/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/211102.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, November 2, 2021, Vol. 25, No. 305 Headlines 286 RIDER AVE: Seeks to Employ Rosewood Realty as Broker 37 VENTURES LLC: Affiliate Taps Bangerter Lund as Auditor 4202 PARTNERS: Creditor Says Plan Saves Company From Liquidation 4218 PARTNERS: Updates Maguire Secured Claims Pay; Amends Plan A.B. WON PAT: S&P Lowers Senior-Lien Revenue Bond Rating to 'BB' AARNA HOTELS: $23M Sale to Midas Acquisition to Fund Plan ABC FINANCIAL: S&P Alters Outlook to Stable, Affirms 'B-' ICR ABRI HEALTH CARE: Court Confirms 2nd Amended Subchapter V Plan ADVANTAGE HOLDCO: Dec. 10 Plan & Disclosure Hearing Set ADVANTAGE HOLDCO: Updates Truist Bank Secured Claims Pay Details AFFINOR GROWERS: Still Working on 2021 Financial Statements ANSON FINANCIAL: Seeks to Hire Magan Law as Special Counsel ARCHDIOCESE OF NEW ORLEANS: Settles Whistleblower Suit for $1 Mil. ASBURY AUTOMOTIVE: Moody's Confirms Ba2 CFR Amid LHM & TCA Deals ASTON CUSTOM: Amends Plan to Address Objecting Creditors' Claims AVIENT CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings BATH & BODY: Egan-Jones Hikes Senior Unsecured Ratings to B+ BEACH RESORTS: Unsecured Creditors to be Paid in Full in 5 Years BRIGHTER CHOICE: S&P Rates 2021A Revenue Refunding Bonds 'BB+' BURNING HOLLOW: Seeks to Hire Gellert as Bankruptcy Counsel CALPLANT I LLC: Seeks to Hire Morrison & Foerster as Legal Counsel CALPLANT I: Seeks to Hire Prime Clerk as Administrative Advisor CANTON II: S&P Lowers 2011A-B Housing Revenue Bond Rating to 'CCC' CHISOM HOUSING: S&P Affirms 'B-' Rating on 2012A Revenue Bonds CLEANSPARK INC: Chief Technology Officer Resigns CONTERRA ULTRA: S&P Affirms 'B-' ICR, Outlook Stable DELTA AIR: Egan-Jones Keeps B Senior Unsecured Ratings DOMINO'S PIZZA: Egan-Jones Keeps BB- Senior Unsecured Ratings EAGLE HOSPITALITY: US Trustee Calls Chapter 11 Docs Convoluted ENPRO INDUSTRIES: Egan-Jones Cuts Senior Unsecured Ratings to BB- EXACTUS INC: Changes Name to 'Panacea Life Sciences Holdings' FLORIDA TILT: Unsecured Creditors to Recover 1.5% Under Plan FORMETAL COMPANY: Amends Class 7 Secured Claim Pay Details FROZEN FOODS: Voluntary Chapter 11 Case Summary GAMESTOP CORP: Chief Operating Officer Quits GOODMEASURE WISDOM: Seeks to Hire Gary S. Poretsky as Legal Counsel GORHAM PAPER: $7M Unsecured Claims to Recover 2% to 5% in Plan GREYSTONE SELECT: S&P Ups ICR to B on Better Financial Performance GROWLIFE INC: CEO Issues Letter to Shareholders GRUPO POSADAS: Unsecured Creditors be Paid in Full or be Reinstated GTT COMMUNICATIONS: Case Summary & 30 Largest Unsecured Creditors GTT COMMUNICATIONS: Files for Chapter 11 With Prepackaged Plan GULF COAST HEALTH: Nov. 12 Final Hearing on $25MM DIP Loan GUY WILLIAM MORRIS: Inn World's SDNY Suit Dismissed HANDL NEW YORK: Ongoing Revenues to Fund Plan Payments HBL SNF: Voluntary Chapter 11 Case Summary HELIX ACQUISITION: Moody's Hikes CFR to 'B3', Outlook Stable HEXCEL CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings KINTARA THERAPEUTICS: John Liatos Quits as SVP Business Development LATAM AIRLINES: Agrees to Ch. 11 Plan Mediation, Financing Talks LEWISBERRY PARTNERS: Puleos to Contribute Revenue to Plan Funding LOUISIANA CRANE: Files Amendment to Disclosure Statement LOVE FAMILY: Case Summary & 7 Unsecured Creditors LTL MANAGEMENT: Administrator Forms Talc Claimants Committee LTL MANAGEMENT: Formation of Talc Claimants' Committee Sought MAGNOLIA STORAGE: Case Summary & 2 Unsecured Creditors MALLINCKRODT PLC: Votes Disputed on Eve of Chapter 11 Plan Hearing MARINIA TOWERS: Voluntary Chapter 11 Case Summary MARTIN MIDSTREAM: S&P Alters Outlook to Stable, Affirms 'B-' ICR MOMENTIVE INC: Zendesk Transaction No Impact on Moody's B2 CFR MUSCLE MAKER: Unit Signs Master Franchise Agreement With Almatrouk NATIONAL CAMPUS: S&P Affirms 'CCC' Rating on 2015A/B Rev. Bonds NCCD-ORANGE COAST: S&P Affirms 'BB' Rating on 2018 Revenue Bonds NEP/NCP HOLDCO: Moody's Hikes CFR to B3 & Alters Outlook to Stable NEUMEDICINES INC: Executes Settlement Agreement with Basile Estate NS8 INC: Cyber Litigation Slams Ex-Legal Chief's Insurance Bid PACIFIC ENVIRONMENTAL: Unsecureds to Recover 10% in 5 Years PENINSULA PACIFIC: Moody's Raises CFR to B3, Outlook Stable PLAQUEMINE BAYOU: Dec. 8 Plan Confirmation Hearing Set PRESIDIO DEVELOPMENT: Taps Marcus & Millichap as Real Estate Broker PWM PROPERTY: Owner of 2 Premium Buildings File for Chapter 11 QUORUM HEALTH: Community Health Faces Lawsuit on Bankruptcy RED RIVER WASTE: U.S. Trustee Appoints Creditors' Committee RENNOVA HEALTH: Expects $4M Proceeds From Preferred Shares Sale RESULTS FITNESS: Seeks to Hire Adele M. Wade as Accountant RICHMOND EVENTS: Gets OK to Hire Pick & Zabicki as Legal Counsel SAFE CARE AMBULANCE: IRS to Recover 100% w/ Interest in 50 Months SCIENTIFIC GAMES: Moody's Puts B3 CFR Under Review for Upgrade SEANERGY MARITIME: To Buy 17th Capesize Vessel for $34.3M TEA STATION: Court Rejects Zhao's $7MM Employee Class Claim TITAN INTERNATIONAL: Increases Domestic Credit Facility to $125M TRAVEL + LEISURE: S&P Alters Outlook to Stable, Affirm 'BB-' ICR UNISYS CORP: Moody's Ups CFR & $485MM Notes Due 2027 to B1 VAUGHN ENVIRONMENTAL: Taps Walter Hopkins & Company as Accountant WILLIE L. STEPHENS: Case Summary & 20 Largest Unsecured Creditors WISH WASH 7: Seeks to Hire Stephen Orchard as Legal Counsel [^] Large Companies with Insolvent Balance Sheet ********* 286 RIDER AVE: Seeks to Employ Rosewood Realty as Broker -------------------------------------------------------- 286 Rider Ave Acquisition, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Rosewood Realty Group to market for sale its real property located at 286 Rider Ave., Bronx, N.Y. Rosewood agreed to be compensated through a 4.5 percent buyer's premium or 5.0 percent should there be a co-broker arrangement on the purchase price of the property, which is customary for sales of this size. As disclosed in court filings, Rosewood is a disinterested person pursuant to Section 101(14) of the Code. The firm can be reached through: Greg Corbin Rosewood Realty Group 38 East 29th Street, 5th Fl. New York, NY 10016 Phone: +1 212-359-9900 Email: Greg@rosewoodrg.com About 286 Rider Ave Acquisition 286 Rider Ave Acquisition, LLC filed a Chapter 11 petition (Bankr. S.D. N.Y. Case No. 21-11298) on July 15, 2021, listing as much as $10 million in both assets and liabilities. Lee E. Buchwald, manager, signed the petition. Judge Lisa G. Beckerman oversees the case. Fred B. Ringel, Esq., at Robinson Brog Leinwand Greene Genovese & Gluck, P.C., serves as the Debtor's legal counsel. 37 VENTURES LLC: Affiliate Taps Bangerter Lund as Auditor --------------------------------------------------------- Larada Sciences, Inc., an affiliate of 37 Ventures, LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Bangerter Lund & Associates as independent auditor. The firm's services include: a. auditing the financial statements of Larada Sciences, which comprise the balance sheet as of December 31, 2020; b. conducting tests of documentary evidence supporting the transactions recorded in the accounts, testing the physical existence of inventories, and directing confirmation of certain assets and liabilities by correspondence with selected customers, creditors, and financial institutions; c. examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; d. evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management as well as evaluating the overall presentation of the financial statements; e. obtaining an understanding of Larada Sciences and its environment, including internal control, sufficient to assess the risks of material misstatement of the financial statements, and designing the nature, timing and extent of further audit procedures; f. preparing the financial statements of Larada Sciences; and g. performing other customary functions of an auditor as the need may arise. The firm's hourly rates are as follows: Aaron Lund $225 per hour Lance Mortensen $195 per hour Eric Casperson $150 per hour Staffs $105 to $225 per hour Bangerter will also be reimbursed for out-of-pocket expenses incurred. Aaron Lund, a partner at Bangerter, 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: Aaron Lund Bangerter Lund & Associates 300 South 200 West Bountiful, UT 84010 Tel: (801) 397-1000 Email: aaron@bangertercpa.com About 37 Ventures 37 Ventures, LLC, a company based in Thousand Oaks, Calif., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-10261) on March 18, 2021. Its affiliate, Larada Sciences, Inc., a Utah-based company that owns and operates clinics dedicated to head lice prevention and treatment, filed a Chapter 11 petition (Bankr. C.D. Calif. Case No. 21-10269) on March 19, 2021. The cases are jointly administered under Case No. 21-10261. Judge Deborah J. Saltzman oversees the cases. In their petitions, 37 Ventures and Larada Sciences disclosed assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Levene Neale Bender Yoo & Brill, LLP serves as 37 Ventures' legal counsel. Larada Sciences tapped Cohne Kinghorn, PC as bankruptcy counsel, Zolkin Talerico LLP as local counsel, and Rocky Mountain Advisory, LLC as financial advisor. 4202 PARTNERS: Creditor Says Plan Saves Company From Liquidation ---------------------------------------------------------------- 4202 Fort Hamilton Debt LLC, plan proponent and secured creditor of 4202 Partners LLC, submitted a Third Amended Disclosure Statement in support of Fourth Amended Chapter 11 Plan of Liquidation for Debtor 4202 Partners LLC dated October 26, 2021. Fort Hamilton Debt is the proponent of the Lender's Plan. The Plan Proponent believes that if the Lender's Plan is not approved, the 4202 Debtor's Chapter 11 Case will most likely be converted to a liquidation case under Chapter 7 of the Bankruptcy Code. This outcome likely will lead to increased expenses and an increase in the number of claims against the 4202 Debtor, which means less funds available to pay each creditor. Specifically, any distributions to creditors would be reduced by the amount of statutory commissions owed to any Chapter 7 Trustee. As an example, if the 4202 Property sold for $9,000,000, the Trustee's commissions would be $293,250, and additional fees would be incurred to pay the Chapter 7 Trustee's professionals, such as attorneys, brokers, and/or an auctioneer. The amount of such fees is difficult to predict or estimate, but in a matter of this nature, such fees could exceed $50,000 for legal fees alone, not including broker and auctioneer commissions and hard costs that easily could exceed $100,000. Moreover it is reasonably likely that in a Chapter 7 bankruptcy, a sale of the 4202 Property will lead to a lower price given the nature of Chapter 7 sales. Claims Against the 4202 Debtor's Estate Very few claims against the 4202 Debtor exist. The Claim filed by Fort Hamilton Debt (the Fort Hamilton Debt Secured Claim) based on its loan agreement with the 4202 Debtor reflects a total amount due of $16,180,948.47, which consists of the $10,000,000.00 unpaid principal balance, $6,080,003.04 in prepetition contract- and default-rate interest and postpetition interest, a tax payment in the amount of $95,396.81, late fees, an exit fee, and attorneys' fees and costs, which fees, costs, and postpetition interest continue to accrue. As noted in the immediately preceding section, the 4202 Debtor has taken the position that Fort Hamilton Debt is undersecured. Aside from the Fort Hamilton Debt Secured Claim, the 4202 Debtor bankruptcy schedules disclose: (a) an unsecured personal injury claim valued at $0.00 and held by Angel De La Rosa; (b) an unsecured claim valued at $500.00 held by B&H Builders; (c) an unsecured claim valued at $35,000.00 held by Cycle Architect & Planning; (d) an unsecured claim valued at $97.49 and held by the Department of Environmental Protection; (e) an unsecured claim valued at $0.00 and held by the New York City Department of Finance and Legal Affairs; (f) an unsecured claim valued at $0.00 and held by the New York City Environmental Control Board; (g) an unsecured claim valued at $0.00 and held by Wifi Construction LLC; and (h) a secured claim valued at $67,979.97 and held by the New York City Department of Finance for unpaid real property taxes, which unpaid taxes Fort Hamilton Debt has since paid. The bar date for filing proofs of claim has long since passed. Only four proofs of claim were filed: (1) the Fort Hamilton Debt Secured Claim; (2) Maguire's proof of claim in an unspecified amount based on its loan agreement with the 4218 Debtor and the transfer of Air Rights between the 4202 Debtor and 4218 Debtor, which claim will be withdrawn or expunged in the event that both the Lender's Plan and the plan proposed by Maguire with respect to the 4218 Debtor are confirmed and, as a result, has not been classified; (3) a proof of claim filed by the New York City Water Board in the amount of $98.63 (secured); and (4) a proof of claim filed by the New York City Office of Administrative Trials and Hearings in the amount of $3,268.00 (secured) and $390.00 (unsecured). Counsel for the 4202 Debtor, Goldberg Weprin Finkel Goldstein LLP, has advised the Plan Proponent that the 4202 Debtor's projected attorneys' fees incurred in this case will be approximately $150,000. Goldberg Weprin Finkel Goldstein LLP is required to file with the Bankruptcy Court an application for allowance of its fees and expenses as an administrative claim. The Plan Proponent has reserved its right to object to such fees, and the Office of the United States Trustee also has an obligation to review and comment on same. The Plan Proponent is not aware of any other administrative claims against the 4202 Debtor or its Estate, but also is not privy to the 4202 Debtor's books and records. The 4202 Debtor is not the Plan Proponent, and the Plan Proponent does not have access to the 4202 Debtor's books and records. Any party in interest should consult the monthly operating reports filed with the Bankruptcy Court by the 4202 Debtor for information regarding the 4202 Debtor's financial condition during the Chapter 11 case. It is apparent that the 4202 Debtor has not generated income from its ownership and management of the 4202 Property, and the 4202 Debtor failed to satisfy its obligation to pay postpetition real estate taxes until expressly ordered to do so by the Bankruptcy Court. Class 1 consists of the Fort Hamilton Debt Secured Claim. In exchange for the full and final satisfaction, settlement, and release of the Fort Hamilton Debt Secured Claim solely with respect to the 4202 Debtor, Fort Hamilton Debt shall: (a) receive the 4202 Property through the Sale, if Fort Hamilton Debt is the Successful Bidder at an Auction of the 4202 Property individually; (b) receive the 4202 Property and the 4218 Property through the Sale, if Fort Hamilton Debt is the Successful Bidder at an Auction of the 4202 Property jointly with the 4218 Property; (c) if Fort Hamilton Debt is not the Successful Bidder, the Sale occurs through an Auction of the 4202 Property jointly with the 4218 Property, and the proceeds are insufficient to pay in full the Allowed Fort Hamilton Debt Secured Claim and Maguire's Allowed Secured Claim, be paid the Sale Proceeds up to the amount of the unpaid principal balance underlying the Fort Hamilton Debt Secured Claim, and once Maguire has received the unpaid principal balance underlying its Secured Claim against the 4218 Debtor, any Sale Proceeds remaining shall be distributed to Fort Hamilton Debt and Maguire in proportion to each of their Claims as fixed for purposes of this Lender's Plan and Maguire's proposed plan; (d) if Fort Hamilton Debt is not the Successful Bidder, the Sale occurs through an Auction of the 4202 Property jointly with the 4218 Property, and the proceeds are sufficient to pay in full the Allowed Fort Hamilton Debt Secured Claim and Maguire's Allowed Secured Claim, be paid the Sale Proceeds up to the amount of the Allowed Fort Hamilton Debt Secured Claim Secured Claim; or (e) if Fort Hamilton Debt is not the Successful Bidder and the sale occurs through an Auction of the 4202 Property individually, receive the Sale Proceeds up to the amount of the Allowed Fort Hamilton Debt Secured Claim; provided, however, that the Allowed Fort Hamilton Debt Secured Claim for purposes of the Lender's Plan shall be capped at the same amount as Fort Hamilton Debt's Credit Bid for purposes of the Lender's Plan unless and until holders of Claims in Class 3 (General Unsecured Claims) have been paid in full, at which point in time Fort Hamilton Debt will be entitled to a distribution up to the full amount of its uncapped Allowed Secured Claim, as reflected in the Bankruptcy Court's claims register at the time of such distribution, until such uncapped Allowed Secured Claim is paid in full and before any distributions shall be made to any class of Claims or Interests lower in priority than Class 3 (General Unsecured Claims); and further provided that any deficiency amount that remains after payment of the Allowed Fort Hamilton Debt Secured Claim shall not be paid from the General Unsecured Claim Carve-Out established for payment of Claims in Class 3 (General Unsecured Claims). Fort Hamilton Debt has agreed to cap its Credit Bid at $12,288,452.37, which amount is comprised of the unpaid principal balance of its loan to the 4202 Debtor in the amount of $10,000,000, unpaid prepetition interest at the non-default contract rate in the amount of $2,193,055.56, and the total amount of $95,396.81 paid by Fort Hamilton Debt in real estate taxes and charges that the 4202 Debtor failed to pay. Except with regard to the cap imposed on the Credit Bid, Fort Hamilton Debt fully reserves its right to assert as part of its Secured Claim any and all obligations of the 4202 Debtor, including additional interest, default interest, and attorneys' fees and expenses, that are due and owing. Fort Hamilton Debt also reserves all rights with respect to the amount of its Secured Claim in the event that such Secured Claim is oversecured. Means for Plan Implementation This Lender's Plan will be funded in connection with the sale free and clear of all liens, Claims, encumbrances, and interests in the 4202 Property pursuant to Section 363 of the Bankruptcy Code. The sale will be a free and clear transfer to either a third party for cash consideration or to Fort Hamilton Debt by way of Credit Bid, as set forth in the procedures for the Sale set forth herein. Distributions to creditors of the 4202 Debtor will be funded from the Sale Proceeds if such funds are sufficient to fund all such distributions. The Plan Proponent shall fund distributions to satisfy the Allowed Administrative Expense Claims, Allowed Professional Fee Claims, Allowed Priority Tax Claims, and Bankruptcy Fees and shall fund up to $5,000 for the payment of Allowed General Unsecured Claims (the "General Unsecured Claim Carve-Out"). The General Unsecured Claim Carve-Out shall only be funded and available if the Lender's Plan is confirmed. The Lender's Plan and the plan of liquidation proposed by Maguire contemplate the possibility that the 4202 Property and the 4218 Property will be sold jointly, in which case the Sale Proceeds will be used first to pay the unpaid principal balances underlying the Fort Hamilton Debt Secured Claim and the Maguire Secured Claim, then divided between Fort Hamilton Debt and Maguire in proportion to their respective Claims, with any Sale Proceeds remaining after the foregoing distributions being distributed among the holders of Claims against the 4202 Debtor and the 4218 Debtor before being distributed to Fort Hamilton Debt and Maguire in satisfaction of any remaining amounts owed on their respective Allowed Secured Claims. A full-text copy of the Third Amended Disclosure Statement dated October 26, 2021, is available at https://bit.ly/3pWx3IS from PacerMonitor.com at no charge. Attorneys for 4202 Fort Hamilton Debt LLC, Plan Proponent: Jerry Montag, Esq. Seyfarth Shaw LLP 620 8th Avenue New York, NY 10018 Telephone: (212) 218-4646 Facsimile: (917) 344-1339 Email: jmontag@seyfarth.com - and - M. Ryan Pinkston, Esq. Seyfarth Shaw LLP 560 Mission Street, Suite 3100 San Francisco, CA 94105 Telephone: (415) 544-1013 Facsimile: (415) 397-8549 Email: rpinkston@seyfarth.com About 4202 Partners 4202 Partners LLC, based in Brooklyn, NY, filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 20-42438). In the petition signed by Samuel Pfeiffer, manager, the Debtor listed $6,500,000 in assets and $12,403,577 in liabilities. Goldberg Weprin Finkel Goldstein LLP serves as bankruptcy counsel to the Debtor. 4218 PARTNERS: Updates Maguire Secured Claims Pay; Amends Plan -------------------------------------------------------------- Maguire Ft. Hamilton LLC, a secured creditor of 4218 Partners LLC and Plan proponent, on October 26, 2021, submitted a Third Amended Disclosure Statement in support of its Fourth Amended Chapter 11 Plan of Liquidation for the Debtor. Maguire is the proponent of the Lender's Plan. The Plan Proponent believes that if the Lender's Plan is not approved, the 4218 Debtor's Chapter 11 Case will most likely be converted to a liquidation case under Chapter 7 of the Bankruptcy Code. Specifically, any distributions to creditors would be reduced by the amount of statutory commissions owed to any Chapter 7 Trustee. As an example, if the 4218 Property sold for $9,000,000, the Trustee's commissions would be $293,250 and additional fees would be incurred to pay the Chapter 7 Trustee's professionals, such as attorneys, brokers and/or an auctioneer. The amount of such fees is difficult to predict or estimate, but in a matter of this nature, such fees could exceed $50,000 for legal fees alone, not including broker and auctioneer commissions and hard costs that easily could exceed $100,000. Moreover, it is reasonably likely that in Chapter 7 bankruptcy, a sale of the 4218 Property will lead to a lower price given the nature of Chapter 7 sales. Litigation Regarding Guaranty On or about May 7, 2021, Maguire commenced an action in New York Supreme Court, New York County against the Guarantors to enforce the personal guarantee, which action is pending under Index No. 653031/2021. On or about August 12, 2021, the Guarantors commenced an action in New York Supreme Court, Kings County against Maguire and the Original Lender seeking a declaratory judgment voiding and cancelling the personal guarantees of Plaintiffs, which action is pending under Index No. 20577/2021. The litigation with the Guarantors does not impact the estate or the creditors in this case. Neither of the Guarantors are creditors or equity holders in the Debtor. Claims Against the Estate Only a few claims were filed in the 4218 Debtor's case. The most significant unsecured claim that was scheduled by the 4218 Debtor was for a company called Snap Developers LLC ("Snap") (which is owned by Dina Krausz and Samuel Pfeiffer, the Guarantors) in the amount of $511,045.50; however it has subsequently been acknowledged that neither the Guarantors nor Snap will be asserting claims against the 4218 Debtor, so this claim should either be withdrawn or expunged. See Supplemental Declaration of Shabsi Pfeiffer and Dina Krauz in Support of Retention of Goldberg Weprin counsel for 4202 Debtor. The total amount of general unsecured claims, including the Snap claim, is $1,128,619.00. The total amount of general unsecured claims, not including the Snap claim, is $617,573.50. The Bar Date has long since passed. The total amount of secured claims, including the Claim filed by Maguire in the 4218 Debtor's Case, is $21,920,434.06. This total amount also includes the Secured Claim of 4202 Fort Hamilton Debt, LLC ("Fort Hamilton Debt") in the amount of $11,885,079.36. This claim relates to the Air Rights Dispute, will be withdrawn or expunged in the event that both the Lender's Plan and Fort Hamilton Debt's Plan are confirmed, and, as such, has not been classified. Counsel for the 4218 Debtor, Nutovic & Associates, has advised the Plan Proponent that during the period of the Petition Date through October 31, 2021, the 4218 Debtor has incurred legal fees and expenses in the amount of $145,000. Nutovic & Associates is required to file an application with the Bankruptcy Court for allowance of its fees and expenses as an administrative claim. The Plan Proponent has reserved its right to object to such fees, the Office of the United States Trustee also has an obligation to review and comment on the same. The 4218 Debtor is not the Plan Proponent, and the Plan Proponent does not have access to the Debtor's books and records. Any party in interest should consult the monthly operating reports filed with the Bankruptcy Court by the 4218 Debtor for information regarding the 4218 Debtor's financial condition during the Chapter 11 case. It is apparent that the 4218 Debtor has not generated income from its ownership and management of the 4218 Property and the 4218 Debtor has failed to pay its post-petition real estate taxes, until expressly ordered to do so by the Bankruptcy Court. Class 1 consists of the Maguire Secured Claim. For purposes of the Lender's Plan, and the Sale, the Maguire Secured Claim consists of and is fixed as an Allowed Claim with a value in the amount of the aggregate sum of: (a) the principal amount of Maguire's prepetition loan to the 4218 Debtor; (b) prepetition interest on such principal amount at the non-default contract interest rate. Treatment: Maguire shall: (a) receive the 4218 Property through the Sale, if Maguire is the Successful Bidder at an Auction of the 4218 Property individually; (b) receive the 4218 Property and the 4202 Property through the Sale, if Maguire is the Successful Bidder at an Auction of the 4218 Property jointly with the 4202 Property; (c) if Maguire is not the Successful Bidder, the Sale occurs through an Auction of the 4218 Property jointly with the 4202 Property, and the proceeds are insufficient to pay in full Maguire's Allowed Secured Claim and Fort Hamilton Debt's Allowed Secured Claim, be paid the Sale Proceeds up to the amount of the unpaid principal balance underlying the Maguire Secured Claim, and once Fort Hamilton Debt has received the unpaid principal balance underlying its Secured Claim against the 4202 Debtor, any Sale Proceeds remaining shall be distributed to Maguire and Fort Hamilton Debt; (d) if Maguire is not the Successful Bidder, the sale occurs through an Auction of the 4218 Property jointly with the 4202 Property, and the proceeds are sufficient to pay in full Maguire's Allowed Secured Claim and Fort Hamilton Debt's Allowed Secured Claim, be paid the Sale Proceeds up to the amount of Maguire's Allowed Secured Claim; or (e) if Maguire is not the Successful Bidder and the Sale occurs through an Auction of the 4218 Property individually, receive the Sale Proceeds up to the amount of Maguire's Allowed Secured Claim; provided, however, that Maguire's Allowed Secured Claim for purposes of the Lender's Plan shall be capped at the same amount as Maguire's Credit Bid for purposes of the Lender's Plan unless and until holders of Claims in Class 3 (General Unsecured Claims) have been paid in full, at which point in time Maguire will be entitled to a distribution up to the full amount of its uncapped Allowed Secured Claim, until such uncapped Allowed Secured Claim is paid in full and before any distributions shall be made to any class of Claims or Interests lower in priority than Class 3 (General Unsecured Claims); and further provided that any deficiency amount that remains after payment of Maguire's Allowed Secured Claim shall not be paid from the General Unsecured Claim Carve-Out established for payment of Claims in Class 3 (General Unsecured Claims). Maguire has agreed to cap its Credit Bid at $9,171,278, which amount is comprised of the unpaid principal balance of its loan to the 4218 Debtor in the amount of, $8,250,000, less the interest reserve under the mortgage on the amount of the $742,500, plus unpaid pre-petition interest at the non-default contract rate in the amount of $1,663,778. Except with regard to the cap imposed on the Credit Bid, Maguire fully reserves its right to assert as part of its Secured Claim any and all obligations, including additional interest (including the interest reserve), default interest, and attorneys' fees and any expenses incurred and which are due and owing on account of Maguire's Allowed Secured Claim. Maguire also reserves all rights with respect to the amount of its Secured Claim in the event that such Secured Claim is oversecured. Means for Plan Implementation This Lender's Plan will be funded in connection with the sale free and clear of all liens, Claims, encumbrances, and interests in the 4218 Property pursuant to Section 363 of the Bankruptcy Code. The Sale will be a free and clear transfer to either a third party for cash consideration, or to Maguire by way of Credit Bid, as set forth in the procedures for the Sale. Distributions to creditors of the 4218 Debtor will be funded from the Sale Proceeds if such funds are sufficient to fund all such distributions. The Plan Proponent shall fund distributions to satisfy the Allowed Administrative Expense Claims, Allowed Professional Fee Claims, Allowed Priority Tax Claims, and Bankruptcy Fees and shall fund up to $10,000 for the payment of Allowed General Unsecured Claims (the "General Unsecured Claim Carve-Out"). The General Unsecured Claim Carve-Out shall only be funded and available if the Lender's Plan is confirmed. The Lender's Plan and the plan of liquidation proposed by Fort Hamilton Debt contemplate the possibility that the 4218 Property and the 4202 Property will be sold jointly, in which case the Sale Proceeds will be used first to pay the unpaid principal balances underlying the Maguire Secured Claim and Fort Hamilton Debt Secured Claim, then divided between Maguire and Fort Hamilton Debt in proportion to their respective Claims, with any Sale Proceeds remaining after the foregoing distributions being distributed among the holders of Claims against the 4218 Debtor and the 4202 Debtor before being distributed to Maguire and Fort Hamilton Debt in satisfaction of any remaining amounts owed on their respective Allowed Secured Claims. In connection with any Auction, Maguire shall have the right to bid all or a portion of the Maguire Secured Claim within the meaning of Section 363(k) of the Bankruptcy Code (the "Credit Bid"). Maguire has agreed to cap its Credit Bid at 9,171,278, which is comprised of the unpaid principal balance of the loan in the original amount of, $8,250,000, less the interest reserve under the mortgage on the amount of the $742,500, plus unpaid pre petition interest at the non-default contract rate in the amount of $1,663,778. Notwithstanding the foregoing and for the avoidance of doubt, Fort Hamilton Debt or Maguire, or both, may submit a cash Bid at any Auction. A full-text copy of the Third Amended Disclosure Statement dated October 26, 2021, is available at https://bit.ly/3vYJ0im from PacerMonitor.com at no charge. Counsel for Maguire Ft. Hamilton LLC, Plan Proponent for 4218 Partners LLC: Leslie A. Berkoff, Esq. Moritt Hock & Hamroff LLP 400 Garden City Plaza Garden City, NY 11530 Telephone: (516) 873-2000 About 4218 Partners 4218 Partners LLC owns the property located at 4218 Fort Hamilton Parkway, Brooklyn, New York, as well as, all rights attendant to such property. 4218 Partners LLC, and 175 Pulaski RLM LLC, based in Brooklyn, N.Y., sought Chapter 11 protection (Bankr. E.D.N.Y. Lead Case No. 19-44444) on July 21, 2019. In the petitions signed by Joseph Fischman, manager, 4218 Partners estimated assets of $10 million to $50 million and liabilities of $1 million to $10 million; and 175 Pulaski estimated assets and liabilities of $1 million to $10 million. The cases are assigned to the Hon. Nancy Hershey Lord. Nutovic & Associates is the Debtors' attorney. On May 21, 2021, Lender Maguire Ft. Hamilton filed an Amended Chapter 11 Plan of Reorganization for Debtor 4218 Partners, which Plan provides for the sale, free and clear of liens, claim, and encumbrances of the Debtor's 4218 Property. MORITT HOCK & HAMROFF LLP represents Maguire. A.B. WON PAT: S&P Lowers Senior-Lien Revenue Bond Rating to 'BB' ---------------------------------------------------------------- S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) on the Guam International Airport Authority (GIAA) senior-lien general revenue bonds, issued for A.B. Won Pat International Airport (GUM), to 'BB' from 'BB+' The outlook is negative. "The rating action and negative outlook reflect our expectation that activity levels at GUM will remain depressed and unpredictable and could demonstrate anemic growth as the airport continues to experience the effects of the pandemic, with passenger traffic at only 10% of 2019 levels in fiscal year 2021," said S&P Global Ratings credit analyst Kevin Archer. "While an infusion of federal aid and a debt restructuring provide some cushion for fiscal 2022, without a strong rebound in traffic or alternative funding sources, we believe airport financial metrics will be further pressured, including a drawdown in liquidity, which we currently view as very strong." S&P said, "We could lower the rating by multiple notches in the next 12 months if we come to believe that GUM's enplanements will remain significantly depressed, negatively affecting financial metrics beyond fiscal 2022 after the drawdown and application of all federal grant moneys. "We could revise the outlook to stable in the next 12 months with improved clarity on the trajectory of GUM's enplanement recovery and stabilization of activity levels. When making this assessment, we will evaluate if the airport's ability to maintain financial metrics is achievable, sustainable, and consistent with the rating. "Our rating action reflects health and safety risks posed by the COVID-19 pandemic and its impact on passenger activity due to mobility restrictions and behavioral changes related to travel, which we view as a social factor in our environmental, social, and governance (ESG) factors, resulting in significant operating and financial pressures for GUM. We analyzed the airport's risks related to environmental and governance factors, and while we consider airport governance to be in line with our view of the standard for the airport sector, we view the environmental risks for the airport as elevated due to its exposure to extreme weather events as a small island territory in the Pacific Ocean." AARNA HOTELS: $23M Sale to Midas Acquisition to Fund Plan --------------------------------------------------------- Aarna Hotels, LLC submitted an Approved Disclosure Statement describing First Amended Plan of Liquidation dated October 25, 2021. The Debtor has concluded that a sale of its operating assets under section 363 of the Bankruptcy Code is the fairest, most efficient means of satisfying the Claims of Creditors. Upon the Debtor's motion, the Bankruptcy Court approved a stalking horse offer from Midas Acquisition, LLC ("Midas") to purchase the Debtor's hotel property and related furniture, fixtures, and equipment for $23 million. The sale will be free and clear of all liens, claims, interests, and encumbrances (with the same attaching to the sale proceeds). Midas's offer is subject to higher and better offers. The Bankruptcy Court also approved notice and bidding procedures whereby other interested purchasers may submit overbids. If qualified overbids are received, an auction is scheduled for October 21, 2021. The Bankruptcy Court will hold a hearing on October 26, 2021 to determine the highest and best offer for the Debtor's assets. Once the best offer is determined and approved, it is anticipated the sale will close approximately 30-60 days thereafter. The exact closing date will be subject to franchise review and approval by Marriott International, Inc. The Debtor expects that the sale proceeds, together with funds on hand from its ongoing operations, will be sufficient to pay all Allowed Secured and Unsecured Claims against the Estate in full, and to leave funds available for distribution to the holder of the Equity Interests in the Debtor. Class 3 consists of the Allowed Secured Claims of Creditors other than the holders of Allowed Secured Tax Claims and M2C. The Debtor estimates that the allowed amount of the Class 3 Claims will be $176,764.00. Upon the Closing Date, the Net Sale Proceeds attributable to the collateral securing any such Other Allowed Secured Claims shall be disbursed to the holders thereof in their order of respective priority up to the full amount of their Allowed Secured Claims. It is anticipated that all such Other Allowed Secured Claims shall be paid in full; however, any Allowed Unsecured Deficiency Claim of the holder of a Class 3 Claim shall be treated in Class 5. This Class will receive a distribution of 100% of their allowed claims. Like in the prior iteration of the Plan, holders of Allowed General Unsecured Claims with $300,000.00 allowed claims will receive distributions equal to their Pro Rata Shares of the Net Estate Cash up to the full amount of their Allowed Class 5 Claims as of the Petition Date. Class 5 will receive a distribution of 100% of their allowed claims. The holder of the Equity Interests in the Debtor will not receive or retain any property under the Plan on account of its pre petition Equity Interests unless the Allowed Claims in all senior Classes are satisfied as set forth in the Plan. Distributions to the holder of the Equity Interests, if any, shall be made on the Distribution Date from the remaining Net Estate Cash after distributions to all such senior Classes. All Equity Interests in the Debtor shall be deemed cancelled upon the Distribution Date. A full-text copy of the Disclosure Statement dated October 25, 2021, is available at https://bit.ly/3CtCLoZ from PacerMonitor.com at no charge. Counsel for the Debtor: Richard S. Wright, Esq. Moon Wright & Houston, PLLC 121 West Trade Street, Suite 1950 Charlotte, NC 28202 Telephone: (704) 944-6560 Facsimile: (704) 944-0380 About Aarna Hotels Aarna Hotels, LLC is a limited liability company formed in 2017 under the laws of the State of North Carolina. It owns and operates an Aloft branded hotel located at 3928 Memorial Parkway in Charlotte, North Carolina. Aarna Hotels sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 21-30249) on April 29, 2021. In the petition signed by Anuj N. Mittal, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Laura T. Beyer presided over the case before Judge J. Craig Whitley took over. Richard S. Wright, Esq., at Moon Wright & Houston, PLLC, is the Debtor's legal counsel. ABC FINANCIAL: S&P Alters Outlook to Stable, Affirms 'B-' ICR ------------------------------------------------------------- S&P Global Ratings revised our outlook on Arkansas-based fitness club payment processing company ABC Financial Intermediate LLC (doing business as ABC Fitness) to stable from negative and affirmed its 'B-' issuer credit rating. Billing volumes have recovered faster than we expected. The reopening of fitness clubs across North America continue to provide positive momentum for ABC Fitness. The total of billed members has grown sequentially month over month since February 2021 well into the quarter ended Sept. 30, 2021, resulting in about 15% growth compared to year-end December 2020. While social distancing mandates, which differ from state to state, continue to have some effect on total billings, big-box budget gyms serving customers at lower price points have remained resilient. The pandemic has allowed many of ABC's clients to right-size their portfolio of fitness clubs, trimming underperforming locations while projecting healthy growth of new openings. Planet Fitness--a key client of ABC Fitness--now expects to be at the top end of 75-100 new store openings for fiscal 2021. As a result, S&P now expects revenue growth in the mid- to high-20% area for 2021 and low- to mid-teens-percentage revenue growth in 2022 with stable EBITDA margins in the low-20% area. A large portion of the capital structure consists of preferred shares. ABC Fitness' capital structure includes about $656 million in preferred shares, currently accreting because of ongoing payments-in-kind (PIK) rather than cash dividends. S&P said, "We expect FOCF/debt to be sustained in the low-single-digit-percent area in 2021 and 2022. However, our ratings continue to emphasize cash flow generation metrics and liquidity." ABC Fitness has a small scale and continues to compete in a competitive and fragmented marketplace. ABC Fitness has completed three acquisitions since January 2020 (GymSales, Trainerize, and Fitness BI) to augment its existing suite of solutions, which now includes member engagement, member acquisition, member management, club administration, reporting and analytics, and revenue-cycle management. S&P expects this will increase the attractiveness of its offering and further support the investment ABC has made in its sales function as it looks to grow its market share. S&P said, "Our ratings on ABC continue to reflect the substantial customer concentration, its niche focus in the big-box budget gym segment, and participation in a highly competitive and fragmented market. These factors are partially offset by ABC's relatively good market position, customer relationships, and recurring transaction-based revenue stream. "The stable outlook reflects our expectation that credit measures will remain steady with adjusted EBITDA margins in the low-20% area, resulting in FOCF/debt in the low-single-digit-percentage area. This is based on our expectation that operating conditions across the fitness industry will continue to recover close to pre-pandemic membership levels by year-end 2021 and into 2022. "We could lower our ratings if operating performance deteriorates due to unforeseen operational issues, pricing pressures, or a loss of business from key customers, leading to free operating cash flow deficits." These conditions would be consistent with: -- A capital structure that we would view as unsustainable; -- Covenant cushion less than 15%; -- Liquidity constrained to below $15 million; or -- A situation where a near-term payment default or subpar debt exchange appears imminent. While highly unlikely over the next 12 months, S&P could raise the ratings if S&P Global Ratings-adjusted debt leverage (including preferred equity) declines to and stays below 7x. This could come from substantial EBITDA growth, cash flow expansion, or a reduction in the preferred equity. ABRI HEALTH CARE: Court Confirms 2nd Amended Subchapter V Plan -------------------------------------------------------------- The United States Bankruptcy Court for the Northern District of Texas, Dallas Division, issued on October 26, 2021, a findings of fact, conclusions of law, and order confirming the second amended Subchapter V Plan of Reorganization of Abri Health Services, LLC, and its debtor-affiliates. The Court found that the agreement set forth in the Compromise and Release Agreement, dated August 24, 2021, which the Court approved in its Order (I) Approving Settlement Agreement, (II) Authorizing the Debtors to Consummate the Settlement, Execute Transaction Documents, and Perform Obligations of the Settlement, and (III) Granting Related Relief, is appropriately described and incorporated into the Plan, is reasonable and appropriate under the circumstances of the cases and satisfies Bankruptcy Code section 1123 and Bankruptcy Rule 9019. The Court further held that: a. The release provisions required under the Settlement approved by the Rule 9019 Order, are appropriate and necessary to effectuate the Plan, and based on the facts and circumstances of these Cases, are not in conflict with or in violation of any provision under the Bankruptcy Code. b. The Debtors have complied with all