thereto, to Nathan Ferree. The Sale Agreement is approved in its entirety and is incorporated in the Order by reference as if set forth fully at length in the Order. The Debtor may proceed to sell the Property, free and clear of all Liens in accordance with the Sale Agreement and the Order. The Debtor is authorized to take all actions to consummate the sale of the Property pursuant to and in accordance with the Sale Agreement and the Order, including transferring and conveying the Property to Nathan Ferree pursuant to sections 363(b) and 363(f) of the Bankruptcy Code. In the Debtor's discretion, any agreements, documents, or other instruments executed in connection with the Sale Agreement may be modified, amended, or supplemented by the Debtor and Nathan Ferree in accordance with the terms of the Sale Agreement without further notice or order of the Court, provided that any such modification, amendment, or supplement does not have a material adverse effect on the Estate or its creditors or change the agreed provisions of the Order. The transfer of the Property to the Buyer will be free and clear of any and all Liens, with such Liens to attach to the net proceeds of the sale of the Property. The automatic stay pursuant to section 362 of the Bankruptcy Code is modified to the extent necessary (i) to allow Nathan Ferree to give the Debtor any notice provided for in the Sale Agreement and (ii) to allow Nathan Ferree, the Debtor and any other person or entity to take any and all actions permitted by the Sale Agreement or the Order or as necessary to effectuate any provision of the Sale Agreement or the Order or to consummate the transactions contemplated by the Sale Agreement and the Order. There is no just delay for the implementation of the Order and, for all purposes, the Order will be a final order with respect to the sale of the Property and other relief granted in the Order. The U.S. Trustee fees in the amount of $4,000, the Debtor's attorney's fees in the amount of $3,000, real estate taxes, title insurance, homes association dues, $700,000 to Anchor Assets II, $2,700 to Alpha One Property Management for reimbursement of advanced expenses (Dog Gone Mold, LLC $1,740, Midwest Deep Cleaning $650, and Stone Boyz Lawn Care $315), and 3% commission to the Buyer's agent (REMAX STATELINE) will be paid at the time of the Closing of the sale from the sale proceeds with the balance of the funds held by the title company closing the transaction until further Order of the Court. The Debtor will not pay any payment for the Seller's broker or realtor fees from the sale proceeds. The sale of the Property and the Order will not operate as a release of any claims of any parties hereto, except as to Liens paid at Closing. Except as to Liens paid at Closing, the parties hereto specifically retain any claims or causes of actions that they have against each other. Time is of the essence, the 14-day stays imposed by Rules 6004(h) and 6006(d) of the Federal Rules of Bankruptcy Procedure are waived with respect to the Order, and the Order will take effect immediately upon its entry. About 1 Big Red, LLC 1 Big Red, LLC, principally located at 440 E. 63rd St., Kansas City, MO 64110, is engaged activities related to real estate. 1 Big Red, LLC sought Chapter 11 protection (Bankr. D. Kan. Case No. 21-20044) on Jan. 15, 2021. The case is assigned to Judge Robert D. Berger. The Debtor listed total assets at $2.5 million and $3,094,099 in estimated liabilities. The Debtor tapped Colin Gotham, Esq., at Evans & Mullinix, P.A. as counsel. The petition was signed by Sean Tarpenning, CEO. 132 30TH STREET: Gets OK to Hire RE/MAX as Real Estate Broker ------------------------------------------------------------- 132 30th Street of Brooklyn Corp. received approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ RE/MAX Real Estate Professionals to market for sale its real property at 132 30th St., Brooklyn, N.Y. The firm will be paid a commission of 6 percent of the sales price. Hugo Salazar, an agent at RE/MAX, 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: Hugo Salazar RE/MAX Real Estate Professionals 261 4th Ave. Brooklyn, NY 11215 Tel: (718) 532-2000 About 132 30th Street of Brooklyn Corp. 132 30th Street of Brooklyn Corp., a Brooklyn, N.Y.-based company that provides residential building construction services, filed a petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 19-42425) on April 24, 2019, listing up to $10 million in assets and up to $1 million in liabilities. Judge Nancy Hershey Lord oversees the case. Rosenberg, Musso & Weiner, LLP is the Debtor's legal counsel. 7FOUR ON STONE: May Use Cash Collateral Through October 20 ---------------------------------------------------------- Judge Scott H. Gan of the U.S. Bankruptcy Court for the District of Arizona authorized 7Four on Stone Apartments, LLC to use cash collateral, on an interim basis, through and including a final hearing on cash collateral, set for October 20, 2021, at 2 p.m. As adequate protection, Capital Fund REIT, LLC and CRB Holdings, LLC are granted replacement liens against the Debtor's post-petition accounts receivable and the proceeds thereof, to the same extent, validity, and priority as any lien held by Capital Fund REIT, LLC and CRB Holdings, LLC, to the extent their cash collateral is actually used by the Debtor. As further adequate protection, for the use of cash collateral of Capital Fund REIT, LLC and CRB Holdings, LLC, the Debtor shall make a monthly adequate protection payment of $12,600, consistent with the budget. The payments shall be made in the first instance before the end of August 2021, and continuing each month thereafter during the pendency of the Debtor's case. The Debtor will make the adequate protection payments to Capital Fund REIT, LLC and CRB Holdings, LLC by no later than the 3rd day of each month, and if the 3rd falls on a Sunday, the payment is due the following Monday. A status conference hearing on the Cash Collateral Motion is set for September 29, 2021, at 2 p.m. A continued, final hearing on the Cash Collateral Motion is set for October 20 at 2 p.m. A copy of the interim order is available for free at https://bit.ly/3sBbnkO from PacerMonitor.com. About 7Four on Stone Apartments 7Four on Stone Apartments, LLC, a Scottsdale, Ariz.-based company engaged in activities related to real estate, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 21-05717) on July 26, 2021. In the petition signed by Albert Brown, the managing member, the Debtor disclosed $1 million to $10 million in both assets and liabilities. The Debtor tapped May, Potenza, Baran & Gillespie, PC as legal counsel. CRB Holdings, LLC and Capital Fund REIT, LLC are represented by The Law Office of Cynthia L. Johnson. ACCO BRANDS: Egan-Jones Keeps B+ Senior Unsecured Ratings --------------------------------------------------------- Egan-Jones Ratings Company, on August 13, 2021, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Acco Brands Corporation. Headquartered in Lake Zurich, Illinois, Acco Brands Corporation manufactures office products. ACCURIDE CORP: Moody's Alters Outlook on Caa2 CFR to Positive ------------------------------------------------------------- Moody's Investors Service affirmed Accuride Corporation's ratings, including its corporate family rating at Caa2, probability of default rating at Caa2-PD and senior secured first lien term loan rating at Caa2. The rating outlook has been changed to positive from negative. The ratings affirmation reflects Accuride's ongoing execution to fund the multi-year restructuring of its European operations, which Moody's anticipates will be largely finished by the end of 2021. While Moody's doesn't expect Accuride to need any additional capital in the near-term, liquidity is expected to remain weak. Moody's forecasts free cash flow to be about breakeven in 2022. Accuride's financial leverage remains very high (above 10x debt/EBITDA for the twelve months ended June 30, 2021), but is expected to gradually improve to below 7x in 2022 as earnings benefit from a favorable backdrop for commercial vehicle production. The positive outlook reflects the potential for Accuride to benefit from higher production volumes over the next twelve months and demonstrate improved earnings post-restructuring. If realized, these developments will bring Accuride's financial leverage to more sustainable levels. The following ratings/assessments are affected by the action: Ratings Affirmed: Issuer: Accuride Corporation Corporate Family Rating, Affirmed Caa2 Probability of Default Rating, Affirmed Caa2-PD Senior Secured 1st Lien Term Loan B, Affirmed Caa2 (LGD4) Outlook Actions: Issuer: Accuride Corporation Outlook, Changed To Positive From Negative RATINGS RATIONALE Accuride's ratings reflect the company's high financial leverage, low earnings margin with a history of operating losses and weak liquidity. Since 2019, Accuride's credit metrics have been very weak as a result of both a multi-year effort to restructure its European operations following its 2018 acquisition of mefro and a cyclical downturn in commercial vehicle production in 2020 exacerbated by the pandemic. Over that time, Accuride has been reliant on a significant influx of liquidity from several sale-leaseback transactions and equity contributions from its sponsor to fund its operations and effectuate the restructuring. Moody's believes that Accuride has executed sufficient funding in 2021 to largely satisfy the remaining costs associated with the restructuring, and going forward, will not be reliant on alternate sources of liquidity. Accuride maintains a good competitive position as a supplier of steel and aluminum wheels and wheel-ends for new commercial vehicle production globally as well as supply to the aftermarket. Higher volumes and increased pricing should contribute to substantial revenue growth in 2021, and Moody's expects orders for commercial vehicles to remain strong through 2022, with some production spilling over from 2021. With its manufacturing footprint restructured, Accuride should be able to demonstrate earnings improvement with the higher volumes. Moody's expects EBITA margins to be in the 3% to 4% range over the next twelve months as Accuride works to offset higher freight, material and labor costs through price increases. Earnings growth over the next twelve months should contribute to a reduction in Accuride's financial leverage to below 7x debt/EBITDA in 2022 from unsustainably high levels in recent years. Moody's expects Accuride's liquidity to remain weak through 2022 with limited cash on the balance sheet and expectations for about breakeven free cash flow as restructuring costs subside. Accuride maintains a $145 million asset-based lending (ABL) facility due June 2023, and Moody's expects the company to heavily utilize the facility over the next twelve months to support working capital investments. The company's first lien term loan includes net leverage and minimum interest coverage ratio requirements that were waived over the past four quarters, but testing resumed beginning for the quarter ended June 2021. Moody's expects the company to remain in compliance with these covenants over the next twelve months with a moderate cushion. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Accuride demonstrates the sustainability of its global restructuring efforts such that EBITA margin is maintained above 4% and debt/EBITDA is expected to remain below 7.5x. Accuride would also need to maintain adequate liquidity reflected by modestly positive free cash flow and reduced reliance on external capital sources. The ratings could be downgraded if Accuride is unable to generate earnings to improve its financial leverage or if Accuride experiences materially negative free cash flow post-restructuring and remains reliant on alternate capital sources to fund its operations. An increased likelihood for a distressed exchange or other default or reduction in debt recovery expectations could also result in a downgrade. The principal methodology used in these ratings was Automotive Suppliers published in May 2021. ALAMO DRAFTHOUSE: $2M Sale of San Antonio Asset to La Cantera OK'd ------------------------------------------------------------------ Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware authorized Alamo Drafthouse Cinemas Holdings, LLC, and its affiliated Debtors to sell Alamo North SA, LLC's tract of real property located near the intersection of La Cantera Parkway and North Loop 1604 West in the City of San Antonio, Bexar County, Texas, free and clear of liens, claims, encumbrances, and interests to La Cantera Crossing Retail, LLC, as further described in and pursuant to the terms and conditions of the Purchase and Sale Agreement, for $2 million, cash. The Purchase Agreement and the transactions contemplated thereby, will be, and are, approved. The sale is free and clear of any Interests on the Property other than the Permitted Exceptions. Any such Interests on the Property will attach to the proceeds of the Sale with the same priority, validity, force and effect as they attached to the Property immediately before the closing date of the sale. The Debtors will promptly transfer any and all proceeds of the Sale to ALMO Holdings, LLC pursuant to that certain Asset Purchase Agreement dated March 5, 2021 by and between ALMO Holdings, LLC and the sellers thereunder (as amended by that certain Amendment No. 1 to Asset Purchase Agreement dated as of April 22, 2021, and as further amended by that certain Amendment No. 2 to Asset Purchase Agreement dated as of May 25, 2021), and the Sale Order. The Rejection Motion is granted as set forth in the Order. The Development Agreement and the Declaration are rejected effective as May 20, 2021. Any claims arising out of the rejection of the Development Agreement and the Declaration must be filed within 30 days from the Rejection Date. Nothing in the Order will prejudice the rights of the Debtors to dispute or contest the amount of or basis for any claims asserted against the Debtors arising in connection with the rejection of the Development Agreement and the Declaration, or as an admission as to the validity or priority of any claim against the Debtors. The Debtors are authorized to take such actions as are necessary to implement the terms of the Order. Notwithstanding the provisions of Bankruptcy Rule 6004 or otherwise, the Order will be effective and enforceable immediately upon entry, and the 14-day stay provided in such rules is expressly waived and will not apply. A copy of the Contract is available at https://tinyurl.com/xm5fn3ka from PacerMonitor.com free of charge. About Alamo Drafthouse The Alamo Drafthouse Cinema -- https://drafthouse.com -- is an American cinema chain founded in 1997 in Austin, Texas that is famous for its strict policy of requiring its audiences to maintain proper cinemagoing etiquette. Known for offering full meal and alcohol service at its theaters, the company also operates a movie merchandise store and an annual genre film festival, Fantastic Fest. Alamo Drafthouse had 41 locations as of March 31, 2021, with 23 of those locations ran by franchisees. On March 3, 2021, Alamo Drafthouse Cinemas Holdings, LLC and 33 affiliated companies filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 21-10474). Alamo Drafthouse was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. The Hon. Mary F. Walrath is the case judge. The Company tapped Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, Portage Point Partners as its financial adviser, and Houlihan Lokey Capital as its investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. ALARMAS COMPUTARIZADAS: Seeks to Hire Roberto Mateo as Counsel -------------------------------------------------------------- Alarmas Computarizadas, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ the law offices of Roberto L. Mateo to handle its Chapter 11 case. Mr. Mateo will be billed at $200 per hour, plus reimbursement of expenses. The attorney received a retainer of $442 and a Chapter 11 filing fee of $1,738 from the Debtor. Mr. Mateo disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Roberto L. Mateo, Esq. P.O. Box 336877 Ponce, PR 00733 Telephone: (787) 840-1212 Email: mateolaw@msn.com About Alarmas Computarizadas Alarmas Computarizadas, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 21-02431) on Aug. 16, 2021, listing as much as $500,000 in both assets and liabilities. Julio A. Rosa Figueroa, president, signed the petition. Roberto L. Mateo, Esq., serves as the Debtor's legal counsel. ALEX AND ANI: Gets Court Approval to Seek Bankruptcy Plan Votes --------------------------------------------------------------- Daniel Gill of Bloomberg Law reports that Jewelry retailer Alex and Ani LLC got court approval to solicit votes for its "toggle" bankruptcy plan that will propose either a debt-for-equity swap or a sale of the business. The prospects for finding a buyer aren't "off the table," the company's attorney, Allyson Smith of Kirkland & Ellis LLP, said at a hearing Friday, August 20, 2021. But it's more likely the plan will feature a reorganization that hands the company's equity to its secured lenders, she told the U.S. Bankruptcy Court for the District of Delaware. About Alex and Ani Founded in 2004 by Carolyn Rafaelian, Alex and Ani, LLC -- http://www.alexandani.com/-- has become a premier jewelry brand, quickly gaining popularity because of the novel and customizable nature of its signature expandable wire bracelet. Alex and Ani has been headquartered in East Greenwich, R.I. since 2014. Since opening its first retail store in Newport, R.I. in 2009, Alex and Ani has expanded to over 100 retail store locations across the United States, Canada and Puerto Rico. Alex and Ani and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10918) on June 9, 2021. Robert Trabucco, chief restructuring officer, signed the petitions. At the time of the filing, the Debtors had between $100 million and $500 million in both assets and liabilities. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Kirkland & Ellis LLP as bankruptcy counsel, Klehr Harrison Harvey Branzburg LLP as local counsel, Katten Muchin Rosenman LLP as special counsel, and Portage Point Partners, LLC, as financial advisor and investment banker. Kurtzman Carson Consultants LLC is the claims agent and administrative advisor. ALEX AND ANI: Unsecureds to Get 0%, Waiver Under Plan ----------------------------------------------------- Alex and Ani, LLC, et al., submitted a First Amended Plan and a corresponding Disclosure Statement on Aug. 18, 2021, to fine-tune plan documents that were filed in June 2021. As reported in the TCR, the Debtors and certain consenting creditors that have executed the Restructuring Support Agreement (the "RSA"), dated June 9, 2021, including 100 percent of holders under each of the First Lien Credit Facility, Second Lien Credit Facility, and Third Lien Credit Facility, as well as 100 percent of holders of their Existing Equity Interests, believe the Plan is in the best interests of the Debtors' Estates. As such, the Debtors recommend that all holders of Claims entitled to vote accept the Plan by returning their ballots so as to be actually received by the Solicitation Agent (as defined herein) no later than September 14, 2021, at 4:00 p.m. (prevailing Eastern Time). Assuming the requisite acceptances to the Plan are obtained, the Debtors will seek the Bankruptcy Court's approval of the Plan at the Confirmation Hearing. The Plan contemplates a restructuring of the Debtors through either (a) the implementation of a stand-alone restructuring (the "Stand-Alone Restructuring") or (b) an orderly sale of all or substantially all of the Debtors' assets via a Sale Transaction. The Amended Plan indicates that an auction is scheduled for Aug. 31, 2021, and a sale hearing is set for Sept. 22. The original plan provided for an Aug. 15 auction and an Aug. 26 hearing. The Plan contemplates the following transactions under the Stand-Alone Restructuring: * The issuance of the New Common Equity; * Except to the extent the holder of an Allowed Secured Credit Facility Secured Claim agrees to less favorable treatment, the holders of an Allowed Secured Credit Facility Secured Claims will receive its Pro Rata share of 100 percent of the New Common Equity; * The entrance by the Reorganized Debtors into the Exit Facility to make distributions under the Plan and to provide incremental liquidity; and * Existing Equity Interests in the Debtors being canceled and extinguished. Under the Sale Transaction, the Debtors will conduct a sale of all or substantially all of the Debtors' assets. The Sale Transaction contemplates the following transactions: * Commencement and completion of a sale and marketing process to solicit bids for the Sale Transaction, in accordance with the Bidding Procedures; * Subject to approval by the Court, entry into the Asset Purchase Agreement with the successful bidder; * Except to the extent the holder of an Allowed Secured Credit Facility Secured Claim agrees to less favorable treatment, the holders of an Allowed Secured Credit Facility Secured Claims will receive its Pro Rata share of the Sale Proceeds Recovery; * Selection by the Debtors of the Plan Administrator who will act in the fiduciary capacity as a board of managers or directors. As of the Effective Date, the Plan Administrator would become the sole manager, director, and officer of Reorganized Debtors and Wind Down Debtors and act to wind down the business affairs of the Debtors and the Wind Down Debtors' Estates; * The Plan Administrator will establish each of the Distribution Reserve Accounts in accordance with Article VIII of the Plan and administer the distribution thereof to holders of Allowed Claims; and * As soon as practicable after the Effective Date, the Plan Administrator will: (a) cause the Wind Down Debtors and the applicable Reorganized Debtors, as applicable, to comply with, and abide by, the terms of the Asset Purchase Agreement and any other documents contemplated thereby; and (b) take such other actions as the Plan Administrator may determine to be necessary or desirable to carry out the purposes of the Plan. The Reorganized Debtors will fund distributions under the Plan with Cash held on the Effective Date by or for the benefit of the Debtors or Reorganized Debtors, including Cash from operations, the Exit Facility, proceeds from all Causes of Action not settled, released, discharged, enjoined, or exculpated under the Plan or otherwise on or prior to the Effective Date, and the New Common Equity. The Plan will treat claims as follows: * Class 3 Secured Credit Facility Secured Claims totaling $127,812,649. Each holder of an Allowed Secured Credit Facility Secured Claim will receive its Pro Rata share of: (i) if the Stand-Alone Restructuring is consummated, 100 percent of the New Common Equity; or (ii) if the Sale Transaction is consummated, the Sale Proceeds Recovery. The class will recover 44.67% to 52.26% of their claims. * Class 4 Go-Forward Vendor Claims totaling $1,274,385. Each holder of an Allowed Go-Forward Vendor Claim shall receive its Pro Rata share of the Go-Forward Vendor Claim Recovery. Creditors will recover 19.62% of their claims. * Class 5 General Unsecured Claims totaling $24,974,714 to $176,150,476. Each holder of an Allowed General Unsecured Claim shall receive a complete waiver and release of any and all claims, Causes of Action, and other rights against the holders of Allowed Class 5 Claims based on claims pursuant to chapter 5 of the Bankruptcy Code or under similar or related state or federal statutes and common law including fraudulent transfer laws from the Debtors, the Reorganized Debtors, and their Estates, in each case on behalf of themselves and their respective successors, assigns, and representatives, and any and all other entities who may purport to assert any Cause of Action, directly or derivatively, by, through, for, or because of the foregoing entities, subject to and in accordance with Article VIII of the Plan (such treatment, the "General Unsecured Claims Treatment"). Class 5 will receive 0% under the Amended Plan. Co-Counsel to the Debtors: Joshua A. Sussberg, P.C. Allyson B. Smith KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 - and – Alexandra Schwarzman KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 300 North LaSalle Street Chicago, Illinois 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 Domenic E. Pacitti Michael W. Yurkewicz KLEHR HARRISON HARVEY BRANZBURG LLP 919 North Market Street, Suite 1000 Wilmington, Delaware 19801 Telephone: (302) 426-1189 Facsimile: (302) 426-9193 - and - Morton R. Branzburg KLEHR HARRISON HARVEY BRANZBURG LLP 1835 Market Street, Suite 1400 Philadelphia, Pennsylvania 19103 Telephone: (215) 569-3007 Facsimile: (215) 568-6603 A redlined copy of the Disclosure Statement dated August 18, 2021, is available at https://bit.ly/3ANU1Em from PacerMonitor.com. About Alex and Ani LLC Founded in 2004 by Carolyn Rafaelian, Alex and Ani -- http://www.alexandani.com/-- has become a premier jewelry brand, quickly gaining popularity because of the novel and customizable nature of its signature expandable wire bracelet. Alex and Ani has been headquartered in East Greenwich, Rhode Island since 2014. Since opening its first retail store in Newport, Rhode Island in 2009, Alex and Ani has expanded to over 100 retail store locations across the United States, Canada, and Puerto Rico. Alex and Ani LLC and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10918) on June 9, 2021. In its petition, Alex and Ani listed assets and liabilities of $100 million to $500 million each. The Debtors tapped Kirkland & Ellis LLP as general bankruptcy counsel; Klehr Harrison Harvey Branzburg LLP as local bankruptcy counsel; and Portage Point Partners, LLC, as financial advisors and investment bankers. Kurtzman Carson Consultants LLC is the notice and claims agent. ALEX AND ANI: Unsecureds to Get 0%; Confirmation Hearing Sept. 22 ----------------------------------------------------------------- Alex and Ani, LLC and its Debtor Affiliates submitted a Disclosure Statement for the First Amended Joint Plan of Reorganization dated August 19, 2021. The Plan contemplates a restructuring of the Debtors through either (a) the implementation of a stand-alone restructuring (the "Stand-Alone Restructuring") or (b) an orderly sale of all or substantially all of the Debtors' assets via a Sale Transaction. Class 2 consists of Other Priority Claims with $466,249 amount of claims and 100% estimated recovery. Each holder of an Allowed Other Priority Claim will receive payment in full in Cash of such holder's Allowed Other Priority Claim or such other treatment in a manner consistent with section 1129(a)(9) of the Bankruptcy Code. Class 3 consists of Secured Credit Facility Secured Claims with $127,812,649 amount of claims and with 44.67 ‒ 52.26% estimated recovery. Each holder of an Allowed Secured Credit Facility Secured Claim will receive its Pro Rata share of: (i) if the Stand-Alone Restructuring is consummated, 100 percent of the New Common Equity; or (ii)if the Sale Transaction is consummated, the Sale Proceeds Recovery. Class 4 consists of Go-Forward Vendor Claims with $1,274,385 amount of claims and with 19.62% estimated recovery. Each holder of an Allowed Go-Forward Vendor Claim shall receive its Pro Rata share of the Go-Forward Vendor Claim Recovery. Class 5 consists of General Unsecured Claims with $24,974,714 ‒ 176,150,476 amount of claims and with 0 – 0% estimated recovery. Each holder of an Allowed General Unsecured Claim shall receive a complete waiver and release of any and all claims, Causes of Action, and other rights against the holders of Allowed Class 5 Claims based on claims pursuant to chapter 5 of the Bankruptcy Code or under similar or related state or federal statutes and common law including fraudulent transfer laws from the Debtors, the Reorganized Debtors, and their Estates, in each case on behalf of themselves and their respective successors, assigns, and representatives, and any and all other entities who may purport to assert any Cause of Action, directly or derivatively, by, through, for, or because of the foregoing entities, subject to and in accordance with Article VIII of the Plan (such treatment, the "General Unsecured Claims Treatment"). If the Stand-Alone Restructuring occurs, the Plan and distributions will be funded by the following sources of Cash and consideration: (a) Cash on hand, (b) the issuance and distribution of New Common Equity, (c) proceeds from the Exit Facility, and (d) proceeds from all Causes of Action not settled, released, discharged, enjoined, or exculpated under the Plan or otherwise on or prior to the Effective Date. If the Sale Transaction occurs, the Plan and distributions thereunder will be funded by the following sources of Cash and consideration: (a) Cash on hand; and (b) the Sale Proceeds. September 7, 2021 at 10:00 a.m. is the date at which the Debtors will conduct an Auction. September 14, 2021 at 4:00 p.m. is the deadline by which objections to the Sale Transaction must be filed. September 22, 2021 at 1:00 p.m. is the hearing at which the Court will consider approval of the Sale Transaction. The Debtors recommend that all holders of Claims entitled to vote accept the Plan by returning their ballots no later than September 14, 2021, at 4:00 p.m. The Bankruptcy Court has scheduled the Confirmation Hearing for September 22, 2021, at 1:00 p.m. Objections to Confirmation of the Plan must be filed and served no later than September 14, 2021, at 4:00 p.m. A full-text copy of the First Amended Plan dated Aug. 19, 2021, is available at https://bit.ly/3ybsRFS from Kurtzman Carson Consultants LLC, the claims agent. Proposed Co-Counsel to the Debtors: Joshua A. Sussberg, P.C. Allyson B. Smith KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 - and - Alexandra Schwarzman KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 300 North LaSalle Street Chicago, Illinois 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 - and - Domenic E. Pacitti Michael W. Yurkewicz KLEHR HARRISON HARVEY BRANZBURG LLP 919 North Market Street, Suite 1000 Wilmington, Delaware 19801 Telephone: (302) 426-1189 Facsimile: (302) 426-9193 -and- Facsimile: (302) 426-9193 KLEHR HARRISON HARVEY BRANZBURG LLP 1835 Market Street, Suite 1400 Philadelphia, Pennsylvania 19103 Telephone: (215) 569-3007 Facsimile: (215) 568-6603 About Alex and Ani LLC Founded in 2004 by Carolyn Rafaelian, Alex and Ani has become a premier jewelry brand, quickly gaining popularity because of the novel and customizable nature of its signature expandable wire bracelet. Alex and Ani has been headquartered in East Greenwich, Rhode Island since 2014. Since opening its first retail store in Newport, Rhode Island in 2009, Alex and Ani has expanded to over 100 retail store locations across the United States, Canada, and Puerto Rico. On the Web: HTTP://www.alexandani.com/ Alex and Ani LLC and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10918) on June 9, 2021. In its petition, Alex and Ani listed assets and liabilities of $100 million to $500 million each. The Debtors tapped Kirkland & Ellis LLP as general bankruptcy counsel; Klehr Harrison Harvey Branzburg LLP as local bankruptcy counsel; and Portage Point Partners, LLC, as financial advisors and investment bankers. Kurtzman Carson Consultants LLC is the notice and claims agent. ALLIED EQUIPMENT: Taps Columbia Consulting Group as Sales Agent --------------------------------------------------------------- Allied Equipment, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Columbia Consulting Group, PLLC as sales agent in connection with the sale of its assets. The firm's services include: a. assisting the Debtor in preparing a sales process and finding and negotiating with potential purchasers; b. assisting the Debtor in closing a sale transaction; c. monitoring and overseeing the financial aspects of the Debtor and its Chapter 11 proceedings; d. providing expert testimony; and e. providing other financial and accounting consulting services. Columbia Consulting Group will be paid at hourly rates ranging from $175 to $250 and will be reimbursed for out-of-pocket expenses incurred. The retainer fee is $15,000. Jeffrey Worley, a partner at Columbia Consulting Group, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffrey A. Worley Columbia Consulting Group, PLLC 6101 Long Prairie Road, Suite 744 MB 17 Flower Mound, TX 75028 Tel: (972) 809-6393 About Allied Equipment Inc. Allied Equipment, Inc. -- https://www.alliedeq.com -- is an Odessa, Texas-based company that designs and manufactures oil and gas processing and treating equipment. Allied Equipment filed a Chapter 11 bankruptcy petition (Bankr. W.D. Texas Case No. 21-70034) on March 18, 2021, listing as much as $10 million in both assets and liabilities. Judge Tony M. Davis oversees the case. R. Byrn Bass, Jr., Esq., and Germer & Co. CPAs, LLC serve as the Debtor's legal counsel and accountant, respectively. ALLIED FINANCIAL: Court Confirms Amended Plan --------------------------------------------- Judge Mildred Caban Flores has entered an order confirming the Amended Plan of Allied Financial Inc. The Court determined after hearing on notice that the requirements for confirmation set forth in 11 U.S.C. Sec. 1129 have been satisfied. As reported in the TCR, Allied Financial, Inc. filed a Plan that provides that funding will be provided by Allied Management Group, Inc. as per the terms of a Settlement Agreement. Additional funding for the Plan will be provided by the sale of the Debtor's assets and collection of accounts receivables. The Debtor's shareholders will also provide other sources to fund the Plan, directly or through related parties, if necessary, including additional capital contribution. Under the Plan, general unsecured claims in Class 9 (totaling $50,662) will each be paid 3% of its allowed claim in equal monthly installments within 36 months from the Effective Date. A copy of the Second Amended Plan is available for free at https://bit.ly/3ABj0e2 from PacerMonitor.com. About Allied Financial Allied Financial, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-00180) on Jan. 15, 2016. At the time of the filing, the Debtor disclosed total assets of $10.3 million and total debt of $9.14 million. Judge Mildred Caban Flores oversees the case. C. Conde & Assoc. is the Debtor's legal counsel. ALUMINUM SHAPES: Wins Interim Nod on $15.5MM DIP Financing ---------------------------------------------------------- Judge Jerrold N. Poslusny, Jr. of the U.S. Bankruptcy Court for the District of New Jersey authorized Aluminum Shapes, L.L.C., to obtain up to $15,500,000 in postpetition financing from Tiger Finance, LLC and a syndicate of lenders, pursuant to a Senior Secured Super-Priority DIP Credit Agreement. The Court authorized the Debtor, during the interim period, to borrow up to $12,070,526 under the DIP Facility. All DIP Obligations shall be due on the date that is the earliest to occur of (a) November 1, 2021; or (b) the occurrence of a DIP Termination Event. The DIP Termination Events include the failure of the Court to enter an order granting the relief requested in the Motion on a final basis on or before 5 p.m. (prevailing Eastern Time) on September 15, 2021. As security for the DIP Obligations, the DIP Lenders are granted, subject to the Carve Out: (i) first priority priming, valid, perfected, and enforceable Liens on all of the Debtor's assets; (ii) allowed superpriority administrative claim status on all obligations under the DIP Financing Agreements. The Carve Out includes: * all fees payable to the Clerk of the Bankruptcy Court and any quarterly fees payable to the United States Trustee; * professional fees of, and costs and expenses incurred by, professionals retained by the Debtor and the Committee in an amount not to exceed the lesser of: (x) the actual Allowed Professional Fees incurred by each such Case Professional through the Termination Declaration Date, and (y) the amount reflected in the Approved Budget for each such Case Professional, in each case, through the Termination Declaration Date; * the allowed professional fees and costs and expenses incurred by Case Professionals incurred after the occurrence of the Termination Declaration Date up to $50,000; and * the reasonable fees and expenses incurred by any Chapter 7 trustee appointed by the Court up to $25,000. Prepetition Obligations to Tiger Finance Before the Petition Date, the Debtor contracted obligations with the Lender under a Credit Agreement dated as of June 5, 2019. As of the Petition Date, balance on the Prepetition Obligations is $9,270,526 in aggregate principal amount, plus accrued interest, costs, expenses, fees and other charges. The Prepetition Lender has continuing security interests and liens on substantially all of the Debtor's assets and property to secure the Prepetition Debt. The Court ruled that, upon the entry of the Interim Order, the Debtor shall establish a Prepetition Indemnity Account in the control of the Prepetition Lender, into which $100,000 shall be deposited as security for reimbursement, indemnification, or similar continuing obligations under the Prepetition Financing Documents. Proceeds from the disposition of DIP Collateral and/or Prepetition Collateral shall be promptly paid at closing on such Sale(s): * first, to fund the Carve Out; * second, to the DIP Lenders to be applied to the allowed DIP Obligations pursuant to the terms of the DIP Credit Agreement; * third (after payment in full of the DIP Obligations), to the Prepetition Lender to be applied to the Prepetition Debt; and * fourth, to the Debtor. The DIP Lenders and the Prepetition Lender, respectively, may seek to credit bid some or all of their claims for their respective collateral in connection with any sale or other dispositions of any assets of the Debtor. Budget The DIP Lenders and the Debtor have agreed that the budget is adequate to pay the administrative expenses due and accruing for the period commencing on the Petition Date and continuing through September 15, 2021. The 13-week budget provided for $3,809,000 in total operating disbursements, and $3,415,000 to be expended on a weekly basis, as follows: Operating Non-Operating Week Ending Disbursements Disbursements ------------- -------------- ------------- August 20, 2021 $223,000 $620,000 August 27, 2021 $483,000 $818,000 September 3, 2021 $276,000 $276,000 September 10, 2021 $337,000 $43,000 September 17, 2021 $126,000 $143,000 September 24, 2021 $318,000 $193,000 October 1, 2021 $379,000 $328,000 October 8, 2021 $360,000 $43,000 October 15, 2021 $125,000 $93,000 October 22, 2021 $317,000 $418,000 October 29, 2021 $131,000 $43,000 November 5, 2021 $608,000 $313,000 November 12, 2021 $125,000 $83,000 A copy of the interim DIP order is available for free at https://bit.ly/3iYDxmC from PacerMonitor.com. The final hearing on the DIP Motion will be held on September 15, 2021, at 11 a.m. (prevailing Eastern Time). Objections must be filed and served so as to be received no later than 4 p.m. (ET) on September 8. About Aluminum Shapes Aluminum Shapes, L.L.C., is presently engaged in the business of fabrication and processing of aluminum by extrusion and is the owner of certain commercial/industrial real estate located at 9000 River Road, Delair, New Jersey. Jacky Cheung, an Australian national and resident of Vietnam, owns 100% of the membership interests and is the sole member of the Company. Aluminum Shapes filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 21-16520) on August 15, 2021, with a deal to sell the business to Reich Brothers, LLC. The Debtor estimated $10 million to $50 million in assets and liabilities as of the bankruptcy filing. Obermayer Rebmann Maxwell & Hippel LLP, led by Edmond M. George, is the Debtor's bankruptcy counsel. Riveron Consulting's Winter Harbor, LLC, is the interim management provider. Cowen And Company, LLC, is the investment banker. Berwyn Capital Interests is the restructuring agent. ANDREW YOUNG: Spasov LLC Buying Gary Property for $3.81 Million --------------------------------------------------------------- Andrew L. Young and affiliates ask the U.S. Bankruptcy Court for the Northern District of Illinois to authorize the sale of the real property commonly known as 4698 W. 27th Ave., Gary, IN 46406, collectively consisting of approximately 36.1 acres composed of the Property Identification Numbers listed and as more particularly described in Exhibit A to the Real Estate Purchase Contract owned by Young and Surplus Management Systems, LLC ("SMS"), to Spasov, LLC or its designee for a total purchase price of $3,813,120. On Jan. 31, 2020, the Court entered the Agreed Order Granting Application of Debtors Andrew L. Young and Surplus Management Systems, LLC, to Employ McColly Real Estate as Broker. Pursuant to the McColly Retention Order, the Debtors were authorized to employ McColly Real Estate, doing business as McColly Bennett Commercial Advantage, as broker to market for sale the Black Oak Property on the terms and conditions set forth in the McColly Listing Agreements; provided, however, that any sale of the Black Oak Property would remain subject to further Court approval. As set forth in the McColly retention application, the Debtors selected McColly based on its extensive experience in commercial real estate in Northwest Indiana. Under the McColly Retention Order, the Court approved McColly's compensation arrangement with respect to any sale of the Black Oak Property for a 5% commission. The Court further authorized the Debtors to pay McColly's 5% commission in connection with any court-approved sale without further application or order of this Court other than an order approving such sale. Since the time of its employment, McColly has extensively marketed the Black Oak Property for sale. As set forth in the McColly Listing Agreement, the Black Oak Property was originally listed for sale at $4 million. Upon receipt of the McColly Listing Agreement, McColly initiated a comprehensive marketing plan. Through McColly's efforts, the Debtors received multiple offers prior to the opening of the Hard Rock Casino, but the terms and conditions of those offers were not acceptable to the Debtors. After the casino opened and market conditions improved following the onset of the COVID-19 pandemic, there were additional expressions of interest in the Black Oak Property and the Debtors received three offers, including an offer from Spasov, LLC. The Debtors, in consultation with McColly determined, in the exercise of their business judgment, that the Spasov offer is the highest and otherwise best offer based on the purchase price and the limited due diligence contingencies associated with the offer. Following receipt of a non-binding letter of intent from Spasov, the Debtors and Spasov negotiated the Contract, pursuant to which the Buyer has agreed to purchase the Black Oak Property for a total purchase price of $3,813,120. As set forth in the Contract, the Sale Price is allocated between Andrew Young and SMS in accordance with their respective portions of the parcels that compose the Black Oak Property: Young ($1,561,938) and SMS ($2,251,182). The Contract provides for the Buyer to deposit $90,000 of Earnest Money within three days of the Effective Date (the Contract execution date) at Chicago Title. Prior to filing the Motion, the Debtors confirmed that Buyer has deposited the Earnest Money with Chicago Title. The Contract includes a 45-day Due Diligence and Financing contingency period following the Effective Date, along with customary conditions precedent, deliverables, and closing cost and tax prorations for such a transaction. The Buyer has agreed to pay for title and survey with the right to receive a credit against the Sale Price at the Closing for such reasonably documented expenses. The Contract is also contingent on the sale of certain adjacent properties by unrelated chapter 13 debtor James Nowacki pursuant to a substantially similar contract with the Buyer attached as Exhibit B to the Contract. The Contract contemplates payment of all current and prior years taxes at the Closing, and the Sale Price is well in excess of the outstanding taxes on the Black Oak Property. The Debtors propose that the net proceeds from the sale of the Black Oak Property as set forth herein and in the Contract (including after payment of closing costs, taxes and McColly's commission), will be deposited the respective Debtors' DIP accounts subject to further order of the Court. By the Motion, the Debtors request the entry of an order authorizing the sale of the Black Oak Property to the Buyer pursuant to the Contract free and clear of liens, claims and encumbrances. The Lake County Treasurer is the only known lienholder with respect to the properties in question. The Debtors expect that the Lake County Treasurer will consent to the proposed sale to provide for payment of outstanding real estate taxes and to support a significant development opportunity for the City of Gary. However, the Debtors submit that, even if the Lake County Treasurer does not consent, section 363(f)(3) allows for the sale of the Property free and clear of any interests, including all liens, claims and encumbrances, because the proposed transactions will satisfy the outstanding real estate taxes in full. The Debtors propose that the net proceeds from the sale of the Black Oak Property will be deposited in the applicable Debtors' DIP account subject to further order of the Court. Furthermore, the Debtors will file and serve a report of sale within seven days of the closing, as required by Fed. R. Bankr. P. 6001(f)(1) and Local Rule B-6004-1(c). To ensure that the proposed transactions may proceed promptly to closing following the entry of an approval order, the Debtors request that the Court waives the 14-day stay pursuant to Fed. R. Bankr. P. 6004(h) for good cause. A copy of the Contract is available at https://tinyurl.com/c76mdec8 from PacerMonitor.com free of charge. Wadsworth, Illinois-based Andrew L. Young filed for Chapter 11 bankruptcy protection on November 23, 2009 (Bankr. N.D. Ill. Case No. 09-44322). Gregory K. Stern, Esq., at Gregory K. Stern, P.C., assists the Company in its restructuring effort. The Company was estimated to have assets at $10 million to $50 million in assets and liabilities at $1 million to $10 million in its Chapter 11 petition. ANNALY CAPITAL: Egan-Jones Hikes Senior Unsecured Ratings to B+ --------------------------------------------------------------- Egan-Jones Ratings Company, on August 12, 2021, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Annaly Capital Management, Inc. to B+ from CCC+. EJR also maintained its 'C' rating on commercial paper issued by the Company. Headquartered in New York, New York, Annaly Capital Management, Inc. is a capital manager that invests in and finances residential and commercial assets. APSTEAD MORTGAGE: Egan-Jones Keeps B Senior Unsecured Ratings ------------------------------------------------------------- Egan-Jones Ratings Company, on August 11, 2021, maintained its 'B' foreign currency and local currency senior unsecured ratings on debt issued by Capstead Mortgage Corporation. EJR also maintained its 'C' rating on commercial paper issued by the Company. Headquartered in Dallas, Texas, Capstead Mortgage Corporation is a real estate investment trust and earns income from investing in real-estate-related assets on a leveraged basis. ASHLAND LLC: Egan-Jones Lowers Senior Unsecured Ratings to BB ------------------------------------------------------------- Egan-Jones Ratings Company, on August 9, 2021, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Ashland LLC to BB from BB+. Headquartered in Covington, Kentucky, Ashland LLC operates as a specialty chemical company. AUTOMOTIVE PARTS: Seeks to Hire Ice Miller as Co-Counsel -------------------------------------------------------- Automotive Parts Distribution International, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Ice Miller, LLP to serve as co-counsel with Winstead, PC. The firm's services include: a. advising the Debtor of its rights, powers and duties under the Bankruptcy Code; b. performing all necessary legal services to administer the Debtor's Chapter 11 case and business; c. assisting the Debtor in the negotiation and documentation of financing agreements and debt restructurings, including the sale of substantially all of its assets; d. reviewing the nature and validity of agreements relating to the Debtor's interest in real and personal property and advising the Debtor of its corresponding rights and obligations; e. advising the Debtor concerning preference, avoidance, recovery and other actions that it may take to collect and recover property for the benefit of the estate and its creditors, whether or not arising under Chapter 5 of the Bankruptcy Code; f. preparing legal documents and reviewing all financial reports to be filed in the case; g. advising the Debtor concerning, and preparing responses to, legal papers that may be filed and served in the case; h. counseling the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization and related documents; i. working with and coordinating efforts among other professionals to preclude any duplication of efforts among those professionals and to guide their efforts in the overall framework of the Debtor's reorganization; j. working with professionals retained by other parties-in-interest to structure a consensual plan of reorganization, or other resolution for the Debtor, including the sale of substantially all of its assets; and k. performing other necessary legal services. The firm's hourly rates are as follows: Partners $535 to $655 per hour Associates $305 per hour Paralegals $365 per hour Prior to the petition date, Ice Miller received a retainer in the amount of $86,955.50. The firm will also receive reimbursement for out-of-pocket expenses incurred. Jeffrey Hokanson, Esq., a partner at Ice Miller, 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: Jeffrey A. Hokanson, Esq. Roya Z. Porter, Esq. Ice Miller LLP One American Square, Suite 2900 Indianapolis, IN 46282-0200 Tel: (317) 236-2236 Fax: (317) 592-4809 Email: Jeff.Hokanson@icemiller.com Roya.Porter@icemiller.com About Automotive Parts Automotive Parts Distribution International, LLC was established in January 2008 as a distribution and marketing company to cover the North American aftermarket. It offers radiators, condensers, fan assemblies, heater cores, intercoolers, heavy duty radiators, and fuel pump module assemblies. Automotive Parts Distribution filed a petition for Chapter 11 protection (Bankr. N.D. Texas Case No. 21-41655) on July 12, 2021, listing as much as $50 million in both assets and liabilities. Judge Edward L. Morris oversees the case. Winstead PC, and Ice Miller, LLP serve as the Debtor's legal counsel. The U.S. Trustee for Region 6 appointed an official committee of unsecured creditors in the Debtor's Chapter 11 case on Aug. 6, 2021. The committee is represented by Kelley Drye & Warren, LLP. AUTOMOTIVE PARTS: Seeks to Hire Winstead PC as Co-Counsel --------------------------------------------------------- Automotive Parts Distribution International, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Winstead, PC to serve as co-counsel with Ice Miller, LLP. The firm's services include: a. advising the Debtor of its rights, powers and duties under the Bankruptcy Code; b. performing all necessary legal services to administer the Debtor's Chapter 11 case and business; c. assisting the Debtor in the negotiation and documentation of financing agreements and debt restructurings, including the sale of substantially all of its assets; d. reviewing the nature and validity of agreements relating to the Debtor's interest in real and personal property and advising the Debtor of its corresponding rights and obligations; e. advising the Debtor concerning preference, avoidance, recovery and other actions that it may take to collect and recover property for the benefit of the estate and its creditors, whether or not arising under Chapter 5 of the Bankruptcy Code; f. preparing legal documents and reviewing all financial reports to be filed in the case; g. advising the Debtor concerning, and preparing responses to, legal papers that may be filed and served in the case; h. counseling the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization and related documents; i. working with and coordinating efforts among other professionals to preclude any duplication of efforts among those professionals and to guide their efforts in the overall framework of the Debtor's reorganization; j. working with professionals retained by other parties-in-interest to structure a consensual plan of reorganization, or other resolution for the Debtor, including the sale of substantially all of its assets; and k. performing other necessary legal services. The firm's hourly rates are as follows: Shareholders $710 per hour Associates $480 per hour Paralegals $275 per hour Prior to the petition date, Winstead received from the Debtor a retainer in the amount of $50,000. The firm will also receive reimbursement for out-of-pocket expenses incurred. Rakhee Patel, Esq., a partner at Winstead, 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: Rakhee V. Patel, Esq. Annmarie Chiarello, Esq. Winstead PC 2728 N. Harwood Street Dallas, TX 75201 Tel: (214) 745-5400 Fax: (214) 745-5390 Email: rpatel@winstead.com achiarello@winstead.com About Automotive Parts Automotive Parts Distribution International, LLC was established in January 2008 as a distribution and marketing company to cover the North American aftermarket. It offers radiators, condensers, fan assemblies, heater cores, intercoolers, heavy duty radiators, and fuel pump module assemblies. Automotive Parts Distribution filed a petition for Chapter 11 protection (Bankr. N.D. Texas Case No. 21-41655) on July 12, 2021, listing as much as $50 million in both assets and liabilities. Judge Edward L. Morris oversees the case. Winstead PC, and Ice Miller, LLP serve as the Debtor's legal counsel. The U.S. Trustee for Region 6 appointed an official committee of unsecured creditors in the Debtor's Chapter 11 case on Aug. 6, 2021. The committee is represented by Kelley Drye & Warren, LLP. AVIANCA HOLDINGS: Posts $653 Mil. Net Loss for First Half of 2021 ----------------------------------------------------------------- Daniel Martínez Garbuno of Simple Flying reports that during the first half of 2021, Avianca posted a US$653 million net loss due to the heavy impact the COVID-19 pandemic has had on the South American aviation industry. While in recovery mode, the airline still has a long way to go before recovering to its pre-crisis levels. Avianca has been dealing with a complex operating scenario in Latin America. While the company's leading airline is in Colombia, it also has branches in Central America, and Ecuador, so it has faced different travel restrictions throughout the pandemic. This has led to Avianca's operating revenue in 2021's first half to be US$808 million. That number was a 64% decrease compared to 2019's first six months when the airline achieved over US$2.2 billion in revenue. Total operating expenses continue to be more than the revenues. Avianca spent US$1.1 billion during the quarter, mainly on salaries, fuel, and fees, as reported by the company. Due to the COVID-19 pandemic and previous crises, Avianca is currently in a Chapter 11 financial reorganization. It is one of the three Latin American carriers in this process. Among the three (LATAM, Avianca, and Aeromexico), have racked up losses of US$2.2 billion in the first half of 2021. Avianca's passenger number continue down So far in Q1 & Q2 2021, Avianca has carried 4.8 million passengers across its routes. In June 2021, the carrier surpassed the one-millionth passenger barrier for the first time since the COVID-19 pandemic hit South America in March 2020. Avianca has had an average load factor of 67%, which is a number that needs improvement. The airline has operated 55,883 total cycles (that is, departures and landings). All these numbers are a fraction of what Avianca had achieved in 2019. During that year's first half, the airline carried 16.05 million passengers, meaning Avianca has recovered 30% of its pre-pandemic passenger count. In addition, Avianca’s load factor during 2019's first half was 81.8%, while the airline had 146,061 complete cycles. What about the fleet? In the last six months, Avianca has remained almost changeless regarding its fleet. Unlike its Chapter 11 partners, Avianca hasn't rejected leasing agreements nor signed new orders. As a recap, Aeromexico has altered its Boeing 737 MAX order and now will receive up to 40 units; LATAM will get 28 additional A320 and five B787 Dreamliners. Meanwhile, Avianca won't take any new aircraft from Airbus and Boeing until 2024. Nevertheless, it will honor some leasing agreements, and the airline will get 58 new deliveries between 2021 and 2023. At the end of June 2021, Avianca's fleet was composed of 145 aircraft, one less than in December 2020. The airline has: Passenger fleet: 23 Airbus A319s 56 A320s 10 A320neos 11 A321s 2 A321neos 7 A330s 13 Boeing 787-8s 1 B787-9s 11 ATR-72s Freighter fleet: 6 A330Fs 3 A300Fs 2 B767Fs A Chapter 11 update A couple of weeks ago, Avianca became the first Latin American airline to file its Chapter 11 plan. The carrier announced its immediate goals, and, for instance, it said that United Airlines will continue as Avianca’s leading partner. Both Avianca and United agreed to extend their partnership seven years until September 2030. A day after, Avianca revealed 23 new international routes across the Americas. Colombia will have 13 new connections, Ecuador and Costa Rica four each, and El Salvador and Guatemala one each. About Avianca Avianca -- https://aviancaholdings.com/ -- is the commercial brand for the collection of passenger airlines and cargo airlines under the umbrella company Avianca Holdings S.A. Bogota, Colombia-based Avianca has been flying uninterrupted for 100 years. With a fleet of 158 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. Avianca Holdings S.A. and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-11133) on May 10, 2020. At the time of the filing, the Debtors disclosed $7,273,900,000 in assets and $7,268,700,000 in liabilities. Judge Martin Glenn oversees the cases. The Debtors tapped Milbank LLP as general bankruptcy counsel; Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon Abogados S.A.S. as restructuring counsel; Smith Gambrell and Russell, LLP as aviation counsel; Seabury Securities LLC as financial restructuring advisor and investment banker; FTI Consulting, Inc. as financial restructuring advisor; and Kurtzman Carson Consultants LLC as claims and noticing agent. The U.S. Trustee for Region 2 appointed a committee of unsecured creditors in Debtors' bankruptcy cases on May 22, 2020. The committee is represented by Willkie Farr & Gallagher, LLP. BASIC ENERGY: Wins Interim Nod on $35MM DIP Financing ----------------------------------------------------- Judge David R. Jones of the U.S. Bankruptcy Court for the Southern District of Texas authorized Basic Energy Services, Inc., (BES) and its debtor-affiliates to borrow up to $35,000,000 under a DIP Secured Multi-Draw Term Promissory Note from a syndicate of lenders and Guggenheim Credit Services, LLC, as agent. The Debtors are authorized to use proceeds of the DIP Facility up $27,000,000 pursuant to the Interim Order and the Approved Budget, and to pay all interest, costs, fees, and other amounts accrued or accruing under the DIP Loan Agreement from the date of the Interim Order through and including the earlier to occur of (x) entry of the Final Order and (y) a Termination Event. The remainder of the DIP Loan proceeds will be made available upon entry of the Final Order. Material Terms of the DIP Facility: a. Interest rate: LIBOR (subject to a 1% floor) plus 900 bps, payable monthly in cash in arrears on the last business day of each month b. Maturity Date: The earliest to occur of: * the date that is 120 days after Closing Date, or the immediately following Business Day (if such date is not a Business Day); * September, 21, 2021, if the Final Order has not been entered by the Bankruptcy Court on or prior to such date, or if such date is not a Business Day the immediately following business day; * the consummation of both Trigger Sales; * the substantial consummation of a confirmed plan of reorganization; or * the date on which the Term Loans are accelerated. c. Expenses and Fees: * an administration fee equal to $175,000, which shall be fully earned upon the entry of the Interim Order; and * an exit fee of $350,000 payable on the earlier of (x) the date when all the DIP Obligations are paid in full in cash and (y) the Maturity Date. A copy of the motion containing other terms of the DIP facility is available for free at https://bit.ly/3za7wOb from Prime Clerk, claims agent. The Debtors are authorized to incur indebtedness under the DIP Facility, use the proceeds thereof, and use Cash Collateral on an interim basis in a manner consistent with the Interim Order and the DIP Loan Documents. The Debtors have an immediate and critical need to obtain credit in order to make payroll, satisfy other working capital and operational needs and fund the Chapter 11 Cases, as well as to preserve and maintain the value of the Debtors' estates. Moreover, the Debtors are authorized to use proceeds from the DIP Loans to satisfy in full all obligations outstanding under the Prepetition Superpriority Credit Agreement, pursuant to a payoff letter with the Prepetition Superpriority Secured Parties. Prepetition Debt Structure Before the Petition Date, the Debtors contracted these prepetition secured obligations: a. Prepetition ABL Credit Facility On October 2, 2018, BES entered into an ABL Credit Agreement with Bank of America, N.A., in its capacity as administrative agent and the lenders party thereto. As of the Petition Date, an aggregate amount equal to $36,049,307, plus any accrued and unpaid interest, fees, expenses is outstanding under the Prepetition ABL Credit Facility. The Prepetition ABL Obligations are secured by first priority liens on and security interests in all of the Collateral. b. Prepetition Second Lien Note On October 15, 2020, BES entered into a Second Lien Delayed Draw Promissory Note, with the other Debtors, as guarantors, and Ascribe III Investments LLC. As of the Petition Date, an aggregate principal amount equal to $15,000,000, plus all other accrued and unpaid interest, fees, expenses is outstanding under the Prepetition Second Lien Note. The Prepetition Second Lien Note Obligations are secured by second priority liens on and security interests in all of the Collateral. c. Prepetition Superpriority Credit Facility On May 3, 2021, BES entered into a Superpriority Credit Agreement with Cantor Fitzgerald Securities, in its capacity as administrative agent and collateral agent and the lenders party thereto. As of the Petition Date, the Prepetition Superpriority Credit Facility has an outstanding balance in an aggregate principal amount of $10,336,439, plus all other accrued and unpaid interest, fees, expenses. d. Prepetition Secured Notes Indenture On October 2, 2018, BES entered into an Indenture with UMB Bank, N.A., in its capacity as trustee and collateral agent, with the other Debtors, as guarantors, and issued senior secured notes to certain holders thereof. As of the Petition Date, an aggregate principal amount of $347,500,000, plus all other accrued and unpaid interest, fees, expenses are outstanding under the Prepetition Secured Notes Indenture. e. Additional Prepetition Secured Note On March 9, 2020, BES entered into a Senior Secured Promissory Note, with the other Debtors, as guarantors, and Ascribe. As of the Petition Date, $15,000,000, plus all other accrued and unpaid interest, fees, expenses is outstanding under the Additional Prepetition Secured Note. The Prepetition Secured Parties have consented to have consented to the Debtors' use of Cash Collateral and the other Prepetition Collateral, and the DIP Secured Parties' entry into the DIP Documents, pursuant to a Superpriority Intercreditor Agreement, dated as of May 3, 2021 and an Intercreditor Agreement, dated as of October 15, 2020. Security for DIP Obligations To secure payment of the DIP Obligations, the DIP Agent is granted security interests in and liens on all DIP Collateral, subject to the Carve-Out, the Permitted Prior Liens, the Prepetition ABL Liens, the ABL Adequate Protection Liens, the Second Lien Adequate Protection Liens, and the Prepetition Second Lien Note Liens. The DIP Lien on the Prepetition Superpriority Collateral, the Prepetition Secured Notes Collateral and the Additional Prepetition Senior Notes Collateral, however, shall be subject solely to the Carve-Out and Permitted Prior Liens, it being understood that the liens in favor of the Prepetition Secured Notes Secured Parties and the Additional Prepetition Secured Note Party shall be primed by the DIP Liens. The DIP Agent is also granted an allowed superpriority administrative expense claim, having priority in right of payment over all other obligations of the Debtors, subject to the Carve-Out. Any proceeds of Prepetition Collateral subject to liens primed by the DIP Liens received by any Prepetition Secured Party shall be segregated and held in trust and forthwith paid over to the DIP Agent for the benefit of the DIP Secured Parties so long as there are DIP Obligations outstanding or the DIP Lenders have any outstanding DIP Commitments. Adequate Protection Each of the Prepetition Secured Parties is entitled to receive adequate protection to the extent of any Diminution in Value of the Prepetition Secured Party's interest in the respective Prepetition Collateral: a. Prepetition ABL Secured Parties * ABL Adequate Protection Liens consisting of First Priority ABL Adequate Protection Liens and ABL Adequate Protection Liens Junior to Certain Existing Liens and DIP Liens; * Adequate Protection Superpriority Claims; * Payment of Prepetition and Postpetition Interest and Letter of Credit Fees; * Payment of Prepetition ABL Agent Fees and Expenses; and * Sales of Prepetition ABL Collateral or the First Priority ABL Adequate Protection Collateral. b. Prepetition Second Lien Secured Party * Second Lien Adequate Protection Liens consisting of (i) Junior Priority Second Lien Note Adequate Protection Liens and (ii) Second Lien Note Adequate Protection Liens Junior to Certain Existing Liens, Junior to DIP Liens and Junior to ABL Adequate Protection Liens; and * Adequate Protection Superpriority Claims. c. Prepetition Superpriority Secured Parties * Superpriority Adequate Protection Liens consisting of (i) First Priority Superpriority Adequate Protection Liens and (ii) Superpriority Adequate Protection Liens Junior to Certain Existing Liens and DIP Liens; and * Adequate Protection Superpriority Claims; * Payment of Prepetition and Postpetition Interest; and * Payment of Prepetition Superpriority Agent and Ad Hoc Group Fees and Expenses. d. Prepetition Secured Notes Secured Parties * Secured Notes Adequate Protection Liens consisting of (i) Junior Priority Secured Notes Adequate Protection Liens and (ii) Secured Notes Adequate Protection Liens Junior to Certain Existing Liens; * Adequate Protection Superpriority Claims; and * Payment of Prepetition Secured Notes Trustee and Ad Hoc Group Fees and Expenses. e. Additional Prepetition Secured Note Secured Party * Additional Prepetition Secured Note Adequate Protection Liens consisting of (i) Junior Priority Additional Prepetition Secured Note Adequate Protection Liens and (ii) Additional Prepetition Secured Note Adequate Protection Liens Junior to DIP Liens and Junior to Certain Existing Liens; * Adequate Protection Superpriority Claims; and * Payment of Additional Prepetition Secured Note Fees and Expenses. The DIP Lenders and Prepetition Secured Parties expressly reserve their rights to credit bid. A copy of Interim Order is available for free at https://bit.ly/37YXnYT from Prime Clerk, claims agent. The Final Hearing on the Motion will be held on September 14, 2021, at 3 p.m., prevailing Central Time. Objections must be filed and served so as to be received no later than 4 p.m. (prevailing Central Time) on September 7. About Basic Energy Services Basic Energy Services -- http://www.basices.com/-- provides wellsite services essential to maintaining production from the oil and gas wells within its operating areas. The Company's operations are managed regionally and are concentrated in major United States onshore oil-producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Louisiana, Wyoming, North Dakota, Colorado and Montana. Specifically, the Company has a significant presence in the Permian Basin, Bakken, Los Angeles and San Joaquin Basins, Eagle Ford, Haynesville and Powder River Basin. Basic Energy Services, Inc., and 12 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 21-90002) on Aug. 17, 2021. The Company disclosed total assets of $331 million and debt of $549 million as of March 31, 2021. The Hon. David R. Jones is the case judge. The Debtors tapped Weil, Gotshal & Manges LLP as counsel; Alixpartners LLP as restructuring advisor; and Lazard Freres & Company as financial advisor. Prime Clerk is the claims agent. BEAR COMMUNICATIONS: May Use Cash Collateral Through October 29 --------------------------------------------------------------- Judge Dale L. Somers of the U.S. Bankruptcy Court for the District of Kansas authorized Bear Communications, LLC to use Cash Collateral to pay the budgeted expenses necessary to sustain its operations prior to October 29, 2021. The budget provided for total monthly costs at: $1,508,473 for the month ended August 22, 2021; $1,474,973 for the month ended September 19, 2021; $1,515,973 for the month ended October 17, 2021; and $1,515,973 for the month ended November 14, 2021. The budget also provided for monthly adequate protection payments to Central Bank of the Midwest for $50,768; and to the U.S. Small Business Administration for $436. The Debtor is prohibited from making any payments to critical vendors to the extent the budget contains any allocation for such payments unless authorized under the Final Order Authorizing Payment of Certain Critical Vendors. Moreover, the Debtor shall not use Cash Collateral to pay any prepetition obligations or claims, absent order of the Court. The Order provides for Carve-Outs of the Debtor's assets and the collateral of the Bank and the SBA to pay for allowed administrative expenses of the Debtor's Professionals, and allowed fees and expenses of the Committee's Professionals. The Debtor's Carve‐Out for the allowed fees earned and expenses incurred by its Professionals shall be $125,000. The Carve‐Out shall be $125,000 to pay the allowed fees earned and expenses incurred by the Committee's Professionals. Other than the adequate protection payments, the Bank and the SBA shall receive an additional and replacement security interest and lien in the Debtor's prepetition cash collateral, in the same categories of assets acquired by the Debtor post‐petition in which the Bank and the SBA had pre‐petition security interests, to the extent any cash collateral is diminished post‐petition together with any proceeds thereof. The Bank and the SBA reserve their rights to assert superpriority claims to the extent each such creditor has a claim against the Debtor from the diminution in value of the Bank's and/or SBA's Cash Collateral. A copy of the order is available for free at https://bit.ly/3j5hESD from PacerMonitor.com. Counsel for Central Bank of The Midwest: Paul M. Croker, Esq. Erin M. Edelman, Esq. Armstrong Teasdale LLP 2345 Grand Blvd., Ste. 1500 Kansas City, MO 64108‐2617 Telephone: (816) 221‐3420 Facsimile: (816) 221‐0786 Email: pcroker@atlllp.com eedelman@atllp.com Counsel for the U.S. Small Business Administration: Duston J. Slinkard Acting U.S. Attorney District of Kansas Brian D. Sheern Sarah Burch Macke 301 N. Main St., Ste. 1200 Wichita, KS 67202‐4812 Telephone: (316) 269‐6481 Facsimile: (316) 269‐6484 Email: brian.sheern@usdoj.gov Sarah.macke@usdoj.gov About Bear Communications Lawrence, Kan.-based Bear Communications, LLC -- http://www.bearcommunications.net-- is a communications contractor offering aerial construction, underground construction, splicing, subscriber drop placement, residential and commercial installations, residential and commercial wiring, consulting, and testing services. Bear Communications filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 21-10495) on May 28, 2021. Bryant Gray, vice president of Legal and Risk, signed the petition. At the time of the filing, the Debtor disclosed total assets of up to $50 million and total liabilities of up to $100 million. Judge Dale L. Somers presides over the case. W. Thomas Gilman, Esq., at Hinkle Law Firm LLC, represents the Debtor as legal counsel. The U.S. Trustee for Region 20 appointed an official committee of unsecured creditors on June 29, 2021. The committee is represented by Robert Hammeke, Esq., at Dentons US LLP and James R. Irving, Esq., at Dentons Bingham Greenebaum LLP. BENCHMARK ELECTRONICS: Egan-Jones Keeps BB Senior Unsecured Ratings ------------------------------------------------------------------- Egan-Jones Ratings Company, on August 11, 2021, maintained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by Benchmark Electronics, Inc. Headquartered in Tempe, Arizona, Benchmark Electronics, Inc. provides contract electronics manufacturing and design services. BGT INTERIOR: Seeks to Hire Brown & Camp as Litigation Counsel -------------------------------------------------------------- BGT Interior Solutions, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Brown & Camp, LLC as special litigation counsel. Brown & Camp will render these legal services: (a) assist the Debtor in analyzing and prosecuting claims owned by the estate against third parties; (b) prepare and file pleadings; (c) conduct examinations of witnesses, claimants and other parties in interest in connection with such litigation; (d) represent the Debtor in any adversary proceedings and other proceedings before the bankruptcy court and in any judicial or administrative proceeding in which the claims may be affected; (e) collect any judgment that may be entered in the contemplated litigation; (f) handle any appeals that may result from the contemplated litigation; and (g) perform other legal services. Terry Camp, Esq., will be designated as attorney-in-charge in this matter. He will be paid at his hourly rate of $295. Mr. Camp 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: Terry L. Camp, Esq. Brown & Camp, LLC 550 Palmer Street, Suite 201 Delta, CO 81416 Telephone: (970) 874-4451 Facsimile: (970) 874-7433 Email: main@brownlawllc.com About BGT Interior Solutions BGT Interior Solutions, Inc. owns and operates a business known as BGT Interior Services, Inc., which provides multi-family luxury interior finish packages to the construction industry in Texas and nationwide. It specializes in custom turn-key flooring and countertop packages to fit a variety of multi-family, hospitality, or commercial settings. The company offers custom design services and interior finish packages, providing its customers a single point of contact from fabrication to installation. BGT Interior Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 21-32124) on June 23, 2021. In the petition signed by Robert Wagner, vice president and director, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Waldron & Schneider LLP as bankruptcy counsel, MMS Certified Public Accountants PLLC as accountant, and Pannell Kerr Forster of Texas PC as audit services provider and tax preparer. Givens & Johnston PLLC, Brown & Camp LLC and Paxson & Associates, PC serve as special counsel. Veritex Community Bank, as creditor, is represented by Crady Jewett McCulley & Houren LLP. BGT INTERIOR: Seeks to Tap Givens & Johnston as Litigation Counsel ------------------------------------------------------------------ BGT Interior Solutions, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Givens & Johnston, PLLC as special litigation counsel. Givens & Johnston will render these legal services: (a) assist the Debtor in analyzing and prosecuting claims owned by the estate or asserted against the estate; (b) prepare and file pleadings; (c) conduct examinations of witnesses, claimants and other parties in interest; (d) represent the Debtor in any adversary proceedings and other proceedings in any judicial or administrative proceeding; (e) collect any judgment that may be entered in the contemplated litigation or other proceedings; (f) handle any appeals that may result from the contemplated litigation or other proceedings; and (g) perform other legal services. The hourly rates of Givens & Johnston's attorneys are as follows: Robert T. Givens, Member $600 Scott L. Johnston, Member $550 James Garland Hurst, Partner $450 Sharon Steele Doyle, Attorney $425 Joshua Beker, Attorney $325 David Hsu, Of Counsel $300 Philip Fluegge, Attorney $275 Harold Rader Jackson, Attorney $275 Scott Johnston, Esq., a member at Givens & Johnston, 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: Scott L. Johnston, Esq. Givens & Johnston, PLLC 950 Echo Ln, Suite 360 Houston, TX 77024 Telephone: (713) 932-1540 Facsimile: (713) 932-1542 Email: sj@gjatradelaw.com About BGT Interior Solutions BGT Interior Solutions, Inc. owns and operates a business known as BGT Interior Services, Inc., which provides multi-family luxury interior finish packages to the construction industry in Texas and nationwide. It specializes in custom turn-key flooring and countertop packages to fit a variety of multi-family, hospitality, or commercial settings. The company offers custom design services and interior finish packages, providing its customers a single point of contact from fabrication to installation. BGT Interior Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 21-32124) on June 23, 2021. In the petition signed by Robert Wagner, vice president and director, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Waldron & Schneider LLP as bankruptcy counsel, MMS Certified Public Accountants PLLC as accountant, and Pannell Kerr Forster of Texas PC as audit services provider and tax preparer. Givens & Johnston PLLC, Brown & Camp LLC and Paxson & Associates, PC serve as special counsel. Veritex Community Bank, as creditor, is represented by Crady Jewett McCulley & Houren LLP. BGT INTERIOR: Taps Pannell Kerr Forster as Auditor -------------------------------------------------- BGT Interior Solutions, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Pannell Kerr Forster of Texas PC as auditor and tax preparer. Pannell Kerr Forster will render these services: (a) audit and report on the consolidated financial statements of the Debtor for the year ended December 31, 2020; (b) provide an opinion on whether or not the financial statements are free from material misstatement and issue an auditors' report that the financial statements fairly represent, in all material respects, in conformity with the U.S. generally accepted accounting principles (GAAP); (c) prepare the Debtor's 2020 federal and state tax returns; and (d) provide tax advisory services relative to the Debtor's Chapter 11 bankruptcy filing. Pannell Kerr Forster will charge between $45,000 and $50,000 for its audit services. In addition, the firm will seek reimbursement for expenses incurred. As disclosed in court filings, Pannell Kerr Forster of Texas is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan D. Istre Pannell Kerr Forster of Texas, PC 5847 San Felipe St., Suite 2600 Houston, TX 77057-3000 Telephone: (713) 860-1400 Facsimile: (713) 355-3909 About BGT Interior Solutions BGT Interior Solutions, Inc. owns and operates a business known as BGT Interior Services, Inc., which provides multi-family luxury interior finish packages to the construction industry in Texas and nationwide. It specializes in custom turn-key flooring and countertop packages to fit a variety of multi-family, hospitality, or commercial settings. The company offers custom design services and interior finish packages, providing its customers a single point of contact from fabrication to installation. BGT Interior Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 21-32124) on June 23, 2021. In the petition signed by Robert Wagner, vice president and director, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Waldron & Schneider LLP as bankruptcy counsel, MMS Certified Public Accountants PLLC as accountant, and Pannell Kerr Forster of Texas PC as audit services provider and tax preparer. Givens & Johnston PLLC, Brown & Camp LLC and Paxson & Associates, PC serve as special counsel. Veritex Community Bank, as creditor, is represented by Crady Jewett McCulley & Houren LLP. BGT INTERIOR: Taps Paxson & Associates as Construction Counsel -------------------------------------------------------------- BGT Interior Solutions, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Paxson & Associates, PC as special construction counsel. Paxson & Associates will render these legal services: (a) assist the Debtor in analyzing and prosecuting claims owned by the estate against third parties and assist in the avoidance of claims against the Debtor; (b) prepare and file pleadings and lien claims; (c) conduct examinations of witnesses, claimants and other parties in interest in connection with such arbitration and litigation; (d) represent the Debtor in any proceedings before state courts and arbitration panels; (e) analyze and assist in contract negotiation, administration and enforcement; and (f) perform other legal services. Stephen Paxson, Esq., will be designated as attorney-in-charge in this matter. He will be paid at his hourly rate of $320. Mr. Paxson 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: Stephen B. Paxson, Esq. Paxson & Associates, PC 2240 Bissonnet Street Houston, TX 77005 Telephone: (832) 615-7433 Facsimile: (713) 892-5520 About BGT Interior Solutions BGT Interior Solutions, Inc. owns and operates a business known as BGT Interior Services, Inc., which provides multi-family luxury interior finish packages to the construction industry in Texas and nationwide. It specializes in custom turn-key flooring and countertop packages to fit a variety of multi-family, hospitality, or commercial settings. The company offers custom design services and interior finish packages, providing its customers a single point of contact from fabrication to installation. BGT Interior Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 21-32124) on June 23, 2021. In the petition signed by Robert Wagner, vice president and director, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Waldron & Schneider LLP as bankruptcy counsel, MMS Certified Public Accountants PLLC as accountant, and Pannell Kerr Forster of Texas PC as audit services provider and tax preparer. Givens & Johnston PLLC, Brown & Camp LLC and Paxson & Associates, PC serve as special counsel. Veritex Community Bank, as creditor, is represented by Crady Jewett McCulley & Houren LLP. BOUCHARD TRANSPORTATION: Harris Wants Specific Treatment of Claims ------------------------------------------------------------------ Secured Creditor Harris County and the entities for which it collects objects to the Joint Plan of Bouchard Transportation Co., Inc. and its Debtor Affiliates. Harris County objects to the Plan on the basis that it fails to provide for specific treatment of Harris County's claim. On the Effective Date of the Plan, Harris County should be paid from the proceeds of the sale of the vessels securing its claim. Harris County claims that the Plan fails to properly provide for the payment of interest on Harris County's claim as required by 11 U.S.C. Secs. 506(b) and 1129. Harris County is entitled to interest on the claim at the statutory rate of 12% per annum from the petition date and continuing until the claim is paid in full. Harris County points out that the Plan fails to provide for the retention of Harris County's liens on the collateral. The Plan should not be confirmed unless and until it specifically provides for Harris County's pre and post-petition liens to remain on the collateral until the taxes are paid in full. Lastly, Harris County objects to the Plan to the extent it purports to impose a requirement of filing an administrative expense claim in order for the 2021 taxes to be paid. The Plan should provide that administrative expense claims need not be filed for the 2021 taxes. The Debtors should be required to pay the post-petition taxes in the ordinary course of business without the necessity of local governments having to file an administrative claim. 11 U.S.C. Sec. 503(b)(1)(D). A full-text copy of Harris County's objection dated August 17, 2021, is available at https://bit.ly/3gjxhUW from Stretto, the claims agent. Counsel for Harris County: LINEBARGER GOGGAN BLAIR & SAMPSON, LLP JOHN P. DILLMAN Texas State Bar No. 05874400 TARA L. GRUNDEMEIER Texas State Bar No. 24036691 Post Office Box 3064 Houston, Texas 77253-3064 (713) 844-3478 Telephone (713) 844-3503 Facsimile john.dillman@lgbs.com tara.grundemeier@lgbs.com About Bouchard Transportation Founded in 1918, Bouchard Transportation Co., Inc.'s first cargo was a shipment of coal. By 1931, Bouchard acquired its first oil barge. Over the past 100 years and five generations later, Bouchard has expanded its fleet, which now consists of 25 barges and 26 tugs of various sizes, capacities and capabilities, with services operating in the United States, Canada and the Caribbean. Bouchard and certain of its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-34682) on Sept. 28, 2020. At the time of the filing, the Debtors estimated assets of between $500 million and $1 billion and liabilities of between $100 million and $500 million. Judge David R. Jones oversees the cases. The Debtors tapped Kirkland & Ellis LLP, Kirkland & Ellis International LLP and Jackson Walker LLP as their legal counsel; Portage Point Partners, LLC as restructuring advisor; Jefferies LLC as investment banker; Berkeley Research Group, LLC as financial advisor; and Grant Thornton, LLP as tax consultant. Stretto is the claims agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' cases. The committee tapped Ropes & Gray LLP as bankruptcy counsel, Clyde & Co US LLP as maritime counsel, and Berkeley Research Group LLC as financial advisor. BOUCHARD TRANSPORTATION: Wells Fargo Says Plan Unconfirmable ------------------------------------------------------------ Wells Fargo Bank, National Association, as lender under that certain loan agreement, dated as of October 20, 2013, objects to the Joint Plan of Bouchard Transportation Co., Inc. and its Debtor Affiliates. Wells Fargo objects to the Plan to the extent that the Debtors seek to use the Wells Fargo Sale Proceeds to satisfy the claims of administrative and/or junior creditors prior to payment in full of the Wells Fargo Claim, which is secured by a valid senior lien on the Wells Fargo Sale Proceeds. Pursuant to the Plan, Wells Fargo's only source of recovery on its secured claim is the Wells Fargo Sale Proceeds, which are subject to Wells Fargo's valid lien, which lien is superior to any rights the holders of the Administrative Claims may have in the Wells Fargo Sale Proceeds. Wells Fargo is therefore entitled to receive all of the Wells Fargo Sale Proceeds before any Wells Fargo Sale Proceeds may be used to satisfy the Administrative Claims or any other claims against the Debtors. Wells Fargo claims that the Plan does not provide for Wells Fargo to retain its liens on the Wells Fargo Sale Proceeds, as the Plan mandates that the Wells Fargo Sale Proceeds be used to pay the Administrative Claims. Nor is Wells Fargo being provided the "indubitable equivalent" of its claim under the Plan. As the Plan fails to satisfy requirements, the Plan is not fair and equitable within the meaning of section 1129(b)(2)(A) and cannot be confirmed. A full-text copy of Wells Fargo's objection dated August 17, 2021, is available at https://bit.ly/3D1Qh42 from Stretto, the claims agent. Counsel for Wells Fargo Bank: Omar J. Alaniz REED SMITH LLP 811 Main Street Suite 1700 Houston, Texas 77002 Telephone: (713) 469.3800 Facsimile: (713) 469.3899 Email: oaliniz@reedsmith.com Matthew E. Tashman Derek J. Baker, Esquire REED SMITH LLP 1717 Arch Street, Suite 3100 Philadelphia, PA 19103 Telephone: (215) 241.7996 Facsimile: (215)851.1420 E-mail: mtashman@reedmith.com dbaker@reedsmith.com About Bouchard Transportation Founded in 1918, Bouchard Transportation Co., Inc.'s first cargo was a shipment of coal. By 1931, Bouchard acquired its first oil barge. Over the past 100 years and five generations later, Bouchard has expanded its fleet, which now consists of 25 barges and 26 tugs of various sizes, capacities and capabilities, with services operating in the United States, Canada and the Caribbean. Bouchard and certain of its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-34682) on Sept. 28, 2020. At the time of the filing, the Debtors estimated assets of between $500 million and $1 billion and liabilities of between $100 million and $500 million. Judge David R. Jones oversees the cases. The Debtors tapped Kirkland & Ellis LLP, Kirkland & Ellis International LLP and Jackson Walker LLP as their legal counsel; Portage Point Partners, LLC as restructuring advisor; Jefferies LLC as investment banker; Berkeley Research Group, LLC as financial advisor; and Grant Thornton, LLP as tax consultant. Stretto is the claims agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' cases. The committee tapped Ropes & Gray LLP as bankruptcy counsel, Clyde & Co US LLP as maritime counsel, and Berkeley Research Group LLC as financial advisor. BOY SCOUTS: Chapter 11 Hearing Delayed After Adverse Ruling ----------------------------------------------------------- Randall Chase of The Associated Press reports that attorneys for the Boy Scouts of America are postponing a key bankruptcy hearing that was scheduled to start in the fourth week of August 2021, following a court ruling that casts uncertainty on the future of the case. Attorneys on Friday, August 20, 2021, filed court papers postponing a hearing until Sept. 21 that had been set to begin Wednesday. The hearing is to determine whether the judge approves a disclosure statement that explains the Boy Scouts' reorganization plan to creditors. Approval of the disclosure statement is required before creditors can vote on the plan. The move comes one day after the judge approved BSA’s proposal to enter into an agreement that includes an $850 million fund to compensate tens of thousands of men who say they were sexually abused as youngsters by Scout leaders and others. Importantly, however, she rejected two key provisions of the deal, potentially jeopardizing the agreement that the Boy Scouts had been hoping to use as a springboard to emerge from bankruptcy later this 2021. The agreement involves the national Boy Scouts organization, roughly 250 local Boy Scout councils, and attorneys representing some 70,000 men who say they were sexually abused as youngsters decades ago while engaged in Boy Scout-related activities. It is opposed by insurers who issued policies to the Boy Scouts and local councils, attorneys representing thousands of other abuse victims, and various church denominations that have sponsored local Boy Scout troops. In her ruling, Judge Laura Selber Silverstein refused to grant a request that the Boy Scouts be allowed to pay millions in legal fees and expenses of attorneys hired by law firms that represent tens of thousands of abuse claimants. Silverstein said she had several concerns about the fee request, including whether an ad hoc group called the Coalition of Abused Scouts for Justice is duplicating efforts by the official victims committee appointed by the U.S. bankruptcy trustee, and whether the coalition is making a substantial contribution to the case. She also noted that any payment of legal fees by the Boys Scouts, or by the victims fund, to attorneys for abuse claimants "comes directly or indirectly out of their clients pockets, and indeed the pockets of all abuse victims." Silverstein also denied the BSA’s request under the agreement for permission to withdraw from an April agreement in which insurance company The Hartford would pay $650 million into the fund for abuse claimants in exchange for being released from any further liability. The judge said the Hartford settlement was a separate issue from the agreement, and that the BSA's attempt to use the agreement as a vehicle to back out of that deal was improper. The ruling was a setback for the Boy Scouts and supporters of the agreement, who argued that the fee arrangement and withdrawal from The Hartford settlement were critical components of the deal. The Boy Scouts, based in Irving, Texas, sought bankruptcy protection in February 2020 in an effort to halt hundreds of individual lawsuits and create a huge compensation fund for thousands of men who were molested as youngsters by scoutmasters or other leaders. Although the organization was facing 275 lawsuits at the time of the filing, it is now facing some 82,500 sexual abuse claims in the bankruptcy case. Under the agreement, the Boy Scouts would contribute up to $250 million in cash and property to a fund for victims of child sexual abuse. The local councils, which run day-to-day operations for Boy Scout troops, would contribute $600 million. In addition, the national organization and local councils would transfer their rights to Boy Scout insurance policies to the victims fund. In return, they would be released from future liability for abuse claims. Attorneys for insurance companies and organizations that have sponsored local Boy Scout troops argue that the agreement and proposed reorganization plan strip them of their rights to defend themselves against abuse claims. They also say the Boy Scouts have failed to provide critical information that claimants and other creditors need to see before deciding whether to approve any reorganization plan. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. BRICK HOUSE: Court Extends Solicitation Exclusivity Until Oct. 18 ----------------------------------------------------------------- At the behest of the Debtor Brick House Properties, LLC, Judge Kevin R. Anderson of the U.S. Bankruptcy Court for the District of Utah, Central Division extended the period in which the Debtor may solicit acceptances of its Chapter 11 Plan through and including October 18, 2021. A key component of Debtor's Plan is the resolution of the Rejection Motion, and the outcome of its pending tender of performance, which will have a significant impact on the future direction of this case. The Debtor's case is somewhat complex, especially considering the manifold disputes with Vesna Capital, LLC, one of which is the Debtor's motion to reject a real estate purchase contract with Vesna Capital. At the December 22 hearing of the Rejection Motion, the Court said that it was unnecessarily duplicative to focus on the disclosure statement, while the Rejection Motion remains pending. The Debtor has made significant progress in resolving issues facing its estate, as the Court is aware through the hearing conducted in this matter and the pleadings on file. Confirmation of such a plan will allow the Debtor to preserve its value as an ongoing concern, which can only benefit the Debtor's creditors. In sum, the extension of the Solicitation Period will facilitate the Debtor's efforts to maximize the value of its estate by providing the Debtor with a full and fair opportunity to seek acceptances of the Plan. Also, the extension will increase the likelihood of a greater distribution to creditors. A copy of the Debtor's Motion to extend is available at https://bit.ly/3moHm70 from PacerMonitor.com. A copy of the Court's Extension Order is available at https://bit.ly/3mtuwV3 from PacerMonitor.com. About Brick House Properties, LLC Brick House Properties, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Utah Case No. 20-26250) on October 21, 2020, estimating under $1 million in both assets and liabilities. Brick House Properties owns two parcels of real property in Riverton, Utah. It leases portions of the property to four related persons and entities: (i) Our Journey School LLC (the "Pre-Elementary School"); (ii) Our Journey, Inc. (the "Elementary School"); (iii) Hidden Valais Ranch LLC (the "Farm"); and (iv)Emily and Josh Aune. Emily Aune is the Debtor's sole member and is also the sole member and owner of the Farm. She is a 90% owner in the Pre-Elementary School. The Elementary School is a 501(3)(c) non-profit managed by a board that Emily and Josh are members of. Judge Kevin R. Anderson oversees the case. The Debtor is represented by Cohne Kinghorn, P.C. as counsel. BRINK'S COMPANY: Egan-Jones Keeps B+ Senior Unsecured Ratings ------------------------------------------------------------- Egan-Jones Ratings Company, on August 13, 2021, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Brink's Company. Headquartered in Richmond, Virginia, Brink's Company provides security services globally. BUNGE LIMITED: Egan-Jones Retains BB Sr. Unsecured Debt Ratings --------------------------------------------------------------- Egan-Jones Ratings Company, on August 13, 2021, maintained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by Bunge Limited. Headquartered in Chesterfield, Missouri, Bunge Limited operates as a global agribusiness and food company. C&C CONSTRUCTION: May Use SBA's Cash Collateral Until Sept. 30 -------------------------------------------------------------- Judge Lashonda A. Hunt of the U.S. Bankruptcy Court for the Northern District of Illinois authorized C&C Construction and Management LLC to use the cash collateral of the U.S. Small Business Administration on an interim basis to pay for is operating expenses, pursuant to the budget. The budget provided for $38,000 payment to subcontractors; $ $16,000 for payroll and payroll taxes; and $5,260 for insurance, among others. A copy of the budget is available for free at https://bit.ly/3kfzdPl from PacerMonitor.com The Debtor's authorization to use the Cash Collateral shall terminate on the earlier of: (a) the entry of a Court order vacating or reversing this Order; (b) the Effective Date of a confirmed Plan of Reorganization in the Debtor's case; (c) the occurrence of an event of default; (d) the conversion of the Debtor's Chapter 11 case to one under Chapter 7; (e) September 30, 2021; or (f) such later date as the SBA or the Debtor may specify in writing. As adequate protection, the Debtor shall make monthly payments to the SBA for $125 beginning on September 1, 2021. The SBA shall have a replacement lien on the proceeds from assets the Debtor acquires after to the Petition Date to the extent that the collateral is utilized, subject to verification of the extent and validity of the lien. The Debtor owed the SBA $150,000, pursuant to a note the Debtor executed in favor of the SBA in May 2020. The SBA Loan is secured by assets valued at approximately $376,911. The Debtor's request to use the cash collateral is set for status and final hearing on September 9, 2021, at 11 a.m., to be held electronically by Zoom for Government. Objections must be filed and served by September 7. A copy of the interim order is available for free at https://bit.ly/3B6YHW7 from PacerMonitor.com. About C&C Construction and Management LLC C&C Construction and Management LLC is a building finishing contractor based in Plainfield, Illinois. It offers construction, exterior building maintenance and commercial remodeling services. The company filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 21-09630) on August 17, 2021. In the petition signed by Anthony Cassidy, managing member, the Debtor disclosed $376,911 in total assets and $1,339,128 in total liabilities. Judge Lashonda A. Hunt is assigned to the case. Golan Christie Taglia LLP serves as the Debtor's counsel. CARE SHARE: Seeks to Hire the Ballstaedt Law Firm as Counsel ------------------------------------------------------------ Care Share Manager Corp. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ the Ballstaedt Law Firm as legal counsel. Ball Bankruptcy will render these legal services: (a) institute, prosecute, or defend any contested matters arising out of the Debtor's Chapter 11 proceeding; (b) assist in the recovery, liquidation and protection of estate assets; (c) determine the priorities and statuses of claims and file objections thereto when necessary; (d) prepare a disclosure statement and Chapter 11 Subchapter V plan of reorganization; and (e) perform all other legal services for the Debtor. Ball Bankruptcy received a pre-bankruptcy retainer of $2,000 and a Chapter 11 filing fee of $1,738 from the Debtor. The firm will charge less than $300 per hour for attorneys and less than $150 per hour for paralegals. In addition, the firm will seek reimbursement for expenses incurred. Seth Ballstaedt, Esq., an attorney at Ball Bankruptcy, 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: Seth D. Ballstaedt, Esq. Ballstaedt Law Firm dba Ball Bankruptcy 8751 W. Charleston Blvd., Suite 220 Las Vegas, NV 89117 Telephone: (702) 715-0000 Facsimile: (702) 666-8215 Email: help@bkvegas.com About Care Share Manager Corp Care Share Manager Corp filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 21-13987) on Aug. 12, 2021, listing up to $50,000 in assets and up to $500,000 in liabilities. Judge Natalie M. Cox oversees the case. Seth D. Ballstaedt, Esq., at the Ballstaedt Law Firm, doing business as Ball Bankruptcy, serves as the Debtor's legal counsel. CCMW LLC: May Use Cash Collateral Through Sept. 30 -------------------------------------------------- Judge Benjamin A. Kahn of the U.S. Bankruptcy Court for the Middle District of North Carolina authorized CCMW, LLC to use the cash collateral in the ordinary course of its business, pursuant to the budget, through the earliest of: (a) the entry of a final order on the use of cash collateral; (b) the entry of a further interim order on the use of cash collateral; (c) September 30, 2021; (d) the entry of an order denying or modifying the use of cash collateral; or (e) the occurrence of a Termination Event. The budget provided for $6,977 in total expenses for August 2021, and $$9,740 in total expenses for September 2021. To the extent the Debtor uses the cash collateral of the Secured Parties, First National Bank of Pennsylvania (FNB) and Davenport Living Trust (DLT), the Secured Parties are granted a postpetition replacement lien in the Debtor's pospetition property of the same type which secured their claims prepetition. During the usage period, the Debtor shall escrow an adequate protection payment for (i) FNB in the amount of $5,396 and (ii) DLT in the amount of $1,313 on or before the 15th day of each month. The adequate protection payments shall be held in the trust account of the Debtor's counsel (Ivey, McClellan, Siegmund, Brumbaugh & McDonough LLP) until such time that each of the claims of FNB/ DLT claim has been liquidated and the bona fide dispute resolved. As further adequate protection, the Secured Parties are granted an allowed super priority administrative expense claim to the extent of any diminution in value of their interest in the prepetition collateral. A copy of the order is available for free at https://bit.ly/3goegR0 from PacerMonitor.com. About CCMW LLC Greensboro, N.C.-based CCMW, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. N.C. Case No. 21-10395) on July 20, 2021. At the time of the filing, the Debtor had $1 million to $10 million in both assets and liabilities. Judge Benjamin A. Kahn oversees the case. Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP and Lynn, Webb & Smith, PLLC serve as the Debtor's legal counsel and financial consultant, respectively. CERTA DOSE: May Use SBA, Inventor's Cash Collateral --------------------------------------------------- Judge Lisa G. Beckerman of the U.S. Bankruptcy Court for the Southern District of New York authorized Certa Dose Inc. to use cash collateral and all its other accounts to pay for the Debtor's operating expenses, as set forth in the approved interim budget, or with the written consent of the U.S. Small Business Administration or Inventor, Dr. Caleb Hernandez. The cash collateral shall be used for working capital and general operations purposes, as well as to pay for costs and expenses related to the Debtor's Chapter 11 case. The cash collateral, however, shall not be used to pay, directly or indirectly, any administrative expenses of the Debtor and its estate, except those provided for in the budget. The SBA and Inventor are granted (i) valid, binding, enforceable and automatically perfected liens and/or security interests (the Adequate Protection Liens) on all of the Debtor's assets to the same validity, extent and priority as existed prepetition. Adequate Protection Liens shall not include any lien or other interest in a Money Market Demand held at Pacific Western Bank. As further adequate protection for any diminution in value of its interests in the property encumbered by the SBA Lien and the Inventor's Lien, the SBA and Inventor are granted super-priority administrative expense claims to the extent that the Adequate Protections Liens prove inadequate. The Debtor shall also make the monthly installment payments of $731 on the SBA Loan as they come due. The replacement liens, adequate protection liens, and super-priority claims are subject to: * all quarterly fees due to the Office of the U.S. Trustee and interest due pursuant to 31 U.S.C. Section 3717; * any fees due to the Clerk of the Bankruptcy Court; * the fees and expenses of a hypothetical Chapter 7 trustee up to $10,000; * the fees and expenses of proposed Debtor's counsel Ortiz & Ortiz LLP, if approved by the Court, up to $20,000 (Legal Fee Carve-Out); and * the recovery of funds or proceeds from the successful prosecution of avoidance actions. The Legal Fee Carve-Out may not diminish the SBA's right to a super-priority claim in the event that there is a diminution of the SBA's interest in the Debtor's Collateral. A copy of the order is available for free at https://bit.ly/2WbcsUq from PacerMonitor.com. About Certa Dose, Inc. Certa Dose Inc. develops, sells and licenses pharmaceutical products and technology. Its principal business is developing, selling and licensing its pharmaceutical products and technology. The Company was designated as an innovation company by Johnson & Johnson and has received a grant and mentorship from J & J. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 21-11045) on May 30, 2021. In the petition signed by Caleb S. Hernandez, president, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Lisa G. Beckerman presides over the case. Norma Ortiz, Esq., at Ortis & Ortiz, LLP is the Debtor's counsel. CHESAPEAKE ENERGY: Egan-Jones Hikes Sr. Unsecured Ratings to CCC ---------------------------------------------------------------- Egan-Jones Ratings Company, on August 12, 2021, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Chesapeake Energy Corporation. to CCC from D. EJR also upgraded the rating on commercial paper issued by the Company to C from D. Headquartered in Oklahoma City, Oklahoma, Chesapeake Energy Corporation produces oil and natural gas. CMG CAPITAL: Taps Edelboim Lieberman Revah as Litigation Counsel ---------------------------------------------------------------- CMG Capital, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Edelboim Lieberman Revah as special litigation counsel. The Debtor needs the assistance of a special counsel to file an unlawful detainer action under the Florida law accelerated summary procedure to remove the squatters occupying its residential property located at 1431 NW 37th Ave., Miami. The firm will be compensated a flat fee of $2,250 plus estimated court costs of $450. Philippe Revah, Esq., an attorney at Edelboim Lieberman Revah, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Philippe Revah, Esq. Edelboim Lieberman Revah 20200 West Dixie Highway, Suite 905 Miami, FL 33180 Telephone: (305) 768-9909 Email: phil@elrolaw.com About CMG Capital CMG Capital, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-12013) on Feb. 27, 2021, listing as much as $10 million in both assets and liabilities. Steven Suh, member, signed the petition. Judge Jay A. Cristol oversees the case. The Debtor tapped Nathan G. Mancuso, Esq., at Mancuso Law, PA, as bankruptcy counsel; Edelboim Lieberman Revah as special litigation counsel; and Kang & Company Financial Solutions, LLC as accountant. COMMUNITY HEALTH: Egan-Jones Keeps CCC+ Senior Unsecured Ratings ---------------------------------------------------------------- Egan-Jones Ratings Company, on August 12, 2021, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Franklin, Tennessee, Community Health Systems, Inc. owns, leases, and operates hospitals. CRUSADER INSURANCE: A.M. Best Cuts Fin. Strength Rating to B(Fair) ------------------------------------------------------------------ AM Best has downgraded the Financial Strength Rating to B (Fair) from B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "bb+" (Fair) from "bbb" (Good) of Crusader Insurance Company. Concurrently, AM Best has downgraded the Long-Term ICR to "b" (Marginal) from "bb" (Fair) of Crusader's parent company, Unico American Corporation. These Credit Ratings have been placed under review with negative implications. Both companies are domiciled in Calabasas, CA. The ratings reflect Crusader's balance sheet strength, which AM Best assesses as strong, as well as its weak operating performance, limited business profile and marginal enterprise risk management. The rating downgrades of Crusader reflect a revision in AM Best's assessments of its balance sheet strength to strong from very strong and operating performance to weak from marginal. While current risk-adjusted capital levels remain at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), the lowered assessment of balance sheet strength reflects the persistent erosion of Crusader's policyholder surplus due to continued operating losses. In addition, based on Unico's most recent filing, there is substantial doubt that Unico will have sufficient cash to meet its operating and liquidity requirements as they become due over the next 12 months. Although Crusader maintains sufficient liquidity, it may be adversely impacted by liquidity issues at Unico, which is already experiencing reduced financial flexibility. The rating downgrades also reflect Crusader's unfavorable operating performance trends from 2016 through June 30, 2021, which have been primarily attributable to unprofitable underwriting results. The under review with negative implications status reflects doubts raised regarding Unico's ability to continue to operate as a going concern and AM Best's expectation of continued pressure on Crusader's balance sheet strength. To meet its capital obligations, Unico is currently considering multiple capital and liquidity alternatives. Each of these comes with some level of execution risk or may not come to fruition at all. Therefore, the ratings of Crusader and Unico will remain under review while AM Best continues to hold discussions with the management team to discuss the progress of their plans to address the liquidity issues at Unico. CRYSTALLEX INT'L: Stockholders Fight for Chapter 15 Examiner ------------------------------------------------------------ Law360 reports that a Delaware bankruptcy judge ordered a report Friday, August 20, 2021, on Canadian insolvency proceedings for Crystallex International Corp. after stockholders said their objections went nowhere in Canada and sought appointment of an examiner and independent counsel via the American Chapter 15 portion of the case. U.S. Bankruptcy Judge Laurie Selber Silverstein's decision followed what Crystallex shareholders described as a "last ditch" effort — which was opposed by the foreign representative for the main bankruptcy in Canada — to contest an asset distribution plan in Canada that allegedly could funnel more than $1 billion to a debtor in possession lender. As reported in the TCR, A U.S. shareholder of Crystallex International Corporation, Adelso Adrianza, appearing pro se and on behalf of similarly situated U.S. shareholders of the Debtor, asked the U.S. Bankruptcy Court for the District of Delaware to appoint an examiner and an independent legal counsel to represent the U.S. shareholders. Adrianza asked that an examiner investigate and report on the Debtor's assets, its past and projected financial transactions, and their impact on the estate's property to establish its rights and interest in a surplus, if any, once it meets its obligations. "No plan of arrangement or liquidation can be deemed 'fair and equitable' when an interested party is not adequately represented, and their rights and interests are disregarded by the BOD," he said. Adrianza alleged that the terms and conditions of the Credit Agreement gave the DIP Lender absolute control over the Debtor from the outset, citing, among other things that, the terms of the Credit Agreement afforded the DIP Lender a contingent value right (CVR) initially worth 35% of the net arbitration proceeds (NAP). The CVR can be converted into the Debtor's equity at an equivalent percentage, at 35% initially. Subsequently, the DIP loan amount increased from $36 million to $76 million thereby increasing the DIP Lender's entitlement to the NAP from 35% to 88%, and reducing the Debtor's estate share from 65% to 12%. The Movant further alleged that thereafter, the DIP Lender and two of the directors (R. Fung and M. Oppenheimer) entered a NAP sharing agreement worth up to $100 million for the benefit of the two directors. Adrianza also alleged of other misconducts of the "self-interested BOD" such as (a) improper transfer of tax benefits from the estate to the DIP Lender; (b) transfer of valuable mining data for no consideration; (c) improper waiver of the right to receive substantial interest in the hundreds of millions of dollars; (d) improper agreement with noteholders to pay excessive interest on their claims to waive their right to require the timely filing of a plan of arrangement or liquidation; (e) mismanagement of the estate's property and (f) improper oversight over its interests. About Crystallex International Crystallex International Corporation is a Canadian based mining company, with a focus on acquiring, exploring, developing and operating mining projects. Crystallex has successfully operated an open pit mine in Uruguay and developed and operated three gold mines in Venezuela. The Company's principal asset is its international claim in relation to its investment in the Las Cristinas gold project located in Bolivar State, Venezuela. On Dec. 23, 2011, announced that it obtained an order from the Ontario Superior Court of Justice (Commercial List) for protection under the Companies' Creditors Arrangement Act (Canada) (CCAA). Ernst & Young Inc. was appointed monitor under the order. Crystallex has also commenced a proceeding under Chapter 15 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware in order to ensure that relevant CCAA orders are enforced in the United States. The Bankruptcy Court has recognized Crystallex's CCAA proceeding as well as the initial order and subsequent stay extension of the Ontario Superior Court of Justice. Following the Government of Venezuela's unilateral cancellation of the Las Cristinas Mine Operating Contract (the "MOC") on Feb. 3, 2011, the Company filed for arbitration before ICSID's Additional Facility and commenced the process of handing the Las Cristinas project back to the Government of Venezuela. The handover to the Government of Venezuela was completed on April 5, 2011, upon receipt of a certificate of delivery from the Corporacion Venezolana de Guayana (the "CVG"). As a result, the Company has determined that its operations in Venezuela should be accounted for as a discontinued operation. The Company's balance sheet at Sept. 30, 2012, showed US$8.23 million in total assets, US$154.59 million in total liabilities and a US$146.35 million total shareholders' deficiency. DAVEY KENT: Seeks to Hire AWS Commercial as Real Estate Broker -------------------------------------------------------------- Davey Kent, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Cleveland-based real estate broker AWS Commercial, LLC. The Debtors need a real estate broker to assist in selling their commercial properties located at 200 W. Williams St. and 600 Franklin Ave., in Kent, Ohio. The firm will be paid a 5 percent commission on the gross sales price. Ed Matzules, vice president of AWS Commercial, 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: Ed Matzules AWS Commercial, LLC, dba Colliers International 200 Public Square Suite 1200 Cleveland, OH 44114 Tel: (330) 697-4192 Email: Ed.Matzules@colliers.com About Davey Kent Inc. Davey Kent, Inc., a manufacturer of industrial machinery in Kent, Ohio, filed a petition for Chapter 11 protection (Bankr. N.D. Ohio Case No. 21-51022) on July 2, 2021, listing as much as $10 million