applicable provisions of the Bankruptcy Code, as required by Bankruptcy Code section 1129(a)(2). c. The Plan was proposed in good faith and not by any means forbidden by law, and, the Debtors have satisfied the good faith requirement under Bankruptcy Code section 1129(a)(3). d. Any payment made or to be made by the Debtors, for services or for costs and expenses in or in connection with the Cases, or in connection with the Plan and incident to the Cases, has been approved by, or is subject to the approval of, the Court as reasonable, and, thus, the Plan complies with section 1129(a)(4). e. Under Article VII of the Plan, the Debtors have disclosed that the Debtors' current Board and officers will continue as the Board and officers of the Reorganized Debtors. Accordingly, the Plan complies with Bankruptcy Code section 1129(a)(5). f. Bankruptcy Code section 1129(a)(6) is inapplicable. g. The Debtors' evidence, including the Liquidation Analysis attached as Exhibit B to the Plan, demonstrates that each Class under the Plan is receiving not less than such Class would have received if the Debtors had liquidated under Chapter 7 of the Bankruptcy Code. Accordingly, the Plan complies with Bankruptcy Code section 1129(a)(7). h. The only Unimpaired Class under the Plan with the right to vote, Class 3, voted to accept the Plan. Classes 1, 2, and 4 are not Impaired under the Plan and, thus, are deemed to have accepted the Plan. Thus, Bankruptcy Code section 1129(a)(8) has been satisfied. i. To the extent that Bankruptcy Code section 1129(a)(9) applies, the Plan may be confirmed pursuant to the special rule under Bankruptcy Code section 1191(e), which provides in pertinent part that a subchapter V plan that provides for the payment through the plan of a claim of a kind specified in paragraph (2) or (3) of section 507(a) may be confirmed under section (b) of Bankruptcy Code section 1191. j. The Voting Class has accepted the Plan. k. Confirmation of the Plan is not likely to be followed by the liquidation or need for further financial reorganization of the Debtors, and, thus, Bankruptcy Code section 1129(a)(11) has been satisfied. l. Pursuant to section 4(b)(3) of the Small Business Reorganization Act of 2019, the Debtors are not required to make quarterly payments to the U.S. Trustee in accordance with 28 U.S.C. section 1930(a)(6)(A). Thus, to the extent Bankruptcy Code section 1129(a)(12) applies, the Plan may be confirmed. m. Bankruptcy Code sections 1129(a)(13)-(16) do not apply to the Plan. n. The Plan does not unfairly discriminate and is fair and equitable, within the meaning of Bankruptcy Code section 1191. (i) Bankruptcy Code section 1191(c)(1) is satisfied because the Plan satisfies the requirements under Bankruptcy Code section 1129(b)(2)(A) as to Allowed Secured Claims. (ii) As of the Effective Date of the Plan, the Plan provides that all of Debtors' projected Disposable Income, as defined by Bankruptcy Code section 1191(d), during the 3-year commitment period will be applied to make payments under the Plan. (iii) There is a reasonable likelihood that Debtors will be able to make all of the payments under the Plan. (iv) The Plan Provides appropriate remedies to protect Holders of Clams and Interests in the event that Plan payments are not made. A full-text copy of the decision is available at https://tinyurl.com/ztryxwmk from Leagle.com. About Abri Health Care Services Founded in 2009, Abri Health Care Services, LLC -- https://abrihealthcare.com/ -- offers skilled nursing services, short-term rehabilitation, long-term care, and assisted living in over 22 locations across Texas. Abri Health Care Services and subsidiary Senior Care Centers LLC, sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 21 30700) on April 16, 2021. In the petition signed by CEO Kevin O'Halloran, Abri Health Care Services disclosed total assets of up to $50 million and total liabilities of up to $10 million. The cases are handled by Judge Stacey G. Jernigan. The Debtor tapped Polsinelli, PC as legal counsel and CliftonLarsonAllen, LLP as accountant and tax consultant. ADVANTAGE HOLDCO: Dec. 10 Plan & Disclosure Hearing Set ------------------------------------------------------- Advantage Holdco Inc., et al., which has sold its Advantage Rent A Car business, filed with the U.S. Bankruptcy Court for the District of Delaware a motion for entry of an order approving the Disclosure Statement. On Oct. 26, 2021, Judge Craig T. Goldblatt granted the motion and ordered that: * Dec. 10, 2021 at 10:00 a.m. in Courtroom #7 of the United States Bankruptcy Court for the District of Delaware, 824 North Market Street, 3rd Floor, Wilmington, Delaware 19801 is the Combined Hearing. * Dec. 3, 2021 is the deadline to file objections to the adequacy of the Disclosure Statement and confirmation of the Plan. * Nov. 30, 2021 is the deadline to submit Ballots to accept or reject the Plan. * As part of the Solicitation Package, the Plan Proponents shall distribute to creditors entitled to vote on the Combined Plan and Disclosure Statement one or more Ballots based on Official Form No. B-314, modified to address the particular circumstances of the Chapter 11 Cases and to include certain additional information that the Plan Proponents believe to be relevant and appropriate for each class of Claims entitled to vote to accept or reject the Plan. Counsel to the Debtors: COLE SCHOTZ, P.C. Justin R. Alberto Norman L. Pernick Patrick J. Reilley Andrew J. Roth-Moore 500 Delaware Ave., Suite 1410 Wilmington, DE 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 E-mail: jalberto@coleschotz.com npernick@coleschotz.com preilley@coleschotz.com aroth-moore@coleschotz.com About Advantage Rent a Car Orlando, Florida-based Advantage Rent A Car -- http://www.advantage.com/-- was a car rental company with 50 locations in the U.S. and 130 international affiliate locations. The parent entity, Advantage Holdco, was owned by Toronto-based Catalyst Capital Group. According to its Web site, the company had locations in 27 markets, including New York, Los Angeles, Orlando, Las Vegas, and Hawaii. Advantage Holdco, Inc., doing business as Advantage Rent a Car, sought Chapter 11 protection (Bankr. D. Del. Case No. 20-11259) on May 26, 2020. Six related entities also sought bankruptcy protection. Advantage Holdco was estimated to have $100 million to $500 million in assets and $500 million to $1 billion in liabilities as of the bankruptcy filing. Judge Craig T. Goldblatt replaced Judge John T. Dorsey as the case judge. The Debtors tapped COLE SCHOTZ P.C. as counsel; and MACKINAC PARTNERS, LLC, as restructuring advisor. ADVANTAGE HOLDCO: Updates Truist Bank Secured Claims Pay Details ---------------------------------------------------------------- Advantage Holdco Inc., et al., which has sold its Advantage Rent A Car business, submitted an Amended Combined Disclosure Statement and Joint Chapter 11 Plan of Liquidation dated October 26, 2021. On October 15, 2021, the Bankruptcy Court entered the Supplemental Bar Date Order establishing November 29, 2021 at 5 P.M. as the Supplemental Bar Date for tolling authorities and Governmental Units to File requests for payment for Vehicle Claims that arose, accrued, or otherwise became due and payable at any time from October 1, 2020 through September 30, 2021. Data Breach At the end of July 2021, an unauthorized third party (the "Threat Actor") remotely executed a ransomware virus impacting a limited number of the Debtors' electronic files. Because the Debtors had ceased operations prior to the attack, several of their servers were offline and, therefore, inaccessible to the Threat Actor. The Debtors reviewed the folders and files accessed by the Threat Actor and confirmed Palo Alto's conclusion that there is no evidence PII was accessed. The Balance Sheet Cash will be used to fund (i) the Priority Claims Reserve, (ii) the Estimated Wind-Down Costs Holdback, and (iii) obligations to transfer Cash to the Liquidating Trust pursuant to the Plan. The Liquidating Trust Assets and DIP Lender Assets that are not liquidated as of the Effective Date will be liquidated, at the discretion of the Liquidating Trustee and DIP Lender, respectively, and any proceeds distributed to Holders of Allowed Claims pursuant to the terms of this Plan. Class 1(g) consists of the Miscellaneous Secured Claims held by Truist Bank against the Debtors. Truist Bank consents to the following treatment: * In full and final satisfaction of Truist Bank's Miscellaneous Secured Claims which include claims in connection with a corporate purchase card program with Advantage OpCo, LLC (the "Purchase Card Claims") under a master account as evidenced by a Corporate Liability Credit Card Agreement (the "Purchase Card Account"), Truist Bank shall continue to hold as collateral a certificate of deposit in the current amount of $20,000.00 (with the proceeds thereof, the "Purchase Card CD"). Within 30 days after the Purchase Card Account is cancelled or terminated, Truist Bank shall turn over to the Debtors (or if after the Effective Date, to the DIP Lender) the balance of the Purchase Card CD less properly accounted, non-contingent costs, fees and obligations due under the Purchase Card Account. Upon turnover of the balance of the Purchase Card CD, Truist Bank shall provide an accounting of any charges against the Purchase Card CD to the Debtors or DIP Lender, as applicable. * To secure its Claims in connection with letters of credit issued at the request of one or more of the Debtors, as applicants, for the benefit of various beneficiaries, Truist Bank previously held certain certificates of deposit of the Debtors and the proceeds thereof, all of which have been disposed of in accordance with the applicable agreements. * Except with respect to the Purchase Card Claim and the Purchase Card CD, Truist Bank is not entitled to recover or collect from the Debtors, their successors and assigns, or the Released Parties, on account of the Truist Bank Miscellaneous Secured Claims and will not receive any other Distribution under the Plan. Like in the prior iteration of the Plan, General Unsecured Claims in Class 6 with $90,000,000.00 allowed claims will receive a distribution of 1% - 2%. On the Effective Date, the Debtors and/or DIP Lender shall transfer the Liquidating Trust Assets to the Liquidating Trust free and clear of all Claims and Interests in such Liquidating Trust Assets. The Debtors and/or the DIP Lender shall pay to the Liquidating Trust cash equal to the VM Settlement True-Up Amount on the Effective Date; provided, however, if on the Effective Date, the amount of Balance Sheet Cash is less than the VM Settlement True-Up Amount, the DIP Lender shall be obligated to pay the VM Settlement True-Up Amount from the first dollars of Residual Assets recovered after the Effective Date. The Liquidating Trustee shall administer the Liquidating Trust Assets and Distribute Liquidating Trust Assets to Beneficiaries of the Liquidating Trust in accordance with the terms and conditions of the Plan, the Plan Confirmation Order and the Liquidating Trust Agreement. Counsel to the Debtors: COLE SCHOTZ, P.C. Justin R. Alberto Norman L. Pernick Patrick J. Reilley Andrew J. Roth-Moore 500 Delaware Ave., Suite 1410 Wilmington, DE 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 E-mail: jalberto@coleschotz.com npernick@coleschotz.com preilley@coleschotz.com aroth-moore@coleschotz.com About Advantage Rent a Car Orlando, Florida-based Advantage Rent A Car -- http://www.advantage.com/-- was a car rental company with 50 locations in the U.S. and 130 international affiliate locations. The parent entity, Advantage Holdco, was owned by Toronto-based Catalyst Capital Group. According to its Web site, the company had locations in 27 markets, including New York, Los Angeles, Orlando, Las Vegas, and Hawaii. Advantage Holdco, Inc., doing business as Advantage Rent a Car, sought Chapter 11 protection (Bankr. D. Del. Case No. 20-11259) on May 26, 2020. Six related entities also sought bankruptcy protection. Advantage Holdco was estimated to have $100 million to $500 million in assets and $500 million to $1 billion in liabilities as of the bankruptcy filing. Judge Craig T. Goldblatt replaced Judge John T. Dorsey as the case judge. The Debtors tapped COLE SCHOTZ P.C. as counsel; and MACKINAC PARTNERS, LLC, as restructuring advisor. AFFINOR GROWERS: Still Working on 2021 Financial Statements ----------------------------------------------------------- Affinor Growers Inc., on Oct. 27, 2021, provided its second bi-weekly default status report in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). As previously announced in the Company's news release dated October 13, 2021 (the "Default Announcement"), the Company's principal regulator, the British Columbia Securities Commission (the "Commission"), granted a management cease trade order (the "MCTO") on September 29, 2021, pursuant to NP 12-203. Pursuant to the MCTO, the Company's Chief Executive Officer and the Chief Financial Officer may not trade in securities of the Company until such time as the Company files its annual audited financial statements for the year ended May 31, 2021, management's discussion and analysis and related certifications (collectively the "Required Documents") and the Commission revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities. The Company's Board of Directors and management confirm that they are working expeditiously to file the Required Documents and confirm that since the Company's press release dated September 29, 2021: -- There have been no material changes to the information contained in the Default Announcement that would reasonably be expected to be material to an investor; -- There have been no failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative information reporting guidelines under NP 12-203; -- There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Announcement; and -- There have been no material changes in respect of the Company's affairs that have not been generally disclosed. Until the Required Documents have been filed, the Company intends to continue to satisfy the provisions of the Alternative Information Guidelines specified in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases for so long as the Company remains in default of the financial statement filing requirement. About Affinor Affinor (CSE: AFI OTCQB: RSSFF) -- http://www.affinorgrowers.com-- is a publicly traded company listed on the CSE under the symbol "AFI" and on the OTCQB under the symbol "RSSFF". Affinor is focused on developing vertical farming technologies and using those technologies to grow fruits, vegetables, and cannabis in a sustainable manner. ANSON FINANCIAL: Seeks to Hire Magan Law as Special Counsel ----------------------------------------------------------- Anson Financial, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Magan Law, PLLC as special counsel. The firm's services include: a. taking all necessary actions to protect and preserve the estate of the Debtor, including the prosecution of actions on the Debtor's behalf, the defense of actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections with respect to claims that are filed against the estate; b. preparing legal papers; c. performing litigation services in connection with the Debtor's Chapter 11 case and any other bankruptcy-related representation that the Debtor requires; and d. representing the Debtor in all contested matters and adversary proceedings that are a continuation of or related to any pre-bankruptcy litigation involving or related to the Debtor. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Kathryn Magan, Esq. a partner at Magan Law, PLLC 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: Kathryn Magan, Esq. Magan Law, PLLC 8234 Winter Falls Trail Hurst, TX 76053 About Anson Financial Inc. Anson Financial, Inc. filed a petition for Chapter 11 protection (Bankr. N.D. Texas Case No. 21-41517) on June 25, 2021, listing as much as $10 million in both assets and liabilities. J. Michael Ferguson, president, signed the petition. Judge Edward L. Morris oversees the case. The Debtor tapped Weycer, Kaplan, Pulaski & Zuber, P.C. and Lee Law Firm, PLLC as bankruptcy counsel and Magan Law, PLLC as special counsel. ARCHDIOCESE OF NEW ORLEANS: Settles Whistleblower Suit for $1 Mil. ------------------------------------------------------------------ The Associated Press reports that the Archdiocese of New Orleans has agreed to pay more than $1 million to settle a whistleblower lawsuit claiming that it inflated damage estimates for federal recovery money after Hurricane Katrina, a newspaper reported. Federal bankruptcy Judge Meredith Grabill approved the terms Tuesday, October 26, 2021, according to The Times-Picayune/The New Orleans Advocate. The agreement calls for paying $1.05 million over two years to the U.S. Department of Justice, with the whistleblower and his lawyers getting as much as $262,500 of that. The archdiocese "expressly denies" the allegations by Robert Romero, a former project manager at the California-based engineering firm AECOM, court papers noted. Neither an archdiocese spokeswoman nor its lawyer immediately responded to emailed requests for comment on Thursday, October 28, 2021. The archdiocese filed for Chapter 11 bankruptcy protection in May 2020 after being sued by a number of people who say they were sexually abused by priests. The whistleblower suit filed in 2016 -- 11 years after Hurricane Katrina slammed New Orleans -- claimed that the church got $46 million more than it should have from the Federal Emergency Management Agency for damages at a church-run school and an assisted living center. Romero accused a co-worker of helping the archdiocese and two private universities defraud the government out of more than $100 million. Xavier University agreed to pay $12 million. The U.S. Justice Department, which had joined the suit, dismissed Romero's co-worker and Dillard University as defendants, saying further prosecution wasn't worth it. Dillard was accused of $15 million in fraudulent claims, AECOM, which received about $300 million, appears to be the last remaining defendant in the case, the newspaper reported. The firm has said it always stayed within FEMA guidelines. About The Roman Catholic Church of the Archdiocese of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans is a non-profit religious corporation incorporated under the laws of the State of Louisiana. For more information, visit https://www.nolacatholic.org/ Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square Miles in southeast Louisiana and includes eight civil parishes -- Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC, is the committee's financial advisor. ASBURY AUTOMOTIVE: Moody's Confirms Ba2 CFR Amid LHM & TCA Deals ---------------------------------------------------------------- Moody's Investors Service confirmed Asbury Automotive Group, Inc.'s Ba2 corporate family rating, Ba2-PD probability of default rating and B1 senior unsecured rating. The speculative grade liquidity rating is SGL-2. The outlook is stable. This concludes Moody's review for downgrade that was initiated on September 29, 2021. Asbury signed a definitive agreement to acquire all the assets and operations of Larry H. Miller (LHM) and Total Care Auto (TCA) for approximately $3.2 billion. Asbury will finance the acquisitions with a combination of common equity, debt and cash on hand. The acquisition is also contingent upon Asbury receiving the necessary regulatory and OEM approvals. "The confirmation reflects Moody's view that despite the near-term negative impact to credit metrics from the proposed acquisitions the longer term strategic benefits of the transaction are credit positive with an expectation that credit metrics will improve over the next 12 to 18 months as Asbury manages to its public net leverage target of 3.0 times and liquidity remains good.", stated Bill Fahy, Moody's VP, Senior Credit Officer. Overall, leverage is expected to increase to over 3.7 times pro forma for the acquisition versus 2.4 times for the TTM period ending June 31, 2021, but will gradually decline over time. "Although we recognize the strategic and competitive benefits of greater geographic reach and brand extension as well as the sharing of technologies and products, the overall integration risks remain a key concern given the sheer scale of the acquisition and added complexity with TCA," stated Fahy. Confirmations: Issuer: Asbury Automotive Group, Inc. Probability of Default Rating, Confirmed at Ba2-PD Senior Unsecured Regular Bond/Debenture, Confirmed at B1 (LGD5) Outlook Actions: Issuer: Asbury Automotive Group, Inc. Outlook, Changed To Stable From Rating Under Review RATINGS RATIONALE Asbury's Ba2 corporate family rating recognizes its material scale post its acquisition of LHM and TCA which will place it as the fourth largest auto retailer in the US. Asbury will also benefit from greater geographic reach and an expanded portfolio of brands while extending its reach into repair and maintenance protection through TCA. The company's flexible operating model and ability to share initiatives such as Clicklane to LHM and TCA's capabilities over time are also important synergies. Moody's also view Asbury's pro forma brand mix as favorable, with around 70% of new vehicle sales coming from luxury and import brands, and its reduced reliance on earnings from the sale of new vehicles as its used business continues to improve. However, Asbury is constrained by the significant integration challenges with regards to the scale of the acquisition, that could result in added costs or staffing challenges or extend the time needed to strengthen credit metrics. The stable outlook reflects Moody's expectation that Asbury successfully integrates the LHM, TCA and other acquisitions with leverage migrating to 3.0 times by the end of 2023. The outlook also assumes the company continues to manage itself with sufficient discipline around operating costs such that its proposed quantitative credit profile with a 3.0 times net leverage target continues regardless of the competitive or macro environment. ESG considerations Environmental and social risks are key credit considerations for Asbury. The company is subject to extensive governmental laws and regulations and could be impacted if they are found to be in purported violation of or subject to liabilities under any of these laws or regulations, or if new laws or regulations are enacted that adversely affect the operations, business, reputation, financial condition, or results of operations. Asbury's overall corporate governance is also a consideration given its acquisition focused growth strategy but does recognize its balanced financial policy, board structure and that it is a publicly traded company. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could result in an upgrade include the successful integration of the proposed acquisitions along with continued solid operating performance and good liquidity. Quantitatively, ratings could be upgraded should debt to EBITDA be sustained under 3.5 times and EBIT to interest is sustained above 5.0 times. A downgrade could result should operating results or financial policy change such that debt to EBITDA approached 4.5 times on a sustained basis or if EBIT to interest fell below 3.0 times. Headquartered in Duluth, GA, Asbury Automotive Group, Inc. is a leading auto retailer with 117 franchises and 25 collision repair centers. LHM is headquartered Utah, and has 61 dealerships and 11 collision centers while TCA offers various vehicle protection programs and contracts. Pro forma annual revenues are about $16 billion. The principal methodology used in these ratings was Retail Industry published in May 2018. ASTON CUSTOM: Amends Plan to Address Objecting Creditors' Claims ---------------------------------------------------------------- Aston Custom Homes & Design, Inc., submitted a First Modification to First Amended Combined Plan of Reorganization and Disclosure Statement dated October 26, 2021. The Debtor files this First Modification to address the treatment and the repayment of the Claims of creditors that have objected to the Plan, including BSI Servicing, the servicer for TVC, City of Dallas and TVC. The Debtor makes this modification in accordance with Bankruptcy Rule 3019, which provides that a Plan may be modified or amended upon application of the Debtor or corrected prior to the Confirmation Date. The changes proposed are neither material nor adverse to any party and should be made a part of the Plan approved in this case. Article V. Provisions for Satisfaction of Claims and Interests is modified as follows: * Class 1 consists of Non-Tax Priority Claims. Class 1 Claims shall be paid in full in equal monthly installments of principal and interest over 60 months from the Effective Date. Payments shall commence on the first day of the first month following the Effective Date and continue on the first day of each month thereafter. Interest shall accrue at the rate of 2% per annum commencing on the Effective Date. These Claims are impaired. The Debtor does not believe any such Claims exist. * Class 2 consists of Allowed Secured Claims of Taxing Authorities. The Class 2 Claims of Dallas County, City of Dallas, the Texas Workforce Commission and any other governmental taxing authority shall be paid in full over the time period from the Effective Date to the expiration of 5 years from the Petition Date, with interest at the rate of interest of 12% per annum. The Claims will be paid in equal monthly installments of principal and interest, commencing on the first day of the first month following the Effective Date and continuing on the first day of each month thereafter. Interest shall begin to accrue as of the Petition Date. These Claimants shall retain their pre- and post-Petition Date statutory Liens securing their Claims until they are paid in full. These Claims are impaired. * Class 3 consists of Allowed Secured Claims of Wilmington Savings Fund Society, FSB as Trustee for Verus Securitization Trust 2020-NPL1. This Allowed Secured Claim shall be paid in full. Debtor shall make payments to Wilmington at the rate of $8,000.00 per month. Payments shall commence on the first day of the first month following the Effective Date and continue on the first day of each month thereafter. Debtor will either sell or refinance the property at 13978 Hughes, Dallas, Texas on or before 150 days following the Effective Date. Wilmington may claim a default under the Plan for any failure to make payments under this Plan to Wilmington and commence foreclosure proceedings. Debtor shall have a 15 day notice of cure on any payments not timely made under the Plan. This Claimant shall retain all of its pre-Petition Date Liens securing this Claim until it is paid in full. These Claims are impaired. * Class 4 consists of Allowed Secured Claims of TVC Funding IV, LLC, its successors and assigns ("TVC"). TVC has valid liens against the properties securing the TVC Secured Claims ("Properties"). On June 7, 2021, the Court entered the Agreed Order Granting Motion for Relief From Automatic Stay Against 2408 Victory Park Lane, Unit #1441, Dallas, Texas 75219 and the Agreed Order Granting Motion for Relief From Automatic Stay Against 2408 Victory Park Lane, Unit #1442, Dallas, Texas 75219 (Doc. No. 43) (collectively, the "Relief From Stay Orders"). TVC shall retain its pre-Petition Date Liens ("TVC Liens") on the Properties securing TVC's Secured Claims until the entire debt secured by the Properties is paid in full. Debtor does not dispute the validity of TVC Liens on the Properties. The only dispute by Debtor is the exact amount of debt secured by TVC Liens. TVC's Secured Claims, including the rights and obligations of both TVC and Debtor, shall be governed and controlled by terms and conditions of the loan documents executed in connection therewith including the notes, deeds of trust, and all other documents executed in connection therewith ("TVC's Loan Documents"). Nothing is this Plan shall be construed to prevent or waive Debtor's right to any defense or claim against TVC or BSI Financial Services for the reduction, if any, of the amounts owed under TVC Secured Claims or defense to any foreclosure of the Properties except that Debtor shall not have the right to challenge the validity of the TVC Liens to the Properties securing TVC's Secured Claims. Should TVC foreclose any or both of the Properties and a deficiency remains under the TVC Secured Claims, any deficiency of the TVC Secured Claims will be treated in Class 8 of the Plan. These Claims are Impaired and are allowed to vote on the Plan. Notwithstanding any provision in this Plan to the contrary, Lonnie Johnson as guarantor of the amounts due under the TVC Secured Claims is in no way discharged, released, affected in any way, or protected by this Plan and the confirmation thereof. * Class 5 consists of Allowed Secured Claims of BER Financial Group, Inc. These Claims shall be paid in full in equal monthly installments of principal and interest over 60 months from the Effective Date. Payments shall commence on the first day of the first month following the Effective Date and continue on the first day of each month thereafter. Interest shall accrue at the rate of 5% per annum commencing on the Effective Date. This Claimant shall retain its prePetition Date Liens securing this Claim until it is paid in full. These Claims are impaired. * Class 6 consists of Allowed Secured Claims of Block C South Tower Residences Condominium Residential Association, Inc. These Claims shall be paid in full in equal monthly installments of principal and interest over 60 months from the Effective Date. Payments shall commence on the first day of the first month following the Effective Date and continue on the first day of each month thereafter. Interest shall accrue at the rate of 5% per annum commencing on the Effective Date. This Claimant shall retain its pre-Petition Date Liens securing these Claims until it is paid in full. These Claims are impaired. * Class 7 consists of Allowed Secured Claims of Bank of DeSoto. This claim has been satisfied through a payoff provided to the Bank by a third party. This Claim is unimpaired. * Class 8 consists of Allowed General Unsecured Claims. These Claims shall be paid in full in equal monthly installments of principal and interest over 60 months from the Effective Date. Interest shall begin to accrue at the rate of 2% per annum from the Effective Date. Payments shall commence on the first day of the first month following the Effective Date and continue on the first day of each month thereafter. This Class shall include the Allowed Unsecured Claim of TVC, if any. These Claims are impaired. * Class 9 consists of Allowed Insider Claims. These Claims shall be paid in full, but only after all other Claimants in the Case have been paid in full. These are Impaired and are entitled to vote on the Plan, but the Claims will not be counted for or against Confirmation. * Class 10 consists of Allowed Equity Interest Holders. Equity Interests shall be retained. The Equity Interest Holders shall make a capital contribution of $20,000.00 to the Debtor on the Effective Date in exchange for retention of their Interests. They shall also make capital contributions from time to time to assist in funding the Plan. These Interests are not Impaired and are deemed to have voted for the Plan. The Debtor shall continue to pay U.S. Trustee fees and shall file required U.S. Trustee reports until the case is closed. A full-text copy of the First Modification to the First Amended Combined Plan and Disclosure Statement dated October 26, 2021, is available at https://bit.ly/3CDQkTa from PacerMonitor.com at no charge. Attorneys for Debtor: Joyce W. Lindauer, Esq. Kerry S. Alleyne, Esq. Guy H. Holman, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 Email: joyce@joycelindauer.com About Aston Custom Homes & Design Aston Custom Homes & Design, Inc. -- http://www.astoncustomhome.com/-- is a home design and construction company based in Dallas, Texas. It specializes in the reconstruction of historic homes. Aston Custom Homes & Design sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 21-30208) on Feb. 1, 2021. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Stacey G. Jernigan oversees the Debtor's case. The Debtor is represented by Joyce W. Lindauer Attorney, PLLC. AVIENT CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company, on October 19, 2021, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Avient Corporation. Headquartered in Avon Lake, Ohio, Avient Corporation is an international polymer services company with operations in North America, Europe, Asia, Australia, and South America. BATH & BODY: Egan-Jones Hikes Senior Unsecured Ratings to B+ ------------------------------------------------------------ Egan-Jones Ratings Company, on October 21, 2021, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Bath & Body Works LLC to B+ from B-. Headquartered in Columbus, Ohio, Bath & Body Works LLC retails personal care products. BEACH RESORTS: Unsecured Creditors to be Paid in Full in 5 Years ---------------------------------------------------------------- Beach Resorts, LLC, submitted a Chapter 11 Plan dated October 25, 2021. Beach Resorts, LLC, owns and operates a hotel, the Hotel Santa Fe, on the island of Guam, a U.S. territory. January 2020 and February 2020 were 2 of the best months on record, with March 2020 on track to continue that trend. Unfortunately, due to COVID – 19, the hotel, like Guam's tourism industry, has taken an enormous hit to its ability to survive without bankruptcy protection. Another casualty of the pandemic was the cancellation of a transaction by a Japanese buyer. The agreed upon price was $9.5 million. The buyer pulled out in late January as news of the virus' spread in Asia became more widely known. As a result of the events, the Bank of Guam, the major secured creditor, scheduled a foreclosure sale of the hotel property. As a result, Beach Resorts filed the present bankruptcy case. The Plan provides for payment of administrative expenses, priority claims, and secured creditors in full, either in cash or in deferred cash payments, and provides for payments to unsecured creditors in an amount greater than they would receive in the event of a Chapter 7 liquidation. Funds for implementation of the Plan will be derived from the Debtor's income from operation of its hotel property. Total General Unsecured Claims (at present – prior to objections, and prior to the bar date) is $1,643,525. As such, after payment of secured, priority and administrative claims, the distribution to unsecured creditors in a Chapter 7 liquidation would be about 96.5%, provided the appraised value is correct. This plan proposes 100%. The Plan will treat claims as follows: * Class C consists of the secured claim of the Bank of Guam, secured by a mortgage on the hotel property and a financing statement on personal property, filed (Claim #3) in the amount of $3,434,800.17. The holder of the Class C secured claim shall retain its liens and the claim shall be amortized and paid in full in 360 equal monthly installments of principal and simple interest at 4.25% per annum. * Class D consists of the secured claim of the Internal Revenue Service (part of Claim No. 6) in the amount of $1,003,939.85, secured by all prepetition assets of the Debtor. The holder of this claim shall retain its lien and this claim shall be paid in full, with interest at the 3% statutory rate on such claims. Debtor shall use all surplus after-tax net revenues, after making the payments to Classes A-C and F and Administrative Claims, to pay pro rata to the Class D and E and Priority Tax Claims until such claims are paid in full. Those portions of the Class D claim that would be priority taxes absent the lien shall be paid in full within 5 years of the petition date, with the balance to be paid within 5 years of the Effective Date. * Class E consists of the secured claim of the Guam Department of Revenue and Taxation (no claim filed yet) in the scheduled but disputed amount of $712,658.78, secured by all pre petition assets of the Debtor. The holder of this claim shall retain its lien and this claim shall be paid in full, with interest at the 3% statutory rate on such claims. Debtor shall use all surplus after-tax net revenues, after making the payments to Classes A-C and F and Administrative Claims, to pay pro rata to the Class D and E and Priority Tax Claims until such claims are paid in full. Those portions of the Class E claim that would be priority taxes absent the lien shall be paid in full within 5 years of the petition date, with the balance to be paid within 5 years of the Effective Date. * Class F consists of the secured claim of the SBA for a Covid EIDL loan in the amount of $150,000. The holder of this claim shall retain its lien and this loan shall be repaid in accordance with its terms and applicable law. This class is not impaired. * Class G consists of all allowed general unsecured claims against the Debtor. Debtor shall use all surplus after-tax net revenues, after making the payments to Classes A-F and the Priority Tax and Administrative Claims, to pay the Class G claims, in full, without interest, in quarterly payments of all surplus after-tax net revenues. The Class G claims shall be paid in full within 5 years of the Effective Date. This class is impaired. * Holders of an Allowed Equity Interest in the Debtor shall retain their Allowed Equity Interests in the Reorganized Debtor. This class is unimpaired. The hotel was recently approached by a Korean contractor asking to lease the entire hotel for 18-24 months. The proposal is for them to pay all operational expenses and renovate the hotel to accommodate the maximum number of workers. They will prepare each room for 4 workers, including beds and lockers. At the completion of their agreement, the hotel will be fully outfitted to provide housing for contractors independently. Based upon the 5 year proforma, the hotel is expected to generate over $5.7 million in net surplus, funds that will be used to repay creditors at all levels. The total of Classes D, E and G is $4,120,000 based on presently filed and allowed claims, before any objections are filed, plus interest on the tax claims estimated at $270,000. The Debtor projects funds in the amount of $4,446,920 will be available to pay those claims. A full-text copy of the Plan of Reorganization dated October 25, 2021, is available at https://bit.ly/3q5Zx3d from PacerMonitor.com at no charge. Debtor's Counsel: Mark Williams, Esq. Law Offices of Mark Williams, P.C. c/o Dededo Law Office 166 W. Marine Corps. Dr. Bank Pacific Bldg. Ste. 102 Dededo, GU 96929 Tel: 671-637-9620 Email: markwilliams247@gmail.com About Beach Resorts LLC Beach Resorts, LLC, a Tamuning, Guam-based company that conducts business under the name Hotel Santa Fe Guam, filed a petition under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Guam Case No. 21-00034) on July 27, 2021. Kathlyn Selleck has been appointed as Subchapter V trustee in the Debtor's case. In its petition, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Bartley Jackson, authorized representative, signed the petition. Chung & Press, P.C. and the Law Offices of Mark Williams, P.C. serve as the Debtor's legal counsel. Burger & Comer, P.C. is the Debtor's accountant. BRIGHTER CHOICE: S&P Rates 2021A Revenue Refunding Bonds 'BB+' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term rating to City of Albany Capital Resource Corp.'s series 2021A tax-exempt revenue refunding bonds, and series 2021B taxable revenue refunding bonds, issued for Brighter Choice Charter Schools (BCCS). The outlook is stable. The approximately $12.3 million in series 2021A and 2021B bond proceeds are expected to refund the organization's existing series 2007 bonds as well as fund a debt service reserve fund (DSRF) and pay the costs of issuance. Pro forma debt will consist entirely of the series 2021A and 2021B bonds and are secured by gross revenue of BCCS. A mortgage lien on the organization's two school facilities and a related parking facility also secures the bonds. Legal provisions include a liquidity covenant of 45 days' cash on hand and an annual debt service coverage (DSC) requirement of 1.1x. Under the loan agreement, if coverage falls below 1.1x the school can be required by majority bondholders to engage a consultant. Coverage below 1.0x is considered an event of default. An additional bonds test requires 1.2x coverage based on projected lease payment coverage ratios. "We assessed BCCS' enterprise profile as vulnerable which reflect the organization's size with fewer than 600 students enrolled and recent history of declining enrollment," said S&P Global Ratings credit analyst Luke Gildner. "Like many elementary charter schools, BCCS experienced material enrollment declines in the kindergarten and first grade levels which management attributes to the ongoing pandemic." This resulted in more than a 13% decline in student headcount in fall 2020 compared with the previous year. S&P said, "While preliminary data for the 2021-2022 school year reflects a modest increase in enrollment, we believe the limited scope of BCCS' academic offerings which only include kindergarten-through-fifth-grade (K-5) levels will likely continue to constrain our view of the organization's enterprise profile. The enterprise profile is supported by the school's long operating history, five successful charter renewals, academic performance which surpasses the local district, and history of stable demand prior to the pandemic. We assessed BCCS' financial profile as adequate, which reflects the organization's recent history of consistently positive operating results, recent material growth in liquidity, and a manageable debt level. Combined, these credit factors support an anchor rating of 'bb'. As our criteria indicate, the final rating can be within one notch of the indicative credit level. In our opinion, the 'BB+' long-term rating better reflects material growth in the organization's liquidity position which is expected to be sustained and provides more financial flexibility as BCCS continues to navigate the challenging operating environment." The rating further reflects S&P's view of BCCS': -- Material growth in liquidity; -- Long operating history with five charter renewals; and -- Recent history of consistently positive operating performance and healthy pro forma DSC. Mitigating these strengths, in S&P's opinion, are the following factors: -- Limited size and scope with an elementary school focus and less than 600 students enrolled; -- Recent declines in enrollment; -- Limited economic fundamentals in Albany County; and -- The inherent risk, as with all charter schools, of nonrenewal of the charter contract before the bond's final maturity, although we note the charter is currently in place until 2026. "The stable outlook reflects our expectation that BCCS will meet its enrollment projections to maintain headcount above 550, that operations will remain profitable through the next two years translating to acceptable coverage levels (after incorporating stimulus related funding), and liquidity will continue to provide flexibility for the rating throughout the challenging operating environment," Mr Gildner added. S&P also anticipates the school will maintain a good relationship with its charter authorizer and academic results will continue to outpace the local district averages. S&P said, "We could consider a positive rating action or favorable outlook revision if BCCS' total enrollment returns to historical levels of greater than 640 students translating to healthy operating results with minimal reliance on COVID-19-related relief funds. Maintenance of the organization's healthy liquidity position would also be viewed favorably. "We could lower the rating or adjust the outlook if enrollment declines from current levels or if financial performance weakens materially, whether due pandemic-related pressure or otherwise. While we believe the recent growth in liquidity provides some cushion for BCCS to navigate the challenging operating environment, any material and sustained decline in reserves could also pressure the rating." BURNING HOLLOW: Seeks to Hire Gellert as Bankruptcy Counsel ----------------------------------------------------------- Burning Hollow, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Gellert Scali Busenkell & Brown, LLC to serve as legal counsel in its Chapter 11 case. The firm's services include: a. providing the Debtor with advice and preparing all necessary documents regarding debt restructuring, bankruptcy and asset dispositions; b. taking all necessary actions to protect and preserve the Debtor's estate during the pendency of its Chapter 11 case, including the prosecution of actions by the Debtor, the defense of actions commenced against the Debtor, negotiations concerning litigation in which the Debtor is involved and objecting to claims filed against the estate; c. preparing legal papers; d. advising the Debtor with regard to its rights and obligations; e. appearing in court; and f. performing all other necessary legal services. The firm's hourly rates are as follows: Ronald S. Gellert $450 per hour Associates/Of Counsel $275 to $300 per hour Paraprofessionals $105 to $210 per hour Gellert will also be reimbursed for out-of-pocket expenses incurred. Ronald Gellert, Esq., a partner at Gellert, 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: Ronald S. Gellert, Esq. Gellert Scali Busenkell & Brown, LLC 1201 N. Orange Street, Suite 300 Wilmington, DE 19801 Telephone: (302) 425-5812 Facsimile: (302) 425-5814 Email: rgellert@gsbblaw.com About Burning Hollow LLC Burning Hollow, LLC filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 21-11327) on Oct. 11, 2021, listing as much as $500,000 in both assets and liabilities. Ronald S. Gellert, Esq., at Gellert Scali Busenkell & Brown, LLC is the Debtor's legal counsel. CALPLANT I LLC: Seeks to Hire Morrison & Foerster as Legal Counsel ------------------------------------------------------------------ CalPlant I Holdco, LLC and CalPlant I, LLC seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Morrison & Foerster, 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 business and property; b. attending meetings and negotiating with creditors and parties in interest; c. assisting the Debtors in connection with any potential sale transactions; d. assisting in the negotiation and documentation of financing agreements and related transactions; e. taking all necessary action to protect and preserve the interests of the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any actions commenced against the Debtors, and representing Debtors' interests in negotiations concerning all significant litigation in which the Debtors are involved; f. preparing legal papers; g. acting on behalf of the Debtors to obtain approval of solicitation procedures, a disclosure statement, and confirmation of a Chapter 11 plan; h. appearing, as appropriate, before the bankruptcy court, any appellate courts, and the Office of the U.S. Trustee; i. performing all other necessary legal services in connection with the Chapter 11 cases, including (i) analyzing the Debtors' leases and executory contracts and the assumption or assignment thereof, and (ii) advising the Debtors on corporate, litigation, and other legal matters; and j. taking necessary and appropriate steps to bring the cases to a conclusion. The firm's hourly rates are as follows: Partners and Senior Of Counsel $1050 to $1750 per hour Of Counsel $750 to $1400 per hour Associates $585 to $1000 per hour Paraprofessionals $295 to $500 per hour Morrison & Foerster received advance payments in the aggregate amount of $985,695.75 for legal fees and expenses. Jennifer Marines, Esq., a partner at Morrison & Foerster, 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. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Ms. Marines disclosed that: -- Prior to the petition date, in 2020 and 2021, Morrison & Foerster provided the Debtors with a 10 percent discount to its standard hourly rates for non-restructuring matters. Once Morrison & Foerster was engaged to begin work on Chapter 11 filing preparations, the firm ceased to provide any further discounts to the Debtors. -- None of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case. -- The Debtors and Morrison & Foerster expect to develop a prospective budget and staffing plan. Morrison & Foerster may be reached at: Jennifer L. Marines, Esq. Benjamin Butterfield, Esq. Miranda K. Russell, Esq. Morrison & Foerster, LLP 250 West 55th Street New York, NY 10019 Tel: (212) 468-8000 Fax: (212) 468-7900 Email: jmarines@mofo.com bbutterfield@mofo.com mrussell@mofo.com About CalPlant CalPlant I, LLC -- http://www.eurekamdf.com/-- is a Northern California-based company focused on manufacturing sustainably-sourced building products, including the creation of the world's first no-added-formaldehyde, rice straw-based medium density fiberboard, Eureka MDF. CalPlant and its predecessor company, CalAg, LLC, have spent many years researching, developing, and patenting a process to make high-quality MDF using annually renewable rice straw as the feedstock, the disposal of which has posed environmental issues in California for decades. CalPlant I and CalPlant I Holdco, LLC sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11302) on Oct. 5, 2021. The cases are handled by Honorable Judge John T. Dorsey. CalPlant I Holdco listed up to $100 million in assets and up to $50,000 in liabilities as of the bankruptcy filing while CalPlant I listed as much as $500 million in both assets and liabilities. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Morris James, LLP as local bankruptcy counsel; and Paladin Management Group as financial advisor. Prime Clerk, LLC is the claims and noticing agent and administrative advisor. CALPLANT I: Seeks to Hire Prime Clerk as Administrative Advisor --------------------------------------------------------------- CalPlant I Holdco, LLC and CalPlant I, LLC seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Prime Clerk, LLC as their administrative advisor. The firm's services include: (a) assisting with, among other things, solicitation, balloting and tabulation of votes, preparing any related reports in support of confirmation of a Chapter 11 plan, and processing requests for documents; (b) preparing an official ballot certification and, if necessary, testifying in support of the ballot tabulation results; (c) assisting in the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gathering data in conjunction therewith; (d) providing a confidential data room, if requested; and (e) managing and coordinating any distributions pursuant to a Chapter 11 plan. Prime Clerk received an advance in the amount of $25,000 on Sept. 24, 2021. In addition, on Oct. 1, 2021, the firm received payment in the amount of $10,000 for pre-bankruptcy fees and expenses. Benjamin Steele, vice president of Prime Clerk, disclosed in court filings that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin J. Steele Prime Clerk LLC One Grand Central Place 60 East 42nd Street, Suite 1440 New York, NY 10165 Tel: (212) 257-5490 Email: bsteele@primeclerk.com About CalPlant CalPlant I, LLC -- http://www.eurekamdf.com/-- is a Northern California-based company focused on manufacturing sustainably-sourced building products, including the creation of the world's first no-added-formaldehyde, rice straw-based medium density fiberboard, Eureka MDF. CalPlant and its predecessor company, CalAg, LLC, have spent many years researching, developing, and patenting a process to make high-quality MDF using annually renewable rice straw as the feedstock, the disposal of which has posed environmental issues in California for decades. CalPlant I and CalPlant I Holdco, LLC sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11302) on Oct. 5, 2021. The cases are handled by Honorable Judge John T. Dorsey. CalPlant I Holdco listed up to $100 million in assets and up to $50,000 in liabilities as of the bankruptcy filing while CalPlant I listed as much as $500 million in both assets and liabilities. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Morris James, LLP as local bankruptcy counsel; and Paladin Management Group as financial advisor. Prime Clerk, LLC is the claims and noticing agent and administrative advisor. CANTON II: S&P Lowers 2011A-B Housing Revenue Bond Rating to 'CCC' ------------------------------------------------------------------ S&P Global Ratings lowered its rating on Bexar County Housing Finance Corp., Texas' series 2011A (class I) senior housing revenue bonds to 'CCC' from 'BB-' and lowered its rating on the series 2011B subordinate (class II) bonds to 'CCC' from 'B'. The bonds were issued on behalf of the borrower, Canton II Inc., for its Inn at Los Patios apartments project. At the same time, S&P placed the ratings on CreditWatch with negative implications. "The downgrade reflects our view that there is at least a one-in-two likelihood of default due to management's recent failure to meet flow of funds requirements, coverage that we project could be below 1.0x debt service, and a potential lack of willingness by the borrower to use available reserves to pay debt service," said S&P Global Ratings credit analyst Raymond Kim. "If the borrower draws upon reserve funds to make its next scheduled debt service payment on Jan. 1, 2022, or if the borrower fails to make its payment in full, we could lower the ratings further to 'CC' or 'D'. We expect to resolve the CreditWatch within 60 days." According to a notice posted on the EMMA disclosure website by Canton II Inc. on Oct. 27, 2021, in August of 2021 the borrower did not forward its monthly revenues to the trustee to fund the project's debt service obligations, as is required by the transaction's legal agreements; instead, the borrower used its revenues to fund operations and pay down certain accrued payables to the project's vendors, and the remainder was forwarded to the trustee. S&P views management's failure to adhere to the flow of funds as specified in the transaction documents as a governance risk under our environmental, social, and governance (ESG) factors due to the borrower's weakened risk management, culture, and oversight, which is a key credit driver of the rating action. In S&P's view, absent an infusion of cash from external sources, it is unlikely that the project will generate sufficient revenues to meet its ongoing debt service obligations, as net cash flow for the third quarter of 2021 would result in maximum annual debt service coverage of 0.65x on the class I bonds, and 0.56x on the class II bonds. Occupancy at the project remains very low, at 79% as of third quarter of 2021. S&P said, "While debt service reserve (DSR) funds are sufficient to cover twelve months' debt service in the event of a continued shortfall in revenue (as of Sept. 30, 2021, the class I bonds DSR held about $1.704 million, while the class II DSR held $208,907), in light of the borrower's recent failure to adhere to the transaction's legal documents and forward monthly revenues in full, we believe there is elevated risk that the borrower may not tap the DSR to fully cover its upcoming debt service payment on Jan. 1, 2022. We believe there is also elevated risk associated with the borrower because two other projects owned by an affiliate of the borrower, The Emmaus Calling (TEC), have defaulted within the past two years." The borrower, as an affiliate of The Emmaus Calling (TEC), initially used the bond proceeds to acquire, finance, and improve the Inn at Los Patios in San Antonio. The project is a senior living housing project consisting of 167 units; 137 of the units are independent living and the remaining 30 are assisted living. Project revenues secure all bonds. The 2011A bonds hold a first-perfected senior lien on project revenue, while a subordinate lien on project revenue secures the 2011B bonds. Total debt outstanding is about $24.75 million between both classes. CHISOM HOUSING: S&P Affirms 'B-' Rating on 2012A Revenue Bonds -------------------------------------------------------------- S&P Global Ratings revised its outlook to stable from negative on Public Finance Authority, Wis.' series 2012A multifamily housing revenue bonds, issued for Chisom Housing Group (CHG), Wash.'s Section 8 assisted-housing pool project. At the same time, S&P affirmed its 'B-' rating on the bonds. "The outlook revision reflects better-than-expected financial performance in fiscal 2020," said S&P Global Ratings credit analyst Emily Avila. S&P said, "Last year, we took a multinotch downward rating action, based on our expectation that a sudden and significant increase in expenses would negatively affect adjusted net operating income (NOI) and result in a precipitous decrease in adjusted debt service coverage (DSC) to below 1.0x in fiscal 2020. Our expectation was also based on a statement in the fiscal 2019 consolidated audit that indicated DSC would fall to 0.84x. However, fiscal 2020 DSC, though much weaker than that of previous years, did not fall below 1.0x. Total operating expenses increased 10% in fiscal 2020, resulting in a 10% decrease in NOI and a low DSC of 1.3x. In our view, a DSC of 1.3x warrants a return to a stable outlook." S&P said, "We have analyzed the pool's environmental, social, and governance (ESG) risks relative to coverage and liquidity, management and governance, and market position. We consider the pool's environmental risks to be somewhat elevated because five out of 11 properties are in coastal areas of the country subject to extreme weather conditions. This contributed to the significant increase in insurance expense, which will have long-term financial implications for the pool. We view the obligor's governance risk to be higher than average compared with the sector, due to its lack of risk mitigation policies and strategic plans, which leaves the pool vulnerable to operational volatility. Improvements in the supply and coordination of the vaccine rollout have lowered the health and safety risk associated with the COVID-19 pandemic, which we consider a social risk under our ESG factors. Therefore, in our opinion, the pool's social risks are in line with those of the sector. "We could lower the rating further if fiscal 2021 financial operations generate a DSC below 1.0x or if management uses the debt service reserve fund (DSRF) to pay bond debt service. Should it become apparent that the obligations are vulnerable to nonpayment and are dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the bonds, we would lower the ratings to at least 'CCC+' or lower, depending on the severity of the situation and according to our "Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," published Oct. 1, 2012. "We could revise the outlook to positive or raise the rating if the pool were to generate DSC above 1.1x during the next two years and continues to pay bond debt service without using the DSRF." CLEANSPARK INC: Chief Technology Officer Resigns ------------------------------------------------ Amanda Kabak, the chief technology officer of Cleanspark, Inc., stepped down from her position as part of an internal realignment of roles and duties stemming from the company's focus on its non-energy segments' significant growth. As a result, the employment agreement between the company and Ms. Kabak, dated Oct. 26, 2020, terminated effective as of Oct. 29, 2021. Ms. Kabak has advised the company that her decision to resign was not based on any disagreement with the company on any matter relating to its operations, policies or practices. Ms. Kabak will continue to work for the company in the role of VP of Software Architecture. The company does not currently expect to replace the role of chief technology officer at the corporate level, as all software development efforts will occur at the subsidiary level under the direction of the president of the Energy Division. About CleanSpark Headquartered in Bountiful, Utah, CleanSpark, Inc. -- www.cleanspark.com -- in the business of providing advanced software and controls technology solutions to solve modern energy challenges. The Company has a suite of software solutions that provide end-to-end microgrid energy modeling, energy market communications and energy management solutions. Its offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering and software consulting services. CleanSpark reported a net loss of $23.35 million for the year ended Sept. 30, 2020, a net loss of $26.12 million for the year ended Sept. 30, 2019, and a net loss of $47.01 million for the year ended Sept. 30, 2018. As of June 30, 2021, the Company had $297.49 million in total assets, $15.69 million in total liabilities, and $281.80 million in total stockholders' equity. CONTERRA ULTRA: S&P Affirms 'B-' ICR, Outlook Stable ---------------------------------------------------- S&P Global Ratings affirmed the 'B-' issuer credit rating and all other ratings on U.S.-based bandwidth infrastructure provider Conterra Ultra Broadband Holdings Inc. S&P said, "At the same time, we revised our financial policy assessment to neutral from FS-6 to adequately capture our view that the company's financial policy may be more conservative under the ownership of infrastructure funds, which have a longer-term view than private equity sponsors. "We do not expect APG and Fiera's purchase of Court Square's remaining equity interest will lead to a significant change in Conterra's near-term operating strategy. At closing, APG and Fiera each own slightly less than 50% of the company. In the near term, we believe Conterra will likely continue to focus on organic growth through on- or near-net opportunities and pursue bolt-on acquisitions. Longer term, we recognize the company's owners may look to improve operating leverage by pursuing larger-scale acquisitions. "We believe leverage will remain elevated long term given the ongoing capital spending requirements to support growth. Conterra's adjusted debt to EBITDA, which includes restructuring and transaction expenses and excludes booked-but-not-billed adjustment, was elevated at 5.6x as of June 30, 2021. We expect the company's leverage to remain in the mid- to high-5x area in the near term as increased revolver borrowings because of FOCF annual deficits of about $5 million-$15 million through 2022 offset modest earnings growth. Over the longer term, we forecast Conterra's leverage will remain high given the likelihood for elevated capital expenditure (capex) or debt-financed acquisitions. "We revised our financial policy assessment to neutral from FS-6 to reflect the long-term risks of the firm's financial policy. The revision reflects our view that Conterra's ownership change supports a more conservative financial policy and longer-term commitment to expanding the business. We believe the company is less likely to distribute debt-financed dividends to shareholders in the near to intermediate term. As infrastructure funds, we believe APG and Fiera focus on reinvesting operating cash flow back into the business and that their investment time horizon is longer than that of a typical private equity sponsor, which typically disposes of assets within 5-7 years. "The stable outlook reflects our expectation that Conterra's leverage will remain in the mid- to high-5x area as incremental borrowings needed to fund FOCF deficits offset modest earnings growth. "We could lower our rating on Conterra if higher customer churn and pricing pressure lead to deteriorating top-line trends and lower EBITDA that ultimately weaken the company's liquidity position and ability to organically reduce leverage. This would cause us to assess its capital structure as unsustainable longer term. "We could raise our rating if the company sustains adjusted leverage below 6.5x while generating positive FOCF. While we expect such leverage over the next 12 months, we believe FOCF will remain negative through 2022 on elevated capital spending. In addition, we believe an upgrade would be accompanied by the belief that owners would maintain a financial policy for leverage maintained comfortably below 6.5x, even with acquisitions." DELTA AIR: Egan-Jones Keeps B Senior Unsecured Ratings ------------------------------------------------------ Egan-Jones Ratings Company, on October 20, 2021, maintained its 'B' foreign currency and local currency senior unsecured ratings on debt issued by Delta Air Lines, Inc. Headquartered in Atlanta, Georgia, Delta Air Lines, Inc. provides scheduled air transportation for passengers, freight, and mail over a network of routes. DOMINO'S PIZZA: Egan-Jones Keeps BB- Senior Unsecured Ratings ------------------------------------------------------------- Egan-Jones Ratings Company, on October 18, 2021, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Domino's Pizza, Inc. Headquartered in Ann Arbor, Michigan, Domino's Pizza, Inc. operates a network of company-owned and franchise Domino's Pizza stores, located throughout the United States and in other countries. EAGLE HOSPITALITY: US Trustee Calls Chapter 11 Docs Convoluted -------------------------------------------------------------- Jeff Montgomery, writing for Law360, reports that struck by "confoundingly dense" descriptions of plan and disclosure terms in chronically murky Eagle Hospitality Group's proposed Chapter 11 documents, the Office of the U.S. Trustee urged a Delaware bankruptcy court judge to reject their approval, and said the plan is not ready for voter solicitations. The 27-page objection took aim at key plan provisions in a 15-hotel case that arrived in Chapter 11 in January 2022 under parent EHT US 1 Inc. after months of disputes over control of the businesses, unpaid debts and allegations of fraud that stretch across the country and to Singapore and a real estate investment trust. The U.S. Trustee says it objects to the motion to seek approval of the Disclosure Statement and solicit votes on the Liquidating Plan because: (1) the proposed opt out mechanism does not sufficiently demonstrate creditors' consent to the broad, third-party, non-debtor releases; (2) as non-consensual third-party releases, the releases at issue do not pass muster under In re Continental Airlines, 203 F.3d 203 (3d Cir. 2000); (3) the exculpation provision in the Plan is overly broad because it includes non-estate fiduciaries and is not limited to the proper temporal scope; and (4) the Plan's various claim treatment provisions are inadequate for solicitation because the treatment of allowed claims in certain classes are convoluted, complex and confoundingly dense. About Eagle Hospitality Group Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality stapled group comprising Eagle Hospitality Real Estate Investment Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based in Singapore, Eagle H-REIT is established with the principal investment strategy of investing on a long-term basis, in a diversified portfolio of income-producing real estate which is used primarily for hospitality and/or hospitality-related purposes, as well as real estate-related assets in connection with the foregoing, with an initial focus on the United States. EHT US1, Inc., and 26 affiliates, including 15 LLC entities that each owns hotels in the U.S., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10036) on Jan. 18, 2021. EHT US1, Inc., estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Debtors tapped PAUL HASTINGS LLP as bankruptcy counsel; FTI CONSULTING, INC., as restructuring advisor; and MOELIS & COMPANY LLC, as investment banker. COLE SCHOTZ P.C. is the Delaware counsel. RAJAH & TANN SINGAPORE LLP is Singapore Law counsel, and WALKERS is Cayman Law counsel. DONLIN, RECANO & COMPANY, INC., is the claims agent. ENPRO INDUSTRIES: Egan-Jones Cuts Senior Unsecured Ratings to BB- ----------------------------------------------------------------- Egan-Jones Ratings Company, on October 18, 2021, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by EnPro Industries, Inc. to BB- from B+. Headquartered in Charlotte, North Carolina, EnPro Industries, Inc. designs, develops, manufactures, and markets proprietary engineered industrial products. EXACTUS INC: Changes Name to 'Panacea Life Sciences Holdings' ------------------------------------------------------------- Exactus, Inc. filed with the Secretary of State of Nevada a Certificate of Amendment to its Amended and Restated Articles of Incorporation to change the company's name to Panacea Life Sciences Holdings, Inc. and effect a reverse stock split of the company's issued and outstanding common stock, par value $0.0001 per share on a one-for-28 basis. Designation of Preferred Stock On Oct. 25, 2021, the company filed with the Secretary of State of the State of Nevada a Certificate of Designation of Preferences, Rights and Limitations of Series C-2 Convertible Preferred Stock. The Series C-2 designates 100 shares for issuance, par value $0.0001 per share. Each share of Series C-2 is convertible into 2,050,000 shares of the company's common stock and is entitled to vote on all matters submitted to the company's stockholders on an as-converted basis. Other than the conversion and voting rights, there are no other preferences. All 100 designated shares of Series C-2 were issued to Quintel-MC Incorporated in connection with the cancellation of 205,000,000 shares of the company's common stock that were held by Quintel. Leslie Buttorff, the company's chief executive officer and director, is the sole owner, officer and director of Quintel. About Exactus Inc. Exactus Inc. (OTCQB:EXDI) -- http://www.exactusinc.com-- is a Nevada corporation organized under the name Solid Solar Energy, Inc in 2008 and renamed Exactus, Inc. in 2016. The Company has pursued opportunities in Cannabidiol since 2019. During most of 2020 the Company was engaged in marketing of hemp derived products sourced from its leased farming operation. Exactus reported a net loss of $10.94 million for the year ended Dec. 31, 2020, compared to a net loss of $10.02 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $23.64 million in total assets, $11.62 million in total liabilities, and $12.02 million in total stockholders' equity. Henderson, NV-based RBSM LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated April 23, 2021, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses that raises substantial doubt about the Company's ability to continue as a going concern. FLORIDA TILT: Unsecured Creditors to Recover 1.5% Under Plan ------------------------------------------------------------ Florida Tilt, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement in support of Plan of Reorganization dated October 26, 2021. The Debtor is in the tilt concrete construction business and as debts exceeded gross receipts Debtor became delinquent in its secured and unsecured debt obligations. The Debtor sought relief under the Bankruptcy Code to, among other things, seek confirmation of a plan which modified its secured obligations and dedicated his anticipated profits towards the repayment of creditors. The proposed distributions under the Plan are discussed in this Disclosure Statement. General unsecured creditors are classified in Class 4, and will receive an approximate distribution of 1.50% of their allowed claims. The Plan will treat claims as follows: * Class 1 consists of the Unsecured Priority Claim and Unsecured General Claim of the Internal Revenue Service. In accordance with the IRS plan data calculator plan payments should be $387.83 for (59) month. Since, the payments will start (30) days after the Effective Date IRS should receive a lump sum payment for $5,041.79 ($387.83 x 13 months or estimated for (1) year (10/01/21) plus (1) month (11/01/21)) with the regular monthly payments of $387.83 beginning in December 2021 up to August 1, 2025 plus the (60) month lump sum payment of $116,180.00. This includes the IRS interest of 3% on priority claims. The remaining total amount of unsecured general claims of $67,999.05 shall be treated as a Class 4 general unsecured claim and receive pro rata distribution with other claims in such class. * Class 2 consists of the Secured Claim of Wells Fargo Bank, N.A. ("Wells Fargo"). Proof of Claim #7 is secured pursuant to a UCC filing as of the petition date with the balance of $101,950.14. Claim #7 shall be reduced to a secured claim of $94,545.00 subject to payments of $1,000.00 per month at the fixed till rate of 4.00% over 108 months. Proof of Claim #8 is a secured claim in the amount of $61,309.23. Claim #8 shall be reduced to a secured claim of $47,273.00 subject to payments of $500.00 per month at the fixed till rate of 4.00% over 108 month and the balance of the claim being paid as a general unsecured claim. * Class 3 consists of the claim of Invopeo. Class 3 consists the critical vendor claim of Invopeo. Invopeo has an unsecured claim in the estate of $30,000.00. Debtor shall pay Invopeo $250.00 per month with no interest commencing 30 days after plan confirmation (effective date) for 120 monthly payments. * Class 4 consists of General Unsecured Creditors. The allowed unsecured claims total $732,474. The Class 3 creditors shall share pro rata in a total distribution in the approximate amount of $10,987 (the "Total Plan Payment") which shall be paid in installments of $1,099 bi-annual (every 6 months) over 5 years, i.e. 10 bi-annual payments totaling $10,987, with the first payment beginning the 30th day of the month following the Effective Date of this Plan. * Class 5 consists of the Debtor's interest in property of the estate, which is retained under this Plan. The Debtor has committed the value of 60 months of its profit toward funding the Plan, and has otherwise met all of the requirements under the Bankruptcy Code. Class 5 is presumed to accept this Plan and is not entitled to vote. The means necessary for the execution of this Plan include the Debtor's income from its business operations. The Debtor shall, and believes it can, generate and receive sufficient income to the amount necessary to enable it to make all payments due under the Plan. The Debtor shall be the disbursing agent. A full-text copy of the Disclosure Statement dated Oct. 26, 2021, is available at https://bit.ly/3nJpliz from PacerMonitor.com at no charge. Attorney for the Debtor: Ariel Sagre, Esq. Sagre Law Firm, P.A. 5201 Blue Lagoon Drive, Suite 892 Miami, FL 33126 Tel: (305) 266-5999 Fax: (305) 265-6223 Email: law@sagrelawfirm.com About Florida Tilt Florida Tilt, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-20779) on Oct. 1, 2020, listing under $1 million in both assets and liabilities. Judge Robert A. Mark oversees the case. Ariel Sagre, Esq., at Sagre Law Firm, P.A., serves as the Debtor's legal counsel. Until further notice, the United States Trustee said it will not appoint a Committee of Creditors under 11 U.S.C. Sec. 1102. FORMETAL COMPANY: Amends Class 7 Secured Claim Pay Details ---------------------------------------------------------- The Formetal Company, LLC, submitted a Third Modification to Plan of Reorganization dated October 26, 2021. Debtor modifies the Plan in accordance with §§ 1125 and 1127 of Chapter 11 of Title 11 of the United States Code. The changes do not materially or adversely affect the rights of any parties in interest which have not had notice and an opportunity to be heard with regard thereto. The Plan, and specifically Article 2, Section 2.1.26 of the Plan, is deleted in its entirety and replaced with the following: * 2.1.26 "Effective Date" means the date of the entry of a Confirmation Order. The Plan, and specifically Article 2, Section 2.1.29 of the Plan, is deleted in its entirety and replaced with the following: * "Filing Date" or "Petition Date" means July 3, 2021. The Plan, and specifically Article 2, Section 2.1.45 of the Plan, is deleted in its entirety and replaced with the following: * 2.1.45 "Retained Action" means all claims, Causes of Action, rights of action, suits and proceedings, whether in law or in equity, whether known or unknown, which Debtor or Debtor's Estate may hold against any Person, including, without limitation, (i) claims and Causes of Action brought prior to the Effective Date, (ii) claims and Causes of Action against any Persons for failure to pay for products or services provided or rendered by Debtor, (iii) claims and Causes of Action relating to strict enforcement of Debtor's intellectual property rights, including patents, copyrights and trademarks, (iv) claims and Causes of Action seeking the recovery of Debtor's accounts receivable or other receivables or rights to payment created or arising in the ordinary course of Debtor' business, including without limitation, claim overpayments and tax refunds, (v) any and all claims against Great South Metals Co and John Kingery, including all rights to recoupment and setoff; (vi) all Causes of Action that are Avoidance Actions, including without limitation any and all claims against Two Many Lawyers, LLC for avoidance of any preference including, but not limited to, the Ohio Judgment obtained on or about May 17, 2021 and actions by Two Many Lawyers, LLC related thereto, and (vii) all those claims or causes of action described in Section 7.3 as Preserved Causes of Action. The Plan, and specifically Article 4, Section 4.7, Class 7 of the Plan, is hereby amended as follows, and except as specifically amended, the terms of the Plan and Class 7 remain in full force and effect: * The following paragraph is deleted in its entirety: "Debtor will pay the Allowed Class 7 Secured Claim as follows: (i) equal monthly payments of $9,197.97 each commencing on the 10th day of the first full month following the Effective Date and continuing by the 10th day of each subsequent month, followed by (ii) a final payment of the outstanding amount of the Allowed Class 7 Secured Claim on the 5th anniversary of the Effective Date, including without limitation, all other interest, costs or fees that the Court includes in the Allowed Class 7 Secured Claim. Interest will accrue on the principal balance of the Class 5 Secured Claim (which Debtor shows is $1,365,000) at the annual rate of 5.25% or such other rate as the Court may determine at the Confirmation Hearing. In the event the Court allows Two Many Lawyers' asserted attorney's fees pursuant to O.C.G.A. §13-1-11 or otherwise, such may be a general unsecured claim not included in the Class 7 Secured Claim and will be treated and classified accordingly in Class 10 to the extent the same are allowed as a general unsecured claim. To the extent the Court allows any amounts to Two Many Lawyers as a general unsecured claim, the same are treated and classified as a Class 10 general unsecured claim." * The following paragraph is inserted in place of the deleted paragraph: "Debtor will pay the Allowed Class 7 Secured Claim as follows: (i) equal monthly payments of $15,575.00 each commencing on the 10th day of the first full month following the Effective Date and continuing by the 10th day of each subsequent month, followed by (ii) a final payment of the outstanding amount of the Allowed Class 7 Secured Claim on the 5th anniversary of the Effective Date, including without limitation, all other interest, costs or fees that the Court includes in the Allowed Class 7 Secured Claim. Interest will accrue at the annual rate of 5.25% or such other rate as the Court may determine at the Confirmation Hearing on: (a) the principal balance of the Class 5 Secured Claim (which Debtor shows is $1,365,000), or (b) such other amount as the Court may determine. In the event the Court allows Two Many Lawyers' asserted attorney's fees pursuant to O.C.G.A. § 13-1-11 or otherwise, such may be a general unsecured claim not included in the Class 7 Secured Claim and will be treated and classified accordingly in Class 10 to the extent the same are allowed as a general unsecured claim. To the extent the Court allows any amounts to Two Many Lawyers as a general unsecured claim, the same are treated and classified as a Class 10 general unsecured claim." A full-text copy of the Third Modification to Plan of Reorganization dated October 26, 2021, is available at https://bit.ly/3nKs2jV from PacerMonitor.com at no charge. Attorneys for Debtor: Leslie M. Pineyro, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: cmccord@joneswalden.com About The Formetal Company The Formetal Company, LLC is a Forest Park, Ga.-based company that manufactures and distributes cold formed light gauge steel framing used in the commercial construction of all types of buildings as well as manufacturing companies. Formetal Company filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 21-55029) on July 3, 2021. Robert H. Boyd, manager, signed the petition. At the time of the filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Jones & Walden, LLC, is the Debtor's legal counsel. FROZEN FOODS: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Frozen Foods Partners, LLC 745 Fifth Avenue, Suite 500 New York, NY 10151 Business Description: Frozen Foods Partners is a merchant wholesaler of grocery and related products. Chapter 11 Petition Date: November 1, 2021 Court: United States Bankruptcy Court Southern District of New York Case No.: 21-11897 Judge: Hon. Martin Glenn Debtor's Counsel: Adam P. Wofse, Esq. LAMONICA HERBST & MANISCALCO, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Tel: 516-826-6500 Email: awofse@lhmlawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jeffrey Lichtenstein as chief executive officer. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/YPTIXPY/Frozen_Foods_Partners_LLC__nysbke-21-11897__0001.0.pdf?mcid=tGE4TAMA GAMESTOP CORP: Chief Operating Officer Quits -------------------------------------------- GameStop Corp. and Jenna Owens, executive vice president and chief operating officer, entered into a separation and release agreement, which provides for Ms. Owens' departure from the company effective Oct. 25, 2021. The responsibilities associated with the position are being absorbed by other members of the company's management team. Ms. Owens is entitled to the following severance benefits in accordance with her existing letter agreement with the company: (i) six months base pay, (ii) an amount equal to the applicable premiums for COBRA continuation coverage for six months and (iii) the remaining portion of her sign-on bonus. About GameStop Grapevine, Texas-based GameStop Corp. is a specialty retailer offering games and entertainment products through its E-Commerce properties and thousands of stores. GameStop reported a net loss of $215.3 million for fiscal year 2020, a net loss of $470.9 million for fiscal year 2019, and a net loss of $673 million for fiscal year 2018. As of July 31, 2021, the Company had $3.55 billion in total assets, $1.69 billion in total liabilities, and $1.85 billion in total stockholders' equity. GOODMEASURE WISDOM: Seeks to Hire Gary S. Poretsky as Legal Counsel ------------------------------------------------------------------- Goodmeasure Wisdom Center seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ The Law Offices of Gary S. Poretsky, LLC to serve as legal counsel in its Chapter 11 case. The firm's services include: a. advising the Debtor of its rights, powers and duties; b. advising the Debtor regarding matters of bankruptcy law; c. representing the Debtor in proceedings and hearings before the court; d. reviewing the nature and validity of liens asserted against the property of the Debtor and advising the Debtor of the enforceability of such liens; e. preparing legal documents and reviewing all reports to be filed in the Debtor's case; f. advising the Debtor concerning, and preparing responses to, legal papers that may be filed and served; and g. performing all other necessary legal services. The firm will be paid $375 per hour and reimbursed for out-of-pocket expenses incurred. Gary Poretsky, Esq., 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 Law Offices of Gary S. Poretsky can be reached at: Gary S. Poretsky, Esq. The Law Offices of Gary S. Poretsky, LLC 7 Church Lane Suite 5 Pikesville, MD 21208 Telephone: (443) 738-5432 Email: gary@plgmd.com About Goodmeasure Wisdom Center Goodmeasure Wisdom Center filed a petition for Chapter 11 protection (Bankr. D. Md. Case No. 21-16637) on Oct. 20, 2021, disclosing under $1 million in both assets and liabilities. Judge Michelle M. Harner oversees the case. The Debtor is represented by The Law Offices of Gary S. Poretsky, LLC. GORHAM PAPER: $7M Unsecured Claims to Recover 2% to 5% in Plan -------------------------------------------------------------- Gorham Paper and Tissue, LLC, and White Mountain Tissue, LLC, filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated October 26, 2021. The Plan, if Confirmed, will establish the Liquidating Trust, by and through which the Liquidating Trustee will marshal the Assets of the Estates, review and object to the Claims, analyze and litigate Causes of Action, and make Distributions to Holders of Allowed Claims. Prior to the Petition Date, the Debtors explored a range of options to address their ongoing challenges related to maintaining sufficient cash flow to satisfy their debt and operational obligations. Ultimately, due to cash flow concerns and the monetization process established under the global settlement agreement entered into the Zohar Funds' chapter 11 cases, the Debtors, together with their advisors, expended significant efforts marketing the Debtors' assets in the months leading up to the Petition Date. On December 18, 2020, the Bankruptcy Court entered the Sale Order, approving the Sale to the Purchaser and granting related relief. The Sale closed on December 31, 2020, at which time the DIP Facility was repaid and the Cash proceeds were disbursed to numerous parties and creditors. No proceeds from the Sale remained with the Debtors at closing. In consideration of the sale of the purchased assets to the Purchaser, and upon the terms and subject to the conditions set forth in the Asset Purchase Agreement and Sale Order, the aggregate consideration for the Sale included the following: (i) $8,750,000.00 in Cash (less the Purchaser's deposit); (ii) a credit bid pursuant to § 363(k) of the Bankruptcy Code of all the DIP Financing Obligations held by the Purchaser; and (iii) the assumption by the Purchaser of the Assumed Liabilities, which included the indebtedness owed by WMT to BONH. Following the Sale closing, the Debtors engaged in discussions with the Creditors' Committee, Zohar III, and Ankura Trust Company, LLC regarding a plan to fund the winddown of the Debtors' affairs and the Debtors' exits from bankruptcy. On January 27, 2021, the Debtors filed their Motion for Entry of an Order (I) Approving Settlement and Limited Notice Pursuant to Bankruptcy Code Section 105 and Federal Rule of Bankruptcy Procedure 9019; and (II) Granting Related Relief, which sought approval of a compromise set forth in the settlement agreement (the "Zohar Settlement Agreement"). The Bankruptcy Court approved the Zohar Settlement Agreement through entry of a Final Order on February 17, 2021. Pursuant to the Zohar Settlement Agreement, in exchange for mutual releases and other consideration, Zohar III and Ankura agreed to, among other things, disburse to the Debtors $1,264,060.71 from the Cash that Zohar III and Ankura received at the closing of the Sale, which Cash the Debtors then used to fund certain Professional Fee Claims and approved management bonuses, with the remaining funds designated to pay actual and necessary expenses of pursuing, consummating, and funding a plan and other budgeted operating expenses of the Debtors. Zohar III and Ankura also agreed to gift a portion of their dividend under a plan or structured dismissal to certain other General Unsecured Claim Holders. Class 1 consists of Allowed Priority NonTax Claims. Each Holder of an Allowed Priority Unsecured Non-Tax Claim against the Debtor shall receive, on the Effective Date, on account of and in exchange for, such Allowed Priority Unsecured Non-Tax Claim, either: (A) Cash equal to the full unpaid amount of such Allowed Priority Unsecured Non Tax Claim; or (B) such other treatment asthe Debtors, the Liquidating Trustee, and the Holder of such Allowed Priority Unsecured Non-Tax Claim shall have agreed. The allowed priority non-tax claims total $2,000.00 with 100% recovery. Class 2 consists of General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of any beneficial interest in the Cash remaining in the Liquidating Trust or such other treatment as may be agreed upon by such Holder and the Liquidating Trustee. Allowed General Unsecured Claims in Class 2 shall be subject to the Zohar Settlement Agreement, including as to the Zohar Gift. The allowed unsecured claims total $7,000,000.00 with 2-5% Pro Rata Recovery (excluding Zohar Claims). The Interests in Class Three are Impaired. Holders of Class Three Interests shall not receive or retain any property or interest in property on account of such Interests, such Interests shall be cancelled, extinguished, and discharged upon termination of the Liquidating Trust, and the Holders of Class Three Interests shall take nothing under the Plan. Wayne Johnson, the former chief financial officer of the Debtors prior to the Sale, shall be the initial Liquidating Trustee. Mr. Johnson has more than 35 years of experience in the forest products industry, and he has managed financial organizations in packaging manufacturing operations, converting operations, and paper manufacturing operations. Mr. Johnson is familiar with the Debtors' former operations, the Assets, the Sale, and the Chapter 11 Cases. The Debtors believe that Mr. Johnson is well qualified to serve as the Liquidating Trustee in an efficient and cost effective manner. The Liquidating Trustee shall be required to consult with the designated representative of the Creditors’ Committee and the Zohar Funds, respectively, prior to any material decisions regarding the Liquidating Trust. On the Effective Date, all of the Assets shall vest in the Liquidating Trust, free and clear of all Claims, liens, charges, other encumbrances, or Interests, except for the obligations under this Plan. On and after the Effective Date, the Liquidating Trustee may use, acquire, and dispose of Assets and compromise or settle any Claims without supervision or approval by the Bankruptcy Court and free of any restrictions of the Bankruptcy Code or Bankruptcy Rules, other than those restrictions imposed by the Plan or the Confirmation Order. The Liquidating Trustee, on and after the Effective Date, may conduct any sales or liquidations of Assets on any terms he or she deems appropriate, without further order of the Bankruptcy Court, except as otherwise provided in the Plan or the Confirmation Order. A full-text copy of the Combined Disclosure Statement and Plan dated October 26, 2021, is available at https://bit.ly/3pOUUdz from Donlin Recano & Company, Inc., the claims agent. Counsel to the Debtors: Christopher A. Ward Shanti M. Katona POLSINELLI PC 222 Delaware Avenue, Suite 1101 Wilmington, Delaware 19801 Telephone: (302) 252-0920 Facsimile: (302) 252-0921 E-mail: cward@polsinelli.com skatona@polsinelli.com D. Sam Anderson Adam R. Prescott BERNSTEIN, SHUR, SAWYER & NELSON, P.A. 100 Middle Street P.O. Box 9729 Portland, Maine 04104 Telephone: (207) 774-1200 Facsimile: (207) 774-1127 E-mail: sanderson@bernsteinshur.com aprescott@bernsteinshur.com About Gorham Paper and Tissue Founded in 2011, Gorham Paper and Tissue LLC -- http://www.gorhampt.com/-- operates a paper mill and manufactures customized tissues, towels, and specialty packaging. Gorham Paper and Tissue and affiliate White Mountain Tissue, LLC sought Chapter 11 protection (Bankr. D.N.H. Lead Case No. 20 12814 and 20-12815) on Nov. 4, 2020. Gorham Paper was estimated to have assets of $1 million to $10 million and liabilities of $50 million to $100 million. The Honorable Karen B. Owens is the case judge. The Debtors tapped Bernstein, Shur, Sawyer & Nelson, P.A. as their bankruptcy counsel, Polsinelli PC as local counsel, and B. Riley Securities as an investment banker. Donlin Recano & Company, Inc. is the claims and noticing agent. On Nov. 10, 2020, the U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors. Reed Smith is the committee's legal counsel. GREYSTONE SELECT: S&P Ups ICR to B on Better Financial Performance ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit ratings on Greystone Select Financial LLC to 'B' from 'B-' and its rating on the company's term loan B to 'BB-' from 'B+'. The outlook is positive. The recovery rating on the debt is '1', reflecting its expectation of very high recovery (95%+, rounded estimate: 95%) in a simulated default scenario. S&P said, "Our upgrade is driven by a continued decline in leverage as measured by debt to EBITDA, stronger-than-expected growth in earnings, adequate liquidity, and stable access to funding. We expect the company's recently announced joint venture with Cushman & Wakefield will further improve growth, though we currently have little benefit reflected in our forecasts through 2023. We believe longer-term, as the company uses proceeds from the joint venture to expand bridge loans, this should also expand agency capacity once the bridge loans transition to stabilized properties and are refinanced using agency loans in one to three years. As part of the joint venture, Cushman & Wakefield purchased a 40% stake in the company for $500 million. We expect $150 million of the proceeds will be invested in the Term Loan B Credit Parties, which includes Greystone's core businesses of Agency Origination, Loan Servicing, and Investment Management.. The remaining proceeds will be invested in affiliate businesses. Given cash flow generation from originations and servicing, we are not forecasting increases in debt and expect continued declines in leverage as the company grows. Our positive outlook is driven by the expectation that depending on the pace of growth during 2022, the company may operate with and sustain leverage comfortably below 3.0x debt to EBITDA in the next 12 months. We expect the company will operate with debt to EBITDA of 3.25x to 3.75x by year-end 2021. "For the six months ended June 30, 2021, Greystone reported adjusted EBITDA of $70 million, compared with $54 million in the same period last year. We expect a very strong pipeline of agency originations for the second half of this year and more than 50% year-over-year growth in EBITDA for 2021. We expect more modest growth in 2022. The company issued a $325 million term loan B during the second quarter which added less to leverage than we expected. This was another driver in the company outperforming our expectations. The servicing portfolio's unpaid principal balance was $55.7 billion, as of June 30, 2021, compared with $52.1 billion at year-end 2020. We expect faster growth in the second half of the year driven by a greater mix of agency originations. "Greystone operates Greystone Senior Debt Opportunity Fund, where it is both a GP and an LP. All loans within the fund are a bridge to the agency, and there is no recourse liability to Greystone. The fund is required to be consolidated under accounting standards because Greystone controls its operations despite retaining a minority position in the fund. While we deconsolidate the Senior Debt Fund for the purposes of our leverage and other key credit metrics calculations, we believe the Senior Debt Fund is an important avenue of financing that allows the company to grow its earnings. Our view on deconsolidating the Senior Debt Fund could change if our view of the significance of the fund to Greystone's business activity changes, such that we thought Greystone would provide additional support--for instance, by injecting capital above and beyond its GP and LP commitments. The senior debt fund has more leverage than the origination and servicing businesses, and the senior debt fund also bears the credit risk on the loans it makes. This differs from the originate to sell business, where the company only bears residual credit risk under the Fannie Mae Delegated Underwriting and Servicing (DUS) program. "Other peers in the sector, like Walker & Dunlop, have been acquisitive to expand origination capacity and other capabilities. Were Greystone to fund a relatively large acquisition with debt, leverage could be higher than we expect. "We favorably view the expansion of the company's board because of the joint venture. The board will include three members appointed by Greystone and two members appointed by the JV partner. We also favorably view the additional $150 million of liquidity that will be invested in the term loan credit parties resulting from the joint venture. We are revising our assessment of liquidity to adequate based on the company's better than expected EBITDA, which has translated into better than expected cash flows from operations. "The positive outlook reflects our expectation that, over the next 12 months, Greystone may operate with debt to adjusted EBITDA below 3.0x and debt to tangible equity below 1.0x. The outlook also reflects our expectation that the company will continue to increase earnings, build its book of servicing assets, and maintain access to warehouse funding facilities. "We could revise the outlook to stable if we believe the company will operate with debt to adjusted EBITDA of above 3.0x on a sustained basis, or if we believe the company will operate with debt to tangible equity well above 1.0x on a sustained basis. We could also revise the outlook to stable if the company engages in a debt-funded acquisition which raises leverage beyond our expectations, or if outsize losses materialize under the Fannie Mae Delegated Underwriting and Servicing (DUS) risk-sharing program. "We could raise the rating if we believe the company will operate with debt to adjusted EBITDA of comfortably below 3.0x on a sustained basis, and if we believe the company will operate with debt to tangible equity below 1.0x on a sustained basis while maintaining adequate liquidity." GROWLIFE INC: CEO Issues Letter to Shareholders ----------------------------------------------- GrowLife, Inc. released a letter to shareholders from the Chief Executive Officer of the company, Marco Hegyi. Dear Fellow Shareholders, I am writing to you all today with great excitement and passion for the news I want to highlight in this letter. As we just announced, GrowLife has officially entered into an exclusive distribution agreement with My Fungi Inc., a leading supplier of mushroom products and cultivation supplies in Canada, specifically designed to service the burgeoning mushroom industry. Our exclusive agreement enables us to be the only supplier of these unique supplies throughout the United States. This is a milestone event for GrowLife, as we expand our focus beyond servicing cultivators in the cannabis industry into a new direction of being the leader in supporting mushroom cultivation. Providing the equipment necessary to supporting indoor cultivation of plants is at the genesis of who GrowLife is. It is what we have done for the cannabis industry since 2012, and as that industry expanded, so did GrowLife. Through our 51% acquisition of EZ Clone, we furthered our product portfolio to include proprietary equipment designed to help cultivators with one of the most important parts of the cultivation process, genetics. As cannabis has continued to become legal in states across the nation, we have been there to support cultivators in the buildout of their facilities providing best in class products and support. That said, while cannabis further commoditizes, it is imperative that GrowLife look towards opportunities that lie ahead. In the past few years, demand for mushrooms has skyrocketed across the board from use in nutraceuticals and plant-based wellness products, to specialty mushrooms used in foods, all the way to medicinal psychedelic mushrooms such as psilocybin. Mushrooms for use in food and wellness products represents a global market size of $46.1 billion in 2020, with the US being the second largest mushroom consumption market. The US government is continuously increasing the import duties of mushrooms grown abroad and as a result, cultivation of mushrooms in the US continues to rise. While mushroom cultivation is very different from cannabis, it is similar in that it requires unique, hard to find supplies, supported by those with a deep knowledge base. As an example, most if not all indoor mushroom cultivation starts with sterilized blocks that are used to plant the spore. These blocks are hard to find or produce, especially at industrial scale. A strong supply chain of these blocks is just one part of the exclusive agreement we entered into with My Fungi, making us one of the only suppliers in the United States with a consistent supply of sterile substrate. My Fungi was founded by Mr. Dave Auger, former GM of GrowLife's Canadian Operations, and friend to the Company. My Fungi is the process of obtaining its license by the Canadian government to conduct research and production of psilocybin and psilocin containing mushrooms. These compounds found in certain mushrooms are showing great potential as therapeutics in the mental health space. Much research is taking place across the US in this regard, including work being done at John Hopkins in the areas of PTSD, anti-depression and addiction treatment. New studies and trials continue to emerge, creating yet another segment of need for high quality cultivation of mushroom, another area in which we plan to service. While announcing this new direction for the Company may feel uneasy, I must reiterate that it aligns extremely well with GrowLife's core competency and existing sales and distribution channels. Most of the equipment for mushroom cultivation is being sold through hydroponics stores and online retailers, both of whom GrowLife has worked with for over a decade. Being the picks and shovels supplier to this burgeoning industry is both a strategic and complementary approach for our Company. With all the excitement and opportunity of this new direction comes the work needed to achieve said vision. One of the first steps in our strategic plan is the holding of a shareholder meeting. At this meeting we plan to put forward and seek approval on several items, including actions that would enable us the fundraising tools necessary to seek this type of expansion. I have written another piece specifically about the meeting that I encourage shareholders to read. It can be found here: https://medium.com/@hegyi/c01532992412. We are seeking the support of our almost 100,000 shareholders who I hope can share in the excitement I have for this new direction and support our agenda. As I have said, a vote FOR is a vote FOR progress, and I believe that to be truer than ever, and the best way to unlock eventual shareholder value. As we look towards the future, I genuinely appreciate those who have stuck with us along the way. While 2020 was hard on many businesses and created so many unknowns - GrowLife continued to operate and expand where possible. We reported operating profitability for the first time in Company history, even with the headwinds of the pandemic, among other obstacles. While some of the things we have fought so hard for may not have come to fruition, one thing remains true – GrowLife is a trusted partner to those operating in plant cultivation in emerging markets, with the opportunity to be the foundation for these businesses, from their inception to their global expansion. This remains true in cannabis – and looks to be true in this exciting new area of mushroom cultivation. We hope that our current and potential shareholders join us in this vision - as we move forward full steam ahead. Sincerely and graciously yours, Marco Hegyi CEO/President Shareholders are encouraged to view the new My Fungi product line at shopgrowlife.com About GrowLife GrowLife, Inc. (PHOT)-- http://www.shopgrowlife.com-- aims to become the nation's largest cultivation service provider for cultivating organics, herbs and greens and plant-based medicines. GrowLife is headquartered in Kirkland, Washington and was founded in 2012. GrowLife reported a net loss of $6.38 million in 2020, a net loss of $7.37 million in 2019, and a net loss of $11.47 million in 2018. As of June 30, 2021, the Company had $5.08 million in total assets, $10.07 million in total current liabilities, $777,858 in total long-term liabilities, and a total stockholders' deficit of $5.77 million. Walnut Creek, California-based BPM LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has sustained recurring losses from operations and has an accumulated deficit since inception. These factors raise substantial doubt about the Company's ability to continue as a going concern. GRUPO POSADAS: Unsecured Creditors be Paid in Full or be Reinstated ------------------------------------------------------------------- Grupo Posadas S.A.B. de C.V. and affiliate Operadora del Golfo de Mexico, S.A. de C.V. filed with the U.S. Bankruptcy Court for the Southern District of New York a Joint Prepackaged Plan of Reorganization and a Disclosure Statement on October 26, 2021. The Debtors commenced Chapter 11 cases to restructure a balance sheet burdened by approximately US$405.7 million on account of the obligations under existing notes, the bank loans, and loans with other financial institutions. As of Sept. 22, 2021, the Debtors had outstanding debt in the aggregate principal amount of approximately US$427.5 million consisting primarily of US$392.6 million in outstanding principal amount under the existing notes. After extensive, good faith negotiations with certain of the holders of the Existing Notes, the Plan embodies a settlement among the Debtors and their key creditor constituencies on a consensual transaction that will restructure the Debtors' note obligations and position the Debtors for continued operations (the "Restructuring"). To evidence their support of the Debtors' restructuring plan, an ad hoc group of Noteholders (the "Ad Hoc Group") has executed the Restructuring Support Agreement, dated as of August 17, 2021 (the "RSA") and an additional group of holders (the "Additional Noteholders") have expressed their support for the Restructuring by executing the Letter Agreement, dated as of August 17, 2021 (the "RLA"), which together with noteholders who have executed joinders to the RSA (the "Joining Noteholders" and, together with the Ad Hoc Group and the Additional Noteholders, the "Supporting Noteholders") represent approximately 64.73% of the aggregate outstanding principal amount of the Existing Notes. The RSA and the RLA provide for the implementation of the restructuring through an expedited chapter 11 process and commit the Supporting Noteholders and the Debtors to support the Restructuring subject to the terms and conditions of the RSA and the RLA. After giving effect to the following transactions contemplated by the RSA and the Plan, the Debtors will emerge from chapter 11 appropriately capitalized to support their emergence and going forward business needs. * On the Plan Effective Date, the Reorganized Debtors shall issue: (i) senior secured notes (the "New Notes"), which shall have the terms indicated in the RSA. On the Plan Effective Date, the New Notes will be distributed to the holders of Existing Notes Claims in accordance with the Plan. On the Plan Effective Date: * Except as otherwise expressly provided in the Plan, each holder of an Allowed Administrative Claim shall receive payment in full in cash. * Each holder of an Allowed Priority Tax Claim shall receive treatment in a manner consistent with section 1129(a)(9)(C) of the Bankruptcy Code. * Each holder of an Allowed Secured Claim shall receive, at the Debtors' option: (a) payment in full in cash; (b) the collateral securing its Allowed Secured Claim; (c) Reinstatement of its Allowed Secured Claim; or (d) such other treatment rendering its Allowed Secured Claim Unimpaired in accordance with section 1124 of the Bankruptcy Code. * Each holder of an Allowed Other Priority Claim shall receive treatment in a manner consistent with section 1129(a)(9) of the Bankruptcy Code. * The Existing Notes Claims shall be Allowed in a total aggregate principal amount of $392,605,000 plus any accrued and unpaid interest on the respective series of notes through the Petition Date. On the Plan Effective Date, each holder of an Allowed Existing Notes Claim shall be entitled to receive, for (i) each $1,000 in principal amount and (ii) the discharge in full of all accrued and unpaid interest prior to the Petition Date in respect of such Holder's Allowed Existing Notes Claim: New Notes in the aggregate principal amount equal to (a) $1,000 plus (b) an amount (the "Additional Initial Principal Amount") equal to the sum of (x) 4% of a $1,000 principal amount multiplied by (y) a fraction equal to (A) the number of days that has elapsed from (and including) August 1, 2021 to (and including) the Plan Effective Date divided by (B) 360 days; provided that, if the Plan Effective Date shall occur on or after January 1, 2022, then (1) the amount calculated for the period from August 1, 2021 to December 31, 2021 shall be paid in the form of Additional Initial Principal Amount to each Holder of an Allowed Existing Notes Claim on the Plan Effective Date and (2) the amount calculated for the period from January 1, 2022 through the Plan Effective Date shall be paid in Cash on the Plan Effective Date. * Each holder of an Allowed General Unsecured Claim shall be, at the option of the applicable Debtor or Reorganized Debtor, (a) Reinstated or (b) paid in full in cash. * Each holder of an Allowed Intercompany Claim shall have its Claim Reinstated. * Each holder of an Interest shall have such Interest Reinstated. Class 4 consists of General Unsecured Claims. On the Plan Effective Date, each holder of an Allowed General Unsecured Claim shall be, at the option of the applicable Debtor or Reorganized Debtor, (a) Reinstated or (b) paid in full in cash. This Class will receive a distribution of 100% of their allowed claims. On the Plan Effective Date, each holder of an Interest shall have such Interest Reinstated. The Debtors anticipate that the sale of the Tulkal Assets will close prior to the Petition Date. However, if the sale of the Tulkal Assets closes after the Petition Date, but prior to the Plan Effective Date, then the proceeds of such sale shall be placed in a segregated account, subject to the approval of the Bankruptcy Court, and on the Plan Effective Date, such proceeds shall be applied in accordance with the Collateral Asset Sale Waterfall. If the sale of the Tulkal Assets closes after the Plan Effective Date, then the proceeds of such sale shall be distributed in accordance with the Collateral Asset Sale Waterfall. All Cash consideration necessary for the Reorganized Debtors to make payments or distributions pursuant to this Plan shall be obtained from Cash on hand from the Debtors, including Cash from business operations. Further, the Debtors and the Reorganized Debtors will be entitled to transfer funds between and among themselves as they determine to be necessary or appropriate to enable the Reorganized Debtors to satisfy their obligations under the Plan. Except as set forth herein, any changes in intercompany account balances resulting from such transfers will be accounted for and settled in accordance with the Debtors' historical intercompany account settlement practices and will not violate the terms of the Plan or the New Notes Documents. On the Plan Effective Date, the Reorganized Debtors are authorized and directed to issue, execute, deliver or otherwise bring into effect, as the case may be, to or for the benefit of the New Notes Trustee and the Qualified Holders of Allowed Existing Notes Claims, the New Notes Documents and any other instruments, certificates and other documents or agreements required to be issued, executed or delivered pursuant to the Plan, and take any other necessary actions in connection with the foregoing, in each case without need for further notice to or order of the Bankruptcy Court, act or action under applicable law, regulation, order or rule or the vote, consent, authorization or approval of any Entity. Proposed Counsel to the Debtors: CLEARY GOTTLIEB STEEN & HAMILTON LLP One Liberty Plaza New York, New York 10006 Telephone: (212) 225-2000 Facsimile: (212) 225-3999 Richard J. Cooper Jane VanLare About Grupo Posadas Posadas is the leading hotel operator in Mexico and owns, leases, franchises and manages 185 hotels and 28,690 rooms in the most important and visited urban and coastal destinations in Mexico. Urban hotels represent 87% of total rooms and coastal hotels represent 13%. Posadas operates the following brands: Live Aqua Beach Resort, Live Aqua Urban Resort, Live Aqua Boutique Resort, Grand Fiesta Americana, Curamoria Collection, Fiesta Americana, The Explorean, Fiesta Americana Vacation Villas, Live Aqua Residence Club, Fiesta Inn, Fiesta Inn LOFT, Fiesta Inn Express, Gamma, IOH Hotels, and One Hotels. Posadas has traded on the Mexican Stock Exchange since 1992. Grupo Posadas S.A.B. de C.V. and affiliate Operadora del Golfo de Mexico, S.A. de C.V. sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 21-11831) on October 26, 2021. The cases are handled by Honorable Judge Sean Lane. The Company tapped Cleary Gottlieb Steen & Hamilton LLP as international legal counsel; Ritch, Mueller y Nicolau, S.C. and Creel, Garcia-Cuellar, Aiza y Enriquez SC, as Mexican legal counsel; and DD3 Capital Partners as financial advisor. Prime Clerk LLC is the claims agent. GTT COMMUNICATIONS: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------------- Lead Debtor: GTT Communications, Inc. 7900 Tysons One Place Suite 1450 McLean, VA 22102 Business Description: The Debtors own and operate a global physical internet network and provide comprehensive cloud networking services. Chapter 11 Petition Date: October 31, 2021 Court: United States Bankruptcy Court Southern District of New York Ten affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- GTT Communications, Inc. (Lead Debtor) 21-11880 Communication Decisions - SNVC, LLC 21-11881 Core180, LLC 21-11882 Electra Ltd. 21-11883 GC Pivotal, LLC 21-11884 GTT Americas, LLC 21-11885 GTT Global Telecom Government Services, LLC 21-11886 GTT RemainCo, LLC 21-11887 GTT Apollo Holdings, LLC 21-11888 GTT Apollo, LLC 21-11889 Debtors' Counsel: Philip C. Dublin, Esq. Ira S. Dizengoff, Esq. Philip C. Dublin, Esq. David H. Botter, Esq. Naomi Moss, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park New York, New York 10036 Tel: (212) 872-1000 Fax: (212) 872-1002 Email: idizengoff@akingump.com pdublin@akingump.com dbotter@akingump.com nmoss@akingump.com Debtors' Investment Banker: TRS ADVISORS Debtors' Restructuring Advisor: ALVAREZ & MARSAL, LLC Debtors' Notice, Claims & Balloting Agent: PRIME CLERK, LLC Total Assets: $2,800,000,000 Total Debts: $4,100,000,000 The petitions were signed by Brian J. Fox as chief restructuring officer. Full-text copies of two of the Debtors' petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/XXR36WQ/GTT_Communications_Inc__nysbke-21-11880__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/UXM6MNI/GTT_Apollo_Holdings_LLC__nysbke-21-11888__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Wilmington Trust, 7.875% Senior $612,734,375 National Association Unsecured 50 South Sixth Street Notes Due 2024 Suite 1290 Minneapolis, MN 55402 United States Attn: GTT Communications Administrator Fax: 612-217-5651 - and - Wilmington Trust National Association c/o Reed Smith LLP 1201 Market Street, Suite 15 Wilmington, DE 19801-1163 Attn: Kurt F. Gwynne, Counsel Tel: 302-778-7500 Fax: 302-778-7575 Email: kgwynne@reedsmith.com 2. CenturyLink Trade Payable $6,360,681 100 CenturyLink Drive Monroe, LA 71203 United States Attn: Jeff Storey Chief Executive Officer Tel: 318-388-9000 Email: jeff.storey@centurylink.com 3. AT&T Trade Payable $4,906,546 208 S. Akard St. Dallas, TX 75202 United States Attn: Jeff McElfresh Chief Executive Officer Tel: 210-821-4105 Email: jeffrey.mcelfresh@att.com 4. Verizon Trade Payable $2,750,476 1095 Avenue of the Americas New York, NY 10036 United States Attn: Hans Vestberg Title: Chief Executive Officer Tel: 212-395-1000 Email: hans.vestberg@verizon.com 5. Equinix Trade Payable $2,011,647 One Lagoon Drive Redwood City, CA 94065 United States Attn: Charles Meyers Title: Chief Executive Officer Tel: 650-598-6000 Email: cmeyers@equinix.com 6. Comcast Trade Payable $1,794,547 Comcast Center 1701 JFK Boulevard Philadelphia, PA 19103 United States Attn: David Marcus Title: Deputy General Tel: 215-583-8078 Email: david_marcus@comcast.com 7. Charter Communications Trade Payable $1,363,244 400 Atlantic Street, Floor 10 Stamford, CT 06901 United States Attn: Thomas M. Rutledge Title: Chief Executive Officer Tel: 314-965-0555 Email: tom.rutledge@chartercom.com 8. Zayo Bandwidth LLC Trade Payable $1,134,385 1821 30th Street, Unit A Boulder, CO 80301 United States Attn: Dan Caruso Title: Chief Executive Officer Tel: 866-364-6033 Email: dcaruso@zayo.com 9. Frontier Trade Payable $978,239 401 Merritt 7 Norwalk, CT 06851 United States Attn: Sheldon Bruha Title: Chief Financial Officer Tel: 800-921-8101 Email: sheldon.bruha@frontier.com 10. GBI Gulf Commercial Trade Payable $962,500 Incorporated Science & Technology Park Tech 1 Level 2, Al Gharaffa Street Al Rayyan P.O. Box 210153 Doha Attn: Cengiz Oztelcan Title: Chief Executive Officer Tel: 974-4009-4444 Email: coztelcan@gbiinc.com 11. Digital L Realty Trust Trade Payable $763,243 Four Embarcadero Center Suite 3200 San Francisco, CA 94111 Attn: William Stein Title: Chief Executive Officer Tel: 415-738-6500 Email: bstein@digitalrealty.com 12. Windstream Trade Payable $755,598 4001 N Rodney Parham Rd Little Rock, AR 72212-2442 United States Attn: Bob Gunderman Title: Chief Financial Officer Tel: 501-748-7000 Email: bob.gunderman@windstream.com 13. Databank Holdings LLC Trade Payable $518,606 400 South Akard St., Suite 100 Dallas, TX 75202 United States Attn: Raul K. Martynek Title: Chief Executive Officer Tel: 214-720-2266 Email: raul.martynek@databank.com 14. Crown Castle Trade Payable $513,608 2000 Corporate Drive Canonsburg, PA 15317 United States Attn: Jay Brown Title: Chief Executive Officer Tel: 877-486-9377 Email: jbrown@crowncastle.com 15. Intelisys Inc. Trade Payable $505,256 1318 Redwood Way, Suite 120 Petaluma, CA 94954 United States Attn: Mark Morgan Title: President Tel: 864-286-4589 Email: mmorgan@intelisys.com 16. Coresite Trade Payable $495,753 1001 17th Street Suite 500 Denver, CO 80202 United States Attn: Paul Szurek Title: Chief Executive Officer Tel: 866-777-2673 Email: paul.szurek@coresite.com 17. Cox Communications Trade Payable $475,221 6205-B Peachtree Dunwoody Road NE Atlanta, GA 30328 United States Attn: Pat Esser Title: Chief Executive Officer Tel: 888-278-6660 Email: pat.esser@cox.com 18. Granite Telecommunications Trade Payable $430,343 100 Newport Ave. Ext Quincy, MA 02171 United States Attn: Rob Hale Title: Chief Executive Officer Tel: 617-933-5500 Fax: 617-238-0312 Email: rhale@granitenet.com 19. Velocloud Networks LLC Trade Payable $408,882 3401 Hillview Ave Palo Alto, CA 94304 United States Attn: Amy Fliegelman Olli Title: General Counsel Tel: 877-486-927 Email: aolli@vmware.com 20. Telus Trade Payable $365,045 510 W Georgia St. FL. 23 Vancouver, BC V6B 0M3 Canada Attn: Dareen Entwistle Title: Chief Executive Officer Tel: 604-697-8044 Email: darren.entwistle2@telus.com 21. Deutsche Telekom Trade Payable $361,472 North America, Inc. 141 W Front St Red Bank, NJ 07701 United States Attn: Birgit Bohle Title: Board Member - Legal Tel: 49 228 1810 Email: birgit.bohle@telekom.de 22. Sprint Trade Payable $333,435 T-Mobile Bankruptcy Team PO Box 53410 Bellevue, WA 98015-3410 United States Attn: Mike Sievert Title: Chief Executive Officer Tel: 425-827-4500 Email: mike.sievert@t-mobile.com 23. Bell Canada Trade Payable $252,747 1 Carrefour Alexander- Graham-Bell Building A, 4th Floor Verdun, QC H3E 3B3 Canada Attn: Mirko Bibic Title: Chief Executive Officer Tel: 800-339-6353 Fax: 514-786-3970 Email: mirko.bibic@bell.ca 24. Neutrona Networks International Trade Payable $192,998 500 W. Overland Ave. Suite 310 El Paso, TX 79901 United States Attn: Miguel Hernandez Title: Chief Executive Officer Tel: 877-918-3526 Email: miguel@transtelco.com 25. Fusion Cloud Services LLC Trade Payable $158,986 210 Interstate North Parkway Suite 300 Atlanta, GA 30339 United States Attn: Brian Crotty Title: Chief Executive Officer Tel: 203-858-0737 Email: brian2fusionconnect.com 26. Dell Marketing LP Trade Payable $157,673 One Dell Way Round Rock, TX 78664 United States Attn: Tom Sweet Title: Chief Financial Officer Tel: 800-289-3355 Email: tom.sweet@dell.com 27. Avant Communications Inc. Trade Payable $156,437 2 N. Riverside Plaza Suite 2450 Chicago, IL 60606 United States Attn: Brendan Taylor Title: Chief Financial Officer Tel: 877-312-2826 Email: btaylor@goavant.net 28. American Tower Corp & Trade Payable $153,251 Metro Net Sapi De CV 116 Huntington Avenue 11th Floor Boston, MA 02116 United States Attn: Tom Bartlett Title: Chief Executive Officer Tel: 617-375-7500 Email: mtom.bartlett@americantower.com 29. Telarus LLC Trade Payable $153,234 45 West Sego Lily Dr Ste 220 Sandy, UT 84070 United States Attn: Rich Goates Title: General Counsel Tel: 877-346-3232 Email: rgoates@telarus.com 30. CableVision Lightpath Trade Payable $150,769 1111 Stewart Ave Bethpage, NY 11714 United States Attn: Michael Grau Title: Chief Financial Officer Tel: 516-672-8520 Email: michael@alticeusa.com GTT COMMUNICATIONS: Files for Chapter 11 With Prepackaged Plan -------------------------------------------------------------- GTT Communications, Inc., a leading global cloud networking provider to multinational clients, on Oct. 31 disclosed that the Company and certain of its direct and indirect subsidiaries have commenced prepackaged chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York to effectuate a deleveraging of GTT's capital structure. GTT's foreign businesses and operations outside of the U.S. are not included in the filing and are unaffected by the chapter 11 cases. As previously announced, on Sept. 1, 2021, GTT entered into an RSA with key stakeholders, including holders of a majority of its secured and unsecured debt and I Squared Capital, to implement a comprehensive restructuring of the Company's balance sheet following the sale of its infrastructure division to I Squared Capital. The sale closed on September 16, 2021. Subsequent to executing the RSA and the closing of the sale, GTT solicited acceptances of its Prepackaged Plan, which received overwhelming support from its debtholders. Lenders holding over 88% of the aggregate outstanding principal amount of GTT's secured loans and holders of over 88% of the aggregate outstanding principal amount of GTT's 7.875% Senior Notes due 2024, including all lenders and noteholders that voted on the Prepackaged Plan, voted to accept. The Company is seeking to have the Prepackaged Plan confirmed in mid-December. The Prepackaged Plan advances GTT on its path to improve its capital structure and execute its long-term business strategy. The combination of the completed infrastructure division sale and the transactions contemplated by the Prepackaged Plan will reduce the Company's debt by approximately $2.8 billion. GTT is operating and serving its customers in the U.S. and globally without interruption. The RSA and the Prepackaged Plan provide for vendors, employees and other partners to be paid in the ordinary course of business for obligations incurred prior to and after the commencement of the chapter 11 cases. The Company has access to sufficient liquidity to operate its businesses including the payment of all such obligations. GTT expects to emerge from this process following receipt of the necessary regulatory approvals for the restructuring. Ernie Ortega, Chief Executive Officer of GTT, said, "I am pleased by the support we've received from our debtholders and other stakeholders demonstrating their confidence in the Company's business plan and long-term strategy. Following the entry into the RSA, we closed the sale of our infrastructure division, and repaid a significant portion of our secured debt, as we said we would. Commencing the Company's chapter 11 cases is the next major milestone that enables us to further strengthen our financial position as we continue to operate our business around the world." Ortega added, "GTT remains committed to providing market-leading network solutions to our clients throughout the restructuring process and beyond. The main pillars of our business strategy that focus on operational excellence and providing a differentiated customer experience remain intact. We will continue to place the needs of our customers first, encouraged by the positive progress we are seeing across the key operational metrics impacting customer experience. I am thankful for everyone on our team who works tirelessly to deliver top-tier services to our global client base. I would also like to express my gratitude to our valued clients with whom we are honored to partner." GTT's legal advisor in connection with the restructuring is Akin Gump Strauss Hauer & Feld LLP. Alvarez & Marsal North America, LLC serves as its restructuring advisor and TRS Advisors, a group within the investment banking division of Piper Sandler & Co., serves as its investment banker for the restructuring. Interested parties who may have questions related to the restructuring may call Prime Clerk, at (877) 329-1803 or (347) 532-7908 (international) or send an email to GTTInfo@PrimeClerk.com. In addition, information related to the restructuring is available at https://cases.primeclerk.com/GTT. About GTT Headquartered in McLean, Virginia, GTT Communications, Inc. -- http://www.gtt.net/-- owns and operates a global Tier 1 internet network and provides a comprehensive suite of cloud networking services. GTT connects people across organizations, around the world, and to every application in the cloud. GULF COAST HEALTH: Nov. 12 Final Hearing on $25MM DIP Loan ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has authorized Gulf Coast Health Care, LLC and affiliates to, among other things, use cash collateral and obtain postpetition financing on an interim basis. The Debtors have obtained commitment for postpetition financing on a secured superpriority basis, consisting of a new money term loan facility in an aggregate principal amount of up to $25,000,000 from OHI Asset Funding (DE), LLC, as the administrative agent and collateral agent for the DIP Facility, and certain of the prepetition secured parties. On an interim basis, the Debtors may dip their hands into $15,750,000 of that amount. The Debtors have said their need to use the prepetition collateral (including cash collateral) and obtain credit pursuant to the DIP Facility is immediate and critical to avoid serious and irreparable harm to the Debtors, their estates, their creditors, and other parties in interest. Gulf Coast and its affiliates, as borrowers, certain other parties designated as guarantors thereto, the lenders from time to time party thereto, and Wells Fargo Bank, N.A. as administrative agent for the Prepetition Lenders, entered into a credit agreement, dated as of July 6, 2018. On November 2, 2020, Wells Fargo and New Ark Capital, LLC executed the Loan, Commitment and Agency Assignment Agreement, through which Wells Fargo assigned its interests, liens and obligations provided by or under the Prepetition Credit Agreement to New Ark. As of the Petition Date, the Prepetition Loan Obligors owed the Prepetition Working Capital Secured Parties, with respect to $14,343,316.85 in principal amount of loans outstanding, plus accrued and unpaid interest thereon and fees. The Prepetition Working Capital Debt has been guaranteed on a joint and several bases by the Prepetition Guarantors. In addition, Debtor Gulf Coast Master Tenant I, LLC entered into the Second Consolidated Amended and Restated Master Lease Agreement, dated July 1, 2013, with the so-called Omega Landlords, which are among the Debtors' Prepetition Secured Parties, together with the Prepetition Working Capital Secured Parties. GC Master Tenant I has subleased the facilities leased the Omega Master Lease Agreement to certain existing operators. Certain of the Debtors, the Existing Operators and other parties have entered into a Guaranty of Obligations, dated July 1, 2013 in respect of the Omega Master Lease Agreement. As of the Petition Date, the Obligors under the Omega Master Lease were justly and lawfully indebted and liable to the Omega Landlords, with respect to $237,711,978 in principal amount of unpaid Rent, plus accrued and unpaid interest thereon and fees and all other obligations arising under the Omega Master Lease Documents incurred in connection therewith as provided in the Omega Master Lease Documents. The Omega Master Lease Obligations have been guaranteed on a joint and several basis by the Omega Master Lease Guarantors. As adequate protection for the Debtors' use cash collateral, Housing & Healthcare Finance, LLC as HUD Lender, is granted valid, perfected replacement security interests in and liens upon all DIP Collateral of the Prepetition HUD Obligors, provided that the HUD Lender Adequate Protection Liens will be junior to the Prepetition HUD Lender Liens. New Ark as Prepetition Agent is granted valid, perfected replacement security interests in and liens upon all accounts receivable generated by the Debtors from the Petition Date onwards and the proceeds thereof. New Ark, for itself and for the benefit of the other Prepetition Lenders, is granted allowed superpriority administrative expense claims as provided for in section 507(b) of the Bankruptcy Code. The Omega Landlords are each granted valid, perfected replacement security interests in and liens upon all of the DIP Collateral. The Omega Landlords are granted allowed superpriority administrative expense claims as provided for in section 507(b) of the Bankruptcy Code. The Prepetition HUD Lender is granted allowed superpriority administrative expense claims against the Prepetition HUD Obligors as provided for in section 507(b) of the Bankruptcy Code in the aggregate amount of the applicable HUD Lender Adequate Protection Claims with, except as set forth in the Interim Order, priority in payment over any and all administrative expenses of the kind specified or ordered pursuant to any provision of the Bankruptcy Code. The HUD Lender 507(b) Claims will be senior to any and all other administrative expense claims or other claims against the Prepetition HUD Obligors or their estates, in the Chapter 11 Cases and any Successor Cases. The hearing to consider final approval of the DIP Facility is scheduled for November 12 at 10 a.m. Objections are due November 5. A copy of the order is available at https://bit.ly/3E0NZ4D from PacerMonitor.com. About Gulf Coast Health Care Gulf Coast Health Care is a licensed operator of 28 skilled nursing facilities comprising nearly 3,350 licensed beds across Florida, Georgia, and Mississippi. It provides short-term rehabilitation, comprehensive post-acute skilled care, long-term care, assisted living, and therapy services in each of their Facilities. Gulf Coast Health Care, LLC, and 61 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11336) on Oct. 14, 2021. In the petition signed by Benjamin M. Jones as chief restructuring officer, Gulf Coast Health Care estimated assets of between $10 million and $50 million and estimated liabilities of between $100 million to $500 million. The cases are handled by Honorable Judge Karen B. Owens. McDermott Will & Emery LLP is the Debtors' counsel, and Ankura Consulting Group LLC is the financial advisor. Epiq is the claims agent. GUY WILLIAM MORRIS: Inn World's SDNY Suit Dismissed --------------------------------------------------- The United States District Court for the Southern District of New York issued an Opinion and Order dated October 25, 2021, dismissing the case captioned INN WORLD REPORT, INC. et al. Plaintiffs, v. MB FINANCIAL BANK NA et al. Defendants, No. 19-CV-2559 (VSB)(S.D.N.Y.), for lack of subject matter jurisdiction. In this action, Plaintiffs Inn World Report, Inc., and Leonard LaBanco, Inn World's owner, assert claims stemming from the Defendants' supposed violations of an automatic bankruptcy stay pursuant to 11 U.S.C. Section 362(a). The automatic stay in question went into effect in January 2013, when Guy William Morris filed for bankruptcy in the United States Bankruptcy Court for the District of Colorado. Because the Plaintiffs' claims all arise from alleged violations of an automatic bankruptcy stay, the New York Court said it does not have subject matter jurisdiction over the action and thus ruled that it must be dismissed. District Judge Vernon S. Broderick held that, in Eastern Equipment and Services Corporation v. Factory Point National Bank, Bennington, the Second Circuit held a "district court was correct to hold that it had no jurisdiction" over an action in which plaintiffs asserted state tort claims and a claim under 11 U.S.C. Section 362(h) for violations of an automatic bankruptcy stay. 236 F.3d 117, 121 (2d Cir. 2001). The Second Circuit stated that "[a]ny relief for a violation of the stay must be sought in the Bankruptcy Court." Id.; see also id. ("However, again, such a claim must be brought in the bankruptcy court, rather than in the district court, which only has appellate jurisdiction over bankruptcy cases."). A full-text copy of the decision is available at https://tinyurl.com/4pvy6hhf from Leagle.com. Wayne Michael Greenwald, Wayne Greenwald, P.C., New York, New York, Counsel for Plaintiffs. Michael J. Venditto, Reed Smith LLP New York, New York, Counsel for Defendants. HANDL NEW YORK: Ongoing Revenues to Fund Plan Payments ------------------------------------------------------ HANDL New York, LLC, filed with the U.S. Bankruptcy Court for the District of Delaware a Plan of Reorganization and Disclosure Statement dated October 26, 2021. The Debtor was formed by Mr. Hirsch in 2018 to monetize certain patents he held for the Debtor's products. The Debtor is a limited liability company organized under the laws of the State of Delaware. 