in both assets and liabilities. Davey Kent President J. Thomas Myers, II signed the petition. Judge Alan M. Koschik oversees the case. Brouse McDowell, LPA and Escott & Company, LLC serve as the Debtor's bankruptcy counsel and accountant, respectively. DAVEY KENT: Seeks to Hire Escott & Company as Accountant -------------------------------------------------------- Davey Kent, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Escott & Company, LLC as accountant. The firm's services include preparing tax returns, communicating with various taxing authorities, and general tax services required throughout the Debtors' Chapter 11 cases. The firm's hourly rates are as follows: Managers $150 per hour Staff Accountant $75 per hour Escott & Company will also receive reimbursement for out-of-pocket expenses incurred. Al Stefanov, a partner at Escott & Company, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Al Stefanov Escott & Company, LLC 628 S. Water Street Kent, OH 44240 Tel: (330) 673-4819 Fax: (330) 673-4629 Email: Al@escottandco.com About Davey Kent Inc. Davey Kent, Inc., a manufacturer of industrial machinery in Kent, Ohio, filed a petition for Chapter 11 protection (Bankr. N.D. Ohio Case No. 21-51022) on July 2, 2021, listing as much as $10 million in both assets and liabilities. Davey Kent President J. Thomas Myers, II signed the petition. Judge Alan M. Koschik oversees the case. Brouse McDowell, LPA and Escott & Company, LLC serve as the Debtor's bankruptcy counsel and accountant, respectively. DEMO REALTY: Wins Cash Collateral Access Thru Sept 14 ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts authorized Demo Realty Co., to continue using cash collateral on an interim basis through September 14, 2021, under the same terms and conditions of the previous order. A telephonic hearing on Debtor's further use of cash collateral is set for September 14 at 10 a.m. On or before September 10, the Debtor must file a reconciled budget showing actual to projected income and expenses for the period ending August 31, as well as a projected budget for September, October and November 2021. A copy of the Order is available for free at https://bit.ly/3y9d36m from PacerMonitor.com. About Demo Realty Co. Demo Realty Co., Inc., is an affiliate of Patriots Environmental Corp., a company engaged in site development and remediation, asbestos abatement, and general demolition. The company filed a Chapter 11 petition (Bankr. D. Mass. Case No. 20-40159) on Jan. 31, 2020. In the petition signed by Ronald H. Bussiere, president, the Debtor was estimated to have up to $50,000 in assets, and between $1 million and $10 million in liabilities. Judge Elizabeth D. Katz oversees the case. Law Office of Vladimir Von Timroth represents the Debtor. DEYO TRANSPORTATION: Seeks Emergency Access to Cash Collateral -------------------------------------------------------------- Deyo Transportation Services, LLC asked the U.S. Bankruptcy Court for the Western District of Texas to authorize the emergency use of cash collateral to pay for expenses, pursuant to the budget, as well as any other unforeseeable expenses that may arise and pose a threat to the Debtor's continued operation. The Debtor projected total expenses at $36,842 over a 14-day period and $77,914 over a 30-day period. A copy of the budget is available for free at https://bit.ly/3B201cz from PacerMonitor.com. A search in the Texas Secretary of State shows that allegedly secured positions are held (in priority order) by (i) Sunbelt Financing, through Business Service Company, LLC, representative; (ii) BlueVine Capital, Inc. through First Corporate Solutions as representative; and (iii) Green Capital Funding, LLC. The Debtor said it will deposit the revenue generated by its business operations into its DIP operating account pending entry of an order allowing use of cash collateral or consent by lien holders. A copy of the motion is available for free at https://bit.ly/3sBHJvZ from PacerMonitor.com. Proposed Counsel for the Debtor: Robert C. Lane, Esq. Joshua Gordon, Esq. Christopher C. West, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com Joshua.gordon@lanelaw.com chris.west@lanelaw.com About Deyo Transportation Services, LLC Deyo Transportation Services, LLC operates a trucking and transportation business in Odessa, Texas. The company filed a petition under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 21-70126) on August 16, 2021. In the petition signed by Brandi Deyo, owner, the Debtor disclosed $341,589 in total assets and $429,631 in total liabilities. Judge Tony M. Davis is assigned to the case. The Lane Law Firm is tapped to serve as the Debtor's counsel. DEYO TRANSPORTATION: Seeks to Extend Prepetition Factoring Deal --------------------------------------------------------------- Deyo Transportation Services, LLC asked the U.S. Bankruptcy Court for the Western District of Texas to approve the extension, postpetition, of the Debtor's Factoring Agreement with Sunbelt Finance, LLC. The Debtor and Sunbelt Finance, LLC are parties to a Factoring and Security Agreement dated July 10, 2017, which provides for advances by Sunbelt Finance to the Debtor, so long as such advances do not cause the ratio of the Debtor's obligations (to Sunbelt Finance) to the value of the Debtor's eligible accounts to exceed that which is set forth in the Agreement. As of the Petition Date, the Debtor was not indebted to Sunbelt Finance. Sunbelt Finance has agreed to consider providing working capital to the Debtor in accordance with the Agreement. The Debtor said the Agreement with Sunbelt Finance provides a vital source of working capital and is necessary to avoid immediate and irreparable harm to the estate. A copy of the motion is available for free at https://bit.ly/3zaO7Nd from PacerMonitor.com. About Deyo Transportation Services, LLC Deyo Transportation Services, LLC filed a petition under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 21-70126) on August 16, 2021. In the petition signed by Brandi Deyo, owner, the Debtor disclosed $341,589 in total assets and $429,631 in total liabilities. Judge Tony M. Davis is assigned to the case. The Lane Law Firm is tapped to serve as the Debtor's counsel. DIOCESE OF NORWICH: Wins Continued Access to Cash Collateral ------------------------------------------------------------ Judge James A. Tancredi of the U.S. Bankruptcy Court for the District of Connecticut authorized The Norwich Roman Catholic Diocesan Corporation to use cash collateral as agreed with People's United Bank, National Association (PUB). The Debtor's right to use the cash shall continue through the expedited hearing, pending further Court order. The parties stipulate that the Debtor may use PUB's asserted cash collateral in the ordinary course of the Debtor's business. As adequate protection, PUB is granted (i) a continuing post-petition lien and security interest in the Debtor's Deposit Accounts, of the same type against which PUB held validly perfected liens and security interests as of the Petition Date; and (ii) a continuing post-petition lien in cash acquired and deposited by the Debtor in the Deposit Accounts after the Petition Date. The Replacement Liens, however, shall not extend to any claims or causes of action arising under chapter 5 of the Bankruptcy Code. PUB is entitled to a super-priority administrative claim to the extent the Replacement Liens granted are insufficient to compensate for any actual diminution in value of PUB's collateral. PUB asserts a claim against the Debtor on account of a Commercial Note and Revolving Loan Agreement (Demand Line of Credit) dated September 7, 1994. As of the Petition Date, $276,543 in principal amount is outstanding under the Demand Line of Credit. The Debtor shall pay installments of non-default interest to PUB with respect to the Demand Line of Credit. A copy of the interim order and stipulation is available for free at https://bit.ly/3j7hsm9 from Epiq, claims agent. Counsel for People's United Bank, National Association: Scott D. Rosen, Esq. Cohn Birnbaum & Shea P.C. 100 Pearl Street, 12th Floor Hartford, CT 06103 Telephone: (860) 493-2200 Facsimile: (860) 727-0361 Email: srosen@cbshealaw.com About The Norwich Roman Catholic Diocesan Corporation The Norwich Roman Catholic Diocesan Corporation is a nonprofit corporation that gives endowments to parishes, schools, and other organizations in the Diocese of Norwich, a Latin Church ecclesiastical territory or diocese of the Catholic Church in Connecticut and a small part of New York. The Norwich Roman Catholic Diocesan Corporation sought Chapter 11 protection (Bankr. D. Conn. 2:21-bk-20687) on July 15, 2021. The Debtor estimated $10 million to $50 million in assets against liabilities of more than $50 million. Judge James J. Tancredi oversees the case. The Debtor tapped Ice Miller LLP as bankruptcy counsel, Robinson & Cole LLP as Connecticut counsel, and Brown Jacobson PC as special corporate counsel. Epiq Corporate Restructuring, LLC is the claims and noticing agent. Cohn Birnbaum & Shea P.C. serves as counsel for People's United Bank, National Association, prepetition lender. ELDERHOME LAND: Sept. 28 Disclosure Statement Hearing Set --------------------------------------------------------- On Aug. 13, 2021, ElderHome Land, LLC and Burtonsville Crossing, LLC filed with the U.S. Bankruptcy Court for the District of Maryland a Disclosure Statement and a Plan. On August 19, 2021, Judge Maria Ellena Chavez-Ruark ordered that: * Sept. 28, 2021, at 2:00 p.m. in Courtroom 3C of the U.S. Bankruptcy Court, U.S. Courthouse, 6500 Cherrywood Lane, Greenbelt, Maryland 20770 is the hearing to consider the approval of the Disclosure Statement. * Sept. 17, 2021, is fixed as the last day for filing and serving written objections to the Disclosure Statement. A copy of the order dated August 19, 2021, is available at https://bit.ly/3z8KoPZ from PacerMonitor.com at no charge. ElderHome Land and Burtonsville Crossing Burtonsville Crossing, LLC and ElderHome Land, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Lead Case No. 21-10492) on January 25, 2021. At the time of the filing, the Debtors had between $1 million and $10 million in both assets and liabilities. Judge Maria Ellena Chavez-Ruark oversees the cases. McNamee, Hosea, Jernigan, Kim, Greenan & Lynch, PA, and Gordon & Simmons, LLC, serve as the Debtors' bankruptcy counsel and special counsel, respectively. ELI & ALI: Wins Cash Collateral Access Thru Sept 24 --------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York has authorized Eli & Ali, LLC to, among other things, use the cash collateral of Capital One, National Association, on an interim basis in accordance with the budget, with a 10% variance, through September 24, 2021. However, the Debtor will not use or spend more than n $1,030,000 in the aggregate. The Debtor said its need for continued Cash Collateral access is immediate and critical to enable it to administer the Chapter 11 case generally, continue operating its business in the normal course, and preserve the value of the estate for all stakeholders. As of the Petition Date, the Debtor and its affiliates were indebted to CONA in the approximate amount of (a) $561,223.95, plus (b) interest accrued and accruing at the applicable annual contract rate under the Prepetition Financing Documents, plus (c) costs, expenses, fees and other charges and other amounts that would constitute Indebtedness under the Prepetition Financing Documents, including, without limitation, on account of cash management, credit card, depository, investment, hedging and other banking or financial services secured by the Prepetition Financing Documents. The Debtor has acknowledged and stipulated that its cash on hand and cash equivalents constitute proceeds, products and profits of the Prepetition Collateral, and is cash collateral of the Prepetition Lender within the meaning of section 363(a) of the Bankruptcy Code. This, however, excludes the proceeds of the Paycheck Protection Program loan funded by TD Bank on February 22, 2021, in a principal balance of $100,000 as of the Petition Date. As adequate protection for the Debtor's use of cash collateral, the Prepetition Lender is granted solely to the extent of any diminution in value of the Prepetition Collateral, valid, binding, continuing, enforceable, non-avoidable and fully-perfected, first-priority postpetition security interests in and liens on all of the Debtor's rights in tangible and intangible assets, including, without limitation, the Prepetition Collateral and all other prepetition and postpetition property of the Debtor's estate and all proceeds, rents, and profits thereof, whether existing on or as of the Petition Date or thereafter acquired, that is not subject to (A) valid, perfected, non-avoidable and enforceable liens in existence on or as of the Petition Date or (B) valid and unavoidable liens in existence immediately prior to the Petition Date that are perfected after the Petition Date as permitted by section 546(b) of the Bankruptcy Code. The Prepetition Lender will also receive (i) $750 per month, with the first payment due April 16, 2021, and commencing promptly after the entry of the First Interim Order and that each additional monthly payment will be made no later the seventh day of each of subsequent month, and (ii) all proceeds payable upon a sale or other disposition of Prepetition Collateral and/or Postpetition Collateral, net of funding required to make payments in accordance with the Budget and the payments will be applied by the Prepetition Lender as a permanent reduction of the Prepetition Debt in accordance with the Prepetition Financing Document. The Prepetition Liens and Adequate Protection Liens are all subordinate to a Carve-Out for: (a) any quarterly or other fees payable to the U.S. Trustee pursuant to, inter alia, 28 U.S.C. section 1930(a) or interest, if any, pursuant to 31 U.S.C. section 3717; (b) professional fees of, and costs and expenses incurred during the Budget period by, professionals or professional firms retained by the Debtor and allowed by the Court in an amount not to exceed the actual Allowed Professional Fees accrued and incurred by each such Case Professional through the date of the Termination Event, but in no event exceeding $50,000 in total for the Chapter 11 Case; and (c) any cost and fees of a chapter 7 trustee, should one be appointed if the Chapter 11 Cases are converted in an amount not to exceed the amount of $20,000. These events will constitute a "Termination Event": (a) Entry of an order by the Bankruptcy Court converting or dismissing the Chapter 11 Case; (b) Entry of an order by the Bankruptcy Court appointing a chapter 11 trustee in the Chapter 11 Case; (c) The failure of the Debtor to perform or comply in any material respect with any term or provision of the Interim Order, including without limitation the Budget; provided that any failure to perform or comply with obligations will be deemed material; (d) Entry of an order that stays, reverses, vacates, amends, or rescinds any of the terms of the Interim Order, or order approving the Interim Order, without the consent of the Prepetition Lender; (e) Financing on a pari passu basis with the liens or claims of the Prepetition Lender; (f) Subject to and effective only upon entry of a Final Order, the filing of a motion that seeks to obtain first priority financing that does not pay the Prepetition Lender in full on account of the Prepetition Debt and any postpetition indebtedness, unless the Prepetition Lender otherwise consents to the financing; (g) The Court enters an order authorizing the sale of all or substantially all assets of the Debtor that does not provide for the payment in full to the Prepetition Lender of their claims in cash upon the closing of the sale, unless otherwise agreed by the Prepetition Lender in its sole and absolute discretion; (h) The Court enters the Final Order without (i) providing for any of the specific waivers with respect to "marshaling," "equities of the case," and "surcharge" under section 506(c) of the Bankruptcy Code, or (ii) granting the Prepetition Lender's Adequate Protection Liens; (i) The Debtor ceases operations without the prior written consent of the Prepetition Lender, except to the extent contemplated by the Budget; (j) The entry of an order or judgment by the Court or any other court: (i) modifying, limiting, subordinating, or avoiding the priority of the obligations of the Debtor under the Interim Order, the obligations of the Debtor under the Prepetition Financing Documents, or the perfection, priority, validity or enforceability of the Prepetition Liens or the Adequate Protection Liens, (ii) imposing, surcharging, or assessing against the Prepetition Lender's claims, or the Prepetition Collateral, any costs or expenses, whether pursuant to section 506(c) of the Bankruptcy Code or otherwise, except as expressly contemplated by the Interim Order, or (iii) impairing the Prepetition Lender's right to credit bid under Section 363(k) of the Bankruptcy Code; (k) The occurrence of a material adverse change, including without limitation any such occurrence resulting from the entry of any order of the Court, or otherwise in each case as determined by the Prepetition Lender in its sole and absolute discretion in: (1) the condition (financial or otherwise), operations, assets, business or business prospects of the Debtor; (2) the Debtor's ability to repay the Prepetition Lender; and/or (3) the value of the Collateral; and (l) Any material and/or intentional misrepresentation by the Debtor in the financial reporting or certifications to be provided by the Debtor to the Prepetition Lender under the Prepetition Financing Documents and/or the Interim Order. A copy of the Order is available for free at https://bit.ly/3j8yu3h from PacerMonitor.com. About Eli & Ali, LLC Eli & Ali, LLC is a merchant wholesaler of farm product raw materials. It sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-40920) on April 7, 2021. In the petition signed by Jeffrey Ornstein, managing member, the Debtor disclosed $270,150 in assets and $1,427,375 in liabilities. Judge Jil Mazer-Marino oversees the case. Heath S. Berger, Esq., at Berger, Fischoff, Shumer, Wexler & Goodman, LLP is the Debtor's counsel. Capital One, National Association, as Prepetition Lender, is represented by Troutman Pepper Hamilton Sanders LLP. ENDO INT'L: Hires Alvarez & Marshal as Restructuring Advisors ------------------------------------------------------------- Alexander Gladstone of The Wall Street Journal reports that drugmaker Endo International PLC has tapped a financial restructuring adviser to help the drugmaker evaluate its options for dealing with thousands of lawsuits alleging it contributed to the opioid crisis, according to people familiar with the matter. Endo has engaged consulting firm Alvarez & Marsal Holdings LLC to advise on options that could include a balance-sheet restructuring that would address the company's liability from litigation around its opioid drugs, as well as its more than $8 billion in debt, these people said. As of July 2021, there were nearly 3,000 legal cases pending against Endo from states, counties, cities and Native American tribes over opioids, as well as more than 300 lawsuits from hospitals, health systems, unions, and health or welfare funds. The company and Alvarez didn't immediately respond to requests for comment Thursday, August 19, 2021. Endo's stock closed at $2.13 Friday afternoon, down 40% from the prior day. About Endo International Endo International plc, a specialty pharmaceutical company, manufactures and sells generic and branded pharmaceuticals in the United States, Canada, and internationally. The company operates through three segments: U.S. Generic Pharmaceuticals, U.S. Branded Pharmaceuticals, and International Pharmaceuticals. Endo International plc was founded in 1920 and is headquartered in Dublin, Ireland. ENERGY ENTERPRISES: Seeks to Use Cash Collateral ------------------------------------------------ Energy Enterprises USA Inc. dba Canopy Energy filed an emergency motion with the U.S. Bankruptcy Court for the Central District of California to use the cash collateral of its secured creditors -- (i) the United States Small Business Administration; (ii) G. R. Isidro, Assignee of Record for Allen; and (iii) Employment Development Department (EDD) -- in order to pay the reasonable expenses it incurs in the ordinary course of its business, to be able to effectively reorganize. The six-month budget provided for these direct costs and selling, general and administrative expenses: Selling, Gen. Month Direct Costs & Admin. Expenses ----------- ------------ ----------------- August 2021 $310,158 $158,496 September 2021 $201,433 $129,927 October 2021 $244,202 $127,136 November 2021 $348,530 $103,077 December 2021 $225,568 $84,077 January 2022 $177,453 $80,136 The Debtor's obligation to the SBA arose from a $150,000 prepetition loan the Debtor obtained from the SBA. The Loan is secured by the Debtor's assets, along with a UCC Financing Statement the SBA filed with the California Secretary of State. The Debtor is required to make monthly payments of $731 to the SBA effective September 21, 2021, pursuant to the terms of the Loan. As such, the Debtor proposed to start making adequate protection payments to the SBA for $731 effective September 2021, upon obtaining the Court's order on the cash collateral motion. The Debtor also provides SBA with a replacement lien to the same extent, validity, and priority as SBA's prepetition lien. Employment Development Department (EDD) filed four tax liens with the California Secretary of State on account of the Debtor's tax liabilities: * EDD State Tax Lien filed on August 20, 2019 for $59,065; * EDD State Tax Lien filed on April 30, 2021 for $2,835; * EDD State Tax Lien filed on July 26, 2021 for $557; and * EDD State Tax lien filed on December 11, 2019 for $67,719; The Debtor acknowledged that the priority EDD tax liability needs to be paid in full within the 5-year period from the Petition Date. EDD's claim will be provided for payment at an applicable statutory interest rate through Debtor's Reorganization Plan. The Debtor is not offering any monthly adequate protection payments to EDD at this time. G.R. Isidro, Assignee of Record for Allen filed a Notice of Judgment Lien with the California Secretary of State on June 29, 2021 for $10,894. The Debtor is not proposing any monthly adequate protection payments to G.R. Isidro and will address the repayment of G.R. Isidro's claim through Debtor's Reorganization Plan. The secured claims aggregate approximately $291,070. The principal assets of the estate include the funds in Debtor's DIP accounts, the pending projects, and the accounts receivable of approximately $250,000. Unless the Debtor is permitted to use the cash collateral, the value of the business will rapidly diminish, the Debtor asserted. A copy of the motion is available for free at https://bit.ly/3z8MjEt from PacerMonitor.com. About Energy Enterprises USA Inc. Energy Enterprises USA Inc. -- https://www.canopyenergy.com -- d/b/a Canopy Energy, is a residential solar energy developer in California. The company filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 21-11374) on August 12, 2021. On the Petition Date, the Debtor estimated $100,000 to $500,000 in assets and $1,000,000 to $10,000,000 in liabilities. The petition was signed by Lior Agam, president. Judge Maureen Tighe presides over the case. Law Offices of Michael Jay Berger serves as the Debtor's counsel. EQUINIX INC: Egan-Jones Keeps BB- Senior Unsecured Ratings ---------------------------------------------------------- Egan-Jones Ratings Company, on August 11, 2021, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Equinix, Inc. Headquartered in Redwood City, California, Equinix, Inc. operates as a real estate investment trust. FLIX BREWHOUSE: Seeks Approval to Hire Ferguson as Co-Counsel ------------------------------------------------------------- Flix Brewhouse Texas V, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Ferguson Braswell Fraser Kubasta, PC to serve as co-counsel with Sugar Felsenthal Grais & Helsinger, LLP. The firm's services include: (a) advising the Debtor with respect to its powers and duties in the continued management and operation of its business and property; (b) attending meetings and negotiating with creditor representatives and other parties in interest, and advising and consulting with the Debtor on the conduct of the case, including all of the legal and administrative requirements of operating in Chapter 11; (c) taking appropriate action to protect and preserve the Debtor's assets, including prosecuting actions on behalf of the Debtor's estate, defending actions commenced against the estate, negotiating any litigation in which the Debtor may be involved, and objections to claims filed against the estate; (d) preparing legal papers; (e) advising the Debtor with respect to its executory contracts and unexpired leases, and seeking court approval to assume or reject each, as appropriate; (f) appearing before the court; and (g) performing other necessary legal services. Ferguson will be paid at the rate of $500 per hour and reimbursed for out-of-pocket expenses incurred. The firm received from the Debtor a retainer of $7,000. Rachael Smiley, Esq., a partner at Ferguson, 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: Rachael Smiley, Esq. Ferguson Braswell Fraser Kubasta PC 2500 Dallas Pkwy Plano, TX 75093 Tel: 972.378.9111 Fax: 972.378.9115 Email: rsmiley@fbfk.law About Flix Brewhouse Texas V LLC Flix Brewhouse Texas V LLC, doing business as Flix Brewhouse, is part of the motion picture and video industries. The company operates in El Paso, Texas. Flix Brewhouse filed a petition for Chapter 11 protection (Bankr. W.D. Texas Case No. 21-30526) on July 12, 2021, listing as much as $10 million in both assets and liabilities. Judge H. Christopher Mott oversees the case. Sugar Felsenthal Grais & Helsinger, LLP and Ferguson Braswell Fraser Kubasta, PC serve as the Debtor's legal counsel. FLIX BREWHOUSE: Seeks to Hire Sugar Felsenthal Grais as Counsel --------------------------------------------------------------- Flix Brewhouse Texas V, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Sugar Felsenthal Grais & Helsinger, LLP to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) advising the Debtor with respect to its powers and duties in the continued management and operation of its business and property; (b) attending meetings and negotiating with creditor representatives and other parties in interest, and advising and consulting with the Debtor on the conduct of the case, including all of the legal and administrative requirements of operating in Chapter 11; (c) taking appropriate action to protect and preserve the Debtor's assets, including prosecuting actions on behalf of the Debtor's estate, defending actions commenced against the estate, negotiating any litigation in which the Debtor may be involved, and objections to claims filed against the estate; (d) preparing legal papers; (e) advising the Debtor with respect to its executory contracts and unexpired leases, and seeking court approval to assume or reject each, as appropriate; (f) appearing before the court; and (g) performing other necessary legal services. The firm's hourly rates are as follows: Partners $500 to $600 per hour Associates $350 per hour Paralegals $50 to $300 per hour Prior to the petition date, the firm received from the Debtor a retainer of $25,000. The firm will also receive reimbursement for out-of-pocket expenses incurred. Jonathan Friedland, Esq., a partner at Sugar Felsenthal Grais & Helsinger, 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: Jonathan P. Friedland, Esq. Jack O'Connor, Esq. Hajar Jouglaf, Esq. Sugar Felsenthal Grais & Helsinger LLP 30 N. LaSalle St., Ste. 3000 Chicago, IL 60602 Tel: 312.704.9400 Fax: 312.704.9400 Email: jfriedland@sfgh.com joconnor@sfgh.com hjouglaf@sfgh.com About Flix Brewhouse Texas V LLC Flix Brewhouse Texas V LLC, doing business as Flix Brewhouse, is part of the motion picture and video industries. The company operates in El Paso, Texas. Flix Brewhouse filed a petition for Chapter 11 protection (Bankr. W.D. Texas Case No. 21-30526) on July 12, 2021, listing as much as $10 million in both assets and liabilities. Judge H. Christopher Mott oversees the case. Sugar Felsenthal Grais & Helsinger, LLP and Ferguson Braswell Fraser Kubasta, PC serve as the Debtor's legal counsel. FRONTIER COMMUNICATIONS: Workers to Picket on Eroding Benefits, Pay ------------------------------------------------------------------- Press Telegram reports that Frontier Communications Workers are planning to picket in Hemet on Sunday, August 15, 2021 and the company wants to reduce employee benefits, failing to offer higher living costs and higher hazard pay during a pandemic. Executives have received a bonus of approximately $38 million. As many as 500 workers are expected to participate in the information picket on Sunday, August 26, 2021. Approximately 2,000 CWA members across California are calling for significant wage increases for the life of the new employment contract, according to Don Lewis, co-chair of the union's negotiating committee. "The frontier is not keeping up with the consumer price index and living expenses," he said. "These employees are the ones who kept the company growing and moving forward while Frontier went bankrupt, and they deserve to be recognized for that." Chapter 11 Filing Frontier Submit to Chapter 11 Claims issues related to April 2020 protection, consolidation of recent acquisitions (including Verizon assets in three states), "fierce" competition, changing consumer preferences, and the need to upgrade from copper cables to fiber optics Made $17.5 billion in funding debt "unsustainable." The application was part of Frontier's restructuring program to reduce debt by more than $10 billion. "The memo expired and the company was unable to make a payment," Lewis said. CWA's current employment contract was extended in 2020 as the telecommunications company went bankrupt. The extension will expire on September 4, 2021. Data from PayScale.com Frontier network engineers average $ 23, field service technicians average $ 28, customer support analysts average $ 29, and cable splicers average $ 36 per hour. Frontier said in a statement released Thursday, August 12, 2021, that he hopes to reach a mutually acceptable agreement. “It’s too early to dig into the details because we're currently in talks with CWA,” the company said. “We want to be fair to our employees and quickly reach an agreement that balances their needs with the highly competitive reality of our business.” Executive bonus A New York bankruptcy judge has approved payment of an executive bonus of approximately $38 million a month after Frontier's bankruptcy filing. Law360 report. The bonus was approved in a complaint from a US fiduciary office after hearing that the two creditor groups withdrew their own objections when Frontier agreed to adjust the payment schedule. At a hearing in May 2020, Frontier lawyer Stephen Hessler said the bonus would be distributed to 390 middle managers, each receiving $ 30,000 to $ 233,000. Payments include an employee retention bonus of $ 14.7 million, an incentive bonus of up to $ 21 million based on the company’s financial performance, and $ 2 million reserved for additional new employees and other payments the company deems necessary. Was included, Mr. Hessler said. According to Lewis, the CWA recently won an arbitral tribunal proving that Frontier is outsourcing work to India. This saves the company money, but violates the union's collective bargaining agreement. Frontier also uses contractors in the state as part of its service operations, which impacts its customers, he said. "You're talking about an untrained contractor," he said. "And these people go to the customer's home without security checks." Lewis wants an agreement that both sides can live together. "The negotiations started quite negatively, but we have made some progress," he said. "Employees are fighting for quality customer service as well as fair salaries and benefits. We are also fighting for our customers." 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 SecureÃ‚Â® 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. FUTURUM COMMUNICATIONS: May Borrow $460,000 in Construction Loan ---------------------------------------------------------------- Judge Kimberley H. Tyson of the U.S. Bankruptcy Court for the District of Colorado authorized Futurum Communications Corporation and Brainstorm Internet, Inc. to borrow from prepetition Lender Collegiate Peaks Bank up to an additional $460,000 under the prepetition Drawdown Construction Loan Facility (DIP Loan). The Drawdown Construction Loan shall accrue interest at the prepetition rate of 2.25%, plus the Wall Street Journal prime rate per annum, which non-default interest rate will adjust to 3.25% on November 1, 2021. All proceeds of the DIP Loans shall be used solely to pay for the completion of the Ski Ranches Project, the Cripple Creek Project, and the Ouray Project. The Court ruled that the Lender is granted: a. automatically perfected postpetition security interests in the assets of the estate of Futurum with the same validity, extent, and priority in those same types of assets that existed for the Drawdown Construction Loan prepetition, and subject to any liens granted as adequate protection for use of cash collateral; and b. first priority automatically perfected postpetition security interests in: * the Ski Ranches Project, its end-user subscriber agreements, accounts generated from the Ski Ranches Project, Grant Funds attributable to the Ski Ranches Project, and proceeds therefrom (the Grant Funds shall be used to pay contractors and material suppliers for the work for the respective project and Lender consents to that use); * the Cripple Creek Project, end-user subscriber agreements, accounts generated from the Cripple Creek Project, Grant Funds attributable to the Cripple Creek Project; and * solely to the extent of the advances not to exceed $25,000 on the Ouray Project, the Ouray Project, end-user subscriber agreements, accounts generated from the Ouray Project, Grant Funds attributable to the Ouray Project and proceeds therefrom. The DIP Loan shall be an allowed administrative expense claim with priority under Sections 503(b) and 507(b) of the Bankruptcy Code. Beginning November 1, 2021, Futurum shall direct its merchant bank to deposit credit card receipts directly into the Lockbox from which Lender, on a monthly basis is permitted to deduct monthly payments on the balance owed on the Drawdown Construction Loan, calculated at the rate of 3.25% amortized over 60 months (estimated at approximately $32,400 per month). However, once the fully amortized payments has been deducted, the Lender shall promptly remit the balance in the Lockbox daily to Futurum's DIP account. Prepetition, Futurum and the Lender are parties to a draw-down construction loan facility, dated as of March 2, 2020, for $3.2 million. Futurum and the Lender assert that the principal balance owed under the Drawdown Construction Loan is approximately $1,331,523. The Lender has additional claims for fees, costs, and other related accrued items. A copy of the order is available for free at https://bit.ly/3got3LT 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. GATA III: Seeks to Tap Harper Appraisal as Real Estate Appraiser ---------------------------------------------------------------- Gata III, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Harper Appraisal, Inc., a real estate appraiser and valuation expert in Portland, Ore. Harper Appraisal will render these services: (a) provide a self-contained appraisal of the Debtor's properties, evaluate the market demand, project income and expense, and estimate the market value of the properties; and (b) if necessary, provide expert testimony regarding the appraisals and the value of the properties in conjunction with the Debtor's Chapter 11 case and the confirmation of Debtor's bankruptcy plan. Harper Appraisal requests a flat fee in the amount of $5,000 for the preparation of appraisal report. For expert testimony, to the extent necessary, Harper Appraisal will be billed at the rate of $400 per hour. If Keith Harper, the firm's principal, is required to appear at a deposition, the firm will charge at the rate of $500 per hour. Mr. Harper 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: Keith Harper Harper Appraisal, Inc. P.O. Box 69032 Portland, OR 97239 Telephone: (503) 246-1750 Facsimile: (503) 246-1960 Email: dharper@harperappraisal.com About Gata III LLC Gata III, LLC is a Las Vegas-based company primarily engaged in renting and leasing real estate properties. Gata III filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 21-10690) on Feb. 15, 2021. Paul Thomas, sole manager, signed the petition. At the time of the filing, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Judge Natalie M. Cox oversees the case. The Debtor tapped Larson & Zirzow, LLC as legal counsel and Harper Appraisal, Inc., doing business as Valuation Consultants, as real estate appraiser and valuation expert. GBG USA: Seeks to Hire Ducera Partners as Investment Banker ----------------------------------------------------------- GBG USA Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Ducera Partners, LLC as investment banker. Ducera will render these services: I. General Financial Advisory and Investment Banking Services: (a) familiarize itself with the business, operations, properties, financial condition, prospects and capital structure of the Debtors; (b) assist with the development of financial data and presentations to the Debtors and the board, various creditors, and other parties; (c) analyze the Debtors' financial liquidity and evaluate alternatives to improve such liquidity; (d) assist with the evaluation of the Debtors' valuation, debt capacity and alternative capital structures in light of their projected cash flow; (e) provide deposition and hearing testimony; and (f) provide such other advisory services. II. Transaction Services: (a) provide financial advice to the Debtors in structuring, evaluating and effectuating a transaction, identify potential counterparties and, if requested, contact and solicit potential counterparties; (b) assist with the arrangement and execution of a transaction; (c) provide strategic advice to the Debtors in connection with the evaluation of, and responses to, activist shareholder action; and (d) provide any testimony in connection therewith. III. Financing Services: (a) provide financial advice to the Debtors in connection with the structure and effectuation of a financing, identify potential investors and, at the Debtors' request, contact and solicit such investors; (b) assist with the arrangement of a financing; and (c) provide any testimony in connection therewith. Ducera will be paid as follows: (a) Monthly Advisory Fee: $150,000 per month; (b) Work Fee: $500,000; (c) Transaction Fee: A fee earned upon consummation of each and every transaction equal to 2.5 percent of the aggregate transaction value; provided, however, upon the consummation of a transaction involving the last specified U.S. asset, the aggregate transaction fee shall be no less than $1 million; (d) Financing Fee: A financing fee of $500,000 that was earned in connection with the closing of the debtor-in-possession financing. In addition, the firm will be reimbursed for expenses incurred. Ducera received pre-bankruptcy payment of $969,386.73 from the Debtor. David Skatoff, a partner at Ducera, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Skatoff Ducera Partners, LLC 11 Times Square, 36th Floor New York, NY 10036 Telephone: (212) 671-9700 GBG USA Inc. GBG USA, Inc. is a company incorporated under the laws of Delaware and is an indirect wholly-owned subsidiary of Global Brands Group Holding Limited (SEHK Stock Code: 787). It is primarily engaged in operating the wholesale and direct-to-consumer footwear and apparel business in North America. Global Brands Group Holding Limited is a branded apparel and footwear company. It designs, develops, markets and sells products under a diverse array of owned and licensed brands. The Group's European wholesale business operates under legal entities entirely separate and independent from the wholesale business in North America. It primarily supplies apparel, footwear and accessories to retailers and consumers across Europe under licenses separately entered into by the European entities of the Group. The Group's global brand management business operates on a different business model and is distinctly separate from the wholesale businesses in North America and Europe. GBG USA and 10 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 21-11369) on July 29, 2021. In its petition, GBG listed between $1 billion and $10 billion in both assets and liabilities. The cases are handled by Judge Michael E. Wiles. The Debtors tapped Willkie Farr & Gallagher LLP as legal counsel, Ankura Consulting Group LLC as financial advisor, and Ducera Partners LLC as investment banker. Alan M. Jacobs, president of AMJ Advisors LLC, serves as the Debtor's chief strategy officer. Prime Clerk, LLC is the claims and noticing agent and administrative advisor. Moses & Singer, LLP serves as legal counsel to the first lien admin agent, first lien collateral agent and second lien collateral agent. Meanwhile, the first lien lenders are represented by Linklaters, LLP. GENERAL ELECTRIC: Egan-Jones Keeps BB+ Senior Unsecured Ratings --------------------------------------------------------------- Egan-Jones Ratings Company, on August 9, 2021, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by General Electric Company. Headquartered in Boston, Massachusetts, General Electric Company is a globally diversified technology and financial services company. GIBSON FARMS: Court Approves Sale of Farm Machinery and Equipment ----------------------------------------------------------------- Judge Robert L. Jones of the U.S. Bankruptcy Court for the Northern District of Texas authorized Gibson Farms and its affiliated debtors to sell various items of farm machinery and equipment subject to liens in favor of Rabo Agrifinance and John Deere Finance described in Exhibit A free and clear of all liens either by public auction or by private sale at prices not less than the values reflected on the attached listing. The sale of these assets will be free and clear of any and all liens, with the liens against such property to attach to the proceeds. The proceeds from any sale of the 2016 John Deere STS S680 Combine, and the 2019 John Deere 9800 Forage Chopper, 2019 John Deere 772 Rotary Header and the 2019 John Deere 659 Windrow Pick-up will be paid over to Deere in order to extinguish the purchase money security interests against such items of machinery. Any excess proceeds can be used by the Debtors to enter into another purchase money agreement on grain harvesting equipment should the Debtors decide based upon their business judgment to do so. The proceeds from the sale of the 2015 John Deere 72 Row Planter will go to Indian Ink Leasing as it is the subject of a lease agreement with that company which holds legal title to that item of equipment. The Debtors are granted authority to sell the balance of the farm machinery and equipment listed in Exhibit A which is subject to security interests and liens in favor of Rabo, and are directed to turn over all of the net proceeds from such sales to Rabo with the proviso that Rabo’s liens against such items will only be released upon the receipt of the net proceeds by Rabo. Further, the Debtors will provide Rabo with copies of any sale records regarding any private sales (e.g., contracts, bills of sale, etc.) and will consult with Rabo prior to entering into any agreement with an auctioneer for a sale of any of the items of equipment at public auction. The Debtors are authorized to execute any and all documents necessary to effectuate the transfer of said equipment. All other relief not specifically requested is denied. A copy of the Exhibit A is available at https://tinyurl.com/yn436n9c from PacerMonitor.com free of charge. About Gibson Farms Gibson Farms has over 45 years' experience in farm management as well as an established history in Moore County agriculture. Gibson Farms rents farmland from Beauchamp Estates Partnership and Gibson Investments as well as other landowners in the area. They raise feed grains, forage crops, cotton which they sell either through private contract or on the open market. Gibson Farms and its affiliates, Nature's Way Compost LLC, Gibson Investments, and Wendell and Paula Gibson filed separate voluntary petitions for relief under Chapter 11 of Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 20-20271) on Oct. 5, 2020. Paula Gibson, partner, signed the petitions. At the time of the filing, the Debtors estimated assets of between $1,000,001 and $10,000,000 and liabilities of between $10,000,001 and $50,000,000. Judge Robert L. Jones oversees the cases. The Debtors have tapped Mullin Hoard & Brown, LLP as legal counsel; Clint W. Bumguardner of W.T. Appraisal, Inc. as real estate appraiser; and Frost, PLLC as accountant. Rabo AgriFinance LLC is represented by: Michael R. Johnson, Esq. Ray Quinney & Nebeker P.C. 36 South State, Suite 1400 Salt Lake City, UT 84111 Telephone: (801) 532-1500 Facsimile: (801) 532-7543 Email: MJohnson@rgn.com GO WIRELESS: S&P Alters Outlook to Stable, Affirms 'B' ICR ---------------------------------------------------------- S&P revised the outlook to stable from negative and affirmed all of its ratings on U.S.-based exclusive Verizon retailer Go Wireless Holdings Inc., including its 'B' issuer credit rating on the company. S&P said, "The stable outlook reflects our view that meaningful threats posed by the pandemic to Go Wireless' sales and to its liquidity have subsided, allowing for sufficient covenant headroom and adjusted leverage at about the mid-4x area on a sustained basis. "We expect Go Wireless will sustain adjusted leverage in the mid-4x area on earnings and financial policy. Despite some store closures and a decline in consumer traffic, Go Wireless has maintained strong sales performance from higher conversion rates among its customer base and current stores, leading to higher phone and accessory sales. The company also benefited from increased commissions from plan activations and cell phone upgrades. We have revised our financial policy modifier to neutral from negative, reflecting our view that Go Wireless has demonstrated a track record of managing dividends and its acquisitive appetite such that we expect adjusted leverage to be maintained at about the mid-4x area. We believe the company would likely pursue a financial policy consistent with what it has demonstrated, leading to leverage sustained around current levels. In addition, we have assessed the comparable rating analysis, which is a holistic view of the stand-alone credit profile, as negative for Go Wireless given its relatively small scale and EBITDA base compared with larger-sized rated peers. "We now view Go Wireless' covenant cushion under its first-lien credit agreement as sufficient within the next 12 months. Covenant headroom was roughly 37% at the end of the second quarter of 2021, significantly larger than the roughly 14% cushion the previous year. The improvement in covenant headroom resulted from a better liquidity position because the company was able to improve its EBITDA base through higher revenue growth driven by increased consumer demand. "We expect the wireless retail industry to remain intensely competitive and fragmented but also expect the industry to grow as it benefits from the continued expansion of 5G capable devices, leading to an increase in upgrades by more consumers. We believe Go Wireless' competitive position remains strong because it is one of the largest independent retailers based on store count and benefits from the nondiscretionary nature of demand for mobile phones. Go Wireless depends on the competitiveness of Verizon's plans relative to other carriers to drive sales and profitability, which is largely attributable to store traffic." Before the pandemic, Go Wireless generated roughly 60% of revenue from the sale of Apple-branded and related products, with the remainder from Samsung. The recent supply chain constraints driven by nano chip shortages have shifted the phone offerings to roughly 75% Apple-based products and 25% Android-based products, with Samsung being the dominant leader among Android phones. S&P expects Go Wireless' inventory levels will remain low throughout the remainder of the year as both Samsung and Apple continue to manage and build supply to meet the increased market demand. Environmental, social, and governance (ESG) credit factors for this credit rating change. -- Health and safety The stable outlook reflects S&P's expectation for improved operating performance and modest EBITDA growth over the next 12 months on disciplined cost management, resulting in overall adjusted leverage sustained at about the mid-4x area. S&P could lower the rating if: -- Performance deteriorates below S&P's base-case expectations possibly because of unfavorable commission arrangements, business execution issues, or lower-than-expected demand toward 5G-capable devices, such that it viewed its competitive standing as weaker; -- EBITDA contracted below S&P's base case or the company adopted a more aggressive financial policy, leading to S&P Global Ratings-adjusted leverage approaching 6x; and -- Free operating cash flow declined meaningfully to $10 million-$15 million per year, leading to liquidity constraints and covenant headroom tightening below 15%. S&P could raise the rating if: -- The company's business scaled significantly through volume growth and new technology advancements in mobile phones that drive up demand for replacements. This would lead to a meaningful expansion of the EBITDA base; and -- S&P expects S&P Global Ratings-adjusted leverage to be reduced below 4.5x on a sustained basis. GREAT AMERICAN: October 6 Plan Confirmation Hearing Set ------------------------------------------------------- On August 9, 2021, debtor Great American Treating, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Texas an Amended Disclosure Statement which refers to a proposed Chapter 11 Plan of Reorganization filed on May 27, 2021. On Aug. 19, 2021, Judge Joshua P. Searcy approved the Disclosure Statement and ordered that: * Sept. 24, 2021, is fixed as the last day for filing written acceptances or rejections of the Debtor's proposed Chapter 11 Plan. * Sept. 24, 2021, is fixed as the last day for filing and serving written objections to confirmation of the Debtor's proposed Chapter 11 Plan. * Oct. 6, 2021, at 10:00 a.m. is the virtual hearing to consider the confirmation of the Debtor's proposed Chapter 11 Plan. A copy of the order dated August 19, 2021, is available at https://bit.ly/3sCpAOt from PacerMonitor.com at no charge. About Great American Treating Great American Treating, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tex. Case No. 21-60078) on March 4, 2021, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Patrick Law Offices. GS MORTGAGE 2021-INV1: Moody's Gives (P)B3 Rating to Cl. B-5 Certs ------------------------------------------------------------------ Moody's Investors Service has assigned provisional ratings to 38 classes of residential mortgage-backed securities (RMBS) issued by GS Mortgage-Backed Securities Trust (GSMBS) 2021-INV1. The ratings range from (P)Aaa (sf) to (P)B3 (sf). Goldman Sachs Mortgage Company (GSMC), is the sponsor of GS Mortgage-Backed Securities Trust 2021-INV1 (GSMBS 2021-INV1). The pool comprises of 1,219 newly originated fixed rate agency-eligible mortgage loans secured by non-owner occupied investor properties with up to 30 years of original term to maturity. The aggregate principal balance of the pool is approximately $325,338,264. The average stated principal balance is approximately $266,889 and the weighted average (WA) current mortgage rate is 3.3%. The borrowers have a WA credit score of 771, WA combined loan-to-value ratio (CLTV) of 61.5% and WA debt-to-income ratio (DTI) of 35.9%. Approximately 14.0% of the pool balance is related to borrowers with more than one mortgage loan in the pool. The mortgage loans for this transaction were acquired by GSMC, the sponsor and the primary mortgage loan seller, from various originators. Approximately 49.2%, 21.7% and 10.8% of the mortgage loans, by aggregate stated principal balance as of the cut-off date, were originated by NewRez LLC ("NewRez"), Homebridge Financial Services, Inc. ("Homebridge") and United Wholesale Mortgage, LLC ("UWM"), respectively. Approximately 23.8% of the mortgage loans by aggregate unpaid principal balance (UPB) are Appraisal Waiver (AW) loans, whereby the originator obtained an AW for each such mortgage loan from Fannie Mae or Freddie Mac through their respective programs. NewRez LLC d/b/a Shellpoint Mortgage Servicing (Shellpoint) and United Wholesale Mortgage, LLC (UMW) will act as the servicers of the mortgage loans. Cenlar FSB (Cenlar) will act as the subservicer for loans serviced by UWM. Loans serviced by NewRez have a fixed servicing fee framework, whereas loans serviced by UWM have variable servicing fee (fee-for-service) framework. Nationstar Mortgage LLC (Nationstar Mortgage) will be the master servicer. The servicer is generally obligated to advance delinquent payments of principal and interest (P&I) (to the extent such advances are deemed recoverable). The master servicer, or a successor servicer, will be obligated to make any required advance of delinquent payments of principal and interest if the servicer fails in its obligation to fund such required advance. As of cut-off date, there is no mortgage loan subject to a COVID-19 related forbearance plan. However, in the event that after the cut-off date a borrower enters into or requests a COVID-19 related forbearance plan, such mortgage loan will remain in the mortgage pool and the servicer will be required to make advances in respect of delinquent interest and principal (as well as servicing advances) on such mortgage loan during the forbearance period (to the extent such advances are deemed recoverable). All of the personal-use loans are "qualified mortgages" under Regulation Z as a result of the temporary provision allowing qualified mortgage status for loans eligible for purchase, guaranty, or insurance by Fannie Mae and Freddie Mac (and certain other federal agencies). If the Sponsor or the Reviewer determines a Personal Use Loan is no longer a "qualified mortgage" under the ATR Rules, the Sponsor will be required to repurchase such Personal Use Loan. With the exception of personal-use loans, all other mortgage loans in the pool are not subject to TILA because each such mortgage loan is an extension of credit primarily for a business purpose and is not a "covered transaction" as defined in Section 1026.43(b)(1) of Regulation Z. As of the closing date, the sponsor or a majority- owned affiliate of the sponsor will retain at least 5% of the initial certificate principal balance or notional amount of each class of certificates issued by the trust to satisfy U.S. risk retention rules. Moody's loss estimates are based on a loan-by-loan assessment of the securitized collateral pool as of the cut-off date using Moody's Individual Loan Level Analysis (MILAN) model. The expected loss for this pool in a baseline scenario is 0.83% at the mean (0.58% at the median) and reaches 5.97% at a stress level consistent with Moody's Aaa ratings. GSMBS 2021-INV1 has a shifting interest structure with a five-year lockout period that benefits from a senior subordination floor and a subordinate floor. Moody's base its ratings on the credit quality of the mortgage loans, the structural features of the transaction, Moody's review of the origination quality and servicing arrangement, the strength of the TPR, the representations and warranties (R&W) framework of the transaction, and the degree of alignment of interests between the sponsor and the investors. Issuer: GS Mortgage-Backed Securities Trust 2021-INV1 Cl. A-1, Assigned (P)Aaa (sf) Cl. A-2, Assigned (P)Aaa (sf) Cl. A-3, Assigned (P)Aa1 (sf) Cl. A-4, Assigned (P)Aa1 (sf) Cl. A-5, Assigned (P)Aaa (sf) Cl. A-6, Assigned (P)Aaa (sf) Cl. A-7, Assigned (P)Aaa (sf) Cl. A-8, Assigned (P)Aaa (sf) Cl. A-9, Assigned (P)Aaa (sf) Cl. A-9-X*, Assigned (P)Aaa (sf) Cl. A-10, Assigned (P)Aaa (sf) Cl. A-11, Assigned (P)Aaa (sf) Cl. A-11-X*, Assigned (P)Aaa (sf) Cl. A-12, Assigned (P)Aaa (sf) Cl. A-12-X*, Assigned (P)Aaa (sf) Cl. A-13, Assigned (P)Aaa (sf) Cl. A-14, Assigned (P)Aaa (sf) Cl. A-15, Assigned (P)Aa1 (sf) Cl. A-X-1*, Assigned (P)Aa1 (sf) Cl. A-X-2*, Assigned (P)Aaa (sf) Cl. A-X-3*, Assigned (P)Aa1 (sf) Cl. A-X-4*, Assigned (P)Aa1 (sf) Cl. A-X-5*, Assigned (P)Aaa (sf) Cl. A-X-6*, Assigned (P)Aa1 (sf) Cl. A-X-7*, Assigned (P)Aaa (sf) Cl. B, Assigned (P)A3 (sf) Cl. B-X*, Assigned (P)Baa1 (sf) Cl. B-1, Assigned (P)Aa3 (sf) Cl. B-1-A, Assigned (P)Aa3 (sf) Cl. B-1-X*, Assigned (P)Aa3 (sf) Cl. B-2, Assigned (P)A3 (sf) Cl. B-2-A, Assigned (P)A3 (sf) Cl. B-2-X*, Assigned (P)A3 (sf) Cl. B-3, Assigned (P)Baa2 (sf) Cl. B-3-A, Assigned (P)Baa2 (sf) Cl. B-3-X*, Assigned (P)Baa2 (sf) Cl. B-4, Assigned (P)Ba2 (sf) Cl. B-5, Assigned (P)B3 (sf) *Reflects Interest-Only Classes RATINGS RATIONALE Summary Credit Analysis and Rating Rationale Moody's expected loss for this pool in a baseline scenario-mean is 0.83%, in a baseline scenario-median is 0.58%, and reaches 5.97% at stress level consistent with Moody's Aaa rating. The action reflects the coronavirus pandemic's residual impact on the ongoing performance of consumer assets as the US economy continues on the path toward normalization. Economic activity will continue to strengthen in 2021 because of several factors, including the rollout of vaccines, growing household consumption and an accommodative central bank policy. However, specific sectors and individual businesses will remain weakened by extended pandemic related restrictions. Moody's regard the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Moody's increased its model-derived median expected losses by 10% (7.53% for the mean) and Moody's Aaa loss by 2.5% to reflect the likely performance deterioration resulting from the slowdown in US economic activity due to the coronavirus outbreak. These adjustments are lower than the 15% median expected loss and 5% Aaa loss adjustments