99% of the equity is owned by Mr. Hirsch, and the remaining 1% is owned by TIG. As of the Petition Date, the Debtor had one creditor asserting secured claims, C2, in the amount of $548,103.21, and a priority tax claim in the approximate amount of $11,991.40, and general unsecured claims asserted in the total amount of approximately $1.5 million. The Debtor also learned after the Petition Date that its warehouseman Replay Storage Solutions, Inc. — which is owned by a family member of the owner of Argento - asserts a secured lien on the Debtor's inventory stored at the Debtor's warehouse in the approximate amount of $28,990.75. That lien has been challenged postpetition by both the Debtor and C2. By the Debtor's most recent investigations, the Debtor had assets totaling approximately $1,326,534.56 on the Petition Date, consisting mostly of inventory in the retail amount of approximately $1.2 million and receivables in the face amount of $126,534.56 There are other assets listed on the Debtor's bankruptcy schedules with a zero value or unknown value. This Plan primarily will be funded through cash on hand and ongoing revenues and may be derived from additional investments received by the Debtor. Class 1 of the Plan consists of all claims held by C2. If the Plan is confirmed, the following terms shall apply to C2's Allowed Secured Claim as of the Effective Date: * C2's claim shall be allowed in the all-inclusive amount of $583,760 (which includes any interest, charges, and fees that may otherwise be recoverable), less the actual amounts paid to C2 before the Effective Date. * To satisfy C2's Allowed Secured Claim, the Debtor shall pay C2, until a total of $583,760 has been paid: 10% of net receivables (gross receivables less cost of goods sold) received from the Effective Date of the Plan through and including December 31, 2022, plus any amount due to C2 from the Replay Escrow; $10,000 per month starting January 1, 2023 through and including December 31, 2023; $10,000 per month starting January 1, 2024 through and including December 31, 2025; $12,500 per month starting January 1, 2025 through and including December 31, 2025; and $15,000 per month starting January 1, 2026 through and including December 31, 2026. Class 2 consists of General Unsecured Claims. Under the Plan, holders of Allowed General Unsecured Claims shall receive a pro rata share of the Net Guaranty Recoveries. Holders of Allowed General Unsecured Claims shall also receive amounts otherwise payable to C2 in accordance with the payment formula, after C2 has received $583,760 in payments (also including the sale of Consigned Inventory). The Debtor also asserts that the Plan may be confirmed without any recovery by holders of Allowed General Unsecured Claims because the value of property to be distributed under the Plan is not less than its projected disposable income during the 5-year period after the Effective Date. Class 3 consists of Equity Interest of Allen Hirsch. This equity holder shall retain his equity interest in the Debtor after Confirmation. Class 4 consists of equity holder The Identity Group, Inc. This equity holder shall receive nothing on account of its equity interest in the Debtor after confirmation. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. On the Effective Date, Mr. Hirsch is retaining his equity in the Debtor because of the value that he has contributed to the Debtor's reorganization and will continue to contribute to the Debtor's reorganizational efforts. No other person has demonstrated an interest or intention of governing the Debtor absent Mr. Hirsch's cooperation. After the Effective Date, Mr. Hirsch may transfer some of his equity to a third party, such as to raise capital; provided that no such third party shall not be liable for any Plan payments except as it otherwise expressly agrees. The Debtor shall make the required payments under the Plan from (i) ongoing revenue from its operations, (ii) factors of its receivables, as needed, (iii) investments in the form of loans and equity investments from investors as needed, and (iv) any other sources of revenue that may be available. Net Guaranty Recoveries The Debtor shall be permitted, but not required, to pursue recoveries against TIG and its members on account of certain personal guaranties (each a "Guaranty," and collectively, the "Guaranties") they executed in connection with the operation of the Business, including, but no limited to, obligations of the Company under any of its contracts and the other obligations of the Company that are the responsibility of TIG under the Agreement, and/or the Agreed Terms and Conditions (collectively referred to as the "Guaranteed Obligations"). Net Guaranty Recoveries shall be paid ratably to holders of Allowed General Unsecured Claims, except that to the extent any Net Guaranty Recoveries are paid solely on account of the guaranty of specific claims, only the holders of such specific claims shall be entitled to ratable payment. A full-text copy of the Plan of Reorganization dated October 26, 2021, is available at https://bit.ly/3EtISdJ from PacerMonitor.com at no charge. Attorney for the Debtor: Adam Hiller, Esq. Hiller Law, LLC 1500 N French St. Wilmington, DE 19801 Tel: (302) 442-7677 Email: ahiller@adamhillerlaw.com About HANDL New York HANDL New York, LLC is a New York-based supplier of cell phone cases and attachable phone holders and stands. HANDL New York filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 21-10984) on June 30, 2021, listing up to $1 million in assets and up to $10 million in liabilities. Allen Hirsch, principal manager of HANDL New York, signed the petition. Judge John T. Dorsey oversees the case. Adam Hiller, Esq., at Hiller Law, LLC and JoAnn Fleming, CPA at Fleming & Assoc CPA LLC are the Debtor's legal counsel and accountant, respectively. HBL SNF: Voluntary Chapter 11 Case Summary ------------------------------------------ Debtor: HBL SNF, LLC d/b/a Epic Rehabilitation and Nursing at White Plains 120 Church Street White Plains, NY 10601 Business Description: The Debtor is a 160-bedroom skilled nursing and rehabilitation facility located at 120 Church Street, White Plains, New York, which opened in late 2019. The Debtor provides an array of healthcare services, including neurological, respiratory, orthopedic, occupational, psychiatric, and many other medical and rehabilitative services. Chapter 11 Petition Date: November 1, 2021 Court: United States Bankruptcy Court Southern District of New York Case No.: 21-22623 Judge: Hon. Sean H. Lane Debtor's Counsel: Tracy L. Klestadt, Esq. Stephanie R. Sweeney, Esq. Christopher Reilly, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street 17th Floor New York, NY 10036-7203 Tel: (212) 972-3000 Email: tklestadt@klestadt.com ssweeney@klestadt.com creilly@klestadt.com Debtor's Claims & Noticing Agent: OMNI AGENT SOLUTIONS Total Assets as of September 30, 2021: $9,131,311 Total Liabilities as of September 30, 2021: $20,128,876 The petition was signed by Lizer Jozefovic as chief executive officer. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/FJ7C3UY/HBL_SNF_LLC__nysbke-21-22623__0001.0.pdf?mcid=tGE4TAMA HELIX ACQUISITION: Moody's Hikes CFR to 'B3', Outlook Stable ------------------------------------------------------------ Moody's Investors Service upgraded the ratings of Helix Acquisition Holdings, Inc., including the corporate family rating and probably of default rating to B3 and B3-PD from Caa1 and Caa1-PD, respectively. Moody's also upgraded the senior secured first lien credit facilities to B2 from B3 and assigned a B2 rating to the new $95 million senior secured first lien term loan and $70 million senior secured revolving credit facility. Lastly, the senior secured second lien term loan rating was upgraded to Caa2 from Caa3. The outlook remains stable. Proceeds from the incremental $95 million first lien term loan will be used to fund two acquisitions and put approximately $10 million of cash on the balance sheet. Additionally, as part of the transaction, the company will extend the maturity on its $70 million revolving credit facility by two years to 2024. The upgrade of the ratings reflects the ongoing improvement in Helix's credit metrics and Moody's expectation for this trend to continue with debt-to-EBITDA (including Moody's adjustments) expected to be about 5.5x by the end of 2022. The upgrade also includes Moody's expectation that Helix will generate steadily improving EBITDA margin of around 25% and positive free cash flow through 2022 despite near-term headwinds including higher freight and material costs and supply channel disruptions. Upgrades: Issuer: Helix Acquisition Holdings, Inc. Corporate Family Rating, Upgraded to B3 from Caa1 Probability of Default Rating, Upgraded to B3-PD from Caa1-PD Senior Secured 1st Lien Term Loan, Upgraded to B2 (LGD3) from B3 (LGD3) Senior Secured Revolving Credit Facility, Upgraded to B2 (LGD3) from B3 (LGD3) Senior Secured 2nd Lien Term Loan, Upgraded to Caa2 (LGD6) from Caa3 (LGD6) Assignments: Issuer: Helix Acquisition Holdings, Inc. Senior Secured Revolving Credit Facility, Assigned B2 (LGD3) Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3) Outlook Actions: Issuer: Helix Acquisition Holdings, Inc. Outlook, Remains Stable RATINGS RATIONALE Helix's B3 CFR reflects its significant product offering and improving financial flexibility despite its small revenue scale and the highly cyclical end markets that it serves. The rating also benefits from the company's relatively high margins, its low capital spending requirements, and a successful track record of integrating acquisitions. Further, the company has taken measures to boost efficiencies by consolidating and integrating their more than 20 production facilities. Helix benefits from end-market diversification, including its expansion into relatively less cyclical medical markets and long term customer relationships, aided by product customization. This should support EBITA margin around 22% (after Moody's standard adjustments) over the next 1-2 years. Of concern is that Helix operates with modest scale in a fragmented and highly competitive landscape. Some of the end-markets served by the company, including industrial manufacturing, are seeing a recovery. However, some sectors, including aerospace and oil & gas, haven't yet returned to pre-pandemic order levels. Earnings may also face headwinds from supply chain disruptions and inflationary pressures on both materials and labor. Moody's also believes event risk remains high with an aggressive financial policy given its private equity ownership and the company's acquisitive nature, which could constrain further improvement in credit metrics if funded with debt. The adequate liquidity reflects Moody's expectations for Helix to maintain a minimum cash position of $5 million - $10 million and positive free cash flow in the range of $35 million to $55 million over the next 18 to 24 months. Following its debt issuance, the company is expected to have full availability under its $70 million revolving credit facility. The stable outlook reflects Moody's expectations for Helix to maintain its improved EBITDA margin and generate positive free cash flow as strong end-market demand persists over the next twelve months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded with a deterioration in the company's liquidity including lower than expected or sustained negative free cash flow, or a reliance on revolver borrowings. A shift to a more aggressive financial policy, namely large debt funded acquisitions or debt-to-EBITDA sustained above 6.5x, could also lead to a negative rating action. The ratings could be upgraded should the company significantly grow revenues while maintaining or improving margins, and apply free cash flow toward debt reduction. More specifically, the ratings could be upgraded if Moody's expects debt-to-EBITDA to be sustained at about 5.0x and EBITA-to-interest above 2.0x. Helix would also need to maintain good liquidity. The principal methodology used in these ratings was Manufacturing published in September 2021. Helix Acquisition Holdings, Inc., through its principal holding operating subsidiary, MWI Holdings, Inc., based in Charlotte, NC, is a manufacturer and designer of engineered compression and other springs, fasteners, and precision components across diverse end markets. The company is owned by private equity sponsor American Securities LLC. Revenue approximated $406 million for the last twelve months ended June 30, 2021. HEXCEL CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company, on October 21, 2021, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Hexcel Corporation. Headquartered in Stamford, Connecticut, Hexcel Corporation develops, manufactures, and markets reinforcement products, composite materials, and engineered products. KINTARA THERAPEUTICS: John Liatos Quits as SVP Business Development ------------------------------------------------------------------- Kintara Therapeutics, Inc. and John Liatos, the company's senior vice president, Business Development, mutually agreed that Mr. Liatos would step down from his role as senior vice president, Business Development effective immediately to pursue other opportunities. In connection with the termination of Mr. Liatos's services, on Oct. 29, 2021, the company and Mr. Liatos entered into a separation and general release agreement. In substantial part, the terms of the severance payable under the Separation Agreement will be governed by the terms of Mr. Liatos's Amended and Restated Employment Agreement, dated March 1, 2018. As contemplated by the Employment Agreement, the Separation Agreement will provide, among other things, for Mr. Liatos to receive the following: * continued payments of eight months of his annual base salary, equal to the sum of $226,667, commencing on the first regular payroll date that is at least 60 days after the Termination Date and paid in installments in accordance with the company's regular payroll practices; * reimbursement of healthcare continuation payments under the Consolidated Omnibus Budget Reconciliation Act (COBRA) for a period of up to eight months following the Termination Date; and * an additional six months of service vesting credit for each of his stock options outstanding as of the Termination Date, and all of his vested options, including any options so accelerated, remaining exercisable for up to a twelve-month period measured from the Termination Date (or earlier expiration of the options term). In addition, Mr. Liatos will be subject to non-compete and non-solicitation provisions, which will apply for a period of twelve months following the Termination Date. About Kintara Located in San Diego, California, Kintara (formerly DelMar Pharmaceuticals) is dedicated to the development of novel cancer therapies for patients with unmet medical needs. Kintara is developing two late-stage, Phase 3-ready therapeutics for clear unmet medical needs with reduced risk development programs. The two programs are VAL-083 for GBM and REM-001 for CMBC. Kintara reported a net loss of $38.30 million for the year ended June 30, 2021, compared to a net loss of $9.13 million for the year ended June 30, 2020. As of June 30, 2021, the Company had $13.54 million in total assets, $2.96 million in total liabilities, and $10.58 million in total stockholders' equity. San Francisco, CA-based Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated Sept. 28, 2021, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. LATAM AIRLINES: Agrees to Ch. 11 Plan Mediation, Financing Talks ---------------------------------------------------------------- Vince Sullivan of Law360 reports that bankrupt air carrier LATAM Airlines Group SA told a New York bankruptcy judge Thursday, October 28, 2021, that it had reached a deal with unsecured creditors to participate in mediation to gain another month of exclusive rights to file a Chapter 11 plan as it seeks to work out issues regarding the plan and potential exit financing. During a virtual hearing, debtor attorney Lisa M. Shweitzer of Cleary Gottlieb Steen & Hamilton LLP said LATAM had been making progress on a plan structure in recent weeks but had not yet arrived at an agreeable proposal and needed the extra time to finalize a plan. About LATAM Airlines Group LATAM Airlines Group S.A. -- http://www.latam.com/-- is a pan-Latin American airline holding company involved in the transportation of passengers and cargo and operates as one unified business enterprise. It is the largest passenger airline in South America. Before the onset of the COVID-19 pandemic, LATAM offered passenger transport services to 145 different destinations in 26 countries, including domestic flights in Argentina, Brazil, Chile, Colombia, Ecuador and Peru, and international services within Latin America as well as to Europe, the United States, the Caribbean, Oceania, Asia and Africa. LATAM and its 28 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United States are part of the Chapter 11 filing. The Debtors disclosed $21,087,806,000 in total assets and $17,958,629,000 in total liabilities as of Dec. 31, 2019. The Hon. James L. Garrity, Jr., is the case judge. The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as bankruptcy counsel, FTI Consulting as restructuring advisor, Lee Brock Camargo Advogados as local Brazilian litigation counsel, and Togut, Segal & Segal LLP and Claro & Cia in Chile as special counsel. The Boston Consulting Group, Inc. and The Boston Consulting Group UK LLP serve as the Debtors' strategic advisors. Prime Clerk LLC is the claims agent. The official committee of unsecured creditors formed in the case tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters Jureller Southard & Stevens, LLP as conflicts counsel, UBS Securities LLC as investment banker, and Conway MacKenzie, LLC as financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is the committee's Brazilian counsel. The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as counsel. Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew Glenn and partner Shai Schmidt, has been retained as counsel to the Ad Hoc Committee of Shareholders. LEWISBERRY PARTNERS: Puleos to Contribute Revenue to Plan Funding ----------------------------------------------------------------- Lewisberry Partners LLC, submitted a Second Amended Disclosure Statement dated October 26, 2021. On June 30, 2021, the Debtor filed a complaint in the Bankruptcy Court for the Eastern District of Pennsylvania seeking recovery from Fay, Loan Funder and/or U.S. Bank for their failure to abide by the terms of the Bridge Loan, disallowance of the secured claim filed by one or more of these parties, bifurcation of the undersecured claim and other related relief, commencing Lewisberry Partners LLC v. Loan Funder LLC Series 7693 et al., Adversary No. 21-52-elf. The defendants filed a motion to dismiss and the Debtor responded; that motion is pending. Any net recovery from the Suit will be paid to creditors in the Plan. By agreement with Fay, the Debtor obtained authorization to sell 2 additional properties, 133 and 144 Scully Place, by an order entered October 22, 2021. The Puleos own the Puleo Properties, and intend to market and sell several such properties pursuant to this Plan and contribute the proceeds to the Debtor in order to ensure complete performance of the Plan. The Puleos shall also be bound by the Plan to contribute net revenue derived from the Puleo Properties to the Debtor to the extent necessary to fund the Plan. This New Value Contribution by the Puleos will ensure increased Debtor cash flow from operations. The Debtor and the Puleos intend to sell no more than 5 properties each per year during 2021 and 2022. The Debtor's assets consist of the Lewisberry Properties, escrowed proceeds from the sales of the Real Properties, and cash from operations. Based on the sale prices of the 5 Lewisberry Properties sold during this bankruptcy case, and the fact that all Lewisberry Properties are substantially similar to each other, the Debtor avers that each Lewisberry Property's current fair market value is approximately $250,000.00. Class 1 is the Secured Claim of U.S. Bank as Trustee of HOF Grantor Trust I. The treatment to be provided to Class 1 shall be in full and final satisfaction of the Note underlying the Secured Claim. Debtor has objected to this claim in the Suit, seeking, among other things, bifurcation, and/or equitable subordination as well as state law created causes of action. The Puleos shall grant the holder of the Class 1 claim an assignment of rents in the Puleo Properties, and shall record the same on the Effective Date. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 2 consists of General Unsecured Creditors in aggregate amount of claims is approximately $101,592.05. Once administrative expense claims are paid in full, Debtor will make quarterly payments to Class 2 on a pro rata basis over 1 year period commencing in the fourth quarter of 2021, and each subsequent quarter as Plan funding becomes available. * Class 3 consists of equity interest holders and is unimpaired by this Plan. All equity holders shall retain their equity post-confirmation on account of the New Value Contribution Payments and distributions under the Plan will be funded by one or any of the following: * Sales: Confirmation of this Plan authorizes the Debtor and the Puleos to market and sell some or all of their real property, in the exercise of their business judgment, free and clear of all liens and interests pursuant to 11 U.S.C. §363(b), (f) without further court approval, provided that the consideration exceeds the mandatory Release Price and the consideration is sufficient to pay all other liens and associated closing cost in full. * Refinance: Confirmation of this Plan authorizes the Debtor and the Puleos to refinance some or all of their real property, in the exercise of their business judgment, without further court approval, provided that the consideration exceeds the mandatory Release Price for all refinanced properties. * Operations: Net income from the rental properties including those properties subject to leases assumed under Article 6.01(a) of the Plan. * Litigation: Net recoveries from the Suit after payment of counsel fees and costs incurred in the Suit. * Collections: Recoveries from the Debtor's preconfirmation accounts receivable, if any. * New Value Contribution: On the Effective Date or as soon thereafter as is reasonably practicable, the Puleos shall grant the holder of the Class 1 claim an assignment of rents in the Puleo Properties and record the same. The Puleos may market and sell up to 5 Puleo Properties per year, and shall contribute the net proceeds to the Debtor to be disbursed pursuant to this Plan. Also, pursuant to the Plan, the Puleos shall contribute the net rental proceeds of the Puleo Properties to the Debtor to the extent necessary to fund the Plan. This contribution of net rents and of net sale proceeds from the Puleo Properties to fund this Plan are contributions of money or money's worth reasonably equivalent to the unimpaired equity interests retained pursuant to this Plan and necessary to the performance of this Plan. A full-text copy of the Second Disclosure Statement dated October 26, 2021, is available at https://bit.ly/3CxWmVg from PacerMonitor.com at no charge. Counsel for the Debtor: Michael D. Vagnoni, Esquire Edmond M. George, Esquire OBERMAYER REBMANN MAXWELL &HIPPEL LLP Centre Square West 1500 Market Street, Suite 3400 Philadelphia, PA 19102 Telephone: 215.665.3140 Facsimile: 215.665.3165 Edmond.george@obermayer.com About Lewisberry Partners Lewisberry Partners, LLC, a Phoenixville, Pa.-based company engaged in renting and leasing real estate properties, sought Chapter 11 protection (Bankr. E.D. Pa. Case No. 21-10327) on Feb. 9, 2021, listing as much as $10 million in both assets and liabilities. Judge Eric L. Frank oversees the case. Edmond M. George, Esq., at Obermayer Rebmann Maxwell & Hippel, LLP, is the Debtor's legal counsel. LOUISIANA CRANE: Files Amendment to Disclosure Statement -------------------------------------------------------- Louisiana Crane & Construction, LLC, submitted an Amended Disclosure Statement and Amended Chapter 11 Plan of Reorganization October 26, 2021. The Plan contemplates payment of all allowed claims against the Debtor utilizing the revenue from the ongoing operation of the Debtor's business to make the payments. The holders of Membership Interests will be affected pursuant to the Plan. Class 4 consists of the claim of Investar in the amount of $826,139.96 with $1,300,000.00 collateral value. Class 4 is impaired under the Plan, and the holder of the Secured Claim in Class 4 is entitled to vote on the Plan. The balance due on Investar's Secured Claim is $826,139.96. Beginning on the Payment Commencement Date, the Class 4 creditor shall receive monthly payments in the amount of $6,533.06 to satisfy its Secured Claim at the Secured Lender Plan Rate based on a 15 year amortization. All unpaid principal and interest shall be due and payable on the fifth anniversary of the Effective Date. Class 16 consists of General Unsecured Claims. Class 16 is impaired under the Plan, and the holder of a Class 16 Claim entitled to vote on the Plan. The Allowed Class 16 creditors will receive their pro-rata share of the Fund which will be funded based upon an amortization of 5 years. Creditors in Class 16 will receive quarterly payments with the first payment 90 days after the Effective Date of the Plan. The estimated recovery is 10% which is based upon an assumed Class 16 of $8,000,000.00 inclusive of deficiency claims of Classes 3 through 15. The Cash required to be distributed under the Plan to the holders of Allowed Administrative Claims and Allowed Claims on the Effective Date shall be provided by (i) the Cash held by the Debtor on the Effective Date; (ii) the Reorganized Debtor's operations; (iii) the contribution made by the Class 17 Members; and (iv) Peoples' Cash Out Fund. A full-text copy of the Amended Disclosure Statement dated October 26, 2021, is available at https://bit.ly/3CwLcjz from PacerMonitor.com at no charge. Counsel for the Debtor: Douglas S. Draper Leslie A. Collins Greta M. Brouphy Heller, Draper & Horn, L.L.C. 650 Poydras Street, Suite 2500 New Orleans, LA 70130 Tel: (504) 299-3300 Fax: (504) 299-3399 E-mail: ddraper@hellerdraper.com lcollins@hellerdraper.com gbrouphy@hellerdraper.com About Louisiana Crane Louisiana Crane & Construction, LLC, is a Eunice, La.-based supplier of traditional crane services and general oilfield construction, pipeline, plant maintenance, rotating equipment, and millwright services. Louisiana Crane & Construction sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 21-50198) on April 6, 2021. At the time of the filing, the Debtor had between $10 million and $50 million in both assets and liabilities. Judge John W. Kolwe oversees the case. Heller, Draper & Horn, LLC is the Debtor's legal counsel. LOVE FAMILY: Case Summary & 7 Unsecured Creditors ------------------------------------------------- Debtor: The Love Family Trust, LLC 30725 US Hwy 19 N., #207 Palm Harbor, FL 34684 Chapter 11 Petition Date: November 1, 2021 Court: United States Bankruptcy Court Middle District of Florida Case No.: 21-05639 Debtor's Counsel: Mark F. Robens, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St. Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 Email: mrobens@srbp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Daniel Delpiano as manager. A copy of the Debtor's list of seven unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/4GLMHIY/The_Love_Family_Trust_LLC__flmbke-21-05639__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/KVJGZXI/The_Love_Family_Trust_LLC__flmbke-21-05639__0001.0.pdf?mcid=tGE4TAMA LTL MANAGEMENT: Administrator Forms Talc Claimants Committee ------------------------------------------------------------ Shelley K. Abel, the United States Bankruptcy Administrator for the Western District of North Carolina, filed a motion asking the Bankruptcy Court to enter an order appointing an official committee of talc claimants in LTL Management LLC's case. The Bankruptcy Administrator received over 50 responses to its notice soliciting interest to serve on the Talc Committee, including numerous responses from parties who were not listed on the Debtor's list of top law firms. Responses received after the deadline were considered for potential appointment to the Committee. The Bankruptcy Administrator proposes these members to the Committee: Rebecca Love c/o Ashcraft & Gerel, LLP Attn: Michelle Parfitt 1825 K Street, NW, Suite 700 Washington, DC 20006 Alishia Landrum c/o Beasley Allen Law Firm Attn: Leigh O'Dell PO Box 4160 Montgomery, AL 36103 Kellie Brewer c/o Fears Nachawati Law Firm Attn: Majed Nachawati 5473 Blair Road Dallas, TX 75231 Blue Cross Blue Shield of Massachusetts c/o Hill Hill Carter Franco Cole & Black, PC Attn: Elizabeth Carter 425 Perry Street Montgomery, AL 36104 Tonya Whetsel c/o Karst von Oiste LLP Attn: Eric Karst 23923 Gosling Rd., Ste. A Spring, TX 77389 Kristie Doyle c/o Kazan, McClain, Satterley & Greenwood PLC Attn: Steven Kazan 55 Harrison St., Ste. 400 Oakland, CA 94607 William A. Henry c/o Levin Papantonio Rafferty Attn: Christopher Tisi 316 S Baylen Street, Suite 600 Pensacola, FL 32502 Randy Derouen c/o Levy Konigsberg LLP Attn: Audrey Raphael 605 Third Avenue, 33rd Fl New York, NY 10158 Darlene Evans c/o OnderLaw, LLC Attn: James Onder 110 East Lockwood Avenue St. Louis, MO 63119 April Fair c/o Robinson Calcagnie, Inc. Attn: Mark Robinson, Jr. 19 Corporate Plaza Drive Newport Beach, CA 92660 Patricia Cook c/o Weitz & Luxenberg, P.C. Attn: Danny Kraft 700 Broadway New York, NY 10083 About LTL Management LTL Management LLC is a newly formed subsidiary of Johnson & Johnson. LTL was formed to manage and defend thousands of talc-related claims and to oversee the operations of its subsidiary, Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA /MYLICON and ROGAINE products. LTL Management LLC filed a Chapter 11 petition (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The Hon. J. Craig Whitley is the case judge. The Debtor tapped JONES DAY as counsel, RAYBURN COOPER & DURHAM, P.A., as co-counsel; BATES WHITE, LLC, as financial consultant; and ALIXPARTNERS, LLP, as restructuring advisor. KING & SPALDING LLP and SHOOK, HARDY & BACON L.L.P., serve as special counsel, and McCARTER & ENGLISH, LLP is the litigation consultant. EPIQ CORPORATE RESTRUCTURING, LLC, is the claims agent. The Debtor was estimated to have $1 billion to $10 billion in assets and liabilities as of the bankruptcy filing. About Johnson & Johnson Johnson & Johnson (J&J) is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. J&J is the world's largest and most broadly based healthcare company. Johnson & Johnson is headquartered in New Brunswick, New Jersey, the consumer division being located in Skillman, New Jersey. The corporation includes some 250 subsidiary companies with operations in 60 countries and products sold in over 175 countries. Johnson & Johnson had worldwide sales of $82.6 billion during calendar year 2020. LTL MANAGEMENT: Formation of Talc Claimants' Committee Sought ------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Western District of North Carolina filed a motion to appoint an official committee of talc claimants in the Chapter 11 case of LTL Management, LLC. The bankruptcy administrator asked Judge J. Craig Whitley to appoint these talc claimants to serve on the committee: 1. Rebecca Love c/o Ashcraft & Gerel, LLP Attn: Michelle Parfitt 1825 K Street, NW, Suite 700 Washington, DC 20006 2. Kellie Brewer c/o Fears Nachawati Law Firm Attn: Majed Nachawati 5473 Blair Road Dallas, TX 75231 3. Tonya Whetsel c/o Karst von Oiste LLP Attn: Eric Karst 23923 Gosling Rd., Ste. A Spring, TX 77389 4. William A. Henry c/o Levin Papantonio Rafferty Attn: Christopher Tisi 316 S Baylen Street, Suite 600 Pensacola, FL 32502 5. Darlene Evans c/o OnderLaw, LLC Attn: James Onder 110 East Lockwood Avenue St. Louis, MO 63119 6. Patricia Cook c/o Weitz & Luxenberg, P.C. Attn: Danny Kraft 700 Broadway New York, NY 10083 7. Alishia Landrum c/o Beasley Allen Law Firm Attn: Leigh O'Dell P.O. Box 4160 Montgomery, AL 36103 8. Blue Cross Blue Shield of Massachusetts c/o Hill Hill Carter Franco Cole & Black, PC Attn: Elizabeth Carter 425 Perry Street Montgomery, AL 36104 9. Kristie Doyle c/o Kazan, McClain, Satterley & Greenwood PLC Attn: Steven Kazan 55 Harrison St., Ste. 400 Oakland, CA 94607 10. Randy Derouen c/o Levy Konigsberg LLP Attn: Audrey Raphael 605 Third Avenue, 33rd Fl New York, NY 10158 11. April Fair c/o Robinson Calcagnie, Inc. Attn: Mark Robinson, Jr. 19 Corporate Plaza Drive Newport Beach, CA 92660 About LTL Management LTL Management LLC is a newly formed subsidiary of Johnson & Johnson (J&J) to manage and defend thousands of talc-related claims and oversee the operations of its subsidiary, Royalty A&M, which owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA /MYLICON and ROGAINE products. J&J is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. It is the world's largest and most broadly based healthcare company. LTL Management filed a Chapter 11 petition (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The Debtor was estimated to have $1 billion to $10 billion in assets and liabilities as of the bankruptcy filing. The Hon. J. Craig Whitley is the case judge. The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A. as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC is the claims agent. MAGNOLIA STORAGE: Case Summary & 2 Unsecured Creditors ------------------------------------------------------ Debtor: Magnolia Storage and Logistics LLC 32703 Tamina Road Magnolia, TX 77354 Business Description: Magnolia Storage and Logistics is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101 (51B)). Chapter 11 Petition Date: October 31, 2021 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 21-12475 Debtor's Counsel: William J. Factor, Esq. FACTORLAW 105 W. Madison St., Suite 1500 Chicago, IL 60602 Tel: 312-878-6976 E-mail: wfactor@wfactorlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jason Fowler as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's two unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/S6YJEBQ/Magnolia_Storage_and_Logistics__ilnbke-21-12475__0001.0.pdf?mcid=tGE4TAMA MALLINCKRODT PLC: Votes Disputed on Eve of Chapter 11 Plan Hearing ------------------------------------------------------------------ Rick Archer of Law360 reports that drugmaker Mallinckrodt faced a challenge Friday, October 29, 2021, to the validity of tens of thousands of votes in favor of its Chapter 11 plan as it prepared to take its proposed reorganization before a Delaware bankruptcy judge on Monday, November 1, 2021. The virtual hearing before U.S. Bankruptcy Judge John Dorsey -- the last before the confirmation hearing for Mallinckrodt's Chapter 11 plan starts Monday morning -- saw one group of creditors say they were concerned that large blocks of votes for the plan may have been cast on behalf of individuals with no valid claims against the drugmaker. The Ad Hoc Acthar Group (the "AHAG") filed a motion for entry of an order directing the appointment of an examiner pursuant to 11 U.S.C. Sec. 1104(c) to investigate and report on a preliminary basis within 20 days from appointment whether, among other things, (x) re-solicitation of the operative proposed Amended Plan for voting is required given the multiple substantive amendments proffered since the solicitation version was served; and (y) the facially invalid claims filed by clients represented by Bevan & Associates and other law firms (i.e. asbestos claimants) at the behest of UCC counsel, and the votes cast in connection therewith at the invitation and direction of the same UCC counsel, detrimentally impact the claims and plan process precluding confirmation of the Amended Plan as presently proposed. "Here, in this bankruptcy, Mr. Bevan's clients ... submitted a unanimous vote in favor of settlement of the asbestos "claims" against the Debtors to the detriment of all other creditors, some of whom would receive much less from the estate despite having claims multiple-times larger than Mr. Bevan's clients' unliquidated claims, many of which are filed as claims in Imerys, including a claim for UCC Committee member, Commodore Bowen's Jr," the The Ad Hoc Acthar Group said. About Mallinckrodt PLC Mallinckrodt -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt plc disclosed $9,584,626,122 in assets and $8,647,811,427 in liabilities as of Sept. 25, 2020. Judge John T. Dorsey oversees the cases. The Debtors tapped Latham & Watkins LLP and Richards, Layton & Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim Securities LLC as investment banker; and AlixPartners LLP as restructuring advisor. Prime Clerk, LLC, is the claims agent. The official committee of unsecured creditors retained Cooley LLP as its legal counsel, Robinson & Cole LLP as co-counsel, and Dundon Advisers LLC as its financial advisor. On Oct. 27, 2020, the U.S. Trustee for Region 3 appointed an official committee of opioid related claimants. The OCC tapped Akin Gump Strauss Hauer & Feld LLP as its lead counsel, Cole Schotz as Delaware co-counsel, Province Inc. as financial advisor, and Jefferies LLC as investment banker. A confirmation trial for the Debtors' First Amended Joint Plan of Reorganization is set to begin Nov. 1, 2021. The Confirmation Hearing will be bifurcated into two phases. Phase 1 will commence the week of Nov. 1. The Confirmation Hearing will continue with Phase 2 on or around the week of Nov. 15, when the Acthar Administrative Claims Hearing proceedings concludes. MARINIA TOWERS: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Marinia Towers, LLC 709 S. Harbor City Blvd. Suite 530 Melbourne, FL 32901 Chapter 11 Petition Date: November 1, 2021 Court: United States Bankruptcy Court Middle District of Florida Case No.: 21-04990 Debtor's Counsel: Mike Dal Lago, Esq. DAL LAGO LAW 999 Vanderbilt Beach Rd. Suite 200 Naples, FL 34108 Tel: 239-571-6877 E-mail: mike@dallagolaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Lance Friedman as manager. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/H7VYZ5Y/Marinia_Towers_LLC__flmbke-21-04990__0001.0.pdf?mcid=tGE4TAMA MARTIN MIDSTREAM: S&P Alters Outlook to Stable, Affirms 'B-' ICR ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on Martin Midstream Partners L.P., a Texas-based master limited partnership (MLP), and revised its rating outlook to stable from negative. S&P said, "At the same time, we affirmed our 'B+' issue-level rating on Martin's $53.8 million 1.5-lien notes due in 2024. Our '1' recovery rating indicates a very high recovery (90%-100%; rounded estimate: 95%). "We also affirmed our 'B-' issue-level rating on the $292 million second-lien notes due in 2025. Our '3' recovery rating indicates meaningful recovery (50%-70%; rounded estimate: 50%). 'The stable outlook reflects our view that Martin Midstream could reduce its leverage to below 5x beginning in 2022 given its adequate liquidity, and improved cash flow generation ability." Martin repaid its February 2021 debt maturity and improved its liquidity position. The partnership used its revolving credit facility to repay its outstanding $28.8 million senior unsecured notes which matured in February 2021, eliminating near-term refinancing risk. This, coupled with the reduction of distributions to less than $1 million per year, and more conservative capital budget, improved Martin's liquidity. S&P now expects Martin's liquidity sources to exceed its uses by more than 3x during the next 12 months. However, S&P anticipates the partnership to have limited headroom under its financial covenants, which constrains Martin's credit profile. S&P said, "We project Martin to generate sufficient discretionary cash it could use to de-lever. Our base-case forecast reflects the improvement of the general economy and an increase of crude oil and natural gas prices. We expect the partnership to generate about $95 million of S&P Global Ratings-adjusted EBITDA in 2021, and $100 million to $105 million in 2022. Our forecast leverage declines from 5.5x in 2021 to just below 5x in 2022, supported by $20 million to $35 million of discretionary cash flows that the company could use to repay its debt." Martin operates a substantial asset base, though its business is relatively small by EBITDA. Compared with other midstream players, Martin Midstream is relatively small in scale with 2020 EBITDA of about $116 million and its assets primarily concentrated in the U.S. Gulf Coast. Martin's main business lines include terminalling and storage, sulfur services, transportation, and natural gas liquids. The partnership derives about 60% of its EBITDA from fixed fee contracts. Martin's contract portfolio provides tangible volumetric protection and supports its cash flow stability, while the rest of its EBITDA is margin based. Commodity price risk is most pronounced in Martin's fertilizer and butane businesses, though the company has a comprehensive hedging program in place to reduce volatility in those segments. Additionally, Martin has expertise in handling certain specialty products, such as molten sulfur and asphalt, which differentiates it from industry peers and substantially diversifies its commodity exposure. S&P said, "We view Martin's contract concentration with parent as a negative credit factor. In our view, operating performance at the parent company, Martin Resource Management Corp. (MRMC), affects Martin's credit profile. We expect MRMC will continue to account for 15%-20% of Martin's EBITDA in the long term. Due to their substantial business interactions, we link our issuer credit rating on Martin to MRMC's credit quality. However, Martin benefits from structural protections that allow its credit quality to be stronger. Martin is severable from MRMC, has independent financial prospects, and holds itself out as a separate entity. At this time, MRMC's creditworthiness does not constrain our issuer credit rating on Martin. "The stable outlook reflects our view that Martin Midstream could maintain leverage below 5x beginning in 2022 given its adequate liquidity, and improved cash flow generation driven by the reduction of distributions implemented in 2021. We expect Martin to maintain adequate liquidity." S&P could revise its outlook to negative if: -- Lower-than-expected EBITDA leads to unsustainable leverage, or -- The partnership breaches its financial covenants. Although unlikely during the next 12 months, S&P could take a positive rating action if: -- Martin's leverage trends toward 4x, while it maintains sizable headroom under its financial covenants, -- It increases its scale and scope of operations, or -- The credit quality of parent company MRMC improves. MOMENTIVE INC: Zendesk Transaction No Impact on Moody's B2 CFR -------------------------------------------------------------- Moody's Investors Service says Zendesk, Inc.'s ("Zendesk", not rated) acquisition of Momentive Inc. ("Momentive") is credit positive for Momentive. On October 28, Zendesk announced a definitive agreement to acquire Momentive in an all-stock transaction valued at about $4.1 billion. Benefits of the transaction for Momentive include opportunities for increased product adoption and enterprise customer penetration as well as cost efficiencies linked to the benefit of a larger corporate scale. While Moody's views the announcement as credit positive, Momentive's B2 Corporate Family Rating and stable outlook are unaffected at this time. The transaction is expected to close in the first half of 2022. If the transaction closes as expected with all of Momentive's debt paid off at closing, Moody's would withdraw the ratings of Momentive. Headquartered in San Mateo, California, Momentive is a leader in agile software solutions for customer experience, market research, and survey feedback. The company's platform empowers more than 20 million active users to analyze and act on feedback from employees, customers, website and app users, and market research respondents. Momentive's products, enterprise solutions, and integrations enable over 345,000 organizations to deliver better customer experiences, increase employee retention, and unlock growth and innovation. Revenue for the last twelve months ended September 30, 2021 was $427 million. Headquartered in San Francisco, California, Zendesk is a software development company providing SaaS solutions intended to help organizations and their customers build better experiences. Revenue for the last twelve months ended June 30, 2021 was nearly $1.2 billion. MUSCLE MAKER: Unit Signs Master Franchise Agreement With Almatrouk ------------------------------------------------------------------ Muscle Maker Development International LLC, a wholly-owned subsidiary of Muscle Maker Inc., entered into a Master Franchise Agreement with Almatrouk Catering Company - OPC, providing ACC with the right to grant franchises for the development of 40 "Muscle Maker Grill" restaurants through Dec. 31, 2030 in the Kingdom of Saudi Arabia. Under the Master Franchise Agreement, MMDI has granted to ACC an exclusive right to establish and operate Muscle Maker restaurants in the KSA. MMDI will not own or operate restaurants in KSA, grant franchises for the restaurants in KSA, or grant Master Franchise Rights for the restaurants to other persons within the KSA. ACC will be solely responsible for the development, sales, marketing, operations, distribution and training of all franchise locations sold in the KSA. ACC is required to pay MMDI $150,000 upon execution of the Master Franchise Agreement, $20,000 upon the execution of each franchise agreement for each individual restaurant and a monthly royalty fee of $1,000 for each restaurant. Further, ACC is required to cause its franchisees to open the agreed upon restaurants during each development period during the Term. About Muscle Maker Headquartered in League City, Texas, Muscle Maker is a fast casual restaurant concept that specializes in preparing healthy-inspired, high-quality, fresh, made-to-order lean, protein-based meals featuring chicken, seafood, pasta, hamburgers, wraps and flat breads. In addition, the Company features freshly prepared entree salads and an appealing selection of sides, protein shakes and fruit smoothies. Muscle Maker reported a net loss of $10.10 million for the year ended Dec. 31, 2020, compared to a net loss of $28.39 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $9.34 million in total assets, $5.26 million in total liabilities, and $4.08 million in total stockholders' equity. Melville, NY-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has incurred significant losses and net cash used in operations and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. NATIONAL CAMPUS: S&P Affirms 'CCC' Rating on 2015A/B Rev. Bonds --------------------------------------------------------------- S&P Global Ratings affirmed its 'CCC' long-term rating on New Hope Higher Education Finance Corp., Texas' series 2015A and series 2015B taxable student housing revenue bonds, issued for National Campus & Community Development Corp.'s College Station Properties LLC (NCCD - College Station). The outlook is negative. "In accordance with our criteria, the 'CCC' rating and negative outlook reflect our view that NCCD-College Station is likely to default without unforeseen positive developments in occupancy and net operating performance," said S&P Global Ratings credit analyst Ruchika Radhakrishnan. "We believe NCCD-College Station will likely continue to experience cash-flow shortfalls, with limited flexibility to avoid an eventual bond payment default, given its very low reserve fund balance as of October 2021," Ms. Radhakrishnan added. The NCCD - College Station housing project added 3,402 new beds adjacent to the Texas A&M University -- College Station campus upon opening in fall 2017. The recent cash flow shortfalls are a result of the project's much lower-than-anticipated occupancy of 54% in fall 2017 and a similar occupancy in spring 2018, leading to a breach of the minimum 1x debt service coverage covenant in fiscal 2018. While occupancy has improved to 91%-94%, the project was not able to achieve break-even performance to fully cover its debt service payment without drawing from the debt service reserve fund (DSRF) in fiscals 2018 and 2021. This is largely due to the high competition faced by the project, and rental rates that are materially lower than budgeted at the time of debt issuance. NCCD - College Station is a not-for-profit corporation organized for the sole purpose of constructing a student housing project for Texas A&M University--College Station (TAMU-College Station). Proceeds from the approximately $360.9 million series 2015A and B issuance are for a 3,402-bed student housing facility to house students at TAMU-College Station. The project represents new housing and includes garage and surface parking spaces. NCCD-ORANGE COAST: S&P Affirms 'BB' Rating on 2018 Revenue Bonds ---------------------------------------------------------------- S&P Global Ratings revised the outlook to stable from negative on California Community College Financing Authority's series 2018 college housing revenue bonds, issued for NCCD-Orange Coast Properties LLC. At the same time, S&P Global Ratings affirmed the rating on the bonds at 'BB'. Orange Coast Properties LLC is a California-based, single-member, limited liability company, and its sole member is Texas-based National Campus & Community Development Corp. (NCCD). Orange Coast Properties was established for the sole purpose of financing the construction of an approximately 800-bed student housing facility and parking surface on the campus of Orange Coast College (OCC), in Costa Mesa in Orange County, Calif. OCC is one of three community colleges constituting Coast Community College District (CCCD or the district), which serves Orange County. Although the housing project is located at OCC, the district is party to the ground lease and the coordination agreement with the borrower. "The outlook revision to stable reflects solid 90% fall 2021 occupancy, which should ensure that fiscal 2022's budgeted debt service coverage of 1.25x should be met," said S&P Global Ratings credit analyst Laura Kuffler-Macdonald. The lease vacancy guarantee of 33% of net revenues for the first seven years of operation provides additional cushion to the project should occupancy soften slightly. The rating reflects indications that initial demand for the project's beds was expected to be good pre-pandemic. The one-month delay in opening and the impact of the pandemic affected occupancy for fiscal 2021. In a more typical environment, housing demand could be in line with original projections for this residence hall, as it remains the only one on campus, but the project lacks a sufficient track record. Vaccine progress in the U.S. has helped alleviate some health and safety social risks stemming from COVID-19; however, privatized student housing remains at a greater risk from ongoing uncertainties. The CCD has also helped alleviate some of those uncertainties by its cooperation agreement that covers 33% of net revenues required to achieve 1.2x debt service coverage. In addition, the college requires a mask mandate for all in-person classes. All students, faculty, and staff are required to be vaccinated. Despite elevated social risk, S&P thinks environment and governance risks are in-line with its view of the sector. S&P could lower the rating if occupancy and operations don't rebound, and rental revenues and additional funds are insufficient such that a draw on debt service reserve funds is necessary, leaving little cushion for additional pressures. A higher rating would be predicated on evidence of sustained solid occupancy; cash flows sufficient to meet covenants and debt service payments on an ongoing basis; and a build-up of reserve funds. NEP/NCP HOLDCO: Moody's Hikes CFR to B3 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Investors Service upgraded NEP/NCP Holdco, Inc.'s (NEP) existing ratings by one notch, including its corporate family rating to B3 from Caa1, its probability of default rating to B3-PD from Caa1-PD, and its senior secured first lien bank credit facility and senior secured revolver to B3 from Caa1. Moody's also upgraded NEP's 8senior secured second lien bank credit facility to Caa2 from Caa3. At the same time, Moody's upgraded the senior secured first lien credit facilities at NEP Europe Finco B.V. to B3 from Caa1. The outlook was changed to stable from positive. The upgrade of the CFR to B3 reflects the positive momentum in the business driven by a recovery in the operating environment that has led to a reduction in leverage and an improved credit profile. Moody's projects the company's Debt/EBITDA to decline to 6x - 6.5x range over the next 12-18 months from 8.7x as of LTM 9/2021 (both metrics are Moody's adjusted). Moody's also expects the company will maintain adequate liquidity and generate annual free cash flow of around $20 million in the coming year, while continuing to invest in its highly capital-intensive business. NEP's earnings growth will be supported by the return to prepandemic levels of activity in sports and television broadcasting, expectation of pent-up demand for live events solutions, and good growth potential in virtual studios. Upgrades: Issuer: NEP/NCP Holdco, Inc Corporate Family Rating, Upgraded to B3 from Caa1 Probability of Default Rating, Upgraded to B3-PD from Caa1-PD Senior Secured 1st Lien Bank Credit Facility, Upgraded to B3 (LGD3) from Caa1 (LGD3) Senior Secured Revolving Credit Facility, Upgraded to B3 (LGD3) from Caa1 (LGD3) Senior Secured 2nd Lien Bank Credit Facility, Upgraded to Caa2 (LGD6) from Caa3 (LGD6) Issuer: NEP Europe Finco B.V. Gtd Senior Secured 1st Lien Term Loan, Upgraded to B3 (LGD3) from Caa1 (LGD3) Outlook Actions: Issuer: NEP Europe Finco B.V. Outlook, Changed To Stable From Positive Issuer: NEP/NCP Holdco, Inc Outlook, Changed To Stable From Positive RATINGS RATIONALE NEP's B3 CFR reflects the company's highly capital-intensive business model that restrains free cash flow due to contract requirements and technology demands. The highly levered-levered capital structure, with Moody's adjusted Debt/EBITDA expected to remain in the 6x - 6.5x range over the next 12-18 months, also constrains the rating. The company's has a moderately aggressive acquisition strategy which may prevent sustained deleveraging. The capital intensity of NEP's business combined with significant interest expense leaves it with limited, and historically negative, free cash flows and weak interest coverage. Given the sponsor ownership, the potential for future leveraging events constrains the rating. As NEP derives about half of its revenue from outside the United States, its reported credit metrics could fluctuate based on currency volatility. However, the company structures contracts with the majority of costs and revenue in the same local currency, minimizing the impact on cash flow. NEP pays the majority of its interest expense in US dollars, but has assumed some debt of acquired companies, creating some natural hedge. NEP's ratings are supported by its strong global position in the niche video production industry and a diversified blue-chip customer base with long-standing relationships and low customer concentration. NEP's fleet of mobile broadcast trucks and engineering expertise provides for a strong value proposition to its customers and also lends tangible asset value, supporting the rating. Furthermore, NEP facilitates the viewing of live events, a service Moody's consider key to content producers and content distributors. This positions the company well regardless of how the consumption and delivery of media evolves and therefore suggests sustainability of cash flows. The company has demonstrated its capacity to manage its cost base and liquidity in challenging economic environments. Moody's expects NEP to maintain adequate liquidity over the next 12-18 months. Sources of liquidity consist of balance sheet cash of roughly $27 million at September 30, 2021 and access to about $87 million of availability under its $250 million revolving credit facility due 2023. Moody's expects that NEP 's earnings growth will lead to free cash flows of around $20 million in the coming year, a notable improvement after years of negative free cash flows. NEP voluntarily exited its bank covenant waiver ahead of expiration. Moody's anticipates that NEP will maintain adequate cushion under its net debt financial covenant requirement over the next 12-18 months. The B3 rating on the first lien credit facilities (revolver, US term loans and Euro term loan) is in line with the B3 CFR, reflecting its larger relative size and senior position ahead of the second lien term loan and other unsecured claims including payables and leases. The Euro term loan has a broader collateral pledge of both US and European assets whereas the collateral supporting the US first and second lien debt is limited to US assets. However, the credit agreement contains a collateral allocation mechanism that equalizes the recovery of first lien revolver and term loan lenders to NEP and NEP Europe Finco B.V. by re-allocating exposures to individual tranches based on lenders' pro-rata share of total first lien debt in the event of default. As a result, Moody's ranks the first lien debt of NEP and NEP Europe Finco B.V. the same in the loss given default framework and rate the facilities the same at B3. The Caa2 rating assigned to the second lien senior secured term loan, two notches below the company's B3 CFR, reflects its junior position in the capital structure behind the substantial amount of first lien debt. The stable rating outlook reflects Moody's expectations for organic earnings growth in high single digit percent range and smooth integration of recent acquisitions. It also reflects Moody's expectation that NEP will maintain good liquidity and will proactively address the October 2023 revolver maturity. The stable outlook incorporates tolerance for continued tuck-in acquisitions or continued high capex spend in line with the historic pattern, provided these are managed in a credit friendly manner. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A downgrade could occur if NEP's EBITDA growth does not keep pace with incremental debt raises, liquidity deteriorates, or if financial policies become more aggressive. Negative free cash flows and Moody's adjusted Debt/EBITDA above 7.5x may result in a downgrade. An upgrade would require profitable growth leading to free cash flow-to-debt sustained in the mid-single digit percentages and Debt/EBITDA sustained below 6x (both Moody's adjusted). Maintaining good liquidity and committing to a more balanced financial policy will also be needed for an upgrade. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Based in Pittsburgh, PA, NEP/NCP Holdco, Inc provides outsourced media services necessary for the delivery of live broadcast of sports and entertainment events to television and cable networks, television content providers, and sports and entertainment producers. The company is owned primarily by affiliates of the Carlyle Group. NEUMEDICINES INC: Executes Settlement Agreement with Basile Estate ------------------------------------------------------------------ Neumedicines, Inc., submitted a First Amended Disclosure Statement describing Plan of Liquidation dated October 26, 2021. The Plan is a liquidating plan. Pursuant to prior orders of the Bankruptcy Court, the Debtor sold substantially all of its Assets to Karyopharm Therapeutics, Inc., pursuant to an order of the Bankruptcy Court. The Debtor received $6,000,000 in cash (subject to certain non-material offsets) and 150,000 shares of Karyopharm, which is a publicly traded company. Illustrations for creditors and shareholders assume that Karyopharm receives the PRV in year 3 of the Plan, which assumption Debtor's management believes to be reasonable given how advanced the Debtor's IL12 clinical studies were at the time of the Sale and the value of a PRV to Karyopharm, though the Debtor's management acknowledges there is no guarantee Karyopharm will in fact obtain a PRV. The primary purpose of the Plan is to provide the most efficient mechanism available for the receipt and distribution of all proceeds received and to be received from the Sale of the Debtor's Assets to Karyopharm under the APA to creditors and shareholders holding allowed Claims and Equity Interests. The Debtor will remain in existence as the Reorganized Debtor and administer the consideration received for Allowed Claim and Equity Interest Holders. The use of a liquidating trust to accomplish the distribution was carefully considered, but ultimately rejected due to severe adverse tax implications for Creditors and Equity Interest Holders. Following significant discussions between the Debtor and the Basile Estate, through their respective counsel, on October 20, 2021, the parties executed a Settlement Agreement and Mutual General Release (the "Basile Settlement Agreement"), which fully resolves all disputes related to the Complaint, the Basile Estate's interests in and claims against the Debtor, and all claims arising from the Complaint or otherwise related to the Bankruptcy Case. The parties' respective counsel are currently finalizing a (the "Basile Settlement Agreement"). The Debtor intends to promptly seek Court approval of the Basile Settlement Agreement pursuant to a Motion to Approve Compromise of Controversy Pursuant to Fed. R. Bankr. P. 90219 Between the Debtor and the Basile Estate. Treatment of Claims and Equity Interests Allowed Administrative Claims are intended to be paid in full on or, as soon as reasonably practicable after, the Effective Date of the Plan for ordinary course Administrative Claims, when such Claims become due. Subject to the resolution of the Debtor's dispute with respect to the Proof of Claim filed by Libo Pharm in the amount of $2,200,000 to $237,500,000, in the event all contingent consideration is ultimately received by the Reorganized Debtor, which is of course unknown at this time, it is anticipated that Allowed General Unsecured Claims will be paid in full and Equity Interests will receive a substantial distribution. A Claim is a Disputed Claim until it becomes an Allowed Claim. Only an Allowed Claim will receive a distribution under the Plan. Distributions to Allowed General Unsecured Claim Holders and Equity Interests cannot be made until the Debtor's objection to the Proof of Claim of Libo Pharma is resolved. Libo filed a claim in the amount of between $2,200,000 and $237,500,000. The Debtor objects to this claim and will file a formal objection to the claim if a consensual resolution cannot be reached by the parties. Given that all General Unsecured Creditors must receive the same percentage distribution in respect of their claims and the massive 235-million-dollar range asserted in the Libo Proof of Claim, the Debtor is unable to determine the amount of any distribution to General Unsecured Creditors until the disputed claim is resolved. As a result, distributions to General Unsecured Creditors and Equity Interest Holders cannot commence until the entry of a Final Order resolving all claim objections or a settlement of the dispute. Class 5 consists of General Unsecured Claims. Estimate of $4,068,771.06 (excluding Libo's Damages Claim) to as high as $237,500,000 (including Libo's Damages Claim). Each Holder shall be entitled to receive pro rata distributions from the Reorganized Debtor in accordance with the terms and provisions of the Plan, an amount up to 100% of such Holder's Allowed Class 5 Claim, plus interest from the Petition Date at the Interest Rate; provided however that no payment shall be made to Allowed Class 5 Holders unless and until all Allowed Administrative Claims, Priority Claims, Secured Claims and estimated Post Confirmation Professional fees and expenses have been paid in full or funds sufficient to satisfy all such claims and amount have been placed in a segregated reserve and any other reserves deemed reasonable or necessary to the Reorganized Debtor have been funded. A full-text copy of the First Amended Disclosure Statement dated October 26, 2021, is available at https://bit.ly/3w1Xf5K from PacerMonitor.com at no charge. General Bankruptcy Counsel for the Debtor: Daniel J. Weintraub, Esq. James R. Selth, Esq. Crystle J. Lindsey, Esq. WEINTRAUB & SELTH, APC 11766 Wilshire Boulevard, Suite 1170 Los Angeles, CA 90025 Telephone: (310) 207-1494 Facsimile: (310) 442-0660 E-mail: crystle@wsrlaw.net About Neumedicines Inc. Neumedicines, Inc. -- https://www.neumedicines.com/ -- is a clinical-stage biopharmaceutical company in Arcadia, Calif., which is engaged in the research and development of HemaMax, recombinant human interleukin 12 (rHuIL-12), for the treatment of cancer in combination with standard of care (SOC, radiotherapy, chemotherapy, or immunotherapy) and Hematopoietic Syndrome of Acute Radiation Syndrome (HSARS) as a monotherapy. Neumedicines filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 20-16475) on July 17, 2020. In the petition signed by Timothy Gallaher, president, the Debtor disclosed total assets of up to $500,000 and total liabilities of up $10 million. Judge Ernest M. Robles presides over the case. The Debtor tapped Weintraub & Seth, APC, as bankruptcy counsel, Sheppard, Mullin, Richter & Hampton, LLP as special counsel, and Menchaca & Company, LLP as financial advisor. NS8 INC: Cyber Litigation Slams Ex-Legal Chief's Insurance Bid -------------------------------------------------------------- Jeannie O'Sullivan, writing for Law360, reports that cyber firm Cyber Litigation Inc. has slammed the Chapter 11 insurance bid of the former legal chief of NS8 Inc. According to the report, NS8's successor has urged a Delaware bankruptcy court to deny former chief legal officer Eric Kay's bid to access $11 million in company insurance policies to defend claims over his alleged role in the cybersecurity firm's demise, arguing that the firm's Chapter 11 assets are out of his reach. The successor company to NS8 and its former chief legal officer are in a bankruptcy court battle over access to the company's insurance policies. In a preliminary objection filed Thursday, October 28, 2021, Cyber Litigation Inc. said that granting Eric Kay's bid runs afoul of case law. About NS8 Inc. Las Vegas-based NS8 Inc. is a developer of a comprehensive fraud prevention platform that combines behavioral analytics, real-time scoring, and global monitoring to help businesses minimize risk. On the Web: https://www.ns8.com/ NS8 sought Chapter 11 protection (Bankr. D. Del. Case No. 20-12702) on Oct. 27, 2020. The petition was signed by Daniel P. Wikel, the chief restructuring officer. The Debtor was estimated to have $10 million to $50 million in assets and $100 million to $500 million in liabilities at the time of the filing. The Hon. Christopher S. Sontchi is the case judge. The Debtor tapped Blank Rome LLP and Cooley LLP as its legal counsel, and FTI Consulting Inc. as its financial advisor. Stretto is the claims agent. * * * The company changed its name to Cyber Litigation after it sold substantially all of its assets to Codium Software LLC in December 2020. PACIFIC ENVIRONMENTAL: Unsecureds to Recover 10% in 5 Years ----------------------------------------------------------- Pacific Environmental Technologies, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization for Small Business dated October 26, 2021. Since March 1989, the Debtor has been in the business of offering modular, softwall, mobile, and conventional cleanrooms, as well as refrigerated storages, freezers, and solar and energy storages to pharmaceutical, aerospace, and industrial companies. Debtor's income in 2020 was affected by Covid-19. Since the filing of the case, the Debtor has been doing better and netting positive cash flow. Debtor provides high quality services and due to its reputation, is able to secure new projects on a regular basis. Debtor is currently working on several projects, which are reflected in Debtor's projections and in September 2021 Monthly Operating Report. Debtor feels confident that it will be able to continue to generate sufficient income to fund its reorganization plan. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of approximately $166,994.40 ($2783/month). The final Plan payment is expected to be paid on January 2027. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 10 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 2 consists of Secured Claims: * (Class 2A) U.S. Small Business Administration. Allowed secured claim for $155,902.40 to be paid in monthly installments of $731.00 until paid in full. The repayment period began in August 2021. The repayment is subject to 3.75% fixed interest rate over 30 years. * (Class 2B) Employment Development Department. Allowed secured claim for $1 2,41 8.96 to be paid in monthly amortized installments of $274.89 within 5 years from the petition date until paid in full at the statutory interest rate, currently at 3%. * (Class 2C) Forward Financing LLC. Allowed secured claim for $90,000 to be paid in monthly installments of $1,500 over 60 months, with the first payment due on the Effective Date. * (Class 2D) Internal Revenue Service. Allowed secured claim for $519.63 to be paid in monthly amortized installments of $11.50 each within 5 years from the petition date at 3% interest rate. * (Class 2E) TD Auto Finance LLC. Allowed secured claim for $6,91 0.83 to be paid in monthly installment of $647.58. Contract end date is June 13, 2022. Holders of general unsecured creditor Class 3 will be paid 10% of such creditors claim over 5 years, with the first payment due on the Effective Date, followed by 59 consecutive monthly payments, each due on the first day of each month. The monthly payments are $2,783.24. Jon Wayne Cow is the Principal of the Debtor and has a 100% equity interest in the Debtor. He personally does not have any pre petition claim against the Debtor. Mr. Cow will retain his equity interest in the Debtor as of the Effective Date. Distribution to creditors under this Plan will be funded primarily from the following sources: (a) the Debtors cash on hand on the Effective Date and (b) the net income derived from the continued operation of the Debtors business. This plan proposes to pay creditors using the net disposable income of the debtor over the five-year period after the Effective Date. A full-text copy of the Plan of Reorganization dated October 26, 2021, is available at https://bit.ly/2ZN6Ce7 from PacerMonitor.com at no charge. Attorney for the Plan Proponent: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212-2929 Tel: (310) 271-6223 Fax: (310) 271-9805 Email: michael.berger@bankruptcypower.com About Pacific Environmental Technologies Pacific Environmental Technologies, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-bk-16058) on July 28, 2021. In the petition signed by Jon Wayne Gow, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Deborah J. Saltzman oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, is the Debtor's counsel. PENINSULA PACIFIC: Moody's Raises CFR to B3, Outlook Stable ----------------------------------------------------------- Moody's Investors Service upgraded Peninsula Pacific Entertainment LLC's ("P2E") Corporate Family Rating to B3 from Caa1, and its Probability of Default Rating to B3-PD from Caa1-PD. The company's $850 million senior unsecured notes were also upgraded to B3 from Caa1. P2E's $75 million revolver is not rated. The rating outlook is stable. "The upgrade of P2E's CFR considers that P2E's revenue and EBITDA are trending above Moody's forecasts that were the basis for the rating decision for the company's April 2021 financing," stated Keith Foley, a Senior Vice President at Moody's. "This stronger than expected performance to date will enable the company to achieve and sustain debt-to-EBITDA below 5.5x, the level P2E needs to achieve a B3 Corporate Family Rating," added Foley. P2E's debt-to-EBITDA for the latest 12-month period ended 30-Jun-2021 based on the reported results was high, at about 9.0x. However, the latest 12-month calculation is unfavorably affected by only partial results from the debt-financed acquisition of the remaining interest in del Lago casino that occurred this past April along with the impact of closings related to COVID that occurred in 2020. Debt-to-EBITDA on a 30-Jun-2021 quarter annualized basis is 5.9x which is lower than the 6.2x run-rate based on 31-Mar-2021 annualized EBITDA that was the basis for the rating decision for the company's April 2021 financing. This improvement is primarily the result of better than expected growth in P2E's Colonial Downs and del Lago operating units, both of which benefitted from strong visitation and revenue along with the continued strong flow through that continues from EBITDA margin improvements that were made in the summer of 2020. Additionally, Moody's expects that the upcoming results for the quarter ending 30-Sep-2021 will bring annualized debt/EBITDA closer to 5.0x based on current demand trends and the company's ability to maintain the margin improvements it has achieved The upgrade also reflects P2E's very good liquidity that provides the company flexibility to meet debt service and reinvestment needs in the invent of renewed operating weakness. Liquidity is bolstered by the company's cash balance ($140 million as of June 2021) that Moody's expects to remain at or above $100 million, and expectation that the revolver will not be needed for operating purposes. The company has no meaningful maturities for multiple years with the undrawn revolver expiring in 2025 and the notes maturing in 2027. Liquidity is additionally characterized by positive free cash flow after maintenance capital expenditures, expected to be at least $40 million annually after maintenance capital expenditures, and relatively low amount of growth related capital expenditures estimated to be between $40 million to $50 million in total during the next two years. The following ratings/assessments are affected by the action: Ratings Upgraded: Issuer: Peninsula Pacific Entertainment LLC Corporate Family Rating, Upgraded to B3 from Caa1 Probability of Default Rating, Upgraded to B3-PD from Caa1-PD Senior Unsecured Regular Bond/Debenture, Upgraded to B3 (LGD4) from Caa1 (LGD4) Outlook Actions: Issuer: Peninsula Pacific Entertainment LLC Outlook, Remains Stable RATINGS RATIONALE P2E's B3 CFR reflects the company's high but moderating leverage along with concerns regarding the potential impact from any increased restrictions related to social distancing requirements and expected increase in new competition in Virginia. Other key credit concerns include the inherent risks related to the relatively small size of the company in terms of revenue and earnings, continued and significant levels of competition in New York State that affect del Lago's earnings performance, and the exposure to cyclical discretionary consumer spending. Positive credit attributes include that P2E's Colonial Downs racetrack is the only racetrack qualified for HHR ("Historic Horse Racing") terminals and that P2E holds the only HHR license in the State of Virginia and has exclusivity through 2028. HHR terminals are an electronic slot machine-like game that is a form of pari-mutuel legal horse racing wagering. Also supporting the ratings are diversification benefits related to the remaining 50% of Hard Rock Sioux City acquired in October 2020 and del Lago acquisition that occurred in April 2021. P2E's ratings and outlook recognize the restricted borrowing group structure that include Colonial Downs Group, LLC, SCE Partners LLC Hard Rock Sioux City (Iowa), and del Lago Casino Resort. The coronavirus outbreak and the government measures put in place to contain it continue to disrupt economies and credit markets across sectors and regions. Although an economic recovery is underway, the recovery is tenuous, and continuation will be closely tied to containment of the virus. As a result, a degree of uncertainty around Moody's forecasts remains. Moody's regards the coronavirus outbreak as a social risk under Moody's ESG framework, given the substantial implications for public health and safety. The gaming sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment. More specifically, the weaknesses in P2E's credit profile, including its exposure to travel disruptions, facility closures and discretionary consumer spending have left it vulnerable to shifts in market sentiment in these unprecedented operating conditions and P2E is vulnerable to a renewed spread in the outbreak. Additional social risks for gaming companies include high taxes and operating restrictions imposed by governments to mitigate the effects of problem gambling, and evolving consumer preferences related to entertainment choices and population demographics that may drive a change in demand away from traditional casino-style gaming. Younger generations may not spend as much time playing casino-style games (particularly slot machines) as previous generations. Data security and customer privacy risk is elevated given the large amount of data collected on customer behavior. In the event of data breaches, the company could face higher operational costs to secure processes and limit reputational damage. Governance issues Moody's considers to be key risks for P2E includes high financial leverage and concentration of ownership. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable rating outlook considers that P2E's very good liquidity provides good operating flexibility, Moody's expectation that the company will continue to benefit from its improved EBITDA, and that the regional casino operating environment in the US will remain stable. An upgrade of the ratings requires that P2E continues to generate positive free cash flow and demonstrate the ability and willingness to achieve and maintain debt/EBITDA below 4.5x over the longer-term. Ratings could be downgraded if debt-to-EBITDA rises above 6.0 for an extended period, earnings decline or liquidity deteriorates because of actions to contain the spread of the coronavirus, or if consumer spending on gaming activities weakens. The principal methodology used in these ratings was Gaming published in June 2021. Peninsula Pacific Entertainment LLC owns and operates the Colonial Downs Racetrack in New Kent, Virginia, as well as five satellite wagering facilities in Richmond, Hampton, and Vinton. The company is owned by PGP Investors, LLC (managing member is Brent Stevens), and was founded to develop, own, and operate regional gaming opportunities. The company also owns 100% of the Hard Rock Sioux City casino located in downtown Sioux City, Iowa following the purchase of the remaining 50% in October 2020 and the del Lago Casino Resort in Tyre, New York following an April 2021 acquisition. The company is private and does not disclose detailed financial information. Pro forma annual revenue for the Sioux City and del Lago acquisitions is approximately $500 million. PLAQUEMINE BAYOU: Dec. 8 Plan Confirmation Hearing Set ------------------------------------------------------ On Oct. 26, 2021, Debtor Plaquemine Bayou Parke, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Louisiana an Amended Disclosure Statement in support of the Amended Chapter 11 Plan. Judge Douglas D. Dodd approved the Amended Disclosure Statement and ordered that: * Dec. 8, 2021 at 2:00 p.m. is the hearing on confirmation of the Amended Chapter 11 Plan. * Nov. 30, 2021 at 5:00 p.m. is the deadline to file Ballots accepting or rejecting the amended plan, objections to the amended plan and supporting memoranda. * Dec. 6, 2021 at 12:00 noon is the deadline for the Debtor to file a summary of ballots indicating the number of ballots cast and percentage of ballots in favor of the plan. A full-text copy of the order dated October 26, 2021, is available at https://bit.ly/2XYc3G4 from PacerMonitor.com at no charge. Attorneys for Plaquemine Bayou Parke, LLC: FISHMAN HAYGOOD, LLP Tristan Manthey Cherie Dessauer Nobles 201 St. Charles Avenue, Suite 4600 New Orleans, Louisiana 70170-4600 Telephone: 504-586-5252 Fax: 504-586-5250 E-mail: tmanthey@fishmanhaygood.com E-mail: cnobles@fishmanhaygood.com About Plaquemine Bayou Parke Plaquemine Bayou Parke, L.L.C., owned and operated a shopping center complex located in Plaquemine, Louisiana. It classifies its business as single asset real estate (as defined in 11 U.S.C. Section 101(51B)). Plaquemine Bayou sought protection under Chapter 11 of the U.S. Bankruptcy Court (Bankr. M.D. La. Case No. 20-10623) on Sept. 2, 2020. In the petition signed by Michael D. Kimble, authorized representative, the Debtor disclosed up to $10 million in assets and liabilities of the same range. The case is assigned to Judge Douglas D. Dodd. Tristan Manthey, Esq., at Heller, Draper, Patrick, Horn & Manthey, LLC, serves as the Debtor's legal counsel and Dowd Commercial Real Estate, Inc. and Latter & Blum, Inc. as its real estate brokers. PRESIDIO DEVELOPMENT: Taps Marcus & Millichap as Real Estate Broker ------------------------------------------------------------------- Presidio Development, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Marcus & Millichap to market for sale its real property at 1229 Hollister St., San Diego, Calif. The firm will be paid a commission of 6 percent of the purchase price and will be reimbursed for out-of-pocket expenses incurred. Carson Trujillo, vice president of Marcus & Millichap, 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: Carson Trujillo Marcus & Millichap 655 W Broadway Suite 660 San Diego, CA 92101 Tel: (858) 373-3285 Email: carson.trujillo@marcusmillichap.com About Presidio Development Presidio Development, LLC, doing business as MBZ Toys, filed a petition for Chapter 11 protection (Bankr. C.D. Calif. Case No. 21-10086) on Jan. 6, 2021, listing as much as $1 million in assets and as much as $500,000 in liabilities. The Law Offices of Michael Jay Berger serves as the Debtor's legal counsel. PWM PROPERTY: Owner of 2 Premium Buildings File for Chapter 11 -------------------------------------------------------------- PWM Property Management LLC and certain of its affiliates sought Chapter 11 protection. The Debtors invest in and own two premium office buildings: (A) The Debtors own 245 Park Avenue in New York City, which is among the most prominent commercial real estate assets in Manhattan's prestigious Park Avenue office corridor. Offering over 1,778,000 square feet of modern commercial real estate over 44-floors, 245 Park Avenue is situated on an entire square block and has direct access to Grand Central Terminal. During the fiscal year ending Dec. 31, 2020, 245 Park Avenue generated $178 million of revenue. (B) The Debtors own 181 West Madison Street in Chicago, Illinois. Located in the Loop, Chicago's historic commercial and financial center, 181 West Madison includes a total net rentable area of approximately 945,958 square feet. During the fiscal year ending Dec. 31, 2020, 181 West Madison generated over $43 million of revenue. The Properties are managed by third-party managers. The Properties' employees and most of the Properties' corporate functions are provided by the Property Managers. Consequently, the Debtors do not have any employees. The Debtors obtain their insurance policies through their insurance brokers, Brown & Brown Metro, LLC and Cobbs Allen Capital, LLC d/b/a CAC Specialty. Steven Church and Luzi-Ann Javier, writing for Bloomberg News, report that PWM Property has ties to China's HNA Group Co. PWM Property filed for bankruptcy after the property's outside manager botched the replacement of an important tenant, Major League Baseball. About PWM Property Management PWM Property Management LLC, et al., are primarily engaged in renting and leasing real estate properties. They own two premium office buildings, namely 245 Park Avenue in New York City, a prominent commercial real estate assets in Manhattan's prestigious Park Avenue office corridor, and 181 West Madison Street in Chicago, Illinois. On Oct. 31, 2021, PWM Property Management LLC and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11445). The cases are pending before the Honorable Judge Mary F. Walrath and are being jointly administered for procedural purposes under Case No. 21-11445. PWM said it faces about $2.19 billion in liabilities while its assets are worth about $2.53 billion, according to a Bloomberg News report. The Debtors tapped White & Case LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP as local counsel; and M3 Advisory Partners, LP as restructuring advisor. Omni Agent Solutions is the claims agent. QUORUM HEALTH: Community Health Faces Lawsuit on Bankruptcy ----------------------------------------------------------- Ayla Ellison of Becker's Hospital reports that Franklin, Tenn.