Moody's made on pools from deals issued after the onset of the pandemic until February 2021. Moody's reduced adjustments reflect the fact that the loan pool in this deal does not contain any mortgage loans to borrowers who are not currently making payments. For newly originated mortgage loans, post-COVID underwriting takes into account the impact of the pandemic on a borrower's ability to repay the mortgage. For seasoned mortgage loans, as time passes, the likelihood that borrowers who have continued to make payments throughout the pandemic will now become non-cash flowing due to COVID-19 continues to decline. Moody's base its ratings on the certificates on the credit quality of the mortgage loans, the structural features of the transaction, Moody's assessments of the origination quality and servicing arrangement, strength of the TPR and the R&W framework of the transaction. Collateral Description The pool comprises of 1,219 newly originated fixed rate agency-eligible mortgage loans secured by non-owner occupied investor properties with up to 30 years of original term to maturity. All of the mortgage loans are (i) originated in accordance with Freddie Mac and Fannie Mae guidelines (ii) not actively enrolled in a COVID-19 related forbearance plan and (iii) current as of August 1, 2021 (cut-off date). The aggregate principal balance of the pool is approximately $325,338,264. The average stated principal balance is approximately $266,889 and the weighted average (WA) current mortgage rate is 3.3%. The borrowers have a WA credit score of 771, WA combined loan-to-value ratio (CLTV) of 61.5% and WA debt-to-income ratio (DTI) of 35.9%. Approximately 14.0% of the pool balance is related to borrowers with more than one mortgage loan in the pool. The mortgage loans in the pool were originated mostly in California (40.0% by loan balance) and in high cost metropolitan statistical areas (MSAs) of Los Angeles (15.8%), New York (8.2%), Seattle (7.6%), San Francisco (5.9%), and others (18.9%). The high geographic concentration in high cost MSAs is reflected in the high average balance of the pool ($266,889). Moody's made adjustments to Moody's losses to account for this geographic concentration risk. Aggregator/Origination Quality The mortgage loans for this transaction were acquired by GSMC, the sponsor and a mortgage loan seller. The mortgage loan seller does not originate any mortgage loans, including the mortgage loans included in the mortgage pool. Instead, GSMC acquired the mortgage loans pursuant to contracts with the originators or the aggregator. Overall, Moody's consider GSMC's aggregation platform to be comparable to that of peer aggregators and therefore did not apply a separate loss-level adjustment for aggregation quality. In addition to reviewing GSMC's aggregation quality, Moody's have also reviewed the origination quality of each of the originators which contributed at least approximately 10% of the mortgage loans (by UPB) to the transaction. For these originators, Moody's reviewed their underwriting guidelines, performance history, and quality control and audit processes and procedures (to the extent available). Approximately 49.2%, 21.7% and 10.8% of the mortgage loans, by a UPB as of the cut-off date, were originated by NewRez, Homebridge and UWM respectively. No other originator or group of affiliated originators originated more than approximately 10% of the mortgage loans in the aggregate. Moody's did not make any adjustments to its loss levels for mortgage loans originated by these parties. Servicing Arrangement Moody's consider the overall servicing arrangement for this pool to be adequate, and as a result Moody's did not make any adjustments to Moody's base case and Aaa stress loss assumptions based on the servicing arrangement. NewRez LLC d/b/a Shellpoint Mortgage Servicing (Shellpoint) and UWM will be the named primary servicers for this transaction. Shellpoint will service 89.2% of the pool by balance and UWM will servicer 10.8% of the pool balance. Shellpoint and UWM are approved servicers in good standing with Ginnie Mae, Fannie Mae and Freddie Mac. Furthermore, Nationstar Mortage LLC (Nationstar Mortgage) will act as the master servicer. Moody's consider the presence of an experienced master servicer such as Nationstar Mortgage to be a mitigant for any servicing disruptions. Third-party Review AMC Diligence, LLC (AMC), Recovo Mortgage Management, LLC (Recovo), Consolidated Analytics, Inc and Wipro Opus Risk Solutions, LLC, collectively the TPR firms, reviewed 100% of the loans in this transaction for credit, regulatory compliance, property valuation, and data accuracy. Overall, Moody's believe that the TPR results are weaker due to the relatively high number of exceptions compared to those in prime transactions Moody's recently rated. The majority of these credit exceptions are related to hazard and title insurance. While many of these may be rectified in the future by the servicer or by subsequent documentation, Moody's made an adjustment to the Aaa loss and EL to reflect the additional risk that these exceptions could impair the deal's insurance coverage if not rectified and because the R&Ws specifically exclude these exceptions. Representations & Warranties GSMBS 2021-INV1's R&W framework is in line with that of prior GSMBS transactions Moody's have rated where an independent reviewer is named at closing, and costs and manner of review are clearly outlined at issuance. The loan-level R&Ws meet or exceed the baseline set of credit-neutral R&Ws Moody's have identified for US RMBS. R&W breaches are evaluated by an independent third-party using a set of objective criteria. The transaction requires mandatory independent reviews of loans that become 120 days delinquent and those that liquidate at a loss to determine if any of the R&Ws are breached. However, because most of the R&W providers in this transaction are unrated and/or exhibit limited financial flexibility, Moody's applied an adjustment to the mortgage loans for which these entities provided R&Ws. In addition, a R&W breach will be deemed not to have occurred if it arose as a result of a TPR exception disclosed in Appendix I of the Private Placement Memorandum. There were a relatively high number of B-grade exceptions in the TPR review, the disclosure of which weakens the R&W framework. Tail Risk and Locked Out Percentage The transaction cash flows follow a shifting interest structure that allows subordinated bonds to receive principal payments under certain defined scenarios. Because a shifting interest structure allows subordinated bonds to pay down over time as the loan pool balance declines, senior bonds are exposed to eroding credit enhancement over time, and increased performance volatility as a result. To mitigate this risk, the transaction provides for a senior subordination floor of 0.90% of the cut-off date pool balance, and as subordination lockout amount of 0.90% of the cut-off date pool balance. The floors are consistent with the credit neutral floors for the assigned ratings according to Moody's methodology. COVID-19 Impacted Borrowers As of cut-off date, there is no mortgage loan subject to a COVID-19 related forbearance plan. However, in the event that after the cut-off date a borrower enters into or requests a COVID-19 related forbearance plan, such mortgage loan will remain in the mortgage pool and the servicer will be required to make advances in respect of delinquent interest and principal (as well as servicing advances) on such mortgage loan during the forbearance period (to the extent such advances are deemed recoverable). Factors that would lead to an upgrade or downgrade of the ratings: Down Levels of credit protection that are insufficient to protect investors against current expectations of loss could drive the ratings down. Losses could rise above Moody's original expectations as a result of a higher number of obligor defaults or deterioration in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Other reasons for worse-than-expected performance include poor servicing, error on the part of transaction parties, inadequate transaction governance and fraud. Up Levels of credit protection that are higher than necessary to protect investors against current expectations of loss could drive the ratings up. Losses could decline from Moody's original expectations as a result of a lower number of obligor defaults or appreciation in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Methodology The principal methodology used in rating all classes except interest-only classes was "Moody's Approach to Rating US RMBS Using the MILAN Framework" published in August 2021. GUARDION HEALTH: Incurs $4.5 Million Net Loss in Second Quarter --------------------------------------------------------------- Guardion Health Sciences, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $4.54 million on $1.22 million of total revenue for the three months ended June 30, 2021, compared to a net loss of $707,160 on $1.19 million of total revenue for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported a net loss of $7.21 million on $1.46 million of total revenue compared to a net loss of $3.05 million on $1.44 million of total revenue for the six months ended June 30, 2020. As of June 30, 2021, the Company had $41.28 million in total assets, $1.99 million in total liabilities, and $39.29 million in total stockholders' equity. Notwithstanding the net loss for the six months ended June 30, 2021, management believes that its current cash balance is sufficient to ensure continuation of the Company as a going concern for at least one year from the date of this quarterly report. "The amount and timing of future cash requirements will depend, in part, on the Company's ability to ultimately achieve operating profitability. The Company expects to continue to incur net losses and negative operating cash flows in the near-term and will continue to incur significant expenses for the development, commercialization and distribution of its clinical nutrition products (including the Viactiv product line), the development and commercialization of its diagnostics equipment, and the successful development and commercialization of any new products or product lines. The Company may also utilize cash to fund additional acquisitions. The Company may seek to raise additional debt and/or equity capital to fund future operations and strategic initiatives, but there can be no assurances that the Company will be able to secure such additional financing in the amounts necessary to fully fund its operating requirements on acceptable terms or at all. Over time, if the Company is unable to access sufficient capital resources on a timely basis to fund its operations, the Company may be forced to reduce or discontinue some or all of its technology and product development programs and curtail operations," Guardion Health said in the filing. Management Commentary Bret Scholtes, Guardion's president and chief executive officer, commented, "The three months ended June 30, 2021 marks the beginning of a new era for Guardion, as the acquisition and integration of the Viactiv line of products has changed the Company's financial position, market profile and brand focus, and has also expanded the Company's search for additional business opportunities in the short-term, both internal and external." Mr. Scholtes continued, "Moving forward, Guardion has the opportunity to benefit strategically from its acquisition of Activ by applying the knowledge previously gained in launching and commercializing those products, including the roles of branding, e-commerce, digital marketing, and appropriate collaboration with healthcare providers, to further grow the Viactiv brand. Guardion also sees an opportunity to orient our focus on clinically supported nutrition, backed by research, to the nutrient categories where Viactiv is positioned. Guardion plans to explore the potential for novel compounds that include unique combinations of ingredients to support nutritional needs across a wider range of health care applications." "Equally as important are the opportunities to apply this knowledge to products Guardion owned prior to the Viactiv acquisition. As discussed, Guardion acquired Viactiv to accelerate its strategy of building a clinical nutrition company. Management believes Viactiv's widely recognizable brand and its established distribution can benefit the other products in Guardion's portfolio. Guardion has commenced an evaluation of each of these legacy products to understand the opportunities to increase their contribution to the overall business plan by leveraging Viactiv's well established attributes." "Over the long-term, Guardion believes that its success will depend on its ability to create value in well-differentiated and robust brands through strong clinically proven claims that address consumer needs in growing markets, both domestically and internationally. Guardion is committed to bringing compelling products to market under meaningful and differentiated brands that are supported by strong science. Guardion is much better positioned to create value for its shareholders as a result of the Viactiv product acquisition." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1642375/000149315221019915/form10-q.htm About Guardion Health Sciences Headquartered in San Diego, California, Guardion -- http://www.guardionhealth.com-- is a specialty health sciences company that develops clinically supported nutrition, medical foods and medical devices, with a focus in the ocular health marketplace. Located in San Diego, California, the Company combines targeted nutrition with innovative, evidence-based diagnostic technology. Guardion Health reported a net loss of $8.57 million for the year ended Dec. 31, 2020, compared to a net loss of $10.88 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $44.70 million in total assets, $1.21 million in total liabilities, and $43.49 million in total stockholders' equity. HARBOUR COMMUNITY: Taps Goodman Law Offices as Legal Counsel ------------------------------------------------------------ Harbour Community, L.P. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Goodman Law Offices, A Professional Corporation to serve as legal counsel in its Chapter 11 case. The firm's services include: a. advising the Debtor on the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy procedure, the Local Bankruptcy Rules and the requirements of the U.S. trustee pertaining to the administration of the Debtor's estate; b. preparing legal papers; c. analyzing and preparing necessary objections to proofs of claim filed against the estate; d. investigating and prosecuting preference, fraudulent transfer and other action arising under the Debtor's avoiding powers; e. advising the Debtor with respect to any sale and disposition of its assets; f. advising the Debtor with respect to obligations under any unexpired leases and executory contracts; g. preparing the Debtor's Chapter 11 plan; and h. rendering other necessary legal services. Goodman will be paid at the rate of $430 per hour. Prior to the petition date, the firm received a retainer from the Debtor in the amount of $15,000. The firm will also receive reimbursement for out-of-pocket expenses incurred. Andrew Goodman, Esq., a partner at Goodman, 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: Andrew Goodman, Esq. Goodman Law Offices, A Professional Corporation 30700 Russell Ranch Road, Suite 250 Westlake Village, CA 91362 Tel: (818) 802-5044 Fax: (818) 975-5256 Email: agoodman@andyglaw.com About Harbour Community L.P. Harbour Community, L.P. filed a Chapter 11 bankruptcy petition (Bankr. C.D. Calif. Case No. 21-11313) on Aug. 3, 2021, listing up to $50 million in assets and up to $10 million in liabilities. Judge Maureen Tighe oversees the case. Goodman Law Offices, A Professional Corporation serves as the Debtor's legal counsel. HELMERICH & PAYNE: Egan-Jones Keeps BB Senior Unsecured Ratings --------------------------------------------------------------- Egan-Jones Ratings Company, on August 13, 2021, maintained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by Helmerich & Payne, Inc. Headquartered on Tulsa, Oklahoma, Helmerich & Payne, Inc. provides contract drilling of oil and gas wells in the Gulf of Mexico and South America. HEXION INC: Improved Profitability No Impact on Moody's B1 Rating ----------------------------------------------------------------- Moody's Investors Service said that Hexion, Inc. ("Hexion", B1 stable) has seen a substantial improvement in profitability in the first half of 2021, however, despite the expected improvement in credit metrics by year end 2021 to levels that would exceed Moody's upgrade triggers, Moody's is unlikely to change Hexion's outlook or rating, as the company is exploring strategic options to maximize shareholder value, including an IPO or the sale of the company. Management has stated that if it pursues an IPO, one of the uses of cash would be to reduce debt. Management expects to complete this process in 2021. Headquartered in Columbus, OH, Hexion is a leading producer of thermoset resins (epoxy, phenolic and amino). The company is also a supplier of specialty resins sold to a diverse customer base, as well as a producer of base chemicals such as formaldehyde, bisphenol A (BPA), epichlorohydrin (ECH), versatic acids. Revenues were approximately $1.6 billion as of June 30, 2021. HI TORK POWER: Wins Cash Collateral Access ------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has authorized Hi Tork Power, Inc. to use cash collateral on a final basis in accordance with the budget, with a 5% variance. The Debtor requires the use of cash collateral to finance its operations. As adequate protection for the us of cash collateral, S&P Financial Services, Inc., MME Capital, LLC, Western Alliance Bank and Global Financial & Leasing Services, LLC, SPG Advance, LLC, The Fundworks, LLC, Alpha Capital Source, GFY Cap LLC, Fundbox and the U.S. Small Business Administration are granted replacement liens on all postpetition cash collateral and post-petition acquired property to the same extent and priority they possessed as of the Petition Date. A copy of the order and the Debtor's budget is available at https://bit.ly/3zbLgDt from PacerMonitor.com. About Hi Tork Power Inc. Hi Tork Power, Inc. is in the power generation and supply business in Houston, Texas. On Aug. 5, 2021, Hi Tork Power filed a Chapter 11 petition (Bankr. S.D. Texas Case No. 21-32660), listing up to $500,000 in assets and up to $1 million in liabilities. Hi Tork Power President Jorge Tijerina signed the petition. Judge Christopher Lopez oversees the case. Robert Chamless Lane, Esq., at the Lane Law Firm, serves as the Debtor's legal counsel. HOUSEHOLD OF FAITH: Seeks to Use Tithes & Offerings to Pay Staff ---------------------------------------------------------------- Household of Faith Community Church asks the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for authority to use cash collateral on an interim basis and provide adequate protection. Tithes and offerings received from members of the church are the source of the cash collateral and the Debtor needs the use of cash collateral to maintain a place of worship for its church members. The Debtor's accounts receivable and inventory are the subject of liens held by the Small Business Administration. The SBA's' liens consist of a Loan, dated August 28, 2020, in the amount of $84,400, where the SBA's lien is perfected in the Debtor's general intangibles, accounts, furniture, fixtures, equipment, and inventory through a UCC filing dated September 6, 2020. The purpose for the use of the cash collateral is to pay the musicians, staff, insurance, utilities and other costs necessary to keep the doors of the church open during the pendency of the case. A hearing on the matter is scheduled for September 15, 2021 at 11 a.m. About Household of Faith Community Church Household of Faith Community Church owns a church in Harris County, Texas, that operates as a place of worship. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 21-32288) on July 6, 2021, listing as much as $1 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. James Q. Pope, Esq., at The Pope Law Firm, represents the Debtor as legal counsel. HWY 24 LUMBER: Amends Plan to Resolve NG Solutions Claim Issues --------------------------------------------------------------- Highway 24 Lumber & Feed, Inc., submitted an Amended Plan of Reorganization. The Amended Plan discusses the alterations made to Class 4 Allowed Secured Claim of NG Solutions, LLC. NG Solutions has filed that certain secured Proof of Claim in the amount of $322,746.66. NG bases its Proof of Claim on an alleged Promissory Note dated May 22, 2018, purported to have been executed by the Debtor in favor of Enloe that NG claims it purchased from the FDIC. On Aug. 2, 2021, the Court entered an Order allowing the NG claim in the amount of $110,000 as an unsecured claim. On August 13, 2021, NG timely filed its Notice of Appeal of the Court Order concerning its Claim. NG and the Debtor desire to resolve all matters in dispute between them and have agreed to treatment and allowance of the NG claim as follows: * The Debtor and NG have agreed that NG shall have a claim in the amount of $175,000.00 secured by a first priority lien in all of the Debtor's inventory, accounts, chattel paper, whether tangible or electronic, consumer goods, deposit accounts, equipment, fixtures, general intangibles, instruments now owned or hereafter acquired together with all supporting obligations, proceeds, products, software, accessories and accessions (the "Assets"). Such claim is to be paid in 60 equal installments ($3,342.70/month) commencing on the first day of the first month following the Final Confirmation Date and continuing thereafter for 59 months. The claim will bear interest at the rate of 5.5% per annum. As a condition precedent to confirmation, the Debtor shall execute a promissory note and security agreement reflecting this debt and the related lien which shall be in form satisfactory to NG. * Upon entry of a final order confirming this Plan on these terms, NG FULLY RELEASES, REMISES AND FOREVER DISCHARGES the Debtor of and from any and all claims, actions, causes of action, appeals, suits, rights, obligations, charges, debts, liabilities, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, torts, controversies, expenses, judgments executions, claims and demands whatsoever, WHETHER FORESEEN OR UNFORESEEN, KNOWN OR UNKNOWN, DISCLOSED OR UNDISCLOSED, ACCRUED OR UNACCRUED, in law, whether by statute or common law, and in equity, whether in tort or in contract, which NG has had, or might have against Debtor. * Upon entry of a final order confirming this Plan on these terms, the Debtor FULLY RELEASES, REMISES AND FOREVER DISCHARGES NG of and from any and all claims, actions, causes of action, appeals, suits, rights, obligations, charges, debts, liabilities, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, torts, controversies, expenses, judgments executions, claims and demands whatsoever, WHETHER FORESEEN OR UNFORESEEN, KNOWN OR UNKNOWN, DISCLOSED OR UNDISCLOSED, ACCRUED OR UNACCRUED, in law, whether by statute or common law, and in equity, whether in tort or in contract, which the Debtor has, had, or might have against NG. Class 6 consists of Allowed Unsecured Creditors which are impaired. All allowed unsecured creditors shall share pro rata in the unsecured creditors pool. The Debtor shall make monthly payments commencing on the Effective Date of $2,500 into the unsecured creditors' pool. The Debtor shall make distributions to the Class 6 creditors every 90 days commencing 90 days after the Effective Date. The Debtor shall make a total of 60 payments into the unsecured creditors pool with the first payment being made on the Effective Date. Based upon the Proof of Claims and the Schedules in the case the Class 6 creditors should receive approximately 65% of their Allowed Claims. Debtor may prepay any Class 6 Claim at any time without penalty. A full-text copy of the Amended Plan dated August 19, 2021, is available at https://bit.ly/2W9Fbcb from PacerMonitor.com at no charge. Attorneys for the Debtor: Eric A. Liepins, Esq. Eric A. Liepins, P.C. 12770 Coit Road, Suite 1100 Dallas, TX 75251 Tel: (972) 991-5591 Fax: (972) 991-5788 About HWY 24 Lumber & Feed HWY 24 Lumber & Feed, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 20-42468) on Dec. 16, 2020. At the time of filing, the Debtor disclosed less than $50,000 in assets and up to $1 million in liabilities. Judge Brenda T. Rhoades oversees the case. Eric A. Liepins, P.C., serves as the Debtor's legal counsel. NG Solutions, LLC, as Lender, is represented by Russell W. Mills. Esq. and J. Reid Burley, Esq. at Bell Nunnally & Martin LLP. IMAX CORPORATION: Egan-Jones Keeps BB- Senior Unsecured Ratings --------------------------------------------------------------- Egan-Jones Ratings Company, on August 11, 2021, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by IMAX Corporation. Headquartered in Mississauga, Canada, IMAX Corporation offers end-to-end cinematic solution combining proprietary software, theater architecture, and equipment. INTEGRATED GLOBAL: Seeks to Hire Haberbush as Bankruptcy Counsel ---------------------------------------------------------------- Integrated Global Concepts Medical Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Haberbush, LLP as its bankruptcy counsel. Haberbush will render these legal services. (a) advise, consult, prosecute for and defend the Debtor concerning issues arising in regard to the conduct of the estate, the Debtor's rights and remedies with regard to the estate's assets, and the claims of secured, priority and unsecured creditors. (b) appear for and represent the Debtor's interest in obtaining court approval for the hiring of professionals, and advise the Debtor regarding the liquidation of the estate's property; (c) investigate and prosecute, if appropriate, preference, fraudulent transfer, and other actions arising under the Debtor's avoiding powers; (d) assist in the preparation of legal papers; (e) advise, consult and represent the Debtor in such legal actions as are necessary concerning the use and disposition of property of the estate; (f) advise, consult, prosecute for and defend the Debtor concerning claims made against the estate or claims made by the estate; (g) seek approval of a plan of reorganization; and (h) advise, consult and assist the Debtor with the U.S. Trustee Guidelines, the Local Bankruptcy Rules of the bankruptcy court, Bankruptcy Code, and the Federal Rules of Bankruptcy Procedure. Haberbush received a retainer of $40,000 from the Debtor. The hourly rates of Haberbush's attorneys and staff are as follows: David R. Haberbush $495 per hour Richard A. Brownstein $495 per hour Louis H. Altman $440 per hour Vanessa M. Haberbush $275 per hour Lane K. Bogard $250 per hour Alexander H. Haberbush $200 per hour In addition, Haberbush will be reimbursed for out-of-pocket expenses incurred. David Haberbush, Esq., a partner at Haberbush, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Haberbush, Esq. Haberbush, LLP 444 West Ocean Boulevard, Suite 1400 Long Beach, CA 90802 Telephone: (562) 435-3456 Facsimile: (562) 435-6335 Email: dhaberbush@lbinsolvency.com About Integrated Global Concepts Medical Group Long Beach, Calif.-based Integrated Global Concepts Medical Group, Inc. filed a Chapter 11 petition (Bankr. C.D. Calif. Case No. 21-16329) on Aug. 9, 2021. In the petition signed by Michael Brenner, president and chief executive officer, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Sandra R. Klein oversees the case. Haberbush, LLP represents the Debtor as legal counsel. JACKSONVILLE ADVANCED: To Pay IRS Adequate Protection for Cash Use ------------------------------------------------------------------ Judge Roberta A. Colton of the U.S. Bankruptcy Court for the Middle District of Florida directed Jacksonville Advanced Machining, LLC to pay the Internal Revenue Service $718 per month for 60 months at 4% interest starting June 10, 2021, as adequate protection for its use of the IRS' cash collateral. As previously reported by the Troubled Company Reporter, and as provided for in the current ruling, the Debtor is authorized to use IRS' cash collateral to pay for ordinary course expenses, on a further interim basis, until the continued hearing on the Motion on September 22, 2021 at 10 a.m. A copy of the order is available for free at https://bit.ly/3y7J9zw from PacerMonitor.com About Jacksonville Advanced Machining Jacksonville Advanced Machining, LLC, a Jacksonville, Fla.-based manufacturer of metal parts, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:21-bk-01149) on May 7, 2021. In the petition signed by Ramkumar Devarajan, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Roberta A. Colton oversees the case. Parker & DuFresne, P.A and William G. Haeberle, CPA, LLC serve as the Debtor's legal counsel and accountant, respectively. JETBLUE AIRWAYS: Egan-Jones Keeps B- Senior Unsecured Ratings ------------------------------------------------------------- Egan-Jones Ratings Company, on August 9, 2021, maintained its 'B-' foreign currency and local currency senior unsecured ratings on debt issued by JetBlue Airways Corporation. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Long Island City, New York, JetBlue Airways Corporation provides non-stop passenger flight service through its Airbus A320 aircraft. JIM'S DISPOSAL: September 23 Plan & Disclosure Hearing Set ---------------------------------------------------------- On Aug. 12, 2021, debtor Jim's Disposal Service, LLC filed with the U.S. Bankruptcy Court for the Western District of Missouri a Chapter 11 Plan and Disclosure Statement. On Aug. 17, 2021, Judge Brian T. Fenimore conditionally approved the Disclosure Statement and ordered that: * Sept. 23, 2021 at the United States Bankruptcy Court, 400 E. 9th Street, Courtroom 6B, Kansas City, MO 64106 is the hearing on final approval of the disclosure statement and for the hearing on confirmation of the plan. * Sept. 17, 2021 is the deadline for filing objections to the disclosure statement or plan confirmation; and ballots accepting or rejecting the plan. A copy of the order dated August 17, 2021, is available at https://bit.ly/3gkCiMR from PacerMonitor.com at no charge. Counsel for Debtor: Robert S. Baran, Esq. Ryan E. Shaw (MO #57897) CONROY BARAN 1316 Saint Louis Ave., 2nd FL Kansas City, MO 64101 Tel: (816) 210-9680 / (816) 616-5009 Fax: (816) 817-6023 Email: rbaran@conroybaran.com lpittman@conroybaran.com rshaw@conroybaran.com About Jim's Disposal Service Jim's Disposal Service, LLC, a company that specializes in residential waste solutions, filed a Chapter 11 petition (Bankr. W.D. Mo. Case No. 20-40050) on Jan. 6, 2020. At the time of the filing, the Debtor was estimated to have less than $50,000 in assets and $1 million to $10 million in liabilities. Judge Brian T. Fenimore oversees the case. The Debtor tapped Mann Conroy, LLC as its legal counsel and Cochran Head Vick & Co., P.A. as its accountant. JOYFUL CARE: Seeks Court Nod on Cash Deal with SBA -------------------------------------------------- Joyful Care Caregiving Services, Inc. asked the U.S. Bankruptcy Court for the Central District of California to approve a stipulation the Debtor entered into with the U.S. Small Business Administration regarding the Debtor's use of cash collateral. The stipulation expires on October 31, 2021. The SBA has a blanket lien on all of the Debtor's assets, including income, on account of the $150,000 Economic Injury Disaster Loan (EIDL) the Debtor obtained from the SBA. Payments on the Loan at $731 monthly are set to commence on September 25, 2021 and the Debtor anticipates that it will have sufficient income to make payments on the Loan. The Stipulation provided that: a. the Debtor may use the SBA's cash collateral, pursuant to the budget, from the date of the Stipulation (August 13, 2021) through October 1, 2021; b. the SBA shall be granted a replacement lien on the rents, proceeds and profits of the prepetition collateral, having the same extent, validity and priority the SBA had in the prepetition collateral on the Petition Date; c. if the protection granted is insufficient to satisfy in full the SBA's claims, the SBA will be granted an allowed claim under Section 503(b) of the Bankruptcy Code for the amount of any such deficiency. Such claim shall have the superpriority under Section 507(b) of the Bankruptcy Code, subject to fees payable to the U.S. Trustee and fees or costs owing to the Clerk of Court; d. the Debtor shall keep the prepetition collateral insured, pursuant to the Loan and the U.S. Trustee Guidelines. The budget provided for total expenses at $305,235 for August 2021 and $296,700 for September 2021. A copy of the motion, along with the stipulation, is available for free at https://bit.ly/3841Ycb from PacerMonitor.com. Judge Erithe A. Smith will consider the request at a hearing on September 9, 2021 at 10:30 a.m. About Joyful Care Caregiving Services Joyful Care Caregiving Services, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-11648) on June 30, 2021, disclosing total assets of up to $50,000 and total liabilities of up to $500,000. Judge Erithe A. Smith presides over the case. Khang & Khang, LLP represents the Debtor as legal counsel. KC PANORAMA: Taps Commonwealth Commercial Advisors as Broker ------------------------------------------------------------ KC Panorama, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Commonwealth Commercial Advisors, Inc. as real estate broker. The firm will render these services: (a) market the Debtors' properties using such advertising, solicitation of outside brokers, and other promotional and marketing activities as may be necessary and agreed upon with the Debtors; (b) analyze offers and proposals from potential purchasers and offer recommendations to the Debtors in connection with any proposed transaction involving the properties; (c) assist with negotiations regarding any potential transaction involving the properties; and (d) assist with the consummation of any transactions involving the properties. The firm will receive a 1.5 percent commission on the sale price. Stefan Frey, president and principal owner of Commonwealth Commercial Advisors, 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: Stefan T. Frey Commonwealth Commercial Advisors, Inc. 195 Worcester Street, Suite 201 Wellesley, MA 02481 Telephone: (617) 596-7833 Email: stefan@ccadvisors.net About KC Panorama KC Panorama LLC, a Waltham, Mass.-based company engaged in renting and leasing real estate properties, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass Case No. 21-10827) on June 4, 2021, listing total assets of $11,703,396 and total liabilities of $23,507,162. KC Panorama President Kai Zhao signed the petition. Judge Frank J. Bailey oversees the case. Ravosa Law Offices, P.C. is the Debtor's legal counsel. KINSER GROUP II: Gets Cash Collateral Access Thru Oct 11 -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona authorized Kinser Group II, LLC to use cash collateral on an interim basis in accordance with the budget, with a 10% variance through October 11, 2021. The Debtor is authorized to use Cash Collateral to pay ordinary and necessary post-petition expenses. The Debtor may not pay any Operating Expenses that would cause total payments the Revised Budget plus the 10% allowed variance without the prior written consent of First Financial Bank or further Court order. As adequate protection, First Financial is granted valid and perfected security interests in the Debtor's postpetition assets of the type and to the same extent (if any) provided in their respective loan and security documents; provided, however, that if the Court later determines that First Financial has no valid security interest in any cash collateral held by the Debtor as of the Petition Date or collected after the Petition Date, First Financial will not have any Replacement Lien. The Replacement Lien (if any) granted to First Financial: (a) will secure repayment of the indebtedness owing to First Financial, but will be limited in amount to the diminution in value of First Financial's interest in collateral caused by the Debtor's use of Cash Collateral in which First Financial holds a valid security interest from and after the Petition Date; (b) will be evidenced by First Financial's existing loan and security documents and the Order; and (c) will have the same validity and priority as First Financial's existing security interests in the Debtor's assets as of the Petition Date. First Financial expressly reserves its right to assert a section 507(b) superpriority claim if and to the extent the Replacement Liens are insufficient to provide adequate protection against the diminution, if any, in value of the First Financial's interest in any collateral resulting from the use of Cash Collateral. During the pendency of the order, the Debtor will maintain insurance on First Financial's collateral. A continued hearing on the matter is scheduled for October 4 at 1:30 p.m. A copy of the order and the Debtor's eight-week budget is available at https://bit.ly/380uHhO from PacerMonitor.com. About Kinser Group II, LLC Kinser Group II, LLC is the operator of a Holiday Inn Express hotel located at 117 S. Franklin Road, Bloomington, Indiana. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:21-bk-04208) on May 28, 2021. In the petition signed by Kenneth L. Edwards, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Brenda K. Martin oversee the case. Quarles & Brady LLP is the Debtor's counsel. KOSSOFF PLLC: Mitchell Kossoff to Challenge Ch. 7 Discovery Order ----------------------------------------------------------------- Law360 reports that the counsel for New York City real estate attorney Mitchell Kossoff is seeking to appeal a discovery order in the ongoing bankruptcy of Kossoff's defunct firm, arguing that turning over records and a list of debts now would waive his client's right not to self-incriminate. In a Thursday, August 19, 2021, letter to U. S. Bankruptcy Judge David S. Jones, Kossoff's criminal defense lawyer, Walter Mack of Doar Rieck Kaley & Mack, said that an investigation into his client by the Manhattan District Attorney's Office is nearly complete. Mack has a pressing obligation to protect his client, he argued. About Kossoff PLLC Kossoff PLLC is a real estate law firm based in New York City. It operated as a law firm with offices located at 217 Broadway in New York City. The firm held itself out as a law firm that provided full-service real estate legal services specializing in litigation and transactional matters, including leasing, sale and acquisition of real property, commercial landlord tenant matters, real estate litigation, and city, state and federal agency regulatory matters Mitchell H. Kossoff, the firm's founder and only known managing member, is alleged to have failed to and/or refused to return millions of dollars of client funds when requested by clients. Since on or about April 1, 2021, Kossoff's whereabouts have been unknown, and Kossoffhas ceased all communications with the Debtor's clients and with the attorneys and staff who were employed by the Debtor. Kossoff PLLC is subject to an involuntary petition for Chapter 7 bankruptcy (Bankr. S.D.N.Y. Case No. 21-10699) by creditors on April 13, 2021. The case is handled by Honorable Judge David S. Jones. Gran Sabana Corp NV, Louis & Jeanmarie Giordano, and other former clients of the Debtor signed the involuntary petition. Carter Ledyard & Milburn LLP, led by Aaron R. Cahn, represents the petitioners. Veteran restructuring lawyer Albert Togut of Togut, Segal & Segal LLP, was named as Chapter 7 Trustee. He tapped his own firm as counsel in the case. LIMETREE BAY: Committee Taps Pachulski as Bankruptcy Counsel ------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 cases of Limetree Bay Services, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Pachulski Stang Ziehl & Jones, LLP as its bankruptcy counsel. The firm's services include: (a) assisting the committee in its consultations with the Debtors regarding the administration of the cases; (b) assisting the committee in analyzing the Debtors' assets and liabilities, investigating the extent and validity of liens and participating in and reviewing any proposed asset sales, asset dispositions, financing arrangements, and cash collateral stipulations or proceedings; (c) assisting the committee in any manner relevant to reviewing and determining the Debtors' rights and obligations under leases and other executory contracts; (d) assisting the committee in investigating the acts, conduct, assets, liabilities, and financial condition of the Debtors, the Debtors' operations and the desirability of the continuance of any portion of those operations, and any other matters relevant to the cases or to the formulation of a Chapter 11 plan; (e) participating in the negotiation, formulation, and drafting of a plan of liquidation or reorganization; (f) advising the committee on issues concerning the appointment of a trustee or examiner under Section 1104 of the Bankruptcy Code; (g) advising the committee regarding its powers and duties under the Bankruptcy Code and the Bankruptcy Rules; (h) assisting the committee in the evaluation of claims and in litigation matters; and (i) providing other necessary legal services to the committee. The firm's hourly rates are as follows: Partners $845 - $1,695 per hour Of Counsel $695 - $1,275 per hour Associates $695 - $750 per hour Paraprofessionals $425 - $460 per hour Michael Warner, Esq., a partner at Pachulski, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael D. Warner, Esq. Pachulski Stang Ziehl & Jones LLP 440 Louisiana Street, Suite 900 Houston, TX 77002 Tel.: 713.691.9385 Fax: 713.691.9407 Email: info@pszjlaw.com About Limetree Bay Limetree Bay Energy is a large-scale energy complex strategically located in St. Croix, U.S. Virgin Islands. The complex consists of Limetree Bay Refining, a refinery with peak processing capacity of 650 thousand barrels of petroleum feedstock per day, and Limetree Bay Terminal, a 34-million-barrel crude and petroleum products storage and marine terminal facility serving the refinery and third-party customers. Limetree Bay Refining, LLC, restarted operations in February 2021, and is capable of processing around 200,000 barrels per day. Key restart work at the site began in 2018, including the 62,000 barrels per day modern, delayed Coker unit, extensive desulfurization capacity, and a reformer unit to produce clean, low-sulfur transportation fuels. The restart project provided much needed economic development in the U.S.V.I. and created more than 4,000 construction jobs at its peak. Limetree Bay Refining, LLC and its affiliates sought Chapter 11 protection on July 12, 2021. The lead case is In re Limetree Bay Services, LLC (Bankr. S.D. Texas Case No. 21-32351). Limetree Bay Terminals, LLC did not file for bankruptcy. In the petitions signed by Mark Shapiro, chief restructuring officer, Limetree Bay Services disclosed up to $10 million in assets and up to $50,000 in liabilities. Limetree Bay Refining, LLC, estimated up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Baker & Hostetler LLP as bankruptcy counsel, Beckstedt & Kuczynski LLP as special counsel, and GlassRatner Advisory & Capital LLC, doing business as B. Riley Advisory Services, as restructuring advisor. Mark Shapiro of GlassRatner is the Debtors' chief restructuring officer. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' cases on July 26, 2021. Pachulski Stang Ziehl & Jones, LLP and Conway MacKenzie, LLC serve as the committee's legal counsel and financial advisor, respectively. 405 Sentinel, LLC serves as administrative and collateral agent for the DIP lenders. LIMETREE BAY: Seeks Approval to Hire GlassRatner, Appoint CRO ------------------------------------------------------------- Limetree Bay Services, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ GlassRatner Advisory & Capital, LLC and appoint Mark Shapiro, the firm's senior managing director, as chief restructuring officer. The services that will be provided by the CRO and his firm include: (a) assisting the Debtors in all aspects of their business activities and operations, including budgeting, cash management and financial management; (b) assisting the Debtors in communicating and negotiating with lenders, vendors and other stakeholders; (c) reviewing the Debtors' daily operating activity, purchases and expenses; (d) reviewing historical and projected financial information, including operating results, capital structure and funding mechanics, for the Debtors; (e) assisting the Debtors in developing financial and liquidity projections; (f) identifying and assessing potential restructuring alternatives for the Debtors; (g) assisting the Debtors with ongoing financial reporting; (h) assisting the Debtors in the preparation of information required pursuant to statutory reporting requirements related to their Chapter 11 cases, including statements of financial affairs, bankruptcy schedules and monthly operating reports; (i) assisting in the preparation of reports for, and communications with, the court, creditors and any other constituents; (j) reviewing, evaluating and analyzing the financial ramifications of proposed transactions for which the Debtors may seek court approval; (k) providing financial advice and assistance to the Debtors in connection with a sale transaction; (l) assisting the Debtors in developing and supporting a proposed plan of reorganization; (m) rendering court testimony; (n) assisting in the negotiation of terms of debtor-in-possession financing; (o) working with the Debtors and their professionals to maximize the value of the Debtors' estates; and (p) any other duty or task, which falls within the normal responsibilities of a CRO at the direction of Limetree's Board of Directors. The firm's hourly rates are as follows: Mark Shapiro, CRO $595 per hour Scott Van Meter $550 per hour Frank Cottrell $400 per hour Christina Reynolds $350 per hour Other Associates & Directors $250 to $450 per hour The Debtors paid GlassRatner the amount of $250,000 and will reimburse the firm for out-of-pocket expenses incurred. Mr. Shapiro 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: Mark Shapiro GlassRatner Advisory & Capital LLC dba B. Riley Advisory Services 4500 Post Oak Parkway, Suite 1400 Houston, TX 77027 Tel: (713) 226-4700 Email: mshapiro@glassratner.com About Limetree Bay Limetree Bay Energy is a large-scale energy complex strategically located in St. Croix, U.S. Virgin Islands. The complex consists of Limetree Bay Refining, a refinery with peak processing capacity of 650 thousand barrels of petroleum feedstock per day, and Limetree Bay Terminal, a 34-million-barrel crude and petroleum products storage and marine terminal facility serving the refinery and third-party customers. Limetree Bay Refining, LLC, restarted operations in February 2021, and is capable of processing around 200,000 barrels per day. Key restart work at the site began in 2018, including the 62,000 barrels per day modern, delayed Coker unit, extensive desulfurization capacity, and a reformer unit to produce clean, low-sulfur transportation fuels. The restart project provided much needed economic development in the U.S.V.I. and created more than 4,000 construction jobs at its peak. Limetree Bay Refining, LLC and its affiliates sought Chapter 11 protection on July 12, 2021. The lead case is In re Limetree Bay Services, LLC (Bankr. S.D. Texas Case No. 21-32351). Limetree Bay Terminals, LLC did not file for bankruptcy. In the petitions signed by Mark Shapiro, chief restructuring officer, Limetree Bay Services disclosed up to $10 million in assets and up to $50,000 in liabilities. Limetree Bay Refining, LLC, estimated up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Baker & Hostetler LLP as bankruptcy counsel, Beckstedt & Kuczynski LLP as special counsel, and GlassRatner Advisory & Capital LLC, doing business as B. Riley Advisory Services, as restructuring advisor. Mark Shapiro of GlassRatner is the Debtors' chief restructuring officer. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' cases on July 26, 2021. Pachulski Stang Ziehl & Jones, LLP and Conway MacKenzie, LLC serve as the committee's legal counsel and financial advisor, respectively. 405 Sentinel, LLC serves as administrative and collateral agent for the DIP lenders. LIMETREE BAY: Seeks to Hire Baker & Hostetler as Bankruptcy Counsel ------------------------------------------------------------------- Limetree Bay Services, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Baker & Hostetler, LLP to serve as legal counsel in their Chapter 11 cases. The firm's services include: (a) advising the Debtors with respect to their powers and duties in the continued management and operation of their businesses; (b) advising and consulting with the Debtors on the conduct of their cases, including all of the legal and administrative requirements of operating in Chapter 11; (c) attending meetings and negotiating with representatives of creditors and other parties in interest; (d) taking necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending actions commenced against the Debtors, and representing the Debtors' interests in negotiations concerning litigation in which they are involved, including objections to claims filed against the estates; (e) preparing legal papers; (f) advising the Debtors in connection with any sale of their assets; (g) consulting with the Debtors regarding tax matters; (h) appearing before the bankruptcy court and any appellate courts to represent the interests of the Debtors' estates; and (i) performing all other necessary legal services. The firm's hourly rates are as follows: Partners $640 to $750 per hour Associates $360 to $395 per hour As of July 12, Baker & Hostetler holds a $457,963.47 retainer for post-petition fees and expenses. The firm will also receive reimbursement for out-of-pocket expenses incurred. Elizabeth Green, Esq., a partner at Baker & Hostetler, 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: Elizabeth A. Green, Esq. Jimmy D. Parrish, Esq. Baker & Hostetler LLP 200 South Orange Avenue Orlando, FL 32801-3432 Tel: (407) 649-4000 Fax: (407) 841-0168 Email: egreen@bakerlaw.com jparrish@bakerlaw.com About Limetree Bay Limetree Bay Energy is a large-scale energy complex strategically located in St. Croix, U.S. Virgin Islands. The complex consists of Limetree Bay Refining, a refinery with peak processing capacity of 650 thousand barrels of petroleum feedstock per day, and Limetree Bay Terminal, a 34-million-barrel crude and petroleum products storage and marine terminal facility serving the refinery and third-party customers. Limetree Bay Refining, LLC, restarted operations in February 2021, and is capable of processing around 200,000 barrels per day. Key restart work at the site began in 2018, including the 62,000 barrels per day modern, delayed Coker unit, extensive desulfurization capacity, and a reformer unit to produce clean, low-sulfur transportation fuels. The restart project provided much needed economic development in the U.S.V.I. and created more than 4,000 construction jobs at its peak. Limetree Bay Refining, LLC and its affiliates sought Chapter 11 protection on July 12, 2021. The lead case is In re Limetree Bay Services, LLC (Bankr. S.D. Texas Case No. 21-32351). Limetree Bay Terminals, LLC did not file for bankruptcy. In the petitions signed by Mark Shapiro, chief restructuring officer, Limetree Bay Services disclosed up to $10 million in assets and up to $50,000 in liabilities. Limetree Bay Refining, LLC, estimated up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Baker & Hostetler LLP as bankruptcy counsel, Beckstedt & Kuczynski LLP as special counsel, and GlassRatner Advisory & Capital LLC, doing business as B. Riley Advisory Services, as restructuring advisor. Mark Shapiro of GlassRatner is the Debtors' chief restructuring officer. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' cases on July 26, 2021. Pachulski Stang Ziehl & Jones, LLP and Conway MacKenzie, LLC serve as the committee's legal counsel and financial advisor, respectively. 405 Sentinel, LLC serves as administrative and collateral agent for the DIP lenders. LITTLE DRUG CO: Unsecured Creditors to Get 100% in Liquidating Plan ------------------------------------------------------------------- Little Drug Co., Inc., filed with the U.S. Bankruptcy Court for the Middle District of Florida a liquidating Plan under Subchapter V dated August 19, 2021. Debtor is a Florida Corporation formed on March 14, 1967. Debtor owns and operates a pharmacy, soda fountain, and restaurant in New Smyrna Beach, Florida. Debtor's gross revenue for 2018 was $1,087,624. Debtor's gross revenue for 2019 was $812,424.00. The Plan contemplates that the Debtor will continue to operate for a short and reasonable time post-confirmation to preserve the going concern value of the Debtor. During this time, the Debtor's current shareholders and managers, the Sikes, will oversee operations. Within a reasonable time from the Effective Date of the Plan, the Debtor will market, list, and sell all of the Debtor's assets and business as a going concern pursuant to Section 1141 (c), of the Bankruptcy Code. After payment of the administrative expenses of such sale, including the applicable costs of broker fees, commissions, marketing costs, closing costs, documentary stamps, and any other expenses relating to the sale, the proceeds from such sale shall be applied first to administrative and priority claims, then Class 1, Class 2, Class 3 and Class 4. The Plan will treat claims as follows: * Class 1 consists of the claim of McKesson Corp. The Debtor will market and sell the Debtor's business as a going concern, including all of the Debtor's assets. After payment of the administrative expenses of such sale, the proceeds from such sale shall be used to pay the Class 1 claim. To the extent any deficiency balance exists, McKesson shall be entitled to an allowed general unsecured claim in Class 4. * Class 2 shall consist of the combined claims of Victoria Building Property, Inc., the landlord, and the prior shareholders of the Debtor: Jerry C. Sapp, Jr., Dolores W. Sapp, and Mary Joann Sapp. The Debtor will market and sell the Debtor's business as a going concern, including all of the Debtor's assets. After payment of the administrative expenses of such sale, and Class 1, the remaining proceeds from such sale shall be used to pay the Class 2 claim. To the extent any deficiency balance exists, Class 3 creditors shall be entitled to an allowed general unsecured claim in Class 4. * Class 3 consists of the claim of Kabbage/Small Business Administration regarding the PPP/EIDL loan the Debtor received as a result of COVID. The Debtor will market and sell the Debtor's business as a going concern, including all of the Debtor's assets. After payment of the administrative expenses of such sale, and Class 1 and 2, the remaining proceeds from such sale shall be used to pay the Class 3 claim. To the extent any deficiency balance exists, Kabbage shall be entitled to an allowed general unsecured claim in Class 4. * Class 4 consists of General Unsecured Claims. The total amount of estimated general unsecured claims is $124,935.04. Accordingly, it is estimated that each general unsecured creditor with a timely Allowed Claim will receive 100% of its claim. Class 4 is Impaired. * Class 5 consists of any and all membership interests and warrants currently issued or authorized in the Debtor. Class 5 is impaired. The current equity shareholders of the Debtor (Justin Sikes who owns 60% of the existing shares of the Debtor, and David Sikes, who owns 40% of the existing shares of the Debtor) will be surrendering 100% of the shares in the Debtor so that the Debtor's business, and all of its assets, may be sold as a going concern in order to maximize the return to all other classes of creditors of the Debtor's estate. In light of the substantial contribution to fund the Debtor's plan, upon substantial consummation of this plan, Justin Sikes and David Sikes shall be forever released from any and all personal liability to any creditors and/or third parties arising from or relating to the Sikes' initial acquisition of the Debtor's business from its prior shareholders, and/or the Sike's operations and management of the Debtor's business at any time. This release expressly includes, but is not limited to the following parties who may assert claims or causes of action against the Sikes, personally: (i) Victoria Building Property, Inc.; (ii) Victoria Building Property, Inc.'s principals: Jerry C. Sapp, Jr., Dolores W. Sapp, and Mary Joann Sapp; (iii) Kabbage, (iv) American Express National Bank; (v) Wells Fargo Bank; and (iv) McKesson Corp. A full-text copy of the Liquidating Plan dated August 19, 2021, is available at https://bit.ly/3gjPhi6 from PacerMonitor.com at no charge. Attorney to the Debtor: MELISSA A. YOUNGMAN, P.A. Melissa A. Youngman, Esq. Florida Bar No.: 0690473 1705 Edgewater Drive PO Box 541507 Orlando, FL 32854 my@melissayoungman.com 407.374.1372 (t) 407.612.2199 (f) About Little Drug Co. Little Drug Co., Inc., d/b/a Little Drug Healthmart, d/b/a Little Drug Co., owns and operates a pharmacy, soda fountain, and restaurant in New Smyrna Beach, Florida. On May 20, 2021, the Debtor filed a petition under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-02332). As of the Petition Date, the Debtor estimated between $100,001 and $500,000 in assets and between $500,001 and $1,000,000 in liabilities. Justin Sikes, president, signed the petition. Melissa Youngman, P.A. represents the Debtor as counsel. LIVEXLIVE MEDIA: Incurs $8.1 Million Net Loss in First Quarter -------------------------------------------------------------- LiveXLive Media, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $8.05 million on $38.77 million of revenue for the three months ended June 30, 2021, compared to a net loss of $7.53 million on $10.51 million of revenue for the three months ended June 30, 2020. As of June 30, 2021, the Company had $92.39 million in total assets, $85.87 million in total liabilities, and $6.51 million in total stockholders' equity. The Company's principal sources of liquidity have historically been its debt and equity issuances and its cash and cash equivalents (which cash, cash equivalents and restricted cash amounted to $24.7 million as of June 30, 2021). The Company has a history of losses, and incurred a net loss of $8.1 million during the quarter ended June 30, 2021 and had a working capital deficiency of $12.1 million as of June 30, 2021. The Company said these factors, among others, raise substantial doubt about the its ability to continue as a going concern within one year from the date that these financial statements are filed. "The Company's ability to continue as a going concern is dependent on its ability to execute its growth strategy and on its ability to raise additional funds. The Company filed a universal shelf Registration Statement on Form S-3 which became effective in February 2019 pursuant to which the Company has the ability to raise up to $150.0 million in cash from the sale of equity, debt and/or other financial instruments, of which $121.5 million is remaining as of the date of this Quarterly Report. The continued spread of COVID-19 and uncertain market conditions may limit the Company's ability to access capital, may reduce demand for its services and may negatively impact its ability to retain key personnel. During the quarter ended June 30, 2021, the Company entered into a $7.0 million secured revolving credit facility. Management may seek additional funds, primarily through the issuance of equity and/or debt securities for cash to operate the Company's business. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to it. Even if the Company is able to obtain additional financing, it may contain terms that result in undue restrictions on its operations, in the case of debt financing or cause substantial dilution for its stockholders, in case of equity and/or convertible debt financing. If the Company is unable to obtain sufficient financing when needed, the Company may also have to reduce certain overhead costs through the reduction of salaries and other means and settle liabilities through negotiation. There can be no assurance that management's attempts at any or all of these endeavors will be successful," the Company said in the filing. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1491419/000121390021042971/f10q0621_livexlivemedia.htm About LiveXLive Media Headquartered in West Hollywood, CA, LiveXLive -- http://www.livexlive.com-- is engaged in the acquisition, distribution and monetization of live music events, Internet radio, podcasting/vodcasting and music-related subscription, streaming and video content. Through its comprehensive service offerings and innovative content platform, the Company provides music fans the ability to listen, watch, attend, engage and transact. LiveXLive Media reported a net loss of $41.82 million for the year ended March 31, 2021, compared to a net loss of $38.93 million for the year ended March 31, 2020. As of March 31, 2021, the Company had $85.77 million in total assets, $77.63 million in total liabilities, and $8.14 million in total stockholders' equity. Los Angeles, California-based BDO USA, LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated July 14, 2021, citing that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. MAPLE LEAF: Creditors to Get Paid from Liquidation Proceeds ----------------------------------------------------------- Maple Leaf Cheese Cooperative submitted a Plan of Reorganization, as modified on the record at the August 18, 2021 confirmation hearing. The Plan, as modified, added this paragraph: "Exculpation. The employees, advisors, attorneys, professionals, or agents of the Debtor do not have or will not incur any liability to any Creditor, Claimant or the Debtor for any act or omission in connection with, related to, or arising out of, the Case, the pursuit of confirmation of the Plan, the consummation of the Plan, or the administration of the Plan, or the property to be distributed under the Plan, except for willful misconduct, provided however, for the avoidance of doubt, that nothing herein shall bar MLC from asserting defenses or claims against the Debtor's accountants should the Debtor pursue the MLC Claims." The Reorganized Debtor shall provide notice to the Sub V Trustee as to the result of the sale procedures set forth in Section 4.1(a)(2). Additionally, the Reorganized Debtor shall file a notice on the docket in the event any action is filed with respect to the MLC Claims and/or the MLC Claims are settled or final judgment is entered. The Plan, as modified, does not alter the proposed treatment for creditors and the equity holder: * Class 1 consists of Allowed Secured Claim of New Glarus. The New Glarus Claim is allowed in the amount of $1,991,824.90. To the extent that the proceeds derived from New Glarus' Collateral exceeds $1,991,824.90, New Glarus shall be entitled to recover interest (to the extent not already paid by the Debtor during the Case) and reasonable costs of collection as allowed under the Pre Petition Loan Documents. The New Glarus Claim shall be fully satisfied as follows: -- The Plant and Equipment shall be listed and marketed for sale by the Debtor at New Glarus' reasonable discretion and direction for a period of 60 days from the Effective Date (the "Sale Period"). During the Sale Period, the Debtor will allow New Glarus reasonable access to the Plant to advance any prospective sale, which could be for the Plant and Equipment together as a package, or sold separately, in New Glarus' reasonable discretion. -- Any and all proceeds derived from the sale of the Plant and Equipment shall first be paid to New Glarus against the balance of its Allowed Secured Claim, until paid in full, with any remaining balance of sale proceeds to be paid to the Estate. The sale of the Plant and Equipment shall be pursuant to this Plan without transfer taxes, and free and clear of all liens, claims, and encumbrances, with the liens to attach to the proceeds of such sale. -- In the event that the Sale Period ends without an executed purchase agreement, the Plant and Equipment shall be transferred by the Debtor to New Glarus (or its assigns), free and clear of all liens, claims, and encumbrances, via a quitclaim deed (Plant) and Bill of Sale (Equipment), with such transfers to occur no later than 5 days after the expiration of the Sale Period. * Class 2 consists of Allowed Unsecured Claims. Allowed Unsecured Claims in Class 2 are impaired and shall receive payments, on a Pro Rata Basis, of any Liquidation Proceeds until such Class 2 Claims are paid in full. * Creditors holding Allowed Class 3 Equity Interests shall retain all of the rights they had as of the Petition Date. Such rights are unaffected and unimpaired by this Plan. Cash necessary to fund payments shall be from the Liquidation Proceeds and Cash on hand as of the Effective Date. The Debtor shall manage its financial and business affairs as a Reorganized Debtor after the Effective Date. The existing patrons of the Debtor shall continue to be the patrons of the Reorganized Debtor, in such level and amount as consistent with the terms and provisions of the Debtor's articles, bylaws, and other corporate documents. A full-text copy of the Plan of Reorganization dated August 19, 2021, is available at https://bit.ly/3D1fBat from PacerMonitor.com at no charge. Attorneys for the Debtor: Justin M. Mertz, Esq. Michael Best & Friedrich LLP 790 N. Water Street, Suite 2500 Milwaukee, WI 53202-4108 Telephone: (414) 271-6560 Facsimile: (414) 277-0656 Email: jmmertz@michaelbest.com About Maple Leaf Cheese Cooperative Maple Leaf Cheese Cooperative, a dairy product manufacturing business based in Monroe, Wis., sought Chapter 11 protection (Bankr. W.D. Wis. Case No. 20-13006) on Dec. 9, 2020. The petition was signed by Jeremy Mayer, president of the Company. At the time of filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Catherine J. Furay oversees the case. The Debtor tapped Michael Best & Friedrich LLP as its bankruptcy counsel, Peters & Peters, CPA, as accountant, and WPower L.L.C. as consultant. MARQUIS ENTERPRISES: $63K Sale of Buffalo Property to Nubad Okayed ------------------------------------------------------------------ Judge Carl L. Bucki of the U.S. Bankruptcy Court for the Western District of New York authorized Marquis Enterprises, LLC's sale of the real estate at 28 Langmeyer, in Buffalo, New York, to Nubad Enterprises, LLC, for $63,000. The Debtor is allowed to sell premises with the net proceeds (after customary closing expenses) to be retained in the Debtor's DIP account. About Marquis Enterprises Marquis Enterprises, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 19-11978) on Sept. 25, 2019. At the time of the filing, the Debtor was estimated to have estimated assets of between $100,001 and $500,000 and liabilities of less than $50,000. The case is assigned to Judge Carl L. Bucki. The Debtor is represented by James M. Joyce, Esq. MARQUIS ENTERPRISES: $68K Sale of Buffalo Property to Nubad Okayed ------------------------------------------------------------------ Judge Carl L. Bucki of the U.S. Bankruptcy Court for the Western District of New York authorized Marquis Enterprises, LLC's sale of the real estate at 675 Norfolk, in Buffalo, New York, to Nubad Enterprises, LLC, for $68,000. The Debtor is allowed to sell premises with the net proceeds (after customary closing expenses) to be retained in the Debtor's DIP account. About Marquis Enterprises Marquis Enterprises, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 19-11978) on Sept. 25, 2019. At the time of the filing, the Debtor was estimated to have estimated assets of between $100,001 and $500,000 and liabilities of less than $50,000. The case is assigned to Judge Carl L. Bucki. The Debtor is represented by James M. Joyce, Esq. MCAFEE CORP: S&P Upgrades ICR to 'BB' on $1BB Debt Paydown ---------------------------------------------------------- S&P Global Ratings upgraded McAfee Corp. to 'BB' from 'BB-' and removed the rating from CreditWatch, where S&P placed it with positive implications on March 8, 2021. S&P also raised its issue-level ratings on McAfee's term loans to 'BB' from 'BB-'. The recovery rating on the debt remains '3'. The outlook is stable, reflecting S&P's view that a likely slowdown in revenue growth and the recent initiation of a dividend will limit near-term deleveraging and that gross leverage will remain over 3x for at least 12 months. McAfee Corp. has completed the sale of its enterprise security business and has used $1 billion of the $4 billion net proceeds to repay term loan debt. Debt reduction of $1 billion more than offsets an EBITDA loss from the enterprise business, driving leverage under 4x. McAfee has used $1 billion of the $4 billion total proceeds from the sale of its enterprise security business, bringing the remaining debt balance down to just under $3 billion. This debt paydown, combined with strong consumer growth, will more than offset the loss of the enterprise security business' approximately $330 million of EBITDA from this divestiture to bring down leverage to approximately 3.5x by the end of 2021, by our calculation. In addition, this transaction does not materially impair our assessment of McAfee's business risk profile in spite of the loss of scale and business diversity, as the enterprise business had struggled to grow amid sales execution and product challenges. S&P said, "McAfee's consumer security business continues to outgrow competitors, but we see a deceleration ahead. McAfee's remaining consumer security business has reported rapid growth, expanding revenue by over 20% year over year for the last four consecutive quarters and increasing core customer counts in the teens. We view this growth as particularly impressive in the context of a consumer security marketplace that we estimate has been growing no greater than 6%-7%. While we expect McAfee to continue to outgrow the market and take additional share over at least the next 12 months, we believe that the realities of slow long-term demand growth for PCs and challenges monetizing security on other consumer devices such as phones will eventually catch up to McAfee and growth will slow to the single digits." In addition, the announced combination of competitors NortonLifeLock Inc. and Avast could threaten McAfee's growth trajectory if the larger competitor is able to leverage its growing scale to unseat McAfee from the PC original equipment manufacturer (OEM) distribution relationships that have underpinned much of its recent share growth. Cash generation and liquidity remain supportive; sponsor ownership remains the near-term hurdle to an upgrade. S&P said, "We expect free cash generation to continue to grow after the divestiture, remaining over $800 million annually even after the loss of the enterprise segment. This level of cash generation, combined with approximately $420 million of cash as of the second quarter, gives McAfee ample liquidity to further reduce debt, even after the recently initiated dividend and tax distributions to the company's majority sponsor owners. Nevertheless, the company's ongoing control by financial sponsors will constrain the rating going forward, and we do not expect to upgrade the company further until ownership and voting control grow materially such that we no longer view McAfee as sponsor-controlled." S&P said, "The outlook is stable, reflecting our view that a likely slowdown in revenue growth and the recent initiation of a dividend will limit near-term deleveraging and that gross leverage will remain over 3x for at least 12 months. "We could downgrade McAfee if weakening operating performance or incremental debt issuance led us to believe that leverage were likely to remain above the 4x area going forward. Customer losses from execution missteps, competitors, or aggressive debt-funded acquisitions represent possible causes of increased leverage, in our view." At this point, the rating is constrained in the near term by financial sponsor control. S&P would be unlikely to upgrade McAfee further absent additional public shareholding and a reduction in ownership by the TPG-led investor group to under 50% of the firm's equity and voting rights. Continued double-digit revenue growth, improving profitability, and further debt paydown such that leverage was sustained under 2x would all support an upgrade, but would need to be accompanied by further ownership shifts. MECHANICAL EQUIPMENT: Wins Cash Collateral Access Thru Oct 31 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Lubbock Division, has authorized Mechanical Equipment, Inc. to use cash collateral on an interim basis in accordance with the revised budget. Celtic Bank asserts certain liens and security interests in various assets of the Debtor's bankruptcy estate. The Debtor and Celtic Bank have reached an agreement concerning the continued interim use of cash collateral under the terms and conditions set forth in the Interim Order in anticipation of the confirmation of the Debtor's Small Business Chapter 11 Plan of Reorganization. They agree and stipulate to continue operating under the terms of the Interim Order during the period from September 1, 2021, through the earlier to occur of October 31, 2021, or the effective date of the Debtor's Small Business Chapter 11 Plan of Reorganization. The Court says the terms with respect to the provisions of adequate protection of Celtic Bank's interest in the Cash Collateral in accordance with 11 U.S.C. sections 361 and 363(e) and applicable law, will be the same as was provided in the Interim Order. Notwithstanding, the Debtor will make adequate protection payments to Celtic Bank in the amount of $13,583.39, and all other terms and provisions will continue to apply and be in full force and effect as well during the period covered by the Order. A continued hearing on the matter is scheduled for October 31 at 1:30 p.m. A copy of the order is available for free at https://bit.ly/3kft2La from PacerMonitor.com. About Mechanical Equipment Mechanical Equipment, Inc. is a merchant wholesaler of machinery, equipment, and supplies. It sought protection under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-50067) on May 13, 2021. On the Petition Date, the Debtor estimated between $1 million and $10 million in both assets and liabilities. The petition was signed by Thomas O' Midkiff, IV, director and authorized officer. The Debtor tapped MULLIN HOARD & BROWN, LLP as its counsel. MECHANICAL TECHNOLOGIES: Unsecureds Owed $318K to Recover 75% ------------------------------------------------------------- Mechanical Technologies, d/b/a Alpine Air, submitted a First Amended Plan of Reorganization dated August 19, 2021. The Class 2 Allowed Non-Insider and Insider Unsecured Claims, calculated as of the Petition Date total approximately $698,013. The Class 2 Allowed General Non-Insider Unsecured Claims, calculated in the total amount of $317,637, will be paid pro rata on or before the effective date of the Plan from remaining monies after allowed administrative claims and allowed priority claims are paid in full, which sum of $317,637 excludes the pre-petition insider claim of Ranger Construction, Inc. in the amount of $380,375. If any monies are remaining after payment of the Class 2 Allowed General Non-Insider Unsecured Claims, Ranger Construction, Inc. shall receive any remaining monies on account of its Class 2 Allowed General Insider Unsecured Claim. The Debtor estimates that the Class 2 Allowed General Non-Insider Unsecured Claims will be paid 75% of each claim, and that the insider claim of Ranger Construction, Inc. will be paid zero. Accordingly, the Class 2 Allowed General Non-Insider Unsecured claims are impaired under the Plan. Class 3 consists of the shareholder's equity interest in the Debtor, specifically, John Donovan as to a 51% stock ownership and Michael Donovan as to a 49% stock ownership. The equity interests of the shareholders of Mechanical Technologies Corp., dba Alpine Air existing on the Petition Date shall remain unchanged. Class 3 Equity Interests are Unimpaired under the Plan. The payments proposed in the Debtor's Plan will be funded through the Court-approved compromise and settlement of claims with ADVNC Air Technologies, Michael Donovan and Mary Regina Donovan for $1,100,000. Based on the Debtor's revenue and budget projections, the Debtor believes that it will collect sufficient assets to fund the Plan as proposed. A full-text copy of the First Amended Plan dated August 19, 2021, is available at https://bit.ly/2XyL17B from PacerMonitor.com at no charge. Counsel for the Debtor: Stephen R. Harris, Esq. Harris Law Practice LLC 6151 Lakeside Drive, Suite 2100 Reno, NV 89511 Telephone: (775)786-7600 Email: steve@harrislawreno.com About Mechanical Technologies Mechanical Technologies d/b/a Alpine Air -- http://alpineheatingandair.com/-- specializes in offering single-source contracting for all residential and commercial design/build needs. The Company services and installs residential heating and air conditioners. Alpine Air has designed, installed, and serviced projects including computer rooms, environmental chambers, manufacturing facilities, biotech laboratories, burn-in rooms, and dry rooms. Alpine Air was established in 1987. Mechanical Technologies Corp. d/b/a Alpine Air, based in Reno, Nevada, filed a Chapter 11 petition (Bankr. D. Nev. Case No. 19 51146) on Sept. 26, 2019. In the petition signed by John Donovan, president, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. The Honorable Bruce T. Beesley oversees the case. Stephen R. Harris, Esq., at Harris Law Practice LLC, serves as bankruptcy counsel and Robison Sharp Sullivan & Brust, is special counsel. METHANEX CORP: Egan-Jones Keeps B+ Senior Unsecured Ratings ----------------------------------------------------------- Egan-Jones Ratings Company, on August 11, 2021, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Methanex Corporation. Headquartered in Vancouver, Canada, Methanex Corporation produces and markets methanol. MIDTOWN CAMPUS: Seeks to Use Lenders' Cash Collateral Thru Nov. 30 ------------------------------------------------------------------ Midtown Campus Properties, LLC asked the U.S. Bankruptcy Court for the Southern District of Florida to authorize the use of cash collateral of Best Meridian International Insurance Company, the Senior DIP Lender: and U.S. Bank, as Prepetition Lender and indenture trustee, on a further interim basis from September 15 through November 30, 2021, pursuant to the budget. The budget is based on 425 student tenants occupying the Debtor's student housing project under signed leases as of August 2021 through the next 12 months. The budget showed net monthly rental income of $414,008. After operating expenses, the budget shows excess cash flow of $285,835 in October and $274,761 in November 2021. The cumulative budgeted excess cash flow from August through November 2021 is $932,950. The Debtor has determined that $1,484,910 of additional funds are required to complete construction of the Project (by the end of October) and to obtain a final certificate of occupancy (by the end of November 2021). The Debtor has requested the consent of the Senior DIP Lender and the Prepetition Lender to access cash collateral to pay for a portion of the remaining construction costs to complete the Project, as well as the use of certain excess rents already on deposit in the Debtor's bank accounts and certain monies on deposit in the Construction Reserve and Liquidity Reserve maintained with U.S. Bank. The Debtor's counsel (Genovese Joblove & Battista, P.A. and KapilaMukamal) has agreed to the Debtor's use of a portion of monies on deposit in the Fee Reserve for Professional Expenses for such firms (in the amount of $100,000 for each firm) to fund a portion of the final Cost to Complete. The Debtor said it will work with the Senior DIP Lender and the Prepetition Lender prior to a hearing on the Cash Collateral Motion to obtain their consent. Before the Petition Date, Florida Development Finance Corporation issued certain Student Housing Revenue Bonds aggregating $77,820,000 to finance and/or refinance the Debtor's student housing project in Gainesville, Florida, pursuant to a Loan Agreement dated January 31, 2019. Amounts due and owing under the Loan Agreement are payable to U.S. Bank, as the indenture trustee under a Trust Indenture dated January 31, 2019 related to the issuance of the Student Housing Revenue Bonds. U.S. Bank asserts that it holds a valid, enforceable, binding, non-avoidable and perfected lien on the Debtor's assets under the Prepetition Loan Documents. U.S. Bank asserts that the Prepetition Liens are senior to all claims and interests in the Prepetition Collateral, and junior only to the DIP Priming Liens. As adequate protection, the Debtor proposed to grant: 1. the Prepetition Lender, to the extent of the Diminution in Value of the Prepetition Collateral: a. replacement liens on and security interests in all assets of the Debtor to the same extent, validity, priority and nature as the Prepetition Lender's liens and security interests therein as of the Petition Date subordinate to: (i) the DIP Priming Liens; (ii) any Junior DIP Liens; and (iii) the Carve-Out, the Fee Reserve for Professional Expenses and the Professional Expense Escrow; b. an allowed superpriority administrative expense claim in the bankruptcy case. 2. BMI Financial Group, Inc., the Junior DIP Lender, to the extent of the Diminution in Value of the Junior DIP Collateral: a. replacement liens on and security interests in the Junior DIP Collateral of the Debtor generated from and after the Petition Date to the same extent, priority, and nature as the Junior DIP Liens in such Junior DIP Collateral, subject to: (i) the Priming DIP Liens; (ii) the Prepetition Liens and Prepetition Lender's Adequate Protection Liens; and (iii) the Carve-Out, the Fee Reserve for Professional Expenses and the Professional Expense Escrow. b. an allowed superpriority administrative expense claim for any Diminution in value arising from the Debtor's use of the Junior DIP Collateral. A copy of the motion is available for free at https://bit.ly/3k85KH8 from PacerMonitor.com. About Midtown Campus Properties Midtown Campus Properties, LLC, is a single asset real estate that owns the Midtown Apartments. The Midtown Apartments is a 310-unit student housing apartment complex currently under construction at 104 NW 17th St in Gainesville, Florida, just across from the University of Florida. It consists of a six-story main building, a parking garage for resident and public use, and a commercial retail space. Each unit includes a full-size kitchen, carpet, tile, and hardwood floors and be fully furnished. It is located near several Midtown bars and restaurants frequented by students, and just a couple of minutes' walk from Ben Hill Griffin Stadium. Midtown Campus Properties sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 20-15173) on May 8, 2020. The Debtor was estimated to have $50 million to $100 million in assets and liabilities as of the bankruptcy filing. The Honorable Robert A. Mark is the presiding judge. The Debtor tapped Genovese Joblove & Battista, P.A., as bankruptcy counsel; and The Bosch Group, Inc., as construction consultants. No creditors' committee has been appointed in this case. In addition, no trustee or examiner has been appointed. MOON GROUP: Obtains Interim Approval to Use Cash Collateral ----------------------------------------------------------- Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware authorized Moon Group, Inc. and its affiliated debtors to use the cash collateral, on an interim basis, until the earlier of: * the entry of a subsequent cash collateral order; * the entry of a final order; or * the entry of an order terminating the Debtor's right to use the cash collateral. The Debtor will use the cash collateral for working capital purposes, the payment of certain obligations with relief authorized by the Court, and other obligations as set forth in the budget. As adequate protection for the Primary Lenders' interest in the cash collateral, the Court grants the Primary Lenders replacement security interests and liens on the Debtors' property. The replacement liens for each Primary Lender shall be equal to the aggregate diminution in value of the collateral securing the Lender's interest. The Debtor shall make period payments to the Primary Lenders as set forth in the budget, as additional adequate protection. The Debtors' Primary Lenders are Kore Capital Corporation, Newtek Small Business Finance, LLC, and North Avenue Capital, LLC, as previously reported by the Troubled Company Reporter. StoneMor Operating LLC may pay the Debtors' subcontractors and offset such payments from any sums due and owing the Debtors under the Master Service Agreements between the Debtors and StoneMor, the Court further ruled. A copy of the order, including the budget, is available for free at https://bit.ly/3miPGoG from PacerMonitor.com. The final hearing on the motion will be on September 15, 2021 at 10 a.m. Objections must be filed and served no later than 4 p.m. on September 8. About Moon Group, Inc. Moon Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 21-11140) on August 12, 2021. The Debtor's affiliates, Moon Landscaping, Inc., Moon Nurseries, Inc., Moon Site Management, Inc., Moon Wholesale, Inc., and Rickert Landscaping, Inc. also filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. In the petition signed by John D. Pursell, Jr. chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. William D. Sullivan, Esq., at Sullivan Hazeltine Allinson LLC is the Debtor's counsel. MR. CAMPER LLC: Taps Gerdes Law Firm as Co-Counsel -------------------------------------------------- Mr. Camper, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Gerdes Law Firm as co-counsel with Sternberg, Naccari & White, LLC. The firm's services include legal advice with respect to the Debtor's powers and duties in the continued operation of its business and management of its properties, and other legal services in connection with the Debtor's Chapter 11 case. The firm's hourly rates are as follows: Attorneys $250 per hour Paralegals $80 per hour Gerdes Law Firm received a retainer of $3,000 on June 24 and an additional retainer of $15,000 and cost retainer of $1,738 on July 13. The firm will also receive reimbursement for out-of-pocket expenses incurred. Markus Gerdes, Esq., a partner at Gerdes Law Firm, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Markus E. Gerdes, Esq. Gerdes Law Firm 106 North Cypress Street Hammond, LA 70401 Tel: (985) 345-9404 Fax: (985) 543-0434 Email: Markus@gerdeslaw.net About Mr. Camper LLC Mr. Camper, LLC, doing business as Yogi Bear's Jellystone Camp Resort, owns and operates the Yogi Bear's Jellystone Campground in Robert, La. It is a part of the Yogi Bear's Jellystone Park Camp network of campsites and resorts throughout the United States and Canada. Mr. Camper filed a Chapter 11 petition (Bankr. E.D. La. Case No. 19-11775) on July 1, 2019, and obtained confirmation of its bankruptcy plan on June 1, 2020. On Aug. 11, 2021, when its Chapter 11 case was terminated, the Debtor filed a petition under Subchapter V of Chapter 11 (Bankr. E.D. La. Case No. 21-11051). Leo Congeni has been appointed to serve as the Debtor's Subchapter V trustee. In the petition signed by Maurice J. LeBlanc, Jr., managing member, the Debtor listed $1 million to $10 million in both assets and liabilities. Sternberg, Naccari & White and Gerdes Law Firm, LLC represent the Debtor as legal counsel. MTE HOLDINGS: US Trustee Objects to Chapter 11 Fees --------------------------------------------------- Law360 reports that the Office of the U. S. Trustee on Friday opposed a $2 million fee award for the ad hoc committee of service providers in MTE Holdings LLC's contentious Chapter 11 in Delaware, arguing that the committee failed to show how it benefited the estate. Several other participants in MTE's case, including MTE itself, had also opposed the request, asserting that the committee failed to show that its efforts were for the benefit of any constituency "other than its own members. "No official committee of unsecured creditors was formed in the case, with the ad hoc group asserting rights under liens. About MTE Holdings MTE Holdings LLC is a privately held company in the oil and gas extraction business. MTE sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 19-12269) on October 22, 2019. In the petition signed by its authorized representative, Mark A. Siffin, the Debtor disclosed assets of less than $50 billion and debts of $500 million. Judge Karen B. Owens was originally assigned to the case before Judge Christopher S. Sontchi took over. The Debtor tapped Kasowitz Benson Torres LLP as its bankruptcy counsel; Morris, Nichols, Arsht & Tunnell, LLP as its local counsel; Greenhill & Co., LLC, as financial advisor and investment banker; Ankura Consulting LLC, as a chief restructuring officer; and Stretto as its claims and noticing agent. MULATO GREEN: Seeks to Hire Edwin Breyfogle as Bankruptcy Attorney ------------------------------------------------------------------ Mulato Green Group, LLP seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Edwin Breyfogle, Esq., an attorney practicing in Massillon, Ohio, to handle its Chapter 11 case. Mr. Breyfogle's services include: a. advising the Debtor concerning questions arising in the conduct of the estate and concerning the Debtor's rights and remedies with regard to the estate's assets and the claims of creditors; b. representing the Debtor's interest in suits arising in or related to the bankruptcy case; c. investigating and prosecuting preference and other actions arising under the Debtor's avoiding powers; and d. assisting in the preparation of legal documents. The attorney will be paid at the rate of $200 per hour and reimbursed for out-of-pocket expenses incurred. The Debtor paid the attorney a retainer of $4,500. Mr. Breyfogle disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Breyfogle can be reached at: Edwin H. Breyfogle, Esq. 108 3rd St. NE Massillon, OH 44646 Tel: (330) 837-9735 Email: edwinbreyfogle@sssnet.com About Mulato Green Group LLP Uhrichsville, Ohio-based Mulato Green Group, LLP filed a Chapter 11 petition (Bankr. D. Ohio Case No. 21-61087) on Aug. 11, 2021, listing as much as $50,000 in both assets and liabilities. Judge Russ Kendig oversees the case. Edwin H. Breyfogle, Esq., an attorney practicing in Massillon, Ohio, serves as the Debtor's bankruptcy counsel. NATIONAL TRACTOR: Wins Cash Collateral Access Thru Sept 17 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, has authorized National Tractor Parts, Inc. to use the cash collateral of First Midwest Bank and eCapital Commercial Finance Corp., the prepetition secured lenders, on an interim basis through September 17, 2021, in accordance with the budget, with a 10% variance. As of the Petition Date, the Debtor owes First Midwest Bank $1,052,387, pursuant to loan agreements, promissory notes, security agreements, and other documents evidencing the Indebtedness executed by the Debtor in favor of First Midwest Bank. The Bank further asserts that pursuant to the Loan Documents, the Debtor granted it perfected security interest and lien on the property located at 12127A Galena Road, Plano, Illinois 60545, as well as all of the assets of the Debtor together with the proceeds thereon, some of which constitutes "cash collateral" within the meaning of Section 363(a) of the Bankruptcy Code. As of the Petition Date, the Debtor owes eCapital $99,371, pursuant to a Master Purchase and Sale Agreement, security agreements, and other documents evidencing the Indebtedness executed by the Debtor in favor of eCapital. Pursuant to the Factoring Documents, the Debtor granted eCapital a perfected security interest and junior lien all of the Assets of the Debtor other than the Plano Property together with the proceeds thereon some of which constitutes Cash Collateral, except for the accounts receivable for which eCapital has a valid first lien. Other potential lien holders, whose liens are subordinate to First Midwest and eCapital, are: a) U.S. Small Business Administration b) First National Bank of Ottawa c) Echo Capitol (a/k/a/ Snap Advances) d) Berco of America e) Steel Tracks, Inc. As adequate protection for the Debtor's use of cash collateral, the Prepetition Secured Lenders will be secured by a lien to the same extent, priority and validity as existed prior to the Petition Date. The Prepetition Secured Lenders will receive a security interest in and replacement lien upon all of the Debtor's property and the proceeds thereof, to the extent actually used and for the diminution, if any, in the value of the Prepetition Secured Lenders' Collateral. In return for the Debtor's continued interim use of Cash Collateral, First Midwest Bank is granted adequate protection payments in the amount of $2,500 per month until further Court order to protect against any diminution in value of the collateral. eCapital is granted adequate protection payments in the amount of $500 per month until further Court order to protect against any diminution in value of the collateral. The Prepetition Secured Lenders will receive an administrative expense claim pursuant to Section 507(b) of the Bankruptcy Code. The Prepetition Secured Lenders are also granted adequate protection for their secured interests in substantially all of the Debtor's assets, including Cash Collateral equivalents and the Debtor's cash and accounts receivable, among other collateral to the extent and validity as held prepetition and subject to the terms of the Subordination Agreement between the Prepetition Secured Lenders. A further hearing on the use of Cash Collateral is scheduled for September 15 at 10:30 a.m. A copy of the order is available for free at https://bit.ly/2UFtHgh from PacerMonitor.com. About National Tractor Parts, Inc. National Tractor Parts, Inc. -- https://www.ntparts.com/ -- is a family-owned business in the heavy equipment parts industry. National Tractor Parts sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 20-20833) on November 30, 2020. In the petition signed by Charles H. Gunier Jr., president, the Debtor disclosed up to $1,844,491 in assets and up to $3,098,844 in liabilities. Judge David D. Cleary oversees the case. Richard G. Larsen, Esq., at Springer Brown, LLC is the Debtor's counsel. NATURALSHRIMP INC: Incurs $2.6 Million Net Loss in First Quarter ---------------------------------------------------------------- NaturalShrimp Incorporated filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $2.56 million on zero sales for the three months ended June 30, 2021, compared to a net loss of $478,967 on zero sales for the three months ended June 30, 2020. As of June 30, 2021, the Company had $28.49 million in total assets, $7.50 million in total liabilities, $2.04 million in series E redeemable convertible preferred stock, and a total stockholders' equity of $18.95 million. As of June 30, 2021, the Company had cash on hand of approximately $5,973,000 and working capital of approximately $4,445,000 as compared to cash on hand of approximately $,156,000 and a working capital deficiency of approximately $3,614,000 as of March 31, 2021. The increase in working capital for the three months ended June 30, 2021, is mainly due to the increase in cash on-hand and decrease in convertible debentures, notes payable - related parties, lines of credit, as well as the forgiveness of the PPP loan. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1465470/000165495421009102/shmp_10q.htm 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. NET ELEMENT: Inks First Amendment to Mullen Merger Agreement ------------------------------------------------------------ Net Element, Inc. had entered into a First Amendment to Second Amended and Restated Agreement and Plan of Merger with its wholly owned subsidiary Mullen Acquisition, Inc., Mullen Technologies, Inc. and Mullen Automotive, Inc. The parties to the agreement amended (i) subsection (c) of Section 1.04 of the agreement and Exhibit F that contains the proposed amendment and restatement of Net Element's certificate of incorporation to provide that Series A Preferred Stock will have the liquidation preference of $0.10 per share of Series A Preferred Stock and (ii) subsection (b) of Section 6.07 of the agreement to provide that the period during which Net Element shall maintain in effect the current directors' and officers' liability insurance policies is at least six years from the Merger Effective Time. A full-text copy of the Amended Merger Agreement is available for free at: https://www.sec.gov/Archives/edgar/data/1499961/000143774921020464/ex_277162.htm About Net Element Headquartered in North Miami Beach, Florida, Net Element, Inc. (NASDAQ: NETE) -- http://www.NetElement.com-- is a global technology and value-added solutions group that supports electronic payments acceptance in a multi-channel environment including point-of-sale (POS), e-commerce and mobile devices. The Company operates two business segments as a provider of North American Transaction Solutions and International Transaction Solutions. Net Element reported a net loss attributable to the Company's stockholders of $5.94 million for the year ended Dec. 31, 2020, compared to a net loss attributable to the Company's stockholders of $6.46 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $30.77 million in total assets, $24.61 million in total liabilities, and $6.16 million in total stockholders' equity. NET ELEMENT: Posts $1.4 Million Comprehensive Income in 2nd Quarter ------------------------------------------------------------------- Net Element, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing comprehensive income attributable to common stockholders of $1.36 million on $33.29 million of total revenues for the three months ended June 30, 2021, compared to a comprehensive loss attributable to common stockholders of $390,680 on $13.72 million of total revenues for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported comprehensive income attributable to common stockholders of $1.68 million on $57.08 million of total revenues compared to a comprehensive loss attributable to common stockholders of $1.63 million on $29.56 million of total revenues for the same period a year ago. As of June 30, 2021, the Company had $30.77 million in total assets, $24.61 million in total liabilities, and $6.16 million in total stockholders' equity. Net Element stated, "The COVID-19 pandemic and these measures have significantly impacted, and may continue to impact, the restaurant and hospitality industries. As a result, the Company's revenues, which are largely tied to processing volumes in these verticals, were materially impacted during 2020. Since the quarter ended December 31, 2020, the Company has seen a significant recovery in its end-to-end payment volumes as some merchants began resuming their normal operations. However, while end-to-end volumes for the three and six months ended June 30, 2021 have exceeded those for the respective three and six months ended June 30, 2020, the ultimate impact that the COVID-19 pandemic and, in particular, the highly contagious Delta variant, will have on the Company's consolidated results of operations in future periods remains uncertain and will depend on future developments, which are continuously evolving and cannot be predicted. This includes, but is not limited to, the duration and spread of the COVID-19 pandemic and the Delta variant, its severity, the emergence and severity of other variants, the availability and the efficacy of vaccines (particularly with respect to emerging strains of the virus) and potential hesitancy to utilize them, other protective actions taken to contain the virus or treat its impact, such as restrictions on indoor dining, travel and transportation, and how quickly and to what extent normal economic and operating conditions will continue. The Company will continue to evaluate the nature and extent of these potential impacts to its business, consolidated results of operations, and liquidity." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000143774921020130/nete20210630_10q.htm About Net Element Headquartered in North Miami Beach, Florida, Net Element, Inc. (NASDAQ: NETE) -- http://www.NetElement.com-- is a global technology and value-added solutions group that supports electronic payments acceptance in a multi-channel environment including point-of-sale (POS), e-commerce and mobile devices. The Company operates two business segments as a provider of North American Transaction Solutions and International Transaction Solutions. Net Element reported a net loss attributable to the Company's stockholders of $5.94 million for the year ended Dec. 31, 2020, compared to a net loss attributable to the Company's stockholders of $6.46 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $26.83 million in total assets, $24.34 million in total liabilities, and $2.48 million in total stockholders' equity. NORTONLIFELOCK INC: Egan-Jones Keeps BB- Senior Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company, on August 12, 2021, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by NortonLifeLock Inc. Headquartered in Tempe, Arizona, NortonLifeLock Inc. provides consumer cybersecurity solutions. NORWICH ROMAN: Committee Seeks to Tap Zeisler & Zeisler as Counsel ------------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 case of The Norwich Roman Catholic Diocesan Corporation seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to employ Zeisler & Zeisler, PC as its legal counsel. Zeisler will render these legal services: (a) participate in certain meetings of the committee; (b) meet with representatives of the Debtor and its professionals; (c) advise the committee regarding proceedings in this court; (d) prepare, file and prosecute certain pleadings; (e) participate in hearings; (f) monitor the Debtor's activities; (g) assist the committee in maximizing the value to be realized for unsecured creditors from the Debtor's assets by sale or otherwise; (h) assist the committee in the formulation and negotiation of a plan of reorganization and advise creditors of the committee's recommendation with respect to any such plan; and (i) prosecute causes of action as may be appropriate and authorized by the court. The hourly rates of the firm's attorneys and staff are as follows: Eric A. Henzy, Partner $427 per hour Stephen M. Kindseth, Partner $418 per hour Christopher Blau, Associate $292 per hour Stephen Kindseth, Esq., a partner at Zeisler & Zeisler, 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: Stephen M. Kindseth, Esq. Zeisler & Zeisler, PC 10 Middle Street, 15th Floor Bridgeport, CT 06604 Telephone: (203) 368-4234 Email: skindseth@zeislaw.com About The Norwich Roman Catholic Diocesan Corporation The Norwich Roman Catholic Diocesan Corporation is a nonprofit corporation that gives endowments to parishes, schools, and other organizations in the Diocese of Norwich, a Latin Church ecclesiastical territory or diocese of the Catholic Church in Connecticut and a small part of New York. The Norwich Roman Catholic Diocesan Corporation sought Chapter 11 protection (Bankr. D. Conn. Case No. 21-20687) on July 15, 2021. The Debtor estimated $10 million to $50 million in assets against liabilities of more than $50 million. Judge James J. Tancredi oversees the case. The Debtor tapped Ice Miller, LLP as bankruptcy counsel and Robinson & Cole, LLP as Connecticut counsel. Epiq Corporate Restructuring, LLC is the claims and noticing agent. On July 29, 2021, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Zeisler & Zeisler, PC as its legal counsel. NOV INC: Egan-Jones Keeps B+ Senior Unsecured Ratings ----------------------------------------------------- Egan-Jones Ratings Company, on August 9, 2021, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by NOV Inc. Headquartered in Houston, Texas, NOV Inc offers equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. OCEANEERING INTERNATIONAL: Egan-Jones Keeps B- Sr. Unsec. Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company, on August 13, 2021, maintained its 'B-' foreign currency and local currency senior unsecured ratings on debt issued by Oceaneering International, Inc. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Houston, Texas, Oceaneering International, Inc. is a global provider of engineered services and products to the offshore oil and gas industry. OIL STATES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings ---------------------------------------------------------- Egan-Jones Ratings Company, on August 12, 2021, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Oil States International, Inc. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Houston, Texas, Oil States International, Inc. provides specialty products and services to oil and gas drilling and production companies. PALACE THEATER: Seeks to Hire Martin Cowie as Accountant -------------------------------------------------------- Palace Theater, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to employ Martin Cowie, an accountant practicing in Oshkosh, Wis. The Debtor needs an accountant to compile monthly reports, perform projection and financial analysis, and work on the financial aspects of the reorganization. Mr. Cowie will be compensated at his hourly rate of $185. The accountant received a retainer in the amount of $35,000 from the Debtor. Mr. Cowie disclosed in a court filing that he is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Martin J. Cowie 5162 Island View Drive Oshkosh, WI 54901 Telephone: (920) 385-0255 About Palace Theater Wisconsin-based Palace Theater, LLC is a privately held company in the performing arts business. The Palace Theater is a theatre destination, producing classic broadway productions, children's theatre shows, comedy and concerts, with both original artists and tribute concerts. Palace Theater filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 21-11714) on Aug. 16, 2021, disclosing total assets of $9,086,225 and total liabilities of $6,449,452. Anthony J. Tomaska, managing member, signed the petition. The Debtor tapped Steinhilber Swanson, LLP as legal counsel and Martin J. Cowie as accountant. PALACE THEATER: Seeks to Tap Steinhilber Swanson as Legal Counsel ----------------------------------------------------------------- Palace Theater, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to employ Steinhilber Swanson LLP as its bankruptcy counsel. Steinhilber Swanson will render these services: (a) prepare bankruptcy schedules and statements; (b) assist in preparing the Debtor's plan of reorganization and attendant negotiations and hearings. (c) prepare and review pleadings, motions and correspondence; (d) appear at and be involved in various proceedings before the court; (e) handle case administration tasks and deal with procedural issues; (f) assist with the commencement of debtor-in-possession operations; and (g) analyze claims and prosecute claim objections. The hourly rates of attorneys and paraprofessionals of the firm who are expected to provide the services range from $140 to $575 per hour. The firm received a pre-bankruptcy retainer of $125,000 from the Debtor. Paul Swanson, Esq., a member of Steinhilber Swanson, 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: Paul G. Swanson, Esq. Steinhilber Swanson LLP 107 Church Avenue Oshkosh, WI 54901 Telephone: (920) 235-6690 Facsimile: (920) 426-5530 Email: pswanson@steinhilberswanson.com About Palace Theater Wisconsin-based Palace Theater, LLC is a privately held company in the performing arts business. The Palace Theater is a theatre destination, producing classic broadway productions, children's theatre shows, comedy and concerts, with both original artists and tribute concerts. Palace Theater filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 21-11714) on Aug. 16, 2021, disclosing total assets of $9,086,225 and total liabilities of $6,449,452. Anthony J. Tomaska, managing member, signed the petition. The Debtor tapped Steinhilber Swanson, LLP as legal counsel and Martin J. Cowie as accountant. PARK 4 LESS: Unsecured Creditors to Get $40K in Plan ---------------------------------------------------- Park 4 Less, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement and Plan of Reorganization for Small Business dated August 19, 2021. Park 4 Less rents land near William P. Hobby Airport at 8102 Telephone Road, Houston, Texas 77061 and operates a parking lot for vehicles using the airport. Park 4 Less has experienced financial difficulties due in part to the reduction in air travel from COVID-19. Park 4 Less became unable to pay its debts and rent as they became due and filed this bankruptcy case. This Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay Park 4 Less's creditors primarily from future income generated by the continued operation of Park 4 Less's parking lot business. Class 1 consists of allowed priority claims of the Internal Revenue Service and the Texas Workforce Commission. Park 4 Less will pay the priority claim of the IRS of $24,521.00 and the Texas Workforce Commission of $270.73, including post-petition interest at 3%, in equal monthly installments over 60 months from the date of the filing of the petition, beginning on the fifth day of the first full calendar month following the Plan's effective date. Class 2 consists of the claims of Harris County et al., for ad valorem personal property taxes, to the extent allowed as a secured claim under § 506 of the Code, for the personal properties of the Debtor at 8102 Telephone Road, Houston, Texas 77061. The Debtor has estimated this amount to be approximately $3,000. Class 3 consists of the allowed secured claims of SHSH Ventures, LP. The Debtor lists its general intangibles with a value at $400. Park 4 Less will pay the amount of $400 plus interest at 4.25% until paid at the times and payment amounts as set forth in the projections. Such payment will pay in full the secured claims of SHSH Ventures. All other amounts owed to SHSH Ventures will be treated as an unsecured claim. Class 4 consists of all non-priority unsecured claims. Park 4 Less will pay up to $40,000 in unsecured claims, if any are filed. This amount is the current estimate of the amounts that may be available to unsecured creditors on a liquidation. The payments will be at the times and payment amounts as set forth in the projections. Such payments will be in full payment of the allowed claims in this class 4. The amount to be paid at this time is estimated at $40,000. Class 5 consists of amounts allowed and approved as necessary to cure lease arrears for DSDY Real Estate, LLC. No UCC-1 appears to have been filed by DSDY. Park 4 Less will pay the arrearages of DSDY Real Estate over a period no to exceed 60 months from the date of the filing. The amount used for the initial payments will be $456,000. DSDY Real Estate has not filed a claim at this time. The Debtor objects to this amount. If the amount is determined to be different, the payments in this class will be adjusted. The payments to DSDY in this class will be in full satisfaction of the arrearages on the lease with DSDY. Class 6 consists of the equity security holder(s) of the Debtor. The class 5 creditor will retain his stock interests subject to the terms of this plan. Park 4 Less will retain the property of the bankruptcy estate and fund the plan primarily with the income generated by continued operation of the parking lot business. Rehan Rehman will remain the president and general manager of the reorganized Debtor. Rehan Rehman will contribute to the Debtor such amounts as are necessary so that the Debtor has sufficient funds to make the payments to the creditors and pay the necessary expenses of the Debtor, if the income is not sufficient for any given month or period of time. A full-text copy of the Disclosure Statement dated August 19, 2021, is available at https://bit.ly/3sBqPxB from PacerMonitor.com at no charge. Attorney for the Debtor: Reese Baker, Esq. Baker & Associates 950 Echo Lane, Ste 300 Houston, TX 77024 Tel: (713) 979-2279 Fax: (713) 869-9100 About Park 4 Less Park 4 Less is a Texas limited liability company that was established in 2016. Park 4 Less, LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 21-31686) on May 21, 2021, disclosing total assets of up to $50,000 and total liabilities of up to $500,000. Judge Christopher M. Lopez oversees the case. The Debtor is represented by Baker & Associates. PARKLAND CORP: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating of Parkland Corporation at 'BB'. Additionally, Fitch has affirmed Parkland's senior unsecured rating at 'BB'/'RR4'. The Rating Outlook is Stable. Parkland's ratings and Stable Outlook reflect its unique business characteristics as a fully integrated downstream petroleum company, which features a strong retail fuel presence in Canada and the Caribbean, and a growing presence in the U.S., as well as supporting distribution and logistics businesses and small relative refining operations. Fitch views the long-term cash flow stability gained through Parkland's integrated operations as well as diversified asset base as supportive of credit quality. The company has grown measurably over the past few years, 2020 aside, through a combination of acquisitions and steady capital spending on organic initiatives. Risks remain as to post-acquisition synergy realization as well as the potential for lingering coronavirus impacts to impede further demand recovery. KEY RATING DRIVERS Acquisitions Add to Already Robust Business: Parkland has returned from a pandemic-driven acquisition lull in strong fashion, announcing 12 acquisitions for roughly $800 million since 3Q20. The company continues to add to its portfolio of assets and further leverage already established supply/distribution advantages. While the United States has been and is expected to remain Parkland's focus, as far as acquisitions go, the company also recently opportunistically added to its established positions in Canada and the Caribbean. Parkland's ability to find, appropriately fund and successfully integrate acquisitions remain integral to the external part of the company's growth story. The extent to which Parkland can successfully supplement organic growth with accretive acquisitions without sacrificing balance sheet strength would be supportive of credit quality, in Fitch's view. While the company's track record on post-acquisition synergy capture has been very good, risk that synergies anticipated may not materialize on future transactions remains. Resilience Shines Through: The drop in volumes across Parkland's businesses and geographies in the first few months of the pandemic was considerable. However, the degree and duration of the large volume decreases were less severe than anticipated by Fitch, with improved margins offering a meaningful buffer. Additionally, the return towards, in Canada and the Caribbean, and to, in the U.S., pre-pandemic fuel volume levels has been more rapid than prior targets. This resulted in 2020 leverage that was better than prior Fitch estimates and the positive trend has continued through the first half of 2021. The durability of the Parkland business model during a period of extreme stress including the relative stability of cash flows and margins are indicative of a strong credit profile. Given the competitive nature of the retail gasoline market, risk remains related to the company's ability to defend margin, especially in a period of increasing volumes. Leverage in Focus: Parkland has successfully managed its pursuit of growth while maintaining appropriate leverage, in Fitch's view. 2020 was a very challenging year for the industry, Parkland completed a major turnaround at its refinery and consequently leverage was above Fitch's negative sensitivity. The 2021 Fitch forecast includes leverage that is below 4.0x. Parkland has grown through acquisitions and has an aspiration to reach $2 billion in annual run-rate EBITDA by the end of 2025. Fitch will review attractive acquisitions that cause leverage to slightly exceed the negative sensitivity temporarily on a case by case basis. Driving Supply Advantages: Parkland is able to leverage cost/supply advantages with its established retail footprint in Canada and the Caribbean, along with a small but growing presence in the U.S., to drive value through the system. These advantages come via downstream integration, allowing Parkland to produce and protect attractive margins in support of consistent cash flow generation. Downstream integration is a meaningful advantage versus nonintegrated fuel retailer peers. Parkland's diversified business and vertical integration also help smooth some of the volatility common in the refining space. Parkland's retail outlet for finished product and its capability to move, store and deliver that product to customers provides the company with an offset and a simple buffer to the cyclical lows inherent in the refining industry. Diverse Footprint: Parkland has approximately 1,850 company and dealer-owned retail sites across Canada, and nearly 500 in both the Caribbean and the U.S. Parkland's retail and commercial franchises display size/scale advantages and geographic/product diversification. Parkland has regionally relevant brands in close proximity to the major population centers. The company reports that roughly 85% of Canadians live within a 15-minute drive of a Parkland service station. Parkland has a dominant position in many of the Caribbean countries where it operates, meaningful shipping capabilities, and control of essential distribution and supply assets. Its size/scale in the U.S. is small, but the company has been expanding its retail, commercial and wholesale capabilities via advantages developed just north of the border. The juxtapositions within Parkland's refining operations in Burnaby, British Columbia, as they relate to size/scale and asset quality are distinct. The company operates a single, small capacity, low complexity refinery. Fitch typically views refineries with less than 100,000 barrels per day of capacity as well as single-asset refiners as being more consistent with a 'B' credit profile, if it were a standalone refining business. Fitch believes Parkland's single refinery possesses some geographic advantages. Additionally, the refinery is fully integrated with Parkland's commercial/wholesale and retail businesses in Western Canada, and as such is not a merchant refiner. Fitch believes that these unique characteristics provide more cash flow and earnings stability than Parkland would have without integration. However, the refining industry in general is subject to periods of boom and bust, with sharp swings in crack spreads over the cycle. Given the rest of Parkland's portfolio is highly ratable, refining remains a source of potential variability in future results. DERIVATION SUMMARY Parkland is somewhat unique relative to Fitch's coverage given its diversification across the midstream and downstream value chain, especially due to the relatively small size/scale of its refining operations. Fitch views similarly rated Sunoco LP (SUN; BB/Positive) as a peer as both companies have significant fuel distribution businesses. Differences in credit profile, relative to SUN, arise from Parkland's position as a fully integrated downstream operator. However, Fitch views SUN as having greater margin stability, supported by its multi-year take-or-pay fuel supply agreement with a 7-Eleven subsidiary, under which SUN will supply approximately 2.2 billion gallons of fuel annually, and no refining operations. From a business line perspective, though orders of magnitude smaller in size/scale, Fitch sees Marathon Petroleum Corporation (MPC; BBB/Stable) as a peer. Fitch views a one full rating category difference between Parkland and MPC as appropriate given Parkland's distinctive characteristics and weaker relative financial profile. Additionally, credit rating differences, relative to MPC, arise from Parkland's 'single refiner risk' factor and the substantially smaller size/scale and complexity of Parkland's refining operations. Puma Energy Holdings Pte Ltd (BB-/Stable) is a global integrated midstream and downstream peer with storage, distribution, fuel-retailing and business to business activities across the globe. Relative to Parkland, Puma has a slightly larger size/scale, leverage that is similar but more exposure to developing economies and foreign currency risks globally, leading to its lower credit rating. Fitch expects Parkland's leverage, as measured by total adjusted debt/operating EBITDAR, to be slightly better than Sunoco's over the forecast period, based on Fitch's expectations for SUN's total debt with equity credit/operating EBITDA to end 2021 between 4.0x-4.3x. Parkland leverage is roughly one half to one full turn worse than MPC and Fitch does not forecast improvement in this metric for Parkland until later in the forecast period. Parkland's weaker relative financial profile is a factor considered in the credit rating difference between MPC and Parkland. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Full-year volumes do not return to levels seen in 2019 in the Canada and International segments until 2022, while the USA segment continues to deliver double digit yoy volume increases, largely driven by acquisitions; -- Retail fuel margins remain above historical averages in 2021 in Canada before returning to more normalized levels in 2022 and beyond; -- Utilization (for crude only) at the company's Burnaby refinery of roughly 85% in 2021, after posting a turnaround impacted 69% utilization in 2020. Refining utilization of 90%-94% in years without a major turnaround, beyond 2021; -- Growth capital spending on organic initiatives increases in 2021, from a pandemic-reduced level in 2020, with total annual capex ranging from $400 million to $500 million over the forecast period; -- Acquisitions are largely funded with a mix of cash on hand and revolver availability. Incremental debt is issued in 2022 to fund material investment, debt balances reduce from there over the remainder of the forecast period; -- USD1.00/CAD1.25 throughout the quarters of the forecast period. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Leverage, defined as total adjusted debt capitalizing operating lease expense at 8.0x /operating EBITDAR, sustained below 3.0x; -- Increased size and diversification, as evidenced by entry into multiple new markets, along with the maintenance of robust fuel and non-fuel margins. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Leverage, defined previously, above 4.0x on a sustained basis. Attractive acquisitions that push this metric above the negative sensitivity temporarily will be reviewed on a case by case basis; -- The reinstatement of stay-at-home orders across North America related to the coronavirus, leading to demand destruction, without an offsetting increase in fuel margins; -- A disproportionate decrease in realized fuel margins versus increased fuel volumes; -- Impairments to liquidity; -- Acquisitions that increase overall business risk and/or are not financed in a balanced manner. 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 Liquidity Adequate: Parkland had total available liquidity of more than $1.8 billion, including $437 million in unrestricted cash and equivalents on the balance sheet as of June 30, 2021. On March 25, 2021, the company amended its senior secured credit facility agreement to increase the total amount available and extend the maturity date. The syndicated credit facilies have approximately $1.9 billion in total availability, up from approximately $1.7 billion previously, with a 2026 maturity. The company had approximately $514 million drawn on its revolving credit facilities as of June 30, 2021. Also on March 25, 2021, Parkland established an at-the-money (ATM) equity program, allowing for the issuance of up to $250 million of common shares. As of June 30, 2021, the company had issued a total of $21 million worth of common equity under the ATM program. Fitch views positively Parkland's use of the ATM program, as it represents another avenue for future small acquisition funding beyond incremental debt. With debt refinancing activities completed thus far in 2021, Parkland has no senior unsecured notes or credit facilities due until 2026. ISSUER PROFILE Parkland Corporation is a leading convenience store operator and an independent supplier and marketer of fuel and petroleum products. The company's operations span across Canada, the United States and the Caribbean. Parkland serves customers through retail, commercial and wholesale sales channels. Additionally, the company operates the Burnaby refinery in British Columbia. SUMMARY OF FINANCIAL ADJUSTMENTS -- Fitch applies an 8.0x multiple to operating leases. 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. PATRICIAN HOTEL: Oct. 4 Plan Confirmation Hearing Set ----------------------------------------------------- Patrician Hotel, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a disclosure statement. On August 19, 2021, Judge Robert A. Mark approved the disclosure statement and ordered that: * Oct. 4, 2021, at 9:30 a.m. via video conference is the hearing to consider confirmation of the plan. * Sept. 13, 2021, is fixed as the last day for filing and serving fee applications. * Sept. 20, 2021, is fixed as the last day for filing and serving objections to confirmation of the plan. * Sept. 20, 2021, is fixed as the last day for filing a ballot accepting or rejecting the plan. * Aug. 25, 2021, is fixed as the last day for filing and serving objections to claims. A copy of the order dated August 19, 2021, is available at https://bit.ly/3j5kKWP from PacerMonitor.com at no charge. The Debtors are represented by: Robert F. Reynolds, Esq. Law Offices of Robert F. Reynolds, PA 515 East Las Olas Boulevard, Suite 850 Fort Lauderdale, FL 33301 Telephone: (954) 766-9928 Facsimile: (954) 745-5890 E-mail: rreynolds@srobertreynoldspa.com About Patrician Hotel LLC Based in Miami Beach, Fla., Patrician Hotel, LLC and three affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 19-25290) on Nov. 14, 2019, listing under $1 million in both assets and liabilities. Judge Robert A. Mark oversees the case. Robert F. Reynolds, Esq. at Slatkin & Reynolds, P.A., is serving as the Debtor's counsel. The Debtors tapped DWNTWN Realty Advisors, LLC, as their real estate broker. PEABODY ENERGY: S&P Raises ICR to 'CCC+', Outlook Negative ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S. coal producer Peabody Energy Corp. to 'CCC+' from 'SD' to reflect a more manageable near-term maturity profile, but longer-term refinancing needs remain a predominant risk. S&P said, "We are raising the issue-level ratings on the $206 million senior term loan and $194 million senior notes issued by subsidiary AU Holdings LLC (which did not participate in the distressed transactions) to 'CCC+' from 'CCC', in line with the issuer credit rating on Peabody. The recovery rating on the debt remains '3'. "Our ratings on the debt issued by the parent are unchanged at 'D' and continue to reflect the potential for additional discounted repurchases or restructurings. "The upgrade reflects our view that the company has materially lowered its nearest maturity leading to improved liquidity, but we still view the capital structure as unsustainable over the long term. Peabody has reduced its outstanding total funded debt by approximately $176 million since December 2020 through series of transactions that we viewed as selective defaults. In particular, the company lowered its nearest note balance coming due in March 2022 to about $25.4 million (including scheduled debt reductions after the second quarter of 2021) from its $459 million balance in December 2020. Peabody exchanged a majority of the 2022 notes in early 2021 with new debt due in 2024. As a result, we expect Peabody's sources of liquidity over the next 12 months to be sufficient to cover its fixed obligations. We forecast debt leverage (including adjustments for pensions, asset reclamation obligations, and other items) to decline to 4.5x-5x in 2021 from 10.2x in 2020, with a potential for further reduction below 4x in 2022. While we ordinarily wouldn't view ratios in this range as indicative of an unsustainable capital structure, we believe the lenders' environmental, social, and governance (ESG) concerns will make it increasingly difficult and expensive to fully refinance approximately $1.8 billion of funded debt coming due between 2022 and 2025. Our debt balance includes $435 million of issued letters of credit (LOC) under the LOC facility ($309 million of issued LOC and ~$126 million LOC under the accounts receivable (AR) securitization facility), debt issuance costs, and the scheduled debt repurchase commitments reported in the second quarter of 2021. "We expect Peabody will have sufficient liquidity sources to meet its fixed charges over the next 12 months, but unexpected deterioration of market conditions could result in a liquidity shortfall. We project improving operating performance in the second half of 2021 driven by higher volumes sold across all coal segments and higher price realizations, which will be partially offset by higher costs for domestic thermal operations and ongoing holding and idling costs for seaborne metallurgical (met) coal operations. We project the company will generate $200 million-$250 million in cash funds from operations over the next 12 months that, combined with the $548 million cash balance as of the end of the second quarter and the proceeds from the recent common stock issuance, should be sufficient to cover about $187 million in maturities and scheduled debt repayments (including the $125.5 million LOC outstanding under the AR facility maturing in March 2022) and approximately $150 million in capital expenditures and working capital outflows over the next 12 months. However, roughly half of Peabody's sales remain exposed to the international thermal and met coal prices, which have exhibited extreme volatility over the past 12 months. We believe that material reduction in the seaborne thermal and met coal prices over the next 12 months could lead to a liquidity shortfall. "We expect U.S. thermal operations will continue to shrink but still generate a material share of EBITDA that could fund the parents' obligations.We assume U.S. thermal coal volumes will decline modestly by 1% in 2021 but continue to shrink at an annual rate of approximately 3%-4% thereafter. Nevertheless, we estimate domestic thermal operations will generate approximately 50% of revenue and 44% of EBITDA in the next 12 months that will service Peabody's obligations. We expect Wilpinjong's operations will generate positive discretionary cash flows of $50 million-$80 million in 2021. However, the excess cash flows will be used to repay Wilpinjong's debt and therefore will not support the parent's debt. We expect the seaborne met coal cash flows to approach break even or possibly turn positive in the second half of 2021, largely driven by improved price realizations, higher production from the Coppabella-Moorvale joint venture (CMJV), and the restart of the Metropolitan mine and partially offset by cash costs associated with idled operations and unfavorable product mix geared toward lower-grade met coal." The negative outlook indicates the possibility of a downgrade within the next year, which could occur if: -- S&P believes the company has 12 months worth of liquidity available; -- S&P envisions a default scenario in that timeframe; or -- S&P anticipates a breach of the minimum liquidity covenant. S&P could lower its rating on Peabody if: -- Peabody executed a distressed transaction on its LOC facility; or -- S&P no longer expected the company had any prospects of generating positive free operating cash flows. It is highly unlikely that S&P revises the outlook to stable within the next 12 months unless: -- Peabody improved the operating performance of its met coal assets such that we expected these assets to generate positive free operating cash flows; -- Free operating cash flow approached at least $350 million, necessary to cover approximately $100 million in all sustaining capital expenditures (capex) and $200 million to $250 million of fixed charges within the next 12 months. -- Peabody's debt refinancing options improved significantly, including the company's debt traded close to par value. PELICAN FAMILY: Wins Continued Access to Cash Collateral -------------------------------------------------------- Judge Stephani W. Humrickhouse of the U.S. Bankruptcy Court for the Eastern District of North Carolina authorized Pelican Family Medicine, P.A. to use cash collateral to pay for the Debtor's ordinary operating expenses, pursuant to the budget. The budget for the period from August 15 to September 14, 2021 provided for $157,265 in total expenses. To the extent that the Debtor was authorized by a prior cash collateral order and budget or by written consent of First Citizens to make an expenditure but that expenditure was not made during the month budgeted, the Debtor may expend such prior approved expenditures in a subsequent month. As adequate protection for the Debtor's use of the Cash Collateral, First Citizens Bank & Trust Company and the other creditors -- (i) Banker's Healthcare Group, LLC; (ii) Green Capital Funding, LLC; (iii) U.S. Small Business Administration; and (iv) Business Capital Providers, Inc. -- are granted post-petition replacement liens on the same assets to which their liens attached pre-petition, to the same extent, and with the same validity and priority as existed on the Petition Date. The Debtor shall pay First Citizens the budgeted amount of $1,000 as adequate protection to be applied to the balance of First Citizen's Claim 5 by June 20, 2021. The Debtor shall maintain one or more DIP bank accounts into which all proceeds from its business activities shall be deposited. To the extent required, such funds shall be segregated and separately maintained by the Debtor apart from any funds that do not constitute Cash Collateral or form part of the Collateral securing First Citizens' Claim 5. Unless additional agreement for the use of Cash Collateral is reached by the parties prior to September 16, 2021, a final hearing on the Motion will be held at 10 a.m. on September 16. A copy of the order is available for free at https://bit.ly/2UHcWkS from PacerMonitor.com. About Pelican Family Medicine, P.A. Pelican Family Medicine, P.A. is a family practice physician in Wilmington, North Carolina. It sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 21-00582) on March 15, 2021. In the petition signed by Mark Thomas Armitage, president, the Debtor disclosed $242,677 in assets and $1,545,287 in liabilities. Judge Stephani W. Humrickhouse oversees the case. Algernon L. Butler, III, Esq., at Butler & Butler, LLP is the Debtor's counsel. PG&E CORP: Shares Slump After California Wildfires Probe Escalates ------------------------------------------------------------------ Mark Chediak of Bloomberg News reports that utility giant PG&E Corp. is once again coming under the spotlight for its role in California's wildfires, sending its shares falling the most in a week. Regulators threatened to heighten enforcement action against the company for its track record of safety lapses, while a federal judge is probing its role in starting the second biggest-wildfire in the state's history, which has been raging for more than a month. PG&E shares dropped as much as 4.1% Thursday, the most since Aug. 12, 2021. They were down 3.1% to $8.84 at 11:36 a.m in New York. About PG&E Corporation PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. PG&E Corp. and Pacific Gas employ approximately 24,000 regular employees, approximately 20 of whom are employed by PG&E Corp. Of Pacific Gas' regular employees, approximately 15,000 are covered by collective bargaining agreements with local chapters of three labor unions: (i) the International Brotherhood of Electrical Workers;(ii) the Engineers and Scientists of California; and (iii) the Service Employees International Union. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, said they are facing extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility said it faces an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are serving as PG&E's legal counsel, Lazard is serving as its investment banker and AlixPartners, LLP is serving as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. In order to help support the Company through the reorganization process, PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and their colleagues at AlixPartners will continue to assist PG&E with the reorganization process and related activities. Morrison & Foerster LLP serves as special regulatory counsel. Munger Tolles & Olson LLP is also special counsel. The Office of the U.S. Trustee appointed an official committee of creditors on Feb. 12, 2019. The Committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. PIER 1 IMPORTS: Egan-Jones Keeps B+ Senior Unsecured Ratings ------------------------------------------------------------ Egan-Jones Ratings Company, on August 11, 2021, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Pier 1 Imports, Inc. Headquartered in Fort Worth, Texas, Pier 1 Imports, Inc. retails decorative home furnishings, gifts, and related items. PRESSURE BIOSCIENCES: Incurs $4.8-Mil. Net Loss in Second Quarter ----------------------------------------------------------------- Pressure Biosciences, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $4.75 million on $608,927 of total revenue for the three months ended June 30, 2021, compared to a net loss of $4.57 million on $268,154 of total revenue for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported a net loss of $11.32 million on $1.17 million of total revenue compared to a net loss of $8.52 million on $522,027 of total revenue for the same period during the prior year. As of June 30, 2021, the Company had $2.31 million in total assets, $24.61 million in total liabilities, and a total stockholders' deficit of $22.30 million. "We have experienced negative cash flows from operations with respect to our pressure cycling technology business since our inception. As of June 30, 2021, we did not have adequate working capital resources to satisfy our current liabilities and as a result, we have substantial doubt regarding our ability to continue as a going concern. We have been successful in raising debt and equity capital. We received $4.0 million in net proceeds from loans and sales of preferred stock in the six months ended June 30, 2021. We have efforts in place to continue to raise cash through debt and equity offerings," Pressure Biosciences said. "We will need substantial additional capital to fund our operations in future periods. If we are unable to obtain financing on acceptable terms, or at all, we will likely be required to cease our operations, pursue a plan to sell our operating assets, or otherwise modify our business strategy, which could materially harm our future business prospects," the Company said. Net cash used in operations for the six months ended June 30, 2021 was $2,090,727 as compared to $2,800,494 for the three months ended June 30, 2020. Net cash used in investing activities for the six months ended June 30, 2021 was $3,962 compared to $532,913 in the six months ended June 30, 2020. Net cash provided by financing activities for the six months ended June 30, 2021 was $2,122,774 as compared to $3,345,240 for the six months ended June 30, 2020. The cash flows from financing activities in the six months ended June 30, 2021 included $100,000 from the sale of Series AA preferred stock, $4.0 million loan proceeds from convertible debt and other debt. In this period, cash flow from financing was reduced by debt payments of $1,200,996 on convertible debt, and $744,041 on other debt. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/830656/000149315221020523/form10-q.htm About Pressure Biosciences South Easton, Mass.-based, Pressure Biosciences Inc. -- http://www.pressurebiosciences.com-- develops and sells innovative, broadly enabling, pressure-based platform solutions for the worldwide life sciences industry. Its solutions are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or "PCT") hydrostatic pressure. PCT is a patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions (e.g., cell lysis, biomolecule extraction). Pressure Biosciences reported a net loss of $16 million for the year ended Dec. 31, 2020, compared to a net loss of $11.66 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $2.30 million in total assets, $19.22 million in total liabilities, and a total stockholders' deficit of $16.92 million. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has a working capital deficit, has incurred recurring net losses and negative cash flows from operations. These conditions raise substantial doubt about its ability to continue as a going concern. PRIME ECO: Obtains Court Approval to Borrow $400,000 from AFS ------------------------------------------------------------- Judge David R. Jones of the U.S. Bankruptcy Court for the Southern District of Texas authorized Prime Eco Group, Inc. and Prime Eco Supply, LLC to obtain postpetition financing consisting of new advances of up to an interim amount of $400,000 from Lender, Austin Financial Services, Inc. pursuant to the terms of the Postpetition Loan Documents. The Debtor will use the proceeds of the postpetition financing to permit the orderly continuation of its business operation; manage and preserve the assets of the bankruptcy estate; and preserve the enterprise value of the estate's business. Prior to the Petition Date, the Debtor contracted financial obligations with the Lender, pursuant to a Loan and Security Agreement dated September 19, 2019, as amended, which as of the Petition Date has an outstanding balance of at least $1,426,604, plus accrued and unpaid interest at the default rate and additional interest, fees, costs, and expenses. The Lender's prepetition liens constitute first and senior priority security interests and liens in the Prepetition Collateral, subject to certain Permitted Liens. To secure timely performance and satisfaction of the Postpetition Obligations, the Lender is granted a postpetition lien and security interest in all Collateral. The Postpetition Financing Lien shall be the first and senior in priority to all other interests and liens, subject and junior only to certain liens and interests existing as of the Petition Date in the Prepetition Collateral, which as of the Petition Date were senior in priority to the Prepetition Liens. All proceeds of the Collateral or any other consideration received by Lender shall be applied first to satisfy the Prepetition Obligations until paid in full, in cash, and then to satisfy the Postpetition Obligations. In addition to the Lender's Prepetition Liens, the United States of America (through the Small Business Administration) and Fairview Investment Fund V, LP -- as parties-in-interest asserting liens and security interests in the prepetition assets of Debtor -- are granted a lien and security interest in the Postpetition Collateral as a replacement lien to provide adequate protection of each Secured Party's interest in the Prepetition Collateral resulting from the use of Cash Collateral and the Postpetition Financing, to the same extent, validity, and priority of the prepetition lien or interest in favor of such Secured Party. The statutory liens of Wharton County shall not be primed by, nor made subordinate to any liens granted to any party to the extent such Tax Liens are valid, senior, perfected, and unavoidable. All parties' rights to object to the priority, validity, amount, and extent of the claims and liens asserted by Wharton County are fully preserved. A copy of the order is available for free at https://bit.ly/3z9UH6D from PacerMonitor.com. A further hearing to consider entry of a final order on the Motion will be held at 12 noon on September 21, 2021. About Prime Eco Group and Prime Eco Supply Prime Eco Group, Inc. and Prime Eco Supply, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case Nos. 21-32560 and 21-32561) on July 30, 2021. At the time of the filing, Prime Eco Group disclosed $3,057,685 in assets and $3,587,476 in liabilities while Prime Eco Supply disclosed $107,969 in assets and $527,681 in liabilities. The Law Office of Margaret M. McClure is the Debtor's legal counsel. PRIME ECO: Obtains Final OK to Use Cash Collateral -------------------------------------------------- Judge David R. Jones of the U.S. Bankruptcy Court for the Southern District of Texas authorized Prime Eco Group, Inc. to use cash collateral, on a final basis, to pay its normal operating expenses as set out in the approved monthly budget. The United States on behalf of the Small Business Administration and Austin Financial Services, Inc. are granted replacement liens on all property of Debtor's estate, acquired or generated after the Petition Date, to the same extent, validity, and priority to which their liens attached before the petition was filed. The Replacement Liens shall be deemed automatically valid and perfected. The Court ruling is without prejudice to the creditors' right to seek additional adequate protection or to oppose any further request to use cash collateral. A copy of the order is available for free at https://bit.ly/3sBZFXa from PacerMonitor.com. About Prime Eco Group and Prime Eco Supply Prime Eco Group, Inc. and Prime Eco Supply, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case Nos. 21-32560 and 21-32561) on July 30, 2021. At the time of the filing, Prime Eco Group disclosed $3,057,685 in assets and $3,587,476 in liabilities while Prime Eco Supply disclosed $107,969 in assets and $527,681 in liabilities. The Law Office of Margaret M. McClure is the Debtor's legal counsel. PURDUE PHARMA: Family Not Blame for Crisis, Says Richard Sackler ---------------------------------------------------------------- Lauren del Valle of CNN reports that during hours-long testimony in a Purdue Pharma federal bankruptcy proceeding on Wednesday, August 18, 2021, former company president Richard Sackler said he believes his family and the OxyContin manufacturer bear no responsibility for the opioid crisis in the United States. An attorney for Washington state asked him repeatedly whether he, his family or the company have any responsibility for the crisis. All three times Sackler answered, "No." The drug maker's settlement proceeding could result in a payout of over $4 billion to dozens of states and municipalities, plus thousands of opioid crisis victims who submitted claims, if the proposed agreement is approved by a federal judge. Attorneys for about 10 states and other claimants are still fighting the proposed settlement agreement currently being addressed in front of Federal Bankruptcy Judge Robert Drain in New York. On Wednesday, August 18, 2021, when asked by another attorney how many people died from using Oxycontin, Sackler, 76, said he didn't know. "I looked at the same information that the media looked at," Sackler said. Maryland Assistant Attorney General Brian Edmunds asked, "You didn't think it was necessary in your role as chair or as president of an opioid company to determine how many people had died as a result of the use of the product?" Sackler said he didn't think that number had been calculated. "To the best of my knowledge and recollection, that data is not available," he said. From 1999 to 2019, nearly 500,000 people died from an overdose involving any opioid, including prescription and illicit opioids, according to the Centers for Disease Control. Sackler is the last living child of Raymond Sackler, who pioneered the family's legacy at Purdue Pharma with his family members, according to his testimony. Richard Sackler, who was a director, co-chairman and president of Purdue Pharma at times between 1990 through 2018, took the stand Wednesday during a confirmation proceeding for the opioid manufacturer to potentially approve a plan to resolve the Chapter 11 process. Publicly, Sackler has been mostly silent on the matter until now aside from a lengthy deposition eventually made public from a settlement case in Kentucky in 2015, which resulted in a $24 million payout. "I was director, and I cannot count up all the settlements that the company entered into while I was a director. But there were many settlements, both private and public," Sackler testified on Wednesday according to the transcript. Sackler was the only witness to take the stand, testifying for several hours remotely over Zoom. He apologized to the court for his often inaudible answers, saying he's suffering from laryngitis. Sackler repeatedly evaded questions from claim attorneys, deferring to his lawyers at times or by simply saying he couldn't recall details. Sackler was directed by attorneys to emails admitted as evidence he'd sent about sales and marketing efforts to boost OxyContin profits during his tenure at Purdue Pharma. But he said he couldn't remember sending them. Sackler testified that as a board member he was a mostly hands-off with lower-level efforts to push the addictive opioid, but did recall a ride-along visit to health care providers he'd taken once with a sales representative between 2008 and 2018. He said he didn't personally engage any health care providers but acknowledged that such visits were meant to promote the sale of Purdue's opioids. Purdue Pharma pleaded guilty to federal criminal charges in 2020 for wrongdoings including kickbacks, "Ostensibly to provide educational talks to other health care professionals and serve as consultants, but in reality to induce them to prescribe more OxyContin," according to the Justice Department. "Purdue entered into contracts with certain specialty pharmacies to fill prescriptions for Purdue's opioid drugs that other pharmacies had rejected as potentially lacking medical necessity," a DOJ press release said. Under the proposed bankruptcy settlement plan, operating assets would be transferred to a newly formed company that would not include any stakeholders from the Sackler families, according to court documents. The Sackler families currently have no role in Purdue and will end their involvement in pharmaceutical companies worldwide, according to a company release. Several states have accepted the settlement plan that will restructure Purdue Pharma, but some states are still holding out. The settlement plan would resolve all civil litigation against the Sacklers and Purdue Pharma. It would give Sackler family members and the hundreds of other parties like shareholders and business entities broad legal immunity protecting them against future civil litigation. Such broad legal protection for the Sackler family members, who did not personally declare bankruptcy, continues to be a sticking point for the hold-out states and other claimants who have voted against the plan. The settlement, however, is largely contingent on this legal protection. Sackler testified Wednesday that he would back out of the settlement plan if the court were to allow the objecting states to opt out. However, it does not protect the Sackler family members and other named parties against potential criminal actions. States attorneys general and the Justice Department would still be able to prosecute. Purdue Pharma and the Sackler families will pay out over $4 billion if the plan is approved, according to court documents. In addition to state stakeholders that are set to put millions into opioid crisis abatement like treatment efforts, thousands of eligible individual victims will also receive compensation as part of the bankruptcy process, according to the resolution. The resolution also requires the Sacklers to relinquish control of family foundations with over $175 million in assets to the trustees of a National Opioid Abatement Trust. A stipulated document repository that will also be created under the resolution will include some email correspondence from Sackler family members who worked for the opioid manufacturer. The public may eventually have access to millions of never-before-seen documents from lawsuits and investigations of Purdue over the past 20 years, including deposition transcripts and deposition videos, per the settlement resolution. Oral arguments in the Southern District of New York Bankruptcy Court are scheduled to begin Monday. Judge Drain is expected to give a ruling on the settlement at the end of the fourth week of August 2021. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation facing the Company. The Company's consolidated balance sheet at Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain, in White Plains, New York, has been assigned to oversee Purdue's Chapter 11 case. Davis Polk & Wardwell LLP and Dechert LLP are serving as legal counsel to Purdue. PJT Partners is serving as investment banker, and AlixPartners is serving as financial advisor. Prime Clerk LLC is the claims agent. PURDUE PHARMA: Judge Urges Attention to Victims' Stories in Ch. 11 ------------------------------------------------------------------ Law360 reports that the sixth day of evidence in Purdue Pharma's Chapter 11 plan confirmation hearing ended Thursday, August 19, 2021, with the judge walking off camera after a declaration that the damage individuals have suffered in the opioid crisis should not be lost in the complexities of the bankruptcy case. U.S. Bankruptcy Judge Robert Drain abruptly ended Thursday's, August 19, 2021, virtual hearing after saying the impact the opioid crisis has had on individuals needs to be addressed and urging participants to read letters submitted to the court by people claiming their loved ones had been harmed by Purdue's products. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation facing the Company. The Company's consolidated balance sheet at Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain, in White Plains, New York, has been assigned to oversee Purdue's Chapter 11 case. Davis Polk & Wardwell LLP and Dechert LLP are serving as legal counsel to Purdue. PJT Partners is serving as investment banker, and AlixPartners is serving as financial advisor. Prime Clerk LLC is the claims agent. QUEST PATENT: Incurs $692,634 Net Loss in Second Quarter -------------------------------------------------------- Quest Patent Research Corporation filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $692,634 on zero revenues for the three months ended June 30, 2021, compared to a net loss of $371,786 on $1.21 million of revenues for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported a net loss of $5.85 million on zero revenues compared to a net loss of $1.05 million on $2.08 million of revenues for the six months ended June 30, 2020. As of June 30, 2021, the Company had $2.76 million in total assets, $12.49 million in total liabilities, and a total stockholders' deficit of $9.73 million. At June 30, 2021, the Company had current assets of approximately $834,000, and current liabilities of approximately $11,615,000. Its current liabilities include approximately $1,385,000 payable to Intellectual Ventures, a non-interest bearing total monetization proceeds obligation to Intelligent Partners in the amount of $2,805,000 under the Restructure Agreement, which is only payable from money generated from the monetization of intellection property, liabilities of $3,017,000 payable to QFL, and loans payable of $138,000 and accrued interest of approximately $275,000 due to former directors and minority stockholders. As of June 30, 2021, the Company has an accumulated deficit of approximately $27,131,000 and a negative working capital of approximately $10,781,000. Other than salary and pension benefits to its chief executive officer, the Company does not contemplate any other material operating expense in the near future other than normal general and administrative expenses, including expenses relating to its status as a public company filing reports with the SEC. Quest Research said, "We cannot assure you that we will be successful in generating future revenues, in obtaining additional debt or equity financing or that such additional debt or equity financing will be available on terms acceptable to us, if at all, or that we will be able to obtain any third party funding in connection with any of our intellectual property portfolios. We have no credit facilities. Although our agreement provides for QFL to provide us with funding to acquire intellectual property rights, subject to QFL's approval, it does not provide for financing the litigation necessary for the monetization of the intellectual property rights. We do not have any credit facilities or any arrangements for us to finance the litigation necessary to monetize our intellectual property rights other than contingent fee arrangements with counsel with respect to our pending litigation. If we do not secure contingent representation or obtain litigation financing, we may be unable to monetize our intellectual property. We cannot predict the success of any pending or future litigation. Typically, our agreements with the funding sources provide that the funding sources will participate in any recovery which is generated. We believe that our financial condition, our history of losses and negative cash flow from operations, and our low stock price make it difficult for us to raise funds in the debt or equity markets. There is a substantial doubt about our ability to continue as a going concern." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/824416/000121390021043049/f10q0621_questpatent.htm About Quest Patent Rye, New York-based Quest Patent Research Corporation -- http://www.qprc.com-- is an intellectual property asset management company. The Company's principal operations include the development, acquisition, licensing and enforcement of intellectual property rights that are either owned or controlled by the Company or one of its wholly owned subsidiaries. The Company currently owns, controls or manages eleven intellectual property portfolios, which principally consist of patent rights. Quest Patent reported a net loss of $1.31 million for the year ended Dec. 31, 2020, compared to a net loss of $1.30 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $2.95 million in total assets, $12.28 million in total liabilities, and a total stockholders' deficit of $9.33 million. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. R. INVESTMENTS: October 12 Disclosure Statement Hearing Set ----------------------------------------------------------- On August 16, 2021, debtor R. Investments, RLLP filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement in support of the Chapter 11 Plan of Reorganization. On Aug. 17, 2021, Judge Elizabeth E. Brown ordered that: * Oct. 12, 2021, at 11:00 a.m., in Courtroom F, United States Bankruptcy Court for the District of Colorado, United States Custom House, 721 19th Street, Denver, Colorado is the hearing to consider the adequacy of and to approve the Disclosure Statement. * Objections to the Disclosure Statement shall be filed and served not less than 14 days prior to the date of the hearing. A copy of the order dated August 17, 2021, is available at https://bit.ly/3z4m5Ts from PacerMonitor.com at no charge. Counsel for Debtor: MOYE WHITE LLP Timothy M. Swanson (47267) Patrick R. Akers (54803) 1400 16th Street, 6th Floor Denver, Colorado 80202 Tel: (303) 292-2900 Fax: (303) 292-4510 E-mail: tim.swanson@moyewhite.com patrick.akers@moyewhite.com About R. Investments R. Investments, RLLP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 21-11011) on March 4, 2021. William Travis Steffens, chief executive officer, signed the petition. At the time of the filing, the Debtor was estimated to have $500,000 to $1 million in assets and $10 million to $50 million in liabilities. Judge Elizabeth E. Brown oversees the case. The Debtor tapped Moye White, LLP as bankruptcy counsel and the Law Offices of Silver & Brown as special counsel. RANGE RESOURCES: Egan-Jones Keeps CCC- Senior Unsecured Ratings --------------------------------------------------------------- Egan-Jones Ratings Company, on August 10, 2021, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Range Resources Corporation. EJR also maintained its 'C' rating on commercial paper issued by the Company. Headquartered in Fort Worth, Texas, Range Resources Corporation is an independent oil and gas company that explores, develops, and acquires oil and gas properties. RENNOVA HEALTH: Reports $90.2 Million Net Loss in Second Quarter ---------------------------------------------------------------- Rennova Health, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss available to common stockholders of $90.18 million on $928,849 of net revenues for the three months ended June 30, 2021, compared to a net loss available to common stockholders of $1.03 million on $2.07 million of net revenues for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported a net loss available to common stockholders of $144.43 million on $278,157 of net revenues compared to a net loss available to common stockholders of $6.82 million on $3.91 million of net revenues for the six months ended June 30, 2020. As of June 30, 2021, the Company had $19.63 million in total assets, $60.97 million in total liabilities, and a total stockholders' deficit of $41.34 million. Rennova said, "We need to raise additional funds immediately and will continue to do so until we begin to realize positive cash flow from operations. There can be no assurance that we will be able to achieve our business plan, which is to acquire and operate clusters of rural hospitals, raise any additional capital or secure the additional financing necessary to implement our current operating plan. Our ability to continue as a going concern is dependent upon our ability to significantly reduce our operating costs, increase our revenues and eventually achieve profitable operations. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/931059/000149315221020157/form10-q.htm 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. RESHAPE LIFESCIENCES: Incurs $3.9-Mil. Net Loss in Second Quarter ----------------------------------------------------------------- Reshape Lifesciences Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $3.90 million on $3.53 million of revenue for the three months ended June 30, 2021, compared to a net loss of $3.60 million on $1.70 million of revenue for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported a net loss of $8.78 million on $6.75 million of revenue compared to a net loss of $7.92 million on $4.49 million of revenue for the same period during the prior year. As of June 30, 2021, the Company had $120 million in total assets, $61.88 million in total liabilities, and $58.12 million in total stockholders' equity. Bart Bandy, president and chief executive officer of ReShape Lifesciences, commented, "As indicated by our preliminary results, the second quarter proved to be monumental for the Company. During this period, we completed our highly anticipated merger with Obalon Therapeutics, increased visibility in the financial markets by listing on the Nasdaq and bolstered our diverse product portfolio with the launch of our online wellness hub, ReShape MarketPlace. In addition, we restructured our balance sheet closing a $46 million funding round which has now enabled our team to focus on further growth initiatives within the weight loss industry." Mr. Bandy continued, "Additionally, we proactively addressed operational efficiency concerns by shifting the manufacturing of the Lap-Band to a US-based firm. We believe this series of positive events clearly indicate a path of positive transformation for ReShape." Gross profit for the second quarter of 2021 was $2.1 million compared to $0.8 million for the three months ended June 30, 2020. Sales and marketing expenses for the three months ended June 30, 2021 were $1.4 million compared to $0.8 million for the three months ended June 30, 2020. General and administrative expenses were $4.3 million for the second quarter of 2021 compared to $2.5 million for the three months ended June 30, 2020. Research and development expenses were $0.1 million for the second quarter of 2021 compared to $0.5 million for the three months ended June 30, 2020. Total operating expenses were $5.9 million for the second quarter of 2021 compared to $3.8 million for the three months ended June 30, 2020. Non-GAAP adjusted EBITDA loss was $1.2 million for the second quarter of 2021 compared to a loss of $2.1 million for the three months ended June 30, 2020. Cash and cash equivalents and restricted cash were $40.2 million as of June 30, 2021. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1427570/000155837021011785/rsls-20210630x10q.htm About ReShape Lifesciences ReShape Lifesciences (Obalon Therapeurtics, Inc.) is a weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. Obalon Therapeutics reported a net loss of $12.33 million for the year ended Dec. 31, 2020, compared to a net loss of $23.67 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $17.34 million in total assets, $7.24 million in total liabilities, and $10.10 million in total stockholders' equity. RICHARD W TRACHUK: Combined Disclosure & Plan Confirmed by Judge ---------------------------------------------------------------- Judge Robert A. Mark has entered findings of fact, conclusions of law and order confirming the Combined Disclosure Statement and Plan of Reorganization (the "CDP") filed by Richard W. Trachuk, Inc. d/b/a Andy the Roofer & Co. Debtor has complied with the requirements of 11 U.S.C. Sec. 1129(a) and the Court finds it appropriate to confirm the Debtor's CDP. Section 8 of the CDP sets forth the means by which the CDP will be implemented, and accordingly, makes adequate means for its implementation and satisfies 11 U.S.C. § 1123(a)(5). The CDP will be funded through income generated by Debtor and payments by the Debtor. The CDP complies with all applicable provisions of the Bankruptcy Code, including 11 U.S.C. § 1129(a) with respect to all Classes of Claims and Interests under the CDP, and, as required by Fed. R. Bank. P. 3016(a), the CDP is dated and identifies the Debtor as the Plan Proponent. Debtor's cash on hand will be available for the payment in whole or in part of the Allowed Administrative Expense Claims, Priority Tax Claims, the United States Trustee Fees, and the amounts due to creditors as set for in the Proponent's Certificate. Debtor estimates that Class 1 creditors will receive a distribution of approximately 100% of the Allowed General Unsecured Claims. A copy of the Plan Confirmation Order dated August 17, 2021, is available at https://bit.ly/3AXe8jv from PacerMonitor.com at no charge. Attorney for Debtor: Chad Van Horn, Esq. Van Horn Law Group, P.A. 330 N. Andrews Ave., Suite 450 Fort Lauderdale, FL 33301 Telephone: (954) 765-3166 Email: Chad@cvhlawgroup.com About Richard W. Trachuk Inc. Richard W. Trachuk, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-24060) on Dec. 29, 2020. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $50,001 and $100,000. Judge Robert A. Mark oversees the case. Van Horn Law Group, P.A., led by Chad Van Horn, Esq., serves as the Debtor's legal counsel. RIVERROCK RECYCLING: Has OK to Use People's United Cash Collateral ------------------------------------------------------------------ Judge Guy R. Humphrey of the U.S. Bankruptcy Court for the Southern District of Ohio authorized Riverrock Recycling & Crushing, LLC to use cash collateral (consisting of all personal property, including cash, inventory, accounts, equipment and general intangibles) on which Secured Lender, People's United Equipment Finance Corp claims a senior and duly perfected lien. Before the Petition Date, the Debtor executed and delivered to the Secured Lender a Lease for $251,020, pursuant to which the Secured Lender is granted a security interest in all assets/equipment of the Debtor. The Secured Lender perfected its security interest in the Collateral by filing a Financing Statement. In September 2018, the Secured Lender filed a Complaint against the Debtor in the U.S. District Court for the Southern District of Texas, seeking damages for alleged breach of the Loan Documents. The Secured Lender obtained judgment by default against the Debtor for $476,077, plus interest. Judge Humphrey ruled that the Debtor shall pay the Secured Lender $4,000 on the first of the month beginning September 1, 2021, and on the first of each successive month thereafter. Interest on the Judgment shall accrue at the non-default rate of interest. Any payments made by the Debtor to the Secured Lender on or after June 30, 2020, but prior to the Petition Date will be applied to reduce the Secured Lender's allowed secured claim. The Debtor grants the Secured Lender (i) a security interest in the Collateral and such property of the Debtor's estate in which the Secured Lender held a security interest immediately prior to the Petition Date, to the same extent and amount the Secured Lender would have had on the Petition Date (to the extent the Secured Lender does not already have a continuing security interest in such property); and (ii) a replacement security interest in all property of the Debtor's estate in which the Secured Lender held a security interest pre-petition up to the secured portion of the Secured Lender's claim as of the Petition Date. The Debtor, the Trustee, and/or any creditors seeking avoidance of any pre-petition security interests of the Secured Lender shall have until 75 days after the entry of current Agreed Interim Order to object to the security interests of the Secured Lender and the grant of rights to the Secured Lender pursuant to the current order. The Debtor may enter into an agreement with the Trustee for the deposit and payment of fees and expenses up to $15,000 for the Trustee's service in the Debtor's Chapter 11 case. A copy of the Agreed Interim Order is available for free at https://bit.ly/382mmKM from PacerMonitor.com. Counsel for People's United Equipment Finance Corp.: Mark W. Sandretto, Esq. Eastman & Smith Ltd. One SeaGate, 24th Floor P.O. Box 10032 Toledo, OH 43699-0032 Telephone: (419) 241-6000 Facsimile: (419) 247-1777 Email: mwsandretto@eastmansmith.com About Riverrock Recycling & Crushing, LLC Riverrock Recycling & Crushing, LLC, d/b/a River Rock, is a privately held company in the portable crushing business operating in Dayton, Ohio. The company filed a Chapter 11 petition (Bankr. S.D. Ohio Case No. 21-31385) on August 13, 2021. On the Petition Date, the Debtor estimated $500,000 to $1,000,000 in assets and $1,000,000 to $10,000,000 in liabilities. The petition was signed by Orville E. Lykins, operations manager. Judge Guy R. Humphrey is assigned to the case. James A. Coutinho has been appointed as Subchapter V Trustee for the Debtor. The Law Offices of Ira H. Thomsen serves as the Debtor's counsel. RIVERSTREET VENTURES: Taps Middleburg Riddle as Special Counsel --------------------------------------------------------------- Riverstreet Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Middleburg Riddle Group as special counsel. The Debtor needs the firm's legal assistance in connection with the appeal of judgment obtained by Mathes Brierre against the Debtor (Case No. CDC 2018-7722, Division G-11). The firm's hourly rates are as follows: Attorneys $300 per hour Paralegals $90 per hour The firm will receive reimbursement for out-of-pocket expenses incurred. Edward Rantz, Esq., a partner at Middleberg Riddle Group, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Edward J. Rantz, Esq. Middleberg Riddle Group 909 Poydras St., Suite 1400 New Orleans, LA 70112 Tel: (504) 525-7200 About Riverstreet Ventures LLC Metairie, La.-based Riverstreet Ventures, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 21-10818) on June 23, 2021, disclosing total assets of up to $10 million and total liabilities of up to $50 million. Philip J. Spiegelman, president, signed the petition. Judge Meredith S. Grabill oversees the case. Simon Peragine Smith & Redfearn, LLP and Middleburg Riddle Group serve as the Debtor's bankruptcy counsel and special counsel, respectively. ROYALE ENERGY: Incurs $1 Million Net Loss in Second Quarter ----------------------------------------------------------- Royale Energy, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $1.02 million on $393,715 of total revenues for the three months ended June 30, 2021, compared to a net loss of $312,384 on $223,141 of total revenues for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported a net loss of $1.60 million on $794,978 of total revenues compared to net income of $71,978 on $606,955 of total revenues for the same period during the prior year. As of June 30, 2021, the Company had $8.02 million in total assets, $15.60 million in total liabilities, $22.60 million in convertible preferred stock, and a total stockholders' deficit of $30.18 million. The Company said the primary sources of liquidity have historically been issuances of common stock, oil and gas sales through ongoing operations and the sale of oil and gas properties. There are factors that give rise to substantial doubt about the Company's ability to meet liquidity demands, and we anticipate that our primary sources of liquidity will be from the issuance of debt and/or equity, the sale of oil and natural gas property participation interests through the Company's normal course of business and the sale of non-strategic assets. At June 30, 2021, the Company has $1.0 million in Long Lived Assets Held for Sale. At June 30, 2021, the Company's consolidated financial statements reflect a working capital deficiency of $5,120,939 and a net loss from of $1,023,504 and $1,595,671 for three months and six months ended June 30 2021. The Company said these factors raise substantial doubt about our ability to continue as a going concern. "Management's plans to alleviate the going concern by cost control measures that include the reduction of overhead costs and the sale of non-strategic assets. There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the Company and whether the Company will become profitable and generate positive operating cash flow. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables, attempt to extend note repayments, and reduce overhead until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1694617/000118518521001143/royaleinc20210630_10q.htm About Royale El Cajon, CA-based Royale Energy, Inc. -- http://www.royl.com-- is an independent oil and natural gas producer incorporated under the laws of Delaware. Royale's principal lines of business are the production and sale of oil and natural gas, acquisition of oil and gas lease interests and proved reserves, drilling of both exploratory and development wells, and sales of fractional working interests in wells to be drilled by Royale. Royale was incorporated in Delaware in 2017 and is the successor by merger to Royale Energy Funds, Inc., a California corporation formed in 1983. Royale Energy reported a net loss of $8.15 million for the year ended Dec. 31, 2020, compared to a net loss of $348,383 for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $8.02 million in total assets, $14.62 million in total liabilities, $22.41 million in convertible preferred stock, and a total stockholders' deficit of $29.01 million. San Diego, California-based Moss Adams, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 30, 2021, 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. RYDER SYSTEM: Egan-Jones Keeps BB- Senior Unsecured Ratings ----------------------------------------------------------- Egan-Jones Ratings Company, on August 11, 2021, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Ryder System, Inc. Headquartered in Miami, Florida, Ryder System, Inc. provides a continuum of logistics, supply chain, and transportation management solutions worldwide. S & N PROPERTY: Seeks to Hire Berken Cloyes as Legal Counsel ------------------------------------------------------------ S & N Property, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Berken Cloyes P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: a. providing legal advice to the Debtor with respect to its powers and duties under the Bankruptcy Code; b. advising the Debtor with respect to its responsibilities to comply with the U.S. trustee's operating guidelines and reporting requirements as well as the rules of the court; c. preparing legal documents; d. protecting the interests of the Debtor in all matters pending before the court; e. representing the Debtor in negotiation with its creditors to prepare a plan of reorganization or exit plan; and f. assisting the Debtor in the preparation of reports of operation and other relevant financial disclosures. The firm's hourly rates are as follows: Stephen Berken, Partner $350 per hour Sean Cloyes, Partner $350 per hour Associates $300 per hour Paralegals $125 per hour Berken Cloyes received a retainer of $6,717 from the Debtor. The firm will also receive reimbursement for out-of-pocket expenses incurred. Sean Cloyes, Esq., a partner at Berken Cloyes, 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: Sean Cloyes, Esq. Stephen E. Berken, Esq. Berken Cloyes PC 1159 Delaware St. Denver, CO 80204 Tel: (303) 623-4357 Fax: (720) 554-7853 Email: sean@berkencloyes.com stephenberkenlaw@gmail.com About S & N Property LLC S & N Property, LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 21-14180) on Aug. 11, 2021, listing as much as $10 million in both assets and liabilities. Berken Cloyes P.C. serves as the Debtor's legal counsel. SAMM SOLUTIONS: Wins Cash Collateral Access Thru Nov 11 ------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of California approved the amended stipulation between SAMM Solutions, Inc. and its lender Pacific Premier Bank, extending the Debtor's authority to use cash collateral until November 11, 2021. The Court previously entered its Order on Stipulation Regarding Interim Use of Cash Collateral and Adequate Protection dated May 25, 2021, which order remains in full force and effect, as modified by the interim order. The Debtor is permitted to use cash collateral in accordance with the budget. The Debtor is directed to serve by first class United States Mail a copy of the Order upon the Bank, the United States Trustee, the Debtors' 20 largest creditors as determined in accordance with Federal Bankruptcy Rule 1007(d) and the Court's Local Rules, and any party having filed a request to receive service in the Debtor's Chapter 11 case. A copy of the order is available at https://bit.ly/385DzTK from PacerMonitor.com at no charge. About SAMM Solutions SAMM Solutions, Inc. -- http://www.btsresearch.com/-- is a San Diego-based contract research organization that delivers GLP and Non-GLP biological services to clients in the pharmaceutical, biopharmaceutical, biotech, academic research, medical device and related industries. SAMM Solutions sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Calif. Case No. 21-01163) on March 26, 2021. Usama Abunadi, president, signed the petition. At the time of filing, the Debtor disclosed $1 million and $10 million in both assets and liabilities. Judge Louise DeCarl Adler oversees the case. The Debtor tapped Higgs Fletcher & Mack LLP as legal counsel and Scott M. Bier at The CFO Solution LLC as financial advisor and consultant. Lender Pacific Premier Bank is represented by David W. Brody, Esq., at the Law Offices of David W. Brody. SCOTT C. GRAY: Geir Trust Buying Incline Village Property for $1.5M ------------------------------------------------------------------- Scott C. Gray asks the U.S. Bankruptcy Court for the District of Nevada to authorize him to enter into a Nevada Residential Purchase Agreement and Joint Escrow Instructions with Frederick and Valerie Geier, Trustees of Geir Family Trust, for the real property commonly described as 680 Tumbleweed Circle, in Incline Village, Nevada, for $1,479,000, subject to overbid. the Debtor is the owner of the Property. The Property is a single family residence, and consists of approximately 2,000 square-foot custom home with an attached two car garage. The legal description for the Property is included in the Preliminary Title Report. The Debtor has reached an agreement with the Buyers to sell the Property for the sum of $1,479,000. The Buyers' offer under the Purchase Agreement is subject to overbids. The proposed initial minimum bidding increment is $50,000. While the Debtor expects that the Purchase Agreement will serve as a template for bids, other prospective purchasers are not locked into the terms of the Purchase Agreement and are free to propose alternative terms. There is a first deed of trust encumbering the Property in favor of Eagle Rock Investors, LLC, a California Limited Liability Company, securing a promissory note in the approximate amount of $395,000. There is a second performance deed of trust securing an obligation to Steve Friedman, Debra Friedman, Lori Valenziano, and their successors and assigns. Friedman's claims to be the amount of $262,620.34. A separate party to such deed of trust is Josephine Ross who has an alleged claim against the Debtor which claim will be the subject of claim objection litigation to be filed in the near future in the bankruptcy. There are delinquent real property taxes encumbering the Property for the fiscal year 2021-2022 in the approximate amount ofapproximately $22,000. There are also two IRS liens in the approximate amount of $238,600 and possibly mechanics' liens encumbering the Property in an amount or amounts that are unknown the at this time. Sale proceeds to pay the obligations to Eagle Rock, Friedman, real property tax liens, seller's costs of sale (approximately $11,217), brokers' commissions to the selling and purchasing agents in the amount of $36,975 each and United States Trustee's fees in the amount of $6,793.99 will be placed into escrow for the Debtor's benefit and the Debtor then will pay the allowed claims in full at the close of escrow. Otherwise, the sale will be free and clear of all liens and/or claims. An amount will be held in the Debtor's counsel's trust account for the Ross claim pending resolution of the claim litigation against Ross. Such amount will be determined at or before the hearing of this matter. $50,000 will be held in trust to be paid to Lee Molof, Esq., pending court approval of his fees as special counsel to handle the claim litigation against Ross. $70,000 will beheld in trust to be paid to William D Cope, Esq., the Debtor's bankruptcy counsel pending court approval of Mr. Cope's fees. The Debtor is waiting for an updated title report pertaining to the subject liens and will either amend the motion to include them or address them orally at the hearing on the matter. He owes the office of the United States Trustee fees stemming from the sale of certain real property in Sonoma, California pursuant to court order entered Aug. 19, 2020. The IRS liens and mechanics' liens may or may not be valid and may or may not be paid through escrow. The Debtor will either update this motion to add the information on those liens or address them orally at the hearing on the matter. Also, the parties getting paid by the Debtor at closing must provide demands as to the amounts that they allege they are owed and Debtor reserves the right to contest any amounts that may be incorrect. After paying or withholding the amounts set forth, there should be excess sale proceeds in the approximate amount of $445,000 or more. Because the Debtor had a heart attack in the recent past and cannot presently work, he requests a carveout from the sale proceeds to be used to help purchase a new residence in the approximate amount of $425,000. Other than the claims and amounts listed, the total claims on file against him are less than $1,200. Inasmuch as the Property is the Debtor's homestead, such carveout request would be more than reasonable. The Purchase Agreement specifies that the closing date will be Sept. 9, 2021, unless any extensions are granted. The parties request a finding by the Court that the Purchase Agreement has been entered into in good faith, and that in consummating the sale, the parties are acting in good faith. There are no leases affecting the Property. The Debtor seeks relief from the 14-day stay imposed by Fed.R.Bankr.P. 6004(h) because such stay will unduly postpone the close of escrow. The stay provided under Fed.R.Bankr.P. 6004(h) does not benefit the Debtor, creditors or the Buyer in this transaction. Other than the carveout amounts requested by the Debtor for the purchase of a new residence and the Molof request, the net proceeds from the sale will be distributed to the Debtor's attorney for the Debtor's benefit to be held in trust pending the resolution of the Ross claim litigation, attorney fee approvals by the Court and any other pending matters in the bankruptcy. The Molof carveout for fees will be held by Mr. Molof in his trust account pending approval of his fees by the Court. The Debtor believes it is in the best interest of the estate to approve the Purchase Agreement. Accordingly, the Debtor requests that the Court approves the Purchase Agreement and sale of the Property as set forth. A copy of the Agreement is available at https://tinyurl.com/59ub3w55 from PacerMonitor.com free of charge. Scott C. Gray sought Chapter 11 protection (Bankr. D. Nev. Case No. 18-50249) on March 13, 2018. The Debtor tapped William D. Cope, Esq., as counsel. SCOTT C. GRAY: Seeks Shortened Time for Hearing on Property Sale ---------------------------------------------------------------- Scott C. Gray asks the U.S. Bankruptcy Court for the District of Nevada to shorten time for notice and hearing on request for authority to enter into a Nevada Residential Purchase Agreement and Joint Escrow Instructions with Frederick and Valerie Geier, Trustees of Geir Family Trust, for the real property commonly described as 680 Tumbleweed Circle, in Incline Village, Nevada, to for $1,479,000, subject to overbid. By and through his counsel, the Debtor moves the Court seeking an Order approving the sale of his Incline Village residence. The sale is set to close on Sept. 9, 2021. Therefore, shortened time for the Hearing on the Motion is necessary to preserve the sale. Also, inasmuch as the judge that has presided over the case for its duration, the Hon. Bruce Beesley, Esq., is set to retire as of Sept. 1, 2021, the Debtor requests shortened time for notice requirements and the hearing of the matter before Judge Beesley's retirement so that he may preside over the matter. The Debtor's counsel has also been informed that because of Judge Beesley's retirement, hearings may be continued out indefinitely and heard by visiting judges and such delays could cause the proposed sale to fail. Thus, ordinary notice requirements cannot be met without an order shortening time for a hearing to approve the subject motion. Based upon the foregoing, the Debtor believes that good cause exists for shortening time for notice and hearing of his Motion. The Debtor's attorney has contacted the principal parties affected by the subject Motion and their agreement and comments are in the Attorney Information Sheet filed separately. The Debtor respectively requests that the Court shortens the time for notice of hearing on the Motion, and that the Hearing on such Motion be set for the convenience of the Court's calendar to allow entry of an order before Aug. 31, 2021. Scott C. Gray sought Chapter 11 protection (Bankr. D. Nev. Case No. 18-50249) on March 13, 2018. The Debtor tapped William D. Cope, Esq., as counsel. SEADRILL LTD: Dolphin Drilling and Transocean Submit New Bids ------------------------------------------------------------- Reuters reports that offshore drilling rig contractors Transocean Ltd and Dolphin Drilling have made a new offer to buy the assets of stricken rival Seadrill Ltd, Dolphin's chief executive said on Friday, August 20, 2021. Oslo-listed Seadrill, founded by Norwegian-born tycoon John Fredriksen, is seeking to emerge from U.S. Chapter 11 bankruptcy proceedings under an alternative financial plan filed in court last month. "I can confirm that Dolphin and Transocean submitted an updated bid yesterday," Dolphin Chief Executive Bjoernar Iversen told Reuters. Seadrill's Oslo-listed shares traded 5.5% up by 1425 GMT, after jumping about 30% earlier on Friday, August 20, 2021. Norwegian business daily Finansavisen, which was first to report the new offer, said the bid valued Seadrill's assets at $1.7 billion. Iversen declined to comment on details of the new proposal. For the bid by the two rivals to succeed, they would have to persuade Seadrill's creditors that their offer is superior to the company's own restructuring plan. Seadrill said it remained focused on its plan. "This has the support of almost two-thirds of our creditors, who not only support our plan but (also) our long-term business strategy and plans to emerge, with expediency, from Chapter 11," Seadrill spokesperson Iain Cracknell said. Reuters reported in July that a consortium comprising Transocean, Dolphin Drilling and an unidentified party, had lodged a competing bid for Seadrill earlier in August 2021. Offshore driller Noble Corp, which itself came out of bankruptcy in February, submitted a bid for Seadrill's assets in May 2021, a court filing showed. Dolphin is owned by Strategic Value Partners (SVP), a firm focused on distressed debt and private equity with $17.5 billion in assets under management and is one of Seadrill's creditors. Seadrill is seeking to restructure more than $7 billion of debt in exchange for handing control of the company to its creditors. The company operates 43 drilling rigs, including 10 managed on behalf of other firms. About Seadrill Ltd. Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) -- http://www.seapdrill.com/-- is a deepwater drilling contractor providing drilling services to the oil and gas industry. As of March 31, 2018, it had a fleet of over 35 offshore drilling units that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up rigs. On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection after reaching terms of a reorganization plan that would restructure $8 billion of funded debt. It emerged from bankruptcy in July 2018. Demand for exploration and drilling has fallen further during the COVID-19 pandemic as oil firms seek to preserve cash, idling more rigs and leading to additional overcapacity among companies serving the industry. In June 2020, Seadrill wrote down the value of its rigs by $1.2 billion and said it planned to scrap 10 rigs. Seadrill said it is in talks with lenders on a restructuring of its $5.7 billion bank debt. Seadrill Partners LLC, a limited liability company formed by deep-water drilling contractor Seadrill Ltd. to own, operate and acquire offshore drilling rigs, along with its affiliates, sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on Dec. 1, 2020, after its parent company swept one of its bank accounts to pay disputed management fees. Mohsin Y. Meghji, authorized signatory, signed the petitions. On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2 Limited, and Asia Offshore Rig 3 Limited sought Chapter 11 protection. Seadrill GCC estimated $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the Court. The lead case is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427). Seadrill Limited disclosed $7.291 billion in assets against $7.193 billion in liabilities as of the bankruptcy filing. In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis LLP as counsel; Houlihan Lokey, Inc. as financial advisor; Alvarez & Marsal North America, LLC as restructuring advisor; Jackson Walker LLP as co-bankruptcy counsel; Slaughter and May 2021 as co-corporate counsel; Advokatfirmaet Thommessen AS as Norwegian counsel; and Conyers Dill & Pearman as Bermuda counsel. Prime Clerk LLC is the claims agent. On April 9, 2021, the board of directors of Debtor Seadrill North Atlantic Holdings Limited unanimously adopted resolutions appointing Steven G. Panagos and Jeffrey S. Stein as independent directors to the board. Seadrill North Atlantic Holdings Limited tapped Katten Muchin Rosenman LLP as counsel and AMA Capital Partners, LLC as financial advisor at the sole direction of independent directors. SHARITY MINISTRIES: U.S. Trustee Appoints Members' Committee ------------------------------------------------------------ The U.S. Trustee for Region 3 appointed an official committee to represent members of Sharity Ministries Inc. in its Chapter 11 case. The committee members are: 1. Joseph McCarthy Phone: 757-880-0466 Email: jmccarthy@americanbus.com. 2. Cynthia Briseno Phone: 541-507-7403 Email: mikecyn56@gmail.com. 3. Laurence Spero Phone: 919-471-3817 Email: laspero2@gmail.com. 4. Celeste Stranahan Phone: 813-310-0721 Email: cjstran@gmail.com. 5. Cindy Powers Phone: 325-423-2727 Email: kjcco2264@gmail.com. About Sharity Ministries Inc. Established in 2018, Sharity Ministries Inc. is a 501(c)(3) faith-based nonprofit corporation in Roswell, Ga., that operates a health care sharing ministry, a medical cost-sharing arrangement among persons of similarly and sincerely held religious beliefs. Sharity Ministries sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 21-11001) on July 8, 2021. As of March 31, 2021, the Debtor had total assets of $4,496,871 and total liabilities of $2,922,214. Judge John T. Dorsey oversees the case. The Debtor tapped Landis Rath & Cobb, LLP and Baker & Hostetler, LLP as legal counsel, and SOLIC Capital Advisors, LLC as restructuring advisor. Neil Luria of SOLIC serves as the Debtor's chief restructuring officer. BMC Group, Inc. is the claims and noticing agent and administrative advisor. SIRIUS XM: Egan-Jones Keeps BB+ Senior Unsecured Ratings -------------------------------------------------------- Egan-Jones Ratings Company, on August 9, 2021, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Sirius XM Holdings Inc. Headquartered in New York, New York, Sirius XM Holdings Inc. broadcasts various channels of audio from its satellites. SIX FLAGS: Egan-Jones Keeps CCC- Senior Unsecured Ratings --------------------------------------------------------- Egan-Jones Ratings Company, on August 11, 2021, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Six Flags, Inc. EJR also maintained its 'C' rating on commercial paper issued by the Company. Headquartered in Grand Prairie, Texas, Six Flags, Inc. owns and operates theme parks. SKW LOGISTICS: Seeks Cash Collateral Access ------------------------------------------- SKW Logistics, Inc. asks the U.S. Bankruptcy Court for the Middle District of Georgia for authority to use cash collateral on an interim basis in accordance with the budget. The Debtor requires immediate use of cash collateral to continue operations and preserve the value of its assets. Specifically, the Debtor seeks to use cash collateral to maintain its operations to enhance the prospects of a viable plan of reorganization. The parties with a lien upon accounts receivables of the debtor are On Deck Capital, Inc. and Georgia Department of Revenue. As of the Petition Date, the Debtor owes ODC $41,000 and GDR $27,798.15. The amount of accounts receivables as of the petition date was approximately $13,000. The filing date for the ODC UCC was February 15, 2021, and the GDR lien, July 12, 2021. The Debtor has not been able to obtain consent from ODC and GDR for the use of Cash Collateral on terms and conditions which the Debtor deems is in the best interest of its estate and creditors. The Debtor proposes to adequately protect ODR and GDR by: 1. providing replacement liens or adequate protection payments to extent required by the Bankruptcy Code, which is required to avoid economic depreciation on ODR's and GDR's collateral while the Case is pending, as ordered by Court, and/or agreed on between the Debtor and ODR and GDR; and 2. operating the business in substantial compliance with the Budget. The Debtor also asks the Court to schedule an interim hearing on the matter and a final hearing to consider the use of cash collateral on a permanent basis. A copy of the motion and the Debtor's budget is available at https://bit.ly/3gptzcm from PacerMonitor.com. The Debtor projects $64,136 in gross monthly income and $44,350.18 in total monthly expenses. About SKW Logistics Inc. SKW Logistics, Inc. is a trucking company specialized in hauling wood chips and agricultural products. SKW moves wood chips from different sawmills located in south Georgia and north Florida. The agricultural products are delivered from farm to buyers. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 21-70514) on Aug. 2, 2021, listing as much as $1 million in both assets and liabilities. William Orson Woodall, Esq., at Woodall and Woodall, represents the Debtor as legal counsel. SOMETHING SWEET: Auction of Substantially All Assets on Sept. 20 ---------------------------------------------------------------- Judge Benjamin A. Kahn of the U.S. Bankruptcy Court for the District of Delaware authorized Something Sweet Acquisition, Inc., and affiliates' bidding procedures in connection with the auction sale of substantially all of their assets. The salient terms of the Bidding Procedures are: a. Bid Deadline: Sept. 16, 2021, at 5:00 p.m. (ET) b. Deposit: 5% of the proposed purchase price c. Auction: If Qualified Bids are timely received by the Debtor in accordance with the Bidding Procedures, the Auction will take place on Sept. 20, 2021, at 10:00 a.m. (ET) at the offices of Bielli & Klauder, LLC, 1204 N. King Street, Wilmington, DE 19801, or at such other place and time as the Debtor will notify all Qualified Bidders and other invitees. If, however, no such Qualified Bid is received by the Bid Deadline, then the Auction will not be held. e. Bid Increments: To be announced at the Auction f. Sale Hearing: Sept. 28, 2021, at 10:00 a.m. (ET) g. Sale Objection Deadline: Sept. 16, 2021, at 4:00 p.m. (ET) Three business days after entry of the Bidding Procedures Order, or as soon thereafter as such parties can be identified, the Debtors will cause Notice of Auction and Sale Hearing upon the Notice Parties. Three business days after entry of the Bidding Procedures Order or three business days after entry of an Order approving an asset purchase agreement with a Stalking Horse Bidder, the Debtors will: (i) serve the Notice of Auction and Sale Hearing on all known creditors of the Debtors; and (ii) subject to applicable submission deadlines, publish the Notice of Auction and Sale Hearing once in one or more publications as the Debtors deem appropriate. Three business days after entry of the Bidding Procedures Order or three business days after entry of an Order approving an asset purchase agreement with a Stalking Horse Bidder, the Debtors will serve on all non-Debtor parties to the Executory Contracts and Unexpired Leases the Notice of Assumption and Assignment. The Notice of Assumption and Assignment will identify the calculation of the cure amounts that the Debtors believe must be paid to cure all prepetition defaults under the Assigned Contracts. The Cure/Assignment Objection Deadline is Sept. 16, 2021, at 4:00 p.m. (ET). The Adequate Assurance Objection Deadline is the date of the Sale Hearing. The Notice of Auction and Sale Hearing and the Notice of Assumption, and Assignment to be issued in connection with the proposed sales of the Debtors' assets are approved. The Debtors reserve the right, after consultation with the Consultation Parties, to enter into an asset purchase agreement with a Stalking Horse Bidder, and seek Court approval of the form of such asset purchase agreement any bidding protections requested by the Stalking Horse Bidder upon motion filed with the Court. The stays provided for in Bankruptcy Rules 6004(h) and 6006(d) are waived and Bidding Procedures Order will be effective immediately upon its entry. A copy of the Bidding Procedures is available at https://tinyurl.com/254jet3m from PacerMonitor.com free of charge. About Something Sweet Acquisition Something Sweet Acquisition, Inc., a grocery and related product merchant wholesaler based in New Haven, Conn., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 21-10992) on July 20, 2021. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge Benjamin A. Kahn oversees the case. Bielli & Klauder LLC and The Peakstone Group, LLC serve as the Debtor's legal counsel and investment banker, respectively. Reliable Companies is the claims and noticing agent. SPECTRUM LINK: Wins Cash Collateral Access Thru Aug 31 ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, has authorized Spectrum Link, Inc. to use cash collateral on an interim basis through August 31, 2021, the date of the continued hearing. The Debtor is permitted to use cash collateral in accordance with the budget. The Court says the Debtor's request to deviate from the total expenses contained in the budget by 15% is denied at this time. A copy of the order is available at https://bit.ly/3B8pP77 from PacerMonitor.com. About Spectrum Link, Inc. Spectrum Link, Inc. -- https://spectrumlink.net/ -- is an internet service provider in Downey, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-16403) on August 11, 2021. In the petition signed by Marilyn M. Adjangba, chief executive officer, the Debtor disclosed up $500,000 in assets and up to $50 million in liabilities. Judge Vincent P. Zurzolo oversees the case. Michael Jay Berger, Esq. at Law Offices of Michael Jay Berger is the Debtor's counsel. SPRUILL'S PROPERTIES: Files for Chapter 11 Bankruptcy Protection ---------------------------------------------------------------- Jacob Kirn of St. Louis Business Journal reports that a company that owns the property that holds a North County concert venue has filed for Chapter 11 bankruptcy reorganization. Spruill's Properties LLC, which owns 9800 Halls Ferry Road in unincorporated St. Louis County, home to The New Ambassador Concert and Event Center, made the filing last month in bankruptcy court in St. Louis. Craig Spruill is owner. New Ambassador is "owned and operated" by another entity, International Catering North Inc., according to its website. That company has not filed bankruptcy. Spruill's Properties in court papers listed assets of more than $3 million. It says the 80,000-square-foot property is worth $2.5 million. Spruill's Properties listed accounts receivable of $580,000. St. Louis County's collector of revenue, though, has a $500,000 tax claim on the property, and has sued to force a tax sale, court papers say. Spruill's is disputing that claim, according to court documents. The New Ambassador lists five upcoming events on its website, including an Aug. 21 show featuring stand-up comedian David Mann. The Ambassador closed a former location in the Northland Shopping Center in 2004, according to the St. Louis Post-Dispatch. Spruill reopened the venue in the Halls Ferry location in 2009, the newspaper said. About Spruill's Properties Spruill's Properties, LLC, operates an event and catering venue. Spruill's owns a commercial building located at 9800 Halls Ferry Road, St. Louis, Missouri. Spruill's has had, and continues to have, notable musicians and groups appear and perform in this venue. Spruill's Properties based in Saint Louis, Missouri, filed a Chapter 11 petition (Bankr. E.D. No. Case No. 17-45844) on Aug. 26, 2017. In the petition signed by CEO Craig Spruill, the Debtor estimated $1 million to $10 million in assets and liabilities. Rochelle D. Stanton, Esq., served as bankruptcy counsel to the Debtor. The U.S. Trustee won an order dismissing the case in September 2017. Spruill's Properties again sought Chapter 11 protection (Bankr. E.D. Mo. Case No. 21-42807) on July 29, 2021. In the petition signed by Craig Spruill, owner, Spruill's estimated assets of between $1 million to $10 million and estimated liabilities of between $500,000 to $1 million. David M. Dare, Esq., of HERREN, DARE & STREETT, is the Debtor's counsel in the new Chapter 11 case. TD HOLDINGS: Incurs $358K Net Loss in Second Quarter ---------------------------------------------------- TD Holdings, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $357,856 on $59.84 million of total revenue for the three months ended June 30, 2021, compared to a net loss of $5.46 million on $1.94 million of total revenue for the three months ended June 30, 2020. The Company reported a net loss of $1.18 million on $89.42 million of total revenue for the six months ended June 30, 2021, compared to a net loss of $5.82 million on $3.15 million of total revenue for the same period during the prior year. As of June 30, 2021, the Company had $186.59 million in total assets, $37.33 million in total liabilities, and $149.26 million in total equity. As of June 30, 2020, the Company had cash balance of $6.9 million. These factors caused concern as to the Company's liquidity as of June 30, 2021. During the six months ended June 30, 2021, the Company entered into additional private placement agreements with certain private investors and issued 15,000,000 shares of common stock at $1.63 per share for $24,450,000 sold unsecured senior convertible promissory notes in the aggregate principal amount of $4,990,000 and also sold to certain investor and issued 1,353,468 shares for totally $2.62 million collected. Total equity financing from this transaction was $31.58 million. The Company expects to use the proceeds from this equity financing as working capital to expand its commodity trading business. Based on above financing activities, the management believes that the Company will continue as a going concern in the following 12 months. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1556266/000121390021043051/f10q0621_tdholdings.htm 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. TEMPUR SEALY: Fitch Raises LT IDRs to 'BB+', Outlook Stable ----------------------------------------------------------- Fitch Ratings has upgraded the ratings of Tempur Sealy International, Inc. (TPX) and Tempur-Pedic Management, LLC by one-notch including the Long-Term Issuer Default Ratings (IDR) to 'BB+' from 'BB'. In addition, Fitch has assigned a 'BBB-'/'RR1' rating to the $300 million delayed draw senior secured term loan at TPX and co-borrower Tempur-Pedic Management, LLC. The ratings have been removed from Under Criteria Observation, where they were placed following the publication of the updated recovery ratings criteria on April 9, 2021. The Rating Outlook is Stable. The upgrade reflects TPX's continued strong operating momentum that began pre-pandemic and has exceeded Fitch's expectations for 2021. The improved operating performance has been driven by expanded distribution and market share gains supported by operating initiatives that expanded TPX's omni-channel presence, enhanced the brand/product portfolio and improved manufacturing capabilities. Fitch believes this has led to a sustainable competitive advantage with increased confidence in TPX's ability to sustain EBITDA of over $1 billion. Barring any large debt financed acquisition, Fitch projects TPX will maintain long-term gross leverage in the low 2x range. KEY RATING DRIVERS Strong Operating Momentum: TPX is experiencing strong operating momentum with broad-based revenue growth due to expanded distribution including existing and new retailers and channels, build-out of company-owned stores, M&A, share gains from previously untapped markets and increased pricing. TPX's 1H'21 revenue increased around 57% to $2.2 billion over a two-year period supported by strong share gains of the higher margin Tempur-Pedic brand. TPX re-entered into supply agreements with Mattress Firm following bankruptcy protection by Mattress Firm in late 2018 to reintroduce its product lines in about 2,300 stores that began in 4Q'19. TPX's growth rate in North America at over 20% for 2020 was higher than the industry growth rate of 4%, according to International Sleep Products Association (ISPA) estimates as disclosed in BedTimes. Fitch believes a significant portion of the market share gains came at the expense of TPX's main competitor, Serta Simmons Bedding, LLC (Serta). The two companies hold a considerable portion of overall mattress industry sales. Sustainable EBITDA Over $1 Billion: For 2021, Fitch projects revenue could increase by approximately 35% to more than $4.9 billion and EBITDA by about 40% to just over $1 billion. TPX's strong projected growth with revenue up 49% through first half 2021 compares to ISPA 2021 industry projections of 6%, as disclosed in BedTimes. TPX's strong execution on operating initiatives has increased share and led to a sustainable competitive advantage. This has increased Fitch's confidence in the company's ability to sustain share gains and maintain EBITDA of over $1 billion. Fitch's projections for 2022 assume a modest pullback in demand. Moderation of consumer at-home spending for large ticket items could result in revenue declining in the low-single digits, absent considerations for the Dreams acquisition. This compares to ISPA industry projections as disclosed in BedTimes for growth of 3%. Over the medium term, Fitch expects TPX to grow revenue in the low single digits and maintain EBITDA in the low $1 billion range supported by consumer spending for mattresses on a global basis, good execution on new revenue growth opportunities and further market share gains with positive product mix. Risks to the business include inflation/pricing pressures, a material downturn in consumer spending and a competitive environment. Leading Diversified Global Position: TPX maintains a strong global market position with a portfolio of well-known, established brands with a wide variety of price points, anchored by the Tempur-Pedic brand. The recent acquisition of Dreams, a leading vertically integrated specialty bed retailer in the UK, increased TPX's geographic diversification by nearly doubling its international revenues with sales in markets outside of North America to over $1 billion or around 20% of 2021 pro forma total sales, vs. about 16% in 2019. Competitive Industry Environment: The mattress industry has been susceptible to irrational pricing, secular shifts in consumer preferences and bankruptcies in the supplier and distribution side. Over the past few years, TPX faced intense competition from the e-commerce/"bed-in-a-box" space (i.e. Casper, Amazon and other mattress e-tailers). Sales have increased rapidly from this segment in the past five years, reaching roughly 10% of industry sales. In addition to convenience, attractively-priced e-commerce mattresses have fueled price competition. Fitch believes the material improvement in TPX's operating and credit profile should help mitigate potential volatility in earnings. The company maintains a strong innovation pipeline with product line refreshes every three to five years supported by significant investments in marketing and promotion to sustain its competitive position. TPX has also responded by selling "bed-in-a-box" alternatives across several price points, expanding offerings on its e-commerce platform and acquiring Sherwood Bedding, a private label and OEM bedding market manufacturer in early 2020. Long-term Leverage Low 2x: Fitch expects TPX's capital allocation over the medium to longer term will be focused on capital investments, bolt-on acquisitions and shareholder returns within the context of targeting net debt/EBITDA of 2.0x-3.0x. TPX's net leverage calculation is comparable to Fitch's gross leverage, defined as total debt to operating EBITDA after associates and minorities, assuming cash levels around $50 million-$75 million. Fitch assumes share buybacks in 2021 and 2022 will be in line with the new guidance at around 6% of shares outstanding, or roughly $500 million to $600 million. Fitch expects TPX will maintain the moderate dividend implemented in early 2021 at 15% of net income. Pro forma gross leverage following the Dreams acquisition was 1.8x as of June 30, 2021. Fitch projects gross leverage of about 1.6x-1.7x for 2021 vs. 1.7x at the end of 2020. Barring any large debt financed acquisitions, Fitch projects TPX will maintain long-term gross leverage in the low 2x range, or well within its targeted 2.0x -3.0x net debt/EBITDA target. Fitch expects FCF to be deployed towards share repurchases and acquisitions. DERIVATION SUMMARY TPX's 'BB+'/Stable rating reflects its leading market position as a vertically integrated global bedding company with well-known, established brands across a wide variety of price points anchored by the Tempur-Pedic brand that are distributed across a number of wholesale and direct channels. Pro forma for the Dreams acquisition, the direct-to-consumer business represents around 25% of global sales, up from around 5% five years ago. The ratings are tempered by the single product focus in a highly competitive, fragmented market that is can be exposed to potential pullbacks in discretionary consumer spending during periods of macroeconomic weakness. Fitch believes the material improvement in TPX's operating and credit profile supported by a higher level of cash flow should help mitigate potential volatility in earnings. Fitch projects TPX will maintain long-term gross leverage in the low 2x range. TPX's net leverage calculation is comparable to Fitch's gross leverage calculation and equates to 3.0x-4.0x on Fitch's adjusted debt/EBITDAR calculation. TPX has a stronger financial profile than its main competitor, Serta, which is private equity owned. Serta has experienced material operating and financial stress reflected by a highly leveraged capital structure. Similarly rated credits in Fitch's consumer portfolio include Levi Strauss & Co (BB+/Stable), Spectrum Brands, Inc. (BB/Stable), ACCO Brands Corporation (BB/Stable), Central Garden & Pet (BB/Stable) and Mattel, Inc (BB/Stable). TPX and Levi Strauss & Co. share similar distribution strategies across specialty retailers and department stores along with self-distribution through company-operated stores and ecommerce with Levi having similar scale in revenues and reliance on self-distribution. Levi's 'BB+' rating reflects its improving operating trajectory, and Fitch's view that the company's EBITDA will approach pre-pandemic levels in fiscal 2021 (ending November 2021) based on a rebound in revenue, good cost control, and channel shifts toward the more profitable direct-to-consumer channel. Fitch expects adjusted debt/EBITDAR (capitalizing leases at 8x) to improve below 3.5x in fiscal 2021. Levi's ratings also reflect the company's position as one of the world's largest branded apparel manufacturers, with broad channel and geographic exposure, while also considering the company's narrow focus on the Levi brand (around 85% of revenue) and in bottoms (around 72% of revenue). Mattel's 'BB' rating reflects the company's meaningfully improved operating trajectory, which has increased Fitch's confidence in the company's longer-term prospects and financial flexibility. EBITDA in 2020 reached approximately $710 million, up from the 2017/2018 trough of approximately $270 million, largely on cost reductions. EBITDA improvement caused FCF to turn positive in 2019/2020 after four years of outflows; gross debt/EBITDA improved from the 11.0x peak in 2017/2018 to 4.1x in 2020. Revenue has stabilized in the $4.5 billion range with many of Mattel's key brands demonstrating good consumer trends at retail. ACCO's 'BB' rating reflects the company's good position in the global office and business products industry. The ratings are constrained by secular challenges in the office products industry in North America, Europe and Australia. The company has taken steps over the last few years to manage costs given pressures on U.S. organic growth and has executed well on diversifying its customer base toward higher-growth, higher-margin channels in North America as well as acquisitions in better-performing categories and international markets. The rating also reflects ACCO's good balance sheet management, which has led to gross leverage trending around 3.0x over time. Spectrum's 'BB' rating reflects the company's diversified portfolio across products and categories with well-known brands, and commitment to maintaining leverage (net debt/EBITDA) between 3.0x and 4.0x, which equates to a similar gross debt/EBITDA target assuming $100 million-$150 million in cash longer term. The rating also reflects expectations for modest organic revenue growth over the long term, reasonable profitability with EBITDA margins near 15% and positive FCF. These positive factors are offset by recent profit margin pressures across segments and the company's acquisitive posture, which could cause temporary leverage spikes following a transaction. Central's 'BB' rating reflects the company's strong market positions within the pet and lawn and garden segments, ample liquidity supported by robust FCF and moderate leverage offset by limited scale with EBITDA below $400 million, pro forma for the recent acquisitions. Fitch expects modest organic revenue growth over the medium term supplemented by acquisitions, with pro forma EBITDA margins in the 11% area and annual FCF of $100 million to $150 million. Gross leverage is expected to trend to approximately 3.3x to 3.8x using Fitch's calculations. KEY ASSUMPTIONS -- Revenue and EBITDA growth in 2021 of approximately 35% and 40%, respectively, resulting in revenue of approximately $5 billion and EBITDA of $1.04 billion. Fitch's projections for 2022 assume a modest pullback in demand due in part to a moderation in consumer at-home spending. Including the Dreams acquisition, Fitch projects growth in the mid-single digits to $5.2 billion. Fitch projects EBITDA in the low $1 billion range; -- Annual capital spending between $150 million to $160 million; -- Annual FCF (defined as cash from operations, less capital spending, less dividends) in the low $500 million range, decreasing to the mid $400 million range in 2022; -- Gross leverage in 2021 of approximately 1.6x to 1.7x and adjusted debt/EBITDAR in the mid 2x range. Over the medium term, Fitch projects gross leverage will be maintained in the lower half of the 2.0x to 3.0x range and adjusted debt/EBITDAR in the lower half of the 3.0x to 4.0x, driven by capital allocation toward share repurchases and acquisitions. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Fitch could consider an upgrade with demonstrated ability to sustain EBITDA well above $1.0 billion supported by increased geographic diversification, mid-single digit revenue growth, sustained market share gains, demonstrated operating resiliency through shifts in the competitive environment and economic cycles with sustained gross leverage (total debt/operating EBITDA after associates and minorities) under 2.5x and total adjusted debt/operating EBITDAR below 3.5x. -- This would require the company to commit to maintaining TPX's long-term net leverage (similar to Fitch gross leverage calculation) target at less than 2.5x or less versus its current publicly stated leverage net target of 2.0x to 3.0x. Factor that could, individually or collectively, lead to negative rating action/downgrade: -- EBITDA levels trending below $800 million caused by sales and/or margin declines, debt-funded shareholder-friendly policies and/or large debt-financed acquisitions leading to gross leverage sustained above 3.0x and total adjusted debt/operating EBITDAR above 4.0x. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: Liquidity was $987.4 million as of June 30, 2021, consisting of $58.1 million in cash, undrawn $300 million delayed draw term loan and approximately $629.3 million of availability (after netting $95.6 million of borrowings and $0.1 million of outstanding letters of credit) on a $725 million revolving credit facility maturing 2024. Fitch expects TPX will use the revolving credit facility occasionally to finance working capital needs and for general corporate purposes. The company also maintains an accounts receivable securitization program maturing April 2023 with an overall limit of $200 million. TPX has fully drawn down the program with $160.7 million of borrowings as of June 30, 2021. TPX was in compliance with all of its covenant requirements as of June 30, 2021 including consolidated total net leverage ratio in the credit agreement of less than 5x. TPX's total net leverage ratio, per the bank calculation, was 1.4x as of June 30, 2021. Long-term debt maturities through 2022 are modest and include $36 million in annual term loan amortization. TPX does not have a significant maturity until late 2024 when the $425 million senior secured term loan ($393 million outstanding) and $300 million senior secured delay draw term loan matures. ISSUER PROFILE Tempur Sealy International is the world's largest bedding manufacturer. It develops, manufactures, markets, and distributes bedding products, which are sold globally in approximately 100 countries. SUMMARY OF FINANCIAL ADJUSTMENTS -- EBITDA adjusted to exclude stock-based compensation and one time/non-ordinary charges; -- Operating lease expense capitalized by 8x to calculate historical and projected lease-adjusted debt. 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. TITLE QUEST: Seeks to Use First Home Bank's Cash Collateral ----------------------------------------------------------- Title Quest Investments LLC asked the U.S. Bankruptcy Court for the Southern District of Florida to authorize its use of the cash collateral of First Home Bank until a final hearing can be convened on the Debtor's request. First Home Bank holds a first and second priority lien, with duly recorded UCC-1 financing statements, on the collateral securing the Debtor's obligation of $294,691 to First Home Bank. The Debtor proposed to pay First Home Bank $100 per month as adequate protection. The collateral securing First Home's claim is valued at approximately $2,000, the Debtor disclosed. No adequate protection payments have been proposed with respect to other creditors since some of these creditors have but terminated UCC-1 financing statements. For the rest who have filed UCC-1 financing statements, there is no equity from the Debtor's assets to attach to their liens. A copy of the motion is available for free at https://bit.ly/3kdcDXI from PacerMonitor.com. About Title Quest Investments LLC Title Quest Investments LLC -- http://www.titlequestinvestments.com/-- which operates in Pembroke Pines, Florida, is in the business of reviewing real estate title, issuing insurance policies, facilitating real estate closings, and recording documents related to real estate transactions. The company filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 21-17969) on August 17, 2021. On the Petition Date, the Debtor estimated $50,000 to $100,000 in assets and $500,000 to $1,000,000 in liabilities. Elizabeth Questell, managing member, signed the petition. Judge Peter D. Russin oversees the case. Van Horn Law Group, P.A. represents the Debtor as counsel. The firm may be reached through: Chad Van Horn, Esq. Van Horn Law Group, P.A. 330 N Andrews Ave., Ste. 450 Fort Lauderdale, FL 33301-1012 Telephone: (954) 765-3166 Email: chad@cvhlawgroup.com TNS INC: Moody's Withdraws B2 CFR Following Debt Repayment ---------------------------------------------------------- Moody's Investors Service has withdrawn all ratings for TNS, Inc. including its B2 Corporate Family Rating, B2-PD Probability of Default Rating, and B1 rated Senior Secured Credit Facility and Term Loan. The stable outlook has also been withdrawn. Outlook Actions: Issuer: TNS, Inc. Outlook, Changed To Rating Withdrawn From Stable Withdrawals: Issuer: TNS, Inc. Probability of Default Rating, Withdrawn , previously rated B2-PD Corporate Family Rating, Withdrawn , previously rated B2 Senior Secured Bank Credit Facility, Withdrawn , previously rated B1 (LGD3) RATINGS RATIONALE The ratings have been withdrawn following the repayment of all outstanding debt, fully funded with proceeds received from an investment by an affiliate of Koch Equity Development, LLC("Koch") on June 1, 2021. TNS, headquartered in Reston Virginia, is an independent global provider of data communications and network interoperability solutions to enterprises and telecommunication carriers. TNS manages three operating segments including Payments Solutions, Financial Solutions, and Telecom Solutions. TRIBUNE CO: Second Circuit Partly Revives 2007 LBO Litigation ------------------------------------------------------------- Daniel Gill of Bloomberg Law reports that Tribune Co. creditors still have a chance at some financial recovery from the media company's 2007 leveraged buyout, after the Second Circuit allowed a bankruptcy litigation trustee to pursue a limited number of legal claims on their behalf. Friday's, August 20, 2021 decision from the U.S. Court of Appeals for the Second Circuit resurrects various fraudulent transfer claims against Citigroup Global Markets Inc.; Merrill, Lynch, Pierce, Fenner, and Smith Inc.; and Valuation Research Corp. The trustee alleged that the three financial advisers knew or should have known the LBO would result in Tribune's insolvency, but didn't try to stop the transaction. In 2007, the Tribune Company ("Tribune"), then-publicly traded, executed a leveraged buyout (the "LBO") to go private. Less than a year later, Tribune filed for Chapter 11 bankruptcy. Plaintiff-appellant Marc Kirschner, the bankruptcy litigation trustee (the "Trustee"), brought fraudulent conveyance and other claims on behalf of creditors against shareholders who sold their stock in the LBO and against the financial advisors that helped Tribune navigate and complete the LBO. In several orders and decisions, the district court dismissed the Trustee's claims for failure to state a claim pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure. "While it is a close call, because we are required to accept the allegations in the Trustee's complaint as true, we conclude the factual question of whether Citigroup and Merrill Lynch provided reasonably equivalent value for their success fees cannot be decided without first assessing whether the banks satisfactorily performed their duties. Thus, dismissal of the constructive fraudulent conveyance claims against these parties was premature," according to the ruling. "In contrast, we find no error in the dismissal of these claims against Morgan Stanley and VRC. While these firms adopt the arguments set forth by Citigroup and Merrill Lynch, their actions differ in several important respects. First, Morgan Stanley was hired as advisor for and was responsive to a different part of Tribune -- the Special Committee. Second, Morgan Stanley and VRC did not have the same incentives as Citigroup and Merrill Lynch. Because both Morgan Stanley and VRC earned their respective fees upon delivery of their contracted-for opinions, they had no financial stake in the LBO's consummation. Finally, and most important, the Morgan Stanley and VRC payments were in large part due before Step One closed. Because there is hardly an allegation that Tribune was insolvent before the first step, the constructive fraudulent transfer claims against Morgan Stanley and VRC must fail." According to the Court of Appeals, the judgment and orders of the district court are AFFIRMED in part and VACATED in part as follows: 1. the district court's dismissal of the intentional fraudulent conveyance claims against the shareholders based on the buy-back of their shares is AFFIRMED; 2. the district court's dismissal of the breach of fiduciary duty and aiding and abetting breach of fiduciary claims against the allegedly controlling shareholders is AFFIRMED; 3. (a) the district court's dismissal of the aiding and abetting breach of fiduciary duty and professional malpractice claims against the Financial Advisors is AFFIRMED; (b) the district court's dismissal of the actual fraudulent conveyance claims is AFFIRMED as to Morgan Stanley, Citigroup, and Merrill Lynch and VACATED as to VRC; and (c) the district court's dismissal of the constructive fraudulent conveyance claims is AFFIRMED as to Morgan Stanley and VRC and VACATED as to Citigroup and Merrill Lynch; and 4. the district court's denial of the Trustee's motion for leave to amend to amplify his intentional fraudulent conveyance claim against the shareholders and to add a constructive fraudulent conveyance claim against the shareholders is AFFIRMED. The case is REMANDED for further proceedings. A copy of the decision is available at https://bit.ly/388QXWW About Tribune Co. Chicago, Illinois-based Tribune Co. -- http://www.tribune.com/-- and 110 of its affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-13141) on Dec. 8, 2008. The Debtors proposed Sidley Austin LLP as their counsel; Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel; Lazard Ltd. and Alvarez & Marsal North America LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims agent. As of Dec. 8, 2008, the Debtors listed $7,604,195,000 in total assets and $12,972,541,148 in total debts. Chadbourne & Parke LLP and Landis Rath LLP served as co-counsel to the Official Committee of Unsecured Creditors. AlixPartners LLP served as the Committee's financial advisor. Landis Rath Moelis & Company served as the Committee's investment banker. Thomas G. Macauley, Esq., at Zuckerman Spaeder LLP, in Wilmington, Delaware, represented the Committee in connection with the lawsuit filed against former officers and shareholders for the 2007 LBO of Tribune. Protracted negotiations and mediation efforts and numerous proposed plans of reorganization filed by Tribune Co. and competing creditor groups delayed Tribune's emergence from bankruptcy. Many of the disputes among creditors center on the 2007 leveraged buyout fraudulence conveyance claims, the resolution of which is a key issue in the bankruptcy case. Judge Kevin J. Carey issued an order dated July 13, 2012, overruling objections to the confirmation of Tribune Co. and its debtor affiliates' Plan of Reorganization. In November 2012, Tribune received approval from the Federal Communications Commission to transfer media licenses, one of the hurdles to implementing the reorganization plan. Aurelius Capital Management LP failed in halting implementation of the plan pending appeal. Tribune Co. exited Chapter 11 protection Dec. 31, 2012, ending four years of reorganization. The reorganization allowed a group of banks and hedge funds, including Oaktree Capital Management and JPMorgan Chase & Co., to take over the media company. TRONOX LIMITED: Egan-Jones Hikes Senior Unsecured Ratings to CCC+ ----------------------------------------------------------------- Egan-Jones Ratings Company, on August 12, 2021, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Tronox Limited to CCC+ from CCC. EJR also upgraded the rating on commercial paper issued by the Company to B from C. Headquartered in Stamford, Connecticut, Tronox Limited operates mining and inorganic chemical businesses. TTK INVESTMENTS: Unsecureds to Recover 22.43% in Liquidating Plan ----------------------------------------------------------------- Management Impact LLC d/b/a TTK Investments, submitted an Amended Plan of Liquidation dated August 19, 2021. The Debtor shall fund the Plan through the sale of its real estate consisting of 10 residential properties (the "Properties"). The Secured Claims of Anchor Loans, LP, as reflected in proofs of claim # 5 through 14, shall be treated in accordance with Class 1 as follows: Anchor's aggregate secured claim in the amount of $1,689,389.71 shall be paid upon the sale of the Properties to the extent of the value of the Properties from the net proceeds thereof. Any deficiency shall be classified and treated as a general unsecured Claim. The Secured Claims of FNA DZ, LLC FBO WSFS, as reflected in proofs of claim # 3 through 4 in the amounts of $12,573.72 and $4,632.18, respectively, shall be treated in accordance with Class 2 as follows: paid in full upon the sale of the Properties which relate to claim #s 3 and 4. The Secured Claim of the Township of Monroe, as reflected in proof of claim # 15 in the amount of $10,853.64, shall be treated in accordance with Class 2 as follows: paid in full upon the sale of the Properties which relate to claim # 15. The Secured Claims of all real estate tax claimants shall be treated in accordance with Class 2 as follows: paid in full upon the sale of the Properties which relate to each such claim. Class 3 consists of General Unsecured Creditors. General Unsecured Claimants, as scheduled, in the amount of $12,000.00, plus the estimated deficiency claim of Anchor in the amount of $146,700.00, totaling $158,700.00. The percentage distribution to this class of creditor is estimated at 22.43%. Distributions to this class of creditor shall be made on or as reasonably practicable after the Effective Date of the Plan. The Plan will be funded through the sale of the Properties. Currently, the Properties are listed with the Court-approved realtors, Century 21 Alliance and Soleil Sotheby's International Realty, and are being marketed for sale. The Debtor is also soliciting offers from potential buyers who will the buy the Properties as a pool of assets, except for (a) 48 Prospect Drive, Sicklerville, NJ which is under an agreement of sale for the purchase price of $186,000.00 and expected to close on or before the Effective Date, and (b) 16 York Terrace, Sicklerville, NJ, which continues to be marketed for sale for $195,000.00. The Debtor propose to close on or before December 31, 2021. With the consent of the Office of the United States Trustee, counsel for Anchor Loans, the Closing Date may be extended for a period of 30 days. A full-text copy of the Amended Liquidating Plan dated August 19, 2021, is available at https://bit.ly/3kaR5Lk from PacerMonitor.com at no charge. Attorneys for the Debtor: Maureen P. Steady, Esq. Kurtzman Steady, LLC 38 N. Haddon Avenue Haddonfield, NJ 08033 Tel: (856) 428-1060 Fax: (609) 482-8011 Email: steady@kurtzmansteady.com About TTK Investments TTK Investment, LLC is primarily engaged in renting and leasing real estate properties. It