-based Community Health Systems, which operates 83 hospitals in 16 states, saw revenues decline in the third quarter of this year but ended the period with higher net income. The hospital operator released its third-quarter earnings two days after being sued over the 2020 bankruptcy of a company it spun off. In financial documents released Oct. 27, CHS said revenues and admissions were down in the three months ended Sept. 30. Revenues fell less than 1 percent year over year to $3.1 billion and admissions declined 5.5 percent. On a same-hospital basis, admissions were up 2.8 percent and revenues climbed 7.1 percent compared to the third quarter of 2020. CHS hospitals saw the greatest number of COVID-19 patients to date in the third quarter of this year, CEO Tim Hingtgen said in an earnings release. "We are grateful to our medical staffs, clinical support teams and hospital leaders who again ensured exceptional care for their patients during this latest surge," Mr. Hingtgen said. "We are also pleased with our results this quarter, especially as we balanced the demands of caring for COVID-19 patients while remaining focused on our growth strategies, key investments and operational improvement plans, which we believe will continue to drive positive results in the future." Net cash provided by operating activities totaled $121 million in the third quarter of this year, which included the repayment of about $133 million of Medicare accelerated payments. In the third quarter of last year, CHS reported $393 million in net cash from operating activities. After factoring in costs and one-time expenses, the for-profit hospital operator ended the third quarter with net income of $144 million, compared to $128 million in the same period of 2020. Looking at the first nine months of this 2021, CHS posted net income of $146 million on revenues of $9.1 billion. In the same period a year earlier, the company reported net income of $254 million on revenues of $8.7 billion. CHS released its quarterly earnings a few days after being sued over the 2020 bankruptcy of Quorum Health, a company it spun off in 2016. The complaint, filed Oct. 25, alleges actions by CHS and Credit Suisse Group burdened Quorum with more than $1.2 billion in debt. CHS tapped Credit Suisse as an adviser during the spinoff, according to The Wall Street Journal. The lawsuit alleges Quorum was financially troubled from the start. The company defaulted under its debt documents in April 2020 and entered Chapter 11 bankruptcy. "Meanwhile, the spin-off dividend afforded CHS the additional liquidity and runway that it needed to avert its own bankruptcy," the litigation trustee and bondholder representative's 23-count complaint alleges. "We believe the allegations made in the Trust's lawsuit have no merit and we will vigorously defend against them," CHS said in a statement to Becker's Hospital Review. "The spin-off of Quorum Health Corporation was a carefully deliberated transaction reviewed by multiple independent third parties, including attorneys, accountants and consultants. We remain confident in the processes surrounding the transaction. Quorum's own board of directors investigated allegations nearly identical to those raised in the Trust's complaint and determined insufficient cause to pursue them. Likewise, Quorum raised many of these claims in a separate arbitration against us many years ago, and we prevailed. Consequently, Quorum represented in its bankruptcy filing that these claims had 'no material value.' We strongly agree." The plaintiffs are seeking repayment of the $1.2 billion spin-off dividend and $20 million in transaction fees, according to The Wall Street Journal. About Quorom Health Care Services Headquartered in Brentwood, Tennessee, Quorum Health (NYSE: QHC) -- http://www.quorumhealth.com/-- is an operator of general acute care hospitals and outpatient services in the United States. Through its subsidiaries, the Company owns, leases or operates a diversified portfolio of 24 affiliated hospitals in rural and mid-sized markets located across 14 states with an aggregate of 1,995 licensed beds. The Company also operates Quorum Health Resources, LLC, a leading hospital management advisory and consulting services business. Quorum Health incurred net losses attributable to the company of $200.25 million in 2018, $114.2 million in 2017, and $347.7 million in 2016. As of Sept. 30, 2019, Quorum Health had $1.52 billion in total assets, $1.72 billion in total liabilities, $2.27 million in redeemable non-controlling interest, and a total deficit of $203.36 million. On April 7, 2020, Quorum Health Corporation and 134 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10766) to seek confirmation of a pre-packaged plan. Debtors hired McDermott Will & Emery LLP and Wachtell, Lipton, Rosen & Katz as legal counsel, MTS Health Partners, L.P. as financial advisor, and Alvarez & Marsal North America, LLC. as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent, maintaining the Web site https://dm.epiq11.com/Quorum About Community Health Systems Community Health Systems, Inc. -- http://www.chs.net-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. The Company, through its subsidiaries, owns, leases or operates 83 affiliated hospitals in 16 states with an aggregate of approximately 13,000 licensed beds. The Company's headquarters are located in Franklin, Tennessee, a suburb south of Nashville. * * * As reported by the TCR on Dec. 29, 2020, S&P Global Ratings raised its issuer credit rating on Community Health Systems Inc. to 'CCC+' from 'SD' (selective default). S&P said, "The stable outlook reflects our view that the company has reduced its debt, and improved its operations and cash flow such that its debt is now more manageable; however, we believe risks to the long-term sustainability of the capital structure remain, especially given ongoing uncertainty stemming from the coronavirus pandemic." In November 2020, Fitch Ratings affirmed the Long-Term Issuer Default Ratings (IDR) of Community Health Systems, Inc. (CHS) and subsidiary CHS/Community Health Systems, Inc. at 'CCC'. RED RIVER WASTE: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------------- The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Red River Waste Solutions LP. The committee members are: 1. Isolina Ball c/o Jennifer L. Hitchcock 116 E. Berry Street, Suite 625 Fort Wayne, IN 46802 Phone: (260) 240-4644 E-mail: gardnerlakysha@gmail.com jennifer@jhitchcocklaw.com 2. Best One Kentuckiana c/o Louis Roederer 3215 Industrial Parkway Jeffersonville, IN 47130 Phone: 812-285-5400 – Ext. 2 E-mail: lroederer@bestone.tires knovak@bestone.tires 3. Interstate Billing Service, Inc. c/o Shane Stewart, VP-Customer Service and Collections 2114 Veterans Drive S.E. Decatur, AL 35601 Phpne: 800-332-9140 – Ext. 2120 E-mail: sstewart@bibank.com 4. Pico Propane Operating, LLC, d/b/a Pico Propane and Fuels c/o Robert W. Chalmers, VP 19206 Huebner, Ste. 100 San Antonio, TX 78258 Phone: 210-876-3560 E-mail: rchalmers@meritumenergy.com 5. Toter, LLC c/o Richard Sedory, General Counsel, SVP 6525 Morrison Blvd., Ste. 300 Charlotte, NC 28211 Phone: 704-936-5609 Fax: 855-817-6004 E-mail: rsedory@wastequip.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Red River Waste Solutions Red River Waste Solutions LP is a Dripping Springs, Texas-based company that provides waste management services. It also offers solid waste and garbage pickup, recycling, industrial waste collection, disposal, and landfill management services. Red River Waste Solutions sought Chapter 11 protection (Bankr. N.D. Texas Case No. 21-42423) on Oct. 14, 2021, listing up to $50 million in assets and up to $100 million in liabilities. James Calandra, chief restructuring officer of Red River Waste Solutions, signed the petition. Marcus Alan Helt, Esq., at McDermott Will & Emery LLP, is the Debtor's counsel. RENNOVA HEALTH: Expects $4M Proceeds From Preferred Shares Sale --------------------------------------------------------------- Rennova Health, Inc. entered into a securities purchase agreement dated Oct. 28, 2021, with certain existing institutional investors. The purchase agreement provides for the issuance of up to 4,400 shares of Series O Convertible Redeemable Preferred Stock at two closings of 2,200 shares each. If all such shares of Series O Preferred Stock are issued, the company will receive proceeds of $4,000,000. The first closing occurred on Oct. 28, 2021. The company will issue 2,200 shares of Series O Preferred Stock and receive proceeds of $2,000,000. The second closing is expected to occur on or before Dec. 1, 2021. The subsequent closing depends upon the company's satisfaction of certain conditions. There can be no assurance that the company will satisfy all or any of these conditions or that the additional closing will take place. In addition, the purchase agreement restricts the company's use of any proceeds of the issuances of the Series O Preferred Stock, including to payroll and legal and accounting expenses. The shares of Series O Preferred Stock will be issued in reliance on the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended, and by Rule 506 of Regulation D promulgated thereunder as a transaction by an issuer not involving any public offering. As a result of conversions of shares of Rennova's preferred stock, the company currently has 10,000,000,000 shares of common stock issued and outstanding. The company, therefore, has issued all of its authorized common stock. It cannot issue additional shares of common stock until it amends its Certificate of Incorporation to increase its authorized common stock. As previously announced in its Information Statement dated Oct. 7, 2021, the company expects to file such an amendment to increase its authorized common stock to 50,000,000,000 shares on or about Nov. 5, 2021. 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 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. 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. RESULTS FITNESS: Seeks to Hire Adele M. Wade as Accountant ---------------------------------------------------------- Results Fitness, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Adele M. Wade, CPA, LLC as accountant. The firm's services include assisting the Debtor in the preparation of financial reports, monthly operating reports, income tax forms, and other required reporting to taxing authorities. The firm will be paid at the rate of $50 per hour and will be reimbursed for out-of-pocket expenses incurred. Adele Wade, a partner at Adele M. Wade, CPA, LLC 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: Adele M. Wade Adele M. Wade, CPA, LLC 14037 Whetherly Drive Baton Rouge, LA 70810 Tel: (225) 229-1109 Email: adelewade26@gmail.com About Results Fitness Owings, Md.-based Results Fitness, LLC filed its voluntary petition for Chapter 11 protection (Bankr. D. Md. Case No. 21-15602) on Sept. 1, 2021, listing up to $50,000 in assets and up to $10 million in liabilities. Judge Lori S. Simpson oversees the case. Thomas F. DeCaro, Jr., Esq., and Marla L. Howell, Esq., at DeCaro & Howell P.C. represent the Debtor as legal counsel. Adele M. Wade, CPA, LLC is the Debtor's accountant. RICHMOND EVENTS: Gets OK to Hire Pick & Zabicki as Legal Counsel ---------------------------------------------------------------- Richmond Events, Inc. received approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Pick & Zabicki, LLP to serve as legal counsel in its Chapter 11 case. The firm's services include: a. advising the Debtor with respect to its rights and duties; b. assisting the Debtor in the preparation of its financial statements, schedules of assets and liabilities, statement of financial affairs and other reports and documentation required under the Bankruptcy Code; c. representing the Debtor at all hearings and other proceedings relating to its affairs; d. prosecuting or defending litigated matters that may arise during the pendency of the Debtor's bankruptcy case; e. assisting the Debtor in the formulation and negotiation of a plan of reorganization or liquidation and all related transactions; f. assisting the Debtor in analyzing the claims of creditors and in negotiating with such creditors; g. preparing legal papers; and h. performing other necessary legal services. The firm's hourly rates are as follows: Partners $415 to $495 per hour Associates $250 to $300 per hour Paraprofessionals $125 per hour Pick & Zabicki received a retainer of $35,000 from the Debtor. It will also receive reimbursement for out-of-pocket expenses incurred. Douglas Pick, Esq., a partner at Pick & Zabicki, 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: Douglas J. Pick, Esq. Pick & Zabicki LLP 369 Lexington Avenue, 12th Floor New York, NY 10017 Tel: (212) 695-6000 Email: dpick@picklaw.net About Richmond Events Inc. Richmond Events Inc. is a New York-based company engaged in organizing one-to-one, pre-scheduled business forums. Richmond Events filed a petition for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 21-11788) on Oct. 18, 2021, listing $711,565 in assets and $4,176,703 in liabilities. Mark Rayner, president and chief executive officer, signed the petition. Judge Michael E. Wiles oversees the case. Douglas J. Pick, Esq., at Pick & Zabicki, LLP is the Debtor's legal counsel. SAFE CARE AMBULANCE: IRS to Recover 100% w/ Interest in 50 Months ----------------------------------------------------------------- Safe Care Ambulance, LLC, filed with the U.S. Bankruptcy Court for the District of New Jersey a Plan of Reorganization dated October 26, 2021. The Debtor is a non-emergent ambulance and wheelchair service. Debtor commenced business in 2015 as an ambulance, wheelchair and sedan transportation service (BLS, basic life support). Debtor was hit hard during Covid. For almost one year, all hospitals were shut down for elective surgeries and appointments by Executive Order causing out trip volume (outsourced by other ambulance and hospitals) to stop. Staff was paid by PPP funds. Additionally, during this period, there were IRS liens and levies in place that stopped payments by Medicare, Medicaid and insurance vendors. The Plan will treat claims as follows: * Class 1 consists of the secured claim of the Internal Revenue Service FICA tax in the amount of $349,064.68. Payment will commence on the Effective Date of the Plan and will be paid out over 50 months at $7,190.73 per month which includes statutory interest of 3%. * Class 2 consists of general unsecured claims in the total amount of $4,164.00. The $4,164.00 is comprised of the Unsecured General Claims of the IRS from POC 2-1. IRS will be paid commencing on the Effective Date of the Plan and be paid out over 50 months at $85.80 per month which includes the statutory rate of interest of 3%. Amounts for 12/30/20-12/31/21 are estimated. * Class 6 consists of Equity Interest Holders Peter Siskin and Jay Lopatin. Mr. Siskin will receive no distribution under this Plan, other than to retain his ownership interest in the Debtor. Mr. Lopatin will receive no distribution under this Plan, other than to retain his ownership interest in the Debtor. The Debtor shall use the estimated funds on hand upon the Effective Date of the Plan to make the initial distributions for Administrative Expenses and the initial plan payment. Estimated Funds on hand upon Effective Date of the Plan total $192,751. The Debtor's financial projections show that the Debtor will have an aggregate annual average cash flow, after paying operating expenses and post- confirmation taxes, of $30,213.25. The final Plan payment is expected to be paid on August 1, 2026. The Debtor has seen revenue increase by 11 percent year over year from 2017 to 2018; 31 percent from 2018 to 2019 and then 18 percent decrease from 2019 to 2020. A full-text copy of the Plan of Reorganization dated October 26, 2021, is available at https://bit.ly/3BwZSxF from PacerMonitor.com at no charge. The Debtor is represented by: Jonathan Goldsmith Cohen, Esq. I. MARK COHEN LAW GROUP E-mail: jgc@imclawgroup.com About Safe Care Ambulance Safe Care Ambulance LLC is a non-emergent ambulance and wheelchair service. The Debtor filed Chapter 11 Petition (Bankr. D.N.J. Case No. 21-11573) on February 26, 2021. The Debtor is represented by Jonathan Goldsmith Cohen, Esq. of I. MARK COHEN LAW GROUP. SCIENTIFIC GAMES: Moody's Puts B3 CFR Under Review for Upgrade -------------------------------------------------------------- Moody's Investors Service placed the ratings of Scientific Games International, Inc. ("Scientific Games" or "SGI") under review for upgrade, including the company's B3 Corporate Family Rating, B3-PD Probability of Default Rating, B1 rated senior secured facilities and senior secured notes, and Caa2 rated senior unsecured notes. The company's Speculative Grade Liquidity rating remains SGL-2. On October 27, 2021 Scientific Games announced [1] it has entered into a definitive agreement to sell its Lottery business to Brookfield Business Partners L.P. for total consideration of $6.05 billion, consisting of $5.825 billion of cash and an earn-out of up to $225 million. The transaction is expected to close in calendar Q2 2022 and is subject to applicable regulatory approvals. Moody's review will focus on the level of debt reduction, which is expected to be significant, and the company's go-forward capital structure following the sale of the Lottery business and the previously announced sale of the company's Sports Betting business. Total gross proceeds from the sale of the Lottery and Sports Betting businesses are over $7 billion. The review will additionally focus on assessing the continued recovery and trajectory of the company's gaming operations, including gaming, igaming, and SciPlay business, balanced by the reduction of scale, diversification, and distribution following the sale of the Lottery and Sports Betting businesses. Moody's estimates that gross debt-to-EBITDA could be under the 6.0x debt-to-EBITDA potential upgrade factor with only a partial debt repayment from the sale of the Lottery and Sports Betting businesses. The divestitures follow from the company's strategic review earlier in 2021 that included plans to meaningfully reduce leverage. Moody's will assess in its review how the company plans to utilize the divestiture proceeds to realize this goal including through debt reduction and reinvestment through organic development and acquisitions. Scientific Games' decision to divest the Lottery and Sports Betting businesses will leave the company with Gaming, iGaming, and SciPay businesses, enabling the company to focus on its land-based and digital markets which have a large total addressable market and opportunity for growth. Moody's expects the company to focus on content franchises utilizing a cross-platform gaming approach, leveraging content creation investments and enabling player trends. The following ratings/assessments are affected by the action: On Review for Upgrade: Issuer: Scientific Games International, Inc. Corporate Family Rating, Placed on Review for Upgrade, currently B3 Probability of Default Rating, Placed on Review for Upgrade, currently B3-PD Senior Secured Term Loan B5, Placed on Review for Upgrade, currently B1 (LGD3) Gtd Senior Secured Multi Currency Revolving Credit Facility, Placed on Review for Upgrade, currently B1 (LGD3) Gtd Senior Secured Revolving Credit Facility, Placed on Review for Upgrade, currently B1 (LGD3) Gtd Senior Secured Global Notes, Placed on Review for Upgrade, currently B1 (LGD3) Senior Unsecured Notes, Placed on Review for Upgrade, currently Caa2 (LGD5) Gtd Senior Unsecured Global Notes, Placed on Review for Upgrade, currently Caa2 (LGD5) Outlook Actions: Issuer: Scientific Games International, Inc. Outlook, Changed To Rating Under Review From Stable RATINGS RATIONALE/FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Scientific Games' existing B3 CFR reflects the meaningful revenue and earnings decline from efforts to contain the coronavirus and the potential for an uneven recovery as its gaming customers' properties have reopened. The rating also considers the company's significant debt-to-EBITDA leverage level, which Moody's anticipates will remain above 8x at year end 2021 before considering the Lottery and Sports Betting divestiture effect. Another key credit concern is the relatively flat outlook for slot machine demand in the US, with the company's new games and cabinets looking to help drive performance in the Gaming operating segment. Revenues are largely tied to the volume of gaming machine play, gaming machine sales, and lotteries. Positive rating consideration is given to SGI's large recurring revenue base during normal operational periods. The company is also well positioned to benefit from the growth of digital gaming products, as the market continue to expand and mature. SGI currently owns a large portfolio of complementary gaming products and services, both digital and non-digital, that it can utilize and cross-sell globally among its various distribution platforms. The company's speculative-grade liquidity rating of SGL-2 reflects good liquidity and a growing and sizable cash balance built in part through continued positive free cash flow. SGI has amended its credit facility and covenant levels providing covenant relief through year end 2021. The company is subject to a minimum liquidity covenant throughout 2021 of $275 million with which Moody's believes the company will remain in compliance. As of June 30, 2021, SGI had unrestricted cash of $932 million and $353 million of availability on its $650 million revolving credit facility. In July 2021 the company repaid another $150 million on the revolver. Moody's anticipates the company will continue to repay amounts outstanding on its revolving credit facility. Moody's estimates the company could maintain sufficient internal cash sources after maintenance capital expenditures to meet required annual term loan amortization of approximately $44 million and interest requirements over the next twelve-month period. The coronavirus outbreak and the government measures put in place to contain it continue to disrupt economies and credit markets across sectors and regions. Although an economic recovery is underway, the recovery is tenuous, and continuation will be closely tied to containment of the virus. As a result, a degree of uncertainty around Moody's forecasts remains. Moody's regards the coronavirus outbreak as a social risk under Moody's ESG framework, given the substantial implications for public health and safety. The gaming sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment. More specifically, Scientific Games remains vulnerable to a renewed spread of the outbreak. Scientific Games also remains exposed to discretionary consumer spending that leave it vulnerable to shifts in market sentiment in these unprecedented operating conditions. Governance risk are elevated because the company's aggressive financial policy including acquisitions is contributing to very high leverage. Moody's believes the company will focus on debt repayment over the next year to help reduce leverage. Ratings could be downgraded if liquidity deteriorates or if Moody's anticipates Scientific Games' earnings recovery will be more prolonged or weaker than expected because of actions to contain the spread of the virus or reductions in discretionary consumer spending. The ratings could be upgraded if customer facilities remain open and earnings recover such that the company maintains positive free cash flow and reinvestment flexibility. Debt-to-EBITDA sustained near 6.0x through improved earnings, debt reduction, or application of divestiture proceeds is also necessary for an upgrade. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Scientific Games is a developer of technology-based products and services and associated content for worldwide gaming, lottery, social and digital gaming markets. Scientific Games Corporation (NASDAQ:SGMS) is the publicly traded parent company of Scientific Games International, Inc., the direct borrower of over $8 billion of rated debt. Consolidated revenue for the latest 12-month period ended June 30, 2021 was $3.07 billion and would be approximately $1.9 billion pro-forma for the agreed Lottery and Sports Betting divestitures. SEANERGY MARITIME: To Buy 17th Capesize Vessel for $34.3M --------------------------------------------------------- Seanergy Maritime Holdings Corp. has entered into a definitive agreement with an unaffiliated third party to purchase a Capesize vessel. In addition, the Company has recently completed the sale and delivery of its oldest Capesize vessel, the M/V Leadership, 2001-built, to its new owners. The Vessel was built in 2010 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 181,500 deadweight tons ("dwt") and will be renamed M/V Dukeship. The M/V Dukeship is expected to be delivered within November 2021, subject to the satisfaction of certain customary closing conditions. Following her delivery, Seanergy's fleet will increase to 17 Capesize vessels with an aggregate cargo capacity exceeding 3 million dwt. The Vessel is fitted with a ballast water treatment system, while the special survey was recently completed by the current owner and, therefore, the Company does not anticipate incurring any significant off-hire or capital expenditures for this Vessel for the next two years. The purchase price of $34.3 million is expected to be funded with cash on hand. Stamatis Tsantanis, the Company's chairman & chief executive officer, stated: "I am very pleased to announce our 7th Japanese capesize acquisition within 2021. Our total investment since the beginning of our fleet expansion program in 2020 has reached $205 million. The addition of the M/V Dukeship will further enhance our operating leverage as a leading pure-play Capesize company and, given the Vessel's prompt delivery in a strong Capesize market, the acquisition is expected to be immediately accretive for our shareholders. The spot Capesize market currently exceeds $60,000 per day, rendering the latest addition a high revenue-generating investment, while the forward curve indicates that the positive market trend will be sustained for the next years." About Seanergy Maritime Greece-based Seanergy Maritime Holdings Corp. -- http://www.seanergymaritime.com-- is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. On a 'fully-delivered' basis, the Company's fleet will consist of 16 Capesize vessels with average age of 11.5 years and aggregate cargo carrying capacity of above 2,829,630 dwt. Seanergy Maritime reported a net loss of $18.35 million for the year ended Dec. 31, 2020, compared to a net loss of $11.70 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $295.24 million in total assets, $199.55 million in total liabilities, and $95.69 million in total stockholders' equity. TEA STATION: Court Rejects Zhao's $7MM Employee Class Claim ----------------------------------------------------------- The United States Bankruptcy Court for the Central District of California, Los Angeles Division, issued on October 26, 2021, a memorandum decision sustaining the objection of Tea Station Investment, Inc., et al., to the class claim of Baodi Zhou. The Debtors object to the proofs of claim filed by Ms. Zhou, a former employee, against each Debtor in these jointly administered cases. Ms. Zhou asserts wage and hour claims of over $7 million on behalf of herself and other employees of each Debtor. The Court concluded that Ms. Zhou lacks the mandatory requirements to assert a class claim against Debtor TSI and, therefore, against any other Debtors. She can assert only her own claim, the Court pointed out. Because she has not presented sufficient argument and evidence to allow and estimate her own claim, the Court makes no ruling allowing or disallowing that claim at present. Ms. Zhou was a cook at the store operated by lead Debtor TSI. Ms. Zhou initiated her action against the Debtors in state court in September 2017. But after the inception of the COVID-19 pandemic, the Debtors closed all their stores and, shortly before the deadline for Ms. Zhou to file her motion for class certification in State Court, lead Debtor TSI filed its bankruptcy petition, followed by the remaining Debtors. Ms. Zhou alleges that the Debtors: (1) failed to provide compliant meal breaks and pay missed meal break premiums, (2) failed to provide compliant rest breaks and pay missed rest break period premiums, (3) failed to pay for all hours worked or for overtime, due to time rounding and time shaving, and (4) failed to provide complete and accurate itemized wage statements. In prior rulings, the Court has limited the parties' litigation, for now, to Debtor TSI. But, if Ms. Zhou can establish class claims against Debtor TSI, all rights are reserved for her to seek to expand these proceedings to address claims against other Debtors, and conversely for the Debtors to assert that no such expansion is warranted. The Court also previously ruled that Ms. Zhou could not represent any former employees in asserting any claims entitled to priority under the Bankruptcy Code, because of the inherent conflicts of interest between priority and nonpriority claims. A full-text copy of the decision is available at https://tinyurl.com/ywpa7x2v from Leagle.com. About Tea Station Investment Tea Station Investment Inc. and its affiliates operate tea shops. Tea Station Investment Inc. filed a Chapter 7 voluntary petition (Bankr. C.D. Cal. Case No. 20-14175) on May 4, 2020. On July 1, 2020, the court issued an order converting the case to one under Chapter 11. On Sept. 1, 2020, Tea Station Investment's affiliates including Tea Station Inc., Tea Creations Inc., Tea City Inc., Tea Hut Inc., Tea Station Operation Inc., Tea Island Inc., and Tea Professor Inc. sought protection under Chapter 11 of the Bankruptcy Code. The cases are jointly administered under Case No. 20-14175. Tea Station Investment's affiliates reported estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Neil W. Bason oversees the cases. Leslie Cohen Law, PC serves as the Debtors' bankruptcy counsel. TITAN INTERNATIONAL: Increases Domestic Credit Facility to $125M ---------------------------------------------------------------- Titan International, Inc. has completed an amendment to its domestic credit facility. On Oct. 28, 2021, the Company amended and extended the Credit and Security Agreement, dated as of Feb. 17, 2017 (as amended) with respect to the $100 million revolving credit facility with agent BMO Harris Bank N.A. and other financial institutions. The Credit Facility was increased to $125 million with the amount available under the Credit Facility determined based upon eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. The amended Credit Facility has a five-year term with the new maturity occurring on Oct. 28, 2026. The amended Credit Facility can be expanded by up to $50 million through an accordion provision within the Agreement. The amended Agreement has terms substantially similar to those contained in the Agreement prior to the amendment earlier this year in February and also includes other enhancements to further improve the availability within the borrowing base. David Martin, senior vice president and chief financial officer commented, "The increase of our domestic credit facility to $125 million along with the new five-year maturity to 2026 provides the flexibility we need to support the business dynamics we have experienced this year and the growth we anticipate moving forward into 2022 and beyond. We appreciate the support from our banking partners and we are pleased to have this foundation in place for the next five years." About Titan Titan International, Inc. -- http://www.titan-intl.com-- is a global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in Quincy, Illinois, the Company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving or construction, and consumer markets. Titan International reported a net loss of $65.08 million for the year ended Dec. 31, 2020, compared to a net loss of $51.52 million for the year ended Dec. 31, 2019. TRAVEL + LEISURE: S&P Alters Outlook to Stable, Affirm 'BB-' ICR ---------------------------------------------------------------- S&P Global Ratings revised its rating outlook on Travel + Leisure Co. (T+L) to stable from negative. S&P also affirmed all ratings, including the 'BB-' issuer credit rating. S&P said, "The stable outlook reflects our base-case forecast for 2022 captive-adjusted leverage to have a cushion below the 5.5x downgrade threshold at the current 'BB-' rating, even with some possible volatility due to the ongoing COVID-19 pandemic and the leveraging impact of potential future opportunistic acquisitions. "The outlook revision to stable reflects the likely restoration of credit metrics in 2022, good leisure travel demand, and long-term growth prospects of the Panorama business. These factors translate into our forecast for 2022 captive-adjusted leverage in the 4.25x-4.75x range, which incorporates our assumption for VOI sales growth of 20%-30% in 2022, and good EBITDA margin in 2022 due to a still-high mix of contract sales to existing timeshare owners, which tend to be higher margin because of lower customer acquisition costs. We assume volume per guest (VPG) could be elevated in 2022 as compared to 2019 if the sales mix is weighted toward existing owners that upgrade their points, although VPG could moderate over time. "Our 2022 leverage forecast is supported by the ongoing leisure travel recovery, which was robust during the summer of 2021 due to pent-up demand and which we assume will continue into next year because bookings at T+L's resorts for the first half of 2022 exceed levels for the same period in 2019. We also believe T+L's demand will be supported by its large and geographically diverse system of resorts, in which no single region contributed more than 13% of VOI sales based on 2019 results. In addition, the accessibility of T+L's resort system, in which 80% of timeshare owners drive to a resort according to a 2021 company survey, is likely to continue to enable a travel recovery. These factors could contribute to a less severe impact from potential future COVID-19 variants, which are more likely to affect peers with greater geographic concentration or exposure to destinations that require flights." Recovery in destination and urban markets is likely to depend on consumers' perception of safety regarding air travel and the loosening of capacity restrictions at local attractions. Furthermore, T+L's consumer financing, resort management, and exchange revenue will likely continue to be a source of stability because they have partially recurring revenue streams. S&P estimates T+L will generate 50%-55% of 2022 consolidated revenue from these typically recurring sources, which compares favorably with other rated timeshare peers. Resort management and timeshare exchange revenues also tend to be high margin, and partially offset the potential variability of VOI sales. The Travel + Leisure brand acquisition in 2021 could result in a new source of growth over several years particularly by building the Panorama business extensions, which could help to reduce leverage. The renamed company currently generates a significant majority of EBITDA from Wyndham Destinations-branded VOI sales (which T+L does not plan to re-brand) and the RCI timeshare exchange business, but we anticipate timeshare-related EBITDA will decline as a percentage of consolidated EBITDA over time. Over the next several years, Panorama and the Travel + Leisure Group (TLG), both part of the Travel and Membership segment, are expected to generate an increasing share of consolidated EBITDA due to organic and acquired growth, potentially by as much as 40% in 2025 according to T+L's estimates. Panorama and TLG's sources of growth include the marketing of subscription-based B2C travel club memberships directly to consumers, partnerships with corporate employers to generate group B2B sales, and the addition of non-timeshare hotel inventory to RCI made possible by a larger partnership network due to the growth of the T+L-branded travel club business. S&P views the growth strategy favorably because it complements emerging and potentially long-term trends in leisure travel, such as a preference for low-commitment subscriptions that are more accessible than timeshare products (which require multi-year contracts and financing), a menu of diverse options that can be reliably provided by a sizable resorts system, shorter and more frequent trips made possible by increasingly flexible work arrangements, and employers' desire to offer more out-of-office benefits to workers. S&P said, "We assume the Travel and Membership segment can generate double-digit percent annual revenue growth over the next several years. This segment's EBITDA margin will likely decline over the same period because of the cost of bookings related to hotel and other product inventory, although EBITDA could nonetheless grow meaningfully. We expect T+L could make periodic organic investments or tuck-in acquisitions to bolster capabilities under Panorama. Given the growth potential of the Travel and Membership segment, we expect T+L will be able to deleverage from very high levels in 2020 and 2021. "T+L's adequate liquidity and recent cost-cutting measures help to mitigate potential future volatility. Our forecast is supported by reductions to cash outflows that T+L implemented during the COVID-19 pandemic. These include a reduction of annual operating expenses by $200 million, of which a portion will likely persist at least into 2022. In addition, we assume inventory spending and capital spending is reduced by $100 million annually to adjust to a lower level of timeshare demand. We also believe some distressed real estate transactions or discounted repurchases of timeshare owner inventory may be completed over the next few years, which could support margin recovery." T+L's adequate liquidity enables the company to weather potential operating variability resulting from the ongoing pandemic. T+L had $346 million of unrestricted cash and equivalents as of Sept. 30, 2021, and full availability under the $1 billion revolving credit facility. T+L could also additionally generate short-term liquidity through its bank conduit facilities and un-pledged vacation ownership receivables, by pledging these receivables to the facilities for cash. The captive finance subsidiary had leverage cushion entering the COVID-19 crisis, which mitigates the risk of a downgrade. T+L has experienced a high provision for loan losses and default rates historically, and default rates could be elevated in 2021 and result in write-offs on delinquent vacation ownership loans, causing a temporary spike in the captive finance subsidiary's debt-to-equity ratio. If default rates are material and captive debt to equity is sustained above 5x, the captive's financial risk could rise enough to impair T+L's overall financial risk. S&P said, "Notwithstanding the risk factors, we do not currently believe the captive would significantly hurt the parent's financial risk in a manner that would lead to a downgrade. T+L ended 2020 with approximately 2.4x captive debt to equity, which is a modest level of financial risk and represented a good cushion compared with the 5x captive debt-to-equity downgrade threshold. In early 2020, T+L made a significant provision for anticipated loan losses over the subsequent 18 to 24 months, and we believe actual losses and needed provisioning will be better and result in less severe deterioration of captive debt to equity than last year's expectation. We believe captive debt to equity will be in the 2.5x-3x area through 2022 given current levels of loan write-offs and losses, which would nonetheless represent a cushion versus 5x." Higher default rates and financial risk at the captive finance subsidiary could potentially result in more cash outlays at T+L, to the extent the parent is compelled to support the credit quality of securitized loans or it opportunistically repurchases low-cost timeshare inventory underlying the defaults. The timeshare business is volatile and capital intensive, but T+L's scale, sizable cash flow base, and experienced management team are advantages. S&P believes the timeshare business is capital intensive and can be volatile during periods of economic distress. In addition, business risks are increased by high external financing requirements in the timeshare industry related to financing consumer timeshare purchases, and to a lesser extent, inventory development. Still, S&P believes T+L's business benefits from an experienced management team, significant scale and market share in the timeshare and timeshare-exchange markets, and continuity from the continued franchising of the well-known Wyndham brand. S&Ps said, "The stable outlook reflects our base-case forecast for 2022 captive-adjusted leverage to have a cushion below the 5.5x downgrade threshold at the current 'BB-' rating, even with some possible volatility due to the ongoing COVID-19 pandemic and the leveraging impact of potential future opportunistic acquisitions. "We could lower the rating if operating performance does not improve according to our base case or T+L pursues opportunistic acquisitions, resulting in leverage sustained above 5.5x. Additionally, we could lower the rating if risk in captive finance operations rises enough to impair the parent's risk profile, which we believe could occur if leverage in the captive increases and remains above 5x debt to equity or if loss ratios increase significantly. "We could raise the rating if we expect T+L can absorb the impact of opportunistic acquisitions and future volatility while maintaining captive-adjusted leverage below 4.5x." UNISYS CORP: Moody's Ups CFR & $485MM Notes Due 2027 to B1 ---------------------------------------------------------- Moody's Investors Service upgraded Unisys Corporation's Corporate Family Rating to B1 from B2, Probability of Default Rating to B1-PD from B2-PD, and Speculative Grade Liquidity (SGL) Rating to SGL-1 from SGL-2. Concurrently, Moody's upgraded the debt rating on the existing 6.875% $485 million notes due 2027 (2027 Notes) to B1 from B2. The outlook is stable. The upgrade reflects Unisys' good liquidity profile and improving financial flexibility. The company has removed over $1.2 billion of pension liabilities from its balance sheet since 2020 and is no longer required to make future cash contributions to its US pension plan (however, changes in actuarial assumptions, pension asset performance, or regulatory changes could trigger future cash contribution requirements). Moody's expects that Unisys will use excess cash flow for bolt-on acquisitions to bolster its service offerings, primarily in the digital workspace services (DWS) segment, to accelerate revenue growth over the next 12-18 months. Moody's expectation for low-to-mid- single digit revenue growth combined with Unisys' improved cost structure will result in adjusted EBITDA margins to exceed 19% through 2022, an improvement of approximately 300bps from FY 2020's 16.5%. The competitive landscape within the DWS industry is expected to remain in-flux from customers transitioning away from legacy digital workspace services geared towards cost containment to solutions focusing on end user productivity and experience. The adoption rate of user experience solutions was accelerated by COVID and is expected to persist as employees continue to work-from-home. Additionally, large incumbents in the legacy DWS solutions space appear to be repositioning themselves into more attractive cloud and cloud-adjacent markets. Unisys' newfound financial flexibility will allow the company to acquire new end user productivity solutions while partially offsetting the high execution risks of consolidating underperforming or underappreciated legacy end user solutions assets. Unisys' future free cash flow (FCF) combined with a high current cash balance of roughly $600 million (as of June 2021) should provide for up to $200 million per annum to be used for M&A activity without compromising the company's liquidity profile. Annual FCF (excluding roughly $35 million international pension contributions from cash flow) is expected to approach $100 million, or roughly 6% of total Moody's adjusted debt (inclusive of $1.2 billion of pension liabilities as debt) over the next 12-18 months. Upgrades: Issuer: Unisys Corporation Corporate Family Rating, Upgraded to B1 from B2 Probability of Default Rating, Upgraded to B1-PD from B2-PD Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2 Senior Secured Global Notes, Upgraded to B1 (LGD3) from B2 (LGD4) Outlook Actions: Issuer: Unisys Corporation Outlook, Changed To Stable From Positive RATINGS RATIONALE The B1 CFR reflects Unisys' moderately high LTM Q2 2021 debt/EBITDA of 4.6x, small scale relative to larger competitors, and the challenges of operating within the highly competitive information technology (IT) services industry. Evolving technologies and customer requirements require continued investment in solutions that can materially influence the profitability of a contract over time. Unisys competes against much larger organizations, such as Accenture and IBM's Kyndryl, and from foreign, low-cost providers like Infosys and Tata Consulting Services. The Company's $1.2 billion pension deficit liability continues to constrain the rating and will impede meaningful deleveraging unless reduced. The US pension plan is not expected to require future cash contributions; however, changes in actuarial assumptions, pension asset performance, or regulatory changes could trigger future cash contribution requirements. Unisys' credit profile benefits from a degree of revenue predictability due to the large base of recurring services revenue (60% of LTM Q2 2021 total revenues) based on contracts of three years or more. The diverse end markets that Unisys serve (Commercial, Financial Institutions, and Public Sector) contributes to revenue stability given the differing demand drivers of each of these separate end markets. The stream of high margin, although highly volatile, software license revenues from its Enterprise Computing Solutions segment significantly improves Unisys's profit margin and cash flow during periods of increased scheduled software license renewals. Moody's expects Unisys' adjusted free cash flow (which is calculated before pension payments) will exceed required international pension payments over the near term and support inorganic revenue growth initiatives. The company has removed roughly $80 million of annual costs and capital expenditure spending from its cost structure since divesting the US Federal in March 2020 and is better positioned to compete for larger, more capital intensive contracts and improve its service portfolio through internal investments and acquisition. The stable outlook reflects Moody's expectation for Unisys to maintain its very good liquidity profile while improving its solutions offering through increased investment and M&A. Moody's projects debt/EBITDA will decline towards 4.4x (assuming pension liabilities remain $1.2 billion) while FCF/debt approaches 6% over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Unisys achieves organic revenue growth in the high-single digit percentage range, sustains FCF/debt above 10%, takes steps required to bring the US and international pension plans to fully-funded status, and maintains a conservative financial policy. The ratings could be downgraded if Unisys is unable to grow revenue organically, or if profitability or cash flow generation weakens such that FCF/debt declines below 5% on a more than temporary basis. The SGL-1 rating reflects Unisys' very good liquidity, underpinned by its high cash balance of approximately $600 million as of June 2021 and the expectation for FCF generation to approach $100 million over the next 12-18 months. External liquidity is supported by a $145 million asset-based revolver due 2025, which is secured by accounts receivable. Moody's expects that Unisys will remain in compliance with the financial covenant on the ABL over the next year. Fixed international pension contribution payments are limited to roughly $35 million per year and annual interest expense is approximately $35-40 million. Moody's expects excess FCF will be used in conjunction with existing cash on hand to fund acquisitions. Moody's projects the company will be able to retain a cash balance in excess of $400 million while spending up to $200 million annually on M&A. The 2027 Notes are rated B1, in line with the CFR. The 2027 Notes benefit from upstream guarantees from certain domestic subsidiaries and the cushion of unsecured liabilities. However, the 2027 Notes are effectively subordinated to the ABL revolver collateral, which is comprised of eligible accounts receivable, and are structurally subordinated to the foreign pensions, which reside at non-guarantor legal entities. Additionally, the 2027 Notes' indenture permits the issuance of first lien debt with priority in the collateral waterfall. The current B1 debt instrument rating could be downgraded should Unisys issue a new tranche of first lien debt. Unisys faces moderately high social risks stemming from the data security of its clients. Moody's considers Unisys' governance risk to be highly negative due to its large unfunded pension obligation and the expectation for elevated acquisitions over the next 12-18 months. Unisys's environmental risk exposure is neutral-to-low, since the company is not a direct source of pollution and does not have any unusual exposure to environmental hazards. Unisys Corporation, based in Blue Bell, Pennsylvania, provides information technology (IT) services and enterprise server hardware worldwide. The company's service offerings include digital workplace solutions, cloud and infrastructure solutions, enterprise computing solutions, business process solutions and cybersecurity solutions. Unisys competes against similar-sized peers as well as much larger IT services and hardware vendors including IBM's Kyndryl, Accenture, Hewlett Packard Enterprise, and a number of services providers located in India, including Infosys and Tata Consultancy Services. Revenue for the twelve months ending June 2021 was approximately $2.1 billion. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. VAUGHN ENVIRONMENTAL: Taps Walter Hopkins & Company as Accountant ----------------------------------------------------------------- Vaughn Environmental Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Walter Hopkins & Company, LLP as its accountant. The Debtor requires the assistance of an accountant to prepare its financial statements and tax returns. Fred Lucas, Jr., a partner at Walter Hopkins & Company, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Fred C. Lucas, Jr. Walter Hopkins & Company, LLP 1168 Philipsburg Bigler Highway Philipsburg, PA 16866 Tel: (814) 342-2155 Fax: (814) 342-4014 Email: walterhopkins@comcast.net About Vaughn Environmental Services Vaughn Environmental Services, Inc. filed a petition for Chapter 11 protection (Bankr. M.D. Pa. Case No. 21-00656) on March 29, 2021, listing as much as $500,000 in both assets and liabilities. Judge Mark J. Conway oversees the case. Spence, Custer, Saylor, Wolfe & Rose, LLC and Walter Hopkins & Company, LLP serve as the Debtor's legal counsel and accountant, respectively. WILLIE L. STEPHENS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Willie L. Stephens, D.D.S., P.C. Willie Stephens DDS PC d/b/a Stephens Oral and Maxillofacial Surgery 372 Washington Street Wellesley, MA 02481 Business Description: Willie L. Stephens, D.D.S., P.C. offers oral surgery dental procedures. Chapter 11 Petition Date: November 1, 2021 Court: United States Bankruptcy Court District of Massachusetts Case No.: 21-11591 Judge: Hon. Frank J. Bailey Debtor's Counsel: Nina M. Parker, Esq. PARKER LAW Parker & Associates LLC 8 Winchester Place, Suite 204 Winchester, MA 01890 Tel: (781) 729-0005 Email: nparker@ninaparker.com Total Assets: $602,177 Total Liabilities: $1,202,578 The petition was signed by Willie L. Stephen as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/IDEAIVA/Willie_L_Stephens_DDS_PC__mabke-21-11591__0001.0.pdf?mcid=tGE4TAMA WISH WASH 7: Seeks to Hire Stephen Orchard as Legal Counsel ----------------------------------------------------------- Wish Wash 7, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ the Law Offices of Stephen Orchard to serve as legal counsel in its Chapter 11 case. The firm's services include: a. giving advice to the Debtor with respect to its powers and duties in the continued management of its business operations; b. advising the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; c. preparing legal documents; d. protecting the interest of the Debtor in all matters pending before the court; and e. representing the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Stephen Orchard, Esq., 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 Law Offices of Stephen Orchard can be reached at: Stephen Orchard, Esq. Law Offices of Stephen Orchard 2255 Glades Rd Ste 324A Boca Raton, FL 33431-8571 Tel: (561) 455-7961 Email: sporchard@orchardlaw.com About Wish Wash 7 Davie, Fla.-based Wish Wash 7, LLC filed a petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-19897) on Oct. 15, 2021, listing $1,714,556 in assets and $2,221,576 in liabilities. Irfan Mandani, manager, signed the petition. Judge Scott M. Grossman oversees the case. The Law Offices of Stephen Orchard serves as the Debtor's legal counsel. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- 1847 GOEDEKER GOED US 357.1 198.6 15.5 ACCELERATE DIAGN 1A8 GR 94.0 (69.8) 74.4 ACCELERATE DIAGN AXDX US 94.0 (69.8) 74.4 ACCELERATE DIAGN 1A8 SW 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 ADMS US 150.6 (4.0) 93.8 ADAMAS PHARMACEU 136 GR 150.6 (4.0) 93.8 ADAMAS PHARMACEU ADMSEUR EU 150.6 (4.0) 93.8 ADAMAS PHARMACEU 136 TH 150.6 (4.0) 93.8 ADAMAS PHARMACEU 136 GZ 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 AERIEUR EU 355.5 (39.6) 180.9 AERIE PHARMACEUT 0P0 GR 355.5 (39.6) 180.9 AERIE PHARMACEUT AERI US 355.5 (39.6) 180.9 AERIE PHARMACEUT 0P0 GZ 355.5 (39.6) 180.9 AERIE PHARMACEUT AERIEUR EZ 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 AEROCENTURY CORP ACY US 58.7 (26.2) - AGENUS INC AJ81 GR 192.3 (237.5) (75.9) AGENUS INC AGEN US 192.3 (237.5) (75.9) AGENUS INC AJ81 GZ 192.3 (237.5) (75.9) AGENUS INC AJ81 SW 192.3 (237.5) (75.9) AGENUS INC AGENEUR EZ 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) AGRIFY CORP AGFY US 163.5 141.8 123.4 ALDEL FINANCIA-A ADF US 118.6 111.2 2.3 ALDEL FINANCIAL ADF/U US 118.6 111.2 2.3 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 1.037 (2.023) (0.523) ALPHA PARTNERS T APTM US 1.037 (2.023) (0.523) ALTICE USA INC-A ATUS* MM 33,532.0 (1,349.0) (2,294.7) ALTICE USA INC-A 15PA GZ 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 TH 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 ATUSEUR EU 33,532.0 (1,349.0) (2,294.7) ALTIRA GP-CEDEAR MOC AR 39,564.0 (1,226.0) (2,092.0) ALTIRA GP-CEDEAR MOD AR 39,564.0 (1,226.0) (2,092.0) ALTIRA GP-CEDEAR MO AR 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC MOEUR EU 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC MO US 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC MO SW 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC PHM7 TH 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC MO TE 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC MO* MM 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC PHM7 QT 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC PHM7 GR 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC ALTR AV 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC MOEUR EZ 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC MO CI 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC PHM7 GZ 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC 0R31 LI 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC MOUSD SW 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP INC MO-RM RM 39,564.0 (1,226.0) (2,092.0) ALTRIA GROUP-BDR MOOO34 BZ 39,564.0 (1,226.0) (2,092.0) AMC ENTERTAINMEN AMC US 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AH9 GR 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AMC* MM 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AH9 TH 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AH9 QT 11,329.1 (1,404.7) 453.9 AMC ENTERTAINMEN AMC4EUR EU 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 AMERICAN AIR-BDR AALL34 BZ 68,437.0 (7,437.0) 257.0 AMERICAN AIRLINE A1G QT 68,437.0 (7,437.0) 257.0 AMERICAN AIRLINE AAL US 68,437.0 (7,437.0) 257.0 AMERICAN AIRLINE A1G GR 68,437.0 (7,437.0) 257.0 AMERICAN AIRLINE AAL* MM 68,437.0 (7,437.0) 257.0 AMERICAN AIRLINE A1G TH 68,437.0 (7,437.0) 257.0 AMERICAN AIRLINE AAL11EUR EZ 68,437.0 (7,437.0) 257.0 AMERICAN AIRLINE A1G GZ 68,437.0 (7,437.0) 257.0 AMERICAN AIRLINE AAL11EUR EU 68,437.0 (7,437.0) 257.0 AMERICAN AIRLINE AAL AV 68,437.0 (7,437.0) 257.0 AMERICAN AIRLINE AAL TE 68,437.0 (7,437.0) 257.0 AMERICAN AIRLINE A1G SW 68,437.0 (7,437.0) 257.0 AMERICAN AIRLINE AAL-RM RM 68,437.0 (7,437.0) 257.0 AMYRIS INC AMRS US 445.8 (82.5) 254.4 AMYRIS INC 3A01 GR 445.8 (82.5) 254.4 AMYRIS INC 3A01 TH 445.8 (82.5) 254.4 AMYRIS INC 3A01 QT 445.8 (82.5) 254.4 AMYRIS INC AMRSEUR EU 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 APELLIS PHARMACE APLS US 699.9 (141.5) 497.3 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 AQUESTIVE THERAP AQST US 66.9 (53.8) 28.0 ARCHIMEDES TECH ATSPU US 134.0 133.7 0.9 ARCHIMEDES- SUB ATSPT US 134.0 133.7 0.9 ARRAY TECHNOLOGI ARRY US 622.3 (68.6) 162.1 ARRAY TECHNOLOGI 9AY GR 622.3 (68.6) 162.1 ARRAY TECHNOLOGI ARRY1EUR EU 622.3 (68.6) 162.1 ARRAY TECHNOLOGI 9AY TH 622.3 (68.6) 162.1 ARRAY TECHNOLOGI 9AY QT 622.3 (68.6) 162.1 ARTERIS INC AIP US - - - ATHENA BITCOIN G ABIT US 0.011 (1.578) (1.578) ATLAS TECHNICAL ATCX US 414.6 (143.1) 107.5 AUSTERLITZ ACQ-A AUS US 691.0 610.6 (3.2) AUSTERLITZ ACQUI AUS/U US 691.0 610.6 (3.2) AUTOZONE INC AZ5 GR 14,516.2 (1,797.5) (954.5) AUTOZONE INC AZ5 TH 14,516.2 (1,797.5) (954.5) AUTOZONE INC AZOEUR EU 14,516.2 (1,797.5) (954.5) AUTOZONE INC AZ5 QT 14,516.2 (1,797.5) (954.5) AUTOZONE INC AZO US 14,516.2 (1,797.5) (954.5) AUTOZONE INC AZ5 GZ 14,516.2 (1,797.5) (954.5) AUTOZONE INC AZOEUR EZ 14,516.2 (1,797.5) (954.5) AUTOZONE INC AZO AV 14,516.2 (1,797.5) (954.5) AUTOZONE INC AZ5 TE 14,516.2 (1,797.5) (954.5) AUTOZONE INC AZO* MM 14,516.2 (1,797.5) (954.5) AUTOZONE INC-BDR AZOI34 BZ 14,516.2 (1,797.5) (954.5) AVID TECHNOLOGY AVID US 256.7 (129.7) (6.5) AVID TECHNOLOGY AVD GR 256.7 (129.7) (6.5) AVID TECHNOLOGY AVD TH 256.7 (129.7) (6.5) AVID TECHNOLOGY AVD GZ 256.7 (129.7) (6.5) BABCOCK & WILCOX BW US 665.1 (15.7) 223.3 BABCOCK & WILCOX UBW1 GR 665.1 (15.7) 223.3 BABCOCK & WILCOX BWEUR EU 665.1 (15.7) 223.3 BATH & BODY WORK BBWI US 10,392.0 (1,188.0) 1,889.0 BATH & BODY WORK LTD0 TH 10,392.0 (1,188.0) 1,889.0 BATH & BODY WORK LTD0 GR 10,392.0 (1,188.0) 1,889.0 BATH & BODY WORK LBEUR EU 10,392.0 (1,188.0) 1,889.0 BATH & BODY WORK BBWI* MM 10,392.0 (1,188.0) 1,889.0 BATH & BODY WORK LTD0 QT 10,392.0 (1,188.0) 1,889.0 BATH & BODY WORK LBEUR EZ 10,392.0 (1,188.0) 1,889.0 BATH & BODY WORK BBWI AV 10,392.0 (1,188.0) 1,889.0 BATH & BODY WORK LTD0 GZ 10,392.0 (1,188.0) 1,889.0 BATH & BODY WORK BBWI-RM RM 10,392.0 (1,188.0) 1,889.0 BAUSCH HEALTH CO BVF GR 30,042.0 (611.0) (67.0) BAUSCH HEALTH CO BHC CN 30,042.0 (611.0) (67.0) BAUSCH HEALTH CO BHC US 30,042.0 (611.0) (67.0) BAUSCH HEALTH CO VRX SW 30,042.0 (611.0) (67.0) BAUSCH HEALTH CO BHCN MM 30,042.0 (611.0) (67.0) BAUSCH HEALTH CO VRX1EUR EU 30,042.0 (611.0) (67.0) BAUSCH HEALTH CO BVF QT 30,042.0 (611.0) (67.0) BAUSCH HEALTH CO VRX1EUR EZ 30,042.0 (611.0) (67.0) BAUSCH HEALTH CO BVF GZ 30,042.0 (611.0) (67.0) BAUSCH HEALTH CO BVF TH 30,042.0 (611.0) (67.0) BELLRING BRAND-A BRBR US 685.4 (100.1) 107.5 BELLRING BRAND-A BR6 TH 685.4 (100.1) 107.5 BELLRING BRAND-A BR6 GR 685.4 (100.1) 107.5 BELLRING BRAND-A BR6 GZ 685.4 (100.1) 107.5 BELLRING BRAND-A BRBR1EUR EU 685.4 (100.1) 107.5 BIOCRYST PHARM BCRX US 277.3 (106.1) 150.2 BIOCRYST PHARM BO1 GR 277.3 (106.1) 150.2 BIOCRYST PHARM BO1 TH 277.3 (106.1) 150.2 BIOCRYST PHARM BO1 QT 277.3 (106.1) 150.2 BIOCRYST PHARM BCRXEUR EU 277.3 (106.1) 150.2 BIOCRYST PHARM BO1 SW 277.3 (106.1) 150.2 BIOCRYST PHARM BCRX* MM 277.3 (106.1) 150.2 BIOCRYST PHARM BCRXEUR EZ 277.3 (106.1) 150.2 BIOHAVEN PHARMAC BHVN US 845.9 (396.6) 267.4 BIOHAVEN PHARMAC 2VN GR 845.9 (396.6) 267.4 BIOHAVEN PHARMAC BHVNEUR EU 845.9 (396.6) 267.4 BIOHAVEN PHARMAC 2VN TH 845.9 (396.6) 267.4 BIOTRICITY INC BTCY US 2.8 (10.6) (9.5) BLUE BIRD CORP BLBD US 362.9 (46.8) (10.0) BLUE BIRD CORP 4RB GR 362.9 (46.8) (10.0) BLUE BIRD CORP 4RB GZ 362.9 (46.8) (10.0) BLUE BIRD CORP BLBDEUR EU 362.9 (46.8) (10.0) BLUE BIRD CORP 4RB TH 362.9 (46.8) (10.0) BLUE BIRD CORP 4RB QT 362.9 (46.8) (10.0) BLUE STAR FOODS BSFC US 11.9 5.4 (1.1) BOEING CO-BDR BOEI34 BZ 146,846.0 (14,266.0) 31,117.0 BOEING CO-CED BA AR 146,846.0 (14,266.0) 31,117.0 BOEING CO-CED BAD AR 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BAEUR EU 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BA EU 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BCO GR 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BOE LN 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BCO TH 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BA PE 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BOEI BB 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BA US 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BA SW 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BA* MM 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BA TE 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BCO QT 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BA-RM RM 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BA EZ 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BAEUR EZ 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BA CI 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BCO GZ 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BA AV 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BAUSD SW 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE BACL CI 146,846.0 (14,266.0) 31,117.0 BOEING CO/THE TR TCXBOE AU 146,846.0 (14,266.0) 31,117.0 BOMBARDIER INC-B BBDBN MM 12,532.0 (3,211.0) 1,296.0 BRIDGEBIO PHARMA 2CL GR 1,081.5 (455.6) 778.0 BRIDGEBIO PHARMA 2CL GZ 1,081.5 (455.6) 778.0 BRIDGEBIO PHARMA BBIOEUR EU 1,081.5 (455.6) 778.0 BRIDGEBIO PHARMA 2CL TH 1,081.5 (455.6) 778.0 BRIDGEBIO PHARMA BBIO US 1,081.5 (455.6) 778.0 BRIDGEMARQ REAL BRE CN 85.7 (56.5) 9.3 BRINKER INTL BKJ GR 2,274.9 (303.3) (364.4) BRINKER INTL EAT US 2,274.9 (303.3) (364.4) BRINKER INTL EAT2EUR EZ 2,274.9 (303.3) (364.4) BRINKER INTL BKJ QT 2,274.9 (303.3) (364.4) BRINKER INTL EAT2EUR EU 2,274.9 (303.3) (364.4) BRINKER INTL BKJ TH 2,274.9 (303.3) (364.4) BROOKFIELD INF-A BIPC US 9,176.0 (1,148.0) (2,097.0) BROOKFIELD INF-A BIPC CN 9,176.0 (1,148.0) (2,097.0) BRP INC/CA-SUB V B15A GZ 4,253.2 (418.0) 168.4 BRP INC/CA-SUB V DOOEUR EU 4,253.2 (418.0) 168.4 BRP INC/CA-SUB V DOO CN 4,253.2 (418.0) 168.4 BRP INC/CA-SUB V B15A GR 4,253.2 (418.0) 168.4 BRP INC/CA-SUB V DOOO US 4,253.2 (418.0) 168.4 BRP INC/CA-SUB V B15A TH 4,253.2 (418.0) 168.4 CADIZ INC CDZI US 101.6 (5.1) 10.1 CADIZ INC 2ZC GR 101.6 (5.1) 10.1 CADIZ INC CDZIEUR EU 101.6 (5.1) 10.1 CALUMET SPECIALT CLMT US 1,840.3 (351.7) (289.2) CARBON STREAMING OFSTD US - (0.5) (0.5) CARBON STREAMING NETZ CN - (0.5) (0.5) CARBON STREAMING M2Q GR - (0.5) (0.5) CARBON STREAMING OFSTFEUR EU - (0.5) (0.5) CARBON STREAMING M2Q GZ - (0.5) (0.5) CEDAR FAIR LP FUN US 2,664.2 (841.6) 80.8 CENTRUS ENERGY-A 4CU GR 500.6 (271.4) 75.8 CENTRUS ENERGY-A LEUEUR EU 500.6 (271.4) 75.8 CENTRUS ENERGY-A LEU US 500.6 (271.4) 75.8 CENTRUS ENERGY-A 4CU TH 500.6 (271.4) 75.8 CEREVEL THERAPEU CERE US 391.0 293.9 302.5 CHOICE CONSOLIDA CDXX-U/U CN 174.1 (6.3) - CHOICE CONSOLIDA CDXXF US 174.1 (6.3) - CINEPLEX INC CX0 GR 2,156.2 (168.3) (319.0) CINEPLEX INC CPXGF US 2,156.2 (168.3) (319.0) CINEPLEX INC CGX CN 2,156.2 (168.3) (319.0) CINEPLEX INC CX0 TH 2,156.2 (168.3) (319.0) CINEPLEX INC CGXEUR EU 2,156.2 (168.3) (319.0) CINEPLEX INC CGXN MM 2,156.2 (168.3) (319.0) CINEPLEX INC CX0 GZ 2,156.2 (168.3) (319.0) CLEARWATER AN-A CWAN US - - - CLENE INC CLNN US 73.3 (25.9) 63.6 CLENE INC 84C GR 73.3 (25.9) 63.6 CLENE INC CLNNEUR EU 73.3 (25.9) 63.6 CLINIGENCE HOLDI CLNH US 77.4 67.3 (1.7) CLOVIS ONCOLOGY C6O GR 572.2 (207.0) 122.5 CLOVIS ONCOLOGY CLVS US 572.2 (207.0) 122.5 CLOVIS ONCOLOGY CLVSEUR EU 572.2 (207.0) 122.5 CLOVIS ONCOLOGY C6O TH 572.2 (207.0) 122.5 CLOVIS ONCOLOGY CLVSEUR EZ 572.2 (207.0) 122.5 CLOVIS ONCOLOGY C6O QT 572.2 (207.0) 122.5 CLOVIS ONCOLOGY C6O GZ 572.2 (207.0) 122.5 COEPTIS THERAPEU COEP US 0.154 (0.552) (0.552) COGENT COMMUNICA CCOI US 1,010.7 (336.1) 360.8 COGENT COMMUNICA OGM1 GR 1,010.7 (336.1) 360.8 COGENT COMMUNICA CCOIEUR EU 1,010.7 (336.1) 360.8 COGENT COMMUNICA CCOI* MM 1,010.7 (336.1) 360.8 COGNITION THERAP CGTX US 16.5 (12.5) 11.6 COMMUNITY HEALTH CYH US 15,670.0 (1,000.0) 1,087.0 COMMUNITY HEALTH CG5 GR 15,670.0 (1,000.0) 1,087.0 COMMUNITY HEALTH CG5 TH 15,670.0 (1,000.0) 1,087.0 COMMUNITY HEALTH CYH1EUR EZ 15,670.0 (1,000.0) 1,087.0 COMMUNITY HEALTH CG5 QT 15,670.0 (1,000.0) 1,087.0 COMMUNITY HEALTH CYH1EUR EU 15,670.0 (1,000.0) 1,087.0 COMMUNITY HEALTH CG5 GZ 15,670.0 (1,000.0) 1,087.0 CORESITE REALTY COR US 2,167.0 (9.8) - CORESITE REALTY 07H GR 2,167.0 (9.8) - CORESITE REALTY 07H TH 2,167.0 (9.8) - CORESITE REALTY COR1EUR EU 2,167.0 (9.8) - CORESITE REALTY 07H GZ 2,167.0 (9.8) - CORSAIR PARTN-A CORS US 0.8 (0.0) (0.7) CORSAIR PARTNERI CORS/U US 0.8 (0.0) (0.7) CORVUS GOLD INC KOR US 11.6 (3.4) (9.0) CORVUS GOLD INC KOR CN 11.6 (3.4) (9.0) CPI CARD GROUP I PMTS US 248.4 (129.3) 81.7 CPI CARD GROUP I CPB1 GR 248.4 (129.3) 81.7 CPI CARD GROUP I PMTSEUR EU 248.4 (129.3) 81.7 CRIXUS BH3 ACQUI BHACU US 0.321 (0.006) (0.185) CRUCIAL INNOVATI CINV US - (0.014) (0.014) DA32 LIFE SCIE-A DALS US 0.471 (0.018) (0.324) DECARBONIZATIO-A DCRD US 0.423 (0.503) (0.926) DECARBONIZATION DCRDU US 0.423 (0.503) (0.926) DELEK LOGISTICS DKL US 935.5 (107.8) (44.4) DENNY'S CORP DENN US 418.3 (99.4) (39.2) DENNY'S CORP DE8 GR 418.3 (99.4) (39.2) DENNY'S CORP DENNEUR EU 418.3 (99.4) (39.2) DENNY'S CORP DE8 TH 418.3 (99.4) (39.2) DENNY'S CORP DE8 GZ 418.3 (99.4) (39.2) DIALOGUE HEALTH CARE CN 150.7 131.5 118.9 DIEBOLD NIXDORF DBD QT 3,586.9 (863.5) 361.6 DIEBOLD NIXDORF DBD US 3,586.9 (863.5) 361.6 DIEBOLD NIXDORF DBD TH 3,586.9 (863.5) 361.6 DIEBOLD NIXDORF DBD GR 3,586.9 (863.5) 361.6 DIEBOLD NIXDORF DBD SW 3,586.9 (863.5) 361.6 DIEBOLD NIXDORF DBDEUR EZ 3,586.9 (863.5) 361.6 DIEBOLD NIXDORF DBDEUR EU 3,586.9 (863.5) 361.6 DIEBOLD NIXDORF DBD GZ 3,586.9 (863.5) 361.6 DIGITAL MEDIA-A DMS US 268.5 (52.9) 19.0 DINE BRANDS GLOB DIN US 1,895.9 (282.8) 116.3 DINE BRANDS GLOB IHP GR 1,895.9 (282.8) 116.3 DINE BRANDS GLOB IHP TH 1,895.9 (282.8) 116.3 DINE BRANDS GLOB IHP GZ 1,895.9 (282.8) 116.3 DOMINO'S P - BDR D2PZ34 BZ 1,764.4 (4,127.5) 429.6 DOMINO'S PIZZA EZV QT 1,764.4 (4,127.5) 429.6 DOMINO'S PIZZA EZV TH 1,764.4 (4,127.5) 429.6 DOMINO'S PIZZA EZV GR 1,764.4 (4,127.5) 429.6 DOMINO'S PIZZA DPZ US 1,764.4 (4,127.5) 429.6 DOMINO'S PIZZA EZV SW 1,764.4 (4,127.5) 429.6 DOMINO'S PIZZA EZV GZ 1,764.4 (4,127.5) 429.6 DOMINO'S PIZZA DPZEUR EZ 1,764.4 (4,127.5) 429.6 DOMINO'S PIZZA DPZEUR EU 1,764.4 (4,127.5) 429.6 DOMINO'S PIZZA DPZ AV 1,764.4 (4,127.5) 429.6 DOMINO'S PIZZA DPZ* MM 1,764.4 (4,127.5) 429.6 DOMO INC- CL B DOMO US 206.8 (101.5) (38.5) DOMO INC- CL B 1ON GR 206.8 (101.5) (38.5) DOMO INC- CL B 1ON GZ 206.8 (101.5) (38.5) DOMO INC- CL B DOMOEUR EU 206.8 (101.5) (38.5) DOMO INC- CL B 1ON TH 206.8 (101.5) (38.5) DROPBOX INC-A DBX AV 3,328.1 (94.8) 942.3 DROPBOX INC-A DBXEUR EZ 3,328.1 (94.8) 942.3 DROPBOX INC-A DBX US 3,328.1 (94.8) 942.3 DROPBOX INC-A 1Q5 GR 3,328.1 (94.8) 942.3 DROPBOX INC-A 1Q5 SW 3,328.1 (94.8) 942.3 DROPBOX INC-A 1Q5 TH 3,328.1 (94.8) 942.3 DROPBOX INC-A 1Q5 QT 3,328.1 (94.8) 942.3 DROPBOX INC-A DBXEUR EU 3,328.1 (94.8) 942.3 DROPBOX INC-A DBX* MM 3,328.1 (94.8) 942.3 DROPBOX INC-A 1Q5 GZ 3,328.1 (94.8) 942.3 DTRT HEALTH AC-A DTRT US 0.358 (0.018) (0.352) DTRT HEALTH ACQU DTRTU US 0.358 (0.018) (0.352) EAST RESOURCES A ERESU US 345.3 (40.5) (40.5) EAST RESOURCES-A ERES US 345.3 (40.5) (40.5) ESPERION THERAPE 0ET GR 280.5 (304.3) 192.5 ESPERION THERAPE 0ET TH 280.5 (304.3) 192.5 ESPERION THERAPE ESPREUR EU 280.5 (304.3) 192.5 ESPERION THERAPE 0ET QT 280.5 (304.3) 192.5 ESPERION THERAPE 0ET SW 280.5 (304.3) 192.5 ESPERION THERAPE ESPREUR EZ 280.5 (304.3) 192.5 ESPERION THERAPE ESPR US 280.5 (304.3) 192.5 ESPERION THERAPE 0ET GZ 280.5 (304.3) 192.5 EXCELFIN ACQUISI XFINU US 0.429 (0.093) (0.522) EXPRESS INC EXPR US 1,250.4 (23.5) (135.9) EXPRESS INC 02Z TH 1,250.4 (23.5) (135.9) EXPRESS INC 02Z GR 1,250.4 (23.5) (135.9) EXPRESS INC EXPREUR EU 1,250.4 (23.5) (135.9) EXPRESS INC 02Z QT 1,250.4 (23.5) (135.9) EXPRESS INC 02Z GZ 1,250.4 (23.5) (135.9) F45 TRAINING HOL FXLV US 107.0 (308.8) 4.9 F45 TRAINING HOL 4OP GR 107.0 (308.8) 4.9 F45 TRAINING HOL FXLVEUR EU 107.0 (308.8) 4.9 F45 TRAINING HOL 4OP TH 107.0 (308.8) 4.9 F45 TRAINING HOL 4OP GZ 107.0 (308.8) 4.9 F45 TRAINING HOL 4OP QT 107.0 (308.8) 4.9 FARADAY FUTURE I FFIE US 229.9 (9.4) (2.4) FARMERS EDGE INC FDGE CN 194.0 150.0 101.2 FARMERS EDGE INC FMEGF US 194.0 150.0 101.2 FAT BRANDS I-CLB FATBB US 169.2 (45.2) 15.1 FAT BRANDS-CL A FAT US 169.2 (45.2) 15.1 FERRELLGAS PAR-B FGPRB US 1,729.6 (171.7) 298.1 FERRELLGAS-LP FGPR US 1,729.6 (171.7) 298.1 FIRST LIGHT ACQ FLAG/U US 0.625 (0.058) (0.566) FLEXION THERAPEU FLXN US 210.0 (56.2) 144.2 FLEXION THERAPEU F02 GR 210.0 (56.2) 144.2 FLEXION THERAPEU F02 TH 210.0 (56.2) 144.2 FLEXION THERAPEU FLXNEUR EU 210.0 (56.2) 144.2 FLEXION THERAPEU F02 QT 210.0 (56.2) 144.2 FLEXION THERAPEU F02 GZ 210.0 (56.2) 144.2 FLUENCE ENERGY I FLNC US 693.0 30.8 (19.2) GLOBAL CLEAN ENE GCEH US 303.2 (41.9) (18.7) GLOBAL SPAC -SUB GLSPT US 170.2 (12.2) (5.0) GLOBAL SPAC PART GLSPU US 170.2 (12.2) (5.0) GLOBAL TECHNOLOG GTACU US 0.426 (0.029) (0.394) GODADDY INC -BDR G2DD34 BZ 7,362.1 (31.4) (465.7) GODADDY INC-A GDDY US 7,362.1 (31.4) (465.7) GODADDY INC-A 38D GR 7,362.1 (31.4) (465.7) GODADDY INC-A 38D QT 7,362.1 (31.4) (465.7) GODADDY INC-A 38D TH 7,362.1 (31.4) (465.7) GODADDY INC-A GDDY* MM 7,362.1 (31.4) (465.7) GODADDY INC-A 38D GZ 7,362.1 (31.4) (465.7) GOGO INC GOGO US 352.0 (577.3) 0.3 GOGO INC G0G QT 352.0 (577.3) 0.3 GOGO INC G0G TH 352.0 (577.3) 0.3 GOGO INC GOGOEUR EZ 352.0 (577.3) 0.3 GOGO INC G0G GR 352.0 (577.3) 0.3 GOGO INC GOGOEUR EU 352.0 (577.3) 0.3 GOGO INC G0G GZ 352.0 (577.3) 0.3 GOLDEN NUGGET ON GNOG US 277.8 (17.5) 124.8 GOLDEN NUGGET ON LCA2EUR EU 277.8 (17.5) 124.8 GOLDEN NUGGET ON 5ZU TH 277.8 (17.5) 124.8 GOOSEHEAD INSU-A GSHD US 247.1 (75.7) 16.8 GOOSEHEAD INSU-A 2OX GR 247.1 (75.7) 16.8 GOOSEHEAD INSU-A GSHDEUR EU 247.1 (75.7) 16.8 GOOSEHEAD INSU-A 2OX TH 247.1 (75.7) 16.8 GOOSEHEAD INSU-A 2OX QT 247.1 (75.7) 16.8 GORES HOLD VII-A GSEV US 552.6 515.5 (15.3) GORES HOLDINGS V GSEVU US 552.6 515.5 (15.3) GORES TECH-B GTPB US 462.3 417.7 (26.3) GORES TECHNOLOGY GTPBU US 462.3 417.7 (26.3) GRAFTECH INTERNA G6G GR 1,397.1 (176.6) 388.9 GRAFTECH INTERNA G6G TH 1,397.1 (176.6) 388.9 GRAFTECH INTERNA EAFEUR EU 1,397.1 (176.6) 388.9 GRAFTECH INTERNA G6G QT 1,397.1 (176.6) 388.9 GRAFTECH INTERNA EAFEUR EZ 1,397.1 (176.6) 388.9 GRAFTECH INTERNA G6G GZ 1,397.1 (176.6) 388.9 GRAFTECH INTERNA EAF US 1,397.1 (176.6) 388.9 GRAFTECH INTERNA EAF* MM 1,397.1 (176.6) 388.9 GRAPHITE BIO INC GRPH US 387.1 379.2 376.9 GREEN PLAINS PAR GPP US 102.5 (4.0) (8.6) GREENSKY INC-A GSKY US 1,311.0 (118.5) 610.3 HERBALIFE NUTRIT HOO GR 2,966.7 (1,291.2) 564.0 HERBALIFE NUTRIT HLF US 2,966.7 (1,291.2) 564.0 HERBALIFE NUTRIT HLFEUR EU 2,966.7 (1,291.2) 564.0 HERBALIFE NUTRIT HOO QT 2,966.7 (1,291.2) 564.0 HERBALIFE NUTRIT HOO TH 2,966.7 (1,291.2) 564.0 HERBALIFE NUTRIT HLFEUR EZ 2,966.7 (1,291.2) 564.0 HERBALIFE NUTRIT HOO GZ 2,966.7 (1,291.2) 564.0 HEWLETT-CEDEAR HPQ AR 35,523.0 (3,942.0) (7,064.0) HEWLETT-CEDEAR HPQD AR 35,523.0 (3,942.0) (7,064.0) HEWLETT-CEDEAR HPQC AR 35,523.0 (3,942.0) (7,064.0) HILTON WORLD-BDR H1LT34 BZ 15,314.0 (1,128.0) 72.0 HILTON WORLDWIDE HI91 QT 15,314.0 (1,128.0) 72.0 HILTON WORLDWIDE HI91 TH 15,314.0 (1,128.0) 72.0 HILTON WORLDWIDE HI91 GR 15,314.0 (1,128.0) 72.0 HILTON WORLDWIDE HLT US 15,314.0 (1,128.0) 72.0 HILTON WORLDWIDE HLTEUR EZ 15,314.0 (1,128.0) 72.0 HILTON 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122,924.0 (1,130.0) 24,046.0 ORACLE CORP ORCL TE 122,924.0 (1,130.0) 24,046.0 ORACLE CORP ORCL SW 122,924.0 (1,130.0) 24,046.0 ORACLE CORP ORCLEUR EU 122,924.0 (1,130.0) 24,046.0 ORACLE CORP ORC QT 122,924.0 (1,130.0) 24,046.0 ORACLE CORP ORCL US 122,924.0 (1,130.0) 24,046.0 ORACLE CORP 0R1Z LN 122,924.0 (1,130.0) 24,046.0 ORACLE CORP ORCL AV 122,924.0 (1,130.0) 24,046.0 ORACLE CORP ORCLEUR EZ 122,924.0 (1,130.0) 24,046.0 ORACLE CORP ORCL CI 122,924.0 (1,130.0) 24,046.0 ORACLE CORP ORC GZ 122,924.0 (1,130.0) 24,046.0 ORACLE CORP ORCLUSD SW 122,924.0 (1,130.0) 24,046.0 ORACLE CORP ORCLCL CI 122,924.0 (1,130.0) 24,046.0 ORACLE CORP ORCL-RM RM 122,924.0 (1,130.0) 24,046.0 ORGANON & CO OGN US 10,908.0 (1,934.0) 936.0 ORGANON & CO OGN-WEUR EU 10,908.0 (1,934.0) 936.0 ORGANON & CO 7XP TH 10,908.0 (1,934.0) 936.0 ORGANON & CO 7XP GR 10,908.0 (1,934.0) 936.0 ORGANON & CO OGN* MM 10,908.0 (1,934.0) 936.0 ORGANON & CO 7XP GZ 10,908.0 (1,934.0) 936.0 ORGANON & CO 7XP QT 10,908.0 (1,934.0) 936.0 ORGANON & CO OGN-RM RM 10,908.0 (1,934.0) 936.0 ORTHO CLINCICAL OCDX US 3,304.2 375.5 389.8 ORTHO CLINCICAL OCDXEUR EU 3,304.2 375.5 389.8 OTIS WORLDWI OTIS US 10,472.0 (3,233.0) 12.0 OTIS WORLDWI 4PG GR 10,472.0 (3,233.0) 12.0 OTIS WORLDWI 4PG GZ 10,472.0 (3,233.0) 12.0 OTIS WORLDWI OTISEUR EU 10,472.0 (3,233.0) 12.0 OTIS WORLDWI OTISEUR EZ 10,472.0 (3,233.0) 12.0 OTIS WORLDWI OTIS* MM 10,472.0 (3,233.0) 12.0 OTIS WORLDWI 4PG TH 10,472.0 (3,233.0) 12.0 OTIS WORLDWI 4PG QT 10,472.0 (3,233.0) 12.0 OTIS WORLDWI OTIS AV 10,472.0 (3,233.0) 12.0 OTIS WORLDWI OTIS-RM RM 10,472.0 (3,233.0) 12.0 OTIS WORLDWI-BDR O1TI34 BZ 10,472.0 (3,233.0) 12.0 PANAMERA HOLDING PHCI US 0.00016 (0.14592) (0.14592) PAPA JOHN'S INTL PP1 GR 855.7 (141.1) (54.2) PAPA JOHN'S INTL PZZA US 855.7 (141.1) (54.2) PAPA JOHN'S INTL PZZAEUR EU 855.7 (141.1) (54.2) PAPA JOHN'S INTL PP1 GZ 855.7 (141.1) (54.2) PAPA JOHN'S INTL PP1 TH 855.7 (141.1) (54.2) PAPA JOHN'S INTL PZZAEUR EZ 855.7 (141.1) (54.2) PAPA JOHN'S INTL PP1 QT 855.7 (141.1) (54.2) PARATEK PHARMACE PRTK US 179.6 (99.3) 132.5 PARATEK PHARMACE N4CN GR 179.6 (99.3) 132.5 PARATEK PHARMACE N4CN TH 179.6 (99.3) 132.5 PARATEK PHARMACE N4CN GZ 179.6 (99.3) 132.5 PET VALU HOLDING PET CN 533.6 (152.2) 36.2 PHASEBIO PHARMAC PHAS US 100.6 (19.2) 72.3 PHASEBIO PHARMAC 2K4 GR 100.6 (19.2) 72.3 PHASEBIO PHARMAC 2K4 TH 100.6 (19.2) 72.3 PHASEBIO PHARMAC 2K4 QT 100.6 (19.2) 72.3 PHASEBIO PHARMAC PHASEUR EU 100.6 (19.2) 72.3 PHASEBIO PHARMAC 2K4 GZ 100.6 (19.2) 72.3 PHILIP MORRI-BDR PHMO34 BZ 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN PM US 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN 4I1 GR 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN PM1CHF EU 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN PM1 TE 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN 4I1 TH 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN PM1EUR EU 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN PMI SW 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN 4I1 QT 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN PMIZ EB 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN PMIZ IX 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN PMOR AV 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN PM1CHF EZ 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN PM1EUR EZ 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN 4I1 GZ 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN 0M8V LN 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN PM* MM 41,589.0 (8,632.0) (31.0) PHILIP MORRIS IN PM-RM RM 41,589.0 (8,632.0) (31.0) PLANET FITNESS I P2LN34 BZ 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 PLNT1EUR EZ 1,899.6 (679.4) 446.2 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 3PL GZ 1,899.6 (679.4) 446.2 PPD INC PPD US 7,028.0 (386.7) 630.5 PROGENITY INC 4ZU TH 119.9 (139.6) 28.7 PROGENITY INC 4ZU GR 119.9 (139.6) 28.7 PROGENITY INC PROGEUR EZ 119.9 (139.6) 28.7 PROGENITY INC 4ZU QT 119.9 (139.6) 28.7 PROGENITY INC PROGEUR EU 119.9 (139.6) 28.7 PROGENITY INC 4ZU GZ 119.9 (139.6) 28.7 PROGENITY INC PROG US 119.9 (139.6) 28.7 QUALTRICS INT-A XM US 1,442.6 18.9 274.6 QUALTRICS INT-A 5DX0 GZ 1,442.6 18.9 274.6 QUALTRICS INT-A 5DX0 QT 1,442.6 18.9 274.6 QUALTRICS INT-A 5DX0 GR 1,442.6 18.9 274.6 QUALTRICS INT-A XM1EUR EU 1,442.6 18.9 274.6 QUALTRICS INT-A 5DX0 TH 1,442.6 18.9 274.6 QUANTUM CORP QMCO US 178.2 (112.9) (12.6) QUANTUM CORP QNT2 GR 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 GR 192.9 (227.1) 102.8 RADIUS HEALTH IN RDUSEUR EZ 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 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 SW 1,240.3 (95.4) 343.6 RAPID7 INC RPDEUR EU 1,240.3 (95.4) 343.6 RAPID7 INC R7D TH 1,240.3 (95.4) 343.6 RAPID7 INC RPD* MM 1,240.3 (95.4) 343.6 RAPID7 INC R7D GZ 1,240.3 (95.4) 343.6 RENT THE RUNWA-A RENT US - - - REVLON INC-A RVL1 GR 2,418.8 (2,020.0) 269.8 REVLON INC-A REV US 2,418.8 (2,020.0) 269.8 REVLON INC-A REV* MM 2,418.8 (2,020.0) 269.8 REVLON INC-A RVL1 TH 2,418.8 (2,020.0) 269.8 REVLON INC-A REVEUR EU 2,418.8 (2,020.0) 269.8 RIMINI STREET IN RMNI US 272.1 (77.1) (66.1) RIMINI STREET IN 0QH GR 272.1 (77.1) (66.1) RIMINI STREET IN RMNIEUR EU 272.1 (77.1) (66.1) RIMINI STREET IN 0QH QT 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 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 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 SABREUR EZ 5,608.4 (159.8) 939.4 SABRE CORP 19S QT 5,608.4 (159.8) 939.4 SABRE CORP SABREUR EU 5,608.4 (159.8) 939.4 SABRE CORP 19S GZ 5,608.4 (159.8) 939.4 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 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 SBACEUR EZ 9,960.3 (4,824.6) (143.8) SBA COMM CORP 4SB TH 9,960.3 (4,824.6) (143.8) SBA COMM CORP 4SB GZ 9,960.3 (4,824.6) (143.8) SBA COMM CORP SBAC* MM 9,960.3 (4,824.6) (143.8) SBA COMMUN - BDR S1BA34 BZ 9,960.3 (4,824.6) (143.8) 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 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 SGMS1EUR EZ 7,762.0 (2,370.0) 1,237.0 SCIENTIFIC GAMES TJW QT 7,762.0 (2,370.0) 1,237.0 SCIENTIFIC GAMES SGMS1EUR EU 7,762.0 (2,370.0) 1,237.0 SEAWORLD ENTERTA SEASEUR EU 2,786.7 (21.3) 243.7 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 SELECTA BIOSCIEN SELB US 180.5 (4.2) 79.5 SELECTA BIOSCIEN 1S7 GR 180.5 (4.2) 79.5 SELECTA BIOSCIEN SELBEUR EU 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 SENSEONICS HLDGS 6L6 TH 235.1 (312.6) 159.2 SENSEONICS HLDGS SENS1EUR EU 235.1 (312.6) 159.2 SENSEONICS HLDGS 6L6 GZ 235.1 (312.6) 159.2 SHARECARE INC SHCR US 437.2 86.8 16.3 SHARECARE INC 8DJ0 GR 437.2 86.8 16.3 SHARECARE INC SHCREUR EU 437.2 86.8 16.3 SHELL MIDSTREAM SHLX US 2,329.0 (469.0) 352.0 SHOALS TECHNOL-A SHLS US 273.7 (34.7) 64.3 SIENTRA INC SIEN US 190.5 (30.9) 79.5 SIENTRA INC S0Z GR 190.5 (30.9) 79.5 SIENTRA INC SIEN3EUR EU 190.5 (30.9) 79.5 SINCLAIR BROAD-A SBGIEUR EZ 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 GR 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 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 SIRIUS XM HO-BDR SRXM34 BZ 10,094.0 (2,555.0) (1,796.0) SIRIUS XM HOLDIN RDO GR 10,094.0 (2,555.0) (1,796.0) SIRIUS XM HOLDIN RDO TH 10,094.0 (2,555.0) (1,796.0) SIRIUS XM HOLDIN RDO QT 10,094.0 (2,555.0) (1,796.0) SIRIUS XM HOLDIN SIRI US 10,094.0 (2,555.0) (1,796.0) SIRIUS XM HOLDIN SIRIEUR EZ 10,094.0 (2,555.0) (1,796.0) SIRIUS XM HOLDIN SIRIEUR EU 10,094.0 (2,555.0) (1,796.0) SIRIUS XM HOLDIN RDO GZ 10,094.0 (2,555.0) (1,796.0) SIRIUS XM HOLDIN SIRI AV 10,094.0 (2,555.0) (1,796.0) SIX FLAGS ENTERT 6FE GR 3,054.9 (357.8) 99.8 SIX FLAGS ENTERT SIX US 3,054.9 (357.8) 99.8 SIX FLAGS ENTERT 6FE QT 3,054.9 (357.8) 99.8 SIX FLAGS ENTERT 6FE TH 3,054.9 (357.8) 99.8 SIX FLAGS ENTERT SIXEUR EU 3,054.9 (357.8) 99.8 SKYWATER TECHNOL SKYT US 318.8 95.5 63.8 SLEEP NUMBER COR SNBR US 883.6 (440.1) (695.6) SLEEP NUMBER COR SL2 GR 883.6 (440.1) (695.6) SLEEP NUMBER COR SNBREUR EU 883.6 (440.1) (695.6) SLEEP NUMBER COR SL2 TH 883.6 (440.1) (695.6) SLEEP NUMBER COR SL2 QT 883.6 (440.1) (695.6) SLEEP NUMBER COR SL2 GZ 883.6 (440.1) (695.6) 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 SW5 QT 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SWN1EUR EU 5,394.0 (18.0) (1,351.0) SOUTHWESTRN ENGY SWN1EUR EZ 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) SQUARESPACE -BDR S2QS34 BZ 867.2 (38.2) (77.3) SQUARESPACE IN-A SQSP US 867.2 (38.2) (77.3) SQUARESPACE IN-A 8DT GR 867.2 (38.2) (77.3) SQUARESPACE IN-A 8DT GZ 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) STAGWELL INC STGW US 1,587.2 (383.1) (137.2) STAGWELL INC 6IY GR 1,587.2 (383.1) (137.2) STAGWELL INC STGWEUR EU 1,587.2 (383.1) (137.2) STARBUCKS CORP SBUX* MM 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SRB GR 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SRB TH 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SBUX SW 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SRB QT 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP USSBUX KZ 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SBUX US 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SBUXEUR EZ 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP 0QZH LI 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SBUX CI 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SRB GZ 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SBUX AV 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SBUX TE 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SBUXEUR EU 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SBUX IM 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SBUXUSD SW 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SBUX-RM RM 31,392.6 (5,314.5) 1,605.0 STARBUCKS CORP SBUXCL CI 31,392.6 (5,314.5) 1,605.0 STARBUCKS-BDR SBUB34 BZ 31,392.6 (5,314.5) 1,605.0 STARBUCKS-CEDEAR SBUX AR 31,392.6 (5,314.5) 1,605.0 STARBUCKS-CEDEAR SBUXD AR 31,392.6 (5,314.5) 1,605.0 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 C THCPU US 0.426 (0.006) (0.380) THUNDER BRIDGE-A TBCP US 415.0 389.1 (10.4) THUNDER BRIDGE-A THCP US 0.426 (0.006) (0.380) TORRID HOLDINGS CURV US 662.5 (157.6) 30.6 TPB ACQUISITIN I TPBAU US 0.761 (0.040) (0.726) TRANSAT A.T. TRZ CN 1,928.5 (191.2) 150.9 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 TDG* MM 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 T7D QT 19,089.0 (3,132.0) 5,087.0 TRANSDIGM GROUP TDGEUR EU 19,089.0 (3,132.0) 5,087.0 TRANSPHORM INC TGAN US 14.0 (31.0) (6.1) TRAVEL + LEISURE WD5A TH 6,601.0 (849.0) 658.0 TRAVEL + LEISURE WD5A QT 6,601.0 (849.0) 658.0 TRAVEL + LEISURE WYNEUR EU 6,601.0 (849.0) 658.0 TRAVEL + LEISURE WD5A GR 6,601.0 (849.0) 658.0 TRAVEL + LEISURE TNL US 6,601.0 (849.0) 658.0 TRAVEL + LEISURE 0M1K LI 6,601.0 (849.0) 658.0 TRAVEL + LEISURE WD5A GZ 6,601.0 (849.0) 658.0 TRISTAR ACQUISIT TRIS/U US 0.560 (0.096) (0.613) 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 TUP QT 1,194.4 (112.8) (341.6) TUPPERWARE BRAND TUP SW 1,194.4 (112.8) (341.6) TUPPERWARE BRAND TUP1EUR EZ 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) UNISYS CORP UISCHF EU 2,376.3 (263.8) 467.3 UNISYS CORP USY1 TH 2,376.3 (263.8) 467.3 UNISYS CORP USY1 GR 2,376.3 (263.8) 467.3 UNISYS CORP UIS1 SW 2,376.3 (263.8) 467.3 UNISYS CORP UIS US 2,376.3 (263.8) 467.3 UNISYS CORP UISEUR EU 2,376.3 (263.8) 467.3 UNISYS CORP UISEUR EZ 2,376.3 (263.8) 467.3 UNISYS CORP UISCHF 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 VGR QT 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 VGREUR EU 1,496.4 (592.0) 472.2 VECTOR GROUP LTD VGR GZ 1,496.4 (592.0) 472.2 VENTYX BIOSCIENC VTYX US - - - VERA THERAPEUTIC VERA US 97.6 92.2 92.1 VERISIGN INC VRSN US 1,814.7 (1,417.6) 216.2 VERISIGN INC VRS GR 1,814.7 (1,417.6) 216.2 VERISIGN INC VRS QT 1,814.7 (1,417.6) 216.2 VERISIGN INC VRS TH 1,814.7 (1,417.6) 216.2 VERISIGN INC VRSNEUR EZ 1,814.7 (1,417.6) 216.2 VERISIGN INC VRSNEUR EU 1,814.7 (1,417.6) 216.2 VERISIGN INC VRS GZ 1,814.7 (1,417.6) 216.2 VERISIGN INC VRSN* MM 1,814.7 (1,417.6) 216.2 VERISIGN INC-BDR VRSN34 BZ 1,814.7 (1,417.6) 216.2 VERISIGN-CEDEAR VRSN AR 1,814.7 (1,417.6) 216.2 VINCO VENTURES I BBIG US 121.3 (27.5) 71.8 VIVINT SMART HOM VVNT US 2,973.8 (1,630.6) (327.2) W&T OFFSHORE INC WTI US 1,139.0 (259.8) 57.4 W&T OFFSHORE INC UWV GR 1,139.0 (259.8) 57.4 W&T OFFSHORE INC WTI1EUR EU 1,139.0 (259.8) 57.4 W&T OFFSHORE INC UWV TH 1,139.0 (259.8) 57.4 W&T OFFSHORE INC UWV GZ 1,139.0 (259.8) 57.4 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 0.372 (0.036) (0.406) WARRIOR TECHNOLO WARR/U US 0.372 (0.036) (0.406) WAYFAIR INC- A W US 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 WEUR EU 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 1WF QT 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 TH 2,487.3 (184.2) (129.1) WIDEOPENWEST INC WU5 GR 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 55.0 (12.8) 33.6 WINMARK CORP GBZ GR 55.0 (12.8) 33.6 WM TECHNOLOGY IN MAPS US 326.3 (35.7) 83.1 WM TECHNOLOGY IN 833 GR 326.3 (35.7) 83.1 WM TECHNOLOGY IN SSPKEUR EU 326.3 (35.7) 83.1 WM TECHNOLOGY IN 833 TH 326.3 (35.7) 83.1 WM TECHNOLOGY IN 833 QT 326.3 (35.7) 83.1 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 EU 1,435.3 (537.9) 12.7 WW INTERNATIONAL WW6 QT 1,435.3 (537.9) 12.7 WW INTERNATIONAL WW6 TH 1,435.3 (537.9) 12.7 WW INTERNATIONAL WTWEUR EZ 1,435.3 (537.9) 12.7 WW INTERNATIONAL WW6 GZ 1,435.3 (537.9) 12.7 WW INTERNATIONAL WTW AV 1,435.3 (537.9) 12.7 WYNN RESORTS LTD WYR GR 13,022.7 (353.8) 676.8 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 QT 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYNNEUR EZ 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYNNEUR EU 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYR GZ 13,022.7 (353.8) 676.8 WYNN RESORTS LTD WYNN-RM RM 13,022.7 (353.8) 676.8 WYNN RESORTS-BDR W1YN34 BZ 13,022.7 (353.8) 676.8 XILIO THERAPEUTI XLO US 158.3 123.8 126.3 YELLOW CORP YEL GR 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 YRCWEUR EU 2,491.2 (286.4) 303.9 YELLOW CORP YEL QT 2,491.2 (286.4) 303.9 YELLOW CORP YRCWEUR EZ 2,491.2 (286.4) 303.9 YELLOW CORP YEL GZ 2,491.2 (286.4) 303.9 YUM! BRANDS -BDR YUMR34 BZ 6,419.0 (7,855.0) 707.0 YUM! BRANDS INC TGR TH 6,419.0 (7,855.0) 707.0 YUM! BRANDS INC TGR GR 6,419.0 (7,855.0) 707.0 YUM! BRANDS INC YUMEUR EU 6,419.0 (7,855.0) 707.0 YUM! BRANDS INC TGR QT 6,419.0 (7,855.0) 707.0 YUM! BRANDS INC YUM SW 6,419.0 (7,855.0) 707.0 YUM! BRANDS INC YUM US 6,419.0 (7,855.0) 707.0 YUM! BRANDS INC YUM* MM 6,419.0 (7,855.0) 707.0 YUM! BRANDS INC YUMEUR EZ 6,419.0 (7,855.0) 707.0 YUM! BRANDS INC TGR GZ 6,419.0 (7,855.0) 707.0 YUM! BRANDS INC YUM AV 6,419.0 (7,855.0) 707.0 YUM! BRANDS INC TGR TE 6,419.0 (7,855.0) 707.0 YUM! BRANDS INC YUMUSD SW 6,419.0 (7,855.0) 707.0 ZETA GLOBAL HO-A ZETA US 354.5 53.1 97.4 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine 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 ***