is the owner of fee simple titles to 10 properties in New Jersey having a total comparable sale value of $1.92 million. TTK Investment sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 21-12659) on March 31, 2021. Emily K. Vu, sole member, signed the petition. In its petition, the Debtor disclosed assets of $1,924,380 and liabilities of $1,782,755. Judge Jerrold N. Poslusny, Jr. oversees the case. Kurtzman Steady, LLC, is the Debtor's legal counsel. TTM TECHNOLOGIES: Egan-Jones Keeps B Senior Unsecured Ratings ------------------------------------------------------------- Egan-Jones Ratings Company, on August 11, 2021, maintained its 'B' foreign currency and local currency senior unsecured ratings on debt issued by TTM Technologies, Inc. Headquartered in Costa Mesa, California, TTM Technologies, Inc. is an independent provider of time-critical, one-stop manufacturing services for printed circuit boards. TWITTER INC: Egan-Jones Keeps B+ Senior Unsecured Ratings --------------------------------------------------------- Egan-Jones Ratings Company, on August 9, 2021, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Twitter, Inc. Headquartered in San Francisco, California, Twitter, Inc. provides online social networking and microblogging service. U.S. TOBACCO: Judge Denies Committee Formation ---------------------------------------------- Judge Joseph Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina denied the motion filed by Daniel H. Lewis Farms, Inc. and 14 other tobacco producers and members of U.S. Tobacco Cooperative Inc. to appoint them as an official committee of creditors in the cooperative's Chapter 11 case. In his order, Judge Callaway said that the group "already functions at a highly sophisticated legal level." "The Lewis certified class is well organized and already very ably represented, as evidenced by its staying power in the seventeen year odyssey in the state court in the Lewis class litigation," Judge Callaway said, adding that given this high level of sophistication, the Lewis certified class is adequately represented without the necessity of formation of a special committee under Section 1102(a)(2). "Nothing in this Chapter 11 case is being delayed by lack of official committee status for the Lewis certified class," the bankruptcy judge said. "As acknowledged by counsel for the [cooperative] at the hearing on this matter, a seat of honor is already reserved for the Lewis certified class at the negotiation and litigation tables in this case." The group was previously approved as class representative for approximately 800,776 membership interests of current and former tobacco producers and members of U.S. Tobacco Cooperative in a class action pending in Wake County Superior Court, Case Nos. 05-CVS-188 and 05-CVS 1938, titled Dan Lewis and Daniel H. Lewis Farms, Inc., et al. v. Flue-Cured Tobacco Cooperative Stabilization Corporation (n/k/a United State Tobacco Cooperative, Inc.). The class action was filed in early 2005 in Wake County, N.C., to secure the interests of tobacco farmers residing in six states who were members of the cooperative from 1946 through 2004. Its court-approved class representative and counsel represent membership interests in U.S. Tobacco Cooperative, which were cancelled by the cooperative and whose funds have been allegedly possessed and maintained by the cooperative. About U.S. Tobacco Cooperative U.S. Tobacco Cooperative produces U.S. flue-cured tobacco grown by 500+ member growers in Florida, Georgia, South Carolina, North Carolina, and Virginia. Member-grown tobacco is processed and sold as raw materials to cigarette manufacturers worldwide. U.S. Tobacco Cooperative and affiliates sought Chapter 11 protection (Bankr. E.D.N.C. Lead Case No. 21-01511) on July 7, 2021. In the petition signed by Keith H. Merrick, chief financial officer, U.S. Tobacco Cooperative estimated assets of between $100 million and $500 million and estimated liabilities of between $100 million and $500 million. Judge Joseph N. Callaway oversees the cases. The Debtors are represented by Hendren, Redwine & Malone, PLLC. BDO Consulting Group, LLC, SSG Advisors, LLC and CliftonLarsonAllen serve as the Debtors' financial advisor, investment banker and accountant, respectively. VALUE VILLAGE: Seeks to Use IRS & AZDOR Cash Collateral ------------------------------------------------------- Value Village Thrift Stores, Inc. asked the U.S. Bankruptcy Court for the District of Arizona to authorize the use of cash proceeds generated by the operation of its business and from collection of receivables to be able to pay operating expenses, pursuant to the budget. The budget provided for $172,494 in monthly operating expenses. A copy of the budget is available for free at https://bit.ly/3j5ukcc from PacerMonitor.com. The Internal Revenue has a tax lien for unpaid withholding taxes of $170,414. The Arizona Department of Revenue has a tax lien for unpaid transaction privilege taxes of $1,471,091. Both the IRS and the Arizona Department of Revenue assert that their liens attach to the Debtor's cash collateral. As adequate protection for the use of cash collateral, the Debtor proposed to provide the IRS and the Arizona Department of Revenue a security interest in all new proceeds, accounts and inventory generated by Debtor during the Chapter 11 case. The Debtor said it will make monthly accountings to the IRS and the Arizona Department of Revenue, if requested, and grant them the right to inspect the Debtor's records upon reasonable notice. A copy of the motion is available for free at https://bit.ly/3sPtl3r from PacerMonitor.com. About Value Village Thrift Stores Value Village Thrift Stores, Inc. -- http://www.valuevillageaz.com -- offers a complete line of men's, women's and children's fashions, household and miscellaneous items, TV's, computers, furniture, jewelry, shoes, and more. Value Village Thrift Stores sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 21-06112) on Aug. 6, 2021. In the petition signed by Ross O. Kloeber, III, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Paul Sala oversees the case. Harold E. Campbell, Esq., represents the Debtor as legal counsel. VERTIV GROUP: S&P Ups ICR to 'BB-' on Strong Demand & Performance ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating and secured credit facility rating by one notch to 'BB-' on data center equipment and services provider Vertiv Group Corp. The positive outlook reflects S&P's view that absent a severe shock to the global macroeconomic environment, there is a one-in-three chance Vertiv will generate credit measures appropriate for a higher rating, namely, adjusted debt to EBITDA within 2x-3x and funds from operations (FFO) to adjusted debt of greater than 30%, despite the near-term incidence of temporary cost inflation. Demand for Vertiv's products and services remains strong. Vertiv's sales have rebounded from the lows experienced at the height of the pandemic. Sales in the March and June quarters of 2021 grew 22% and 25%, respectively, compared with heavy contractions of 15% and 11% during the pandemic-afflicted March and June quarters in 2020. Most of the growth was organic, as the societal demand for data continues. Orders were also up 24% in the second quarter of 2021, with increases in all geographic regions. The company continues to see large projects develop in the cloud and colocation markets while various portions of the enterprise segment are also rebounding, albeit at a slower pace. The company's backlog of $2.3 billion is 30% higher than it was last year as well, providing the company a good pipeline of future activity. The company's earnings power is on steadier footing. Vertiv's solid operating performance spurred management to revise its guidance upward, increasing projected sales for 2021 by $100 million to $5 billion and their projected adjusted operating profit by $5 million to $600 million. Trailing-12-month adjusted EBITDA margins were 13.3% at June 30, 2021, and have a good chance of exceeding 14.5% by the end of the year as this year's third-quarter performance may outpace the relatively weak 9.4% margin it earned in the September 2020 quarter. The company still has ground to gain on its medium-term target of 16% adjusted operating profit margin, which would imply S&P-adjusted EBITDA margins of over 20%. To get there, the company has made growth investments in information technology (IT) channel sales (reseller base, web portals, augmented reality sales tools), with operating leverage and cost discipline to underscore the improvement as well. In 2020, the company undertook restructuring actions costing $71 million in the September quarter, mostly in the EMEA region, and was also burdened with SPAC transaction-related costs and asset impairment charges of $21 million each; the absence of these costs, along with operating leverage from organic volume growth, will drive profitability growth this year. Pricing actions should help offset cost inflation. Disruptions in the global supply chain are prevalent and Vertiv has experienced inflation in the cost of materials and freight. The company expects the impact to be roughly $110 million this year, with $60 million from commodities, $15 million from shipments, and $35 million from spot purchases (largely electronics) and expedited freight to stave off delays in delivering product to customers. The company is taking pricing actions to partially offset inflation and is targeting a $65 million full-year benefit in 2022. The company anticipates inflation headwinds to no longer be as pronounced in the back half of this year. Credit measures have improved and will likely remain appropriate for the ratings. Vertiv's credit measures have improved meaningfully during the past two years. Adjusted debt to EBITDA, FFO to debt, and free operating cash flow to debt have benefited from the use of SPAC IPO-proceeds to reduce debt, along with the meaningful growth in adjusted EBITDA and cash flow generation. Interest coverage ratios have also improved as of late with the refinancing transaction. S&P said, "The company now has greater capacity to undertake growth-related acquisitions, but we expect management to maintain credit ratios that are appropriate for the ratings, namely, adjusted debt to EBITDA of less than 4x and FFO to adjusted debt greater than 20%. Management has publicly indicated that it does not expect to operate at greater than 3x debt leverage per its calculation on a run-rate basis, and if it does stretch slightly beyond that from an opportunistic acquisition, it would deleverage to its target range quickly. "The positive outlook reflects our view that demand for Vertiv's products and services will remain solid as society's demand for data continues to grow, with strength in the hyperscale, colocation, edge infrastructure, and 5G markets, with recovery from certain pandemic-afflicted enterprise customers as well. We believe good operational execution will allow Vertiv to steadily grow profitability, eventually achieving the company's target of 16% adjusted operating margins within a few years. Profitable bookings from the company's solid backlog, meaningful procurement savings, pricing actions to help offset transitory inflation pressures, and gains from channel and digital investments are still opportunities for better performance. The outlook also encompasses our view that management will establish and abide by financial policies appropriate for the ratings despite its appetite for growth." Demonstrating progress in its plan to improve operating profitability is important for a higher rating. In addition, establishing a track record of maintaining conservative credit measures, and abiding by disciplined financial policies will continue to be the key drivers toward an upgrade within the next year. S&P would look for the company to establish a track record of sustained performance at its improved credit measures, with adjusted debt/EBITDA that is comfortably within the 2x-3x range and FFO to debt consistently above 30%. S&P could revise Vertiv's outlook to stable during the next year if the pace of recovery in the global macroeconomic environment slows, perhaps due to a resurgence in COVID-19 variants causing hospitalizations and societal lockdowns, spurring renewed austerity on customers' spending patterns for data center equipment. This situation, combined with continued cost inflation that pricing actions cannot fully offset, could cause Vertiv's credit ratios to deteriorate to levels where the potential for an upgrade is unlikely. An adjusted-debt-to-EBITDA ratio consistently above 3x and a FFO-to-debt ratio of continually below 30% could prompt a revision to a stable outlook. A more severe rating action such as a downgrade could be prompted by lasting degradation in Vertiv's operating performance, perhaps via intense competition, or from regulatory hurdles affecting customer demand trends and infrastructure build-out. VILLAGIO CARLSBAD: Sunwest Bank Says Plan Provisions Misleading --------------------------------------------------------------- Secured Creditor Sunwest Bank objects to the Amended Disclosure Statement filed by debtor Villagio Carlsbad Cottages, LLC. This is the second bankruptcy filing by the Debtor. The first voluntary Chapter 11 filing was filed on December 31, 2020, entitled In re: Villagio Carlsbad Cottages LLC, Bankruptcy Court for the State of California, Southern District, Case No. 20-02647 11 (the "Prior Bankruptcy"). The Prior Bankruptcy filing was admittedly for the purpose of stopping the non-judicial foreclosure proceeding instituted by Sunwest Bank. The Prior Bankruptcy was voluntarily dismissed on February 19, 2021. This instant Bankruptcy (the second filing) was filed on March 23, 2021. The Schedules filed by the Debtor indicate that the sole asset of the Debtor's estate is that certain multiple-unit rental real property, located at 3044 State Street, Carlsbad, California known as the Villagio Carlsbad Cottages (the "Real Property"). On June 21, 2021, the Debtor filed its initial Disclosure Statement and proposed Plan. That initial Plan in this case provided, that the property would be sold or refinanced and that the creditors would be paid in full. On July 30, 2021, the Debtor withdrew that initial disclosure statement and plan. Thereafter, on July 30, 2021, the Debtor file an amended disclosure statement (the "Amended DS") and amended plan ("Amended Plan"). Sunwest Bank claims that the provisions in the Plan are, at best, inconsistent and misleading. The proposed Amended Plan provides that all claims (i.e. referring to Sunwest Bank's secured lien on the Real property) will be paid from a sale or refinance of the Real Property. However, the Amended Plan, at page 7, lines 4-6 also provides that: "All claims are subject to being objected to. The Debtor reserves the right to request that any funds paid pursuant to this Plan be held in trust, pending resolution of any claims or other litigation." Further, and important for the purposes of this proceeding (the Adequacy of the Amended DS), is the fact that the Amended DS only sets forth that the Secured Creditor is going to be paid in full at the conclusion of a sale or refinance. The Amended DS makes no reference to any provision that the funds due the Secured Creditor may be withheld and sequestered in a Trust Account, instead of paid to the Secured Creditor. As such, the Amended DS is inadequate because it does not sufficiently advise Secured Creditor Sunwest Bank of the Debtor's position and, at best, is inconsistent with the terms of the Amended Plan. Sunwest Bank asserts that the Amended DS is also incomplete and misleading in that it provides that a sale or refinance through the Plan will be completed by September 20. This is incomplete and misleading for two reasons: * First, the hearing on the Amended DS is not scheduled until September 8, 2021. The Debtor fails to provide any explanation or basis for how the Plan is going to get approved with an Effective Date and a sale or refinance of the Real Property be completed by September 20, 2021. From a timing standing, it does not appear that the Debtor will be able to get the Plan approved (the Amended DS has not yet been approved, and no date for the approval of the Amended Plan has been set), nor since the Plan's Effective Date is 15 days after the entry of the Order confirming Approval, how a sale or refinance will occur prior to September 20, 2021. * Second, the Amended DS makes no reference to the purported Purchase Agreement that is the subject of the Objection filed by creditor Virginia Capital, or how the Debtor intends to resolve the apparent dispute over the validity and terms of the Purchase Agreement or the timing of any such resolution. In the event that a form of dispute resolution or litigation becomes necessary, there is no disclosure of either the existence of the issue, the timing of resolution or the effect that it would have on the Debtor's statement that a sale or refinance will be completed by September 20, 2021. A full-text copy of Sunwest Bank's objection dated August 19, 2021, is available at https://bit.ly/3D1osZL from PacerMonitor.com at no charge. Attorneys for Secured Creditor Sunwest: MUSICK, PEELER & GARRETT, LLP 650 Town Center Drive, Suite 1200 Costa Mesa, CA 92626-1925 Steven Casselberry Stephen R. Isbell E-mail: s.casselberry@mpglaw.com s.isbell@mpglaw.com About Villagio Carlsbad Cottages LLC Villagio Carlsbad Cottages LLC sought Chapter 11 protection (Bankr. S.D. Cal. Case No. 21-01116) on March 23, 2021. On the Petition Date, the Debtor estimated up to $50,000 in both assets and liabilities. The Debtor's bankruptcy was filed in an effort to stall the foreclosure of a mortgaged property. As the foreclosure sale was approaching, the Debtor aggressively attempted, and received Court approval, to obtain financing in order to resolve the secured creditor's claim. The secured creditor, however, would not stall the sale, resulting to the bankruptcy case being filed just before the foreclosure. Russell Bennett, manager, signed the petition. Judge Margaret M. Mann presides over the case. VC Law Group, LLP, is the Debtor's counsel. WADE PARK: Seeks December 21 Plan Exclusivity Extension ------------------------------------------------------- Wade Park Land Holdings, LLC and Wade Park Land, LLC request the U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, to extend the exclusive periods during which the Debtors may file and solicit acceptances of a plan through and including December 21, 2021, and February 17, 2022, respectively. Each Debtor continues to operate its business and manage its property as debtor-in-possession under Sections 1107(a) and 1108 of the Bankruptcy Code. No creditor's committee, examiner, or trustee has been appointed in the cases. As the Court is aware, the Debtors filed an adversary proceeding immediately with filing the cases. The parties then withdrew that action to the District Court. Since the First Exclusivity Motion, that action has moved forward, with Motions to Dismiss filed by each of the respective defendants. On February 24, 2021, the Georgia District Court granted the Motion to Dismiss as to Blake Goodman. It then transferred the action to the Southern District of New York as to the remaining defendants. In that case, the parties have fully briefed the pending Motion to Dismiss and the New York District Court has the matter under advisement. In short, the Debtors point to the following specific factors as supporting another 120-day extension (in addition to the more general factors that supported the prior motions): (a) the Debtors have prosecuted these cases in good faith; (b) the Debtors are current in their post-petition obligations (except that they are about to file the most recent operating reports for June 2021 and July 2021); (c) under the circumstances of these cases, another 120-day extension is hardly one that could "pressure creditors," particularly given that creditor participation is pretty minimal as the civil action goes forward; (d) the unresolved contingencies articulated in the First Motion and Second Motion and updated above persist and make filing a Plan impossible. (e) this is the Debtors' third request and, if granted, would place the Debtors still well within the 18-month outside extension limit in § 1121. The Debtors' current exclusivity periods to file and to solicit acceptances of its plan will end on August 23, 2021, and October 20, 2021, respectively. The Debtors' objection deadline is on September 22, 2021, also a hearing on the Motion has been scheduled for October 28, 2021, at 11:00 a.m. in Courtroom 1203, United States Courthouse, 75 Ted Turner Drive, SW, Atlanta, Georgia 30303. A copy of the Debtor's Motion to extend is available at https://bit.ly/3kaPO6M from PacerMonitor.com. About Wade Park Land Holdings Wade Park Land Holdings, LLC and Wade Park Land, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 20-11192) on August 26, 2020. The petitions were signed by Stanley E. Thomas, authorized representative. At the time of the filing, Wade Park Land Holdings had estimated assets of between $100 million and $500 million and liabilities of between $100 million and $500 million. Wade Park Land had estimated assets of between $100 million and $500 million and liabilities of between $50 million and $100 million. Judge Jeffery W. Cavender oversees the case. Stone & Baxter, LLP is the Debtors' legal counsel. WADSWORTH ESTATES: Sept. 17 Disclosure Statement Hearing Set ------------------------------------------------------------ Judge Meredith S. Grabill has ordered that the hearing on the Disclosure Statement filed by debtor Wadsworth Estates, LLC, shall be held on September 17, 2021, at 1:30 P.M. In addition, Sept. 10, 2021, is fixed as the last day for filing and serving objections to the Disclosure Statement. A copy of the order dated Aug. 19, 2021, is available at https://bit.ly/3zaGhD9 from PacerMonitor.com at no charge. About Wadsworth Estates Wadsworth Estates is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Its only significant asset was a 92.5034-acre tract of land located in St. Tammany Parish that was marketed under the name of Wadsworth Estates. Wadsworth Estates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. 20-10540) on March 10, 2020. In the petition signed Ashton J. Ryan, Jr., managing member, the Debtor was estimated to have between $10 million to $50 million in both assets and liabilities. William G. Cherbonnier, Jr., Esq. at the CALUDA GROUP, LLC, represents the Debtor. WASHINGTON PRIME: Equity Committee Taps Newmark as Appraiser ------------------------------------------------------------ The official committee of equity security holders appointed in the Chapter 11 cases of Washington Prime Group Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Newmark Knight Frank Valuation & Advisory, LLC as real estate appraiser and valuation advisor. Newmark will perform these services: (a) expert valuation opinion and report on the Debtors' real estate assets; and (b) deposition, hearing or trial testimony in any litigation regarding the real estate appraisal. Newmark agreed to be compensated on an hourly basis and to receive a $1,500 inspection fee for each property inspected, plus reimbursement of expenses incurred. Helene Jacobson, an executive managing director at Newmark, 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: Helene Jacobson Newmark Knight Frank Valuation & Advisory, LLC 125 Park Avenue New York, NY 10017 Telephone: (212) 372-2269 Email: Helene.jacobson@nmrk.com 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. Tex. 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. Judge Marvin Isgur oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as lead bankruptcy counsel; Jackson Walker, LLP as co-counsel; Alvarez & Marsal North America, LLC as restructuring advisor; Guggenheim Securities, LLC as investment banker; Deloitte Tax, LLP as tax services provider; and Ernst & Young, LLP as auditor. 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. The U.S. Trustee for Region 6 appointed an official committee of unsecured creditors in the Debtors' cases on June 25, 2021. Greenberg Traurig, LLP serves as the creditors committee's legal counsel. On July 15, 2021, the U.S. Trustee appointed an official committee of equity security holders. The equity committee tapped Porter Hedges, LLP and Brown Rudnick, LLP as counsel and Newmark Knight Frank Valuation & Advisory, LLC as real estate appraiser and valuation advisor. WASHINGTON PRIME: Equity Committee Taps Porter Hedges as Counsel ---------------------------------------------------------------- The official committee of equity security holders appointed in the Chapter 11 cases of Washington Prime Group Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Porter Hedges, LLP as co-counsel with Brown Rudnick, LLP. Porter Hedges will render these legal services: (a) administer the Chapter 11 cases and oversee the Debtors' affairs; (b) assist the equity committee in its communications and negotiations with the Debtors and other stakeholders regarding the administration of the bankruptcy cases; (c) assist the equity committee in investigating the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtors' businesses, and any other matters relevant to these cases or the Debtors' proposed Chapter 11 plan; (d) assist the equity committee in analyzing the Debtors' assets and liabilities and in investigating the extent and validity of liens and related contested matters; (e) represent the equity committee with respect to the Debtors' post-petition financing transactions and cash collateral issues; (f) analyze the Debtors' proposed employee compensation, incentive and retention payment programs, and evaluate the propriety of those programs; (g) assist the equity committee in preparing and prosecuting a challenge to the Debtors' proposed Chapter 11 plan; (h) if necessary, request the appointment of a trustee or examiner as provided for under Section 1104 of the Bankruptcy Code; (i) communicate with the equity committee's constituents in furtherance of its responsibilities; (j) represent the equity committee in any manner relevant to preserving and protecting the Debtors' estate and the rights of equity holders; (k) advise the equity committee regarding the evaluation of claims, preferences, fraudulent transfers and other actions; (l) prepare legal papers and appear in court; (m) perform all other necessary legal services. The hourly rates of the firm's attorneys and staff are as follows: Partners $550 - $950 per hour Of Counsel $380 - $825 per hour Associates/Staff Attorneys $420 - $700 per hour Paralegals $250 - $380 per hour In addition, Porter Hedges will seek reimbursement for expenses incurred. Porter Hedges provided the following in response to the request for additional information set forth in Paragraph D.1 of the 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: Porter Hedges did not represent the equity committee before being selected as its counsel on July 19, 2021. Porter Hedges' billing rates have not changed since the petition date. Porter Hedges has in the past represented, currently represents and may represent in the future certain equity committee members or their affiliates in their capacities as official committee members in other Chapter 11 cases. John Higgins, Esq., a partner at Porter Hedges, 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: John F. Higgins, Esq. Porter Hedges LLP 1000 Main St., 36th Floor Houston, TX 77002 Telephone: (713) 226-6000 Facsimile: (713) 228-1331 Email: jhiggins@porterhedges.com 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. Tex. 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. Judge Marvin Isgur oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as lead bankruptcy counsel; Jackson Walker, LLP as co-counsel; Alvarez & Marsal North America, LLC as restructuring advisor; Guggenheim Securities, LLC as investment banker; Deloitte Tax, LLP as tax services provider; and Ernst & Young, LLP as auditor. 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. The U.S. Trustee for Region 6 appointed an official committee of unsecured creditors in the Debtors' cases on June 25, 2021. Greenberg Traurig, LLP and FTI Consulting, Inc. serve as the committee's legal counsel and financial advisor, respectively. On July 15, 2021, the U.S. Trustee appointed an official committee of equity security holders. The equity committee tapped Porter Hedges, LLP and Brown Rudnick, LLP as legal counsel; Province, LLC as financial advisor; and Newmark Knight Frank Valuation & Advisory, LLC as real estate appraiser and valuation advisor. WC THOUSAND: Sonora Bank Says Reorganizing Plan Not Feasible ------------------------------------------------------------ First National Bank of Sonora, Texas, d/b/a Sonora Bank, objects to the Disclosure Statement for the Plan of Reorganization filed by debtor WC Thousand Oaks Center, LP. Sonora Bank claims that the Debtor provides an inaccurate portrayal of the events giving rise to its filing Chapter 11 bankruptcy as it relates to its Sonora Bank Note by framing all its financial problems in a COVID-19 context. Clearly, Debtor's overall financial problems were present prior to the COVID-19 pandemic. Unless corrected, the false narrative will prevent the Disclosure Statement from providing adequate information to creditors. Sonora Bank points out that the Disclosure Statement provides for a Plan that is not feasible because it is based on unsubstantiated assumptions. The Debtor professes its confidence in its ability to sell or refinance the Property on or before April 6, 2022. The results in the affiliated bankruptcy cases hardly give rise to "confidence" that the Debtor can successfully obtain refinancing and/or sell the Property through the Plan. Sonora Bank asserts that the Debtor fails to disclose any information on the physical condition of the Property including any major repairs that are needed, condition of the roof, condition of the HVAC systems, and the parking lots. Obviously, disclosure about the Property's condition directly effects its value. A full-text copy of Sonora Bank's objection dated August 19, 2021, is available at https://bit.ly/3j4APvQ from PacerMonitor.com at no charge. Attorneys for Sonora Bank: FLUME LAW FIRM, LLP Michael Flume 1020 N.E. Loop 410, Suite 530 San Antonio, Texas 78209 Tel: (210) 828-5641 Fax: (210) 821-6069 E-mail: mflume@flumelaw.net About WC Thousand Oaks Center WC Thousand Oaks Center, LP, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case. No. 21-10251) on April 6, 2021. At the time of the filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Tony M. Davis oversees the case. The Debtor tapped Fishman Jackson Ronquillo, PLLC as legal counsel and Columbia Consulting Group, PLLC as financial advisor. WEST COAST AGRICULTURAL: Wins Cash Collateral Access ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Oregon has authorized West Coast Agricultural Construction Company to use cash collateral on an interim basis in accordance with the budget, with a 10% variance through October 31, 2021. Columbia State Bank asserts a security interest/lien upon the Cash Collateral as of the Petition Date pursuant to that to a Commercial Security Agreement dated August 15, 2018 by and between the Debtor and Columbia Bank. The Bank appears to have perfected its security interest in the Cash Collateral by filing a financing statement with the Oregon Secretary of State on July 14, 2009, Lien No. 8312594, as thereafter amended by File Nos. 8312594-1 through 8312594-3. The U.S. Small Business Administration also appears to have a junior security interest in the Cash Collateral. As adequate protection for the Debtor's use of cash collateral, Columbia Bank and the SBA are granted a replacement lien on all of the post-petition property of the same nature and kind in which Columbia Bank and the SBA had a pre-petition lien or security interest. The Replacement Liens will have the same priority as existed on the Petition Date with respect to Columbia Bank's and the SBA's original liens. To protect against the depreciation of its collateral, the Debtor will make monthly adequate protection payments to Columbia Bank in the amount of $11,500. The adequate protection payment to Columbia Bank for July 2021 will be paid within five days of the entry of the Order. The monthly adequate protection payment to Columbia Bank for each subsequent month will be paid within five business days of the first day of each month. To the extent a Replacement Lien proves to be inadequate to protect against diminution in the value of Columbia Bank's or the SBA's interest in the Debtor's prepetition property resulting from the Debtor's postpetition use of the Cash Collateral, Columbia Bank and the SBA will be entitled to an allowed administrative expense claim under Section 503(b) of the Bankruptcy Code that will have super priority as provided in Section 507(b) of the Bankruptcy Code against non-exempt property of the Debtor's estate. The Replacement Lien will be a valid, perfected, and enforceable security interest and lien on the non-exempt property of the Debtor and the Debtor's estate without further filing or recording of any document or instrument or any other action, but only to the extent of the enforceability of Columbia Bank's prepetition security interests in property of the Debtor. A copy of the order and the Debtor's budget for June to December 2021 is available at https://bit.ly/3mgH6qA from PacerMonitor.com. The Debtor projects $305,793 in total income for the period. About West Coast Agricultural Construction Company West Coast Agricultural Construction Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 21-61099) on June 24, 2021. In the petition signed by Brandt N. Hayden, president, the Debtor disclosed up tp $10 million in both assets and liabilities. Judge David W. Herscher oversees the case. Ted A. Troutman, Esq, at Troutman Law Firm P.C. is the Debtor's counsel. WILLIAM THOMAS JR: Elvis Presley Buying Memphis Property for $352K ------------------------------------------------------------------ Michael Collins, the Chapter 11 Trustee of William H. Thomas, Jr., asks the U.S. Bankruptcy Court for the District of Tennessee to authorize the private sale of the real property (along with any attached personal property) located at 3000 Elvis Presley Blvd., in Memphis, Tennessee, to 3000 Elvis Presley Blvd, LLC, and/or assigns for $352,300. The Trustee seeks Court approval to sell the Property pursuant to the Real Estate Sales Contract. The Property is improved land that was owned by the Debtor individually prior to his bankruptcy filing and remains part of his bankruptcy estate. The Property is subject to a deed of trust in favor of Centennial Bank in the amount of approximately $130,000. The Centennial Bank lien on the Property was granted pursuant to the Order Approving Expedited Motion of the Chapter 11 Trustee for Order (I) Authorizing the Trustee to Obtain Post-Petition Secured Financing and (II) Modifying the Automatic Stay entered on June 21, 2019. The Property is currently leased to Liberty Tire Recycling, LLC, which, upon information and belief, is affiliated with the Buyer. The term of the Liberty Tire lease expired on June 30, 2021, and that lease is presently on a month-to-month tenancy at a monthly rental rate of $3,750. The proposed sale price represents a net cap rate of approximately 9.5% based on the current rental rate. Trustee has determined, in the exercise of his business judgment, that the sale of the Property under the proposed Sale Contract is in the best interests of the estate. Prior to receiving the Sale Contract, the Trustee entered into the Real Estate Auction Contract dated July 27, 2021, with Morris Auction and Realty in accordance with the Order Granting Emergency Motion of the Chapter 11 Trustee (I) to Approve (A) Sale by Auction of All Property Owned by the Estate Free and Clear of Liens Pursuant to 11 U.S.C. Section 363, (B) Use of Property of the Estate to Sell Assets of TI Properties, LLC and WT Leasing and Investments, LLC Pursuant to 11 U.S.C. Section 363, and (C) Sale by Auction of All Assets Owned By TI Properties, LLC and WT Leasing and Investments, LLC, (II) to Employ Morris Realty & Auction Group, LLC Pursuant to 11 U.S.C. Section 327(A), (III) to Compel (A) Turnover of Assets of WT Leasing and Investments, LLC and (B) the Debtor and All Individuals Holding Records of Entities Wholly-Owned by the Estate to Provide to the Trustee All Financial Records of Entities Wholly-Owned by the Estate, (IV) to Enjoin Any Activity That Is Calculated to Interfere with the Trustee's Control over Entities Wholly-Owned by the Estate, and (V) for Related Relief entered Dec. 2, 2020. The Trustee believes that the Sale Contract represents the highest and best price that the Trustee could hope to obtain by proceeding to an auction and removes the risk that the auction would be unsuccessful. Consequently, the Trustee has cancelled the auction of the Property; however, per the Auction Contract, Morris Realty and Auction will be due the auction commission of 10% upon the closing of the Sale Contract. The Trustee requests that the Court authorizes the private sale of the Property to the Buyer pursuant to the Sale Contract for $352,300. He further requests that such sale be free and clear of Interests, with any Interests attaching to the proceeds of the sale. The only liens on the property are the post-petition lien of Centennial Bank in the approximately amount of $125,000 and accrued property taxes in the approximate amount of $5,500. The Trustee further seeks authority to pay the post-petition lien of Centennial Bank and the outstanding property taxes in full at closing. To implement the sale of the Property, the Trustee seeks waivers of the 14-day stay of an order granting a motion for relief from the automatic stay under Bankruptcy Rule 4001(a)(3) and the 14-day stay of an order authorizing the use, sale, or lease of property under Bankruptcy Rule 6004(h). The Trustee respectfully requests the Court (i) enters the attached Proposed Order granting the Motion, which (a) approves the sale of the Property free and clear of all Interests pursuant to the Sale Contract, (b) authorizes payment of a 10% commission to Morris Realty and Auction in accordance with the Auction Contract, (c) authorizes the Trustee to satisfy the post-petition lien of Centennial Bank and the outstanding property taxes in full from the sale proceeds at closing, and (d) determines that the Buyer is a good faith purchaser under 11 U.S.C. Section 363(m), and (ii) grant such other relief as may be necessary and appropriate. A copy of the Contract is available at https://tinyurl.com/mmrz9tts from PacerMonitor.com free of charge. About William H. Thomas, Jr. William H. Thomas, Jr. is a resident of Perdido Key, Florida. He is an attorney licensed to practice in the State of Tennessee and owns various real estate and business interests, including the ownership and operation of various advertising billboards and raw land. William H. Thomas, Jr. sought Chapter 11 protection (Bankr. D. Tenn. Case No. 16-27850-DSK) on June 2, 2016. On Jan. 24, 2019, the Court appointed Michael Collins as the Chapter 11 Trustee. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ACCELERATE DIAGN 1A8 GR 94.0 (69.8) 74.4 ACCELERATE DIAGN AXDX US 94.0 (69.8) 74.4 ACCELERATE DIAGN AXDX* MM 94.0 (69.8) 74.4 ACCELERATE DIAGN 1A8 TH 94.0 (69.8) 74.4 ACCELERATE DIAGN 1A8 QT 94.0 (69.8) 74.4 ADAMAS PHARMACEU ADMSEUR EU 150.6 (4.0) 93.8 ADAMAS PHARMACEU 136 TH 150.6 (4.0) 93.8 ADAMAS PHARMACEU ADMS US 150.6 (4.0) 93.8 ADAMAS PHARMACEU 136 GR 150.6 (4.0) 93.8 AEMETIS INC DW51 GR 143.3 (124.0) (43.9) AEMETIS INC AMTX US 143.3 (124.0) (43.9) AEMETIS INC AMTXGEUR EZ 143.3 (124.0) (43.9) AEMETIS INC AMTXGEUR EU 143.3 (124.0) (43.9) AEMETIS INC DW51 GZ 143.3 (124.0) (43.9) AEMETIS INC DW51 TH 143.3 (124.0) (43.9) AEMETIS INC DW51 QT 143.3 (124.0) (43.9) AERIE PHARMACEUT 0P0 GZ 355.5 (39.6) 180.9 AERIE PHARMACEUT AERI US 355.5 (39.6) 180.9 AERIE PHARMACEUT 0P0 TH 355.5 (39.6) 180.9 AERIE PHARMACEUT 0P0 QT 355.5 (39.6) 180.9 AERIE PHARMACEUT AERIEUR EU 355.5 (39.6) 180.9 AERIE PHARMACEUT 0P0 GR 355.5 (39.6) 180.9 AGENUS INC AJ81 GR 192.3 (237.5) (75.9) AGENUS INC AGEN US 192.3 (237.5) (75.9) AGENUS INC AJ81 TH 192.3 (237.5) (75.9) AGENUS INC AGENEUR EU 192.3 (237.5) (75.9) AGENUS INC AJ81 QT 192.3 (237.5) (75.9) AGENUS INC AGENEUR EZ 192.3 (237.5) (75.9) AGENUS INC AJ81 GZ 192.3 (237.5) (75.9) AGRIFY CORP AGFY US 163.5 141.8 123.4 ALPHA CAPITAL -A ASPC US 231.6 206.6 1.6 ALPHA CAPITAL AC ASPCU US 231.6 206.6 1.6 ALPHA PARTNERS T APTMU US 0.9 (2.2) (0.4) ALTICE USA INC-A ATUS* MM 33,532.0 (1,349.0) (2,294.7) ALTICE USA INC-A ATUS US 33,532.0 (1,349.0) (2,294.7) ALTICE USA INC-A 15PA GR 33,532.0 (1,349.0) (2,294.7) ALTICE USA INC-A 15PA TH 33,532.0 (1,349.0) (2,294.7) ALTICE USA INC-A ATUSEUR EU 33,532.0 (1,349.0) (2,294.7) ALTICE USA INC-A 15PA GZ 33,532.0 (1,349.0) (2,294.7) AMC ENTERTAINMEN AMC US 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AMC* MM 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AH9 QT 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AH9 TH 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AMC4EUR EU 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AH9 GR 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AH9 GZ 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AH9 SW 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AMC-RM RM 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN A2MC34 BZ 11,329.1 (1,404.7) 453.9 AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMERICA'S CAR-MA CRMT US 900.8 (269.1) 586.2 AMERICA'S CAR-MA HC9 GR 900.8 (269.1) 586.2 AMERICA'S CAR-MA CRMTEUR EU 900.8 (269.1) 586.2 AMERICAN AIR-BDR AALL34 BZ 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE AAL11EUR EZ 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE A1G QT 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE A1G GZ 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE AAL11EUR EU 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE AAL AV 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE AAL TE 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE A1G SW 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE A1G GR 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE AAL* MM 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE AAL US 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE A1G TH 72,464.0 (7,667.0) 1,126.0 AMERICAN AIRLINE AAL-RM RM 72,464.0 (7,667.0) 1,126.0 AMYRIS INC 3A01 GR 445.8 (82.5) 254.4 AMYRIS INC 3A01 TH 445.8 (82.5) 254.4 AMYRIS INC AMRS US 445.8 (82.5) 254.4 AMYRIS INC AMRSEUR EU 445.8 (82.5) 254.4 AMYRIS INC 3A01 QT 445.8 (82.5) 254.4 AMYRIS INC AMRSEUR EZ 445.8 (82.5) 254.4 AMYRIS INC 3A01 GZ 445.8 (82.5) 254.4 AMYRIS INC AMRS* MM 445.8 (82.5) 254.4 ANEBULO PHARMACE ANEB US 4.3 (6.5) 3.6 APELLIS PHARMACE 1JK TH 699.9 (141.5) 497.3 APELLIS PHARMACE 1JK GR 699.9 (141.5) 497.3 APELLIS PHARMACE APLSEUR EU 699.9 (141.5) 497.3 APELLIS PHARMACE APLS US 699.9 (141.5) 497.3 ARCHIMEDES TECH ATSPU US - - - ARCHIMEDES- SUB ATSPT US - - - ARRAY TECHNOLOGI ARRY US 622.3 (68.6) 162.1 ASANA INC- CL A ASAN US 747.6 (47.7) 264.4 ASHFORD 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4,791.1 (367.8) 1,607.9 MSG NETWORKS- A MSGN US 971.8 (418.9) 358.2 MSG NETWORKS- A MSGNEUR EU 971.8 (418.9) 358.2 MSG NETWORKS- A 1M4 QT 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 27.6 12.7 12.6 NATHANS FAMOUS NATH US 114.0 (58.1) 85.0 NATHANS FAMOUS NFA GR 114.0 (58.1) 85.0 NATHANS FAMOUS NATHEUR EU 114.0 (58.1) 85.0 NEIGHBOURLY PHAR NBLY CN 504.1 319.8 123.0 NEUROPACE INC NPCE US 147.0 88.7 138.8 NEW ENG RLTY-LP NEN US 290.2 (43.5) - NEXIMMUNE INC NEXI US 115.4 109.9 105.7 NEXIMMUNE INC 737 GR 115.4 109.9 105.7 NEXIMMUNE INC NEXI1EUR EU 115.4 109.9 105.7 NEXIMMUNE INC 737 GZ 115.4 109.9 105.7 NEXT-CHEMX CORP CHMX US 0.0 (0.2) (0.2) NOBLE CORP NE US 2,150.5 1,385.7 195.7 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 NOG US 1,091.8 (168.2) (161.2) NORTHERN OIL AND 4LT1 GR 1,091.8 (168.2) (161.2) NORTHERN OIL AND NOG1EUR EU 1,091.8 (168.2) (161.2) NORTHERN 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(9,200.0) 2,859.0 PHILIP MORRIS IN 4I1 GZ 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN 0M8V LN 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PMOR AV 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PMIZ TQ 40,686.0 (9,200.0) 2,859.0 PHILIP MORRIS IN PM-RM RM 40,686.0 (9,200.0) 2,859.0 PLANET FITNESS-A PLNT1EUR EU 1,899.6 (679.4) 446.2 PLANET FITNESS-A 3PL QT 1,899.6 (679.4) 446.2 PLANET FITNESS-A PLNT1EUR EZ 1,899.6 (679.4) 446.2 PLANET FITNESS-A PLNT US 1,899.6 (679.4) 446.2 PLANET FITNESS-A 3PL TH 1,899.6 (679.4) 446.2 PLANET FITNESS-A 3PL GR 1,899.6 (679.4) 446.2 PLANET FITNESS-A 3PL GZ 1,899.6 (679.4) 446.2 PLANTRONICS INC POLY US 2,135.1 (112.6) 207.9 PLANTRONICS INC PTM GR 2,135.1 (112.6) 207.9 PLANTRONICS INC PTM GZ 2,135.1 (112.6) 207.9 PLANTRONICS INC PLTEUR EU 2,135.1 (112.6) 207.9 PLANTRONICS INC PTM TH 2,135.1 (112.6) 207.9 PLANTRONICS INC PTM QT 2,135.1 (112.6) 207.9 PPD INC PPD US 6,749.1 (506.7) 501.2 QUALTRICS INT-A XM US 1,434.1 35.3 324.9 QUALTRICS INT-A 5DX0 QT 1,434.1 35.3 324.9 QUALTRICS INT-A 5DX0 GZ 1,434.1 35.3 324.9 QUALTRICS INT-A 5DX0 GR 1,434.1 35.3 324.9 QUALTRICS INT-A XM1EUR EU 1,434.1 35.3 324.9 QUALTRICS INT-A 5DX0 TH 1,434.1 35.3 324.9 QUANTUM CORP QNT2 GR 178.2 (112.9) (12.6) QUANTUM CORP QMCO US 178.2 (112.9) (12.6) QUANTUM CORP QTM1EUR EU 178.2 (112.9) (12.6) QUANTUM CORP QNT2 TH 178.2 (112.9) (12.6) RADIUS HEALTH IN RDUS US 192.9 (227.1) 102.8 RADIUS HEALTH IN 1R8 TH 192.9 (227.1) 102.8 RADIUS HEALTH IN RDUSEUR EU 192.9 (227.1) 102.8 RADIUS HEALTH IN 1R8 QT 192.9 (227.1) 102.8 RADIUS HEALTH IN RDUSEUR EZ 192.9 (227.1) 102.8 RADIUS HEALTH IN 1R8 GR 192.9 (227.1) 102.8 RAPID7 INC RPD US 1,240.3 (95.4) 343.6 RAPID7 INC R7D GR 1,240.3 (95.4) 343.6 RAPID7 INC R7D TH 1,240.3 (95.4) 343.6 RAPID7 INC RPDEUR EU 1,240.3 (95.4) 343.6 RAPID7 INC RPD* MM 1,240.3 (95.4) 343.6 REVLON INC-A RVL1 GR 2,418.8 (2,020.0) 269.8 REVLON INC-A REV* MM 2,418.8 (2,020.0) 269.8 REVLON INC-A REVEUR EU 2,418.8 (2,020.0) 269.8 REVLON INC-A RVL1 TH 2,418.8 (2,020.0) 269.8 REVLON INC-A REV US 2,418.8 (2,020.0) 269.8 RICE ACQUISITI-A RONI US 0.3 (0.0) (0.0) RICE ACQUISITION RONI/U US 0.3 (0.0) (0.0) RIMINI STREET IN RMNI US 272.1 (77.1) (66.1) ROCKLEY PHOTONIC RKLY US 93.9 53.3 (2.0) RR DONNELLEY & S DLLN TH 3,000.9 (243.8) 502.7 RR DONNELLEY & S RRD US 3,000.9 (243.8) 502.7 RR DONNELLEY & S DLLN GR 3,000.9 (243.8) 502.7 RR DONNELLEY & S RRDEUR EU 3,000.9 (243.8) 502.7 RR DONNELLEY & S DLLN GZ 3,000.9 (243.8) 502.7 RUSH STREET INTE RSI US 414.7 354.9 340.0 RYMAN HOSPITALIT RHP US 3,552.3 (25.8) (9.9) RYMAN HOSPITALIT 4RH GR 3,552.3 (25.8) (9.9) RYMAN HOSPITALIT 4RH TH 3,552.3 (25.8) (9.9) RYMAN HOSPITALIT 4RH QT 3,552.3 (25.8) (9.9) RYMAN HOSPITALIT RHPEUR EZ 3,552.3 (25.8) (9.9) RYMAN HOSPITALIT RHPEUR EU 3,552.3 (25.8) (9.9) SABRE CORP 19S QT 5,608.4 (159.8) 939.4 SABRE CORP SABREUR EU 5,608.4 (159.8) 939.4 SABRE CORP SABREUR EZ 5,608.4 (159.8) 939.4 SABRE CORP SABR US 5,608.4 (159.8) 939.4 SABRE CORP 19S GR 5,608.4 (159.8) 939.4 SABRE CORP 19S TH 5,608.4 (159.8) 939.4 SABRE CORP 19S SW 5,608.4 (159.8) 939.4 SABRE CORP 19S GZ 5,608.4 (159.8) 939.4 SBA COMM CORP 4SB GR 9,960.3 (4,824.6) (143.8) SBA COMM CORP SBAC US 9,960.3 (4,824.6) (143.8) SBA COMM CORP 4SB TH 9,960.3 (4,824.6) (143.8) SBA COMM CORP SBACEUR EZ 9,960.3 (4,824.6) (143.8) SBA COMM CORP SBACEUR EU 9,960.3 (4,824.6) (143.8) SBA COMM CORP 4SB QT 9,960.3 (4,824.6) (143.8) SBA COMM CORP SBAC* MM 9,960.3 (4,824.6) (143.8) SBA COMM CORP 4SB GZ 9,960.3 (4,824.6) (143.8) SCIENTIFIC GAMES SGMS US 7,762.0 (2,370.0) 1,237.0 SCIENTIFIC GAMES TJW GR 7,762.0 (2,370.0) 1,237.0 SCIENTIFIC GAMES TJW TH 7,762.0 (2,370.0) 1,237.0 SCIENTIFIC GAMES TJW GZ 7,762.0 (2,370.0) 1,237.0 SEAWORLD ENTERTA SEAS US 2,786.7 (21.3) 243.7 SEAWORLD ENTERTA W2L GR 2,786.7 (21.3) 243.7 SEAWORLD ENTERTA W2L TH 2,786.7 (21.3) 243.7 SEAWORLD ENTERTA SEASEUR EU 2,786.7 (21.3) 243.7 SELECTA BIOSCIEN SELB US 180.5 (4.2) 79.5 SELECTA BIOSCIEN SELBEUR EU 180.5 (4.2) 79.5 SELECTA BIOSCIEN 1S7 GR 180.5 (4.2) 79.5 SELECTA BIOSCIEN 1S7 TH 180.5 (4.2) 79.5 SELECTA BIOSCIEN 1S7 GZ 180.5 (4.2) 79.5 SENSEONICS HLDGS SENS US 235.1 (312.6) 159.2 SHARECARE INC SHCR US 437.2 86.8 16.3 SHELL MIDSTREAM SHLX US 2,327.0 (467.0) 352.0 SHOALS TECHNOL-A SHLS US 273.7 (34.7) 64.3 SIENTRA INC SIEN3EUR EU 190.5 (30.9) 79.5 SIENTRA INC SIEN US 190.5 (30.9) 79.5 SIENTRA INC S0Z GR 190.5 (30.9) 79.5 SINCLAIR BROAD-A SBTA GR 12,780.0 (1,362.0) 1,621.0 SINCLAIR BROAD-A SBGI US 12,780.0 (1,362.0) 1,621.0 SINCLAIR BROAD-A SBTA TH 12,780.0 (1,362.0) 1,621.0 SINCLAIR BROAD-A SBTA QT 12,780.0 (1,362.0) 1,621.0 SINCLAIR BROAD-A SBGIEUR EU 12,780.0 (1,362.0) 1,621.0 SINCLAIR BROAD-A SBTA GZ 12,780.0 (1,362.0) 1,621.0 SIRIUS XM HOLDIN SIRI US 11,201.0 (2,515.0) (1,808.0) SIRIUS XM HOLDIN RDO GR 11,201.0 (2,515.0) (1,808.0) SIRIUS XM HOLDIN RDO TH 11,201.0 (2,515.0) (1,808.0) SIRIUS XM HOLDIN SIRIEUR EZ 11,201.0 (2,515.0) (1,808.0) SIRIUS XM HOLDIN RDO QT 11,201.0 (2,515.0) (1,808.0) SIRIUS XM HOLDIN SIRIEUR EU 11,201.0 (2,515.0) (1,808.0) SIRIUS XM HOLDIN RDO GZ 11,201.0 (2,515.0) (1,808.0) SIRIUS XM HOLDIN SIRI AV 11,201.0 (2,515.0) (1,808.0) SIX FLAGS ENTERT 6FE GR 2,928.4 (617.2) (115.4) SIX FLAGS ENTERT SIX US 2,928.4 (617.2) (115.4) SIX FLAGS ENTERT 6FE QT 2,928.4 (617.2) (115.4) SIX FLAGS ENTERT 6FE TH 2,928.4 (617.2) (115.4) SIX FLAGS ENTERT SIXEUR EU 2,928.4 (617.2) (115.4) SKYWATER TECHNOL SKYT US 318.8 95.5 63.8 SLEEP NUMBER COR SNBR US 854.5 (403.7) (659.1) SLEEP NUMBER COR SL2 GR 854.5 (403.7) (659.1) SLEEP NUMBER COR SNBREUR EU 854.5 (403.7) (659.1) SLEEP NUMBER COR SL2 TH 854.5 (403.7) (659.1) SLEEP NUMBER COR SL2 QT 854.5 (403.7) (659.1) SLEEP NUMBER COR SL2 GZ 854.5 (403.7) (659.1) SOFTCHOICE CORP SFTC CN 558.3 49.7 (64.1) SOFTCHOICE CORP 90Q GR 558.3 49.7 (64.1) SOFTCHOICE CORP SFTCEUR EU 558.3 49.7 (64.1) SOFTCHOICE CORP 90Q GZ 558.3 49.7 (64.1) SOUTHWESTRN ENGY SW5 TH 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SW5 GR 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SWN US 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SWN1EUR EZ 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SW5 QT 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SWN1EUR EU 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SW5 GZ 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SWN-RM RM 5,394.0 (18.0) (1,351.0) SQL TECHNOLOGIES SQFL US 7.0 (22.9) (19.6) SQUARESPACE IN-A SQSP US 867.2 (38.2) (77.3) SQUARESPACE IN-A 8DT GZ 867.2 (38.2) (77.3) SQUARESPACE IN-A 8DT GR 867.2 (38.2) (77.3) SQUARESPACE IN-A SQSPEUR EU 867.2 (38.2) (77.3) SQUARESPACE IN-A 8DT TH 867.2 (38.2) (77.3) SQUARESPACE IN-A 8DT QT 867.2 (38.2) (77.3) STARBUCKS CORP SRB GR 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SRB TH 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX* MM 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX US 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUXUSD SW 29,476.8 (6,794.3) 131.9 STARBUCKS CORP USSBUX KZ 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX CI 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUXEUR EZ 29,476.8 (6,794.3) 131.9 STARBUCKS CORP 0QZH LI 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX PE 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX SW 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SRB QT 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SRB GZ 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX AV 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX TE 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUXEUR EU 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX IM 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUX-RM RM 29,476.8 (6,794.3) 131.9 STARBUCKS CORP SBUXCL CI 29,476.8 (6,794.3) 131.9 STARBUCKS-BDR SBUB34 BZ 29,476.8 (6,794.3) 131.9 STARBUCKS-CEDEAR SBUXD AR 29,476.8 (6,794.3) 131.9 STARBUCKS-CEDEAR SBUX AR 29,476.8 (6,794.3) 131.9 SWITCHBACK II CO SWBK/U US 317.3 287.3 0.5 SWITCHBACK II-A SWBK US 317.3 287.3 0.5 TASTEMAKER ACQ-A TMKR US 279.7 252.5 0.8 TASTEMAKER ACQUI TMKRU US 279.7 252.5 0.8 THUNDER BRIDGE C TBCPU US 415.0 389.1 (10.4) THUNDER BRIDGE-A TBCP US 415.0 389.1 (10.4) TORRID HOLDINGS CURV US - - - TPG PACE SOLUTIO TPGS US 1.4 (0.0) (0.0) TRANSAT A.T. TRZ CN 1,862.3 (66.0) (127.8) TRANSAT A.T. TRZBF US 1,862.3 (66.0) (127.8) TRANSDIGM - BDR T1DG34 BZ 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP TDG US 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP T7D GR 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP TDGEUR EU 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP T7D QT 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP TDGEUR EZ 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP T7D TH 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP TDG* MM 19,089.0 (3,132.0) 5,087.0 TRANSPHORM INC TGAN US 14.0 (31.0) (6.1) TRAVEL + LEISURE TNL US 6,639.0 (918.0) 653.0 TRAVEL + LEISURE WD5A GR 6,639.0 (918.0) 653.0 TRAVEL + LEISURE WD5A TH 6,639.0 (918.0) 653.0 TRAVEL + LEISURE WD5A QT 6,639.0 (918.0) 653.0 TRAVEL + LEISURE WYNEUR EU 6,639.0 (918.0) 653.0 TRAVEL + LEISURE 0M1K LI 6,639.0 (918.0) 653.0 TRAVEL + LEISURE WD5A GZ 6,639.0 (918.0) 653.0 TRIUMPH GROUP TG7 GR 1,883.5 (826.2) 444.5 TRIUMPH GROUP TGI US 1,883.5 (826.2) 444.5 TRIUMPH GROUP TG7 TH 1,883.5 (826.2) 444.5 TRIUMPH GROUP TGIEUR EU 1,883.5 (826.2) 444.5 TRIUMPH GROUP TG7 GZ 1,883.5 (826.2) 444.5 TUPPERWARE BRAND TUP GR 1,194.4 (112.8) (341.6) TUPPERWARE BRAND TUP US 1,194.4 (112.8) (341.6) TUPPERWARE BRAND TUP1EUR EZ 1,194.4 (112.8) (341.6) TUPPERWARE BRAND TUP QT 1,194.4 (112.8) (341.6) TUPPERWARE BRAND TUP GZ 1,194.4 (112.8) (341.6) TUPPERWARE BRAND TUP TH 1,194.4 (112.8) (341.6) TUPPERWARE BRAND TUP1EUR EU 1,194.4 (112.8) (341.6) 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 USY1 TH 2,376.3 (263.8) 467.3 UNISYS CORP USY1 GR 2,376.3 (263.8) 467.3 UNISYS CORP UIS US 2,376.3 (263.8) 467.3 UNISYS CORP UIS1 SW 2,376.3 (263.8) 467.3 UNISYS CORP UISEUR EU 2,376.3 (263.8) 467.3 UNISYS CORP UISCHF EU 2,376.3 (263.8) 467.3 UNISYS CORP UISCHF EZ 2,376.3 (263.8) 467.3 UNISYS CORP UISEUR EZ 2,376.3 (263.8) 467.3 UNISYS CORP USY1 GZ 2,376.3 (263.8) 467.3 UNISYS CORP USY1 QT 2,376.3 (263.8) 467.3 UNITI GROUP INC UNIT US 4,745.4 (2,133.4) - UNITI GROUP INC 8XC GR 4,745.4 (2,133.4) - UNITI GROUP INC 8XC TH 4,745.4 (2,133.4) - UNITI GROUP INC 8XC GZ 4,745.4 (2,133.4) - VECTOR GROUP LTD VGR US 1,496.4 (592.0) 472.2 VECTOR GROUP LTD VGR GR 1,496.4 (592.0) 472.2 VECTOR GROUP LTD VGREUR EZ 1,496.4 (592.0) 472.2 VECTOR GROUP LTD VGR TH 1,496.4 (592.0) 472.2 VECTOR GROUP LTD VGR QT 1,496.4 (592.0) 472.2 VECTOR GROUP LTD VGREUR EU 1,496.4 (592.0) 472.2 VECTOR GROUP LTD VGR GZ 1,496.4 (592.0) 472.2 VERA THERAPEUTIC VERA US 97.6 92.2 92.1 VERISIGN INC VRS TH 1,741.4 (1,417.8) 190.7 VERISIGN INC VRS GR 1,741.4 (1,417.8) 190.7 VERISIGN INC VRSN US 1,741.4 (1,417.8) 190.7 VERISIGN INC VRSNEUR EZ 1,741.4 (1,417.8) 190.7 VERISIGN INC VRS QT 1,741.4 (1,417.8) 190.7 VERISIGN INC VRS GZ 1,741.4 (1,417.8) 190.7 VERISIGN INC VRSNEUR EU 1,741.4 (1,417.8) 190.7 VERISIGN INC VRSN* MM 1,741.4 (1,417.8) 190.7 VERISIGN INC-BDR VRSN34 BZ 1,741.4 (1,417.8) 190.7 VERISIGN-CEDEAR VRSN AR 1,741.4 (1,417.8) 190.7 VIVINT SMART HOM VVNT US 2,973.8 (1,630.6) (327.2) WALDENCAST ACQ-A WALD US 346.3 301.9 1.0 WALDENCAST ACQUI WALDU US 346.3 301.9 1.0 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 4,681.2 (1,541.9) 908.2 WAYFAIR INC- A W* MM 4,681.2 (1,541.9) 908.2 WAYFAIR INC- A 1WF GZ 4,681.2 (1,541.9) 908.2 WAYFAIR INC- A WEUR EZ 4,681.2 (1,541.9) 908.2 WAYFAIR INC- A WEUR EU 4,681.2 (1,541.9) 908.2 WAYFAIR INC- A 1WF GR 4,681.2 (1,541.9) 908.2 WAYFAIR INC- A 1WF TH 4,681.2 (1,541.9) 908.2 WAYFAIR INC- A 1WF QT 4,681.2 (1,541.9) 908.2 WAYFAIR INC- BDR W2YF34 BZ 4,681.2 (1,541.9) 908.2 WIDEOPENWEST INC WOW1EUR EZ 2,487.3 (184.2) (129.1) WIDEOPENWEST INC WOW US 2,487.3 (184.2) (129.1) WIDEOPENWEST INC WU5 GR 2,487.3 (184.2) (129.1) WIDEOPENWEST INC WU5 TH 2,487.3 (184.2) (129.1) WIDEOPENWEST INC WOW1EUR EU 2,487.3 (184.2) (129.1) WIDEOPENWEST INC WU5 QT 2,487.3 (184.2) (129.1) WIDEOPENWEST INC WU5 GZ 2,487.3 (184.2) (129.1) WINGSTOP INC WING US 234.3 (322.2) 33.1 WINGSTOP INC EWG GR 234.3 (322.2) 33.1 WINGSTOP INC WING1EUR EU 234.3 (322.2) 33.1 WINGSTOP INC EWG GZ 234.3 (322.2) 33.1 WINMARK CORP WINA US 27.0 (12.7) 4.9 WINMARK CORP GBZ GR 27.0 (12.7) 4.9 WW INTERNATIONAL WW US 1,435.3 (537.9) 12.7 WW INTERNATIONAL WW6 GR 1,435.3 (537.9) 12.7 WW INTERNATIONAL WTWEUR EZ 1,435.3 (537.9) 12.7 WW INTERNATIONAL WTW AV 1,435.3 (537.9) 12.7 WW INTERNATIONAL WTWEUR EU 1,435.3 (537.9) 12.7 WW INTERNATIONAL WW6 QT 1,435.3 (537.9) 12.7 WW INTERNATIONAL WW6 GZ 1,435.3 (537.9) 12.7 WW INTERNATIONAL WW6 TH 1,435.3 (537.9) 12.7 WYNN RESORTS LTD WYR TH 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYNN* MM 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYNN US 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYR GR 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYNNEUR EZ 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYR QT 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYR GZ 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYNNEUR EU 13,022.7 (353.8) 676.8 WYNN RESORTS-BDR W1YN34 BZ 13,022.7 (353.8) 676.8 YELLOW CORP YEL GR 2,491.2 (286.4) 303.9 YELLOW CORP YEL QT 2,491.2 (286.4) 303.9 YELLOW CORP YRCWEUR EU 2,491.2 (286.4) 303.9 YELLOW CORP YRCWEUR EZ 2,491.2 (286.4) 303.9 YELLOW CORP YEL1 TH 2,491.2 (286.4) 303.9 YELLOW CORP YELL US 2,491.2 (286.4) 303.9 YELLOW CORP YEL GZ 2,491.2 (286.4) 303.9 YUM! BRANDS -BDR YUMR34 BZ 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC TGR TH 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC TGR GR 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC YUM US 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC YUMUSD SW 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC YUMEUR EZ 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC YUM AV 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC TGR TE 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC YUMEUR EU 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC TGR QT 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC YUM SW 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC TGR GZ 5,649.0 (7,893.0) (44.0) YUM! BRANDS INC YUM* MM 5,649.0 (7,893.0) (44.0) ZETA GLOBAL HO-A ZETA US 354.5 53.1 97.4 ZHEN DING RESOUR RBTK US 0.0 (10.1) (10.1) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2021. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***